8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) October 26, 2006

DEVELOPERS DIVERSIFIED REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Ohio	1-11690	34-1723097
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

3300 Enterprise Parkway, Beachwood, Ohio	44122
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (216) 755-5500

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 26, 2006, the Company issued a News Release containing financial results of the Company (the “News Release”) and a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the three and nine months ended September 30, 2006. A Copy of the News Release is attached hereto as exhibit 99.1 and a copy of the Quarterly Supplement is attached hereto as Exhibit 99.2. This information is being furnished under Item 7 (Regulation FD Disclosure) and under Item 2.02 (Results of Operations and Financial Condition), pursuant to SEC Release No. 33-8216.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Developers Diversified Realty Corporation
	(Registrant)
Date October 26, 2006	/s/ William H. Schafer
	William H. Schafer
	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

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 12.2%
IN DILUTED FFO PER SHARE FOR THE QUARTER ENDED SEPTEMBER 30, 2006

     CLEVELAND, OHIO, October 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 third quarter ended September 30, 2006.

• Funds From Operations (“FFO”) per diluted share increased 12.2% to $0.83 and net income per diluted share increased 4.7% to $0.45 for the three months ended September 30, 2006 as compared to the prior year

• Core portfolio leased percentage increased 30 basis points over the prior year to 96.1%

• Executed leases during the third quarter totaled approximately 1.6 million square feet, including 132 new leases and 214 renewals

• Base rents increased 29.5% on new leases, 11.7% on renewals and 15.5% on a blended basis

• Same store net operating income (“NOI”) for the quarter increased 3.2% over the prior year quarter

     Scott Wolstein, Developers Diversified’s Chairman and Chief Executive Officer stated, “We’re pleased to announce this quarter’s strong FFO per share growth of over 12%. We continue to see outstanding leasing activity in our operating and development portfolio. This demand for space reflects the underlying health of the retail industry and the success of our core tenants. Our recent announcements regarding our merger agreement with Inland Retail Real Estate Trust, Inc. and our joint venture investment in Sonae Sierra Brazil reflect acquisitions that provide long-term strategic benefits for the Company and represent significant opportunities to grow shareholder value.”

Financial Results:

     FFO, a widely accepted measure of a Real Estate Investment Trust (“REIT”) performance, on a diluted and basic per share basis was $0.83 for the three months ended September 30, 2006, as compared to $0.74 for the same period in the previous year, an increase of 12.2%. FFO available to common shareholders was $91.7 million, as compared to $81.8 million for the three months ended September 30, 2006 and 2005, respectively, an increase of 12.1%. Net income available to common shareholders was $49.0 million or $0.45 per share (diluted and basic) for the three months ended September 30, 2006, as compared to $46.5 million, or $0.43 per share (diluted and basic) for the prior comparable period. The increase in net income and FFO for the three months ended September 30, 2006, is primarily related to an increase in gain on sale of real estate assets comprised of land sales and sales through the Company’s merchant building program as compared to 2005.

     FFO was $2.59 (diluted) and $2.61 (basic) for the nine months ended September 30, 2006, as compared to $2.47 (diluted) and $2.49 (basic) for the same period in the previous year, an increase of 4.9% (diluted) and 4.8% (basic) basis. FFO available to common shareholders was $287.7 million, as compared to $273.4 million for the nine months ended September 30, 2006 and 2005, respectively, an increase of 5.2%. Net income available to common shareholders was $149.9 million or $1.37 per share (diluted and basic) for the nine months ended September 30, 2006, as compared to $192.4 million, or $1.76 per share (diluted) and $1.78 per share (basic) for the prior comparable period. The decrease in net income for the nine months ended September 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 third quarter of 2006, the Company executed 132 new leases aggregating 784,332 square feet and 214 renewals aggregating 833,721 square feet. Rental rates on new leases increased by 29.5% and rental rates on renewals increased by 11.7%. On a blended basis, rental rates for new leases and renewals increased by 15.5%. At September 30, 2006, the average annualized base rent per occupied square foot, including those properties owned through joint ventures and excluding the impact of the properties acquired from Mervyns, was $11.68, as compared to $11.23 at September 30, 2005.

     At September 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 96.1% leased, as compared to 95.8% at September 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 September 30, 2006, the portfolio was 95.3% occupied. Excluding the impact of the properties acquired from Mervyns, the core portfolio was 95.1% occupied, as compared to 94.8% at September 30, 2005.

Strategic Real Estate Transactions:

Inland:

     In October, 2006, the Company (“DDR”) and Inland Retail Real Estate Trust, Inc. (“IRRETI”) announced that they have entered into a definitive merger agreement. Under the terms of the agreement, DDR will acquire all of the outstanding shares of IRRETI for a total merger consideration of $14.00 per share in

cash. DDR may elect to issue up to $4.00 per share of the total merger consideration in the form of DDR common stock to be based upon the ten day average closing price of DDR’s shares two trading days prior to the IRRETI stockholders’ meeting to approve the transaction. The election to issue DDR common stock may be made up to 15 calendar days prior to the IRRETI stockholders’ meeting and may be revoked by DDR at any time if the revocation would not delay the stockholders’ meeting for more than ten business days.

     The transaction has a total enterprise value of approximately $6.2 billion. This amount includes approximately $2.3 billion of existing debt, a significant portion of which is expected to be prepaid at closing. IRRETI’s real estate portfolio aggregates 307 community shopping centers, neighborhood shopping centers and single tenant/net leased retail properties, comprising approximately 43.6 million square feet of total GLA.

     DDR has reached agreement with a major U.S. institutional investor on a joint venture which will acquire 67 of IRRETI’s community center assets for approximately $3.0 billion of total asset value. The joint venture is anticipated to have a 60% loan to value ratio and DDR will contribute 15% of the equity. In addition to its earnings from the joint venture, DDR will be entitled to certain fees for asset management, leasing, property management, development/tenant coordination and acquisitions. DDR will also earn a promoted interest equal to 20% of the cash flow of the joint venture after the partners have received an internal rate of return equal to 10% on their equity investment. Additionally, DDR has received financing commitments totaling in excess of $3.0 billion, which it may use to fund all or a portion of the total merger consideration.

     In addition to the portfolio of operating properties, DDR will acquire a development pipeline of five projects and numerous potential expansion and redevelopment projects. DDR plans to generate additional value by implementing its proactive leasing, development, redevelopment and property management systems. In addition, DDR intends, immediately upon closing, to incorporate the IRRETI assets in its highly successful ancillary income program, which we anticipate will result in additional value creation.

     Completion of the transaction, which is expected to occur in the first quarter of 2007, is subject to approval of the merger agreement by IRRETI shareholders and other customary closing conditions described in the merger agreement. The merger was unanimously approved by DDR’s Board of Directors. The merger was unanimously approved by IRRETI’s Board of Directors, with two related party directors recusing themselves.

Sonae Sierra Brazil:

     In October 2006, the Company announced the acquisition of a 50% joint venture interest in Sonae Sierra Brazil, a fully integrated retail real estate company based in Sao Paulo, Brazil. Sonae Sierra Brazil is a subsidiary of Sonae Sierra, an international owner, developer and manager of shopping centers based in Portugal. Sonae Sierra Brazil is the managing partner of a partnership that owns direct and indirect interests in nine retail assets aggregating 3.4 million square feet and a property management company in Sao Paulo, Brazil that oversees the leasing and management operations of the portfolio. Sonae Sierra Brazil owns approximately 93% of the partnership and Enplanta Engenharia (“Enplanta”) owns approximately 7%. The aggregate market value of Sonae Sierra Brazil is approximately $300 million (U.S.). Developers Diversified’s aggregate proportionate share investment is approximately $150 million (U.S.).

MDT Joint Venture:

     In July 2006, the Company sold two additional expansion areas in McDonough, Georgia and Coon 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 recognized an

aggregate merchant build gain of $3.1 million, and deferred gains of approximately $0.5 million relating to the Company’s effective 14.5% ownership interest in the venture.

Service Merchandise Joint Venture:

     In August 2006, the Company purchased its partners’ approximate 75% interest in the remaining 52 assets owned by the Service Merchandise Joint Venture agreement at a 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 assets.

     In September 2006, the Company sold 51 of the assets to the Coventry II Joint Venture. The Company retained a 20% interest in the joint venture. The Company recorded a gain of approximately $6.4 million of which $3.6 million is included in FFO.

Coventry II Joint Venture:

     In September 2006, the Coventry II Joint Venture acquired an 88 acre site located in Bloomfield Hills, Michigan at a cost of approximately $68.4 million. The Company anticipates commencing construction of a 600,000 square foot lifestyle center. The Company is generally responsible for the day-to-day development, management and leasing of the property. Pursuant to the terms of the joint venture, the Company earns fees for property management, leasing and construction management plus a promoted interest, along with Coventry, after return of capital to investors.

Dispositions:

     In September 2006, one of the Company’s RVIP joint ventures, in which the Company has an effective 25.5% ownership interest, sold a 41,000 square foot shopping center in Everett, Washington for approximately $8.1 million. The joint venture recorded an aggregate gain of $3.7 million of which approximately $1.2 million represents the Company’s share of the gain.

     In August 2006, the joint venture shopping center in Kildeer, Illinois, of which the Company owned a 10% interest, was sold for approximately $47.3 million. The joint venture recorded a gain of approximately $17.7 million. The Company recorded a gain of approximately $7.3 million which includes promoted income from the sale of the asset of approximately $5.5 million. The promoted income of $5.5 million is included in FFO.

Expansions:

     During the nine month period ended September 30, 2006, the Company completed five expansions and redevelopment projects located in Lakeland, Florida; Ocala, Florida; Stockbridge, Georgia; Rome, New York and Mooresville, North Carolina at an aggregate gross cost of $25.3 million. The Company is currently expanding/redeveloping eleven shopping centers located in Birmingham, Alabama; Gadsden, Alabama; Ottumwa, Iowa; Chesterfield, Michigan; Gaylord, Michigan; Hamilton, New Jersey; Olean, New York; Stow, Ohio; Bayamon, Puerto Rico (Rio Hondo); Ft. Union, Utah and Brookfield, Wisconsin at a projected aggregate gross cost of approximately $92.1 million. At September 30, 2006, approximately $41.4 million of costs were incurred in relation to these projects. The Company anticipates commencing construction on nine additional expansion and redevelopment projects at shopping centers located in Crystal River, Florida; Louisville, Kentucky; Gulfport, Mississippi; Huber Heights, Ohio; Amherst, New York; Bayamon, Puerto Rico (Plaza Del Sol), Hatillo, Puerto Rico, and San Juan, Puerto Rico and McKinney, Texas.

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 gross cost of approximately $466.8 million (which includes the initial acquisition costs for the Coventry II redevelopment projects located in Phoenix, Arizona; Benton Harbor, Michigan; Kansas City, Missouri and Cincinnati, Ohio). At September 30, 2006, approximately $349.3 million of costs were incurred in relation to these projects. Three of the Company’s joint ventures anticipate commencing expansion/redevelopment projects at their shopping centers located in Buena Park, California; Deer Park, Illinois and Kirkland, Washington.

Development (Wholly-Owned and Consolidated Joint Ventures):

     As of September 30, 2006, the Company has substantially completed the construction of the Freehold, New Jersey and Pittsburgh, Pennsylvania shopping centers, at an aggregate gross cost of $85.2 million.

     The Company currently has eight shopping center projects under construction. These projects are located in Miami, Florida; Nampa, Idaho; McHenry, Illinois; Seabrook, New Hampshire; Horseheads, New York; two projects in Apex, North Carolina (Beaver Creek Crossings — Phases I and II), 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 gross cost of approximately $672.6 million and will create an additional 4.4 million square feet of gross leasable retail space.

     The Company anticipates commencing construction in 2006 on two additional shopping centers located in Ukiah, California and Homestead, Florida. These projects have an estimated aggregate gross cost of $186.1 million and will create an additional 1.1 million square feet of gross leasable retail space.

     At September 30, 2006, approximately $340.4 million of costs were incurred in relation to the above projects under construction and projects that will be commencing construction.

Development (Joint Ventures):

     In addition to the Bloomfield Hills, Michigan project previously disclosed, three of the Company’s joint ventures currently have shopping center projects under construction. These projects are located in Merriam, Kansas; Allen, Texas and San Antonio, Texas. These three projects are being developed through the Coventry II program. A significant portion of the project located in San Antonio, Texas was substantially completed during 2005. The remaining two projects are scheduled for completion during 2007 and 2008. These projects have an aggregate gross projected cost of approximately $496.5 million. At September 30, 2006, approximately $130.4 million of costs were incurred in relation to these development projects.

Financing:

     In August 2006, the Company issued $250 million, 3.50% convertible senior unsecured notes due 2011. The notes have an initial conversion rate of approximately 15.3589 common shares per $1,000 principal amount of the notes, represent a conversion price of approximately $65.11 per common share and a conversion premium of approximately 22.5% based on the last reported sale price of $53.15 per common share on August 22, 2006. The initial conversion rate is subject to adjustment under certain circumstances. Upon closing of the sale of the notes, the Company repurchased $48.3 million of its common shares.

     In connection with the offering, the Company entered into an option arrangement, that is settled in shares of our common stock, with an investment bank that had the economic impact of effectively increasing the conversion price of the notes to $74.41 per common share, which represents a 40.0% premium based on the August 22, 2006 closing price of $53.15 per common share. The cost of this arrangement was approximately $10.3 million and has been recorded as an equity transaction in our consolidated balance sheet.

     In addition, in late September and early October the Company entered into an aggregate $300 million of interest rate swaps which converted floating rate debt to a weighted average fixed Libor rate of approximately 4.94%. As a result, the effective floating rate debt, as a percentage of total debt, was 6.6% at September 30, 2006.

     Developers Diversified currently owns and manages over 500 retail operating and development properties in 44 states, plus Puerto Rico and Brazil, totaling 118 million square feet. 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. In addition, there are risks and uncertainties related to the proposed merger with IRRETI, including approval of the transaction by the shareholders of IRRETI, the satisfaction of closing conditions to the transaction, difficulties encountered in integrating the companies, the marketing and sale of non-core assets, and the effects of general and local economic and real estate conditions.

Additional Information and Where to Find It

     This press release does not constitute an offer of any securities for sale. In connection with the proposed transaction, Developers Diversified and IRRETI expect to file a proxy statement/ prospectus as part of a registration statement regarding the proposed merger with the Securities and Exchange Commission. Investors and security holders are urged to read the proxy statement/prospectus because it will contain important information about Developers Diversified and IRRETI and the proposed merger. Investors and security holders may obtain a free copy of the definitive proxy statement/prospectus and other documents filed by Developers Diversified and IRRETI with the SEC at the SEC’s website at www.sec.gov. The definitive proxy statement/prospectus and other relevant documents may also be obtained free of charge from Developers Diversified and IRRETI by directing such request to: Developers Diversified Realty Corporation, Attention: Investor Relations, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or Inland Retail Real Estate Trust, Inc., Attention: Investor Relations, 2901 Butterfield Road, Oak Brook, IL 60523. Investors and security holders are urged to read the proxy statement, prospectus and other relevant material when they become available before making any voting or investment decisions with respect to the merger.

     Developers Diversified and IRRETI and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of IRRETI in connection with the merger. Information about Developers Diversified and its directors and executive officers, and their ownership of Developers Diversified securities, is set forth in the proxy statement for the 2006 Annual Meeting of Stockholders of Developers Diversified, which was filed with the SEC on April 3, 2006. Information about IRRETI and its directors and executive officers, and their ownership of IRRETI securities, is set forth in the proxy statement for the 2006 Annual Meeting of Stockholders of IRRETI, which was filed with the SEC on October 14, 2006. Additional information regarding the interests of those persons may be obtained by reading the proxy statement/prospectus when it becomes available. As a result of this transaction, IRRETI does not intend to hold an annual stockholder meeting and instead will hold a special meeting to vote on the proposed merger.

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

	Three Month Period						Nine Month Period
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Revenues:
Minimum rents (A)	$	143,769		$	125,628		$	424,153		$	371,959
Percentage and overage rents (A)		1,775			1,335			5,779			4,823
Recoveries from tenants		45,821			39,183			131,586			114,306
Ancillary income		3,365			2,793			9,552			6,585
Other property related income		1,470			1,334			5,387			3,993
Management and other fee income		7,517			4,701			19,199			13,976
Development fees		849			745			2,121			1,913
Other (B)		1,040			3,771			8,565			8,126
		205,606			179,490			606,342			525,681
Expenses:
Operating and maintenance		28,181			22,758			82,481			69,783
Real estate taxes		25,101			21,560			70,959			61,910
General and administrative (C)		14,974			14,146			45,805			40,188
Depreciation and amortization		48,835			39,646			143,309			116,412
		117,091			98,110			342,554			288,293
Other income (expense):
Interest income		1,602			2,959			7,586			6,392
Interest expense		(55,386	)		(46,697	)		(164,812	)		(130,947	)
Other income (expense) (D)		(203	)		(660	)		464			(2,526	)
		(53,987	)		(44,398	)		(156,762	)		(127,081	)
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		34,528			36,982			107,026			110,307
Equity in net income of joint ventures (E)		12,868			11,418			22,956			25,984
Minority equity interests (F)		(2,283	)		(2,605	)		(6,504	)		(5,204	)
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes (G)		315			10			2,646			(555	)
Income from continuing operations		45,428			45,805			126,124			130,532
Income from discontinued operations (H)		3,422			11,941			4,027			17,185
Income before gain on sales of real estate		48,850			57,746			130,151			147,717
Gain on sales of real estate, net of tax		13,962			2,531			61,124			86,065
Net income	$	62,812		$	60,277		$	191,275		$	233,782
Net income, applicable to common shareholders	$	49,020		$	46,485		$	149,898		$	192,405
Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	49,020		$	46,485		$	149,898		$	192,405
Depreciation and amortization of real estate investments		47,235			42,172			138,072			122,506
Equity in net income of joint ventures (E)		(12,868	)		(11,418	)		(22,956	)		(25,984	)
Joint ventures’ FFO (E)		13,682			15,358			32,963			37,438
Minority equity interests (OP Units) (F)		534			729			1,601			2,187
Gain on sales of depreciable real estate, net		(5,870	)		(11,543	)		(11,869	)		(55,162	)
FFO available to common shareholders		91,733			81,783			287,709			273,390
Preferred dividends		13,792			13,792			41,377			41,377
FFO	$	105,525		$	95,575		$	329,086		$	314,767
Per share data:
Earnings per common share
Basic	$	0.45		$	0.43		$	1.37		$	1.78
Diluted	$	0.45		$	0.43		$	1.37		$	1.76
Dividends Declared	$	0.59		$	0.54		$	1.77		$	1.62
Funds From Operations — Basic (I)	$	0.83		$	0.74		$	2.61		$	2.49
Funds From Operations — Diluted (I)	$	0.83		$	0.74		$	2.59		$	2.47
Basic — average shares outstanding (thousands) (I)		109,120			108,431			109,124			108,239
Diluted — average shares outstanding (thousands) (I)		109,670			109,211			109,714			110,453

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

(A) Increases in base and percentage rental revenues for the nine month period ended September 30, 2006 as compared to 2005, aggregated $50.0 million consisting of $10.4 million related to leasing of core portfolio properties and an increase from the assets located in Puerto Rico for a comparable eight months of ownership (an increase of 3.0% from 2005), $42.3 million from the acquisition of assets, $2.5 million related to developments and redevelopments and $3.2 million due to the consolidation of a joint venture asset. These amounts were offset by a decrease of $1.4 million primarily related to one business center under redevelopment and $7.0 million due to the sale of properties in 2006 and 2005 to joint ventures. Included in the rental revenues for the nine month periods ended September 30, 2006 and 2005 is approximately $12.1 million and $9.0 million, respectively, of revenue resulting from the recognition of straight line rents.

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

	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2006		2005		2006		2005
Lease termination fees	$	0.9	$	3.6	$	7.7	$	5.1
Financings fees		—		—		0.4		2.3
Other miscellaneous		0.1		0.2		0.5		0.7
	$	1.0	$	3.8	$	8.6	$	8.1

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

(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						Nine Month Period
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Revenues from operations (a)	$	105,308		$	105,773		$	309,947		$	310,076
Operating expense		35,536			36,567			102,417			107,917
Depreciation and amortization of real estate investments		19,752			21,557			59,669			61,833
Interest expense		36,384			28,607			95,123			84,098
		91,672			86,731			257,209			253,848
Income from operations before gain on sales of real estate and discontinued operations		13,636			19,042			52,738			56,228
Gain on sales of real estate		193			38			237			797
Income (loss) from discontinued operations, net of tax		116			(222	)		943			57
Gain on sales of discontinued operations, net of tax		21,460			26,773			19,910			35,495
Net income	$	35,405		$	45,631		$	73,828		$	92,577
DDR Ownership interests (b)	$	12,583		$	14,086		$	22,360		$	28,083
Funds From Operations from joint ventures are summarized as follows:
Net income	$	35,405		$	45,631		$	73,828		$	92,577
Gain on sales of real estate, including discontinued operations		(21,418	)		(4,954	)		(21,437	)		(12,727	)
Depreciation and amortization of real estate investments		19,795			22,554			60,510			65,478
	$	33,782		$	63,231		$	112,901		$	145,328
DDR Ownership interests (b)	$	13,682		$	15,358		$	32,963		$	37,438
DDR Partnership distributions received (c)	$	23,686		$	90,250		$	43,366		$	113,720

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

(a)	Revenues for the three month periods ended September 30, 2006 and 2005 included approximately $1.4 million and $2.0 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.4 million, respectively. Revenues for the nine month periods ended September 30, 2006 and 2005 included approximately $3.9 million and $5.6 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.7 million and $1.0 million, respectively.
(b)	The Company’s share of joint venture net income has been increased by $0.2 million and $2.6 million for the three month periods ended September 30, 2006 and 2005, respectively, and $0.5 million and $2.1 million for the nine month periods ended September 30, 2006 and 2005, respectively, to reflect adjustments for basis differences impacting amortization and depreciation and gain on sales.
	Included in DDR’s share of FFO for the three and nine months ended September 30, 2006 is promoted income of approximately $5.5 million received from the sale of the joint venture asset in Kildeer, Illinois. This gain is included in gain on sale of discontinued operations and not reflected in total FFO from the joint ventures.
	At September 30, 2006 and 2005, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 108 and 112 shopping center properties, respectively. In addition, at September 30, 2006, the Company owned, through a Coventry II Joint Venture, a 20% interest in 51 shopping center sites formerly owned by Service Merchandise. At September 30, 2005, the Company, through the KLA/SM joint venture, owned an approximate 25% interest in 55 shopping center sites formerly owned by Service Merchandise.
(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				Nine Month Period
	Ended September 30,				Ended September 30,
	2006		2005		2006		2005
Minority interests	$	1,749	$	1,876	$	4,903	$	3,017
Operating partnership units		534		729		1,601		2,187
	$	2,283	$	2,605	$	6,504	$	5,204

(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 previously incurred intercompany interest costs due to the increased gain on sales.

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

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

	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2006		2005		2006		2005
Revenues	$	900	$	7,927	$	2,812	$	24,194
Expenses:
Operating		236		3,453		703		9,509
Impairment charge		—		—		—		642
Interest, net		192		1,416		595		4,361
Depreciation		219		2,092		656		6,410
Minority interests		—		3		—		64
Total expenses		647		6,964		1,954		20,986
Income before gain on sales of real estate		253		963		858		3,208
Gain on sales of real estate		3,169		10,978		3,169		13,977
Net income	$	3,422	$	11,941	$	4,027	$	17,185

(I) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of approximately 0.9 million and 1.3 million of Operating Partnership Units (OP Units) outstanding at September 30, 2006 and 2005, respectively, into 0.9 million and 1.3 million common shares of the Company for the three month periods ended September 30, 2006 and 2005, respectively, and 1.0 million and 1.3 million for the nine month periods ended September 30, 2006 and 2005, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 110.8 million and 110.8 million for the three month periods ended September 30, 2006 and 2005, respectively, and 111.0 million and 110.7 million for the nine month periods ended September 30, 2006 and 2005, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:

	September 30, 2006 (A)			December 31, 2005 (A)
Assets:
Real estate and rental property:
Land	$	1,769,490		$	1,721,321
Buildings		4,987,320			4,806,373
Fixtures and tenant improvements		191,065			152,958
Construction in progress		447,260			348,685
		7,395,135			7,029,337
Less accumulated depreciation		(822,074	)		(692,823	)
Real estate, net		6,573,061			6,336,514
Cash		48,431			30,655
Advances to and investments in joint ventures (B)		133,643			275,136
Notes receivable		24,250			24,996
Receivables, including straight line rent, net		115,035			112,464
Assets held for sale		19,126			—
Other assets, net		103,962			83,212
	$	7,017,508		$	6,862,977
Liabilities:
Indebtedness:
Revolving credit facilities	$	125,000		$	150,000
Variable rate unsecured term debt		—			200,000
Unsecured debt		2,217,501			1,966,268
Mortgage and other secured debt		1,735,783			1,574,733
		4,078,284			3,891,001
Dividends payable		71,211			65,799
Other liabilities		237,366			204,447
		4,386,861			4,161,247
Minority interests		123,453			131,449
Shareholders’ equity		2,507,194			2,570,281
	$	7,017,508		$	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 September 30, 2006 and December 31, 2005, respectively, $258.5 million of mortgage debt at September 30, 2006 and December 31, 2005, and $78.1 million and $75.1 million of minority interests at September 30, 2006 and December 31, 2005, respectively.

(B) Includes $91.6 million of advances to the Service Merchandise Joint Venture at December 31, 2005 that was repaid in connection with the acquisition of our partners interest in August 2006.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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

	September 30, 2006			December 31, 2005
Land	$	1,031,065		$	894,477
Buildings		2,619,275			2,480,025
Fixtures and tenant improvements		44,866			58,060
Construction in progress		46,389			37,550
		3,741,595			3,470,112
Accumulated depreciation		(214,561	)		(195,708	)
Real estate, net		3,527,034			3,274,404
Receivables, including straight line rent, net		73,703			76,744
Leasehold interests		16,880			23,297
Other assets		120,193			109,490
	$	3,737,810		$	3,483,935
Mortgage debt (a)	$	2,526,608		$	2,173,401
Notes and accrued interest payable to DDR		8,370			108,020
Other liabilities		90,182			78,406
		2,625,160			2,359,827
Accumulated equity		1,112,650			1,124,108
	$	3,737,810		$	3,483,935

(a) The Company’s proportionate share of joint venture debt aggregated approximately $544.0 million and $510.5 million at September 30, 2006 and December 31, 2005, respectively.

EX-99.2

Exhibit 99.2

Quarterly Financial Supplement

For the nine months ended

September 30, 2006

Investor Relations Department

3300 Enterprise Parkway • Beachwood, Ohio 44122

(216) 755-5500 • (216) 755-1500 (fax)

www.ddr.com

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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 nine months ended September 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 12.2%
IN DILUTED FFO PER SHARE FOR THE QUARTER ENDED SEPTEMBER 30, 2006

     CLEVELAND, OHIO, October 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 third quarter ended September 30, 2006.

• Funds From Operations (“FFO”) per diluted share increased 12.2% to $0.83 and net income per diluted share increased 4.7% to $0.45 for the three months ended September 30, 2006 as compared to the prior year

• Core portfolio leased percentage increased 30 basis points over the prior year to 96.1%

• Executed leases during the third quarter totaled approximately 1.6 million square feet, including 132 new leases and 214 renewals

• Base rents increased 29.5% on new leases, 11.7% on renewals and 15.5% on a blended basis

• Same store net operating income (“NOI”) for the quarter increased 3.2% over the prior year quarter

     Scott Wolstein, Developers Diversified’s Chairman and Chief Executive Officer stated, “We’re pleased to announce this quarter’s strong FFO per share growth of over 12%. We continue to see outstanding leasing activity in our operating and development portfolio. This demand for space reflects the underlying health of the retail industry and the success of our core tenants. Our recent announcements regarding our merger agreement with Inland Retail Real Estate Trust, Inc. and our joint venture investment in Sonae Sierra Brazil reflect acquisitions that provide long-term strategic benefits for the Company and represent significant opportunities to grow shareholder value.”

Financial Results:

     FFO, a widely accepted measure of a Real Estate Investment Trust (“REIT”) performance, on a diluted and basic per share basis was $0.83 for the three months ended September 30, 2006, as compared to $0.74 for the same period in the previous year, an increase of 12.2%. FFO available to common shareholders was $91.7 million, as compared to $81.8 million for the three months ended September 30, 2006 and 2005, respectively, an increase of 12.1%. Net income available to common shareholders was $49.0 million or $0.45 per share (diluted and basic) for the three months ended September 30, 2006, as compared to $46.5 million, or $0.43 per share (diluted and basic) for the prior comparable period. The increase in net income and FFO for the three months ended September 30, 2006, is primarily related to an increase in gain on sale of real estate assets comprised of land sales and sales through the Company’s merchant building program as compared to 2005.

     FFO was $2.59 (diluted) and $2.61 (basic) for the nine months ended September 30, 2006, as compared to $2.47 (diluted) and $2.49 (basic) for the same period in the previous year, an increase of 4.9% (diluted) and 4.8% (basic) basis. FFO available to common shareholders was $287.7 million, as compared to $273.4 million for the nine months ended September 30, 2006 and 2005, respectively, an increase of 5.2%. Net income available to common shareholders was $149.9 million or $1.37 per share (diluted and basic) for the nine months ended September 30, 2006, as compared to $192.4 million, or $1.76 per share (diluted) and $1.78 per share (basic) for the prior comparable period. The decrease in net income for the nine months ended September 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 third quarter of 2006, the Company executed 132 new leases aggregating 784,332 square feet and 214 renewals aggregating 833,721 square feet. Rental rates on new leases increased by 29.5% and rental rates on renewals increased by 11.7%. On a blended basis, rental rates for new leases and renewals increased by 15.5%. At September 30, 2006, the average annualized base rent per occupied square foot, including those properties owned through joint ventures and excluding the impact of the properties acquired from Mervyns, was $11.68, as compared to $11.23 at September 30, 2005.

     At September 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 96.1% leased, as compared to 95.8% at September 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 September 30, 2006, the portfolio was 95.3% occupied. Excluding the impact of the properties acquired from Mervyns, the core portfolio was 95.1% occupied, as compared to 94.8% at September 30, 2005.

Strategic Real Estate Transactions:

Inland:

     In October, 2006, the Company (“DDR”) and Inland Retail Real Estate Trust, Inc. (“IRRETI”) announced that they have entered into a definitive merger agreement. Under the terms of the agreement, DDR will acquire all of the outstanding shares of IRRETI for a total merger consideration of $14.00 per share in

cash. DDR may elect to issue up to $4.00 per share of the total merger consideration in the form of DDR common stock to be based upon the ten day average closing price of DDR’s shares two trading days prior to the IRRETI stockholders’ meeting to approve the transaction. The election to issue DDR common stock may be made up to 15 calendar days prior to the IRRETI stockholders’ meeting and may be revoked by DDR at any time if the revocation would not delay the stockholders’ meeting for more than ten business days.

     The transaction has a total enterprise value of approximately $6.2 billion. This amount includes approximately $2.3 billion of existing debt, a significant portion of which is expected to be prepaid at closing. IRRETI’s real estate portfolio aggregates 307 community shopping centers, neighborhood shopping centers and single tenant/net leased retail properties, comprising approximately 43.6 million square feet of total GLA.

     DDR has reached agreement with a major U.S. institutional investor on a joint venture which will acquire 67 of IRRETI’s community center assets for approximately $3.0 billion of total asset value. The joint venture is anticipated to have a 60% loan to value ratio and DDR will contribute 15% of the equity. In addition to its earnings from the joint venture, DDR will be entitled to certain fees for asset management, leasing, property management, development/tenant coordination and acquisitions. DDR will also earn a promoted interest equal to 20% of the cash flow of the joint venture after the partners have received an internal rate of return equal to 10% on their equity investment. Additionally, DDR has received financing commitments totaling in excess of $3.0 billion, which it may use to fund all or a portion of the total merger consideration.

     In addition to the portfolio of operating properties, DDR will acquire a development pipeline of five projects and numerous potential expansion and redevelopment projects. DDR plans to generate additional value by implementing its proactive leasing, development, redevelopment and property management systems. In addition, DDR intends, immediately upon closing, to incorporate the IRRETI assets in its highly successful ancillary income program, which we anticipate will result in additional value creation.

     Completion of the transaction, which is expected to occur in the first quarter of 2007, is subject to approval of the merger agreement by IRRETI shareholders and other customary closing conditions described in the merger agreement. The merger was unanimously approved by DDR’s Board of Directors. The merger was unanimously approved by IRRETI’s Board of Directors, with two related party directors recusing themselves.

Sonae Sierra Brazil:

     In October 2006, the Company announced the acquisition of a 50% joint venture interest in Sonae Sierra Brazil, a fully integrated retail real estate company based in Sao Paulo, Brazil. Sonae Sierra Brazil is a subsidiary of Sonae Sierra, an international owner, developer and manager of shopping centers based in Portugal. Sonae Sierra Brazil is the managing partner of a partnership that owns direct and indirect interests in nine retail assets aggregating 3.4 million square feet and a property management company in Sao Paulo, Brazil that oversees the leasing and management operations of the portfolio. Sonae Sierra Brazil owns approximately 93% of the partnership and Enplanta Engenharia (“Enplanta”) owns approximately 7%. The aggregate market value of Sonae Sierra Brazil is approximately $300 million (U.S.). Developers Diversified’s aggregate proportionate share investment is approximately $150 million (U.S.).

MDT Joint Venture:

     In July 2006, the Company sold two additional expansion areas in McDonough, Georgia and Coon 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 recognized an

aggregate merchant build gain of $3.1 million, and deferred gains of approximately $0.5 million relating to the Company’s effective 14.5% ownership interest in the venture.

Service Merchandise Joint Venture:

     In August 2006, the Company purchased its partners’ approximate 75% interest in the remaining 52 assets owned by the Service Merchandise Joint Venture agreement at a 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 assets.

     In September 2006, the Company sold 51 of the assets to the Coventry II Joint Venture. The Company retained a 20% interest in the joint venture. The Company recorded a gain of approximately $6.4 million of which $3.6 million is included in FFO.

Coventry II Joint Venture:

     In September 2006, the Coventry II Joint Venture acquired an 88 acre site located in Bloomfield Hills, Michigan at a cost of approximately $68.4 million. The Company anticipates commencing construction of a 600,000 square foot lifestyle center. The Company is generally responsible for the day-to-day development, management and leasing of the property. Pursuant to the terms of the joint venture, the Company earns fees for property management, leasing and construction management plus a promoted interest, along with Coventry, after return of capital to investors.

Dispositions:

     In September 2006, one of the Company’s RVIP joint ventures, in which the Company has an effective 25.5% ownership interest, sold a 41,000 square foot shopping center in Everett, Washington for approximately $8.1 million. The joint venture recorded an aggregate gain of $3.7 million of which approximately $1.2 million represents the Company’s share of the gain.

     In August 2006, the joint venture shopping center in Kildeer, Illinois, of which the Company owned a 10% interest, was sold for approximately $47.3 million. The joint venture recorded a gain of approximately $17.7 million. The Company recorded a gain of approximately $7.3 million which includes promoted income from the sale of the asset of approximately $5.5 million. The promoted income of $5.5 million is included in FFO.

Expansions:

     During the nine month period ended September 30, 2006, the Company completed five expansions and redevelopment projects located in Lakeland, Florida; Ocala, Florida; Stockbridge, Georgia; Rome, New York and Mooresville, North Carolina at an aggregate gross cost of $25.3 million. The Company is currently expanding/redeveloping eleven shopping centers located in Birmingham, Alabama; Gadsden, Alabama; Ottumwa, Iowa; Chesterfield, Michigan; Gaylord, Michigan; Hamilton, New Jersey; Olean, New York; Stow, Ohio; Bayamon, Puerto Rico (Rio Hondo); Ft. Union, Utah and Brookfield, Wisconsin at a projected aggregate gross cost of approximately $92.1 million. At September 30, 2006, approximately $41.4 million of costs were incurred in relation to these projects. The Company anticipates commencing construction on nine additional expansion and redevelopment projects at shopping centers located in Crystal River, Florida; Louisville, Kentucky; Gulfport, Mississippi; Huber Heights, Ohio; Amherst, New York; Bayamon, Puerto Rico (Plaza Del Sol), Hatillo, Puerto Rico, and San Juan, Puerto Rico and McKinney, Texas.

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 gross cost of approximately $466.8 million (which includes the initial acquisition costs for the Coventry II redevelopment projects located in Phoenix, Arizona; Benton Harbor, Michigan; Kansas City, Missouri and Cincinnati, Ohio). At September 30, 2006, approximately $349.3 million of costs were incurred in relation to these projects. Three of the Company’s joint ventures anticipate commencing expansion/redevelopment projects at their shopping centers located in Buena Park, California; Deer Park, Illinois and Kirkland, Washington.

Development (Wholly-Owned and Consolidated Joint Ventures):

     As of September 30, 2006, the Company has substantially completed the construction of the Freehold, New Jersey and Pittsburgh, Pennsylvania shopping centers, at an aggregate gross cost of $85.2 million.

     The Company currently has eight shopping center projects under construction. These projects are located in Miami, Florida; Nampa, Idaho; McHenry, Illinois; Seabrook, New Hampshire; Horseheads, New York; two projects in Apex, North Carolina (Beaver Creek Crossings — Phases I and II), 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 gross cost of approximately $672.6 million and will create an additional 4.4 million square feet of gross leasable retail space.

     The Company anticipates commencing construction in 2006 on two additional shopping centers located in Ukiah, California and Homestead, Florida. These projects have an estimated aggregate gross cost of $186.1 million and will create an additional 1.1 million square feet of gross leasable retail space.

     At September 30, 2006, approximately $340.4 million of costs were incurred in relation to the above projects under construction and projects that will be commencing construction.

Development (Joint Ventures):

     In addition to the Bloomfield Hills, Michigan project previously disclosed, three of the Company’s joint ventures currently have shopping center projects under construction. These projects are located in Merriam, Kansas; Allen, Texas and San Antonio, Texas. These three projects are being developed through the Coventry II program. A significant portion of the project located in San Antonio, Texas was substantially completed during 2005. The remaining two projects are scheduled for completion during 2007 and 2008. These projects have an aggregate gross projected cost of approximately $496.5 million. At September 30, 2006, approximately $130.4 million of costs were incurred in relation to these development projects.

Financing:

     In August 2006, the Company issued $250 million, 3.50% convertible senior unsecured notes due 2011. The notes have an initial conversion rate of approximately 15.3589 common shares per $1,000 principal amount of the notes, represent a conversion price of approximately $65.11 per common share and a conversion premium of approximately 22.5% based on the last reported sale price of $53.15 per common share on August 22, 2006. The initial conversion rate is subject to adjustment under certain circumstances. Upon closing of the sale of the notes, the Company repurchased $48.3 million of its common shares.

     In connection with the offering, the Company entered into an option arrangement, that is settled in shares of our common stock, with an investment bank that had the economic impact of effectively increasing the conversion price of the notes to $74.41 per common share, which represents a 40.0% premium based on the August 22, 2006 closing price of $53.15 per common share. The cost of this arrangement was approximately $10.3 million and has been recorded as an equity transaction in our consolidated balance sheet.

     In addition, in late September and early October the Company entered into an aggregate $300 million of interest rate swaps which converted floating rate debt to a weighted average fixed Libor rate of approximately 4.94%. As a result, the effective floating rate debt, as a percentage of total debt, was 6.6% at September 30, 2006.

     Developers Diversified currently owns and manages over 500 retail operating and development properties in 44 states, plus Puerto Rico and Brazil, totaling 118 million square feet. 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. In addition, there are risks and uncertainties related to the proposed merger with IRRETI, including approval of the transaction by the shareholders of IRRETI, the satisfaction of closing conditions to the transaction, difficulties encountered in integrating the companies, the marketing and sale of non-core assets, and the effects of general and local economic and real estate conditions.

Additional Information and Where to Find It

     This press release does not constitute an offer of any securities for sale. In connection with the proposed transaction, Developers Diversified and IRRETI expect to file a proxy statement/ prospectus as part of a registration statement regarding the proposed merger with the Securities and Exchange Commission. Investors and security holders are urged to read the proxy statement/prospectus because it will contain important information about Developers Diversified and IRRETI and the proposed merger. Investors and security holders may obtain a free copy of the definitive proxy statement/prospectus and other documents filed by Developers Diversified and IRRETI with the SEC at the SEC’s website at www.sec.gov. The definitive proxy statement/prospectus and other relevant documents may also be obtained free of charge from Developers Diversified and IRRETI by directing such request to: Developers Diversified Realty Corporation, Attention: Investor Relations, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or Inland Retail Real Estate Trust, Inc., Attention: Investor Relations, 2901 Butterfield Road, Oak Brook, IL 60523. Investors and security holders are urged to read the proxy statement, prospectus and other relevant material when they become available before making any voting or investment decisions with respect to the merger.

     Developers Diversified and IRRETI and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of IRRETI in connection with the merger. Information about Developers Diversified and its directors and executive officers, and their ownership of Developers Diversified securities, is set forth in the proxy statement for the 2006 Annual Meeting of Stockholders of Developers Diversified, which was filed with the SEC on April 3, 2006. Information about IRRETI and its directors and executive officers, and their ownership of IRRETI securities, is set forth in the proxy statement for the 2006 Annual Meeting of Stockholders of IRRETI, which was filed with the SEC on October 14, 2006. Additional information regarding the interests of those persons may be obtained by reading the proxy statement/prospectus when it becomes available. As a result of this transaction, IRRETI does not intend to hold an annual stockholder meeting and instead will hold a special meeting to vote on the proposed merger.

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

	Three Month Period						Nine Month Period
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Revenues:
Minimum rents (A)	$	143,769		$	125,628		$	424,153		$	371,959
Percentage and overage rents (A)		1,775			1,335			5,779			4,823
Recoveries from tenants		45,821			39,183			131,586			114,306
Ancillary income		3,365			2,793			9,552			6,585
Other property related income		1,470			1,334			5,387			3,993
Management and other fee income		7,517			4,701			19,199			13,976
Development fees		849			745			2,121			1,913
Other (B)		1,040			3,771			8,565			8,126
		205,606			179,490			606,342			525,681
Expenses:
Operating and maintenance		28,181			22,758			82,481			69,783
Real estate taxes		25,101			21,560			70,959			61,910
General and administrative (C)		14,974			14,146			45,805			40,188
Depreciation and amortization		48,835			39,646			143,309			116,412
		117,091			98,110			342,554			288,293
Other income (expense):
Interest income		1,602			2,959			7,586			6,392
Interest expense		(55,386	)		(46,697	)		(164,812	)		(130,947	)
Other income (expense) (D)		(203	)		(660	)		464			(2,526	)
		(53,987	)		(44,398	)		(156,762	)		(127,081	)
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		34,528			36,982			107,026			110,307
Equity in net income of joint ventures (E)		12,868			11,418			22,956			25,984
Minority equity interests (F)		(2,283	)		(2,605	)		(6,504	)		(5,204	)
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes (G)		315			10			2,646			(555	)
Income from continuing operations		45,428			45,805			126,124			130,532
Income from discontinued operations (H)		3,422			11,941			4,027			17,185
Income before gain on sales of real estate		48,850			57,746			130,151			147,717
Gain on sales of real estate, net of tax		13,962			2,531			61,124			86,065
Net income	$	62,812		$	60,277		$	191,275		$	233,782
Net income, applicable to common shareholders	$	49,020		$	46,485		$	149,898		$	192,405
Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	49,020		$	46,485		$	149,898		$	192,405
Depreciation and amortization of real estate investments		47,235			42,172			138,072			122,506
Equity in net income of joint ventures (E)		(12,868	)		(11,418	)		(22,956	)		(25,984	)
Joint ventures’ FFO (E)		13,682			15,358			32,963			37,438
Minority equity interests (OP Units) (F)		534			729			1,601			2,187
Gain on sales of depreciable real estate, net		(5,870	)		(11,543	)		(11,869	)		(55,162	)
FFO available to common shareholders		91,733			81,783			287,709			273,390
Preferred dividends		13,792			13,792			41,377			41,377
FFO	$	105,525		$	95,575		$	329,086		$	314,767
Per share data:
Earnings per common share
Basic	$	0.45		$	0.43		$	1.37		$	1.78
Diluted	$	0.45		$	0.43		$	1.37		$	1.76
Dividends Declared	$	0.59		$	0.54		$	1.77		$	1.62
Funds From Operations — Basic (I)	$	0.83		$	0.74		$	2.61		$	2.49
Funds From Operations — Diluted (I)	$	0.83		$	0.74		$	2.59		$	2.47
Basic — average shares outstanding (thousands) (I)		109,120			108,431			109,124			108,239
Diluted — average shares outstanding (thousands) (I)		109,670			109,211			109,714			110,453

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

(A) Increases in base and percentage rental revenues for the nine month period ended September 30, 2006 as compared to 2005, aggregated $50.0 million consisting of $10.4 million related to leasing of core portfolio properties and an increase from the assets located in Puerto Rico for a comparable eight months of ownership (an increase of 3.0% from 2005), $42.3 million from the acquisition of assets, $2.5 million related to developments and redevelopments and $3.2 million due to the consolidation of a joint venture asset. These amounts were offset by a decrease of $1.4 million primarily related to one business center under redevelopment and $7.0 million due to the sale of properties in 2006 and 2005 to joint ventures. Included in the rental revenues for the nine month periods ended September 30, 2006 and 2005 is approximately $12.1 million and $9.0 million, respectively, of revenue resulting from the recognition of straight line rents.

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

	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2006		2005		2006		2005
Lease termination fees	$	0.9	$	3.6	$	7.7	$	5.1
Financings fees		—		—		0.4		2.3
Other miscellaneous		0.1		0.2		0.5		0.7
	$	1.0	$	3.8	$	8.6	$	8.1

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

(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						Nine Month Period
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Revenues from operations (a)	$	105,308		$	105,773		$	309,947		$	310,076
Operating expense		35,536			36,567			102,417			107,917
Depreciation and amortization of real estate investments		19,752			21,557			59,669			61,833
Interest expense		36,384			28,607			95,123			84,098
		91,672			86,731			257,209			253,848
Income from operations before gain on sales of real estate and discontinued operations		13,636			19,042			52,738			56,228
Gain on sales of real estate		193			38			237			797
Income (loss) from discontinued operations, net of tax		116			(222	)		943			57
Gain on sales of discontinued operations, net of tax		21,460			26,773			19,910			35,495
Net income	$	35,405		$	45,631		$	73,828		$	92,577
DDR Ownership interests (b)	$	12,583		$	14,086		$	22,360		$	28,083
Funds From Operations from joint ventures are summarized as follows:
Net income	$	35,405		$	45,631		$	73,828		$	92,577
Gain on sales of real estate, including discontinued operations		(21,418	)		(4,954	)		(21,437	)		(12,727	)
Depreciation and amortization of real estate investments		19,795			22,554			60,510			65,478
	$	33,782		$	63,231		$	112,901		$	145,328
DDR Ownership interests (b)	$	13,682		$	15,358		$	32,963		$	37,438
DDR Partnership distributions received (c)	$	23,686		$	90,250		$	43,366		$	113,720

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

(a)	Revenues for the three month periods ended September 30, 2006 and 2005 included approximately $1.4 million and $2.0 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.4 million, respectively. Revenues for the nine month periods ended September 30, 2006 and 2005 included approximately $3.9 million and $5.6 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.7 million and $1.0 million, respectively.
(b)	The Company’s share of joint venture net income has been increased by $0.2 million and $2.6 million for the three month periods ended September 30, 2006 and 2005, respectively, and $0.5 million and $2.1 million for the nine month periods ended September 30, 2006 and 2005, respectively, to reflect adjustments for basis differences impacting amortization and depreciation and gain on sales.
	Included in DDR’s share of FFO for the three and nine months ended September 30, 2006 is promoted income of approximately $5.5 million received from the sale of the joint venture asset in Kildeer, Illinois. This gain is included in gain on sale of discontinued operations and not reflected in total FFO from the joint ventures.
	At September 30, 2006 and 2005, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 108 and 112 shopping center properties, respectively. In addition, at September 30, 2006, the Company owned, through a Coventry II Joint Venture, a 20% interest in 51 shopping center sites formerly owned by Service Merchandise. At September 30, 2005, the Company, through the KLA/SM joint venture, owned an approximate 25% interest in 55 shopping center sites formerly owned by Service Merchandise.
(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				Nine Month Period
	Ended September 30,				Ended September 30,
	2006		2005		2006		2005
Minority interests	$	1,749	$	1,876	$	4,903	$	3,017
Operating partnership units		534		729		1,601		2,187
	$	2,283	$	2,605	$	6,504	$	5,204

(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 previously incurred intercompany interest costs due to the increased gain on sales.

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

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

	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2006		2005		2006		2005
Revenues	$	900	$	7,927	$	2,812	$	24,194
Expenses:
Operating		236		3,453		703		9,509
Impairment charge		—		—		—		642
Interest, net		192		1,416		595		4,361
Depreciation		219		2,092		656		6,410
Minority interests		—		3		—		64
Total expenses		647		6,964		1,954		20,986
Income before gain on sales of real estate		253		963		858		3,208
Gain on sales of real estate		3,169		10,978		3,169		13,977
Net income	$	3,422	$	11,941	$	4,027	$	17,185

(I) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of approximately 0.9 million and 1.3 million of Operating Partnership Units (OP Units) outstanding at September 30, 2006 and 2005, respectively, into 0.9 million and 1.3 million common shares of the Company for the three month periods ended September 30, 2006 and 2005, respectively, and 1.0 million and 1.3 million for the nine month periods ended September 30, 2006 and 2005, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 110.8 million and 110.8 million for the three month periods ended September 30, 2006 and 2005, respectively, and 111.0 million and 110.7 million for the nine month periods ended September 30, 2006 and 2005, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:

	September 30, 2006 (A)			December 31, 2005 (A)
Assets:
Real estate and rental property:
Land	$	1,769,490		$	1,721,321
Buildings		4,987,320			4,806,373
Fixtures and tenant improvements		191,065			152,958
Construction in progress		447,260			348,685
		7,395,135			7,029,337
Less accumulated depreciation		(822,074	)		(692,823	)
Real estate, net		6,573,061			6,336,514
Cash		48,431			30,655
Advances to and investments in joint ventures (B)		133,643			275,136
Notes receivable		24,250			24,996
Receivables, including straight line rent, net		115,035			112,464
Assets held for sale		19,126			—
Other assets, net		103,962			83,212
	$	7,017,508		$	6,862,977
Liabilities:
Indebtedness:
Revolving credit facilities	$	125,000		$	150,000
Variable rate unsecured term debt		—			200,000
Unsecured debt		2,217,501			1,966,268
Mortgage and other secured debt		1,735,783			1,574,733
		4,078,284			3,891,001
Dividends payable		71,211			65,799
Other liabilities		237,366			204,447
		4,386,861			4,161,247
Minority interests		123,453			131,449
Shareholders’ equity		2,507,194			2,570,281
	$	7,017,508		$	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 September 30, 2006 and December 31, 2005, respectively, $258.5 million of mortgage debt at September 30, 2006 and December 31, 2005, and $78.1 million and $75.1 million of minority interests at September 30, 2006 and December 31, 2005, respectively.

(B) Includes $91.6 million of advances to the Service Merchandise Joint Venture at December 31, 2005 that was repaid in connection with the acquisition of our partners interest in August 2006.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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

	September 30, 2006			December 31, 2005
Land	$	1,031,065		$	894,477
Buildings		2,619,275			2,480,025
Fixtures and tenant improvements		44,866			58,060
Construction in progress		46,389			37,550
		3,741,595			3,470,112
Accumulated depreciation		(214,561	)		(195,708	)
Real estate, net		3,527,034			3,274,404
Receivables, including straight line rent, net		73,703			76,744
Leasehold interests		16,880			23,297
Other assets		120,193			109,490
	$	3,737,810		$	3,483,935
Mortgage debt (a)	$	2,526,608		$	2,173,401
Notes and accrued interest payable to DDR		8,370			108,020
Other liabilities		90,182			78,406
		2,625,160			2,359,827
Accumulated equity		1,112,650			1,124,108
	$	3,737,810		$	3,483,935

(a) The Company’s proportionate share of joint venture debt aggregated approximately $544.0 million and $510.5 million at September 30, 2006 and December 31, 2005, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Nine Months Ended September 30, 2006

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)

	Nine Month			Nine Month
	Period Ended			Period Ended
	September 30			September 30			Year Ended December 31
	2006			2005			2005			2004			2003			2002
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	149,898		$	192,405		$	227,474		$	219,056		$	189,056	(6)	$	69,368	(6)
Depreciation and Amortization of Real Estate Investments	$	138,072		$	122,506		$	169,117		$	130,537		$	93,173		$	76,462
Equity in Net Income From Joint Ventures	($	22,956	)	($	25,984	)	($	34,873	)	($	40,896	)	($	52,917	)	($	32,769	)
Joint Venture Funds From Operations	$	32,963		$	37,438		$	49,302		$	46,209		$	47,942		$	44,473
Operating Partnership Minority Interest Expense	$	1,601		$	2,187		$	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	($	11,869	)	($	55,163	)	($	58,834	)	($	68,179	)	($	67,352	)	($	4,276	)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	287,709		$	273,390		$	355,102		$	292,335		$	211,672		$	154,709
PREFERRED DIVIDENDS	$	41,377		$	41,377		$	55,169		$	50,706		$	51,204	(6)	$	32,602	(6)
FUNDS FROM OPERATIONS	$	329,086		$	314,767		$	410,271		$	343,041		$	262,877		$	187,311
PER SHARE INFORMATION:
Funds From Operations — Diluted	$	2.59		$	2.47		$	3.21		$	2.95		$	2.51		$	2.35
Net Income — Diluted	$	1.37		$	1.76		$	2.08		$	2.24		$	2.27		$	1.07
Cash Dividends	$	1.77		$	1.62		$	2.16		$	1.94		$	1.69		$	1.52
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		110,965			110,663			110,700			99,147			84,319			65,910
TOTAL MARKET CAPITALIZATION (1)	$	10,905,670		$	9,689,099		$	9,781,900		$	8,276,943		$	5,551,748		$	3,460,243
DEBT TO TOTAL MARKET CAPITALIZATION (1)		37.40	%		39.60	%		39.77	%		32.82	%		37.42	%		43.10	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		53.47	%		52.75	%		52.86	%		45.58	%		48.68	%		48.26	%
DIVIDEND PAYOUT RATIO (1)		67.86	%		65.22	%		66.98	%		67.28	%		66.03	%		62.73	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.96	%		4.56	%		4.55	%		4.94	%		5.35	%		4.80	%
GENERAL AND ADMINISTRATIVE EXPENSES	$	45,805		$	40,188		$	54,048		$	47,126		$	40,820		$	29,392
REVENUES:
DDR Revenues	$	609,153		$	549,875		$	748,571		$	605,246		$	478,696		$	360,778
Joint Venture Revenues	$	314,845		$	331,401		$	438,103		$	348,740		$	284,158		$	251,905
TOTAL REVENUES (3)	$	923,998		$	881,276		$	1,186,675		$	953,987		$	762,853		$	612,683
NET OPERATING INCOME:
DDR Net Operating Income	$	455,012		$	408,673		$	555,291		$	453,501		$	356,348		$	272,764
Joint Venture Net Operating Income	$	210,726		$	216,566		$	280,617		$	228,358		$	184,927		$	167,573
TOTAL NET OPERATING INCOME (4)	$	665,738		$	625,240		$	835,907		$	681,859		$	541,274		$	440,337
REAL ESTATE AT COST:
DDR Real Estate at Cost	$	7,421,242		$	6,923,899		$	7,029,337		$	5,603,424		$	3,884,911		$	2,804,056
Joint Venture Real Estate at Cost	$	3,741,595		$	3,511,234		$	3,470,112		$	3,165,335		$	2,275,216		$	1,785,165
TOTAL REAL ESTATE AT COST (5)	$	11,162,837		$	10,435,133		$	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 construction in progress (CIP) at September 30, 2006 of $493.6 million (includes $46.3 million of CIP included in joint ventures, of which $8.5 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.
(6)	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 Nine Months Ended September 30, 2006

MARKET CAPITALIZATION & FINANCIAL RATIOS

	Nine Month
	Period Ended
	September 30			Year Ended December 31
	2006			2005			2004			2003			2002
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	4,078,284		$	3,890,709		$	2,716,426		$	2,077,558		$	1,491,481
Total Market Capitalization *	$	10,905,670		$	9,781,900		$	8,276,943		$	5,551,748		$	3,460,243
		37.40	%		39.77	%		32.82	%		37.42	%		43.10	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		53.47	%		52.86	%		45.58	%		48.68	%		48.26	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	4,622,291		$	4,401,169		$	3,137,184		$	2,446,026		$	1,878,575
Total Market Capitalization *	$	11,449,677		$	10,292,361		$	8,697,701		$	5,920,216		$	3,847,336
		40.37	%		42.76	%		36.07	%		41.32	%		48.83	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		56.42	%		55.84	%		49.27	%		53.79	%		54.20	%
INTEREST COVERAGE RATIO:
Interest Expense (1)	$	153,794		$	182,365		$	130,447		$	90,162		$	77,208
FFO Before Interest and Preferred Dividends *	$	482,879		$	592,636		$	473,488		$	353,039		$	282,856
		3.14			3.25			3.63			3.92			3.66
DEBT SERVICE COVERAGE RATIO:
Debt Service * (1)	$	177,057		$	215,519		$	152,927		$	101,890		$	83,958
FFO Before Interest and Preferred Dividends *	$	482,879		$	592,636		$	473,488		$	353,039		$	282,856
		2.73			2.75			3.10			3.46			3.37
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges (1)	$	218,433		$	270,688		$	203,633		$	142,385		$	129,353
FFO Before Interest and Preferred Dividends *	$	482,879		$	592,636		$	473,488		$	353,039		$	282,856
		2.21			2.19			2.33			2.48			2.19
DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	195,253		$	237,856		$	196,685		$	146,846		$	100,531
Funds From Operations exclusive of charge associated with preferred stock redemption	$	287,709		$	355,102		$	292,335		$	222,382		$	160,253
		0.68			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 Nine Months Ended September 30, 2006

	Nine Month
	Period Ended
	September 30			Year Ended December 31
	2006			2005			2004		2003		2002
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		108,894			108,948			108,083		86,425		66,609
Operating Partnership Units Outstanding		905			1,350			1,350		1,129		911
Total		109,799			110,298			109,432		87,554		67,520
Share Price	$	55.76		$	47.02		$	44.37	$	33.57	$	21.99
Market Value of Common Shares	$	6,122,386		$	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	$	4,078,284	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481
TOTAL MARKET CAPITALIZATION	$	10,905,670		$	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		108,894			108,948			108,083		86,425		66,609
Operating Partnership Units Outstanding		905			1,350			1,350		1,129		911
Total		109,799			110,298			109,432		87,554		67,520
Share Price	$	55.76		$	47.02		$	44.37	$	33.57	$	21.99
Market Value of Common Shares	$	6,122,386		$	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	$	4,078,284	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481
Proportionate Share of JV Debt	$	544,007		$	510,460		$	420,758	$	368,468	$	387,094
TOTAL MARKET CAPITALIZATION	$	11,449,677		$	10,292,361		$	8,697,701	$	5,920,216	$	3,847,336

(1) Includes $282.0 million of consolidated joint venture debt at September 30, 2006 (of which $138.1 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 Nine Months Ended September 30, 2006

	Nine Month
	Period Ended
	September 30			Year Ended December 31
	2006			2005			2004		2003		2002
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	7,421,242		$	7,029,337		$	5,603,424	$	3,884,911	$	2,804,056
Cash and Cash Equivalents	$	48,431		$	30,655		$	49,871	$	111,033	$	16,371
Notes Receivable	$	24,250		$	24,996		$	17,823	$	9,813	$	11,662
Advances and Investments in Joint Ventures	$	133,643		$	275,136		$	288,020	$	262,072	$	258,611
	$	7,627,566		$	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	$	7,421,242		$	7,029,337		$	5,603,424	$	3,884,911	$	2,804,056
Notes Receivable or Proportionate Share Thereof	$	41,413		$	116,212		$	44,536	$	41,018	$	50,521
Proportionate Share of JV Undepreciated Real Estate Assets	$	729,556		$	736,109		$	719,619	$	621,113	$	611,224
	$	8,192,211		$	7,881,658		$	6,367,578	$	4,547,043	$	3,465,801
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	287,709		$	355,102		$	292,335	$	211,672	$	154,709
Interest Expense	$	165,407		$	186,196		$	130,447	$	90,162	$	77,208
Adjustment to interest expense for consolidated joint ventures due to FIN 46	($	11,613	)	($	3,830	)	$	0	$	0	$	0
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	41,377		$	55,169		$	50,706	$	51,204	$	50,939
	$	482,879		$	592,636		$	473,488	$	353,039	$	282,856
DEBT SERVICE
Interest Expense	$	165,407		$	186,196		$	130,447	$	90,162	$	77,208
Adjustment to interest expense for consolidated joint ventures due to FIN 46	($	11,613	)	($	3,830	)	$	0	$	0	$	0
Recurring Principal Amortization	$	23,263		$	33,154		$	22,480	$	11,728	$	6,750
	$	177,057		$	215,519		$	152,927	$	101,890	$	83,958
FIXED CHARGES
Debt Service	$	177,057		$	215,519		$	152,927	$	101,890	$	83,958
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	41,377		$	55,169		$	50,706	$	40,494	$	45,395
D-42 dividend.	$	218,433		$	270,688		$	203,633	$	142,385	$	129,353

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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 nine months ended September 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 nine month period ended September 30, 2006 and for the years ended December 31, 2005, 2004, 2003, and 2002, the Company capitalized interest of $14.7 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 $6.8 million for the nine month period ended September 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 nine months ended September 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:

	Nine Month Period
	Ended September 30,
	2006			2005
Total Revenues DDR	$	606,342		$	525,681
Total Revenues DDR Combined Joint Ventures		309,948			310,076
Operating and Maintenance — DDR		(82,481	)		(69,783	)
Real Estate Taxes — DDR		(70,959	)		(61,910	)
Operating and Maintenance and Real Estate Taxes- DDR Combined Joint Ventures		(102,417	)		(107,916	)
Combined NOI	$	660,433		$	596,148
Total Same Store NOI	$	515,980		$	501,333		2.9	%
Property NOI from other operating segments		144,453			94,815
Combined NOI	$	660,433		$	596,148

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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						Nine Month Period
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	49,020		$	46,485		$	149,898		$	192,405
Depreciation and Amortization of Real Estate Investments		47,235			42,172			138,072			122,506
Equity in Net Income From Joint Ventures		(12,868	)		(11,418	)		(22,956	)		(25,984	)
Joint Venture Funds From Operations		13,682			15,358			32,963			37,438
Minority Equity Interests (OP Units)		534			729			1,601			2,187
Gain on Sales of Real Estate		(5,870	)		(11,543	)		(11,869	)		(55,162	)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	91,733		$	81,783		$	287,709		$	273,390
Preferred dividend charges in accordance with EITF Topic No. D-42		13,792			13,792			41,377			41,377
ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	105,525		$	95,575		$	329,086		$	314,767

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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				Nine Month Period
	Ended September 30,				Ended September 30,
	2006		2005		2006		2005		Income Statement Caption
Transactional Income Included in FFO Consolidated
Merchant Building Gains, Net	$	6,779	$	590	$	45,579	$	38,805	Gain on Sales of Real Estate
Land Sale Gains		4,482		1,344		6,845		6,042	Gain on Sales of Real Estate
	$	11,261	$	1,934	$	52,424	$	44,847
Transactional Income NOT Included in FFO Consolidated
Gain on Sales	$	2,701	$	597	$	8,700	$	41,218	Gain on Sales of Real Estate
Gain on Sales from Discontinued Operations		3,169		10,978		3,169		13,977	Gain on Sales of Discontinued Operations
	$	5,870	$	11,575	$	11,869	$	55,195	FFO Reconciliation
Gain on Sales of Real Estate
Merchant Building Gains, Net	$	6,779	$	590	$	45,579	$	38,805
Land Sale Gains		4,482		1,344		6,845		6,042
Gain on Sales		2,701		597		8,700		41,218
	$	13,962	$	2,531	$	61,124	$	86,065	Consolidated Income Statement
Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations	$	3,169	$	10,978	$	3,169	$	13,977	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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					Nine Month Period
	Ended September 30,					Ended September 30,
	2006			2005		2006			2005		Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Gain (Loss) on Sales from Discontinued Operations	$	40		$	21,858	$	(1,497	)	$	23,565	Gain (Loss) on Sales of Real Estate
Land Sales Gains		195			—		207			—	Gain on Sales of Real Estate
	$	235		$	21,858	$	(1,290	)	$	23,565
DDR’s Proportionate Share		51			4,792		(341	)		5,212
Promoted Income (a)		5,483			—		5,483			—
DDR’s Proportionate Share	$	5,534		$	4,792	$	5,142		$	5,212
Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	21,420		$	4,915	$	21,407		$	11,930	Gain on Sales of Real Estate
Other Gains on Sales		(2	)		38		30			797	Gain on Sales of Real Estate
	$	21,418		$	4,953	$	21,437		$	12,727	FFO Reconciliation
DDR’s Proportionate Share	$	2,997		$	1,456	$	3,029		$	4,609
Gain on Sales of Real Estate
Land Sales Gains	$	195		$	—	$	207		$	—
Other Gains on Sales		(2	)		38		30			797
	$	193		$	38	$	237		$	797	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	$	40		$	21,858	$	(1,497	)	$	23,565
Gain on Sales from Discontinued Operations NOT Included in FFO		21,420			4,915		21,407			11,930
	$	21,460		$	26,773	$	19,910		$	35,495	Gain on Sales of Discontinued Operations

(a) Represents promoted income received from the sale of the joint venture asset in Kildeer, Illinois included in gain on sale of discontinued operations.

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine Month Period Ended September 30, 2006

	Nine Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2004			2003			2002
Acquisitions/Transfers	$	381.2	(1)	$	1,610.8	(4)	$	2,170.8	(7)	$	1,363.6	(9)	$	298.6	(11)
Completed Expansions		25.3			41.6			25.2			26.8			8.0
Developments & Construction in Progress		185.9			246.1			203.8			104.6			66.4
Tenant Improvements & Building Renovations		10.4	(2)		7.5			6.6			6.3			7.3
Furniture Fixtures & Equipment		7.7			10.7	(5)		1.3			1.9			2.3
		610.5			1,916.7			2,407.7			1,503.2		$	382.6
Less: Real Estate Sales & Joint Venture Transfers		(218.6	)(3)		(490.8	)(6)		(689.2	)(8)		(422.4	)(10)	$	(72.2	)(12)
Total DDR Net Additions (Millions)	$	391.9		$	1,425.9		$	1,718.5		$	1,080.8		$	310.4

(1)	Includes transfer to DDR from joint venture of the Service Merchandise portfolio and Salisbury, MD shopping center, aggregating $111.9 and $4.0 million, respectively, the final earn out adjustments for the Benderson and Caribbean Property Group acquisitions aggregating $11.8 million, and the 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 of the Service Merchandise Portfolio to Coventry II which had an aggregate cost of $112.6, the sale to Macquarie DDR Trust joint venture of seven assets with an aggregate cost of $80.5 million, plus four earnout parcels with an aggregate cost of $12.5 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 nine months ended September 30, 2006

Wholly Owned and Consolidated Acquisitions
for the Nine Month Period Ended September 30, 2006

				Cost		Acquisition
Property Location	GLA		(1)	(Millions)		Date	Major Tenants
Pasadena, CA		556,961		$	151.0	01/13/06	Macy’s, Pacific Theatres, Gelson’s Market, DSW Show Warehouse, Loehmann’s, Equinox
San Diego, CA (College)		73,872		$	11.1	01/31/06	Mervyn’s
Phoenix, AR (Deer Valley)		453,815		$	37.6	04/21/06	Target, AMC Theatre, Ross Dress for Less, PetsMart, Michael’s, OfficeMax
Valencia, CA		77,776		$	12.4	08/31/06	Mervyn’s
Total		1,162,424		$	212.1

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

Wholly Owned and Consolidated Dispositions
for the Nine Month Period Ended September 30, 2006

			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Ft. Oglethorpe, GA 1		176,903	$	7.7	9/6/2006
Total		176,903	$	7.7

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Nine Month Period Ended September 30, 2006

Projects Completed
Lakeland, FL	Construction of a 77,557 sf Bealls Department Store (opened 7/06).
Ocala, FL	Recaptured the Winn Dixie and expanded the space by 6,000 sf for Hobby Lobby (opened 2/06).
Stockbridge, GA	Redemised space to accommodate a Northern Tool (opened 10/05), Farmer’s Furniture (opened 3/06) and a Goodwill Store (opened 7/06).
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 Gross Cost (Millions)		$	25.3
Total Net Cost (Millions)		$	25.3
Projects in Progress
Birmingham, AL	Construction of a 8,000 sf free standing outparcel and re-tenanting the former Winn Dixie building.
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.
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.
Chesterfield, MI	Wal-Mart, Sportsman Warehouse, 25,400 sf of small shop retail and additional retail space to be announced.
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.
Hamilton, NJ	Expansion of the shopping center to construct a 18,000 sf Old Navy and 4,500 sf Bombay Company.
Olean, NY	Relocate two tenants to accommodate Wal-Mart expansion to a Supercenter.
Stow, OH	Recapture 116,000 sf K-Mart and release to junior anchor stores. Create outparcels.
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 (opened 10/06), 16,975 sf DSW, 23,400 sf Michael’s and retail shops.
Brookfield, WI	Construction of 15,000 sf free standing building for retail shops.
Total Gross Cost (Millions)		$	92.1
Total Net Cost (Millions)		$	89.0
Projects to Commence Construction
Crystal River, FL	Construct 9,000 sf Dollar General and 15,000 sf of shops.
Louisville, KY	Construct a 6,000 sf free standing building for retail shops.
Gulfport, MS	Construct retail shops and restaurants on a 4.37 acre outparcel.
Huber Hts., OH	Expansion of the shopping center to construct a 45,000 sf junior anchor.
Amherst, NY	Construct 5,300 sf free standing building for retail shops.
Bayamon, PR (Plaza Del Sol)	144,000 sf expansion of the mall to accommodate two junior anchors and additional shop space.
Hatillo, PR	Expansion of the shopping center to accommodate a 21,000 sf junior anchor.
San Juan, PR	Redemise shop space and construct a food court.
McKinney, TX	Construction of 87,757 sf retail shops and outparcels.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

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

								Substantial
				Gross Cost		Net Cost		Completion
	GLA			(Millions)		(Millions)		Date	Description	Major Tenants
Projects Substantially Completed
Freehold, NJ		500,000		$	51.4	$	30.4	2005 & 2006	Community Center	Wal-Mart (opened 3/06), Sam’s Club (opened 4/06), Chase Manhattan, Ocean First Bank, Golden Corral (scheduled to open 2nd quarter 2007) and other retail tenants and outparcels to be announced
Pittsburgh, PA		367,719	(1)	$	33.8	$	15.7	2006	Community Center	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
Projects in Progress
Miami, FL		633,001		$	153.8	$	141.9	2006 & 2007	Mixed-Use	Target, Linens N Things, and Circuit City, (scheduled to open 4th qtr 2006), Ross Dress for Less, Marshalls, West Elm, PetsMart and additional retail space to be announced
Nampa, ID		858,396		$	95.0	$	93.3	2007	Community Center	JC Penney and other retail tenants to be announced
McHenry, IL		426,078	(1)	$	71.4	$	65.0	2007	Community Center	Dick’s, PETsMART, Bed Bath & Beyond, Best Buy, Office Max and other retail tenants to be announced
Seabrook, NH		456,290	(1)	$	61.7	$	37.2	2008	Community Center	To be announced
Horseheads, NY		712,697	(1)	$	81.8	$	53.8	2007	Community Center	Wal-Mart, Kohl’s and additional retail space to be announced
Apex, NC (Beaver Creek
Crossings-Phase I)		347,527		$	71.5	$	66.9	2006	Community Center	Consolidated Theaters (opened 2nd quarter 2006), Dick’s, Old Navy, Justice, Circuit City, TJ Maxx, (opened 3rd quarter 2006) Borders, (scheduled to open 4th quarter 2006) and other retail tenants to be announced
Apex, NC (Beaver Creek Crossings-Phase II)		281,996		$	47.2	$	38.6	2007	Community Center	To be announced
San Antonio, TX (Stone Oak)		665,229	(1)	$	93.4	$	84.5	2007	Community Center/Lifestyle Center	Target, Office Max, Hobby Lobby, DSW, 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
Ukiah, CA		666,616		$	102.5	$	86.5	2008	Community Center	To be announced
Homestead, FL		399,868	(1)	$	83.6	$	53.8	2007	Community Center	To be announced
Wholly Owned Development Totals		6,315,417		$	947.1	$	767.6

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

Wholly Owned Developments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Wholly Owned and Consolidated Development
Assets Placed in Service as of September 30, 2006

	Assets Placed
	in Service
Date	(Millions)
As of December 31, 2005	$	18.4
1st Quarter 2006	$	1.2
2nd Quarter 2006	$	17.4
3rd Quarter 2006	$	15.9
4th Quarter 2006	$	57.2
Thereafter	$	657.5
Total	$	767.6

Wholly Owned and Consolidated Development
Funding Schedule as of September 30, 2006

Funded as of September 30, 2006	$	382.7
Projected Net Funding During 2006	$	58.6
Projected Net Funding Thereafter	$	326.3
Total	$	767.6

Wholly Owned Development Delivery and Funding Schedules 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Consolidated Debt
as of September 30, 2006

		Mortgage			Maturity	Interest
		Balance(000’s)			Date	Rate (1)
SENIOR DEBT:
Unsecured Credit Facilities:
$1.2 Billion Revolving Credit Facility		$	120,000	(2)	06/10		5.306
$60 Million Revolving Credit Facility			5,000		06/10		5.975
Secured Credit Facility:
$400 Million Term Loan			400,000	(3)	06/08		6.090
Total Term and Credit Facility Debt			525,000
PUBLIC DEBT:
Medium Term Notes	F		99,424	(4)	03/07		7.000
Medium Term Notes	F		10,000		07/07		7.020
Unsecured Notes	F		85,000		08/07		6.950
Medium Term Notes	F		2,000		12/07		6.960
Medium Term Notes	F		99,966		01/08		6.625
Medium Term Notes	F		274,466		01/09		3.875
Medium Term Notes	F		199,722		05/10		5.000
Medium Term Notes	F		299,742		07/10		4.625
Medium Term Notes	F		249,309		04/11		5.250
Convertible Notes	F		250,000	(5)	08/11		3.500
Medium Term Notes	F		348,550		10/12		5.375
Medium Term Notes	F		199,385		05/15		5.500
Medium Term Notes	F		100,000		07/18		7.500
Total Public Debt			2,217,565
MORTGAGE DEBT:
Hamilton, NJ	V		65,000		05/07		6.122
Phoenix, AZ (Paradise Valley)	F		16,816	(6)	05/07		7.780
St. Louis, MO (Olympic)	F		2,921		08/07		9.150
Berlin, VT	F		4,940		08/07		9.750
Mt. Laurel, NJ	V		48,000		09/07		6.222
Apex, NC	V		15,573		10/07		6.322
DDR MDT MV, LLC	V		45,923	(7)	10/07		6.042
Tupelo, MS	F		11,242		03/08		4.410
Jacksonville, FL	F		6,450		03/08		4.410
Solon, OH	F		15,573		03/08		4.410
N. Charleston, SC	F		11,150		03/08		4.410
Walker, MI	F		8,201		03/08		4.410
Mt. Pleasant, SC (GS II)	F		7,556		03/08		4.410
Meridian, ID (GS II)	F		24,420		03/08		4.410
Birmingham, AL (GS II)	F		26,447		03/08		4.410
Wilmington, NC (GS II)	F		20,273		03/08		4.410
Durham, NC (GS II)	F		6,911		03/08		4.410
Stone Oak, TX	V		6,701	(8)	02/09		6.572
Silver Springs, MD (Tech 29-1)	F		6,596		02/09		7.330

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

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

		Mortgage			Maturity	Interest
		Balance(000’s)			Date	Rate (1)
Leawood, KS	F	$	49,425		07/09		7.310
Martinsville, VA	F		19,493		12/09		8.460
St. Louis, MO (Keller)	F		1,139		01/10		8.625
Deer Valley — Phoenix, AZ	F		17,234		09/10		8.010
DDR MDT MV, LLC	F		212,550	(7)	10/10		5.211
Big Flats, NY (Big Flats I)	F		8,898		12/10		8.011
Plattsburgh, NY	F		8,687		12/10		8.000
Erie, PA	F		25,099		04/11		6.884
Erie, PA	F		2,897		04/11		6.884
Boardman, OH	F		26,067		04/11		6.884
St. Louis, MO (Sunset)	F		33,792		04/11		6.884
St. Louis, MO (Brentwood)	F		25,099		04/11		6.884
Denver, CO (Centennial)	F		37,651		04/11		6.884
Gates, NY (Westgate)	F		24,533		10/11		7.240
Indian Train, NC (Union TC Ph I)	F		6,854		10/11		7.000
Ashtabula, OH	F		6,824		12/11		7.000
West Pasco, FL	F		4,784		02/12		9.625
Denver, CO (Univ Hills)	F		27,944		06/12		7.300
St. Louis, MO (Gravois)	F		1,266		07/12		8.625
N. Charleston, SC	F		10,508		07/12		7.370
Mooresville, NC	F		23,562		12/12		6.930
Big Flats, NY (Big Flats IV)	F		980		01/13		7.600
Big Flats, NY (Big Flats II & III)	F		4,063		01/13		8.010
Buffalo, NY (Delaware Commons)	F		1,031		01/13		6.960
Jamestown, NY (Southside Plaza)	F		1,497		04/13		7.590
Victor, NY (Victor Square)	F		6,528		04/13		5.800
Mays Landing, NJ (Wrangleboro)	F		48,664		05/13		6.990
Beachwood, OH	F		3,277		07/13		7.640
W. Long Branch, NJ (Monmouth)	F		13,099		07/13		8.570
Boynton Beach, FL (Meadows Square)	F		4,055		07/13		6.720
Englewood, FL (Rotonda)	F		1,896		07/13		5.800
Reno, NV	V		3,499		02/15		9.000
Olean, NY	F		4,494		07/15		8.995
Mays Landing, NJ (Hamilton)	F		14,401		09/15		4.700
Columbus, OH (Consumer II West)	F		13,631		11/15		10.188
Amherst, NY (Kmart/Blvd Cons. II)	F		11,857		11/15		7.850
Lockport, NY (Walmart/Tops)	F		12,315		01/16		8.000
Merriam, KS (TIF)	F		7,075		02/16		6.900
Rome, NY (Freedom)	F		4,251		09/16		7.850
Medina, NY	F		3,697		11/16		7.660
Bellefontaine, OH	F		2,242		12/16		7.500
Amherst, NY (Tops Transit + French)	F		4,991		12/16		7.680
Canandaigua, NY	F		5,459		01/17		6.150
Cheektowaga, NY (Walmart Thruway)	F		4,762		10/17		6.780

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

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

		Mortgage			Maturity	Interest
		Balance(000’s)			Date	Rate (1)
Ithaca, NY	F	$	18,542		01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		13,054		07/18		5.670
Springville, NY	F		5,935		07/18		6.375
Niskayuna, NY (Mohawk)	F		24,056		12/18		5.750
Henderson, TN	F		8,678		01/19		7.660
Spring Hill, FL	F		5,004		09/19		9.750
Alden, NY	F		4,297		10/19		8.100
Cedar Rapids, IA	F		9,495		01/20		9.375
Plainville, CT	F		6,985		04/21		7.125
Allentown, PA	F		17,549		06/21		6.950
Princeton, NJ	F		25,412		03/27		8.262
Bayamon, PR (Rio Hondo)	F		56,046		05/28		7.180
San Juan, PR (Senorial Plaza)	F		14,554		05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,768		05/28		7.180
Arecibo, PR (Atlantico)	F		14,644		05/28		7.180
Total Mortgage Debt			1,335,783
Total Debt		$	4,078,348
Adjustment for Reverse Swap			-64	(9)
		$	4,078,284
Weighted Average — Total					4.72 years		5.7	%
Weighted Average — Fixed		$	3,608,653		5.16 years		5.6	%
Weighted Average — Floating		$	469,695		1.35 years		6.3	%

Notes:

F — Fixed Rate Debt                     V — Variable Rate Debt

1.	Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized 2006 deferred finance cost amortization of approximately $7.5 million, net is offset by approximately $9.1 million of annualized fair market value adjustment in 2006.
2.	The LIBOR rate on $100 million of the $1.2 billion Revolving Credit Facility has been fixed at 4.942% through September 2010 via interest rate swap. The weighted average spread on this $100 million borrowing was 0.306 % on September 30, 2006 resulting in a fixed rate of 5.248% on this borrowing.
3.	Secured term loan debt of $200 million has been converted to a fixed rate of 5.99% until June 28, 2010. Effective October 18, 2006, $100 million of secured term loan debt will be converted to a fixed rate of 5.78% and $100 million will be converted to a fixed rate of 5.81% until October 18, 2009. The weighted average rate of all traunches, reflecting the rates fixed by interest rate swaps, will be 5.90%.
4.	Public debt of $60 million has been converted to a variable rate of 7.075%. The remaining balance of $39.4 million is at the stated fixed rate.
5.	The convertible notes may net share settled with shares of DDR’s common stock once the stock price rises above $65.11 per share, however, this conversion price has been increased to $74.41 per share through the purchase of a convertible note hedge.
6.	The company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts pursuant to EITF 04-05.
7.	The company’s 50% joint venture with DDR Macquarie is consolidated within DDR’s accounts pursuant to FIN 46.
8.	The company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.
9.	Offset included in other liabilities.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of September 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
Silver Springs, MD (Tech 29-1)		170		183		196		6,173																6,722

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of September 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 9/30/06		-24,550																						-24,550
Total — Property Mortgages		7,010		168,527		164,711		103,078		262,338		205,213		66,662		83,248		22,364		32,881		149,478		1,265,510

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of September 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									6,701																	6,701
(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			6,701		0			0		0		0		0		0		0		70,274
DEBT OFFERINGS
Senior Notes				111,424		99,966			274,466		499,464			499,309		348,550						199,385		100,000		2,132,566
Unsecured Notes				85,000																						85,000
Total — Debt Offerings		0		196,424		99,966			274,466		499,464			499,309		348,550		0		0		199,385		100,000		2,217,565
Total — Property Mortgages,		7,010		428,524		264,677			384,245		761,802			704,522		415,212		83,248		22,364		232,267		249,478		3,553,348
Construction Loans & Debt Offerings
REVOLVING CREDIT FACILITIES & TERM LOANS
$1.2 Billion Unsecured Credit Facility											120,000	(1)														120,000
(JPMorgan Chase)
$400 Million Secured Term Loan						400,000	(1)																			400,000
(Key Bank)
$60 Million Unsecured Credit Facility											5,000	(1)														5,000
(National City Bank)
Total — Debt	$	7,010	$	428,524	$	664,677		$	384,245	$	886,802		$	704,522	$	415,212	$	83,248	$	22,364	$	232,267	$	249,478	$	4,078,348

Notes:

(1) Balance at September 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 $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 nine months ended September 30, 2006

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

	RVIP III B									RVIP VIII						Community Centers			Lennox Town			Sun Center
	Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Five			Center (2)			Limited (2)
Real Estate Assets	$	83.8		$	7.7		$	117.2		$	33.9		$	130.4		$	266.5		$	21.0		$	25.9
Accumulated Depreciation		(11.1	)		(1.1	)		(15.5	)		(2.5	)		(6.0	)		(45.1	)		(4.3	)		(6.9	)
Real Estate, net		72.7			6.6			101.7			31.4			124.4			221.5			16.8			19.0
Receivables, Net		0.6			0.3			10.3			1.2			1.6			7.0			1.5			0.8
Other assets		4.7			0.4			7.2			1.7			2.4			10.4			0.6			0.9
Disproportionate Share of Equity		—			—			—			—			—			—			—			—
	$	78.0		$	7.3		$	119.2		$	34.3		$	128.4		$	238.9		$	18.9		$	20.7
Mortgage Debt	$	60.0		$	3.0		$	74.0		$	23.4		$	11.0		$	298.0		$	17.7		$	20.2
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.1			0.0			0.0
Other liabilities		2.1			0.3			16.7			1.5			2.8			6.0			0.8			0.6
		62.1			3.3			90.7			24.9			13.8			304.1			18.5			20.8
Accumulated equity (deficit)		15.9			4.0			28.5			9.4			114.6			(65.2	)		0.4			(0.1	)
Disproportionate Share of Equity		—			—			—			—			—			—			—			—
	$	78.0		$	7.3		$	119.2		$	34.3		$	128.4		$	238.9		$	18.9		$	20.7
Proportionate share of other assets/liabilities, net	$	0.8		$	0.1		$	0.2		$	0.4		$	0.1		$	5.7		$	0.6		$	0.9
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0

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

	RVIP III B									RVIP VIII						Community Centers			Lennox Town			Sun Center
	Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Five			Center (2)			Limited (2)
Revenues from operations	$	8.9		$	0.7		$	11.0		$	4.5		$	9.6		$	28.3		$	3.5		$	3.4
Rental operation expenses		(3.3	)		(0.2	)		(3.1	)		(1.7	)		(2.6	)		(8.5	)		(1.0	)		(0.8	)
Net operating income		5.6			0.5			7.9			2.8			7.0			19.8			2.5			2.6
Depreciation and amortization expense		(1.7	)		(0.2	)		(2.1	)		(0.8	)		(2.4	)		(4.8	)		(0.3	)		(0.6	)
Interest expense		(2.8	)		(0.2	)		(4.3	)		(1.1	)		(0.6	)		(12.9	)		(1.1	)		(1.2	)
Income (loss) before gain on sale		1.1			0.1			1.5			0.9			4.0			2.1			1.1			0.8
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			(0.1	)		0.5			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			(1.8	)		3.7			(0.0	)		0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—
Net income (loss)	$	1.1			($1.8	)	$	5.7		$	0.9		$	4.0		$	2.1		$	1.1		$	0.8
DDR Ownership interest		***			***			***			***			10	%		50	%		***			***
	$	0.4			($0.4	)	$	1.9		$	0.3		$	0.4		$	1.1		$	0.6		$	0.7
Amortization of basis differential		0.0			(0.2	)		0.0			0.0			0.0			0.1			(0.1	)		(0.1	)
	$	0.4			($0.7	)	$	1.9		$	0.3		$	0.4		$	1.2		$	0.5		$	0.5
Proportionate share of net operating income (6)	$	1.4		$	0.1		$	1.6		$	0.7		$	0.7		$	9.9		$	1.3		$	2.1
Proportionate share of interest expense (6)	$	0.7		$	0.0		$	0.9		$	0.3		$	0.0		$	6.4		$	0.5		$	1.0
Funds From Operations (“FFO”):
Net income (loss)	$	1.1			($1.8	)	$	5.7		$	0.9		$	4.0		$	2.1		$	1.1		$	0.8
Depreciation of real property		1.7			0.5			2.2			0.8			2.4			4.8			0.3			0.6
(Gain) loss on sale		0.0			0.0			(3.7	)		0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—
	$	2.8			($1.3	)	$	4.2		$	1.7		$	6.4		$	6.9		$	1.4		$	1.4
DDR ownership interest		***			***			***			***			10	%		50	%		***			***
DDR FFO	$	1.1			($0.3	)	$	1.4		$	0.6		$	0.6		$	3.5		$	0.7		$	1.1

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

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

																						Coventry II
	Dublin									Jefferson			Sansone Group /						DDR Markaz			DDR
	Village (3)			DOTRS			Littleton, CO (3)			County, MO			DDRC LLC			DDR Markaz			II			Bloomfield
Real Estate Assets	$	0.1		$	24.7		$	3.1		$	6.6		$	0.4		$	167.4		$	202.5		$	69.3
Accumulated Depreciation		0.0			(4.9	)		0.0			(0.6	)		(0.2	)		(13.3	)		(10.2	)		0.0
Real Estate, net		0.1			19.8			3.1			6.0			0.2			154.1			192.3			69.3
Receivables, Net		0.0			0.7			0.0			0.0			1.4			2.8			1.5			0.0
Other assets		0.0			0.8			0.2			0.3			2.6			6.5			6.7			0.1
Disproportionate Share of Equity		—			—			—			—			—			—			—			—
	$	0.1		$	21.3		$	3.3		$	6.3		$	4.2		$	163.4		$	200.5		$	69.4
Mortgage Debt	$	0.0		$	21.0		$	0.0		$	3.7		$	0.0		$	110.0		$	150.5		$	68.0
Amounts payable to DDRC		0.0			0.0			0.0			3.1			0.0			0.8			0.3			0.0
Other liabilities		0.0			0.6			0.2			0.1			0.9			3.2			0.2			0.0
		0.0			21.6			0.2			6.9			0.9			114.0			151.0			68.0
Accumulated equity (deficit)		0.1			(0.3	)		3.1			(0.6	)		3.3			49.4			49.5			1.4
Disproportionate Share of Equity		—			—			—			—			—			—			—			—
	$	0.1		$	21.3		$	3.3		$	6.3		$	4.2		$	163.4		$	200.5		$	69.4
Proportionate share of other assets/liabilities, net		($0.0	)	$	0.5			($0.0	)	$	0.1		$	1.5		$	1.2		$	1.6		$	0.0
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	1.5		$	0.0		$	0.0		$	0.0		$	0.0

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

																						Coventry II
	Dublin									Jefferson			Sansone Group /						DDR Markaz			DDR
	Village (3)			DOTRS			Littleton, CO (3)			County, MO			DDRC LLC			DDR Markaz			II			Bloomfield
Revenues from operations		($0.0	)	$	3.0		$	0.0		$	0.5		$	2.0		$	16.6		$	16.3		$	0.0
Rental operation expenses		(0.0	)		(0.8	)		(0.1	)		(0.2	)		0.0			(5.5	)		(5.6	)		0.0
Net operating income		0.0			2.2			(0.1	)		0.3			2.0			11.1			10.7			0.0
Depreciation and amortization expense		0.0			(0.4	)		0.0			(0.2	)		(0.0	)		(3.2	)		(4.1	)		(0.0	)
Interest expense		(0.0	)		(0.5	)		0.0			(0.4	)		0.0			(3.5	)		(6.0	)		0.0
Income (loss) before gain on sale		0.0			1.3			(0.1	)		(0.3	)		2.0			4.4			0.6			(0.0	)
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—
Net income (loss)	$	0.0		$	1.3			($0.1	)		($0.3	)	$	2.0		$	4.4		$	0.6			($0.0	)
DDR Ownership interest		63	%		50	%		50	%		50	%		***			20	%		20	%		20	%
		($0.0	)	$	0.6			($0.0	)		($0.1	)	$	1.0		$	0.9		$	0.1		$	0.0
Amortization of basis differential		0.0			0.1			0.0			0.0			(0.3	)		0.1			0.1			0.0
	$	0.0		$	0.6		$	0.0			($0.1	)	$	0.8		$	1.1		$	0.3		$	0.0
Proportionate share of net operating income (6)		($0.0	)	$	1.1			($0.0	)	$	0.2		$	1.0		$	2.2		$	2.1		$	0.0
Proportionate share of interest expense (6)	$	0.0		$	0.2		$	0.0		$	0.2		$	0.0		$	0.7		$	1.2		$	0.0
Funds From Operations (“FFO”):
Net income (loss)		($0.0	)	$	1.3			($0.1	)		($0.3	)	$	2.0		$	4.4		$	0.6		$	0.0
Depreciation of real property		0.0			0.4			0.0			0.2			0.0			3.2			4.1			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		—			—			—			—			—			—			—			—
	$	0.0		$	1.7			($0.1	)		($0.1	)	$	2.0		$	7.6		$	4.7		$	0.0
DDR ownership interest		63	%		50	%		50	%		50	%		***			20	%		***			20	%
DDR FFO		($0.0	)	$	0.8			($0.0	)		($0.0	)	$	1.0		$	1.5		$	1.1		$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

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

												Coventry II DDR
	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR		Phoenix			Coventry II DDR		Coventry II DDR			Coventry II DDR
	Buena Park			Fairplain Plaza			Merriam Village			Montgomery Farm		Spectrum			SM (4)		Totem Lakes			Tri-County Mall
Real Estate Assets	$	95.0		$	27.2		$	21.0		$	15.0	$	74.8		$	171.9	$	39.9		$	194.9
Accumulated Depreciation		(3.3	)		(0.2	)		0.0			0.0		(2.9	)		0.0		(1.7	)		(1.4	)
Real Estate, net		91.7			27.0			21.0			15.0		71.9			171.9		38.2			193.5
Receivables, Net		0.7			0.1			0.0			0.0		1.3			3.4		0.1			1.2
Other assets		2.1			0.4			0.6			0.7		1.5			17.2		0.6			20.7
Disproportionate Share of Equity		—			—			—			—		—			—		—			—
	$	94.5		$	27.5		$	21.6		$	15.7	$	74.7		$	192.5	$	38.9		$	215.4
Mortgage Debt	$	61.0		$	15.9		$	18.5		$	8.5	$	47.5		$	139.0	$	26.0		$	170.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0		0.0			0.0		0.0			0.0
Other liabilities		3.1			0.2			1.1			0.0		3.2			4.7		1.0			8.1
		64.1			16.1			19.6			8.5		50.7			143.7		27.0			178.1
Accumulated equity (deficit)		30.4			11.4			2.0			7.2		24.0			48.8		11.9			37.3
Disproportionate Share of Equity		—			—			—			—		—			—		—			—
	$	94.5		$	27.5		$	21.6		$	15.7	$	74.7		$	192.5	$	38.9		$	215.4
Proportionate share of other assets/liabilities, net	($	0.1	)	$	0.1		($	0.1	)	$	0.1	($	0.1	)	$	3.2	($	0.1	)	$	2.5
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0	$	0.0		$	0.0	$	0.0		$	0.0

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

													Coventry II DDR
	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Phoenix			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Buena Park			Fairplain Plaza			Merriam Village			Montgomery Farm			Spectrum			SM (4)			Totem Lakes			Tri-County Mall
Revenues from operations		9.1			0.9			0.0			0.0			5.4			0.8			2.7			6.9
Rental operation expenses		(4.2	)		(0.3	)		(0.0	)		(0.0	)		(2.4	)		(0.3	)		(1.0	)		(2.5	)
Net operating income		4.9			0.6			(0.0	)		0.0			3.0			0.5			1.7			4.5
Depreciation and amortization expense		(1.5	)		(0.2	)		0.0			0.0			(0.9	)		0.0			(0.5	)		(1.2	)
Interest expense		(3.0	)		(0.5	)		0.0			0.0			(1.4	)		(0.4	)		(1.5	)		(4.6	)
Income (loss) before gain on sale		0.4			(0.1	)		(0.0	)		(0.0	)		0.7			0.1			(0.2	)		(1.5	)
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			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
Disproportionate Share of Income		—			—			—			—			—			—			—			—
Net income (loss)	$	0.4		($	0.1	)	$	0.0		$	0.0		$	0.7		$	0.1		($	0.2	)	($	1.5	)
DDR Ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%
	$	0.1		($	0.0	)	($	0.0	)	$	0.0		$	0.1		$	0.0		($	0.0	)	($	0.3	)
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
	$	0.1		$	0.0		$	0.0		$	0.0		$	0.1		$	0.0		($	0.0	)	($	0.3	)
Proportionate share of net operating income (6)	$	1.0		$	0.1		($	0.0	)	$	0.0		$	0.6		$	0.1		$	0.4		$	0.9
Proportionate share of interest expense (6)	$	0.6		$	0.1		$	0.0		$	0.0		$	0.3		$	0.1		$	0.3		$	0.9
Funds From Operations (“FFO”):
Net income (loss)		0.4			(0.1	)		(0.0	)		(0.0	)		0.7			0.1			(0.2	)		(1.5	)
Depreciation of real property		1.5			0.2			0.0			0.0			0.9			0.0			0.5			1.2
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—
	$	1.9		$	0.1		$	0.0		$	0.0		$	1.6		$	0.1		$	0.3		($	0.2	)
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%
DDR FFO	$	0.4		$	0.0		($	0.0	)	$	0.0		$	0.3		$	0.0		$	0.1		($	0.0	)

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

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

	Coventry II DDR			Coventry II DDR			DDR/Macquarie						DDR/Macquarie		Sold/Acquired JVs					DDRs Proportionate
	Ward Parkway			Westover			Fund LLC			DDR MDT PS LLC			Management		(5)		Total			Share
Real Estate Assets	$	60.3		$	25.2		$	1,738.2		$	117.5		$	0.0	$	0.0	$	3,741.6		$	736.0
Accumulated Depreciation		(3.1	)		(0.4	)		(79.0	)		(0.8	)		0.0		0.0		(214.5	)		(59.4	)
Real Estate, net		57.2			24.8			1,659.2			116.7			0.0		0.0		3,527.1			676.6
Receivables, Net		2.3			0.4			29.7			4.3			0.0		0.4		73.7			16.0
Other assets		1.0			1.2			31.6			3.8			7.9		2.2		137.0			32.4
Disproportionate Share of Equity		—			—			—			—			—		—		—			4.5	(7)
	$	60.5		$	26.4		$	1,720.5		$	124.8		$	7.9	$	2.6	$	3,737.8		$	729.5
Mortgage Debt	$	36.0		$	17.5		$	1,040.3		$	86.0		$	0.0	$	0.0	$	2,526.6		$	549.2
Amounts payable to DDRC		0.0			0.0			4.0			0.0		$	0.0		0.0		8.3			2.4
Other liabilities		2.2			0.9			24.4			2.4		$	1.6		1.1		90.3			19.5
		38.2			18.4			1,068.7			88.4			1.6		1.1		2,625.2			571.1
Accumulated equity (deficit)		22.3			8.0			651.8			36.4			6.3		1.5		1,112.6			153.9
Disproportionate Share of Equity		—			—			—			—			—		—		—			4.5	(7)
	$	60.5		$	26.4		$	1,720.5		$	124.8		$	7.9	$	2.6	$	3,737.8		$	729.5
Proportionate share of other assets/liabilities, net	$	0.2		$	0.1		$	5.4		$	0.0		$	3.1	$	0.6	$	28.6
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0	$	0.0	$	1.5

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

	Coventry II DDR			Coventry II DDR			DDR/Macquarie						DDR/Macquarie			Sold/Acquired JVs						DDRs Proportionate
	Ward Parkway			Westover			Fund LLC			DDR MDT PS LLC			Management			(5)			Total			Share
Revenues from operations	$	6.1		$	2.2		$	144.1		$	3.5		$	1.2		$	18.4		$	309.9		$	68.1
Rental operation expenses		(3.0	)		(1.1	)		(44.8	)		(1.4	)		(0.2	)		(7.6	)		(102.3	)		(22.0	)
Net operating income		3.1			1.1			99.3			2.1			1.0			10.8			207.6			46.1
Depreciation and amortization expense		(0.9	)		(0.3	)		(27.4	)		(0.9	)		(0.5	)		(4.7	)		(59.7	)		(12.6	)
Interest expense		(1.9	)		(0.6	)		(38.7	)		(1.7	)		0.0			(6.5	)		(95.1	)		(22.2	)
Income (loss) before gain on sale		0.3			0.2			33.2			(0.5	)		0.5			(0.4	)		52.7			11.3
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.2			0.2			(0.0	)
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.6			0.9			0.1
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			18.0			19.9			2.2
Disproportionate Share of Income		—			—			—			—			—			—			—			8.7	(8)
Net income (loss)	$	0.3		$	0.2		$	33.2		($	0.5	)	$	0.5		$	18.4		$	73.8		$	22.4
DDR Ownership interest		20	%		20	%		***			***			***			***			***
	$	0.1		$	0.1		$	7.1		$	0.2		$	0.3		$	7.5		$	22.4		$	22.4
Amortization of basis differential		0.0			0.0			0.8			0.0			0.0			0.0			0.6			0.6
	$	0.1		$	0.1		$	7.9			0.2			0.3		$	7.5		$	23.0		$	23.0
Proportionate share of net operating income (6)	$	0.6		$	0.2		$	14.4		$	0.0		$	0.5		$	2.9		$	46.1
Proportionate share of interest expense (6)	$	0.4		$	0.1		$	5.6		$	0.0		$	0.0		$	1.6		$	22.2
Funds From Operations (“FFO”):
Net income (loss)		0.3			0.2			33.2			(0.5	)		0.5			18.4			73.8			22.4
Depreciation of real property		0.9			0.3			27.4			0.9			0.5			5.1			60.5			12.8
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			(17.7	)		(21.4	)		(2.6	)
Disproportionate Share of Income		—			—			—			—			—			—			—			0.2	(9)
	$	1.2		$	0.5		$	60.6		$	0.4		$	1.0		$	5.8		$	112.9		$	32.8
DDR ownership interest		20	%		20	%		***			***			***			***			***
DDR FFO	$	0.2		$	0.1		$	11.0		$	0.1		$	0.5		$	6.9		$	32.8

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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)	Represents operating income of Coventry II DDR SM LLC as of the acquisition date of September 22, 2006.
(5)	Represents residual joint venture assets sold to the MDT Joint Venture, operating income of the joint ventures in Phoenix, Arizona; Pasedena, California; Salisbury, Maryland; and Apex, North Carolina acquired by DDR in 2006 and operating income of the RVIP III and Kildeer joint ventures, which were sold in 2006. Additionally, this amount includes the operating income of the KLA/SM joint venture assets acquired by DDR through August 2006 and subsequently sold to the Coventry II DDR SM joint venture in September 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, RVIP VIII and the DDR/Macquarie Fund LLC joint ventures.
(8)	Adjustments represent the effect of promoted interests on DDR’s share of the income primarily from an asset management promote through DDR/Macquarie Fund LLC and promoted income from the sale of the shopping centers in Kildeer, IL and the RVIP VII Joint Ventures.
(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 nine months ended September 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 1 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	$	3.6
Prudential		10.4
Coventry		1.9
Total Capital	$	15.9
Debt	$	60.0
Total Debt & Equity	$	75.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	0.9
PREI		3.0
Coventry	$	0.1
Total Capital	$	4.0
Debt	$	3.0
Total Debt & Equity	$	7.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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 2 properties:
	Downtown Pleasant Hill — Pleasant Hill, CA
	Valley Central Shopping Center — Lancaster, CA
Major Tenants:	Century Theater	Michael’s
	Ross Stores	Staples
	Wal-Mart	Bed, Bath & Beyond
	Cinemark	Albertson’s 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	$	4.3
PREI		16.7
Coventry		7.5
Total Capital	$	28.5
Debt	$	74.0
Total Debt & Equity	$	102.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	Best Buy
	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
	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:	N/A
Leasing Fees: *	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 9,999 square feet)
	4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 - 19,999 square feet)
	$2 per square foot (spaces 20,000 square feet and greater)
	3% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.5% on renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 - 9,999 square feet)
	2% on renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 19,999 square feet)
	$2 per square foot on renewals (spaces 20,000 square feet and greater)
	4% on new leases years 1-5; 2% years 6-10; (outparcels/ground leases)
	2% on renewals on years 1-5; 1% years 6-10 (outparcels/ground leases)
	6% 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		7.5
Coventry		(0.6	)
Total Capital	$	9.4
Debt	$	23.4
Total Debt & Equity	$	32.8

* 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 nine months ended September 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 square feet)
	4% on new outparcels/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		103.1
Total Capital	$	114.6
Debt	$	11.0
Total Debt & Equity	$	125.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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	$	(32.6	)
DRA Advisors		(32.6	)
Total Capital (1)	$	(65.2	)
Payable to DDR	$	0.1
Debt	$	298.0
Total Debt & Equity	$	232.9

(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 nine months ended September 30, 2006

Joint Venture Investment Summary

Joint Venture Name:	Lennox Town Center Limited
Date Formed:	February, 1998
Property Name/Location:	Lennox Town Center Shopping Center — Columbus, OH
Major Tenants:	AMC Theatres Lennox 24
	Barnes & Noble
	Staples
	Target
Partnership Structure
Equity Contribution:	50% — DDR
	50% — Casto Properties
Cash Flow Distribution:	50% — DDR
	50% — Casto Properties
Fees to DDR
Management Fee:	1.312% of all rent
Development Fee:	N/A
Leasing Fees:	N/A
Commission on Outparcel Sales:	N/A

Capital Structure (in millions)

DDR	$	0.2
Casto Properties		0.2
Total Capital	$	0.4
Debt	$	17.7
Total Debt & Equity	$	18.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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	$	(0.1	)
Casto Properties		—
Total Capital (1)	$	(0.1	)
Debt	$	20.2
Total Debt & Equity	$	20.1

(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 nine months ended September 30, 2006

Joint Venture Investment Summary

Joint Venture Name:	DOTRS LLC
Date Formed:	September, 1996
Property Name/Location:	Macedonia Commons — Macedonia, Ohio
Major Tenants:	Kohl’s Department Store
	Tops Markets
	Wal-Mart (not owned)
Partnership Structure
Equity Contribution:	50% — DDR
	50% — The State Teachers Retirement Board of Ohio
Cash Flow Distribution:	50% — DDR
	50% — The State Teachers Retirement Board of Ohio
Fees to DDR
Management Fee:	5% of gross retail income
Development Fee:	5% of hard costs for all improvements
Leasing Fees:	5% on new leases, 3.5% on renewals
Commission on Outparcel Sales:	N/A

Capital Structure (in millions)

DDR	$	(0.15	)
The State Teachers Retirement Board		(0.15	)
Total Capital	$	(0.3	)
Debt	$	21.0
Total Debt & Equity	$	20.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	(0.3	)
The Sansone Group		(0.3	)
Total Capital (1)	$	(0.6	)
Payable to DDR	$	3.1
Debt	$	3.7
Total Debt & Equity	$	6.2

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	9.9
Markaz		39.5
Total Capital	$	49.4
Payable to DDR	$	0.8
Debt	$	110.0
Total Debt & Equity	$	160.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	9.9
Markaz		39.6
Total Capital	$	49.5
Receivable from DDR	$	(1.2	)
Payable to DDR	$	0.3
Debt	$	150.5
Total Debt & Equity	$	199.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 2006

	Joint Venture Investment Summary
Joint Venture Name:	Coventry II DDR Bloomfield LLC
Date Formed:	August 2006
Property Name/Location:	Bloomfield Park — Bloomfield Hills, MI
Major Tenants:	To be announced
Partnership Structure
Coventry II DDR Bloomfield LLC
Equity Contribution:	80% — Coventry II Fund
	20% — DDR
Cash Flow Distribution:	80% — Coventry II Fund
	20% — DDR
Coventry II DDR Harbor Bloomfield Phase I LLC
Equity Contribution:	50% — BP 1, LLC
	50% — Coventry II DDR Bloomfield LLC
Cash Flow Distribution:	50% — BP 1, LLC
	50% — Coventry II DDR Bloomfield LLC
Coventry II DDR Harbor Bloomfield Phase II LLC
Equity Contribution:	70% — BP 2, LLC
	30% — Coventry II DDR Bloomfield LLC
Cash Flow Distribution:	70% — BP 2, LLC
	30% — Coventry II DDR Bloomfield LLC
Fees to DDR
Management Fee:	4% of gross income
Development Fee:	4% of all hard and soft costs
Leasing Fees:	$3 per square foot (for initial leasing during development)
	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	$	1.1
DDR		0.3
Total Capital	$	1.4
Debt	$	68.0
Total Debt & Equity	$	69.4

*	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.
**	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 nine months ended September 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	$	24.3
DDR		6.1
Total Capital	$	30.4
Debt	$	61.0
Total Debt & Equity	$	91.4

*	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 nine months ended September 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 1 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	$	9.1
DDR		2.3
Total Capital	$	11.4
Debt	$	15.9
Total Debt & Equity	$	27.3

*	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 nine months ended September 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	$	1.6
DDR		0.4
Total Capital	$	2.0
Debt	$	18.5
Total Debt & Equity	$	20.5

*	Coventry II Fund:
	DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.
**	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 nine months ended September 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	$	5.8
DDR		1.4
Total Capital	$	7.2
Debt	$	8.5
Total Debt & Equity	$	15.7

*	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 nine months ended September 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 Wholesale
	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	$	19.2
DDR		4.8
Total Capital	$	24.0
Debt	$	47.5
Total Debt & Equity	$	71.5

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Joint Venture Investment Summary

Joint Venture Name:	Service Holdings LLC
Date Formed:	September 2006
Property Name/Location:	The Joint Venture consists of 51 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:	20.00% — DDR
	61.95% — Coventry Real Estate Fund II, LLC
	18.05% — Coventry Fund II Parallel Fund, LLC
Cash Flow Distribution:	20.00% — DDR
	61.95% — Coventry Real Estate Fund II, LLC
	18.05% — Coventry Fund II Parallel Fund, LLC
Fees to DDR
Management Fee:	4.0% of gross income
Development Fee:	5.0% of all hard costs
Leasing Fees:	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 — 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 — 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-10 (ground leases)
	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)
Commission on Outparcel Sales:	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)

DDR	$	9.8
Coventry Real Estate Fund II		30.2
Coventry Fund II Parallel Fund		8.8
Total Capital	$	48.8
Payable to DDR	$	—
Debt	$	139.0
Total Debt & Equity	$	187.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	9.5
DDR		2.4
Total Capital	$	11.9
Debt	$	26.0
Total Debt & Equity	$	37.9

* 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 nine months ended September 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	New York & Co.
	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	$	29.9
DDR		7.4
Total Capital	$	37.3
Debt	$	170.0
Total Debt & Equity	$	207.3

* 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 nine months ended September 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	$	17.8
DDR		4.5
Total Capital	$	22.3
Debt	$	36.0
Total Debt & Equity	$	58.3

* 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 nine months ended September 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	$	6.4
DDR		1.6
Total Capital	$	8.0
Debt	$	17.5
Total Debt & Equity	$	25.5

*	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 Supplement
For the nine months ended September 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

		Dick’s Sporting Goods
Major Tenants:	A.C. Moore	DSW Shoe Warehouse/Filene’s	PetSmart
	AMC Theatres/General Cinema	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” Us
	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:	14.78% — DDR	Cash Flow Distribution: Variable*
	0.64% — Macquarie Bank Limited (“MBL”)
	84.58% — 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 Partnership Summaries 4.2

Fees to DDR
Property Management Fee:	4.0% of gross revenues
Development Fee:	5.0% of total costs for all improvements
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 — 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 — 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (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 completion 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 property 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	$	97.3
MBL		4.2
MDT		556.7
Total Capital	$	658.2
Payable to DDR, net	$	2.2
Debt	$	1,040.3
Total Debt & Equity	$	1,700.7

^* 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 Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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 6 properties:
	The Shops at Turner Hill — Lithonia, GA	McKinney, TX — McKinney, TX
	Flatacres Marketcenter — Parker, CO	The Marketplace at Towne Center — Mesquite, TX
	Frisco Marketplace — Frisco, TX	Overland Pointe Marketplace — Overland Park, KS

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	$	1.9		**
MDT — preferred		12.6
MDT — senior		21.7
Total Capital	$	36.2
Receivable from DDR, net	$	(2.9	)	(primarily master lease receivable)
Debt	$	86.0
Total Debt & Equity	$	119.3

^* (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 nine months ended September 30, 2006

Consolidated Joint Ventures

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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	$	78.75
MDT		78.75
MBL		—
Total Capital	$	157.5
Payable to DDR	$	0.1
Debt	$	258.5
Total Debt & Equity	$	416.1

* 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 nine months ended September 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		2.1
Total Capital	$	6.5
Debt	$	16.9
Total Debt & Equity	$	23.4

*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 nine months ended September 30, 2006

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine Month Period Ended September 30, 2006

        .

	Nine Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2004			2003			2002
Acquisitions/Transfers	$	536.5	(1)	$	350.0	(5)	$	1,147.0	(7)	$	1,221.7	(9)	$	53.0
Completed Expansions		0.0			9.3			10.3			9.7			9.0
Developments & Construction in Progress		112.9	(2)		87.5			38.9			120.1			48.6
Tenant Improvements & Building Renovations (3)		6.3			6.8			0.6			0.6			1.6
Other Real Estate Investments		0.0			0.0			0.0			0.0			241.6	(11)
	$	655.7		$	453.6		$	1,196.8		$	1,352.1		$	353.8
Less: Real Estate Sales and Dispositions	$	(384.2	)(4)	$	(148.8	) (6)	$	(306.7	) (8)	$	(781.5	)(10)	$	(441.2	) (12)
Joint Venture Totals (Millions)	$	271.5		$	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)	Includes the acquisition of 34 acres of land in Allen, TX for the development of a 429,873 square foot shopping center and 88 acres of land in Bloomfield Hills, Michigan for the development of a 602,137 square foot shopping center. Both of these shopping centers are being developed with Coventry II.
(3)	The Company estimates recurring capital expenditures, including tenant improvements, of $8.5 million for its joint venture portfolio during 2006.
(4)	In addition to asset sales which had an aggregate cost of $64.1, the balance includes the transfer to DDR of the Service Merchandise portfolio, five assets located in Pasadena, CA, Phoenix, AZ (two properties), Salisbury, MD and Apex, NC. These assets had an aggregate cost of $320.1 million.
(5)	In addition to the Macquarie acquisition there was a basis adjustment to the DPG Realty Holdings and DDR Markaz II LLC acquisitions.
(6)	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.
(7)	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.
(8)	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.
(9)	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.
(10)	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.
(11)	Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement.
(12)	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 Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Joint Venture Acquisitions
for the Nine Month Period Ended September 30, 2006

							DDR’s			Joint
			Cost		Acquisition		Ownership			Venture
Property Location	GLA		(Millions)		Date		Percentage			Partner
Monaca, PA		46,470	$	10.2		3/23/2006		14.50	%	Macquarie Bank Limited
Birmingham, AL		21,774	$	4.4		3/23/2006		14.50	%	Macquarie Bank Limited
Frisco, TX		107,543	$	10.4		6/7/2006		14.50	%	Macquarie Bank Limited
McKinney, TX		118,967	$	18.8		6/7/2006		14.50	%	Macquarie Bank Limited
Parker, CO		221,520	$	19.2		6/7/2006		14.50	%	Macquarie Bank Limited
Mesquite, TX		178,925	$	33.7		6/7/2006		14.50	%	Macquarie Bank Limited
Overland Park, KS		83,047	$	12.3		6/7/2006		14.50	%	Macquarie Bank Limited
Lithonia, GA		157,175	$	23.0		6/7/2006		14.50	%	Macquarie Bank Limited
Benton Harbor, MI		222,739	$	27.0		5/18/2006		20.00	%	Coventry II
Cincinnati, OH		1,336,157	$	194.4		5/4/2006		18.00	%	Coventry II
McDonough, GA		22,658	$	3.1		7/5/2006		14.50	%	Macquarie Bank Limited
Coon Rapids, MN		33,637	$	6.4		7/5/2006		14.50	%	Macquarie Bank Limited
Service Merchandise portfolio		2,748,379	$	171.9		9/21/2006		20.00	%	Coventry II
Total		5,298,991	$	534.8

Joint Venture Dispositions
for the Nine Month Period Ended September 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		2/15/2006		25.00	%	Various
Shawnee, KS		174,843	$	11.7		5/15/2006		24.75	%	Prudential and Coventry Partners
Olathe, KS		48,802	$	3.1		5/15/2006		24.75	%	Prudential and Coventry Partners
Kansas City, MO		208,234	$	5.2		5/15/2006		24.75	%	Prudential and Coventry Partners
Kildeer, IL		167,477	$	47.3		8/10/2006		10.00	%	DRA Advisors
Everett, WA		88,961	$	8.2		9/29/2006		20.00	%	Prudential and Coventry Partners
Total		740,250	$	78.7

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Joint Venture Expansion and Redevelopment Projects
for the Nine Month Period Ended September 30, 2006

	DDR’s			Joint
	Ownership			Venture
	Percentage			Partner	Description
Projects in Progress
Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing mall tenants to accommodate a new JC Penney, the relocation of Harkins Theatre, for a new Super Target as well as several new 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 Wal-Mart 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, a 20,087 sf PETsMART 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), Steve and Barrys plus 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 Gross Cost (Millions)	$	466.8	(1)
Total Net Cost(Millions)	$	438.8	(1)
Projects to Commence
Buena Park, CA		20.00	%	Coventry II	Underconstruction of Steve and Barry’s and 24 Fitness and redevelopment of the lower level of the mall for several tenants to be announced.
Deer Park, IL		24.75	%	Prudential Real Estate Investors	Approximately eight acres of land to be developed, which is under contract with Grace Community.
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.

Notes:

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

Joint Venture Expansions and Redevelopment 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Joint Venture Development Projects
for the Nine Month Period Ended September 30, 2006

DDR’S

DDR’s

Joint

Gross

Net

Proportionate

Substantial

Total

Ownership

Venture

Cost

Cost

Cost

Completion

Projects Substantially Complete

GLA

Percentage

Partner

(Millions)

(Millions)

(Millions)

Date

Description

Major Tenants

San Antonio, TX (Westover)

560,220

(1)

10.0

%

David Berndt

$

45.4

$

34.8

$

3.5

2005 & 2006

Community Center

Lowe’s (opened in

Interests &

2003), Target, Ross

Coventry II

Dress for Less,

Sportsman

Warehouse, Office

Depot, PetsMart,

Rack Room Shoes,

Mattress Pro,

Quizno’s, Radio

Shack, and Sports

Clips (opened in

2005). The final

phase of the

development

includes Starbucks,

Sally Beauty, GNC,

Payless and Dots

(opened in 2006)

plus other retail

tenants to be

announced.

Projects in Progress

Merriam Village, KS

271,992

20.0

%

Coventry II

$

64.6

$

43.5

$

8.7

2007

Community Center

To be announced.

Allen, TX

429,873

10.0

%

Coventry II/

$

117.0

$

93.3

$

9.3

2008

Lifestyle Center

Market Street

Trademark Property

United, P.F.

Company

Changs, Eddie

Bauer, Francesca’s

Collection, Origins

and other retail

tenants and

restaurants to be

announced.

Projects to Commence Construction

Bloomfield Park, MI

602,137

10.0

%

Coventry II/ BP1,

$

269.5

$

165.8

$

16.6

2008 & 2009

Lifestyle Center

Blue Point Ocean

LLC

Grill, Bar Louie,

BCBG, BCBG Girls,

PacSun, Faro Design

and other retail

tenants and

restaurants to be

announced.

Joint Venture Development Totals

1,864,222

$

496.5

$

337.4

$

38.1

Notes:

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

Joint Venture Developments 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Joint Venture Development
Assets Placed in Service as of September 30, 2006

	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	$	1.4	$	0.2
4th Quarter 2006	$	8.6	$	0.9
Projected Thereafter	$	310.5	$	35.4
Total	$	337.4	$	38.1

Joint Venture Development
Funding Schedule as of September 30, 2006

	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of September 30, 2006	$	3.4	$	14.6	$	112.4	$	130.4
Projected Net Funding During 2006		1.2		4.9		8.9	$	15.0
Projected Net Funding Thereafter		11.0		43.6		137.4	$	192.0
Total	$	15.6	$	63.1	$	258.7	$	337.4

Joint Venture Development Delivery and Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Joint Venture Debt
as of September 30, 2006

		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
RVIP III B
Deer Park, IL	F	$	60,000			10/11		5.590
RVIP VI
Overland Park, KS	F		2,958			11/07		7.790
RVIP VII	V		72,120	(1)		04/07	Libor + 140
	F		1,900	(1)		07/07		8.375
RVIP VIII	V		23,356			01/09	Libor + 100
DPG Realty Holdings, LLC
Tonawanda, NY	F		5,858			05/17		7.630
Tonawanda, NY	F		5,093			06/21		7.660
DDRA Community Centers Five	V		18,000	(2)		07/07	Libor + 200
	F		280,000	(2)		08/10		5.295
Lennox Town Center Limited
Columbus, OH	F		17,685			07/22		8.110
Sun Center Limited	F		6,111			05/11		5.420
Columbus, OH	F		14,102			04/11		8.480
DOTRS LLC
Macedonia, OH	F		21,000			08/11		6.050
Jefferson County Plaza, LLC
Arnold, MO	V		3,749			08/08	Libor + 175
DDR Markaz	F		110,000	(3)		06/08		4.129
DDR Markaz II	F		150,480	(4)		11/14		5.147
Coventry II DDR Buena Park	V		61,000			03/10	Libor + 115
Coventry II DDR Bloomfield	V		36,000			11/06		6.205
	V		32,000			11/06		6.195
Coventry II DDR Fairplain	V		15,925			11/06		6.195
Coventry II DDR Merriam Village	V		18,539			06/08	Libor + 150
Coventry II DDR Montgomery Farm	V		8,450			11/06		6.195
Coventry II DDR Phoenix Spectrum	V		47,500			01/09	Libor + 70
Coventry II DDR SM	V		139,000			01/07	Libor + 100

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Summary of Joint Venture Debt
as of September 30, 2006 (continued)

		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
Coventry II DDR Totem Lakes	V	$	26,000			07/07	Libor + 215
Coventry II DDR Tri County	F		158,000			02/15		5.655
	F		12,000			02/15		10.304
Coventry II DDR Ward Parkway	V		36,000			08/08	Libor + 125
Coventry II DDR Westover Marketplace	V		17,474			07/07	Libor + 195
DDR MDT PS, LLC	F		86,000	(5)		07/13		6.004
DDR Macquarie (6)
$125 Million Revolving Credit Facility	V		87,325	(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		4,749			03/22		7.070
JoAnn Transit	F		3,020			08/13		6.250
New Hartford Consumer Square	F		34,825			11/18		5.750
Birmingham, AL (Riverchase)	F		7,789			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
		$	2,526,608

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

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Notes (con’t):
(3) Encumbers seven shopping center properties as follows:
	Oviedo, FL	Tampa, FL		Grove City, OH
	Richmond, CA	Highland, IN		Toledo, OH
	Winchester, VA
(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 nine months ended September 30, 2006

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

	DDR’s			DDR’s
	Pro Rata			Pro Rata		Interest
Joint Venture	Interest			Debt (000's)		Rate (1)
RVIP III B		25.50	%	$	15,300		5.590
RVIP VI		25.50	%		754		7.790
RVIP VII		20.75	%		15,359		6.765
RVIP VIII		25.50	%		5,956		6.322
DPG Realty Holdings, LLC		10.00	%		1,095		7.644
DDRA Comm Ctr Five		50.00	%		149,000		5.417
Lennox Town Center		50.00	%		8,842		8.110
Sun Center		79.45	%		16,060		7.555
DOTRS LLC		50.00	%		10,500		6.050
Jefferson County Plaza		50.00	%		1,874		7.072
DDR Markaz		20.00	%		22,000		4.129
DDR Markaz II		20.00	%		30,096		5.147
Coventry II DDR Buena Park		20.00	%		12,200		6.472
Coventry II DDR Bloomfield		20.00	%		13,600		6.200
Coventry II DDR Fairplain		20.00	%		3,185		6.195
Coventry II DDR Merriam Village		20.00	%		3,708		6.822
Coventry II DDR Montgomery Farm		20.00	%		1,690		6.195
Coventry II DDR Phoenix Spectrum		20.00	%		9,500		6.022
Coventry II DDR SM		20.00	%		27,800		6.322
Coventry II DDR Totem Lakes		20.00	%		5,200		7.472
Coventry II DDR Tri County		18.00	%		30,600		5.983
Coventry II DDR Ward Parkway		20.00	%		7,200		6.572
Coventry II DDR Westover Marketplace		10.00	%		1,747		7.272
DDR Macquarie (2) (3)		14.49	%		150,741		4.952
Total				$	544,007
Fixed Rate				$	393,993
Variable Rate				$	150,014
				$	544,007
Weighted Average — Total				3.60 years			5.5	%
Weighted Average — Fixed		1,747,971		4.68 years			5.1	%
Weighted Average — Floating		778,637		1.17 Years			6.5	%

Notes:

(1)	Interest rate on floating rate debt determined by using the LIBOR rate in effect on September 30, 2006. One-month LIBOR was 5.32188% on September 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 nine months ended September 30, 2006

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

	2006		2007		2008		2009		2010		2011		2012		2013		2014		2015
JOINT VENTURE	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
RVIP III B (Deer Park)												60,000												60,000
RVIP VI		54		2,949																				3,003
RVIP VII		106		73,993																				74,098
RVIP VIII								23,356																23,356
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
DDRA Community Centers Five				18,000						280,000														298,000
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												21,000												21,000
Jefferson County Plaza LLC						3,749																		3,749
DDR Markaz						110,000																		110,000
DDR Markaz II																		150,480						150,480
Coventry II DDR Buena Park										61,000														61,000
Coventry II DDR Bloomfield		68,000																						68,000
Coventry II DDR Fairplain		15,925																						15,925
Coventry II DDR Merriam Village						18,539																		18,539
Coventry II DDR Montgomery Farm		8,450																						8,450
Coventry II DDR Phoenix Spectrum								47,500																47,500
Coventry II DDR SM				139,000																				139,000
Coventry II DDR Totem Lakes				26,000																				26,000
Coventry II DDR Tri County																				170,000				170,000
Coventry II DDR Ward Parkway						36,000																		36,000
Coventry II DDR Westover
Marketplace				17,474																				17,474
DDR MDT PS, LLC																86,000								86,000
DDR Macquarie
$125M Revolver				96,425																				96,425
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
Payments through 9/30/06		-3,264																						-3,264
Total — Debt		123,495		428,106		513,613		241,267		569,520		103,332		90,393		98,260		155,869		175,757		26,996		2,526,608

Summary of Joint Venture Mortgage Principal Payments 5.5

493 Shopping Centers (and interests in Retail Assets) 12 Managed Shopping Centers 44, plus Puerto Rico States (including managed properties) 84.0 Million Sq. Ft. Owned 114.5 Million Sq. Ft. Owned and Managed 96.1% / 95.1% % Leased / % Occupied 649 Total Employees Company Features (1) Includes Service Merchandise portfolio. (2) Includes development projects in process. (3) Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments in process and scheduled to commence in 2006, total owned GLA is 59.4 million. (4) Includes unowned anchors at Company-owned operating and development retail properties. (5) Core retail portfolio. (6) Including the assets acquired from Mervyns, the total portfolio was 96.2% leased and 95.3% occupied. (1) (2) (2) (1) (3) (1) (2) (3) (4) (5) (6)

Our owned portfolio has grown over 8.6x since IPO (1) '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 Owned 9.8 13.2 19.3 20.6 24.7 28 36 39 40 45.3 54.1 74.8 81.6 84 Non-owned 3 3 3 4 7 9 6 12 12 11.6 22.1 21.4 22.8 23.1 Managed 4 5 5 5 4 5 5 9 5 0.7 1 1.4 1.4 1.3 (1) Includes Service Merchandise, but does not include developments in process. 9.8 13.2 19.3 20.6 24.7 27.6 36.3 38.6 39.6 45.3 54.1 23.1 1.3 GLA (Million Square Feet) 84.0 74.8 3Q'06 81.6

4.7 msf 4.1% GLA by State +5.0 - 15.5 MSF +1.0 - 5.0 MSF Less than 1.0 SF National portfolio creates efficiencies and strengthens tenant relationships Puerto Rico 4.9 msf 4.3% 114.5 MSF in 44 states plus Puerto Rico 15.4 msf 13.4% 9.8 msf 8.6% 6.1 msf 5.3% 7.4 msf 6.5% 5.4 msf 4.7% 6.0 msf 5.2% 3.9 msf 3.4% 3.9 msf 3.4% #1 #2 #3 #4 #6 #5 #7 #8 #9 #10

'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 3Q '06 $3.00 $6.00 $9.00 $12.00 $15.00 $18.00 Average annualized base rental rates PSF have more than doubled since IPO $17.39 $11.68 (1) (1) Does not include Service Merchandise or development projects in process. Total Portfolio Inline Retail

Average Annualized Base Rental Rates PSF Sep. 30, 2006 371 $11.68 $17.39 Dec. 31, 2005 380 $11.30 $16.62 Dec. 31, 2004 373 $11.13 $16.14 Dec. 31, 2003 274 $10.82 $15.55 Dec. 31, 2002 189 $10.58 $15.18 Dec. 31, 2001 192 $10.03 $14.02 Dec. 31, 2000 190 $9.66 $13.66 Dec. 31, 1999 186 $9.20 $12.69 Dec. 31, 1998 159 $8.99 $12.39 Dec. 31, 1997 123 $8.49 $11.69 Dec. 31, 1996 112 $7.85 $10.87 Dec. 31, 1995 106 $7.60 $10.54 Dec. 31, 1994 84 $5.89 $9.02 Dec. 31, 1993 69 $5.60 $8.56 Dec. 31, 1992 53 $5.37 $8.37 Dec. 31, 1991 53 $5.35 $8.29 Dec. 31, 1990 52 $5.27 $8.25 Dec. 31, 1989 45 $4.93 $7.87 Dec. 31, 1988 40 $4.81 $7.41 Dec. 31, 1987 37 $4.38 $7.09 Period Ending Number of Properties Total Shop Space Annualized Base Rent / S.F.

Lease Expirations by Year 2006 2007 2008 2009 2010 2011 Anchor 0.005 0.023 0.032 0.054 0.068 0.102 Small Shop 0.045 0.12 0.136 0.141 0.138 0.15 (1) Does not include development projects in process or renewal options. % Total Base Rents by Class (1)

Lease Expirations by Year (1) 2006 10 $2.1 $4.57 409 $16.9 $15.39 2007 39 $10.3 $6.25 943 $44.6 $15.14 2008 59 $14.6 $6.70 941 $50.5 $16.06 2009 81 $24.6 $7.70 925 $52.2 $16.33 2010 99 $30.9 $8.13 831 $51.1 $16.71 2011 130 $46.3 $9.62 751 $55.6 $18.77 2012 102 $37.0 $8.75 267 $22.8 $20.00 2013 73 $27.5 $8.93 189 $17.4 $18.51 2014 98 $38.2 $9.96 162 $14.4 $19.19 2015 80 $35.4 $9.55 159 $14.5 $19.51 771 $266.9 $8.62 5,577 $340.0 $17.02 1,071 $455.0 $9.00 5,848 $371.2 $17.11 Year Leases Revenue Average/S.F. Leases Revenue Average/S.F. 2006-2015 Subtotal (1) Does not include development projects in process or renewal options. Anchor Base Rent Shop Space Base Rent (Millions) (Millions) Total Rent Roll

Largest Tenants by GLA Owned & Unowned (1) Includes Service Merchandise portfolio, but does not include developments in process. 1. Wal-Mart / Sam's Club 95 14.24 44 5.92 51 8.32 2. Target 37 4.66 10 1.26 27 3.40 3. Lowe's Home Improvement 30 3.90 15 1.91 15 1.99 4. Home Depot 32 3.37 12 1.11 20 2.26 5. Mervyn's 40 3.05 39 2.97 1 0.08 6. Kmart / Sears 28 2.74 26 2.36 2 0.38 7. Kohl's 31 2.65 28 2.39 3 0.26 8. Tops Markets 40 2.52 39 2.44 1 0.08 9. T.J. Maxx / Marshalls 71 2.33 71 2.33 0 0.00 10. PetSmart 70 1.56 70 1.56 0 0.00 Total Units Total GLA (millions) Owned Units Owned GLA (millions) Unowned Units Unowned GLA (millions) (1)

Reliance on Major Tenants (Owned Shopping Center GLA Only) (1) (2) (3) Tenant Units Percent of Total Credit Ratings Total Base Rent (millions) (1) Includes Service Merchandise portfolio, but does not include development sin process. (2) Based on pro rata ownership of joint venture properties. (3) Reflects major tenants with a percentage of total portfolio of 1% and higher. Wal-Mart / Sam's Club 44 $29.55 5.00% AA/Aa2 Tops Markets 39 $17.00 2.88% BB+/Ba1 Mervyns 39 $16.97 2.87% NR/NR PetSmart 70 $11.68 1.98% BB/Ba3 T.J. Maxx / Marshalls 71 $11.56 1.96% A/A3 Bed Bath & Beyond 42 $9.90 1.68% BBB/NR Lowe's Home Improvement 15 $9.68 1.64% A+/A1 Kohl's 28 $8.94 1.51% BBB+/A3 Kmart / Sears 26 $7.39 1.25% BBB-/Ba1 Home Depot 12 $7.35 1.24% AA/Aa3 Old Navy / GAP / Banana Republic 45 $7.34 1.24% BBB-/Baa3 OfficeMax 45 $7.11 1.20% B+/Ba3 Michaels 43 $7.02 1.19% NR/NR Barnes & Noble 28 $6.55 1.11% NR/Ba3 Staples 28 $6.04 1.02% BBB/Baa2 Subtotal 576 $164.08 27.77% Total Portfolio 6,919 $590.88 100.00%

Reliance on Major Tenants by GLA and Base Rental Revenues (1) (2) 1. Wal-Mart / Sam's Club (44) $29.55 5.00% 2. Tops Markets (39) $17.00 2.88% 3. Mervyns (39) $16.97 2.87% 4. PetSmart (70) $11.68 1.98% 5. T.J. Maxx / Marshalls (71) $11.56 1.96% 6. Bed Bath & Beyond (42) $9.90 1.68% 7. Lowe's Home Improvement (15) $9.68 1.64% 8. Kohl's (28) $8.94 1.51% 9. Kmart / Sears (26) $7.39 1.25% 10. Home Depot (12) $7.35 1.24% 11. Old Navy / GAP / Banana Republic (45) $7.34 1.24% 12. OfficeMax (45) $7.11 1.20% 13. Michaels (43) $7.02 1.19% 14. Barnes & Noble (28) $6.55 1.11% 15 . Staples (28) $6.04 1.02% 16. AMC Theater (7) $5.77 0.98% 17. Dick's Sporting Goods (15) $5.52 0.93% 18. Dollar Tree (91) $5.50 0.93% 19. Ross Stores (30) $5.43 0.92% 20. Best Buy (20) $5.39 0.91% Subtotal 1-20 $191.69 32.44% Total Portfolio $590.88 100.00% 1. Wal-Mart / Sam's Club (44) 5.03 8.63% 2. Kmart / Sears (26) 2.01 3.45% 3. Lowe's Home Improvement (15) 1.57 2.69% 4. Tops Markets (39) 1.54 2.68% 5. Mervyns (39) 1.49 2.56% 6. T.J. Maxx / Marshalls (71) 1.33 2.28% 7. Kohl's (28) 1.25 2.14% 8. Target (10) 1.00 1.72% 9. Home Depot (12) 0.92 1.58% 10. PetSmart (70) 0.92 1.58% 11. Bed Bath & Beyond (42) 0.83 1.42% 12. JCPenney (20) 0.79 1.36% 13. Toys "R" Us / Babies "R" Us (28) 0.72 1.24% 14. OfficeMax (45) 0.68 1.17% 15. Kroger (17) 0.65 1.12% 16. Michaels (43) 0.62 1.06% 17. Dollar Tree (91) 0.60 1.03% 18. Goody's Family Clothing (22) 0.56 0.96% 19. Staples (28) 0.54 0.93% 20. Dick's Sporting Goods (15) 0.52 0.89% Subtotal 1-20 23.59 40.47% Total Portfolio 58.29 100.00% Major Tenant (units) Owned GLA % Total GLA Base Rental Revenue ($Millions) % Total Base Rent Major Tenant (units) (1) Includes Service Merchandise portfolio, but does not include developments in process. (2) Based on pro rata ownership of joint venture properties.

	Run Date: 10/09/2006
	Time: 5:13:20PM
	Page 1 of 22
	Quarter: 3Q06

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		4,199,197	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	%		300,280		454,110		1,450,654	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	%		120,108		228,416		1,796,173	MARSHALLS(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		269,844	FRED’S(2009), FOOD WORLD(NOT OWNED)
5 OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.00	%		306,224		306,224		1,543,667	LOWE’S(2012), GOODY'S(2010), STEVE & BARRY'S(2014)
6 SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY		35766	SC		1999		2003		100.00	%		40,560		223,750		455,004	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	%		647,883		686,414		10,133,346	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		85224	FO		1985		2005		50.00	%		74,862		74,862		673,200	MERVYN'S(2020)
	2992 N. ALMA SCHOOL ROAD
9 MESA, AZ (SUPERS)	SUPERSTITION SPRINGS CENTER 6505 E. SOUTHERN AVE		85206	FO		1990		2005		50.00	%		86,858		86,858		1,151,580	MERVYN’S(2020)
10 PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003		67.00	%		223,208		296,118		4,263,412	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		85053	FO		1979		2005		50.00	%		81,009		81,009		819,060	MERVYN'S(2020)
	4255 W. THUNDERBIRD ROAD
13 PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996		50.00	%		346,428		416,606		4,567,266	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		85044	FO		1994		2005		50.00	%		76,214		76,214		855,780	MERVYN'S(2020)
	4710 E. RAY ROAD
15 PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1641 WEST BETHANY HOME ROAD		85015	SC		1961		2004		20.00	%		395,129		849,760		5,333,149	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		85713	FO		1982		2005		50.00	%		76,126		76,126		513,060	MERVYN’S(2020)
	3660 S. 16TH AVE
Arkansas
17 FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD		72703	SC		1997/1999/2000/2001		1997		14.50	%		262,827		590,161		3,076,174	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		945,423	KOHL’S(NOT OWNED), TARGET(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: 10/09/2006
	Time: 5:13:20PM
	Page 2 of 22
	Quarter: 3Q06

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)
19 N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991/2004		1994			100.00	%		295,013		295,013		1,860,600	BED BATH & BEYOND(2013), T.J. MAXX(2007), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014), SPORTS AUTHORITY(2013)
20 RUSSELLVILLE, AR	VALLEY PARK CENTRE		72801	SC		1992		1994			100.00	%		152,083		152,083		1,120,999	STAGE(2010), J.C. PENNEY(2012)
	3093 EAST MAIN STREET
California
21 ANAHEIM, CA	ANAHEIM HILLS FESTIVAL CENTER		92808	FO		1992		2005			50.00	%		77,883		77,883		1,301,520	MERVYN’S(2020)
	8100 E. SANTA ANA CANYON ROAD
22 ANTIOCH, CA	COUNTY EAST SHOPPING CENTER		94509	FO		1970		2005			50.00	%		75,339		75,339		1,181,160	MERVYN’S(2020)
	2602 SOMERSVILLE ROAD
23 BUENA PARK, CA	BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK		90620	SC		1965		2004			20.00	%		723,988		1,131,651		9,010,404	CIRCUIT CITY(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2011), STEVE & BARRY’S(2014), KOHL’S(2024), KRIKORIAN PREMIER THEATRES(2023), MICHAEL’S(2014), SEARS(NOT OWNED), WALMART(NOT OWNED)
24 BURBANK, CA	BURBANK TOWN CENTER		91502	GL		1991		2005			50.00	%		89,182		89,182		1,593,000	MERVYN’S(2020)
	245 E. MAGNOLIA BLVD
25 CHINO, CA	CHINO TOWN SQUARE SHOPPING		91710	FO		1986		2005			50.00	%		81,282		81,282		870,060	MERVYN’S(2020)
	5517 PHILADELPHIA STREET
26 CLOVIS, CA	SIERRA VISTA MALL		93612	GL		1988		2005			50.00	%		75,088		75,088		714,000	MERVYN’S(2020)
	1000 SHAW AVE
27 EL CAJON, CA	WESTFIELD SHOPPING TOWN		92020	GL		1989		2005			50.00	%		85,744		85,744		1,253,580	MERVYN’S(2020)
	565 FLETCHER PARKWAY
28 FAIRFIELD, CA	WESTFIELD SOLANO MALL		94533	FO		1981		2005			50.00	%		89,223		89,223		1,625,880	MERVYN’S(2020)
	1451 GATEWAY BLVD
29 FOLSOM, CA	FOLSOM SQUARE		95630	FO		2003		2005			50.00	%		79,080		79,080		1,154,640	MERVYN’S(2020)
	1010 E. BIDWELL STREET
30 FOOTHILL RANCH, CA	FOOTHILLS RANCH TOWN CENTRE		92610	FO		1993		2005			50.00	%		77,934		77,934		1,050,600	MERVYN’S(2020)
	26732 PORTOLA PKWY
31 GARDEN GROVE, CA	GARDEN GROVE CENTER		92843	FO		1982		2005			50.00	%		83,746		83,746		752,760	MERVYN’S(2020)
	13092 HARBOR BLVD
32 LANCASTER, CA	VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001			20.00	%		353,483		483,787		3,771,933	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		93436	FO		1992		2005			50.00	%		62,523		62,523		350,880	MERVYN’S(2020)
	1600 N H STREET
34 LONG BEACH, CA (PIKE)	THE PIKE 95 SOUTH PINE AVE		90802	SC		2005		1	*		100.00	%		212,040		238,351		3,057,400	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		200,940	MERVYN’S(2020)
36 NORTH FULLERTON, CA	NORTH FULLERTON 200 IMPERIAL HWY		92835	FO		1991		2005			50.00	%		76,360		76,360		772,140	MERVYN’S(2020)
37 NORTHRIDGE, CA	NORTHRIDGE PLAZA		91324	LH		1980		2005			50.00	%		75,326		75,326		542,640	MERVYN’S(2020)
	8800 CORBIN AVE
38 OCEANSIDE, CA	OCEAN PLACE CINEMAS		92054	SC		2000		1	*		100.00	%		80,450		80,450		1,264,960	REGAL CINEMAS(2014)
	401-409 MISSION AVENUE

		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: 10/09/2006
	Time: 5:13:20PM
	Page 3 of 22
	Quarter: 3Q06

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)
39 PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W. RANCHO VISTA BLVD		93551	FO		1992		2005			50.00	%		76,550		76,550		829,260	MERVYN’S(2020)
40 PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003			100.00	%		556,961		556,961		11,346,236	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		94523	SC		1999/2000		2001			20.00	%		345,930		345,930		6,634,714	ALBERTSON’S(2020), MICHAEL’S(2010), BORDERS(2015), CENTURY THEATRE(2016), BED
	2255 CONTRA COSTA BLVD #101																		BATH & BEYOND(2010), ROSS DRESS FOR LESS(2010)
42 PORTERVILLE, CA	PORTERVILLE MARKET PLACE		93257	FO		1991		2005			50.00	%		76,378		76,378		515,100	MERVYN’S(2020)
	1275 W. HENDERSON AVE
43 REDDING, CA	SHASTA CENTER		96002	FO		1984		2005			50.00	%		61,363		61,363		620,160	MERVYN’S(2020)
	1755 HILLTOP DRIVE
44 RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002			20.00	%		245,774		245,774		3,736,677	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		92154	FO		1982		2005			50.00	%		75,207		75,207		1,013,880	MERVYN’S(2020)
	575 SATURN BLVD
46 SAN DIEGO, CA (COLLEGE)	COLLEGE GROVE SHOPPING CENTER		92115	FO		1991		2005			50.00	%		73,872		73,872		846,576	MERVYN’S(2021)
	3450 COLLEGE AVE
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		93458	FO		1988		2005			50.00	%		84,886		84,886		762,960	MERVYN’S(2020)
	201 TOWN CENTER W
49 SANTA ROSA, CA	SANTA ROSA PLAZA		95401	FO		1981		2005			50.00	%		90,348		90,348		1,526,940	MERVYN’S(2020)
	600 SANTA ROSA PLAZA
50 SLATTEN RANCH, CA	SLATTEN RANCH SHOPPING CENTER		94531	FO		2002		2005			50.00	%		78,819		78,819		1,328,040	MERVYN’S(2020)
	5849 LONE TREE WAY
51 SONORA, CA	SONORA CROSSROAD SHOPPING		95370	FO		1993		2005			50.00	%		62,214		62,214		733,380	MERVYN’S(2020)
	1151 SANGUINETTI ROAD
52 TULARE, CA	ARBOR FAIRE SHOPPING CENTER		93274	FO		1991		2005			50.00	%		62,947		62,947		566,100	MERVYN’S(2020)
	1675 HILLMAN STREET
53 UKIAH, CA	UKIAH		95482	FO		1990		2005			50.00	%		58,841		58,841		330,480	MERVYN’S(2020)
	437 N. ORCHARD AVE
54 VALENCIA, CA	24235 MAGIC MOUNTAIN PKWY		91355	SC		1986		2006			100.00	%		75,590		75,590		951,000	MERVYN’S(2035)
55 WEST COVINA, CA	WEST COVINA SHOPPING CENTER		91791	GL		1979		2005			50.00	%		79,800		79,800		1,545,300	MERVYN’S(2020)
	2753 E. EASTLAND CTR DRIVE
Colorado
56 ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2	*		100.00	%		19,875		161,924		76,213	CITY MARKET, INC.(NOT OWNED), BIG "R"(NOT OWNED)
57 AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003			14.50	%		127,215		479,541		2,436,577	BED BATH & BEYOND(2012), OFFICE DEPOT(2017), HOME DEPOT(NOT OWNED), WALMART(NOT OWNED)
58 BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003			100.00	%		245,217		421,482		5,017,046	NORDSTROM RACK(2011), LINENS ’N THINGS(2017), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(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: 10/09/2006
	Time: 5:13:20PM
	Page 4 of 22
	Quarter: 3Q06

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)
59 DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001			100.00	%		174,780		196,580		1,874,902	REGENCY THEATRES TAMARAC SQ.(2008)
60 DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997			100.00	%		408,337		529,488		6,782,791	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)
61 DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003			100.00	%		244,383		244,383		4,041,753	LINENS ’N THINGS(2013), PIER 1 IMPORTS(2014), OFFICE MAX(2012), KING SOOPERS(2017)
62 FORT COLLINS. CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		2004		2003			100.00	%		18,988		316,420		423,178	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
63 LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		1	*		100.00	%		231,450		255,184		6,636,650	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)
64 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)
65 PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003			14.50	%		89,631		410,868		1,687,552	OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
Connecticut
66 PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		1	*		14.50	%		463,394		566,537		6,066,433	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
67 BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2	*		100.00	%		209,714		209,714		1,365,252	PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2010)
68 BOYNTON BEACH, FL	MEADOWS SQUARE		33461	SC		1986		2004			100.00	%		106,224		106,224		1,422,393	PUBLIX SUPER MARKETS(2011)
	HYPOLUXO RD & N. CONGRESS AVE
69 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)
70 BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003			14.50	%		148,267		196,801		1,880,787	COMPUSA(2017), JO-ANN STORES(2017), PUBLIX SUPER MARKETS(2019), BABIES R US(NOT OWNED)
71 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)
72 CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986/2001		1/2	*		100.00	%		160,135		160,135		768,030	BEALL’S(2012), BEALL’S OUTLET(2011)
73 DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001			100.00	%		76,087		76,087		855,858	MARSHALLS(2010)
74 ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD		34224	SC		1991		2004			100.00	%		46,835		46,835		471,466	KASH N KARRY(2011)
75 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)
76 JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995			100.00	%		219,735		295,752		1,407,068	J.C. PENNEY(2007), WINN DIXIE STORES(2009)
77 JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004			100.00	%		182,098		182,098		856,952	FOOD LION(2010)

		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: 10/09/2006
	Time: 5:13:20PM
	Page 5 of 22
	Quarter: 3Q06

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)
78 LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004			100.00	%		102,572		102,572		802,919	WINN DIXIE STORES(2017)
79 MARIANNA, FL	THE CROSSROADS		32446	SC		1990		1/2	*		100.00	%		63,894		63,894		350,035	BEALL’S(2008)
	2814-2822 HIGHWAY 71
80 NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995			14.50	%		267,808		283,208		3,177,120	WAL-MART(2014), T.J. MAXX(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS(2010), CIRCUIT CITY(2015), OFFICE MAX(2010)
81 OCALA, FL (WEST)	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003			100.00	%		99,716		99,716		753,519	SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)
82 ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BLVD		32065	SC		1993/2000		2004			100.00	%		72,531		135,473		691,488	BEALL’S(2009), ALBERTSON’S(NOT OWNED)
83 ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994			100.00	%		234,042		234,042		1,944,493	BEALL’S(2018), ROSS DRESS FOR LESS(2016), PUBLIX SUPER MARKETS(2013)
84 OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		1	*		20.00	%		186,212		321,249		2,015,892	OFFICE MAX(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S(2009), T.J. MAXX(2010), LINENS ’N THINGS(2011), LOWE’S(NOT OWNED)
85 PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995			100.00	%		52,395		229,188		957,792	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)
86 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)
87 SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2	*		100.00	%		188,924		393,000		1,612,537	BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)
88 TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003			100.00	%		58,386		231,035		423,376	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)
89 TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2	*		20.00	%		104,460		222,388		1,337,348	PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)
90 TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004			100.00	%		216,284		216,284		1,763,558	NORTHERN TOOL(2015), BABIES R US(2008), PEARL ARTIST & CRAFT SUPPLY(2007)
91 TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2	*		100.00	%		134,366		249,747		920,507	ANNA’S LINENS(2011), KASH N KARRY(2010), WALMART(NOT OWNED)
92 TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2	*		100.00	%		198,797		199,447		1,402,282	K MART(2009), BIG LOTS(2012), STAPLES(2013)
93 WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2	*		100.00	%		135,421		215,661		583,531	BEALL’S OUTLET(2013), WALMART(NOT OWNED)
Georgia
94 ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003			100.00	%		24,000		218,879		284,712	WAL MART(NOT OWNED)
95 ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994			100.00	%		99,025		219,025		1,061,068	OFFICE DEPOT(2007), WAL-MART(NOT OWNED)
96 ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995			14.50	%		343,155		352,755		4,718,172	STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015)
97 CANTON, GA (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003			100.00	%		127,853		127,853		943,659	STAPLES(2014), INGLES(2019)

		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: 10/09/2006
	Time: 5:13:20PM
	Page 6 of 22
	Quarter: 3Q06

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)
98 CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003		100.00	%		175,969		175,969		883,397
99 COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003		100.00	%		119,786		242,786		1,339,258	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		3,744,970	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		1,450,285	BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)
102 LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.00	%		75,622		78,422		465,521	FARMERS HOME FURNITURE(2009), FOOD LION(2019)
103 LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		10.00	%		89,064		89,064		504,188
104 LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003		10.00	%		73,910		73,910		699,140	KROGER(2012)
105 LITHONIA, GA	THE SHOPS AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003		14.50	%		113,675		293,670		1,658,019	BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED)
106 LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		20.00	%		91,196		91,196		957,767	KROGER(2016)
107 MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.00	%		64,545		64,545		367,187	INGLES(2010)
108 MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995		14.50	%		301,297		311,194		3,804,790	STEIN MART(2007), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)
109 MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003		14.50	%		53,158		360,729		840,363	OFFICE DEPOT(2016), LOWES(NOT OWNED), WALMART(NOT OWNED)
110 NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.00	%		156,497		426,723		1,227,115	LOWE’S(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)
111 STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.00	%		162,778		162,778		634,587	NORTHERN TOOL(2015), FARMERS HOME FURNITURE(2011), GOODWILL(2011)
112 STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.00	%		0		10,800		244,145
113 STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003		100.00	%		2,000		2,000		46,200
114 SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003		100.00	%		285,336		285,336		3,895,998	BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)
115 TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003		100.00	%		130,832		279,020		1,278,955	GOODY’S(2014), KROGER(2019), WALMART(NOT OWNED)
116 UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.00	%		100,002		181,954		429,936	WAL MART(NOT OWNED)
117 WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.00	%		107,941		459,700		1,248,755	T.J. MAXX(2010), STAPLES(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
118 WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.00	%		44,691		44,691		348,858

		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: 10/09/2006
	Time: 5:13:20PM
	Page 7 of 22
	Quarter: 3Q06

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
119 IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976/1992/1997		1998			100.00	%		148,593		306,201		732,713	OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)
120 MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004		1	*		100.00	%		461,023		731,482		6,179,924	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
121 DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003			100.00	%		22,775		194,775		256,998	WAL MART(NOT OWNED)
122 DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000/2004		1	*		24.75	%		286,889		391,084		7,833,241	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)
123 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)
124 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)
125 ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004			100.00	%		149,498		149,498		1,447,015	HOME DEPOT(2012)
126 SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995			14.50	%		508,815		674,504		8,690,198	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
127 BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993/1997		2	*		100.00	%		223,431		223,431		1,120,853	K MART(2008), GOODY’S(2008), J.C. PENNEY(2008)
128 HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996			20.00	%		312,546		524,410		3,549,791	MARSHALLS(2011), KOHL’S(2016), CIRCUIT CITY(2016), OFFICE MAX(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)
129 LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 - 4315 COMMERCE DRIVE		47905	SC		2000		2003			100.00	%		35,100		243,850		377,650	WAL MART(NOT OWNED)
Iowa
130 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)
131 OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM		1990/1999/2002		1/2	*		100.00	%		241,427		344,677		1,537,166	HERBERGER’S(2020), J.C. PENNEY(2010), OFFICE MAX(2015), GOODY’S(2014), TARGET(NOT OWNED)
Kansas
132 LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC		1996/2002		1998			100.00	%		308,628		490,999		7,710,924	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)

		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: 10/09/2006
	Time: 5:13:20PM
	Page 8 of 22
	Quarter: 3Q06

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)
133 MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC		1998/2004		1	*		14.50	%		351,234		473,740		4,188,716	OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2008), DICK’S SPORTING GOODS(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)
134 OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER		66212	SC		1987/2002		1998			24.75	%		60,765		60,981		760,879
	8800-8934 W 95th STREET
135 OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE		66213	SC		2001/2004		2003			14.50	%		42,632		361,759		903,967	HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), BABIES R US(NOT OWNED)
	INTER 135TH & ANTIOCH RD
136 WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC		1955		2002			100.00	%		203,997		253,997		2,041,319	OFFICE MAX(2007), T.J. MAXX(2011), BARNES & NOBLE(2012), KCBB, INC
																			BURLINGTON(NOT OWNED)
Kentucky
137 FLORENCE, KY (TURFWAY)	TURFWAY PLAZA		41042	SC		1975/1998		2004			100.00	%		133,985		133,985		961,211	OFFICE DEPOT(2011), PARTY TOWN(2016), BIG LOTS(2008)
	6825 TURFWAY ROAD
138 FRANKFORT, KY (EASTWOOD)	EASTWOOD SHOPPING CENTER		40601	SC		1963/1994		2004			100.00	%		155,104		155,104		845,965	SEARS(2011)
	260 VERSAILLES ROAD
139 LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE		40511	SC		1998		2003			100.00	%		48,920		228,878		598,403	STAPLES(2016), WAL MART(NOT OWNED)
	524 WEST NEW CIRCLE
140 LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE		40503	SC		1998		2003			100.00	%		27,643		344,280		595,780	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
	MAN-O-WAR BOULEVARD AND NICHOL
141 LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA		40228	SC		1973/1989/1998		2004			100.00	%		120,777		120,777		644,549	VALU DISCOUNT(2009)
	7505 OUTER LOOP HIGHWAY
142 RICHMOND, KY	CARRIAGE GATE		40475	SC		1992		2003			100.00	%		158,041		229,313		264,300	FOOD LION(2017), BALLARD’S(NOT OWNED)
	833-847 EASTERN BY-PASS
Maine
143 BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997			100.00	%		301,992		310,229		2,589,416	HOYTS CINEMAS(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX(2010), SEARS(2012)
Maryland
144 SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999		1	*		100.00	%		126,135		350,012		1,681,422	BEST BUY(2013), MICHAEL’S(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
Massachusetts
145 EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		1	*		100.00	%		222,287		639,807		4,465,747	BED BATH & BEYOND(2011), OLD NAVY(2011), OFFICE MAX(2020), BABIES R US(2013), MICHAEL’S(2012), COSTCO(NOT OWNED)
146 FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995			14.50	%		769,276		778,701		14,428,379	TOYS R US(2020), MACY’S FURNTURE 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
147 BAD AXE, MI	HURON CREST PLAZA		48413	SC		1991		1993			100.00	%		63,415		134,574		411,308	FARMER JACK(2012), WAL-MART(NOT OWNED)
	850 NORTH VAN DYKE ROAD
148 BENTON HARBOR, MI	FAIRPLAIN PLAZA		49022	SC		1998		2006			20.00	%		222,739		324,739		1,561,268	OFFICE DEPOT(2008), T.J. MAXX(2009), TARGET(NOT OWNED)
	1000 NAPIER AVE
149 CHEBOYGAN, MI	KMART SHOPPING PLAZA		49721	SC		1988		1994			100.00	%		53,588		129,339		200,463	K MART(2010), KMART(NOT OWNED)
	1109 EAST STATE

		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: 10/09/2006
	Time: 5:13:20PM
	Page 9 of 22
	Quarter: 3Q06

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 DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998			100.00	%		343,619		450,349		2,424,912	NATIONAL WHOLESALE LIQUIDATORS(2016), PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS(2008), KIDS R US(2013), FORMAN MILLS(2012), TARGET(NOT OWNED)
151 GAYLORD, MI	PINE RIDGE SQUARE		49735	SC		1991/2004		1993			100.00	%		150,203		150,203		682,194	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BUY LOW(2011)
	1401 WEST MAIN STREET
152 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)
153 HOUGHTON, MI	COPPER COUNTRY MALL		49931	MM		1981/1999		1/2	*		100.00	%		257,863		257,863		992,004	STEVE & BARRY’S(2013), J.C. PENNEY(2010), OFFICE MAX(2014)
	HIGHWAY M26
154 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)
155 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)
156 MT. PLEASANT, MI	INDIAN HILLS PLAZA		48858	SC		1990		2	*		100.00	%		249,680		249,680		1,665,584	WAL-MART(2009), T.J. MAXX(2014), KROGER(2011)
	4208 E BLUE GRASS ROAD
157 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)
158 WALKER, MI (ALPINE AVE)	GREEN RIDGE SQUARE II		49504	SC		1991/1995		2004			100.00	%		91,749		91,749		930,669	CIRCUIT CITY(2010), BED BATH & BEYOND(2015)
	3410 ALPINE AVENUE
159 WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE		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)
	3390-B ALPINE AVE NW
Minnesota
160 BEMIDJI, MN	PAUL BUNYAN MALL		56601	MM		1977/1998		2	*		100.00	%		297,803		297,803		1,514,085	K MART(2007), HERBERGER’S(2010), J.C. PENNEY(2008)
	1201 PAUL BUNYAN DRIVE
161 BRAINERD, MN	WESTGATE MALL		56401	MM		1985/1998		1/2	*		100.00	%		260,319		260,319		1,916,176	STEVE & BARRY’S(2013), HERBERGER’S(2013), MOVIES 10(2011)
	1200 HIGHWAY 210 WEST
162 COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE		55433	SC		2003		1	*		14.50	%		551,898		940,402		8,930,733	KOHL’S(2020), JO-ANN STORES(2010), LINENS ’N THINGS(2016), BORDERS(2023), OLD NAVY(2007), SPORTSMAN’S WAREHOUSE(2017), BEST BUY(2013), DSW SHOE WAREHOUSE(2016), SEARS(NOT OWNED), COSTCO(NOT OWNED), J.C. PENNEY(NOT OWNED)
163 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)
164 HUTCHINSON, MN	HUTCHINSON MALL		55350	MM		1981		1/2	*		100.00	%		121,001		209,843		449,534	J.C. PENNEY(2011), HENNEN’S FURNITURE(NOT OWNED)
	1060 SR 15
165 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)
166 ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997			14.50	%		324,354		473,596		2,684,640	WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), MERVYN’S(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)
167 WORTHINGTON, MN	NORTHLAND MALL		56187	MM		1977		1/2	*		100.00	%		185,658		185,658		533,516	J.C. PENNEY(2007), HY VEE FOOD STORES(2011)
	1635 OXFORD STREET
Mississippi
168 GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARKWAY		39503	SC		1999		2003			100.00	%		457,027		532,158		5,285,910	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)

		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: 10/09/2006
	Time: 5:13:20PM
	Page 10 of 22
	Quarter: 3Q06

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)
169 JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003			100.00	%		107,780		326,319		1,170,520	PETSMART(2012), OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
170 JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003			100.00	%		52,617		182,300		293,052	OFFICE DEPOT(2012), HOME DEPOT(NOT OWNED)
171 OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003			20.00	%		13,200		71,866		330,488	KROGER(NOT OWNED)
172 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)
173 STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994			100.00	%		133,691		268,254		907,246	J.C. PENNEY(2010), KROGER(2042), LOWE’S(NOT OWNED)
174 TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994			100.00	%		348,236		348,236		1,925,550	SAM’S CLUB(2012), GOODY’S(2007), WAL-MART(2012)
Missouri
175 ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		1	*		50.00	%		42,091		290,147		442,720	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
176 FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2	*		100.00	%		93,420		100,420		951,092
177 INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995			14.50	%		386,070		403,170		4,949,735	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)
178 KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003			20.00	%		288,254		611,759		4,985,738	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)
179 SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998			100.00	%		56,033		56,033		491,757	TOYS R US(2013)
180 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)
181 ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998			100.00	%		415,435		450,938		5,459,298	TOYS R US(2013), COMPUSA(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)
182 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)
183 ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998			100.00	%		67,628		67,628		1,062,666	OFFICE MAX(2014)
184 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)
185 ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998			100.00	%		110,992		114,992		634,512	K MART(2008)
186 ST.LOUIS,MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998			100.00	%		92,372		92,372		1,220,385	T.J. MAXX(2008)
Nevada
187 CARSON CITY, NV	EAGLE STATION 3871 S. CARSON STREET		89701	FO		1983		2005			50.00	%		60,494		60,494		543,660	MERVYN’S(2020)
188 LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		1	*		100.00	%		24,032		27,300		431,256

		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: 10/09/2006
	Time: 5:13:20PM
	Page 11 of 22
	Quarter: 3Q06

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)
189 LAS VEGAS, NV(LOMA)	LOMA VISTA SHOPPING CENTER		89107	FO		1979		2005			50.00	%		75,687		75,687		765,000	MERVYN’S(2020)
	4700 MEADOW LANE
190 LAS VEGAS, NV(NELLIS)	NELLIS CROSSING SHOPPING		89104	FO		1986		2005			50.00	%		76,016		76,016		683,400	MERVYN’S(2020)
	1300 S. NELLIS BLVD
191 RENO, NV (SIERRA)	SIERRA TOWN CENTER		89511	FO		2002		2005			50.00	%		79,239		79,239		623,220	MERVYN’S(2020)
	6895 SIERRA CTR PKWY
192 RENO, NV.	RENO RIVERSIDE		89505	SC		2000		2000			100.00	%		52,474		52,474		693,728	CENTURY THEATRE(2014)
	EAST FIRST STREET AND SIERRA
193 SW LAS VEGAS, NV	GRAND CANYON PARKWAY S. C.		89147	FO		2003		2005			50.00	%		79,294		79,294		890,460	MERVYN’S(2020)
	4265 S. GRAND CANYON DRIVE
New Jersey
194 FREEHOLD, NJ	FREEHOLD MARKETPLACE		07728	SC		2005		1	*		100.00	%		0		302,920		1,199,913	WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)
	NJ HWY 33 & W. MAIN ST(RT 537)
195 HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003			100.00	%		446,940		937,430		7,779,277	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)
196 MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE		08330	SC		2001		2004			100.00	%		398,870		398,870		6,166,242	REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015), CIRCUIT CITY(2020)
197 MAYS LANDING, NJ (WRANGLEBORO	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD		08330	SC		1997		2004			100.00	%		839,019		839,019		9,096,512	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)
198 MT. LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE.		08054	SC		2005		1	*		100.00	%		284,177		713,973		6,626,094	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)
199 PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		02071	SC		1995		1997			100.00	%		281,080		789,889		5,208,309	BORDERS(2011), BEST BUY(2012), LINENS ’N THINGS(2011), PETSMART(2011), BABIES R US(2016), TARGET(NOT OWNED)
200 PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION		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)
	ROUTE 1 AND QUAKER BRIDGE ROAD
201 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
202 LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2	*		100.00	%		93,021		93,021		661,041	SMITH’S FOOD & DRUG(2007), FURR’S PHARMACY(2008), BEALLS(2009)
New York
203 ALDEN, NY (TOPS)	TOPS PLAZA — ALDEN		14004	SC		1999		2004			100.00	%		67,992		67,992		711,350	TOPS MARKETS(2019)
	12775 BROADWAY
204 AMHERST, NY	TOPS PLAZA — AMHERST		14828	SC		1986		2004			20.00	%		145,192		145,192		1,141,412	TOPS MARKETS(2010)
	3035 NIAGARA FALLS BLVD.
205 AMHERST, NY (BOULEVARD CONSUME	BOULEVARD CONSUMER SQUARE 1641-1703 NIAGARA FALLS BLVD		14228	SC		1998/2001/2003		2004			100.00	%		573,952		709,114		6,466,003	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)
206 AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD		14228	SC		1978/1982/1990/1998		2004			100.00	%		199,504		199,504		2,104,588	BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)
207 AMHERST, NY (DICKS)	DICKS SPORTING GOODS — AMHERST		14226	SC		1993/2003		2004			100.00	%		55,745		55,745		762,592	DICK’S SPORTING GOODS(2015)
	281 MEYER ROAD

		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: 10/09/2006
	Time: 5:13:20PM
	Page 12 of 22
	Quarter: 3Q06

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)
208 AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN HARLEM PLAZA		14226	SC		1960/1973/1982/1988/		2004		100.00	%		58,413		58,413		610,390
	4990 HARLEM ROAD					2003
209 AMHERST, NY (TOPS-TRANSIT COMM	TOPS PLAZA — TRANSIT/N. FRENCH		14226	SC		1995/1998		2004		100.00	%		114,177		114,177		1,132,939	TOPS MARKETS(2016)
	9660 TRANSIT ROAD
210 AMHERST, NY (UNIVERSITY PLAZA)	UNIVERSITY PLAZA		14226	SC		1965/1995/2002		2004		100.00	%		162,879		162,879		1,396,120	A.J. WRIGHT(2012), TOPS MARKETS(2009)
	3500 MAIN STREET
211 ARCADE, NY	TOPS PLAZA — ARCADE		14009	SC		1995		2004		10.00	%		65,915		65,915		661,409	TOPS MARKETS(2015)
	ROUTE 39
212 AVON, NY	TOPS PLAZA — AVON		14414	SC		1997/2002		2004		10.00	%		63,288		63,288		454,162	TOPS MARKETS(2017)
	270 E. MAIN STREET
213 BATAVIA, NY (BJS)	BJs PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004		14.50	%		95,846		95,846		816,222	BJ’S WHOLESALE CLUB(2016)
214 BATAVIA, NY (COMMONS)	BATAVIA COMMONS		14020	SC		1990		2004		14.50	%		49,431		49,431		524,327
	419 WEST MAIN STREET
215 BATAVIA, NY (MARTIN’S PLAZA)	MARTIN’S PLAZA		14020	SC		1994		2004		14.50	%		37,140		115,161		442,448	MARTIN'S(NOT OWNED)
	8351 LEWISTON ROAD
216 BIG FLATS, NY (CONSUMER SQUARE	BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64		14814	SC		1993/2001		2004		100.00	%		641,264		641,264		6,132,912	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)
217 BUFFALO, NY (DELAWARE CONSUMER	DELAWARE CONSUMER SQUARE		14216	SC		1995		2004		100.00	%		238,531		238,531		2,138,328	A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)
	2636-2658 DELAWARE AVENUE
218 BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER		14207	SC		1997		2004		100.00	%		133,940		133,940		1,524,235	REGAL CINEMAS(2017), OFFICE DEPOT(2012)
	1951 - 2023 ELMWOOD AVENUE
219 BUFFALO, NY (MARSHALLS)	MARSHALLS PLAZA		14216	SC		1960/1975/1983/1995		2004		100.00	%		82,196		82,196		787,882	MARSHALLS(2009)
	2150 DELAWARE AVENUE
220 CANANDAIGUA, NY	TOPS PLAZA		14424	SC		2002		2004		100.00	%		57,498		57,498		769,500	TOPS MARKETS(2023)
	5150 North Street
221 CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS		14225	SC		1994		2004		14.50	%		26,500		26,500		609,500	BORDERS(2015)
	2015 WALDEN AVENUE
222 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)
223 CHEEKTOWAGA, NY (TOPS UNION)	TOPS PLAZA — UNION ROAD		14225	SC		1978/1989/1995/2004		2004		20.00	%		151,357		151,357		1,753,461	TOPS MARKETS(2013)
	3825 - 3875 UNION ROAD
224 CHEEKTOWAGA, NY (UNION CONSUME	UNION CONSUMER SQUARE 3733 - 3735 UNION ROAD		14225	SC		1989/1998/2004		2004		14.50	%		386,548		386,548		4,390,405	MARSHALLS(2009), OFFICE MAX(2010), SAM’S CLUB(2024), CIRCUIT CITY(2016), JO-ANN STORES(2015)
225 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)
226 CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE		14225	SC		1994/1999		2004		14.50	%		68,002		68,002		267,125
	2130-2190 WALDEN AVENUE
227 CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700 - 1750 WALDEN AVENUE		14225	SC		1997/1999/2004		2004		14.50	%		255,964		255,964		2,330,224	OFFICE DEPOT(2009), LINENS ’N THINGS(2015), MICHAEL’S(2013), TARGET(2015)
228 CHILI, NY (KMART)	CHILI PLAZA		14606	SC		1998		2004		100.00	%		116,868		120,368		748,189	SEARS(2019)
	800 PAUL ROAD

		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: 10/09/2006
	Time: 5:13:20PM
	Page 13 of 22
	Quarter: 3Q06

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)
229 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
230 CLARENCE, NY (BARNES)	BARNES & NOBLE		14031	SC		1992		2004		14.50	%		16,030		16,030		304,249
	7370 TRANSIT ROAD
231 CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/ 2004		2004		14.50	%		520,876		520,876		4,156,109	BJ’S WHOLESALE CLUB(2021), DICK’S SPORTING GOODS(2011), LINENS ’N THINGS(2015), MICHAEL’S(2010), WAL-MART(2019)
232 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)
233 CORTLAND, NY (TOPS PLAZA)	TOPS PLAZA — CORTLAND STAPLES		13045	SC		1995		2004		100.00	%		134,223		134,223		1,731,453	TOPS MARKETS(2016), STAPLES(2017)
	3836 ROUTE 281
234 DANSVILLE, NY (TOPS)	TOPS PLAZA — DANSVILLE		14437	SC		2001		2004		100.00	%		62,400		62,400		626,969	TOPS MARKETS(2021)
	23-65 FRANKLIN STREET
235 DEPEW, NY	TOPS PLAZA — DEPEW 5175 BROADWAY		14043	SC		1980/1990/1996		2004		100.00	%		148,245		148,245		1,511,814	TOPS MARKETS(2016), BIG LOTS(2011)
236 DEWITT, NY (DEWITT COMMONS)	MARSHALLS PLAZA 3401 ERIE BOULEVARD EAST		13214	SC		2001/2003		2004		100.00	%		321,620		321,620		2,870,186	TOYS R US(2018), OLD NAVY(2011), MARSHALLS(2019), BED BATH & BEYOND(2018), A.C. MOORE(2014), SYRACUSE ORTHOPEDIC SPECIALIST(2017)
237 DEWITT, NY (MICHAELS/CHUCK E C	MICHAELS — DEWITT		13214	SC		2002		2004		100.00	%		49,713		49,713		570,166	MICHAEL’S(2010)
	3133 ERIE BOULEVARD
238 ELMIRA, NY	TOPS PLAZA — ELMIRA		14904	SC		1997		2004		10.00	%		98,330		98,330		1,117,100	TOPS MARKETS(2017)
	HUDSON STREET
239 GATES, NY (WESTGATE PLAZA)	WESTGATE PLAZA		14624	SC		1998		2004		100.00	%		335,215		335,215		3,117,862	WAL-MART(2021), STAPLES(2015)
	2000 CHILI AVENUE
240 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)
241 HAMBURG, NY (BJS)	BJS PLAZA — HAMBURG		14075	SC		1990/1997		2004		100.00	%		175,965		175,965		1,797,756	OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)
	4408 MILESTRIP ROAD
242 HAMBURG, NY (DICKS-MCKINLEY)	MCKINLEY PLACE		14075	SC		1990/2001		2004		100.00	%		128,944		128,944		1,434,999	DICK'S SPORTING GOODS(2011), ROSA'S HOME STORE(2009)
	3701 MCKINLEY PARKWAY
243 HAMBURG, NY (HAMBURG VILLAGE)	HAMBURG VILLAGE SQUARE		14075	SC		1960/1972/1984/1996		2004		100.00	%		92,717		92,717		880,396
	140 PINE STREET
244 HAMBURG, NY (HOME DEPOT)	HOME DEPOT PLAZA — HAMBURG		14219	SC		1999/2000		2004		100.00	%		139,413		139,413		1,507,396	HOME DEPOT(2012)
	4405 MILESTRIP ROAD
245 HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP CENTER		14075	SC		1999		2004		100.00	%		106,774		106,774		1,458,689	OLD NAVY(2010), JO-ANN STORES(2015)
	3540 MCKINLEY PARKWAY
246 HAMBURG, NY (TOPS)	SOUTH PARK PLAZA — TOPS		14075	SC		1990/1992		2004		10.00	%		84,000		84,000		730,500	TOPS MARKETS(2015)
	6150 SOUTH PARK AVENUE
247 HAMLIN, NY	TOPS PLAZA — HAMLIN		14464	SC		1997		2004		10.00	%		60,488		60,488		491,305	TOPS MARKETS(2017)
	1800 LAKE ROAD
248 IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA		14622	SC		1972/1984/1997		2004		20.00	%		226,812		226,812		2,313,795	REGAL CINEMAS(2022), A.J. WRIGHT(2014)
	2255 RIDGE ROAD EAST
249 IRONDEQUOIT, NY (RIDGEVIEW)	RIDGEVIEW PLACE		14617	SC		2000		2004		100.00	%		64,732		64,732		847,639
	1850 RIDGE ROAD EAST

		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: 10/09/2006
	Time: 5:13:20PM
	Page 14 of 22
	Quarter: 3Q06

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)
250 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)
251 JAMESTOWN, NY	TOPS PLAZA — JAMESTOWN		14702	SC		1997		2004		20.00	%		98,001		98,001		1,295,166	TOPS MARKETS(2018)
	75 WASHINGTON STREET
252 JAMESTOWN, NY (SOUTHSIDE)	SOUTHSIDE PLAZA		14701	SC		1980/1997		2004		100.00	%		63,140		63,140		573,269	QUALITY MARKET(2017)
	708-744 FOOTE AVENUE
253 LANCASTER, NY (REGAL)	REGAL CENTER		14221	SC		1997		2004		14.50	%		112,949		112,949		927,990	REGAL CINEMAS(2017)
	6703-6733 TRANSIT ROAD
254 LEROY, NY	TOPS PLAZAl — LEROY		14482	SC		1997		2004		20.00	%		62,747		62,747		564,043	TOPS MARKETS(2017)
	128 WEST MAIN STREET
255 LOCKPORT, NY	WAL-MART/TOPS PLAZA — LOCKPORT		14094	SC		1993		2004		100.00	%		296,582		296,582		2,694,761	WAL-MART(2015), TOPS MARKETS(2021), SEARS HARDWARE(2011)
	5789 & 5839 TRANSIT RD & HAMM
256 MEDINA, NY (TOPS)	TOPS PLAZA — MEDINA		14103	SC		1996		2004		100.00	%		80,028		80,028		526,400	TOPS MARKETS(2016)
	11200 MAPLE RIDGE ROAD
257 NEW HARTFORD, NY	CONSUMER SQUARE 4725 - 4829 COMMERCIAL DRIVE		13413	SC		2002		2004		14.50	%		514,717		514,717		6,115,602	BARNES & NOBLE(2013), BED BATH & BEYOND(2018), BEST BUY(2013), STAPLES(2018), MICHAEL’S(2013), WAL-MART(2022), T.J. MAXX(2012)
258 NEW HARTFORD, NY (TOPS)	TOPS PLAZA — NEW HARTFORD		13413	SC		1998		2004		100.00	%		127,740		127,740		1,260,670	HANAFORD BROTHERS(2018)
	40 KELLOPP ROAD
259 NIAGARA FALLS, NY (HOME DEPOT)	HOME DEPOT PLAZA — N FALLS		14304	SC		1994/2000		2004		100.00	%		154,510		154,510		1,461,852	HOME DEPOT(2019), REGAL CINEMAS(2019)
	720 & 750 BUILDERS WAY
260 NIAGARA FALLS, NY (PINE PLAZA)	PINE PLAZA		14304	SC		1980/1992/1998		2004		100.00	%		83,273		83,273		704,990	OFFICE MAX(2015)
	8207-8351 NIAGARA FALLS BLVD
261 NIAGARA FALLS, NY (TOPS-PORTAG	TOPS — PORTAGE		14301	SC		1991		2004		100.00	%		116,903		116,903		1,033,327	TOPS MARKETS(2013)
	1000 PORTAGE ROAD
262 NIAGARA FALLS, NY (WEGMANS)	WEGMANS PLAZA — N FALLS		14304	SC		1998		2004		100.00	%		122,876		122,876		680,001	WEGMAN’S FOOD MARKETS(2023)
	1575 - 1653 MILITARY ROAD
263 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)
264 NORTH TONAWANDA, NY (MID-CITY	MID-CITY PLAZA		14120	SC		1960/1976/1980/1995/		2004		100.00	%		215,998		215,998		2,285,453	SEARS(2006), TOPS MARKETS(2024)
	955-987 PAYNE AVENUE					2004
265 NORWICH, NY (TOPS)	TOPS PLAZA — NORWICH		13815	SC		1997		2004		10.00	%		85,453		85,453		1,094,085	TOPS MARKETS(2018)
	54 EAST MAIN STREET
266 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)
267 ONTARIO, NY	TOPS PLAZA — ONTARIO BLOCKBUST		14519	SC		1998		2004		20.00	%		77,040		77,040		787,174	TOPS MARKETS(2019)
	6254-6272 FURNACE ROAD
268 ORCHARD PARK, NY	CROSSROAD PLAZA		14127	SC		2000		2004		20.00	%		167,805		279,920		1,944,211	TOPS MARKETS(2022), STEIN MART(2012), LOWES(NOT OWNED)
	3245 SOUTHWESTERN BOULEVARD
269 PLATTSBURGH, NY	CONSUMER SQUARE Rt. 3 - CORNELIA ROAD		12901	SC		1993/2004		2004		100.00	%		491,513		491,513		3,452,394	SAM'S CLUB(2013), WAL-MART(2020), T.J. MAXX(2013), PETSMART(2014), MICHAEL'S(2011)
270 ROCHESTER, NY (HEN-JEF)	HEN-JEF PLAZA		14620	SC		1983/1993		2004		100.00	%		159,517		159,517		1,218,833	CITY MATTRESS(2009), COMPUSA(2008), PETSMART(2008), TILE SHOP, THE(2015)
	400 JEFFERSON RD @ HENRIETTA

		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: 10/09/2006
	Time: 5:13:20PM
	Page 15 of 22
	Quarter: 3Q06

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)
271 ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA		14625	SC		1959/1965/1972/1980/		2004			20.00	%		278,241		278,241		3,364,778	LINENS ’N THINGS(2008), TOPS MARKETS(2014)
	1601 PENFIELD ROAD					1986/1994
272 ROCHESTER, NY(HENRIETTA PLAZA)	HENRIETTA PLAZA		14467	SC		1972/1980/1988/1999		2004			100.00	%		245,426		245,426		1,823,285	BIG LOTS(2010), OFFICE DEPOT(2009), TOPS MARKETS(2013)
	1100 JEFFERSON ROAD
273 ROME, NY (FREEDOM)	FREEDOM PLAZA		13440	SC		1978/2000/2001		2004			100.00	%		194,467		199,867		1,192,712	STAPLES(2015), J.C. PENNEY(2008), TOPS MARKETS(2021), MARSHALLS(2016)
	205-211 ERIE BOULEVARD WEST
274 SPRINGVILLE, NY	SPRINGVILLE PLAZA		14141	SC		1980/1999/2004		2004			100.00	%		105,636		105,636		910,679	TOPS MARKETS(2023), SALVATION ARMY(2009)
	172 - 218 SOUTH CASCADE DRIVE
275 TONAWANDA, NY (DEL-TON)	DEL-TON PLAZA		14150	SC		1985/1996		2004			100.00	%		55,473		55,473		375,366
	4220 DELAWARE AVENUE
276 TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA		14150	SC		1976/1985/1996		2004			100.00	%		121,846		121,846		1,006,746	COMPUSA(2010), OFFICE DEPOT(2011)
	2309 EGGERT ROAD
277 TONAWANDA, NY (SHER/DELAWARE)	SHERIDAN/DELAWARE PLAZA		14223	SC		1950/1965/1975/1986/		2004			100.00	%		188,200		188,200		1,342,313	BON TON(2010), BON TON HOME STORE(2010), TOPS MARKETS(2020)
	1692-1752 SHERIDAN DRIVE					2000
278 TONAWANDA, NY (TOPS)	TOPS PLAZA — NIAGARA STREET		14150	SC		1997		2004			10.00	%		97,014		97,014		1,236,950	TOPS MARKETS(2017)
	150 NIAGARA STREET
279 TONAWANDA, NY (TOPS/GANDER MTN	YOUNGMAN PLAZA 750 YOUNG STREET		14150	SC		1985/ 2003		2004			10.00	%		310,921		318,166		2,317,895	BJ’S WHOLESALE CLUB(2010), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKETS(2021)
280 UTICA, NY (TOPS MOHAWK ST.)	TOPS PLAZA — DOLLAR TREE		13501	SC		1961/1972/1988/1998		2004			100.00	%		191,047		191,047		1,464,632	A.J. WRIGHT(2014), HANAFORD BROTHERS(2025)
	1154 MOHAWK STREET
281 VICTOR, NY	VICTOR SQUARE		14564	SC		2000		2004			100.00	%		56,134		56,134		898,696
	2-10 COMMERCE DRIVE
282 WARSAW, NY	TOPS PLAZA — WARSAW		14569	SC		1998		2004			20.00	%		74,105		74,105		715,721	TOPS MARKETS(2015)
	2382 ROUTE 19
283 WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA		14224	SC		1975/1983/1987/1995		2004			100.00	%		139,453		139,453		1,399,505	HOME DEPOT(2016)
	1881 RIDGE ROAD
284 WEST SENECA, NY (SENECA RIDGE)	SENECA — RIDGE PLAZA		14224	SC		1980/1996/2004		2004			100.00	%		62,403		62,403		531,482	SEARS(2006)
	3531 SENECA STREET
285 WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE		14221	SC		1986/1995/2003		2004			100.00	%		92,382		92,382		1,028,349
	5395 SHERIDAN DRIVE
286 WILLIAMSVILLE, NY(PREMIER)	PREMIER PLACE 7864 - 8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004			14.50	%		142,536		142,536		1,384,891	PREMIER LIQUORS(2010), STEIN MART(2008)
North Carolina
287 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)
288 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)
289 DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2	*		100.00	%		208,669		326,935		1,250,001	FOOD LION(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)
290 FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003			100.00	%		196,279		196,279		1,485,496	DEVELOPERS REALTY CORP.(2012), T.J. MAXX(2011), BED BATH & BEYOND(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: 10/09/2006
	Time: 5:13:20PM
	Page 16 of 22
	Quarter: 3Q06

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)
291 HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995/2004		2003			100.00	%		124,432		159,429		655,227	EPIC THEATRES(2018), INGLES(2009), BURKE’S OUTLET(2011), BIG LOTS(NOT OWNED)
292 INDIAN TRAIL, NC	UNION TOWN CENTER		28079	SC		1999		2004			100.00	%		102,360		102,360		855,705	FOOD LION(2020)
	INDEPENDENCE & FAITH CHURCH RD
293 MOORESVILLE, NC	MOORESVILLE CONSUMER SQUARE I		28117	SC		1999/2006		2004			100.00	%		472,182		472,182		4,333,963	WAL-MART(2019),GOODY’S(2010),GANDER MOUNTAIN(2021)
	355 WEST PLAZA DRIVE
294 NEW BERN, NC	RIVERTOWNE SQUARE		28561	SC		1989/1999		1/2	*		100.00	%		68,130		200,228		598,019	GOODY’S(2012), WAL-MART(NOT OWNED)
	3003 CLAREDON BLVD
295 WASHINGTON, NC	PAMLICO PLAZA		27889	SC		1990/1999		1/2	*		100.00	%		80,269		265,053		484,956	GOODY’S(2009), OFFICE DEPOT(2009), WAL-MART(NOT OWNED)
	536 PAMLICO PLAZA
296 WAYNESVILLE, NC	LAKESIDE PLAZA		28721	SC		1990		1993			100.00	%		181,894		181,894		1,109,626	WAL-MART(2011), FOOD LION(2011)
	201 PARAGON PARKWAY
297 WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2	*		100.00	%		411,887		518,735		3,536,859	LOWE’S(2014), OLD NAVY(2011), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), STEVE & BARRY’S(2014), BADCOCK FURNITURE(2014), SAM’S(NOT OWNED)
North Dakota
298 DICKINSON, ND	PRAIRIE HILLS MALL		58601	MM		1978		1/2	*		100.00	%		266,502		266,502		1,117,914	K MART(2008), HERBERGER’S(2010), J.C. PENNEY(2008)
	1681 THIRD AVENUE
Ohio
299 ASHTABULA, OH (TOPS)	TOPS PLAZA — ASHTABULA		44004	SC		2000		2004			100.00	%		57,874		57,874		904,720	TOPS MARKETS(2021)
	1144 WEST PROSPECT ROAD
300 AURORA, OH	BARRINGTON TOWN SQUARE		44202	SC		1996/2004		1	*		100.00	%		102,683		159,982		1,036,287	CINEMARK(2011), HEINEN’S(NOT OWNED)
	70-130 BARRINGTON TOWN SQUARE
301 BELLEFONTAINE, OH	SOUTH MAIN STREET PLAZA		43311	SC		1995		1998			100.00	%		52,399		52,399		445,579	GOODY’S(2010), STAPLES(2010)
	2250 SOUTH MAIN STREET
302 BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		44514	SC		1997		1	*		100.00	%		506,254		511,654		4,185,017	LOWE’S(2016), BABIES R US(2009), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL-MART(2017), PETSMART(2013), GIANT EAGLE(2018)
303 CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		1	*		14.50	%		478,106		593,610		5,025,632	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)
304 CHILLICOTHE, OH	CHILLICOTHE PLACE		45601	SC		1974/1998		1/2	*		20.00	%		106,262		106,262		1,019,135	KROGER(2041), OFFICE MAX(2013)
	867 N BRIDGE STREET
305 CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES)		45601	SC		1998		1	*		100.00	%		130,497		130,497		822,132	LOWE’S(2015)
	867 N BRIDGE STREET
306 CINCINNATI, OH	GLENWAY CROSSING		45238	SC		1990		2	*		100.00	%		235,433		235,433		1,892,660	STEVE & BARRY'S(2014), MICHAEL'S(2011)
	5100 GLENCROSSING WAY
307 CINCINNATI, OH(TRI COUNTY)	TRI COUNTY MALL		45246	SC				2005			18.00	%		667,659		1,180,139		10,549,564	DILLARD'S(2018), MACY'S(NOT OWNED), SEAR(NOT OWNED)
	117000 PRINCETON PK
308 COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST COLUMBUS		43228	SC		1989/2003		2004			100.00	%		356,515		356,515		2,489,066	OFFICE MAX(2010), KROGER(2014), TARGET(2011)
	3630 SOLDANO BLVD
309 COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER		43017	SC		1987		1998			100.00	%		219,983		329,064		1,576,300	AMC THEATRE(2007), MAX SPORTS CENTER(2007), B.J.’S WHOLESALE CLUB(NOT OWNED)
	6561-6815 DUBLIN CENTER DRIVE

		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: 10/09/2006
	Time: 5:13:20PM
	Page 17 of 22
	Quarter: 3Q06

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)
310 COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998			100.00	%		509,611		509,611		6,010,166	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)
311 COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		43212	SC		1997		1998			50.00	%		352,913		352,913		3,391,741	TARGET(2016), BARNES & NOBLE(2007), STAPLES(2011), AMC THEATRE(2021)
312 COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998			79.45	%		305,428		305,428		3,649,108	BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2007), WHOLE FOOD MARKETS(2016), STAPLES(2010)
313 DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER		43017	SC		1996		1998			100.00	%		137,556		137,556		1,511,205	GIANT EAGLE(2014)
	6644-6804 PERIMETER LOOP ROAD
314 ELYRIA, OH	ELYRIA SHOPPING CENTER		44035	SC		1977		2	*		100.00	%		92,125		92,125		704,695	TOPS MARKETS(2010)
	841 CLEVELAND ST
315 GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE		45631	SC		1998		2003			100.00	%		25,950		205,908		335,154	WAL MART(NOT OWNED)
	2145 EASTERN AVENUE
316 GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER		43123	SC		1992		1998			20.00	%		128,210		128,210		1,168,935	GIANT EAGLE(2016)
	2161-2263 STRINGTOWN ROAD
317 HUBER HTS., OH	NORTH HEIGHTS PLAZA		45424	SC		1990		1993			100.00	%		163,819		278,376		1,343,849	CUB FOODS(2011), WAL-MART(NOT OWNED)
	8280 OLD TROY PIKE
318 LEBANON, OH	COUNTRYSIDE PLACE		45036	SC		1990/2002		1993			100.00	%		17,000		110,480		79,374	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)
	1879 DEERFIELD ROAD
319 MACEDONIA, OH	MACEDONIA COMMONS		44056	SC		1994		1994			50.00	%		233,619		372,786		3,054,969	TOPS MARKETS(2019), KOHL’S(2016), WAL-MART(NOT OWNED)
	MACEDONIA COMMONS BLVD.
320 MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (PHASE II)		44056	SC		1999		1	*		100.00	%		169,481		169,481		1,601,734	CINEMARK(2019), HOME DEPOT(2020)
	8210 MACEDONIA COMMONS
321 NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997			14.50	%		624,587		665,487		7,764,251	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)
322 PATASKALA, OH	VILLAGE MARKET/RITE AID CENTER		43062	SC		1980		1998			100.00	%		33,270		33,270		201,200	CARDINAL FOODS(2007)
	78-80 OAK MEADOW DRIVE
323 PICKERINGTON, OH	SHOPPES AT TURNBERRY		43147	SC		1990		1998			100.00	%		59,495		61,872		628,011
	1701-1797 HILL ROAD NORTH
324 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)
325 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)
326 TIFFIN, OH	TIFFIN MALL		44883	MM		1980/2004		1/2	*		100.00	%		170,868		170,868		731,821	CINEMARK(2011), J.C. PENNEY(2010)
	870 WEST MARKET STREET
327 TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING		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)
	S. HOLLAND-SYLVANIA ROAD
328 TOLEDO, OH (DICKS)	DICKS — TOLEDO		43612	SC		1995		2004			100.00	%		80,160		80,160		501,000	DICK’S SPORTING GOODS(2016)
	851 WEST ALEXIS ROAD
329 WESTLAKE, OH	WEST BAY PLAZA		44145	SC		1974/1997/2000		1/2	*		100.00	%		162,330		162,330		1,370,403	MARC’S(2009), K MART(2009)
	30100 DETROIT ROAD

		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: 10/09/2006
	Time: 5:13:20PM
	Page 18 of 22
	Quarter: 3Q06

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)
330 XENIA, OH	WEST PARK SQUARE		45385	SC		1994/1997/2001		1	*		100.00	%		104,873		203,282		746,182	KROGER(2019), WAL-MART(NOT OWNED)
	1700 WEST PARK SQUARE
Oregon
331 PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996			50.00	%		309,617		566,457		5,526,180	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
332 ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE		18106	SC		2001/2004		2003			100.00	%		259,239		259,239		2,688,189	WAL-MART(2021)
	1091 MILL CREEK ROAD
333 E. NORRITON, PA	KMART PLAZA		19401	SC		1975/1997		1/2	*		100.00	%		173,876		179,376		1,326,409	K MART(2010), BIG LOTS(2010)
	2692 DEKALB PIKE
334 ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995/1998/2003		1	*		100.00	%		557,769		679,074		4,779,195	LOWE’S(2015), PETSMART(2015), CIRCUIT CITY(2020), KOHL’S(2016), WAL-MART(2015), CINEMARK(2011), HOME DEPOT(NOT OWNED)
335 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)
336 ERIE, PA (TOPS-ERIE)	TOPS PLAZA — ERIE		16505	SC		1995		2004			100.00	%		103,691		103,691		1,305,224	TOPS MARKETS(2016)
	1520 WEST 25TH STREET
337 HANOVER, PA (BJS)	BJS — HANOVER		18109	SC		1991		2004			100.00	%		112,230		112,230		785,881	BJ’S WHOLESALE CLUB(2011)
	1785 AIRPORT ROAD SOUTH
338 MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003			14.50	%		298,589		298,589		2,681,967	CINEMARK(2019), LOWE’S(2016), SHOP ’N SAVE(2019)
339 MT. NEBO, PA	MT NEBO POINT		15237	SC		2005		1	*		100.00	%		72,882		336,267		1,124,207	SPORTSMAN’S WAREHOUSE(2020), SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)
	MT. NEBO RD & LOWRIES RUN RD
Puerto Rico
340 ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO		00612	MM		1980/1993		2005			100.00	%		215,451		224,950		3,291,584	K MART(2013), CAPRI DEL ATLANTICO(2013)
	PR #KM 80.3
341 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		16,130,819	WAL-MART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)
342 BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA		00961	SC		1980/2002		2005			100.00	%		126,023		132,309		1,546,898	PUEBLO XTRA(2009), TIENDAS CAPRI(2013)
	PR #167, KM 18.8
343 BAYAMON, PR (RIO HONDO)	RIO HONDO PR #22, PR #167		00961	MM		1982/2001		2005			100.00	%		459,847		525,149		11,116,917	TIENDAS CAPRI(2009), COMPUSA(2021), K MART(2011), PUEBLO XTRA(2012), MARSHALLS(2015), RIO HONDO CINEMA(NOT OWNED)
344 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)
345 CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY		00736	SC		1999/2004		2005			100.00	%		261,126		339,840		2,968,964	WAL-MART(2021), CAYEY CINEMA CORP.(NOT OWNED)
	STATE RD #1 & PR #735
346 FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO		00738	SC		1992		2005			100.00	%		245,319		251,319		3,823,351	WAL-MART(2012), PUEBLO XTRA(2012)
	ROAD PR #3 INT PR #940
347 GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART		00784	SC		1994		2005			100.00	%		163,598		163,598		1,676,518	WAL-MART(2018)
	ROAD PR #3 KM 135.0
348 HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD #2,KM 81.9		00659	MM		1992		2005			100.00	%		505,849		671,278		10,816,845	J.C. PENNEY(2012), PUEBLO XTRA(2012), WAL-MART(2012), TOYS R’ US/KID’SRUS(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: 10/09/2006
	Time: 5:13:20PM
	Page 19 of 22
	Quarter: 3Q06

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)
349 HUMACAO, PR (PALMA REAL)	PALMA REAL STATE ROAD #3, KM 820		00791	SC		1995		2005			100.00	%		340,608		442,614		6,398,394	CAPRI STORES(2011), PUEBLO XTRA(2020), CINEVISTA THEATRES(2006), WAL-MART(2020), PEP BOYS(NOT OWNED), J C PENNY(NOT OWNED)
350 ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA		00662	SC		1994		2005			100.00	%		238,410		259,016		3,572,058	PUEBLO XTRA(2014), WAL-MART(2019)
	STATE RD #2 & #454,KM 111.6
351 SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL		00683	SC		1991		2005			100.00	%		22,356		49,172		315,950	PEP BOYS(2015)
	STATE RD PR #122
352 SAN GERMAN, PR (DEL OESTE)	DEL OESTE		00683	SC		1991		2005			100.00	%		174,172		184,746		2,298,218	K MART(2016), PUEBLO XTRA(2011)
	ROAD PR #2 INT PR #122
353 SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177		00926	MM		1978/Mutiple		2005			100.00	%		169,136		209,596		2,647,116	K MART(2010), PUEBLO EXT(NOT OWNED)
354 VEGA BAJA, PR (PLZA VEGA BAJA)	PLAZA VEGA BAJA		00693	SC		1990		2005			100.00	%		174,728		184,938		2,099,502	K MART(2015), PUEBLO XTRA(2010)
	ROAD PR #2 INT PR #155
South Carolina
355 CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993			100.00	%		180,127		363,405		1,002,120	BELK(2015), WAL-MART SUPER CENTER(NOT OWNED)
356 CHARLESTON, SC	ASHLEY CROSSING		29414	SC		1991		2003			100.00	%		188,883		196,048		1,612,848	FOOD LION(2011), WAL-MART(2011)
	2245 ASHLEY CROSSING DRIVE
357 COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002			14.50	%		257,908		317,397		2,848,715	BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE MAX(2011), BABIES ’R’ US #8890(NOT OWNED)
358 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)
359 N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		2	*		100.00	%		294,471		375,451		2,065,272	WAL-MART(2009), OFFICE MAX(2007), HELIG MEYERS(NOT OWNED)
360 N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER		29406	SC		1980/1993		2004			100.00	%		235,501		235,501		1,071,400	NORTHERN TOOL(2016), BIG LOTS(2009)
	5900 RIVERS AVENUE
361 ORANGEBURG, SC	NORTH ROAD PLAZA		29115	SC		1994/1999		1995			100.00	%		50,760		247,434		496,649	GOODY’S(2008), WAL-MART(NOT OWNED)
	2795 NORTH ROAD
362 S. ANDERSON, SC	CROSSROADS PLAZA		29624	SC		1990		1994			100.00	%		13,600		13,600		53,812
	406 HIGHWAY 28 BY-PASS
363 SIMPSONVILLE, SC	FAIRVIEW STATION		29681	SC		1990		1994			100.00	%		142,086		142,086		860,137	INGLES(2011), KOHL’S(2015)
	621 FAIRVIEW ROAD
364 UNION, SC	WEST TOWNE PLAZA		29379	SC		1990		1993			100.00	%		184,331		184,331		651,550	WAL-MART(2009), BELK(2010)
	U.S.HWY 176 BY-PASS #1
South Dakota
365 WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2	*		100.00	%		240,262		282,262		1,509,161	DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2009), J.C. PENNEY(2008), HY VEE SUPERMARKET(NOT OWNED)
Tennessee
366 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)
367 CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE		37421	SC		1992/2004		2003			100.00	%		214,918		214,918		1,687,703	BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)
	2288 GUNBARREL ROAD

		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: 10/09/2006
	Time: 5:13:20PM
	Page 20 of 22
	Quarter: 3Q06

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)
368 COLUMBIA, TN	COLUMBIA SQUARE		38401	SC		1993		2003			10.00	%		68,948		68,948		502,041	KROGER(2022)
	845 NASHVILLE HIGHWAY
369 FARRAGUT, TN	FARRAGUT POINTE		37922	SC		1991		2003			10.00	%		71,311		71,311		515,525	FOOD CITY(2011)
	11132 KINGSTON PIKE
370 GOODLETTSVILLE, TN	NORTHCREEK COMMONS		37072	SC		1987		2003			20.00	%		84,441		84,441		726,933	KROGER(2012)
	101-139 NORTHCREEK BOULEVARD
371 HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S		37075	SC		1999		2003			100.00	%		133,144		133,144		1,222,439	LOWE’S(2019)
	1050 LOWE’S ROAD
372 JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE		37604	SC		2005		2003			100.00	%		0		88,248		352,992	KOHL’S(NOT OWNED)
	FRANKLIN & KNOB CREEK ROADS
373 MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE		37130	SC		1993		2003			100.00	%		117,697		117,697		631,493	MURFREESBORO ATHLETIC CLUB(2014)
	710 MEMORIAL BOULEVARD
374 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)
375 NASHVILLE, TN	THE MARKETPLACE		37209	SC		1998		2003			14.50	%		167,795		367,879		1,673,209	LOWE’S(2019), WAL MART(NOT OWNED)
	CHARLOTTE PIKE
Texas
376 AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003			24.75	%		282,789		572,027		4,249,769	ROSS DRESS FOR LESS(2014), LINENS ’N THINGS(2014), HOBBY LOBBY(2018), BEST BUY(2017), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED), CHICK-FIL-A(NOT OWNED)
377 FRISCO, TX	FRISCO MARKETPLACE		75035	SC		2003		2003			14.50	%		20,959		107,543		729,659	KOHL’S(NOT OWNED)
	7010 PRESTON ROAD
378 FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996			50.00	%		235,017		385,039		1,993,651	UNITED ARTISTS THEATRE(2012), PETSMART(2011), ROSS DRESS FOR LESS(2011), TARGET(NOT OWNED), OFFICE DEPOT(NOT OWNED)
379 IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003			14.50	%		146,941		598,651		2,084,490	HOLLYWOOD THEATERS(2016), OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)
380 LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002			14.50	%		311,039		567,069		3,476,615	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)
381 MCKINNEY, TX	MCKINNEY MARKETPLACE		75070	SC		2000		2003			14.50	%		118,967		183,810		1,229,358	KOHL’S(2021), ALBERTSON’S(NOT OWNED)
	US HWY 75 & EL DORADO PKWY
382 MESQUITE, TX	THE MARKETPLACE AT TOWNE CENTE SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003			14.50	%		170,625		378,775		2,349,200	LINENS ’N THINGS(2013), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED)
383 SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP1604/BANDERA ROAD		78227	SC		2001/2002		1	*		100.00	%		278,721		887,911		4,358,790	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)
384 SAN ANTONIO, TX (INGRAM)	INGRAM PARK		78238	FO		1985		2005			50.00	%		76,597		76,597		430,440	MERVYN’S(2020)
	6157 NW LOOP410
385 SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151@LOOP410		78209	SC		2005		1	*		10.00	%		178,107		469,307		2,385,563	PETSMART(2016), OFFICE DEPOT(2016), SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), LOWES(NOT OWNED), TARGET(NOT OWNED)
Utah
386 LOGAN, UT	FAMILY PLACE @ LOGAN		84321	SC		1975		1998			100.00	%		19,200		44,200		208,422	RITE AID(NOT OWNED)
	400 NORTH STREET

		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: 10/09/2006
	Time: 5:13:20PM
	Page 21 of 22
	Quarter: 3Q06

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)
387 MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998			100.00	%		581,469		581,469		6,862,211	BABIES R US(2014), OFFICE MAX(2012), SMITH’S FOOD & DRUG(2024), MEDIA PLAY(2009), BED BATH & BEYOND(2014), ROSS DRESS FOR LESS(2011), WAL-MART(2015)
388 OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT		84404	SC		1977		1998			100.00	%		162,316		162,316		640,780	HARMONS(2012)
	21-129 HARRISVILLE ROAD
389 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(2009), OFFICE DEPOT(2008), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED)
390 RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998			100.00	%		593,398		596,198		4,771,000	MEIER & FRANK DEPARTMENT STORE(2011), OFFICE MAX(2008), GART SPORTS(2012), SPORTSMANS WAREHOUSE(2009), TARGET SUPERSTORE(2017), MEDIA PLAY(2009), CIRCUIT CITY(2016)
391 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#146;S CLUB(NOT OWNED), SUPER WALMART(NOT OWNED)
392 SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH		84115	SC		1978		1998			100.00	%		34,209		34,209		233,708
	3300 SOUTH STREET
393 TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998			100.00	%		746,890		818,890		6,923,670	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(2009), OFFICE MAX(2008), CIRCUIT CITY(2016), PETSMART(2012), HARMONS SUPERSTORE(NOT OWNED)
Vermont
394 BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		2	*		100.00	%		174,432		174,432		1,646,005	WAL-MART(2014), J.C. PENNEY(2009)
Virginia
395 CHESTER, VA	BERMUDA SQUARE		23831	SC		1978		2003			100.00	%		116,310		116,310		1,199,413	UKROP#146;S(2008)
	12607-12649 JEFFERSON DAVIS
396 FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995			14.50	%		253,392		253,392		4,770,349	SAFEWAY(2019), T.J. MAXX(2009), TOWER RECORDS(2009), BED BATH & BEYOND(2010), UNITED ARTISTS THEATRE(2014)
397 LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003			100.00	%		270,765		337,765		2,050,481	GOODY#146;S(2008), CINEMARK(2015), CIRCUIT CITY(2009), STAPLES(2013), T.J. MAXX(2009), TOYS "R" US(NOT OWNED)
398 LYNCHBURG, VA (FAIRVIEW)	FAIRVIEW SQUARE		24501	SC		1992		2004			100.00	%		85,209		85,209		362,373	FOOD LION(2012)
	2215 FLORIDA AVENUE
399 MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2	*		50.00	%		435,057		479,256		2,795,289	GOODY#146;S(2007), BELK(2009), J.C. PENNEY(2009), SEARS(2009), OFFICE MAX(2012), KROGER(2017), MCDONALD#146;S(NOT OWNED)
400 MIDLOTHIAN, VA	GENITO CROSSING		23112	SC		1985		2003			100.00	%		79,407		79,407		676,189	FOOD LION(2010)
	HULL STREET ROAD
401 PULASKI, VA	MEMORIAL SQUARE		24301	SC		1990		1993			100.00	%		143,299		143,299		897,844	WAL-MART(2011), FOOD LION(2011)
	1000 MEMORIAL DRIVE
402 WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		2	*		20.00	%		240,560		240,560		2,459,057	MARTIN#146;S FOOD STORE(2040), KOHL#146;S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2008)
Washington
403 KIRKLAND, WA	TOTEM LAKES UPPER TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004			20.00	%		228,210		274,189		2,720,261	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)
West Virginia
404 BARBOURSVILLE, WV	BARBOURSVILLE CENTER 5-13 MALL ROAD		25504	SC		1985		1998			100.00	%		70,900		133,396		389,425	DISCOUNT EMPORIUM(2006), GOODY#146;S(2014), VALUE CITY(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: 10/09/2006
	Time: 5:13:20PM
	Page 22 of 22
	Quarter: 3Q06

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)
Wisconsin
405 BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD		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
	NORTH 124TH STREET AND WEST CA																	FACTORY(2012)
406 BROWN DEER, WI (CENTER)	BROWN DEER CENTER		53209	SC		1967		2003		14.50	%		266,716		266,716		1,943,135	KOHL'S(2023), MICHAEL'S(2012), OFFICE MAX(2010), T.J. MAXX(2007), OLD NAVY(2012)
	NORTH GREEN BAY ROAD
407 BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER		53209	SC		1989		2003		14.50	%		143,372		143,372		1,177,211	MARSHALLS MEGA STORE(2009), PICK 'N SAVE(2010)
	NORTH GREEN BAY ROAD
408 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
409 WEST ALLIS, WI (WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108		53214	SC		1968		2003		100.00	%		246,081		259,981		1,421,496	KOHL'S(2008), MARSHALLS MEGA STORE(2009), PICK 'N SAVE(2008)
						Grand Total:							74,591,925		101,090,542		839,461,059

		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

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Investor Information
Developers Diversified
www.ddr.com
3300 Enterprise Parkway
Beachwood, Ohio 44122
Phone: (216) 755-5500
Fax: (216) 755-1500

Board of Directors

Scott A. Wolstein, Chief Executive Officer & Chairman of the Board, Developers Diversified Realty

Dean S. Adler, Principal, Lubert-Adler Partners, L.P.

Terrance R. Ahern, Principal, The Townsend Group

Robert H. Gidel, Managing Partner, Liberty Partners, L.P.

Victor B. MacFarlane, Managing Principal, MacFarlane Partners

Craig Macnab, Chief Executive Officer, Commercial Net Lease Realty

Scott D. Roulston, Managing Partner, Fairport Asset
Management, LLC

Barry A. Sholem, Principal, MDS Capital, L.P.

William B. Summers Jr., Chairman & Chief Executive Officer, McDonald Investments, Inc., Retired

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 Managing Partner, Liberty Partners, LP

Nan Zieleniec, Senior Vice President of Human Resources

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2006

Investor Information (Continued)

Research Coverage
AG Edwards
David AuBuchon	(314) 955-5452
Citigroup Smith Barney
Jonathan Litt	(212) 816-0231
Ambika Goel	(212) 816-6981
Deutsche Bank Securities
Lou Taylor	(212) 250-4912
Christeen Kim	(212) 250-8705
Goldman Sachs
Dennis Maloney	(212) 902-1970
Jay Habermann	(917) 343-4260
Green Street Advisors
Jim Sullivan	(949) 640-8780
Hilliard Lyons
Tony Howard	(502) 588-1142
Lehman Brothers
David Harris	(212) 526-1790
Merrill Lynch
Steve Sakwa	(212) 449-0335
Craig Schmidt	(212) 449-1944
JP Morgan
Michael Mueller	(212) 622-6689
Joe Dazio	(212) 622-6416

Research Coverage, continued
Morgan Stanley
Matthew Ostrower	(212) 761-6284
Mick Chiang	(212) 761-6385
RBC Capital Markets
Rich Moore	(216) 378-7625
UBS
Scott Crowe	(212) 713-1419
Jeff Spector	(212) 713-6144
Wachovia Securities
Jeff Donnelly	(617) 603-4262
Transfer Agent
National City Bank
Corporate Trust Operations
P.O. Box 92301
Cleveland, Ohio 44193-0900
1-800-622-6757
Investor Relations
Michelle M. Dawson
VP of Investor Relations
Phone: (216) 755-5455
Fax: (216) 755-1455
Email: mdawson@ddr.com