-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V43VP831E0Zsig1C4RDnrbTzR3rptPhvURhCRP4agEybYLQJju3NeEeVNQ8JU869 Nl/pECA6oHXlBQaloKhtoQ== 0000950152-07-006016.txt : 20070725 0000950152-07-006016.hdr.sgml : 20070725 20070724201924 ACCESSION NUMBER: 0000950152-07-006016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20070724 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070725 DATE AS OF CHANGE: 20070724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVELOPERS DIVERSIFIED REALTY CORP CENTRAL INDEX KEY: 0000894315 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341723097 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11690 FILM NUMBER: 07997555 BUSINESS ADDRESS: STREET 1: 3300 ENTERPRISE PARKWAY CITY: BEACHWOOD STATE: OH ZIP: 44122 BUSINESS PHONE: 2167555500 MAIL ADDRESS: STREET 1: 3300 ENTERPRISE PARKWAY CITY: BEACHWOOD STATE: OH ZIP: 44122 8-K 1 l27073ae8vk.htm DEVELOPERS DIVERSIFIED REALTY CORPORATION 8-K DEVELOPERS DIVERSIFIED REALTY CORPORATION 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)    July 24, 2007   
     
DEVELOPERS DIVERSIFIED REALTY CORPORATION
 
(Exact name of registrant as specified in its charter)
         
Ohio   1-11690   34-1723097
 
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer 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 July 24, 2007, 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 six-months ended June 30, 2007. A Copy of the News Release is attached hereto as exhibit 99.1, a copy of the Quarterly Financial Supplement is attached hereto as Exhibit 99.2 and a copy of the Appendix to Quarterly Financial Supplement Property and Joint Venture Detail is attached hereto as Exhibit 99.3. 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       July 24, 2007      
      /S/ William H. Schafer
 
       
 
      William H. Schafer
 
      Executive Vice President and Chief Financial Officer

 

EX-99.1 2 l27073aexv99w1.htm EX-99.1 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 27.3%
IN DILUTED FFO PER SHARE FOR THE QUARTER ENDED JUNE 30, 2007
CLEVELAND, OHIO, July 24, 2007 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant community centers, today reported operating results for the second quarter ended June 30, 2007.
    Funds From Operations (“FFO”) per diluted share increased 27.3% to $1.26 and net income per diluted share increased 50.8% to $0.89 for the three-months ended June 30, 2007, as compared to the prior year.
 
    Executed leases during the second quarter totaled approximately 1.9 million square feet, including 140 new leases and 264 renewals.
 
    On a cash basis, base rental rates increased 30.3% on new leases, 7.4% on renewals and 11.3% overall.
 
    Core portfolio leased percentage at June 30, 2007 was 95.9%.
 
    Same store net operating income (“NOI”) for the six-month period increased 2.2% over the prior-year comparable period.
Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “We’re pleased to announce this quarter’s results, which reflect the consistent performance of our core portfolio and the successful execution of several strategic transactions. Now, five months after closing the IRRETI acquisition, we have completed all of the major objectives we previously announced to the market, which, in turn, have accomplished our primary goal: to complete a large, accretive transaction in a manner that improves portfolio quality and overall leverage ratios.”
Financial Results:
For the three-months ended June 30, 2007, FFO, a widely accepted measure of a Real Estate Investment Trust (“REIT”) performance, on a per share basis was $1.26 (diluted) and $1.27 (basic) as compared to $0.99 (basic and diluted) for the same period in the previous year. FFO available to common shareholders was $159.3 million, as compared to $109.8 million for the three-months ended June 30, 2007 and 2006, respectively, an increase of 45.1%. Net income available to common shareholders was $111.4 million or $0.89 per share (diluted) and $0.90 per share (basic) for the three-months ended June 30, 2007, as compared to $64.9 million, or $0.59 per share (diluted and basic) for the prior-year comparable period. The increase in net income and FFO for the three-months ended June 30, 2007, is primarily related to an increase in the gain on sale of assets including those recognized through the Company’s merchant build program, promoted income of approximately $13.6 million earned from one of the Company’s joint ventures in the second quarter and a full quarter of operating results from the merger with Inland Retail Real Estate Trust, Inc. (“IRRETI”).

 


 

For the six-months ended June 30, 2007, FFO, on a per share basis was $2.18 (diluted) and $2.19 (basic) as compared to $1.76 (diluted) and $1.77 (basic) for the same period in the previous year, an increase of 23.9% on a diluted basis. FFO available to common shareholders was $265.4 million, as compared to $196.0 million for the six-months ended June 30, 2007 and 2006, respectively, an increase of 35.4%. Net income available to common shareholders was $160.2 million or $1.33 per share (diluted) and $1.34 per share (basic) for the six-months ended June 30, 2007, as compared to $100.9 million, or $0.92 per share (diluted and basic) for the prior-year comparable period. The increase in net income for the six-months ended June 30, 2007, is primarily related to the merger with IRRETI, the release of certain valuation reserves and an increase in the gain on sale of assets including those recognized through the Company’s merchant build program and promoted income of approximately $13.6 million earned from one of the Company’s joint ventures in the second quarter of 2007.
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 disposition 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:
The following results from the second quarter ended June 30, 2007, highlight continued strong leasing activity throughout the portfolio:
    Executed 140 new leases aggregating 713,318 square feet and 264 renewals aggregating 1,172,733 square feet.
 
    On a cash basis, rental rates on new leases increased 30.3% and rental rates on renewals increased 7.4%. Overall, rental rates for new leases and renewals increased 11.3%.
 
    Total portfolio average annualized base rent per occupied square foot as of June 30, 2007 was $12.46, as compared to $11.62 at June 30, 2006.
 
    Portfolio leased rate was 96.0% as of June 30, 2007 as compared to 96.2% at June 30, 2006.
The Company currently estimates its total annual recurring capital expenditures, including tenant improvements and tenant allowances, to be approximately $24.0 million ($0.21 psf of owned GLA) in 2007. This figure includes aggregate expenditures anticipated at properties held in joint ventures.

 


 

Strategic Real Estate Transactions:
DDR Domestic Retail Fund I
In the second quarter of 2007, the Company formed DDR Domestic Retail Fund I (“the Fund”), a sponsored, fully-seeded commingled fund. The Fund acquired 63 shopping center assets aggregating 8.3 million square feet (“the Portfolio”) from the Company and a joint venture for approximately $1.5 billion. The Portfolio is comprised of 54 assets recently acquired by the Company through its acquisition of IRRETI, seven assets formerly held in a joint venture with Kuwait Financial Centre (“KFC I”), and two assets from the Company’s wholly-owned portfolio. The Company recognized a non-FFO gain of approximately $9.6 million, net of its 20% retained interest, from the sale of the two wholly-owned assets. The KFC I joint venture recorded a gain of approximately $90.2 million. The Company’s proportionate share of approximately $18.0 million of the joint venture gain was deferred as the Company retained an effective 20% ownership interest in these assets. The Company remains responsible for all day-to-day operations of the properties and receives fees for asset management and property management, leasing, construction management and ancillary income in addition to a promoted interest. Due to the sale of the assets from the KFC I joint venture, the Company recognized a promote of approximately $13.6 million, which is included in the Company’s second quarter 2007 net income and FFO.
Dividend Capital Total Realty Trust Joint Venture
In the second quarter of 2007, the Company formed a $161.5 million joint venture with Dividend Capital Total Realty Trust. The Company contributed three recently developed assets aggregating 0.7 million of Company-owned square feet to the joint venture. The Company recorded an after-tax merchant build gain, net of its 10% retained interest, of approximately $45.6 million, which is included in the Company’s second quarter FFO. The Company retained an effective 10% ownership and receives asset management and property management fees, plus fees on leasing and ancillary income. In addition, the Company will receive a promoted interest above a 9.5% leveraged threshold return.
Dispositions:
In addition to the sale of assets to the two joint ventures discussed above, the Company sold 52 shopping center properties, aggregating 5.4 million square feet for approximately $448.7 million and recognized a non-FFO gain of approximately $10.8 million in the second quarter of 2007. An additional 11 assets associated with this transaction are expected to sell in the third quarter of 2007 for approximately $154.3 million.
Common Share Repurchase Program:
During the second quarter of 2007, the Company’s Board of Directors authorized a common share repurchase program. Under the terms of the program, the Company may purchase up to a maximum value of $500 million of its common shares during the next two years.

 


 

Development (Wholly-Owned and Consolidated Joint Ventures):
The Company currently has the following shopping center projects under construction.
Wholly-Owned and Consolidated Joint Venture Developments
Currently in Progress
                         
                    Substantial    
    Total     Gross Cost     Completion    
Property   GLA     ($Millions)     Date   Description
Ukiah (Mendocino), California
    669,406     $ 113.5     2009   Community Center
Miami, Florida
    644,999       155.7     2006-2009   Mixed Use
Tampa (Brandon), Florida
    370,700       70.7     2008   Community Center
Douglasville, Georgia
    124,200       22.4     2008   Community Center
Nampa, Idaho
    829,975       147.0     2007-2008   Community Center
Chicago (McHenry), Illinois
    454,378       73.3     2007   Community Center
Boston, Massachusetts (Seabrook, New Hampshire)
    461,825       74.5     2009   Community Center
Elmira (Horseheads), New York
    668,619       77.1     2007-2008   Community Center
Raleigh (Apex), North Carolina (Promenade)
    87,780       20.2     2008   Community Center
Raleigh (Apex), North Carolina Beaver Creek Crossing, (Phase II)
    283,217       52.3     2009   Community Center
San Antonio (Stone Oak), Texas
    665,229       93.4     2007   Hybrid Center
 
                   
Total
    5,260,328     $ 900.1          
 
                   
The Company anticipates commencing construction in 2007 on the following additional shopping centers:
Wholly-Owned and Consolidated Joint Venture Developments
to Commence Construction in 2007
                         
                    Substantial    
    Total     Gross Cost     Completion    
Property   GLA_     ($Millions)     Date   Description
Homestead, Florida
    398,759     $ 95.2     2008   Community Center
Tampa (Wesley Chapel), Florida
    95,408       17.4     2008   Community Center
Atlanta (Union City), Georgia
    200,000       47.5     2008   Community Center
Gulfport, Mississippi
    703,379       91.2     2008   Hybrid Center
Isabela, Puerto Rico
    290,085       57.1     2009   Community Center
Austin (Kyle), Texas
    778,415       97.2     2009   Community Center
 
                   
Total
    2,466,046     $ 405.6          
 
                   
At June 30, 2007, $525.5 million of costs were incurred in relation to the Company’s eleven development projects under construction and the six that will commence construction in 2007.
In addition to these developments, the Company has identified several additional development opportunities reflecting an aggregate estimated cost of over $1 billion. While there are no assurances any of these projects will move forward, they provide a source of potential development projects over the next several years. As of June 30, 2007, the projected unleveraged GAAP return, on the Company’s aggregate development and redevelopment pipeline is approximately 10%.

 


 

Development (Joint Ventures):
The Company’s joint ventures have the following shopping center projects under construction. At June 30, 2007, $159.5 million of costs had been incurred in relation to these development projects.
Joint Venture Developments
Currently in Progress
                                     
        DDR's                        
    Joint   Effective             Gross     Substantial    
    Venture   Ownership     Total     Cost     Completion    
Property   Partner   Percentage     GLA     ($Millions)     Date   Description
Kansas City (Merriam), Kansas
  Coventry II     20.0 %     280,516     $ 71.0     2008   Community Center
Detroit (Bloomfield Hills), Michigan
  Coventry II     10.0 %     882,197       335.6     2008-2009   Lifestyle Center
Dallas (Allen), Texas
  Coventry II     10.0 %     521,413       167.6     2008   Lifestyle Center
Manaus, Brazil
  Sonae Sierra     47.2 %     477,630       95.7     2009   Enclosed Mall
 
                               
 
                2,161,756     $ 669.9          
 
                               
The Company’s joint venture with Sonae Sierra anticipates commencing construction on a 350,000 square foot enclosed mall in Uberlandia, Brazil, with an estimated gross cost of $69.9 million.
Redevelopments and Expansions (Wholly-Owned and Consolidated Joint Ventures):
The Company is currently expanding/redeveloping the following shopping centers at a projected aggregate gross cost of approximately $93.9 million. At June 30, 2007, approximately $20.1 million of costs had been incurred in relation to these projects.
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions
Currently in Progress
     
Property   Description
Gadsden, Alabama
  Redevelop 64,400 sf retail building
Crystal River, Florida
  Construct 24,000 sf of retail shops
Miami (Plantation), Florida
  Redevelop shopping center to include Kohl’s and additional junior anchors
Tallahassee, Florida
  Redevelop former Lowe’s Home Improvement space
Ottumwa, Iowa
  Redevelop former Wal-Mart space
Chesterfield, Michigan
  Construct 25,400 sf of small shop space and retail space
Gaylord, Michigan
  Redevelop former Wal-Mart space
Hamilton, New Jersey
  Construct 22,500 sf of junior anchor space and retail shops
Olean, New York
  Wal-Mart expansion and tenant relocation
Akron (Stow), Ohio
  Redevelop former K-Mart space and develop new outparcels
Milwaukee (Brookfield),
   
Wisconsin
  Construct 15,000 sf multi-tenant outparcel building

 


 

The Company anticipates commencing construction on the following redevelopment and expansion projects in the next year:
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions
to Commence Construction in 2007
     
Property   Description
Louisville, Kentucky
  Construct 6,000 sf multi-tenant outparcel building for retail shops
Gulfport, Mississippi
  Construct bank pad, retail shops and restaurants on 4.4 acre outparcel
Dayton (Huber Heights), Ohio
  Construct 45,000 sf junior anchor
Buffalo (Amherst), New York
  Construct 5,300 sf multi-tenant outparcel building for retail shops
Fayetteville, North Carolina
  Reconfigure 18,000 sf of in-line space; construct multi-tenant outparcel building
Allentown, Pennsylvania
  Construct 20,000 sf multi-tenant outparcel building for retail shops
Hatillo, PR
  Construct 21,000 sf of junior anchor space
San Juan (Bayamon), PR
(Plaza Del Sol)
  Construct 144,000 sf of junior anchor space and retail shops
San Juan, PR
  Redemise shop space and construct a food court
Dallas (McKinney), Texas
  Construct 87,757 sf of retail shops and outparcels
Redevelopments and Expansions (Joint Ventures):
The Company’s joint ventures are currently expanding/redeveloping the following shopping centers at a projected gross cost of $567.6 million, which includes the initial acquisition costs for the Coventry II redevelopment projects. At June 30, 2007, approximately $448.5 million of costs had been incurred in relation to these projects.
Joint Venture Redevelopment and Expansion Projects
Currently in Progress
                 
        DDR’s    
        Effective    
    Joint Venture   Ownership    
Property   Partner   Percentage   Description
Phoenix, Arizona
  Coventry II     20.0 %   Large-scale redevelopment of enclosed mall to open-air format
Buena Park, California
  Coventry II     20.0 %   Large-Scale redevelopment of enclosed mall to open-air format
Los Angeles (Lancaster),
California
  Prudential Real
Estate Investors
    20.0 %   Relocate Wal-Mart and redevelop former Wal-Mart space
Benton Harbor,
Michigan
  Coventry II     20.0 %   Construct 89,000 sf of anchor space and retail shops
Kansas City, Missouri
Cincinnati, Ohio
  Coventry II
Coventry II/Thor
Equities
    20.0
18.0
%
%
  Relocate retail shops and retenant former retail shop space Redevelop former JC Penney space
Cleveland (Macedonia),
Ohio
  Ohio State
Teachers Retirement
    50.0 %   Retenant former retail shop
space

 


 

     The Company’s joint ventures anticipate commencing expansion/redevelopment projects at the following shopping centers:
Joint Venture Redevelopment and Expansion Projects
to Commence Construction in 2007
                 
        DDR’s    
        Effective    
    Joint Venture   Ownership    
Property   Partner   Percentage   Description
Chicago (Deer
Park), Illinois
  Prudential Real
Estate Investors
    25.75 %   Retenant former retail shop space with junior anchor and construct 13,500 sf multi-tenant outparcel building
 
               
Seattle (Kirkland),
Washington
  Coventry II     20.00 %   Large-scale redevelopment of shopping center
 
               
Sao Paulo (Sao
Bernado de Campo),
Brazil
  Sonae Sierra     47.20 %   Expansion and renovation of the existing mall to accommodate theater tenant and redesign of the food court
Financings:
In April 2007, the Company redeemed all outstanding shares of its 8.6% Class F Cumulative Redeemable Preferred Shares, aggregating $150 million, at a redemption price of $25.10750 per Class F Preferred Share (the sum of $25.00 per share and a dividend per share of $0.10750 prorated to the redemption date). The Company recorded a non-cash charge to net income available to common shareholders of approximately $5.4 million in the second quarter of 2007 relating to original issuance costs.
During the second quarter of 2007, the Company received net cash proceeds of approximately $1.6 billion relating to the sale of assets to joint ventures and third parties. These proceeds were used to repay the balance outstanding on the Inland bridge financing of $550 million, redemption of $484 million, net, of preferred operating partnership units and the balance of $0.6 billion was used to repay revolving credit facility borrowings.
Developers Diversified currently owns and manages over 735 retail operating and development properties in 45 states, plus Puerto Rico and Brazil, totaling 155.5 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 Web site which is located at http://www.ddr.com.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 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, 2006.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Revenues:
                               
Minimum rents (A)
  $ 177,342     $ 132,972     $ 328,626     $ 264,441  
Percentage and overage rents (A)
    1,593       1,600       3,607       3,663  
Recoveries from tenants
    56,461       42,145       102,587       82,035  
Ancillary and other property income
    4,290       4,464       8,995       8,743  
Management, development and other fee income
    11,996       6,596       21,078       12,955  
Other (B)
    3,746       1,250       11,455       8,208  
 
                       
 
    255,428       189,027       476,348       380,045  
 
                       
Expenses:
                               
Operating and maintenance
    35,092       27,259       62,720       51,695  
Real estate taxes
    30,771       21,694       56,952       43,458  
General and administrative (C)
    19,161       15,422       40,678       30,832  
Depreciation and amortization
    54,772       45,217       107,225       89,563  
 
                       
 
    139,796       109,592       267,575       215,548  
 
                       
Other income (expense):
                               
Interest income
    2,500       2,849       6,182       5,955  
Interest expense
    (74,462 )     (52,812 )     (135,452 )     (103,790 )
Other (expense) income (D)
    (225 )     1,167       (450 )     667  
 
                       
 
    (72,187 )     (48,796 )     (129,720 )     (97,168 )
 
                       
Income before equity in net income of joint ventures, minority equity interests, income tax benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate
    43,445       30,639       79,053       67,329  
Equity in net income of joint ventures (E)
    21,602       4,619       27,883       10,088  
Minority equity interests (F)
    (7,876 )     (1,947 )     (13,715 )     (4,221 )
Income tax benefit of taxable REIT subsidiaries and franchise taxes (G)
    709       2,793       15,770       2,360  
 
                       
Income from continuing operations
    57,880       36,104       108,991       75,556  
Income from discontinued operations (H)
    15,545       2,694       20,960       5,744  
 
                       
Income before gain on disposition of real estate
    73,425       38,798       129,951       81,300  
Gain on disposition of real estate, net of tax
    54,012       39,937       60,022       47,162  
 
                       
Net income
  $ 127,437     $ 78,735     $ 189,973     $ 128,462  
 
                       
Net income, applicable to common shareholders
  $ 111,429     $ 64,943     $ 160,173     $ 100,878  
 
                       
Funds From Operations (“FFO”):
                               
Net income applicable to common shareholders
  $ 111,429     $ 64,943     $ 160,173     $ 100,878  
Depreciation and amortization of real estate investments
    54,136       45,804       106,584       90,836  
Equity in net income of joint ventures (E)
    (21,602 )     (4,619 )     (27,883 )     (10,088 )
Joint ventures’ FFO (E)
    31,313       9,342       44,872       19,281  
Minority equity interests (OP Units) (F)
    569       534       1,138       1,068  
Gain on disposition of depreciable real estate, net of tax
    (16,587 )     (6,220 )     (19,443 )     (5,999 )
 
                       
FFO available to common shareholders
    159,258       109,784       265,441       195,976  
Preferred dividends
    16,008       13,792       29,800       27,584  
 
                       
FFO
  $ 175,266     $ 123,576     $ 295,241     $ 223,560  
 
                       
Per share data:
                               
Earnings per common share
                               
Basic
  $ 0.90     $ 0.59     $ 1.34     $ 0.92  
 
                       
Diluted
  $ 0.89     $ 0.59     $ 1.33     $ 0.92  
 
                       
Dividends Declared
  $ 0.66     $ 0.59     $ 1.32     $ 1.18  
 
                       
Funds From Operations — Basic (I)
  $ 1.27     $ 0.99     $ 2.19     $ 1.77  
 
                       
Funds From Operations — Diluted (I)
  $ 1.26     $ 0.99     $ 2.18     $ 1.76  
 
                       
Basic — average shares outstanding (I)
    124,455       109,393       119,681       109,127  
 
                       
Diluted — average shares outstanding (I)
    125,926       110,866       121,317       109,735  
 
                       

 


 

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

 
(A)   Increases in base and percentage rental revenues for the six-month period ended June 30, 2007, as compared to 2006, aggregated $65.3 million consisting of $4.6 million related to leasing of core portfolio properties (an increase of 1.9% from 2006), $60.4 million from the merger with IRRETI, $1.9 million from the acquisition of assets, $2.9 million related to developments and redevelopments and $0.6 million from an increase in occupancy at the business centers. These amounts were offset by a decrease of $5.1 million due to the disposition of properties in 2006 and 2007. Included in the rental revenues for the six-month periods ended June 30, 2007 and 2006, is approximately $6.5 million and $7.8 million, respectively, of revenue resulting from the recognition of straight-line rents.
 
(B)   Other income for the three and six-month periods ended June 30, 2007 and 2006 was comprised of the following (in millions):
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Acquisition fees
  $     $     $ 6.3     $  
Lease termination fees
    2.2       0.7       3.5       7.5  
Financings fees
    1.4       0.4       1.4       0.4  
Other miscellaneous
    0.1       0.2       0.3       0.3  
 
                       
 
  $ 3.7     $ 1.3     $ 11.5     $ 8.2  
 
                       
 
(C)   General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the six-month periods ended June 30, 2007 and 2006, general and administrative expenses were approximately 4.8% and 5.0%, respectively, of total revenues, including joint venture revenues, respectively. For the six-months ended June 30, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with David M. Jacobstein’s departure as President of the Company. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the six-months ended June 30, 2007. In addition, the Company incurred certain one time integration costs in connection with the IRRETI acquisition that have aggregated approximately $1.7 million for the six-month period ended June 30, 2007.
 
(D)   Other income/expense primarily relates to abandoned acquisition and development project costs. In 2006, the Company received proceeds of approximately $1.3 million from a litigation settlement.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(E)   The following is a summary of the combined operating results of the Company’s joint ventures:
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Revenues from operations (a)
  $ 201,986     $ 103,545     $ 347,143     $ 204,705  
 
                       
Operating expense
    65,359       34,040       113,925       66,649  
Depreciation and amortization of real estate investments
    49,210       20,236       79,653       39,848  
Interest expense
    66,505       30,124       112,137       58,499  
 
                       
 
    181,074       84,400       305,715       164,996  
 
                       
Income from operations before tax expense, gain on disposition of real estate and discontinued operations
    20,912       19,145       41,428       39,709  
Income tax expense
    (2,297 )           (4,545 )      
Gain on disposition of real estate
    93,089       6       93,089       42  
(Loss) income from discontinued operations, net of tax
    (149 )     (164 )     (178 )     221  
Gain (loss) on disposition of discontinued operations, net of tax
    1,080       (1,762 )     738       (1,550 )
 
                       
Net income
  $ 112,635     $ 17,225     $ 130,532     $ 38,422  
 
                       
DDR Ownership interests (b)
  $ 21,747     $ 4,462     $ 28,257     $ 9,777  
 
                       
 
                               
FFO from joint ventures are summarized as follows:
                               
Net income
  $ 112,635     $ 17,225     $ 130,532     $ 38,422  
(Gain) loss on disposition of real estate, including discontinued operations
    (91,441 )     11       (91,441 )     (19 )
Depreciation and amortization of real estate investments
    49,215       20,586       79,837       40,612  
 
                       
 
  $ 70,409     $ 37,822     $ 118,928     $ 79,015  
 
                       
DDR Ownership interests (b)
  $ 31,313     $ 9,342     $ 44,872     $ 19,281  
 
                       
DDR Partnership distributions received, net (c)
  $ 55,476     $ 11,656     $ 65,694     $ 19,680  
 
                       
 
(a)   Revenues for the three-month periods ended June 30, 2007 and 2006 included approximately $2.1 million and $1.1 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share is $0.3 million and $0.2 million, respectively. Revenues for the six-month periods ended June 30, 2007 and 2006 included approximately $3.7 million and $2.5 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share is $0.5 million for each period.
 
(b)   The Company’s share of joint venture net income was decreased by $0.1 million and increased by $0.1 million for the three-month periods ended June 30, 2007 and 2006, respectively. The Company’s share of joint venture net income was decreased by $0.4 million and increased by $0.2 million for the six-month periods ended June 30, 2007 and 2006, respectively. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions. During the three month period ended June 30, 2007, the Company received $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint Venture which is included in the Company’s proportionate share of net income and FFO.
 
    At June 30, 2007 and 2006, the Company owned joint venture interests, excluding consolidated joint ventures, in 269 and 111 shopping center properties, respectively. In addition, at June 30, 2007, the Company owned 46 shopping center sites formerly owned by Service Merchandise through its 20% owned joint venture with Coventry II. At June 30, 2006, 52 of these Service Merchandise sites were formerly owned through an approximate 25% owned joint venture.
 
(c)   Distributions may include funds received from asset sales and refinancings in addition to ongoing operating distributions.

 


 

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

 
(F)   Minority equity interests are comprised of the following:
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Minority interests
  $ 1,399     $ 1,413     $ 2,887     $ 3,153  
Operating partnership units
    569       534       1,138       1,068  
Preferred operating partnership units
    5,908             9,690        
 
                       
 
  $ 7,876     $ 1,947     $ 13,715     $ 4,221  
 
                       
 
    The preferred operating partnership units were redeemed in June 2007.
 
(G)   During the first quarter of 2007, the Company released to income approximately $15.0 million of previously established valuation allowances against certain deferred tax assets as management had determined, due to several factors, that it is more likely than not that the deferred tax asset will be realized. The release was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to its merchant building program.
 
(H)   The operating results relating to assets classified as discontinued operations are summarized as follows:
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Revenues
  $ 12,585     $ 11,095     $ 22,625     $ 22,603  
 
                       
 
                               
Expenses:
                               
Operating
    2,925       2,646       5,525       5,500  
Interest, net
    2,773       3,003       5,474       6,010  
Depreciation
    2,157       2,752       4,300       5,349  
 
                       
Total expenses
    7,855       8,401       15,299       16,859  
 
                       
Income before gain on disposition of real estate
    4,730       2,694       7,326       5,744  
Gain on disposition of real estate
    10,815             13,634        
 
                       
Net income
  $ 15,545     $ 2,694     $ 20,960     $ 5,744  
 
                       
 
(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 of Operating Partnership Units (OP Units) outstanding at June 30, 2007 and 2006, into 0.9 million common shares of the Company for both of the three-month periods ended June 30, 2007 and 2006, and 0.9 and 1.2 million for the six-month periods ended June 30, 2007 and 2006, respectively, on the weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 126.4 million and 111.1 million for the three-month periods ended June 30, 2007 and 2006, respectively, and 121.6 and 111.2 million for the six-month periods ended June 30, 2007 and 2006, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data:
                 
    June 30, 2007  (A)   December 31, 2006  (A)
Assets:
               
Real estate and rental property:
               
Land
  $ 2,118,350     $ 1,768,702  
Buildings
    5,955,489       5,023,665  
Fixtures and tenant improvements
    226,201       196,275  
Construction in progress
    508,341       453,493  
 
           
 
    8,808,381       7,442,135  
Less accumulated depreciation
    (925,976 )     (861,266 )
 
           
Real estate, net
    7,882,405       6,580,869  
 
               
Cash
    46,019       28,378  
Investments in and advances to joint ventures
    636,731       291,685  
Notes receivable
    17,328       18,161  
Receivables, including straight-line rent, net
    186,494       152,161  
Assets held for sale
          5,324  
Other assets, net
    179,567       103,175  
 
           
 
  $ 8,948,544     $ 7,179,753  
 
           
 
               
Liabilities:
               
Indebtedness:
               
Revolving credit facilities
  $ 380,000     $ 297,500  
Unsecured debt
    2,718,788       2,218,020  
Mortgage and other secured debt
    2,020,248       1,733,292  
 
           
 
    5,119,036       4,248,812  
Dividends payable
    89,451       71,269  
Other liabilities
    259,553       241,556  
 
           
 
    5,468,040       4,561,637  
Minority interests
    116,076       121,933  
Shareholders’ equity
    3,364,428       2,496,183  
 
           
 
  $ 8,948,544     $ 7,179,753  
 
           
 
(A)   Amounts include the consolidation of Mervyns, a 50% owned joint venture, which includes $405.8 million of real estate assets at June 30, 2007 and December 31, 2006, $258.5 million of mortgage debt at June 30, 2007 and December 31, 2006, and $76.1 million and $77.6 million of minority interest at June 30, 2007 and December 31, 2006, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company’s joint ventures are as follows:
                 
    June 30, 2007     December 31, 2006  
 
               
Land
  $ 2,276,869     $ 933,916  
Buildings
    6,158,253       2,788,863  
Fixtures and tenant improvements
    109,283       59,166  
Construction in progress
    222,017       157,762  
 
           
 
    8,766,422       3,939,707  
Accumulated depreciation
    (311,610 )     (247,012 )
 
           
Real estate, net
    8,454,812       3,692,695  
Receivables, including straight-line rent, net
    92,014       75,024  
Leasehold interests
    14,831       15,195  
Other assets
    365,453       132,984  
 
           
 
  $ 8,927,110     $ 3,915,898  
 
           
 
               
Mortgage debt (a)
  $ 5,463,316     $ 2,495,080  
Notes and accrued interest payable to DDR
    7,059       4,960  
Other liabilities
    163,579       94,648  
 
           
 
    5,633,954       2,594,688  
Accumulated equity
    3,293,156       1,321,210  
 
           
 
  $ 8,927,110     $ 3,915,898  
 
           
 
(a)   The Company’s proportionate share of joint venture debt aggregated approximately $1,021.1 million and $525.6 million at June 30, 2007 and December 31, 2006, respectively.

 

EX-99.2 3 l27073aexv99w2.htm EX-99.2 EX-99.2
 

Exhibit 99.2
(DEVELOPERS DIVERSIFIED REALTY LOGO)
Quarterly Financial Supplement
For the six-months ended
June 30, 2007
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 six-months ended June 30, 2007
     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, 2006.

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
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  
• Other Real Estate Information
    2.5  
• Reconciliation of Non-GAAP Financial Measures
    2.6  
 
       
Joint Venture Financial Summary
    3.0  
 
       
Investment Summary
    4.0  
• Capital Transactions
    4.1  
• Acquisitions
    4.2  
• Dispositions
    4.3  
• Development Projects
    4.4  
• Development Delivery Schedule
    4.5  
• Development Funding Schedule
    4.5  
• Expansion and Redevelopment Projects
    4.6  
 
       
Portfolio Summary
    5.0  
 
       
Debt Summary
    6.0  
• Consolidated Debt
    6.1  
• Joint Venture Debt
    6.2  
• Consolidated and Joint Venture Debt Payments and Maturities
    6.3  
 
       
Investor Contact Information
    7.0  
Appendix (available online at www.ddr.com under Investor Relations)
    Property List
 
    Joint Venture Partnership Summaries

 


 

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 27.3%
IN DILUTED FFO PER SHARE FOR THE QUARTER ENDED JUNE 30, 2007
CLEVELAND, OHIO, July 24, 2007 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant community centers, today reported operating results for the second quarter ended June 30, 2007.
    Funds From Operations (“FFO”) per diluted share increased 27.3% to $1.26 and net income per diluted share increased 50.8% to $0.89 for the three-months ended June 30, 2007, as compared to the prior year.
 
    Executed leases during the second quarter totaled approximately 1.9 million square feet, including 140 new leases and 264 renewals.
 
    On a cash basis, base rental rates increased 30.3% on new leases, 7.4% on renewals and 11.3% overall.
 
    Core portfolio leased percentage at June 30, 2007 was 95.9%.
 
    Same store net operating income (“NOI”) for the six-month period increased 2.2% over the prior-year comparable period.
Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “We’re pleased to announce this quarter’s results, which reflect the consistent performance of our core portfolio and the successful execution of several strategic transactions. Now, five months after closing the IRRETI acquisition, we have completed all of the major objectives we previously announced to the market, which, in turn, have accomplished our primary goal: to complete a large, accretive transaction in a manner that improves portfolio quality and overall leverage ratios.”
Financial Results:
For the three-months ended June 30, 2007, FFO, a widely accepted measure of a Real Estate Investment Trust (“REIT”) performance, on a per share basis was $1.26 (diluted) and $1.27 (basic) as compared to $0.99 (basic and diluted) for the same period in the previous year. FFO available to common shareholders was $159.3 million, as compared to $109.8 million for the three-months ended June 30, 2007 and 2006, respectively, an increase of 45.1%. Net income available to common shareholders was $111.4 million or $0.89 per share (diluted) and $0.90 per share (basic) for the three-months ended June 30, 2007, as compared to $64.9 million, or $0.59 per share (diluted and basic) for the prior-year comparable period. The increase in net income and FFO for the three-months ended June 30, 2007, is primarily related to an increase in the gain on sale of assets including those recognized through the Company’s merchant build program, promoted income of approximately $13.6 million earned from one of the Company’s joint ventures in the second quarter and a full quarter of operating results from the merger with Inland Retail Real Estate Trust, Inc. (“IRRETI”).

 


 

For the six-months ended June 30, 2007, FFO, on a per share basis was $2.18 (diluted) and $2.19 (basic) as compared to $1.76 (diluted) and $1.77 (basic) for the same period in the previous year, an increase of 23.9% on a diluted basis. FFO available to common shareholders was $265.4 million, as compared to $196.0 million for the six-months ended June 30, 2007 and 2006, respectively, an increase of 35.4%. Net income available to common shareholders was $160.2 million or $1.33 per share (diluted) and $1.34 per share (basic) for the six-months ended June 30, 2007, as compared to $100.9 million, or $0.92 per share (diluted and basic) for the prior-year comparable period. The increase in net income for the six-months ended June 30, 2007, is primarily related to the merger with IRRETI, the release of certain valuation reserves and an increase in the gain on sale of assets including those recognized through the Company’s merchant build program and promoted income of approximately $13.6 million earned from one of the Company’s joint ventures in the second quarter of 2007.
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 disposition 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:
The following results from the second quarter ended June 30, 2007, highlight continued strong leasing activity throughout the portfolio:
    Executed 140 new leases aggregating 713,318 square feet and 264 renewals aggregating 1,172,733 square feet.
 
    On a cash basis, rental rates on new leases increased 30.3% and rental rates on renewals increased 7.4%. Overall, rental rates for new leases and renewals increased 11.3%.
 
    Total portfolio average annualized base rent per occupied square foot as of June 30, 2007 was $12.46, as compared to $11.62 at June 30, 2006.
 
    Portfolio leased rate was 96.0% as of June 30, 2007 as compared to 96.2% at June 30, 2006.
The Company currently estimates its total annual recurring capital expenditures, including tenant improvements and tenant allowances, to be approximately $24.0 million ($0.21 psf of owned GLA) in 2007. This figure includes aggregate expenditures anticipated at properties held in joint ventures.

 


 

Strategic Real Estate Transactions:
DDR Domestic Retail Fund I
In the second quarter of 2007, the Company formed DDR Domestic Retail Fund I (“the Fund”), a sponsored, fully-seeded commingled fund. The Fund acquired 63 shopping center assets aggregating 8.3 million square feet (“the Portfolio”) from the Company and a joint venture for approximately $1.5 billion. The Portfolio is comprised of 54 assets recently acquired by the Company through its acquisition of IRRETI, seven assets formerly held in a joint venture with Kuwait Financial Centre (“KFC I”), and two assets from the Company’s wholly-owned portfolio. The Company recognized a non-FFO gain of approximately $9.6 million, net of its 20% retained interest, from the sale of the two wholly-owned assets. The KFC I joint venture recorded a gain of approximately $90.2 million. The Company’s proportionate share of approximately $18.0 million of the joint venture gain was deferred as the Company retained an effective 20% ownership interest in these assets. The Company remains responsible for all day-to-day operations of the properties and receives fees for asset management and property management, leasing, construction management and ancillary income in addition to a promoted interest. Due to the sale of the assets from the KFC I joint venture, the Company recognized a promote of approximately $13.6 million, which is included in the Company’s second quarter 2007 net income and FFO.
Dividend Capital Total Realty Trust Joint Venture
In the second quarter of 2007, the Company formed a $161.5 million joint venture with Dividend Capital Total Realty Trust. The Company contributed three recently developed assets aggregating 0.7 million of Company-owned square feet to the joint venture. The Company recorded an after-tax merchant build gain, net of its 10% retained interest, of approximately $45.6 million, which is included in the Company’s second quarter FFO. The Company retained an effective 10% ownership and receives asset management and property management fees, plus fees on leasing and ancillary income. In addition, the Company will receive a promoted interest above a 9.5% leveraged threshold return.
Dispositions:
In addition to the sale of assets to the two joint ventures discussed above, the Company sold 52 shopping center properties, aggregating 5.4 million square feet for approximately $448.7 million and recognized a non-FFO gain of approximately $10.8 million in the second quarter of 2007. An additional 11 assets associated with this transaction are expected to sell in the third quarter of 2007 for approximately $154.3 million.
Common Share Repurchase Program:
During the second quarter of 2007, the Company’s Board of Directors authorized a common share repurchase program. Under the terms of the program, the Company may purchase up to a maximum value of $500 million of its common shares during the next two years.

 


 

Development (Wholly-Owned and Consolidated Joint Ventures):
The Company currently has the following shopping center projects under construction.
Wholly-Owned and Consolidated Joint Venture Developments
Currently in Progress
                         
                    Substantial    
    Total     Gross Cost     Completion    
Property   GLA     ($Millions)     Date   Description
Ukiah (Mendocino), California
    669,406     $ 113.5     2009   Community Center
Miami, Florida
    644,999       155.7     2006-2009   Mixed Use
Tampa (Brandon), Florida
    370,700       70.7     2008   Community Center
Douglasville, Georgia
    124,200       22.4     2008   Community Center
Nampa, Idaho
    829,975       147.0     2007-2008   Community Center
Chicago (McHenry), Illinois
    454,378       73.3     2007   Community Center
Boston, Massachusetts (Seabrook, New Hampshire)
    461,825       74.5     2009   Community Center
Elmira (Horseheads), New York
    668,619       77.1     2007-2008   Community Center
Raleigh (Apex), North Carolina (Promenade)
    87,780       20.2     2008   Community Center
Raleigh (Apex), North Carolina Beaver Creek Crossing, (Phase II)
    283,217       52.3     2009   Community Center
San Antonio (Stone Oak), Texas
    665,229       93.4     2007   Hybrid Center
 
                   
Total
    5,260,328     $ 900.1          
 
                   
The Company anticipates commencing construction in 2007 on the following additional shopping centers:
Wholly-Owned and Consolidated Joint Venture Developments
to Commence Construction in 2007
                         
                    Substantial    
    Total     Gross Cost     Completion    
Property   GLA_     ($Millions)     Date   Description
Homestead, Florida
    398,759     $ 95.2     2008   Community Center
Tampa (Wesley Chapel), Florida
    95,408       17.4     2008   Community Center
Atlanta (Union City), Georgia
    200,000       47.5     2008   Community Center
Gulfport, Mississippi
    703,379       91.2     2008   Hybrid Center
Isabela, Puerto Rico
    290,085       57.1     2009   Community Center
Austin (Kyle), Texas
    778,415       97.2     2009   Community Center
 
                   
Total
    2,466,046     $ 405.6          
 
                   
At June 30, 2007, $525.5 million of costs were incurred in relation to the Company’s eleven development projects under construction and the six that will commence construction in 2007.
In addition to these developments, the Company has identified several additional development opportunities reflecting an aggregate estimated cost of over $1 billion. While there are no assurances any of these projects will move forward, they provide a source of potential development projects over the next several years. As of June 30, 2007, the projected unleveraged GAAP return, on the Company’s aggregate development and redevelopment pipeline is approximately 10%.

 


 

Development (Joint Ventures):
The Company’s joint ventures have the following shopping center projects under construction. At June 30, 2007, $159.5 million of costs had been incurred in relation to these development projects.
Joint Venture Developments
Currently in Progress
                                     
        DDR's                        
    Joint   Effective             Gross     Substantial    
    Venture   Ownership     Total     Cost     Completion    
Property   Partner   Percentage     GLA     ($Millions)     Date   Description
Kansas City (Merriam), Kansas
  Coventry II     20.0 %     280,516     $ 71.0     2008   Community Center
Detroit (Bloomfield Hills), Michigan
  Coventry II     10.0 %     882,197       335.6     2008-2009   Lifestyle Center
Dallas (Allen), Texas
  Coventry II     10.0 %     521,413       167.6     2008   Lifestyle Center
Manaus, Brazil
  Sonae Sierra     47.2 %     477,630       95.7     2009   Enclosed Mall
 
                               
 
                2,161,756     $ 669.9          
 
                               
The Company’s joint venture with Sonae Sierra anticipates commencing construction on a 350,000 square foot enclosed mall in Uberlandia, Brazil, with an estimated gross cost of $69.9 million.
Redevelopments and Expansions (Wholly-Owned and Consolidated Joint Ventures):
The Company is currently expanding/redeveloping the following shopping centers at a projected aggregate gross cost of approximately $93.9 million. At June 30, 2007, approximately $20.1 million of costs had been incurred in relation to these projects.
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions
Currently in Progress
     
Property   Description
Gadsden, Alabama
  Redevelop 64,400 sf retail building
Crystal River, Florida
  Construct 24,000 sf of retail shops
Miami (Plantation), Florida
  Redevelop shopping center to include Kohl’s and additional junior anchors
Tallahassee, Florida
  Redevelop former Lowe’s Home Improvement space
Ottumwa, Iowa
  Redevelop former Wal-Mart space
Chesterfield, Michigan
  Construct 25,400 sf of small shop space and retail space
Gaylord, Michigan
  Redevelop former Wal-Mart space
Hamilton, New Jersey
  Construct 22,500 sf of junior anchor space and retail shops
Olean, New York
  Wal-Mart expansion and tenant relocation
Akron (Stow), Ohio
  Redevelop former K-Mart space and develop new outparcels
Milwaukee (Brookfield),
   
Wisconsin
  Construct 15,000 sf multi-tenant outparcel building

 


 

The Company anticipates commencing construction on the following redevelopment and expansion projects in the next year:
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions
to Commence Construction in 2007
     
Property   Description
Louisville, Kentucky
  Construct 6,000 sf multi-tenant outparcel building for retail shops
Gulfport, Mississippi
  Construct bank pad, retail shops and restaurants on 4.4 acre outparcel
Dayton (Huber Heights), Ohio
  Construct 45,000 sf junior anchor
Buffalo (Amherst), New York
  Construct 5,300 sf multi-tenant outparcel building for retail shops
Fayetteville, North Carolina
  Reconfigure 18,000 sf of in-line space; construct multi-tenant outparcel building
Allentown, Pennsylvania
  Construct 20,000 sf multi-tenant outparcel building for retail shops
Hatillo, PR
  Construct 21,000 sf of junior anchor space
San Juan (Bayamon), PR
(Plaza Del Sol)
  Construct 144,000 sf of junior anchor space and retail shops
San Juan, PR
  Redemise shop space and construct a food court
Dallas (McKinney), Texas
  Construct 87,757 sf of retail shops and outparcels
Redevelopments and Expansions (Joint Ventures):
The Company’s joint ventures are currently expanding/redeveloping the following shopping centers at a projected gross cost of $567.6 million, which includes the initial acquisition costs for the Coventry II redevelopment projects. At June 30, 2007, approximately $448.5 million of costs had been incurred in relation to these projects.
Joint Venture Redevelopment and Expansion Projects
Currently in Progress
                 
        DDR’s    
        Effective    
    Joint Venture   Ownership    
Property   Partner   Percentage   Description
Phoenix, Arizona
  Coventry II     20.0 %   Large-scale redevelopment of enclosed mall to open-air format
Buena Park, California
  Coventry II     20.0 %   Large-Scale redevelopment of enclosed mall to open-air format
Los Angeles (Lancaster),
California
  Prudential Real
Estate Investors
    20.0 %   Relocate Wal-Mart and redevelop former Wal-Mart space
Benton Harbor,
Michigan
  Coventry II     20.0 %   Construct 89,000 sf of anchor space and retail shops
Kansas City, Missouri
Cincinnati, Ohio
  Coventry II
Coventry II/Thor
Equities
    20.0
18.0
%
%
  Relocate retail shops and retenant former retail shop space Redevelop former JC Penney space
Cleveland (Macedonia),
Ohio
  Ohio State
Teachers Retirement
    50.0 %   Retenant former retail shop
space

 


 

     The Company’s joint ventures anticipate commencing expansion/redevelopment projects at the following shopping centers:
Joint Venture Redevelopment and Expansion Projects
to Commence Construction in 2007
                 
        DDR’s    
        Effective    
    Joint Venture   Ownership    
Property   Partner   Percentage   Description
Chicago (Deer
Park), Illinois
  Prudential Real
Estate Investors
    25.75 %   Retenant former retail shop space with junior anchor and construct 13,500 sf multi-tenant outparcel building
 
               
Seattle (Kirkland),
Washington
  Coventry II     20.00 %   Large-scale redevelopment of shopping center
 
               
Sao Paulo (Sao
Bernado de Campo),
Brazil
  Sonae Sierra     47.20 %   Expansion and renovation of the existing mall to accommodate theater tenant and redesign of the food court
Financings:
In April 2007, the Company redeemed all outstanding shares of its 8.6% Class F Cumulative Redeemable Preferred Shares, aggregating $150 million, at a redemption price of $25.10750 per Class F Preferred Share (the sum of $25.00 per share and a dividend per share of $0.10750 prorated to the redemption date). The Company recorded a non-cash charge to net income available to common shareholders of approximately $5.4 million in the second quarter of 2007 relating to original issuance costs.
During the second quarter of 2007, the Company received net cash proceeds of approximately $1.6 billion relating to the sale of assets to joint ventures and third parties. These proceeds were used to repay the balance outstanding on the Inland bridge financing of $550 million, redemption of $484 million, net, of preferred operating partnership units and the balance of $0.6 billion was used to repay revolving credit facility borrowings.
Developers Diversified currently owns and manages over 735 retail operating and development properties in 45 states, plus Puerto Rico and Brazil, totaling 155.5 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 Web site which is located at http://www.ddr.com.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 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, 2006.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Revenues:
                               
Minimum rents (A)
  $ 177,342     $ 132,972     $ 328,626     $ 264,441  
Percentage and overage rents (A)
    1,593       1,600       3,607       3,663  
Recoveries from tenants
    56,461       42,145       102,587       82,035  
Ancillary and other property income
    4,290       4,464       8,995       8,743  
Management, development and other fee income
    11,996       6,596       21,078       12,955  
Other (B)
    3,746       1,250       11,455       8,208  
 
                       
 
    255,428       189,027       476,348       380,045  
 
                       
Expenses:
                               
Operating and maintenance
    35,092       27,259       62,720       51,695  
Real estate taxes
    30,771       21,694       56,952       43,458  
General and administrative (C)
    19,161       15,422       40,678       30,832  
Depreciation and amortization
    54,772       45,217       107,225       89,563  
 
                       
 
    139,796       109,592       267,575       215,548  
 
                       
Other income (expense):
                               
Interest income
    2,500       2,849       6,182       5,955  
Interest expense
    (74,462 )     (52,812 )     (135,452 )     (103,790 )
Other (expense) income (D)
    (225 )     1,167       (450 )     667  
 
                       
 
    (72,187 )     (48,796 )     (129,720 )     (97,168 )
 
                       
Income before equity in net income of joint ventures, minority equity interests, income tax benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate
    43,445       30,639       79,053       67,329  
Equity in net income of joint ventures (E)
    21,602       4,619       27,883       10,088  
Minority equity interests (F)
    (7,876 )     (1,947 )     (13,715 )     (4,221 )
Income tax benefit of taxable REIT subsidiaries and franchise taxes (G)
    709       2,793       15,770       2,360  
 
                       
Income from continuing operations
    57,880       36,104       108,991       75,556  
Income from discontinued operations (H)
    15,545       2,694       20,960       5,744  
 
                       
Income before gain on disposition of real estate
    73,425       38,798       129,951       81,300  
Gain on disposition of real estate, net of tax
    54,012       39,937       60,022       47,162  
 
                       
Net income
  $ 127,437     $ 78,735     $ 189,973     $ 128,462  
 
                       
Net income, applicable to common shareholders
  $ 111,429     $ 64,943     $ 160,173     $ 100,878  
 
                       
Funds From Operations (“FFO”):
                               
Net income applicable to common shareholders
  $ 111,429     $ 64,943     $ 160,173     $ 100,878  
Depreciation and amortization of real estate investments
    54,136       45,804       106,584       90,836  
Equity in net income of joint ventures (E)
    (21,602 )     (4,619 )     (27,883 )     (10,088 )
Joint ventures’ FFO (E)
    31,313       9,342       44,872       19,281  
Minority equity interests (OP Units) (F)
    569       534       1,138       1,068  
Gain on disposition of depreciable real estate, net of tax
    (16,587 )     (6,220 )     (19,443 )     (5,999 )
 
                       
FFO available to common shareholders
    159,258       109,784       265,441       195,976  
Preferred dividends
    16,008       13,792       29,800       27,584  
 
                       
FFO
  $ 175,266     $ 123,576     $ 295,241     $ 223,560  
 
                       
Per share data:
                               
Earnings per common share
                               
Basic
  $ 0.90     $ 0.59     $ 1.34     $ 0.92  
 
                       
Diluted
  $ 0.89     $ 0.59     $ 1.33     $ 0.92  
 
                       
Dividends Declared
  $ 0.66     $ 0.59     $ 1.32     $ 1.18  
 
                       
Funds From Operations — Basic (I)
  $ 1.27     $ 0.99     $ 2.19     $ 1.77  
 
                       
Funds From Operations — Diluted (I)
  $ 1.26     $ 0.99     $ 2.18     $ 1.76  
 
                       
Basic — average shares outstanding (I)
    124,455       109,393       119,681       109,127  
 
                       
Diluted — average shares outstanding (I)
    125,926       110,866       121,317       109,735  
 
                       

 


 

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

 
(A)   Increases in base and percentage rental revenues for the six-month period ended June 30, 2007, as compared to 2006, aggregated $65.3 million consisting of $4.6 million related to leasing of core portfolio properties (an increase of 1.9% from 2006), $60.4 million from the merger with IRRETI, $1.9 million from the acquisition of assets, $2.9 million related to developments and redevelopments and $0.6 million from an increase in occupancy at the business centers. These amounts were offset by a decrease of $5.1 million due to the disposition of properties in 2006 and 2007. Included in the rental revenues for the six-month periods ended June 30, 2007 and 2006, is approximately $6.5 million and $7.8 million, respectively, of revenue resulting from the recognition of straight-line rents.
 
(B)   Other income for the three and six-month periods ended June 30, 2007 and 2006 was comprised of the following (in millions):
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Acquisition fees
  $     $     $ 6.3     $  
Lease termination fees
    2.2       0.7       3.5       7.5  
Financings fees
    1.4       0.4       1.4       0.4  
Other miscellaneous
    0.1       0.2       0.3       0.3  
 
                       
 
  $ 3.7     $ 1.3     $ 11.5     $ 8.2  
 
                       
 
(C)   General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the six-month periods ended June 30, 2007 and 2006, general and administrative expenses were approximately 4.8% and 5.0%, respectively, of total revenues, including joint venture revenues, respectively. For the six-months ended June 30, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with David M. Jacobstein’s departure as President of the Company. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the six-months ended June 30, 2007. In addition, the Company incurred certain one time integration costs in connection with the IRRETI acquisition that have aggregated approximately $1.7 million for the six-month period ended June 30, 2007.
 
(D)   Other income/expense primarily relates to abandoned acquisition and development project costs. In 2006, the Company received proceeds of approximately $1.3 million from a litigation settlement.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(E)   The following is a summary of the combined operating results of the Company’s joint ventures:
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Revenues from operations (a)
  $ 201,986     $ 103,545     $ 347,143     $ 204,705  
 
                       
Operating expense
    65,359       34,040       113,925       66,649  
Depreciation and amortization of real estate investments
    49,210       20,236       79,653       39,848  
Interest expense
    66,505       30,124       112,137       58,499  
 
                       
 
    181,074       84,400       305,715       164,996  
 
                       
Income from operations before tax expense, gain on disposition of real estate and discontinued operations
    20,912       19,145       41,428       39,709  
Income tax expense
    (2,297 )           (4,545 )      
Gain on disposition of real estate
    93,089       6       93,089       42  
(Loss) income from discontinued operations, net of tax
    (149 )     (164 )     (178 )     221  
Gain (loss) on disposition of discontinued operations, net of tax
    1,080       (1,762 )     738       (1,550 )
 
                       
Net income
  $ 112,635     $ 17,225     $ 130,532     $ 38,422  
 
                       
DDR Ownership interests (b)
  $ 21,747     $ 4,462     $ 28,257     $ 9,777  
 
                       
 
                               
FFO from joint ventures are summarized as follows:
                               
Net income
  $ 112,635     $ 17,225     $ 130,532     $ 38,422  
(Gain) loss on disposition of real estate, including discontinued operations
    (91,441 )     11       (91,441 )     (19 )
Depreciation and amortization of real estate investments
    49,215       20,586       79,837       40,612  
 
                       
 
  $ 70,409     $ 37,822     $ 118,928     $ 79,015  
 
                       
DDR Ownership interests (b)
  $ 31,313     $ 9,342     $ 44,872     $ 19,281  
 
                       
DDR Partnership distributions received, net (c)
  $ 55,476     $ 11,656     $ 65,694     $ 19,680  
 
                       
 
(a)   Revenues for the three-month periods ended June 30, 2007 and 2006 included approximately $2.1 million and $1.1 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share is $0.3 million and $0.2 million, respectively. Revenues for the six-month periods ended June 30, 2007 and 2006 included approximately $3.7 million and $2.5 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share is $0.5 million for each period.
 
(b)   The Company’s share of joint venture net income was decreased by $0.1 million and increased by $0.1 million for the three-month periods ended June 30, 2007 and 2006, respectively. The Company’s share of joint venture net income was decreased by $0.4 million and increased by $0.2 million for the six-month periods ended June 30, 2007 and 2006, respectively. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions. During the three month period ended June 30, 2007, the Company received $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint Venture which is included in the Company’s proportionate share of net income and FFO.
 
    At June 30, 2007 and 2006, the Company owned joint venture interests, excluding consolidated joint ventures, in 269 and 111 shopping center properties, respectively. In addition, at June 30, 2007, the Company owned 46 shopping center sites formerly owned by Service Merchandise through its 20% owned joint venture with Coventry II. At June 30, 2006, 52 of these Service Merchandise sites were formerly owned through an approximate 25% owned joint venture.
 
(c)   Distributions may include funds received from asset sales and refinancings in addition to ongoing operating distributions.

 


 

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

 
(F)   Minority equity interests are comprised of the following:
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Minority interests
  $ 1,399     $ 1,413     $ 2,887     $ 3,153  
Operating partnership units
    569       534       1,138       1,068  
Preferred operating partnership units
    5,908             9,690        
 
                       
 
  $ 7,876     $ 1,947     $ 13,715     $ 4,221  
 
                       
 
    The preferred operating partnership units were redeemed in June 2007.
 
(G)   During the first quarter of 2007, the Company released to income approximately $15.0 million of previously established valuation allowances against certain deferred tax assets as management had determined, due to several factors, that it is more likely than not that the deferred tax asset will be realized. The release was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to its merchant building program.
 
(H)   The operating results relating to assets classified as discontinued operations are summarized as follows:
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
Revenues
  $ 12,585     $ 11,095     $ 22,625     $ 22,603  
 
                       
 
                               
Expenses:
                               
Operating
    2,925       2,646       5,525       5,500  
Interest, net
    2,773       3,003       5,474       6,010  
Depreciation
    2,157       2,752       4,300       5,349  
 
                       
Total expenses
    7,855       8,401       15,299       16,859  
 
                       
Income before gain on disposition of real estate
    4,730       2,694       7,326       5,744  
Gain on disposition of real estate
    10,815             13,634        
 
                       
Net income
  $ 15,545     $ 2,694     $ 20,960     $ 5,744  
 
                       
 
(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 of Operating Partnership Units (OP Units) outstanding at June 30, 2007 and 2006, into 0.9 million common shares of the Company for both of the three-month periods ended June 30, 2007 and 2006, and 0.9 and 1.2 million for the six-month periods ended June 30, 2007 and 2006, respectively, on the weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 126.4 million and 111.1 million for the three-month periods ended June 30, 2007 and 2006, respectively, and 121.6 and 111.2 million for the six-month periods ended June 30, 2007 and 2006, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data:
                 
    June 30, 2007  (A)   December 31, 2006  (A)
Assets:
               
Real estate and rental property:
               
Land
  $ 2,118,350     $ 1,768,702  
Buildings
    5,955,489       5,023,665  
Fixtures and tenant improvements
    226,201       196,275  
Construction in progress
    508,341       453,493  
 
           
 
    8,808,381       7,442,135  
Less accumulated depreciation
    (925,976 )     (861,266 )
 
           
Real estate, net
    7,882,405       6,580,869  
 
               
Cash
    46,019       28,378  
Investments in and advances to joint ventures
    636,731       291,685  
Notes receivable
    17,328       18,161  
Receivables, including straight-line rent, net
    186,494       152,161  
Assets held for sale
          5,324  
Other assets, net
    179,567       103,175  
 
           
 
  $ 8,948,544     $ 7,179,753  
 
           
 
               
Liabilities:
               
Indebtedness:
               
Revolving credit facilities
  $ 380,000     $ 297,500  
Unsecured debt
    2,718,788       2,218,020  
Mortgage and other secured debt
    2,020,248       1,733,292  
 
           
 
    5,119,036       4,248,812  
Dividends payable
    89,451       71,269  
Other liabilities
    259,553       241,556  
 
           
 
    5,468,040       4,561,637  
Minority interests
    116,076       121,933  
Shareholders’ equity
    3,364,428       2,496,183  
 
           
 
  $ 8,948,544     $ 7,179,753  
 
           
 
(A)   Amounts include the consolidation of Mervyns, a 50% owned joint venture, which includes $405.8 million of real estate assets at June 30, 2007 and December 31, 2006, $258.5 million of mortgage debt at June 30, 2007 and December 31, 2006, and $76.1 million and $77.6 million of minority interest at June 30, 2007 and December 31, 2006, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company’s joint ventures are as follows:
                 
    June 30, 2007     December 31, 2006  
 
               
Land
  $ 2,276,869     $ 933,916  
Buildings
    6,158,253       2,788,863  
Fixtures and tenant improvements
    109,283       59,166  
Construction in progress
    222,017       157,762  
 
           
 
    8,766,422       3,939,707  
Accumulated depreciation
    (311,610 )     (247,012 )
 
           
Real estate, net
    8,454,812       3,692,695  
Receivables, including straight-line rent, net
    92,014       75,024  
Leasehold interests
    14,831       15,195  
Other assets
    365,453       132,984  
 
           
 
  $ 8,927,110     $ 3,915,898  
 
           
 
               
Mortgage debt (a)
  $ 5,463,316     $ 2,495,080  
Notes and accrued interest payable to DDR
    7,059       4,960  
Other liabilities
    163,579       94,648  
 
           
 
    5,633,954       2,594,688  
Accumulated equity
    3,293,156       1,321,210  
 
           
 
  $ 8,927,110     $ 3,915,898  
 
           
 
(a)   The Company’s proportionate share of joint venture debt aggregated approximately $1,021.1 million and $525.6 million at June 30, 2007 and December 31, 2006, respectively.

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
                                                 
    Six-Month     Six-Month        
    Period Ended     Period Ended        
FINANCIAL HIGHLIGHTS   June 30     June 30     Year Ended December 31  
(In Thousands Except Per Share Information)   2007     2006     2006     2005     2004     2003  
FUNDS FROM OPERATIONS:
                                               
Net Income Applicable to Common Shareholders
  $ 160,173 (6)   $ 100,878     $ 198,095     $ 227,474     $ 219,056     $ 189,056 (6)
Depreciation and Amortization of Real Estate Investments
  $ 106,585     $ 90,836     $ 185,449     $ 169,117     $ 130,537     $ 93,173  
Equity in Net Income From Joint Ventures
  $ (27,883 )   $ (10,088 )   $ (30,337 )   $ (34,873 )   $ (40,896 )   $ (52,917 )
Joint Venture Funds From Operations
  $ 44,872     $ 19,281     $ 44,473     $ 49,302     $ 46,209     $ 47,942  
Operating Partnership Minority Interest Expense
  $ 1,138     $ 1,067     $ 2,116     $ 2,916     $ 2,607     $ 1,770  
Cumulative Effect of Adoption of a New Accounting Standard
  $ 0     $ 0     $ 0     $ 0     $ 3,001     $ 0  
Gain on Sales of Real Estate
  $ (19,443 )   $ (5,999 )   $ (21,987 )   $ (58,834 )   $ (68,179 )   $ (67,352 )
 
                                   
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS
  $ 265,441     $ 195,976     $ 377,809     $ 355,102     $ 292,335     $ 211,672  
PREFERRED DIVIDENDS
  $ 29,800 (6)   $ 27,584     $ 55,169     $ 55,169     $ 50,706     $ 51,204 (6)
 
                                   
FUNDS FROM OPERATIONS
  $ 295,241     $ 223,560     $ 432,978     $ 410,271     $ 343,041     $ 262,877  
 
                                   
 
                                               
PER SHARE INFORMATION:
                                               
Funds From Operations — Diluted
  $ 2.18     $ 1.76     $ 3.41     $ 3.21     $ 2.95     $ 2.51  
Net Income — Diluted
  $ 1.33     $ 0.92     $ 1.81     $ 2.08     $ 2.24     $ 2.27  
Cash Dividends
  $ 1.32     $ 1.18     $ 2.36     $ 2.16     $ 1.94     $ 1.69  
 
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO
    121,629       111,190       110,826       110,700       99,147       84,319  
 
                                               
TOTAL MARKET CAPITALIZATION (1)
  $ 12,306,962     $ 10,552,690     $ 11,869,415     $ 9,781,900     $ 8,276,943     $ 5,551,748  
DEBT TO TOTAL MARKET CAPITALIZATION (1)
    41.59 %     38.63 %     35.80 %     39.77 %     32.82 %     37.42 %
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.
    54.12 %     53.41 %     54.55 %     52.86 %     45.58 %     48.68 %
DIVIDEND PAYOUT RATIO (1)
    61.32 %     66.58 %     68.84 %     66.98 %     67.28 %     66.03 %
 
                                               
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)
    4.80% (7)     5.04 %     4.80 %     4.55 %     4.94 %     5.35 %
 
                                               
GENERAL AND ADMINISTRATIVE EXPENSES
  $ 40,678 (7)   $ 30,832     $ 60,679     $ 54,048     $ 47,126     $ 40,820  
 
                                               
REVENUES:
                                               
DDR Revenues
  $ 498,973     $ 402,648     $ 824,725     $ 748,571     $ 605,246     $ 478,696  
Joint Venture Revenues
  $ 348,415     $ 208,907     $ 438,885     $ 438,103     $ 348,740     $ 284,158  
 
                                   
TOTAL REVENUES (3)
  $ 847,388     $ 611,554     $ 1,263,610     $ 1,186,675     $ 953,987     $ 762,853  
 
                                   
 
                                               
NET OPERATING INCOME:
                                               
DDR Net Operating Income
  $ 373,803     $ 302,024     $ 615,007     $ 555,291     $ 453,501     $ 356,348  
Joint Venture Net Operating Income
  $ 229,455     $ 140,521     $ 288,699     $ 280,617     $ 228,358     $ 184,927  
 
                                   
TOTAL NET OPERATING INCOME (4)
  $ 603,259     $ 442,545     $ 903,706     $ 835,907     $ 681,859     $ 541,274  
 
                                   
 
                                               
REAL ESTATE AT COST:
                                               
DDR Real Estate at Cost
  $ 8,758,517     $ 7,323,702     $ 7,450,693     $ 7,029,337     $ 5,603,424     $ 3,884,911  
Joint Venture Real Estate at Cost
  $ 8,766,422     $ 3,660,603     $ 3,939,707     $ 3,470,112     $ 3,165,335     $ 2,275,216  
 
                                   
TOTAL REAL ESTATE AT COST (5)
  $ 17,524,939     $ 10,984,305     $ 11,390,400     $ 10,499,449     $ 8,768,759     $ 6,160,127  
 
                                   
 
(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 June 30, 2007 of $730.4 million (includes $222.0 million of CIP included in joint ventures, of which $35.7 million represents the Company’s proportionate share), and at December 31, 2006, 2005, 2004, 2003 CIP aggregated $611.2, $386.2 million, $271.0 million and $290.7 million, respectively.
 
(6)   Amounts were adjusted to include original issuance costs associated with the redemption of preferred stock of $5.4 million for the quarter ended June 30, 2007 and $10.7 million for the year ended December 31, 2003 pursuant to EITF topic number D-42.
 
(7)   The 2007 general and administrative expenses include severance charges of $4.1 million. Excluding this charge, general and administrative expenses are approximately 4.3% of total revenue.
Financial Highlights 2.1

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
                                         
    Six-Month        
    Period Ended        
    June 30     Year Ended December 31  
MARKET CAPITALIZATION & FINANCIAL RATIOS   2007     2006     2005     2004     2003  
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
                                       
Total Debt
  $ 5,119,036     $ 4,248,812     $ 3,890,709     $ 2,716,426     $ 2,077,558  
Total Market Capitalization *
  $ 12,306,962     $ 11,869,415     $ 9,781,900     $ 8,276,943     $ 5,551,748  
 
                             
 
    41.59 %     35.80 %     39.77 %     32.82 %     37.42 %
 
                                       
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE
    54.12 %     54.55 %     52.86 %     45.58 %     48.68 %
 
                                       
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
                                       
Total Debt *
  $ 6,140,168     $ 4,774,407     $ 4,401,169     $ 3,137,184     $ 2,446,026  
Total Market Capitalization *
  $ 13,328,094     $ 12,395,010     $ 10,292,361     $ 8,697,701     $ 5,920,216  
 
                             
 
    46.07 %     38.52 %     42.76 %     36.07 %     41.32 %
 
                                       
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
    58.91 %     57.59 %     55.84 %     49.27 %     53.79 %
 
                                       
INTEREST COVERAGE RATIO:
                                       
Interest Expense (1)
  $ 137,215     $ 215,438     $ 184,281     $ 130,447     $ 90,162  
FFO Before Interest and Preferred Dividends *
  $ 432,455     $ 648,416     $ 594,551     $ 473,488     $ 353,039  
 
                             
 
    3.15       3.01       3.23       3.63       3.92  
 
                                       
DEBT SERVICE COVERAGE RATIO:
                                       
Debt Service * (1)
  $ 152,408     $ 247,464     $ 217,434     $ 152,927     $ 101,890  
FFO Before Interest and Preferred Dividends *
  $ 432,455     $ 648,416     $ 594,551     $ 473,488     $ 353,039  
 
                             
 
    2.84       2.62       2.73       3.10       3.46  
 
                                       
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
                                       
Fixed Charges (1)
  $ 176,803     $ 302,632     $ 272,603     $ 203,633     $ 142,385  
FFO Before Interest and Preferred Dividends *
  $ 432,455     $ 648,416     $ 594,551     $ 473,488     $ 353,039  
 
                             
 
    2.45       2.14       2.18       2.33       2.48  
 
                                       
DIVIDEND PAYOUT RATIO
                                       
Common Share Dividends and Operating Partnership Interest
  $ 166,076     $ 260,069     $ 237,856     $ 196,685     $ 146,846  
Funds From Operations exclusive of charge associated with preferred stock redemption
  $ 270,846     $ 377,809     $ 355,102     $ 292,335     $ 222,382  
 
                             
 
    0.61       0.69       0.67       0.67       0.66  
 
*   See Attached for Detail Calculation
 
(1)   Amounts have been adjusted to eliminate interest and debt service costs of joint venture consolidations due to FIN 46 as FFO does not include the joint venture Partners’ proportionate share.
Market Capitalization and Financial Ratios 2.2

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
                                         
    Six-Month        
    Period Ended        
    June 30     Year Ended December 31  
    2007     2006     2005     2004     2003  
DDR TOTAL MARKET CAPITALIZATION
                                       
Common Shares Outstanding
    124,976       108,986       108,948       108,083       86,425  
Operating Partnership Units Outstanding
    862       872       1,350       1,350       1,129  
 
                             
Total
    125,838       109,859       110,298       109,432       87,554  
Share Price
  $ 52.71     $ 62.95     $ 47.02     $ 44.37     $ 33.57  
 
                             
Market Value of Common Shares
  $ 6,632,926     $ 6,915,603     $ 5,186,192     $ 4,855,516     $ 2,939,190  
 
                                       
Preferred Shares at Book Value
  $ 555,000     $ 705,000     $ 705,000     $ 705,000     $ 535,000  
Total Debt
  $ 5,119,036 (1)   $ 4,248,812 (1)   $ 3,890,709 (1)   $ 2,716,426     $ 2,077,558  
 
                             
TOTAL MARKET CAPITALIZATION
  $ 12,306,962     $ 11,869,415     $ 9,781,900     $ 8,276,943     $ 5,551,748  
 
                             
 
                                       
DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
                                       
Common Shares Outstanding
    124,976       108,986       108,948       108,083       86,425  
Operating Partnership Units Outstanding
    862       872       1,350       1,350       1,129  
 
                             
Total
    125,838       109,859       110,298       109,432       87,554  
Share Price
  $ 52.71     $ 62.95     $ 47.02     $ 44.37     $ 33.57  
 
                             
Market Value of Common Shares
  $ 6,632,926     $ 6,915,603     $ 5,186,192     $ 4,855,516     $ 2,939,190  
 
                                       
Preferred Shares at Book Value
  $ 555,000     $ 705,000     $ 705,000     $ 705,000     $ 535,000  
Total Debt
  $ 5,119,036 (1)   $ 4,248,812 (1)   $ 3,890,709 (1)   $ 2,716,426     $ 2,077,558  
Proportionate Share of JV Debt
  $ 1,021,132     $ 525,595     $ 510,460     $ 420,758     $ 368,468  
 
                             
TOTAL MARKET CAPITALIZATION
  $ 13,328,094     $ 12,395,010     $ 10,292,361     $ 8,697,701     $ 5,920,216  
 
                             
 
(1)   Includes $288.5 million of consolidated joint venture debt at June 30, 2007 (of which $139.1 million represents the joint venture partners’ share) and $275.2 and $280.5 million at December 31, 2006 and 2005, respectively.
Market Capitalization and Financial Ratios 2.2

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
                                         
    Six-Month        
    Period Ended        
    June 30     Year Ended December 31  
    2007     2006     2005     2004     2003  
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
                                       
Undepreciated Real Estate Assets
  $ 8,758,517     $ 7,450,693     $ 7,029,337     $ 5,603,424     $ 3,884,911  
Cash and Cash Equivalents
  $ 46,019     $ 28,378     $ 30,655     $ 49,871     $ 111,033  
Notes Receivable
  $ 17,328     $ 18,161     $ 24,996     $ 17,823     $ 9,813  
Investments in and Advances to Joint Ventures
  $ 636,731     $ 291,685     $ 275,136     $ 288,020     $ 262,072  
 
                             
 
  $ 9,458,594     $ 7,788,917     $ 7,360,124     $ 5,959,138     $ 4,267,829  
 
                             
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
                                       
Undepreciated Real Estate Assets
  $ 8,758,517     $ 7,450,693     $ 7,029,337     $ 5,603,424     $ 3,884,911  
Notes Receivable or Proportionate Share Thereof
  $ 33,307     $ 35,443     $ 116,212     $ 44,536     $ 41,018  
Proportionate Share of JV Undepreciated Real Estate Assets
  $ 1,630,405     $ 804,738     $ 736,109     $ 719,619     $ 621,113  
 
                             
 
  $ 10,422,229     $ 8,290,874     $ 7,881,658     $ 6,367,578     $ 4,547,043  
 
                             
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
                                       
FFO
  $ 265,441     $ 377,809     $ 355,102     $ 292,335     $ 211,672  
Interest Expense
  $ 140,952     $ 222,867     $ 186,196     $ 130,447     $ 90,162  
Adjustment to interest expense for consolidated joint ventures due to FIN 46
  $ (3,738 )   $ (7,429 )   $ (1,915 )   $ 0     $ 0  
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend
  $ 29,800     $ 55,169     $ 55,169     $ 50,706     $ 51,204  
 
                             
 
  $ 432,455     $ 648,416     $ 594,551     $ 473,488     $ 353,039  
 
                             
DEBT SERVICE
                                       
Interest Expense
  $ 140,952     $ 222,867     $ 186,196     $ 130,447     $ 90,162  
Adjustment to interest expense for consolidated joint ventures due to FIN 46
  $ (3,738 )   $ (7,429 )   $ (1,915 )   $ 0     $ 0  
Recurring Principal Amortization
  $ 15,193     $ 32,026     $ 33,154     $ 22,480     $ 11,728  
 
                             
 
  $ 152,408     $ 247,464     $ 217,434     $ 152,927     $ 101,890  
 
                             
FIXED CHARGES
                                       
Debt Service
  $ 152,408     $ 247,464     $ 217,434     $ 152,927     $ 101,890  
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash
  $ 24,395     $ 55,169     $ 55,169     $ 50,706     $ 40,494  
 
                             
D-42 dividend.
  $ 176,803     $ 302,632     $ 272,603     $ 203,633     $ 142,385  
 
                             
Market Capitalization and Financial Ratios 2.2

 


 

$12.3 Billion Total Capitalization as of June 30, 2007 Common Shares Equity (2) $6,632.9 54% Perpetual Preferred Stock $555.0 5% Fixed Rate Unsecured Debt $1,868.8 15% Construction Finance $19.9 1% Variable Rate Revolving Credit and Term Debt $430.0 3% Mortgage Debt (3) $1,450.3 12% (1) Figures in millions unless otherwise noted. (2) Market Value ($52.71 per share as of June 30, 2007) includes operating partnership units equivalent to approximately 0.9 million of the Company's Common shares. (3) Does not include proportionate share of joint venture debt aggregating $1,021.1 million. However it does include 100% of consolidated joint venture debt, primarily Mervyns, of which $139.1 million is the joint venture partners' share. Fixed Rate, Revolving Credit and Term Debt $500.0 4% Senior Convertible Notes $850.0 7%


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Significant Accounting Policies
Revenues
  Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint.
  Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provisions of tenants’ leases.
  Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash.
General and Administrative Expenses
  General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred.
Deferred Financing Costs
  Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations.
Real Estate
  Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.
  Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:
       
 
Buildings
  18 to 31 years
  Furniture/Fixtures and Tenant Improvements   Useful lives, which approximate lease terms, where applicable
Significant Accounting Policies 2.4

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Significant Accounting Policies (Continued)
  Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized.
  Construction in progress includes shopping center developments and significant expansions and re-developments.
Capitalization
  The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants.
  For the six-month period ended June 30, 2007 and for the years ended December 31, 2006, 2005, 2004 and 2003, the Company capitalized interest of $11.6 million, $20.1 million, $12.5 million, $10.0 million and $11.4 million, respectively.
  In addition, the Company capitalized certain construction administration costs of $5.6 million for the six-month period ended June 30, 2007 and $10.1 million, $6.2 million, $5.5 million and $5.1 million for the years ended December 31, 2006, 2005, 2004, and 2003, respectively.
  Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life.
Gain on Sales of Real Estate
  Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete.
Significant Accounting Policies 2.4

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Other Real Estate Information
Total Recurring Capital Expenditures
  The Company currently estimates its total recurring annual capital expenditures to be approximately $24.0 million ($0.21 psf of owned GLA) in 2007. This figure includes aggregate expenditures anticipated at properties held in joint ventures.
Undeveloped Land
  Included in land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by the Company. Land held for development is included in the Company’s CIP figure.
  At December 31, 2006, the Company estimated the value of this undeveloped land to be approximately $59 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2006.
Joint Venture Promotes
  At December 31, 2006, the Company estimated the value of its joint venture promotes at approximately $65 million based on the estimated fair market value of real estate assets and estimated 2007 income. This value has not been adjusted to reflect changes in joint venture investments or promotes recognized subsequent to December 31, 2006.
Non-Income Producing Assets
  The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and equipment to be approximately $175.1 million at June 30, 2007.
Other Real Estate Information 2.5

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Reconciliation of Supplemental
Non-GAAP Financial Measures

(In thousands)
(Unaudited)
Table 1 — Developers Diversified Realty Corporation and the Company’s Joint Ventures Combined
Same Store Net Operating Income (NOI) represents shopping center assets owned in comparable periods, excluding those under redevelopment. NOI generally includes revenues and expenses for each comparable asset, but excludes straight-line rent, lease termination income and provisions for uncollectible amounts and/or recoveries thereof. Reconciliation of Same Store NOI to Total Revenues and Certain Expenses is as follows:
                         
    Six-Month Period          
    June 30,          
    2007     2006          
Total Revenues DDR
  $ 476,348     $ 380,045          
Total Revenues DDR Combined Joint Ventures
    347,143       204,705          
Operating and Maintenance — DDR
    (62,720 )     (51,695 )        
Real Estate Taxes — DDR
    (56,952 )     (43,458 )        
Operating and Maintenance and Real Estate Taxes- DDR Combined Joint Ventures
    (113,925 )     (66,649 )        
 
                   
 
                       
Combined NOI
  $ 589,894     $ 422,948          
 
                   
 
                       
Total Same Store NOI
  $ 346,136     $ 338,712       2.2 %
Property NOI from other operating segments
    243,758       84,236          
 
                   
 
                       
Combined NOI
  $ 589,894     $ 422,948          
 
                   
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Reconciliation of Supplemental
Non-GAAP Financial Measures

(In thousands)
(Unaudited)
Table 2 — Developers Diversified Realty Corporation
Reconciliation of Funds From Operations (FFO):
                                 
    Three-Month Period     Six-Month Period  
    Ended June 30,     Ended June 30,  
    2007     2006     2007     2006  
FUNDS FROM OPERATIONS:
                               
Net Income Applicable to Common Shareholders
  $ 111,429     $ 64,943     $ 160,173     $ 100,878  
Depreciation and Amortization of Real Estate Investments
    54,136       45,804       106,584       90,836  
Equity in Net Income From Joint Ventures
    (21,602 )     (4,619 )     (27,883 )     (10,088 )
Joint Venture Funds From Operations
    31,313       9,342       44,872       19,281  
Minority Equity Interests (OP Units)
    569       534       1,138       1,068  
Gain on Sales of Real Estate
    (16,587 )     (6,220 )     (19,443 )     (5,999 )
 
                       
 
                               
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS
  $ 159,258     $ 109,784     $ 265,441     $ 195,976  
 
                       
 
                               
Preferred dividend charges
    16,008       13,792       29,800       27,584  
 
                       
FUNDS FROM OPERATIONS
  $ 175,266     $ 123,576     $ 295,241     $ 223,560  
 
                       
 
                               
ADDITIONAL FAS 141 DISCLOSURES:
                               
Below (Above) Market Rent Amortization
  $ 336     $ 374     $ 673     $ 795  
Pro Rata Share of JV Below (Above) Market Rent Amortization
    39       0       (37 )     0  
 
                               
Debt Premium Amortization Income (Expense)
  $ 1,981     $ 2,294     $ 4,104     $ 4,598  
Pro Rata Share of JV Debt Premium Amortization Income (Expense)
    19       5       28       10  
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Reconciliation of Supplemental
Non-GAAP Financial Measures

(In thousands)
(Unaudited)
Table 3 — Developers Diversified Realty Corporation
Summary of Consolidated Transactional Income
                                     
    Three-Month Period     Six-Month Period      
    Ended June 30,     Ended June 30,      
    2007     2006     2007     2006     Income Statement Caption
Transactional Income Included in FFO
                                   
Consolidated
                                   
Merchant Building Gains, Net of Tax
  $ 45,676     $ 33,079     $ 46,209     $ 38,800     Gain on Disposition of Real Estate
Land Sale Gains
    2,564       638       8,004       2,363     Gain on Disposition of Real Estate
 
                           
 
  $ 48,240     $ 33,717     $ 54,213     $ 41,163      
 
                           
Transactional Income NOT Included in FFO
                                   
Consolidated
                                   
Gain (Loss) on Dispositions
  $ 5,772     $ 6,220     $ 5,809     $ 5,999     Gain on Disposition of Real Estate
Gain on Sales from Discontinued Operations
    10,815             13,634           Gain on Disposition of Discontinued Operations
 
                           
 
  $ 16,587     $ 6,220     $ 19,443     $ 5,999     FFO Reconciliation
 
                           
 
                                   
Gain on Sales of Real Estate
                                   
Merchant Building Gains, Net of Tax
  $ 45,676     $ 33,079     $ 46,209     $ 38,800      
Land Sale Gains
    2,564       638       8,004       2,363      
Gain (Loss) on Dispositions
    5,772       6,220       5,809       5,999      
 
                           
 
  $ 54,012     $ 39,937     $ 60,022     $ 47,162     Consolidated Income Statement
 
                           
 
                                   
Gain on Sales of Real Estate From Discontinued Operations
                                   
Gain on Sales from Discontinued Operations
  $ 10,815     $     $ 13,634     $     Consolidated Income Statement
 
                           
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Reconciliation of Supplemental
Non-GAAP Financial Measures

(In thousands)
(Unaudited)
Table 4 — Developers Diversified Realty Corporation
Summary of Joint Venture Transactional Income
                                     
    Three-Month Period     Six-Month Period      
    Ended June 30,     Ended June 30,      
    2007     2006     2007     2006     Income Statement Caption
Transactional Income Included in FFO
                                   
Joint Ventures
                                   
Loss on Disposition from Discontinued Operations
  $ (193 )   $ (1,749 )   $ (535 )   $ (1,537 )   Loss on Disposition of Real Estate
Land Sales Gains
    2,920       3       2,920       12     Gain on Disposition of Real Estate
 
                           
 
  $ 2,727     $ (1,746 )   $ 2,385     $ (1,525 )    
 
                           
DDR’s Proportionate Share
    703       (446 )     635       (392 )    
Promoted Income (a)
    14,333             14,333            
 
                           
DDR’s Proportionate Share
  $ 15,036     $ (446 )   $ 14,968     $ (392 )    
 
                           
 
                                   
Transactional Income NOT Included in FFO
                                   
Joint Ventures
                                   
Gain on Sales from Discontinued Operations
  $ 1,273     $ (13 )   $ 1,273     $ (13 )   Gain (Loss) on Disposition of Real Estate
Other Gains on Sales
    90,169       2       90,169       31     Gain on Disposition of Real Estate
 
                           
 
  $ 91,442     $ (11 )   $ 91,442     $ 18     FFO Reconciliation
 
                           
DDR’s Proportionate Share
  $ 4,739     $ (1 )   $ 4,739     $ 30      
 
                           
 
                                   
Gain on Sales of Real Estate
                                   
Land Sales Gains
  $ 2,920     $ 3     $ 2,920     $ 12      
Other Gains on Sales
    90,169       2       90,169       31      
 
                           
 
  $ 93,089     $ 5     $ 93,089     $ 43     Gain on Disposition of Real Estate
 
                           
 
                                   
Gain on Sales of Real Estate From Discontinued Operations
                                   
(Loss) Gain on Sales from Discontinued Operations Included in FFO
  $ (193 )   $ (1,749 )   $ (535 )   $ (1,537 )    
Gain on Sales from Discontinued Operations NOT Included in FFO
    1,273       (13 )     1,273       (13 )    
 
                           
 
  $ 1,080     $ (1,762 )   $ 738     $ (1,550 )   Gain on Sales of Discontinued Operations
 
                           
 
(a)   Included in gain on disposition of discontinued operations for the three-months ended June 30, 2007 is the sale of the KFC I joint venture assets. DDR received promoted income of approximately $13.6 million which is included in DDR’s proportionate share
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2007
                                                                         
    RVIP III B             RVIP VIII             Community Centers     Lennox Town Center     Sun Center Limited              
    Deer Park, IL     RVIP VII     Tech Ridge LLC     DPG     Five     (2)     (2)     Dublin Village (3)     DOTRS  
Real Estate Assets
  $ 83.4     $ 119.6     $ 33.5     $ 130.5     $ 241.8     $ 21.0     $ 25.9     $ 0.1     $ 25.5  
Accumulated Depreciation
    (12.8 )     (17.6 )     (3.2 )     (8.2 )     (45.2 )     (4.6 )     (7.5 )     0.0       (5.3 )
 
                                                     
Real Estate, net
    70.6       102.0       30.3       122.3       196.6       16.4       18.4       0.1       20.2  
 
                                                     
Receivables, Net
    1.6       3.9       1.4       1.6       5.7       1.8       0.9       0.0       0.8  
Other assets
    1.8       8.5       1.3       2.2       6.3       0.8       1.1       0.0       1.1  
Disproportionate Share of Equity
                                                     
 
                                                     
 
  $ 74.0     $ 114.4     $ 33.0     $ 126.1     $ 208.6     $ 19.0     $ 20.4     $ 0.1     $ 22.1  
 
                                                     
 
                                                                       
Mortgage Debt
  $ 60.0     $ 72.1     $ 23.4     $ 10.5     $ 280.0     $ 27.0     $ 19.8     $ 0.0     $ 21.0  
Amounts payable to DDR
    0.0       0.0       0.0       0.0       0.1       0.0       0.0       0.1       0.0  
Other liabilities
    2.8       16.4       1.0       2.3       3.3       0.9       0.6       0.0       0.4  
 
                                                     
 
    62.8       88.5       24.4       12.8       283.4       27.9       20.4       0.1       21.4  
Accumulated equity (deficit)
    11.2       25.9       8.6       113.3       (74.8 )     (8.9 )     (0.0 )     0.0       0.7  
Disproportionate Share of Equity
                                                     
 
                                                     
 
  $ 74.0     $ 114.4     $ 33.0     $ 126.1     $ 208.6     $ 19.0     $ 20.4     $ 0.1     $ 22.1  
 
                                                     
 
                                                                       
Proportionate share of other assets/liabilities, net
  $ 0.2     $ (0.8 )   $ 0.4     $ 0.2     $ 4.4     $ 0.8     $ 1.0     $ (0.0 )   $ 0.8  
 
                                                     
Disproportionate amount payable to DDR
  $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
 
                                                     
Combining Statements of Operations
for the period ended June 30, 2007
                                                                         
    RVIP III B             RVIP VIII             Community Centers     Lennox Town Center     Sun Center Limited              
    Deer Park, IL     RVIP VII     Tech Ridge LLC     DPG     Five     (2)     (2)     Dublin Village (3)     DOTRS  
Revenues from operations
  $ 5.9     $ 7.6     $ 3.1     $ 6.5     $ 17.8     $ 2.4     $ 2.3     $ 0.0     $ 1.9  
Rental operation expenses
    (2.4 )     (2.2 )     (1.1 )     (1.7 )     (5.1 )     (0.7 )     (0.6 )     (0.0 )     (0.5 )
 
                                                     
Net operating income
    3.5       5.4       2.0       4.8       12.7       1.7       1.7       0.0       1.4  
Depreciation and amortization expense
    (1.2 )     (1.4 )     (0.5 )     (1.5 )     (3.0 )     (0.2 )     (0.4 )     0.0       (0.3 )
Interest expense
    (1.7 )     (2.8 )     (0.8 )     (0.4 )     (7.8 )     (0.9 )     (0.8 )     (0.0 )     (0.7 )
 
                                                     
Income (loss) before gain on sale of real estate
    0.6       1.2       0.7       2.9       1.9       0.6       0.5       0.0       0.4  
Tax expense
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Gain (loss) on sale of real estate
    2.9       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Discontinued operations
    0.0       0.1       0.0       0.0       (0.0 )     0.0       0.0       0.0       0.0  
Gain on sale of discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate Share of Income
                                                     
 
                                                     
Net income (loss)
  $ 3.5     $ 1.3     $ 0.7     $ 2.9     $ 1.9     $ 0.6     $ 0.5     $ 0.0     $ 0.4  
DDR Ownership interest
    ***     ***     ***     10 %     50 %     ***     ***     63 %     50 %
 
                                                     
 
  $ 1.9     $ 0.3     $ 0.2     $ 0.3     $ 1.0     $ 0.3     $ 0.4     $ (0.0 )   $ 0.2  
Amortization of basis differential
    0.0       (0.1 )     0.0       0.0       0.2       0.0       (0.1 )     0.0       0.0  
 
                                                     
 
  $ 1.9     $ 0.2     $ 0.2     $ 0.3     $ 1.2     $ 0.3     $ 0.3     $ 0.0     $ 0.2  
 
                                                     
 
                                                                       
Proportionate share of net operating income (4)
  $ 0.9     $ 1.1     $ 0.5     $ 0.5     $ 6.3     $ 0.9     $ 1.4     $ (0.0 )   $ 0.7  
 
                                                     
Proportionate share of interest expense (4)
  $ 0.4     $ 0.6     $ 0.2     $ 0.0     $ 3.9     $ 0.4     $ 0.6     $ 0.0     $ 0.3  
 
                                                     
 
                                                                       
Funds From Operations (“FFO”):
                                                                       
 
                                                                       
Net income (loss)
  $ 3.5     $ 1.3     $ 0.7     $ 2.9     $ 1.9     $ 0.6     $ 0.5     $ 0.0     $ 0.4  
Depreciation of real property
    1.2       1.4       0.5       1.5       3.0       0.2       0.4       0.0       0.3  
(Gain) loss on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate Share of Income
                                                     
 
                                                     
 
  $ 4.7     $ 2.7     $ 1.2     $ 4.4     $ 4.9     $ 0.8     $ 0.9     $ 0.0     $ 0.7  
DDR ownership interest
    ***     ***     ***     10 %     50 %     ***     ***     63 %     50 %
 
                                                     
DDR FFO
  $ 2.5     $ 1.0     $ 0.5     $ 0.5     $ 2.5     $ 0.4     $ 0.7     $ (0.0 )   $ 0.4  
 
                                                     
Joint Venture Financial Summary 3.0

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2007
                                                                         
                    Sansone Group /             Coventry II DDR     Coventry II DDR     Coventry II DDR     Coventry II DDR     Coventry II DDR  
    Littleton, CO (3)     Jefferson County, MO     DDRC LLC     DDR Markaz II     Bloomfield     Buena Park     Fairplain Plaza     Marley Creek     Merriam Village  
Real Estate Assets
  $ 3.1     $ 6.6     $ 0.3     $ 202.9     $ 78.4     $ 98.5     $ 27.7     $ 12.8     $ 27.6  
Accumulated Depreciation
    0.0       (0.8 )     (0.2 )     (13.9 )     0.0       (4.8 )     (0.5 )     (0.1 )     0.0  
 
                                                     
Real Estate, net
    3.1       5.8       0.1       189.0       78.4       93.7       27.2       12.7       27.6  
 
                                                     
Receivables, Net
    0.0       0.1       1.0       1.1       0.0       1.4       0.0       0.0       0.0  
Other assets
    0.7       0.3       3.4       7.0       1.3       2.0       0.3       0.1       0.4  
Disproportionate Share of Equity
                                                     
 
                                                     
 
  $ 3.8     $ 6.2     $ 4.5     $ 197.1     $ 79.7     $ 97.1     $ 27.5     $ 12.8     $ 28.0  
 
                                                     
 
                                                                       
Mortgage Debt
  $ 0.0     $ 3.7     $ 0.0     $ 150.5     $ 48.0     $ 61.0     $ 16.0     $ 10.2     $ 18.5  
Amounts payable to DDR
    0.0       3.1       0.0       0.2       0.0       0.0       0.0       0.0       0.0  
Other liabilities
    0.8       0.3       0.7       0.5       1.8       2.4       0.5       0.0       0.4  
 
                                                     
 
    0.8       7.1       0.7       151.2       49.8       63.4       16.5       10.2       18.9  
Accumulated equity (deficit)
    3.0       (0.9 )     3.8       45.9       29.9       33.7       11.0       2.6       9.1  
Disproportionate Share of Equity
                                                     
 
                                                     
 
  $ 3.8     $ 6.2     $ 4.5     $ 197.1     $ 79.7     $ 97.1     $ 27.5     $ 12.8     $ 28.0  
 
                                                     
 
                                                                       
Proportionate share of other assets/liabilities, net
  $ (0.0 )   $ 0.0     $ 1.9     $ 1.5     $ (0.0 )   $ 0.2     $ (0.0 )   $ 0.0     $ 0.0  
 
                                                     
Disproportionate amount payable to DDR
  $ 0.0     $ 1.6     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
 
                                                     
Combining Statements of Operations
for the period ended June 30, 2007
                                                                         
                    Sansone Group /             Coventry II DDR     Coventry II DDR     Coventry II DDR     Coventry II DDR     Coventry II DDR  
    Littleton, CO (3)     Jefferson County, MO     DDRC LLC     DDR Markaz II     Bloomfield     Buena Park     Fairplain Plaza     Marley Creek     Merriam Village  
Revenues from operations
  $ 0.0     $ 0.3     $ 0.4     $ 10.8     $ 0.0     $ 6.8     $ 1.3     $ 0.3     $ 0.0  
Rental operation expenses
    (0.0 )     (0.1 )     0.0       (3.8 )     (0.0 )     (3.2 )     (0.6 )     (0.3 )     (0.0 )
 
                                                     
Net operating income
    (0.0 )     0.2       0.4       7.0       0.0       3.6       0.7       (0.0 )     (0.0 )
Depreciation and amortization expense
    0.0       (0.1 )     0.0       (2.6 )     0.0       (1.0 )     (0.2 )     (0.1 )     0.0  
Interest expense
    0.0       (0.3 )     0.0       (4.0 )     0.0       (2.0 )     (0.5 )     (0.4 )     0.0  
 
                                                     
Income (loss) before gain on sale of real estate
    (0.0 )     (0.2 )     0.4       0.4       (0.0 )     0.6       0.0       (0.5 )     (0.0 )
Tax expense
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Gain (loss) on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Gain on sale of discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate Share of Income
                                                     
 
                                                     
Net income (loss)
  $ (0.0 )   $ (0.2 )   $ 0.4     $ 0.4     $ (0.0 )   $ 0.6     $ 0.0     $ (0.5 )   $ (0.0 )
DDR Ownership interest
    50 %     50 %     ***     20 %     20 %     20 %     20 %     20 %     20 %
 
                                                     
 
  $ (0.0 )   $ (0.1 )   $ 0.5     $ 0.1     $ (0.0 )   $ 0.1     $ 0.0     $ (0.1 )   $ (0.0 )
Amortization of basis differential
    0.0       0.0       (0.2 )     0.1       0.0       0.0       0.0       0.0       0.0  
 
                                                     
 
  $ 0.0     $ (0.1 )   $ 0.3     $ 0.2     $ (0.0 )   $ 0.1     $ 0.0     $ (0.1 )   $ (0.0 )
 
                                                     
 
                                                                       
Proportionate share of net operating income (4)
  $ (0.0 )   $ 0.1     $ 0.2     $ 1.4     $ (0.0 )   $ 0.7     $ 0.2     $ 0.0     $ (0.0 )
 
                                                     
Proportionate share of interest expense (4)
  $ 0.0     $ 0.2     $ 0.0     $ 0.8     $ 0.0     $ 0.4     $ 0.1     $ 0.1     $ 0.0  
 
                                                     
 
                                                                       
Funds From Operations (“FFO”):
                                                                       
 
                                                                       
Net income (loss)
  $ (0.0 )   $ (0.2 )   $ 0.4     $ 0.4     $ (0.0 )   $ 0.6     $ 0.0     $ (0.5 )   $ (0.0 )
Depreciation of real property
    0.0       0.1       0.0       2.6       0.0       1.0       0.2       0.1       0.0  
(Gain) loss on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate Share of Income
                                                     
 
                                                     
 
  $ (0.0 )   $ (0.1 )   $ 0.4     $ 3.0     $ 0.0     $ 1.6     $ 0.2     $ (0.4 )   $ (0.0 )
DDR ownership interest
    50 %     50 %     ***     ***     20 %     20 %     20 %     20 %     20 %
 
                                                     
DDR FFO
  $ (0.0 )   $ (0.1 )   $ 0.4     $ 0.7     $ (0.0 )   $ 0.3     $ 0.1     $ (0.1 )   $ (0.0 )
 
                                                     
Joint Venture Financial Summary 3.0

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2007
                                                                         
    Coventry II     Coventry II DDR     Coventry II Service     Coventry II DDR     Coventry II DDR     Coventry II DDR     Coventry II DDR     Sonae Sierra Brazil     DDRTC Core Retail  
    DDR Montgomery Farm     Phoenix Spectrum     Holdings LLC     Totem Lakes     Tri-County Mall     Ward Parkway     Westover     (2)     Fund LLC  
Real Estate Assets
  $ 40.6     $ 77.9     $ 148.6     $ 40.6     $ 205.7     $ 62.7     $ 25.9     $ 269.3     $ 2,956.8  
Accumulated Depreciation
    0.0       (3.9 )     (2.2 )     (2.2 )     (4.8 )     (3.9 )     (0.7 )     (23.4 )     (23.5 )
 
                                                     
Real Estate, net
    40.6       74.0       146.4       38.4       200.9       58.8       25.2       245.9       2,933.3  
 
                                                     
Receivables, Net
    0.0       1.9       5.2       0.1       1.7       2.1       0.5       11.0       4.9  
Other assets
    0.5       5.8       21.8       0.9       11.8       0.6       0.7       20.1       135.3  
Disproportionate Share of Equity
                                                     
 
                                                     
 
  $ 41.1     $ 81.7     $ 173.4     $ 39.4     $ 214.4     $ 61.5     $ 26.4     $ 277.0     $ 3,073.5  
 
                                                     
 
                                                                       
Mortgage Debt
  $ 0.0     $ 46.0     $ 119.7     $ 21.0     $ 169.3     $ 36.0     $ 19.0     $ 0.0     $ 1,801.6  
Amounts payable to DDR
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       2.3  
Other liabilities
    0.2       7.1       6.6       0.5       9.8       1.8       1.1       20.5       48.6  
 
                                                     
 
    0.2       53.1       126.3       21.5       179.1       37.8       20.1       20.5       1,852.5  
Accumulated equity (deficit)
    40.9       28.6       47.1       17.9       35.3       23.7       6.3       256.5       1,221.0  
Disproportionate Share of Equity
                                                     
 
                                                     
 
  $ 41.1     $ 81.7     $ 173.4     $ 39.4     $ 214.4     $ 61.5     $ 26.4     $ 277.0     $ 3,073.5  
 
                                                     
 
                                                                       
Proportionate share of other assets/liabilities, net
  $ 0.0     $ 0.1     $ 4.1     $ 0.1     $ 0.7     $ 0.2     $ 0.0     $ 5.3     $ 13.7  
 
                                                     
Disproportionate amount payable to DDR
  $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
 
                                                     
Combining Statements of Operations
for the period ended June 30, 2007
                                                                         
    Coventry II     Coventry II DDR     Coventry II Service     Coventry II DDR     Coventry II DDR     Coventry II DDR     Coventry II DDR     Sonae Sierra Brazil     DDRTC Core Retail  
    DDR Montgomery Farm     Phoenix Spectrum     Holdings LLC     Totem Lakes     Tri-County Mall     Ward Parkway     Westover     (2)     Fund LLC  
Revenues from operations
  $ 0.0     $ 4.6     $ 13.7     $ 1.7     $ 8.8     $ 4.6     $ 2.0     $ 26.6     $ 83.7  
Rental operation expenses
    (0.0 )     (1.6 )     (5.9 )     (0.6 )     (4.5 )     (2.2 )     (1.1 )     (9.0 )     (25.0 )
 
                                                     
Net operating income
    (0.0 )     3.0       7.8       1.1       4.3       2.4       0.9       17.6       58.7  
Depreciation and amortization expense
    0.0       (0.6 )     (2.0 )     (0.3 )     (1.9 )     (0.6 )     (0.1 )     (5.0 )     (26.3 )
Interest expense
    0.0       (1.0 )     (5.7 )     (0.8 )     (5.1 )     (1.2 )     (0.7 )     0.0       (34.6 )
 
                                                     
Income (loss) before gain on sale of real estate
    (0.0 )     1.4       0.1       (0.0 )     (2.7 )     0.6       0.1       12.6       (2.2 )
Tax expense
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       (4.6 )     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       0.0  
Discontinued operations
    0.0       0.0       (0.2 )     0.0       0.0       0.0       0.0       0.0       0.0  
Gain on sale of discontinued operations
    0.0       0.0       (0.5 )     0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate Share of Income
                                                     
 
                                                     
Net income (loss)
  $ (0.0 )   $ 1.4     $ (0.6 )   $ (0.0 )   $ (2.7 )   $ 0.6     $ 0.1     $ 8.0     $ (2.2 )
DDR Ownership interest
    20 %     20 %     20 %     20 %     20 %     20 %     20 %     50 %     15 %
 
                                                     
 
  $ (0.0 )   $ 0.3     $ (0.1 )   $ (0.0 )   $ (0.5 )   $ 0.1     $ 0.0     $ 4.0     $ (0.3 )
Amortization of basis differential
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       (1.2 )     0.1  
 
                                                     
 
  $ 0.0     $ 0.3     $ (0.1 )   $ (0.0 )   $ (0.5 )   $ 0.1     $ 0.0     $ 2.8     $ (0.2 )
 
                                                     
 
                                                                       
Proportionate share of net operating income (4)
  $ (0.0 )   $ 0.6     $ 1.6     $ 0.2     $ 0.9     $ 0.5     $ 0.2     $ 8.8     $ 8.8  
 
                                                     
Proportionate share of interest expense (4)
  $ 0.0     $ 0.2     $ 1.1     $ 0.2     $ 1.0     $ 0.2     $ 0.1     $ 0.0     $ 5.2  
 
                                                     
 
                                                                       
Funds From Operations (“FFO”):
                                                                       
 
                                                                       
Net income (loss)
  $ (0.0 )   $ 1.4     $ (0.6 )   $ (0.0 )   $ (2.7 )   $ 0.6     $ 0.1     $ 8.0     $ (2.2 )
Depreciation of real property
    0.0       0.6       2.2       0.3       1.9       0.6       0.1       5.0       26.3  
(Gain) loss on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate Share of Income
                                                     
 
                                                     
 
  $ 0.0     $ 2.0     $ 1.6     $ 0.3     $ (0.8 )   $ 1.2     $ 0.2     $ 13.0     $ 24.1  
DDR ownership interest
    20 %     20 %     20 %     20 %     20 %     20 %     20 %     50 %     ***
 
                                                     
DDR FFO
  $ (0.0 )   $ 0.4     $ 0.3     $ 0.1     $ (0.2 )   $ 0.2     $ 0.0     $ 6.5     $ 3.7  
 
                                                     
Joint Venture Financial Summary 3.0

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2007
                                                                         
    Inland-SAU     DDR Domestic Retail             DDR/ Macquarie Fund             DDR/ Macquarie     Sold/Acquired JVs             DDR’s Proportionate  
    Retail Fund LLC (2)     Fund I     TRT DDR Venture I GP     LLC     DDR MDT PS LLC     Management     (5)     Total     Share  
Real Estate Assets
  $ 288.1     $ 1,487.0     $ 159.5     $ 1,746.4     $ 118.1     $ 0.0     $ 0.0     $ 8,766.4     $ 1,630.4  
Accumulated Depreciation
    (11.1 )     (2.8 )     (0.7 )     (105.1 )     (2.5 )     0.0       0.0       (311.6 )     (83.2 )
 
                                                     
Real Estate, net
    277.0       1,484.2       158.8       1,641.3       115.6       0.0       0.0       8,454.8       1,547.2  
 
                                                     
Receivables, Net
    4.6       2.6       0.0       30.9       3.2       0.0       1.9       92.0       22.5  
Other assets
    46.2       38.2       5.3       34.3       4.2       6.2       9.8       380.3       78.0  
Disproportionate Share of Equity
                                                        15.4 (6)
 
                                                     
 
  $ 327.8     $ 1,525.0     $ 164.1     $ 1,706.5     $ 123.0     $ 6.2     $ 11.7     $ 8,927.1     $ 1,663.1  
 
                                                     
 
                                                                       
Mortgage Debt
  $ 213.7     $ 968.8     $ 110.0     $ 1,050.4     $ 86.0     $ 0.0     $ 0.0     $ 5,463.3     $ 1,021.1  
Amounts payable to DDR
    0.2       0.0       0.1       0.9       0.1       0.0       0.0       7.1       2.2  
Other liabilities
    6.9       11.2       0.5       10.0       1.9       0.1       2.0       163.6       37.5  
 
                                                     
 
    220.8       980.0       110.6       1,061.3       88.0       0.1       2.0       5,634.0       1,060.8  
Accumulated equity (deficit)
    107.0       545.0       53.5       645.2       35.0       6.1       9.7       3,293.1       586.9  
Disproportionate Share of Equity
                                                        15.4 (6)
 
                                                     
 
  $ 327.8     $ 1,525.0     $ 164.1     $ 1,706.5     $ 123.0     $ 6.2     $ 11.7     $ 8,927.1     $ 1,663.1  
 
                                                     
 
                                                                       
Proportionate share of other assets/liabilities, net
  $ 8.8     $ 5.9     $ 0.5     $ 8.0     $ 0.0     $ 2.9     $ 2.3     $ 63.0          
 
                                                       
Disproportionate amount payable to DDR
  $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 1.6          
 
                                                       
Combining Statements of Operations
for the period ended June 30, 2007
                                                                         
    Inland-SAU     DDR Domestic Retail             DDR/ Macquarie Fund             DDR/ Macquarie     Sold/Acquired JVs             DDR’s Proportionate  
    Retail Fund LLC (2)     Fund I     TRT DDR Venture I GP     LLC     DDR MDT PS LLC     Management     (5)     Total     Share  
Revenues from operations
  $ 10.0     $ 7.4     $ 1.8     $ 97.9     $ 5.6     $ 0.7     $ 10.4     $ 347.2     $ 75.3  
Rental operation expenses
    (2.7 )     (1.7 )     (0.3 )     (31.1 )     (2.3 )     (0.2 )     (3.5 )     (114.0 )     (24.4 )
 
                                                     
Net operating income
    7.3       5.7       1.5       66.8       3.3       0.5       6.9       233.2       50.9  
Depreciation and amortization expense
    (4.4 )     (3.0 )     (0.7 )     (18.6 )     (1.3 )     (0.3 )     (1.8 )     (79.7 )     (16.1 )
Interest expense
    (3.8 )     (2.4 )     (0.9 )     (28.4 )     (2.6 )     0.0       (2.0 )     (112.1 )     (22.0 )
 
                                                     
Income (loss) before gain on sale of real estate
    (0.9 )     0.3       (0.1 )     19.8       (0.6 )     0.2       3.1       41.4       12.8  
Tax expense
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       (4.5 )     (2.3 )
Gain (loss) on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       90.2       93.1       18.8  
Discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       (0.2 )     0.0  
Gain on sale of discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       1.3       0.7       0.2  
Disproportionate Share of Income
                                                    (1.2) (7)
 
                                                     
Net income (loss)
  $ (0.9 )   $ 0.3     $ (0.1 )   $ 19.8     $ (0.6 )   $ 0.2     $ 94.6     $ 130.5     $ 28.3  
DDR Ownership interest
    20 %     20 %     10 %     ***     ***     ***     ***     ***     ***
 
                                                     
 
  $ (0.2 )   $ 0.1     $ (0.0 )   $ 4.6     $ 0.1     $ 0.1     $ 15.0     $ 28.3     $ 28.3  
 
                                                     
Amortization of basis differential
    0.2       0.0       0.0       0.0       0.0       0.5       0.1       (0.4 )     (0.4 )
 
                                                     
 
  $ 0.0     $ 0.1     $ (0.0 )   $ 4.6     $ 0.1     $ 0.6     $ 15.1     $ 27.9     $ 27.9  
 
                                                     
 
                                                                       
Proportionate share of net operating income (4)
  $ 1.5     $ 1.1     $ 0.1     $ 9.7     $ 0.0     $ 0.3     $ 1.8     $ 50.9          
 
                                                       
Proportionate share of interest expense (4)
  $ 0.8     $ 0.5     $ 0.1     $ 4.1     $ 0.0     $ 0.0     $ 0.4     $ 22.0          
 
                                                       
 
                                                                       
Funds From Operations (“FFO”):
                                                                       
 
                                                                       
Net income (loss)
  $ (0.9 )   $ 0.3     $ (0.1 )   $ 19.8     $ (0.6 )   $ 0.2     $ 94.6     $ 130.5     $ 28.3  
Depreciation of real property
    4.4       3.0       0.7       18.6       1.3       0.3       1.8       79.8       16.2  
(Gain) loss on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       (91.4 )     (91.4 )     (18.4 )
Disproportionate Share of Income
                                                    18.8 (8)
 
                                                     
 
  $ 3.5     $ 3.3     $ 0.6     $ 38.4     $ 0.7     $ 0.5     $ 5.0     $ 118.9     $ 44.9  
 
                                                                     
DDR ownership interest
    20 %     20 %     10 %     ***     ***     ***     ***     ***        
 
                                                       
DDR FFO
  $ 0.7     $ 0.7     $ 0.1     $ 7.3     $ 0.0     $ 0.3     $ 14.9     $ 44.9          
 
                                                       
Joint Venture Financial Summary 3.0

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
 
(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)   Does not include share of net operating income or interest expense for properties classified as discontinued operations.
 
(5)   Represents residual joint ventures sold to the MDT Joint Venture and DDR Domestic Retail Fund I and other joint venture interests sold in 2007.
 
(6)   Adjustments represent the effect of promoted equity structures and minority interests. These adjustments are primarily at the RVIP IIIB, RVIP VII, RVIP VIII, Coventry II DDR Bloomfield, Coventry II DDR Marley Creek, Coventry II DDR Montgomery Farm, Coventry II Phoenix Spectrum, Coventry II DDR Tri-County Mall, Coventry II DDR Westover and the DDR/Macquarie Fund LLC joint ventures.
 
(7)   Adjustments represent the effect of promoted interests on DDR’s share of the income primarily from an asset management promote from RVIP IIIB and DDR/Macquarie Fund LLC offset by the gain deferred from the sale of the KFC I assets to the DDR Domestic Retail Fund I.
 
(8)   Adjustments associated with the promote earned in 2Q07 from the sale of JV assets and Coventry’s promoted interests primarily at the RVIP IIIB, RVIP VII and RVIP VIII joint ventures and partnership structural items at the DDRTC Core Retail Fund LLC.
 
***   See Appendix to Quarterly Financial Supplement Property and Joint Venture Details: Section 2.0- Joint Venture Partnership Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.
Joint Venture Financial Summary 3.0

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Wholly Owned and Consolidated Capital Transactions
Acquisitions, Dispositions, Developments & Expansions
for the Six-Month Period Ended June 30, 2007
(In Millions)
                                         
    Six-Months                          
    Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    June 30,     December 31,     December 31,     December 31,     December 31,  
    2007     2006     2005     2004     2003  
Acquisitions/Transfers
  $ 3,009.7 (1)   $ 370.2 (4)   $ 1,610.8 (6)   $ 2,170.8 (9)   $ 1,363.6 (11)
Completed Expansions
    27.0       73.1       41.6       25.2       26.8  
Developments & Construction in Progress
    148.3       246.0       246.1       203.8       104.6  
Tenant Improvements & Building Renovations
    6.6 (2)     11.7       7.5       6.6       6.3  
Furniture Fixtures & Equipment
    8.6       10.2       10.7 (7)     1.3       1.9  
 
                             
 
    3,200.2       711.2       1,916.7       2,407.7       1,503.2  
Less: Real Estate Sales & Joint Venture Transfers
    (1,842.6 )(3)     (289.8 )(5)     (490.8 )(8)     (689.2 )(10)     (422.4 )(12)
 
Total DDR Net Additions
  $ 1,357.6     $ 421.4     $ 1,425.9     $ 1,718.5     $ 1,080.8  
 
(1)   Includes the redemption of OP units for a previous acquisition.
 
(2)   The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $13.0 million associated with its wholly-owned and consolidated portfolio during 2007.
 
(3)   In addition to the asset sales listed on Schedule 4.3, this balance includes the sale to Dividend Capital Total Realty Trust joint venture of three assets with an aggregate cost of $99 million, the sale to DDR Domestic Retail Fund I joint venture of 56 assets with an aggregate cost of $1,229.3 million and the sale of four outparcels.
 
(4)   Includes the acquisition of three properties located in Pasadena, CA, San Diego, CA and Phoenix Arizona, aggregating $199.7 million, plus the transfer to DDR from a joint venture of the Service Merchandise portfolio and Salisbury, MD shopping center, aggregating $111.9 million and $4.0 million, respectively, the consolidation of joint venture assets for a shopping center located in Phoenix, AZ aggregating $41.4 million pursuant to EITF 04 05 and the redemption of OP units and other acquisition costs aggregating $13.2 million.
 
(5)   In addition to the asset sales which had an aggregate cost of $73.1 million, this balance includes the sale of the Service Merchandise Portfolio to Coventry II which had an aggregate cost of $112.6 million, 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 land parcels and outparcels.
 
(6)   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.
 
(7)   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.
 
(8)   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.
 
(9)   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.
 
(10)   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 million to the DPG Realty Holdings joint venture and the transfer of thirteen assets with an aggregate cost of $203.2 million to the DDR Markaz II joint venture.
 
(11)   Includes the merger of JDN which had an aggregate value of $1,064.0 million, the acquisition of a shopping center in Broomfield, CO aggregating $55.5 million, and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers aggregating $125.9 million, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.
 
(12)   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 four 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.
Summary of Wholly Owned Capital Transactions 4.1

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Joint Venture Capital Transactions
Acquisitions, Dispositions, Developments & Expansions
for the Six-Month Period Ended June 30, 2007
(In Millions)
                                         
    Six-Months                          
    Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    June 30,     December 31,     December 31,     December 31,     December 31,  
    2007     2006     2005     2004     2003  
Acquisitions/Transfers
  $ 4,949.9 (1)   $ 729.9 (4)   $ 350.0     $ 1,147.0 (8)   $ 1,221.7 (10)
Completed Expansions
    0.0       0.0       9.3       10.3       9.7  
Developments & Construction in Progress
    73.0       139.6 (5)     87.5       38.9       120.1  
Tenant Improvements & Building Renovations
    3.8 (2)     9.1       6.8       0.6       0.6  
 
                             
 
  $ 5,026.7     $ 878.6     $ 453.6     $ 1,196.8     $ 1,352.1  
 
                                       
Less: Real Estate Sales and Dispositions
  $ (200.0 )(3)   $ (409.0 )(6)   $ (148.8 )(7)   $ (306.7 )(9)   $ (781.5 )(11)
 
Joint Venture Totals
  $ 4,826.7     $ 469.6     $ 304.8     $ 890.1     $ 570.6  
 
(1)   Includes the acquisition of an additional 73% interest in Metropole Shopping Center by Sonae Sierra Brazil BV Sarl.
 
(2)   The Company estimates recurring capital expenditures, including tenant improvements, of $11 million for its joint venture portfolio during 2007.
 
(3)   Includes the sale of 7 shopping centers, with an aggregate cost of $168 million, previously owned by a joint venture with Kuwait Financial Center to the DDR Domestic Retail Fund I and the sale of vacant land at the Techridge, Texas shopping center (owned by RVIP VIII).
 
(4)   Includes the formation of Sonae Sierra Brazil BV Sarl and DDR MDT PS LLC, plus acquisitions of the service merchandise portfolio and properties located in Cincinnati, Ohio; Benton Harbor, Michigan and Orland, Illinois by joint ventures with Coventry II.
 
(5)   Includes the acquisition of 34 acres of land in Allen, TX for the development of a 435,061 square foot shopping center and 88 acres of land in Bloomfield Hills, Michigan for the development of a 758,750 square foot shopping center. Both of these shopping centers are being developed with Coventry II.
 
(6)   In addition to asset sales which had an aggregate cost of $88.9, the balance includes the transfer to DDR of the Service Merchandise portfolio and 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.
 
(7)   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.
 
(8)   Balance includes the acquisition of three Coventry II assets aggregating $174.1 million, the formation of DPG and DDR Markaz II aggregating $128.7 million and $201.6 million, 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.
 
(9)   In addition to asset sales which had an aggregate cost of $141.7 million, 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.
 
(10)   Balance includes the formation of Macquarie DDR Trust and DDR Markaz aggregating $735.9 million and $169.3 million, 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.
 
(11)   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.
Summary of Joint Venture Capital Transactions 4.1

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Wholly Owned and Consolidated Acquisitions
for the Six-Month Period Ended June 30, 2007
                         
            Cost   Acquisition    
Property Location   GLA (1)   (Millions)   Date   Major Tenants
IRRETI
    18,050,190     $ 3,009.2     02/27/07   Portfolio of 222 Properties
 
                       
 
Total
    18,050,190     $ 3,009.2          
 
Joint Venture Acquisitions
for the Six-Month Period Ended June 30, 2007
                                 
                        DDR’s   Joint
            Cost   Acquisition   Ownership   Venture
Property Location   GLA (1)   (Millions)   Date   Percentage   Partner
DDRTC Core Retail Fund LLC
    23,090,322     $ 2,956.8     02/27/07     15.00 %   TIAA
SAU Retail Fund LLC (2)
    3,016,064     $ 288.1     02/27/07     20.00 %   Special Account-U LP
Dividend Capital Total Realty Trust
    1,525,374     $ 159.5     05/11/07     10.00 %   Dividend Capital Total Realty Trust
DDR Domestic Retail Fund 1
    8,893,373     $ 1,487.0     06/08/07     20.00 %   The Investors Group
 
                               
 
Total
    36,525,133     $ 4,891.4                  
 
(1)   Includes square footage not owned by the company.
 
(2)   Joint venture with the State of Utah assumed through IRRETI acquisition.
Consolidated and Joint Venture Acquisitions 4.2

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Wholly Owned and Consolidated Dispositions
for the Six-Month Period Ended June 30, 2007
                     
            Gross Sale    
            Proceeds    
Property Location   GLA   (Millions)   Sale Date
Alden, NY
    67,992     $ 8.9     1/30/2007
Medina, NY
    80,028     $ 7.1     1/30/2007
Niagara Falls, NY
    117,014     $ 11.4     1/30/2007
Springville, NY
    105,636     $ 11.5     1/30/2007
Union, SC
    184,331     $ 5.5     1/30/2007
Murfreesboro, TN
    117,697     $ 7.4     3/28/2007
Portfolio of 52 Assets (1)
    4,662,428     $ 449.1     6/28/2007
 
                   
 
Total
    5,335,126     $ 501.1      
 
Joint Venture Dispositions
for the Six-Month Period Ended June 30, 2007
                                 
            Gross Sale       DDR’s   Joint
            Proceeds       Ownership   Venture
Property Location   GLA   (Millions)   Sale Date   Percentage   Partner
Service Merchandise locations
    242,972     $ 24.2     Various     20.00 %   Coventry II
Overland Park, KS
    60,981     $ 8.2     6/28/2007     25.75 %   Prudential Real Estate Investors
 
                               
 
Total
    303,953     $ 32.4                  
 
(1)   An additional 11 assets are expected to be sold during the 3rd quarter of 2007 for additional proceeds of $154 million.
Consolidated and Joint Venture Dispositions 4.3

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Wholly Owned and Consolidated Development Projects
for the Six-Month Period Ended June 30, 2007
                                         
                            Substantial        
            Gross Cost   Net Cost   Completion        
Projects in Progress   GLA   (Millions)   (Millions)   Date   Description   Major Tenants
 
Ukiah (Mendocino), CA
    669,406 (1)   $ 113.5     $ 101.4       2009     Community Center   To be announced
 
                                       
Miami, FL
    644,999     $ 155.7     $ 142.6       2006 — 2009     Mixed-Use   Phase I which includes Target, Linens’ N Things, Circuit City, Marshalls, West Elm, PETsMART, and Loehman’s are open. Ross Dress for Less and additional retail space to be announced will open 2nd half 2007. Phase II will be completed in 2009
 
                                       
Tampa (Brandon), FL
    370,700 (1)   $ 70.7     $ 55.5       2008     Community Center   Outback Steakhouse, and other retail tenants to be announced
 
                                       
Douglasville, GA
    124,200     $ 22.4     $ 17.7       2008     Community Center   To be announced
 
                                       
Nampa, ID
    829,975 (1)   $ 147.0     $ 136.2       2007 — 2008     Community Center   JC Penney (scheduled to open July 2007) and other retail tenants to be announced
 
                                       
Chicago (McHenry), IL
    454,378 (1)   $ 73.3     $ 66.4       2007     Community Center   Bed Bath & Beyond, Office Max (opened 4th quarter 2006), Best Buy, PETsMART, Dick’s (opened 1st quarter 2007), JC Penney, Wickes Furniture, Ulta and Old Navy (scheduled to open 4th quarter 2007) and other retail tenants to be announced
 
                                       
Boston, MA (Seabrook, NH)
    461,825 (1)   $ 74.5     $ 50.1       2009     Community Center   To be announced
 
                                       
Elmira (Horseheads), NY
    668,619 (1)   $ 77.1     $ 49.1       2007 — 2008     Community Center   Kohl’s (opened March 2007), Circuit City (scheduled to open 4th quarter 2007), Wal-Mart (scheduled to open 1st quarter 2008), and additional retail space to be announced
 
                                       
Raleigh (Apex), NC (Promenade)
    87,780     $ 20.2     $ 17.9       2008     Community Center   Carrabas and additional retail space to be announced
 
                                       
Raleigh (Apex), NC (Beaver Creek
Crossings-Phase II)
    283,217     $ 52.3     $ 50.8       2009     Community Center   To be announced
 
                                       
San Antonio (Stone Oak), TX
    665,229 (1)   $ 93.4     $ 84.5 (2)     2007     Hybrid Center   World Market will open 3rd quarter 2007 and Target, Office Max, Hobby Lobby, DSW, TJ Maxx, 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 all of which will open 4th quarter 2007
 
                                       
Projects to Commence Construction                                
 
                                       
Homestead, FL
    398,759 (1)   $ 95.2     $ 74.9       2008     Community Center   To be announced
 
                                       
Tampa (Wesley Chapel), FL
    95,408 (1)   $ 17.4     $ 13.7       2008     Community Center   To be announced
 
                                       
Atlanta (Union City), GA
    200,000     $ 47.5     $ 31.5       2008     Community Center   To be announced
 
                                       
Gulfport, MS
    703,379 (1)   $ 91.2     $ 72.7       2008     Hybrid Center   To be announced
 
                                       
Isabela, PR
    290,085 (1)   $ 57.1     $ 44.7       2009     Community Center   To be announced
 
                                       
Austin (Kyle), TX (3)
    778,415 (1)   $ 97.2     $ 60.0       2009     Community Center   To be announced
 
                                       
 
Wholly Owned Development Totals
    7,726,374     $ 1,305.7     $ 1,069.7                  
 
(1)   Includes square footage not owned by the company.
 
(2)   Project cost does not include a $22.4 million payment to DBI to purchase its 50% interest in the project.
 
(3)   The asset is being developed with DBI who has a 50% interest.
Consolidated and Wholly Owned Developments 4.4

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Joint Venture Development Projects
for the Six-Month Period Ended June 30, 2007
                                                             
            DDR’s                       DDR’s            
            Effective   Joint   Gross   Net   Proportionate   Substantial        
    Total   Ownership   Venture   Cost   Cost   Cost   Completion        
Projects in Progress   GLA   Percentage   Partner   (Millions)   (Millions)   (Millions)   Date   Description   Major Tenants
 
Kansas City (Merriam), KS
    280,516 (1)     20.0 %   Coventry II   $ 71.0     $ 46.8     $ 9.4       2008     Community Center   To be announced.
 
                                                           
Detroit (Bloomfield Hills), MI
    882,197       10.0 %   Coventry II/ BP 1, LLC   $ 335.6     $ 192.5     $ 19.3       2008 & 2009     Lifestyle Center   Blue Point Ocean Grill, Bar Louie, BCBG, BCBG Girls, PacSun, Faro Design, Hyde Park Steakhouse, Orvis and other retail tenants and restaurants to be announced.
 
                                                           
Dallas (Allen), TX
    521,413 (1)     10.0 %   Coventry II/ Trademark Property Company   $ 167.6     $ 124.1     $ 12.4       2008     Lifestyle Center   Market Street United, P.F. Changs, Eddie Bauer, Francesca’s Collection, Origins, Ann Taylor Loft, Borders, Brio, Devon Seafood Grill, Jos. A. Bank, Mi Cocina, Wachovia, Sweet and Sassy and other retail tenants and restaurants to be announced.
 
                                                           
Manaus, Brazil
    477,630     47.2 %   Sonae Sierra   $ 95.7     $ 82.6     $ 39.0       2009     Enclosed Mall   To be announced.
 
                                                           
Projects to Commence Construction
 
Uberlandia, Brazil
    350,000     47.2 %   Sonae Sierra   $ 69.9     $ 60.2     $ 28.4       2009     Enclosed Mall   To be announced.
 
Joint Venture Development Totals
    2,511,756                 $ 739.8     $ 506.2     $ 108.5                  
 
Notes:
(1)   Includes square footage which will not be owned by the Company.
Joint Venture Developments 4.4

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Development Assets Placed in Service
as of June 30, 2007
                         
            Joint Venture Assets
    Wholly Owned and           DDR’s
    Consolidated           Proportionate
    Assets   Total   Share
Date   (Millions)   (Millions)   (Millions)
As of December 31, 2006
  $ 47.0     $ 0.0     $ 0.0  
1st Quarter 2007
  $ 75.2     $ 0.0     $ 0.0  
2nd Quarter 2007
  $ 0.0     $ 0.0     $ 0.0  
3rd Quarter 2007
  $ 30.1     $ 0.0     $ 0.0  
4th Quarter 2007
  $ 58.9     $ 4.0     $ 0.4  
Projected Thereafter
  $ 858.5     $ 502.2     $ 108.1  
 
                 
Total
  $ 1,069.7     $ 506.2     $ 108.5  
 
                 
Development Funding Schedule
as of June 30, 2007
                                         
            Joint Venture Funding  
    Wholly Owned and     DDR’s     JV Partners’     Proceeds from        
    Consolidated     Proportionate     Proportionate     Construction     Total  
    Funding     Share     Share     Loans     JV Funding  
    (Millions)     (Millions)     (Millions)     (Millions)     (Millions)  
Funded as of June 30, 2007
  $ 525.5     $ 22.2     $ 70.8     $ 66.5     $ 159.5  
Projected Net Funding During 2007
  $ 89.4       18.6       34.5       32.8     $ 85.9  
Projected Net Funding Thereafter
  $ 454.8       48.5       57.5       154.8     $ 260.8  
           
Total
  $ 1,069.7     $ 89.3     $ 162.8     $ 254.1     $ 506.2  
           
Consolidated and Joint Venture Development Delivery and
Funding Schedules 4.5

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Six-Month Period Ended June 30, 2007
             
Projects Completed
           
 
           
Ft. Union, UT   Demise of former Mervyns to accommodate 30,548 sf Ross Dress for Less (opened 10/06), 16,975 sf DSW (opened 11/06), 23,400 sf Michael’s (opened 3/07) and retail shops.
 
           
Total Gross Cost (Millions)
  $ 27.0      
     
Total Net Cost (Millions)
  $ 27.0      
     
 
           
Projects in Progress
           
 
           
Gadsden, AL   Break-up of 64,400 sf building to create a Fred’s, Burke’s Outlet (both opened prior to 2006) and another junior anchor.
 
           
Crystal River, FL   Construct 9,000 sf Dollar General and 15,000 sf of retail shops.
 
           
Miami (Plantation), FL   Redevelopment of shopping center to include Kohl’s and other junior anchor tenants.
 
           
Tallahassee, FL   Construction of a 21,065 sf Office Depot (opened 6/07) in the former Lowe’s Home Improvement Space.
 
           
Ottumwa, IA   Recaptured Wal-Mart and release to Goody’s, Dollar Tree (both opened prior to 2006) and 35,422 sf of additional junior anchor stores.
 
           
Chesterfield, MI   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, Dunhams (both opened prior to 2006) 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.
 
           
Akron (Stow), OH   Recapture 116,000 sf K-Mart and release to junior anchor stores. Create outparcels.
 
           
Milwaukee (Brookfield), WI   Construction of 15,000 sf free standing building for Potbelly, Caribou Coffee (opened 12/06), Joey’s Seafood (opened 3/07) and other retail shops.
 
           
Total Gross Cost (Millions)
  $ 93.9      
     
Total Net Cost (Millions)
  $ 91.1      
     
 
           
Projects to Commence Construction
           
 
           
Louisville, KY   Construct a 6,000 sf free standing building for retail shops.
 
           
Gulfport, MS   Construct a bank pad, retail shops and restaurants on a 4.37 acre outparcel.
 
           
Dayton (Huber Hts.), OH   Expansion of the shopping center to construct a 45,000 sf junior anchor.
 
           
Buffalo (Amherst), NY   Construct 5,300 sf free standing building for retail shops.
 
           
Fayetteville, NC   Reconfigure 18,000 sf of in-line space. Construct multi-tenant outparcel building.
 
           
Allentown, PA   Construction of 20,000 sf multi-tenant building on remaining outparcel.
 
           
Hatillo, PR   Expansion of the shopping center to accommodate a 21,000 sf junior anchor.
 
           
San Juan (Bayamon), PR
(Plaza Del Sol)
  144,000 sf expansion of the mall to accommodate two junior anchors and additional shop space.
 
           
San Juan, PR   Redemise shop space and construct a food court.
 
           
Dallas (McKinney), TX   Construction of 87,757 sf retail shops and outparcels.
Wholly Owned Expansions and Redevelopments 4.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Expansion and Redevelopment Projects
for the Six-Month Period Ended June 30, 2007
                 
    DDR’s   Joint    
    Ownership   Venture    
Projects in Progress   Percentage   Partner   Description
 
Phoenix, AZ
    20.00 %   Coventry II   Relocation of several existing mall tenants to accommodate a new JC Penney (scheduled to open 4th quarter 2007), the relocation of Harkins Theatre, for a new Super Target as well as several new junior anchors and other retail tenants to be announced.
 
               
Buena Park, CA
    20.00 %   Coventry II   Construction of Steve and Barry’s (opened 2/06), 24 Hour Fitness (scheduled to open 3rd quarter 2007) and redevelopment of the lower level of the mall for several tenants to be announced.
 
               
Los Angeles (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 (scheduled to open 3rd quarter 2007). 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 (opened 10/06), a 20,087 sf PETsMART (scheduled to open 4th quarter 2007) 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 (opened 11/06) 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 Ethan Allen and several other new retail tenants and restaurants to be announced.
 
               
Cleveland (Macedonia), OH
    50.00 %   OSTRS   Retenanting vacant shop space with PETsMART (scheduled to open 4th quarter 2007).
 
               
Total Gross Cost (Millions)
  $ 567.6 (1)        
         
Total Net Cost (Millions)
  $ 539.4 (1)        
         
 
               
Projects to Commence
               
 
               
Chicago (Deer Park), IL
    25.75 %   Prudential Real Estate Investors   Approximately eight acres of land to be developed, which was sold to Grace Community, retenanting of vacant shop space with a 23,000 sf Crate & Barrel, and construction of a 13,500 sf multi-tenant outparcel building.
 
               
Seattle (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.
 
               
Sao Paulo (Sao Bernardo de Campo), Brazil
    47.20 %   Sonae Sierra   Expansion and renovation of existing mall to accommodate theater tenant and redesign of the food court.
Notes:
(1)   Total Cost includes the acquisition costs for the Coventry II redevelopments.
Joint Venture Expansions and Redevelopments 4.6

 


 

736 Shopping Centers and Interests in Retail Assets 12 Managed Shopping Centers 45 States (plus Puerto Rico and Brazil) 116.6 Million Sq. Ft. Owned 155.5 Million Sq. Ft. Owned and Managed 95.9% Core Portfolio % Leased 762 Total Employees Company Features (1) 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 2007, total owned GLA was 68.3 million square feet. (2) Includes unowned anchors at Company-owned operating and development retail properties. (3) Including the Mervyns, Brazil and Inland assets, the total portfolio was 96.0% leased. (1) (1) (2) (3)


 

Our owned portfolio has grown 12x since IPO '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 2Q'07 Owned 10 13 19 21 25 28 36 39 40 45.3 54.1 74.8 81.6 86.7 116.6 Non-owned 3 3 3 4 7 9 6 12 12 11.6 22.1 21.4 22.8 23.8 30.6 Managed 4 5 5 5 4 5 5 9 5 0.7 0.2 1.4 1.4 1.3 1.2 9.8 13.2 19.3 20.6 24.7 27.6 36.3 39.6 45.3 38.6 54.1 30.6 1.2 GLA (Million Square Feet) 116.6 81.6 86.7 74.8


 

13.3 msf 8.5% 5.9 msf 3.8% GLA by State +5.0 MSF +1.0 - 5.0 MSF Less than 1.0 MSF National portfolio creates efficiencies and strengthens tenant relationships 4.9 msf 3.2% 155.5 MSF in 45 states plus Puerto Rico and Brazil 10.1 msf 6.5% 17.4 msf 11.2% 15.4 msf 9.9% 6.6 msf 4.2% 6.0 msf 3.9% 9.8 msf 6.3% 5.2 msf 3.3% #3 #4 #2 #1 #6 #7 #10 #8 #5 #9 Puerto Rico Brazil


 

'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '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 $18.78 $12.46 Total Portfolio Inline Retail 2Q'07 $21.00


 

June 30, 2007 664 $12.46 $18.78 Dec. 31, 2006 371 $11.75 $17.46 Dec. 31, 2005 380 $11.30 $16.62 Dec. 31, 2004 373 $11.13 $16.14 Dec. 31, 2003 274 $10.82 $15.55 Dec. 31, 2002 189 $10.58 $15.18 Dec. 31, 2001 192 $10.03 $14.02 Dec. 31, 2000 190 $9.66 $13.66 Dec. 31, 1999 186 $9.20 $12.69 Dec. 31, 1998 159 $8.99 $12.39 Dec. 31, 1997 123 $8.49 $11.69 Dec. 31, 1996 112 $7.85 $10.87 Dec. 31, 1995 106 $7.60 $10.54 Dec. 31, 1994 84 $5.89 $9.02 Dec. 31, 1993 69 $5.60 $8.56 Dec. 31, 1992 53 $5.37 $8.37 Average Annualized Base Rental Rates PSF Period Ending Number of Properties Total Shop Space Annualized Base Rent / S.F.


 

Total Rent Roll Lease Expirations by Year as of June 30, 2007 2007 19 $5.3 $8.12 0.8% 1,178 $51.4 $20.04 8.6% 2008 69 $17.3 $6.72 2.6% 1,667 $79.2 $17.56 13.3% 2009 96 $28.5 $7.70 4.3% 1,720 $83.4 $17.89 14.0% 2010 123 $40.1 $8.57 6.1% 1,492 $80.3 $18.08 13.5% 2011 163 $57.8 $10.25 8.8% 1,601 $96.4 $19.65 16.2% 2012 161 $58.2 $9.01 8.9% 1,003 $67.6 $19.90 11.3% 2013 118 $42.4 $9.47 6.5% 307 $28.2 $18.38 4.7% 2014 137 $53.3 $9.93 8.1% 233 $21.8 $18.31 3.7% 2015 102 $47.2 $9.34 7.2% 212 $21.1 $18.55 3.5% 2016 111 $50.3 $9.48 7.7% 199 $21.0 $20.53 3.5% 1,099 $400.4 $9.12 61.1% 9,612 $550.4 $18.74 92.4% 1,513 $655.6 $9.47 100.0% 9,921 $595.9 $18.76 100.0% Year Leases Revenue Leases Revenue Avg. 2007-2016 Subtotal Anchor Base Rent Shop Space Base Rent (Millions) (Millions) Revenue % of PSF Avg. Revenue % of PSF


 

Largest Tenants by GLA Owned & Unowned 1. Wal-Mart / Sam's Club 105 16.43 48 6.80 57 9.63 2. Target 64 8.30 11 1.32 53 6.98 3. Lowe's Home Improvement 41 5.25 22 2.79 19 2.46 4. Home Depot 38 4.08 14 1.35 24 2.73 5. Kohl's 43 3.61 38 3.22 5 0.39 6. T.J. Maxx / Marshalls 97 3.23 97 3.23 0 0.00 7. Mervyns 40 3.05 39 2.97 1 0.08 8. Kmart / Sears 32 2.68 30 2.30 2 0.38 9. Publix Supermarkets 56 2.53 56 2.53 0 0.00 10. PetSmart 103 2.26 101 2.22 2 0.04 Total Units Total GLA (millions) Owned Units Owned GLA (millions) Unowned Units Unowned GLA (millions)


 

1. Wal-Mart / Sam's Club (48) $33.12 4.58% AA/Aa2 2. Lowe's Home Improvement (22) $14.17 1.96% A+/A1 3. PetSmart (101) $13.45 1.86% BB/Ba2 4. T.J. Maxx / Marshalls (97) $13.15 1.82% A/A3 5. Bed Bath & Beyond (60) $11.82 1.63% BBB/NR 6. Circuit City (41) $11.08 1.53% NR/NR 7. Kohl's (38) $9.84 1.36% A-/A3 8. Eckerd Drug (40) $9.77 1.35% NR/NR 9. Michaels (74) $9.75 1.35% B-/B2 10. Tops Markets (29) $9.40 1.30% BB/Ba1 Subtotal 1-10 $135.55 18.74% Total Portfolio $723.75 100.00% Reliance on Major Tenants by GLA and Base Rental Revenues (1) (2) 1. Wal-Mart / Sam's Club (48) 4.97 7.41% AA/Aa2 2. Lowe's Home Improvement (22) 2.23 3.32% A+/A1 3. Kmart / Sears (30) 1.83 2.73% BBB/Ba1 4. T.J. Maxx / Marshalls (97) 1.57 2.34% A/A3 5. Mervyns (39) 1.49 2.23% NR/NR 6. Kohl's (38) 1.39 2.07% A-/A3 7. PetSmart (101) 1.08 1.61% BB/Ba2 8. Home Depot (14) 1.04 1.55% BBB+/Aa3 9. Kroger (39) 1.02 1.52% BBB-/Baa2 10. Target (11) 1.01 1.51% A1/A+ Subtotal 1-10 17.63 26.29% Total Portfolio 67.04 100.00% Major Tenant (units) Owned GLA % Total GLA Base Rental Revenue ($Millions) % Total Base Rent Major Tenant (units) (1) Does not include developments in process. (2) Based on pro rata ownership of joint venture properties. Credit Ratings Credit Ratings (S&P/Moody's) (S&P/Moody's)


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Consolidated Debt
as of June 30, 2007
                                 
            Mortgage   Maturity   Interest
            Balance(000’s)   Date   Rate (1)
SENIOR DEBT:
                               
Unsecured Credit Facilities:
                               
$1.2 Billion Revolving Credit Facility
          $   365,000 (2)     06/10       5.483  
$60 Million Revolving Credit Facility
            15,000       06/10       5.920  
Secured Credit Facility:
                               
$550 Million Term Loan
            550,000 (3)     02/11       5.823  
 
                               
 
Total Term and Credit Facility Debt
            930,000                  
 
                               
PUBLIC DEBT:
                               
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       99,985       01/08       6.625  
Medium Term Notes
    F       274,638       01/09       3.875  
Medium Term Notes
    F       199,780       05/10       5.000  
Medium Term Notes
    F       299,793       07/10       4.625  
Medium Term Notes
    F       249,423       04/11       5.250  
Convertible Notes
    F       250,000 (4)     08/11       3.500  
Convertible Notes
    F       600,000 (5)     03/12       3.000  
Medium Term Notes
    F       348,730       10/12       5.375  
Medium Term Notes
    F       199,439       05/15       5.500  
Medium Term Notes
    F       100,000       07/18       7.500  
 
                               
 
                               
Total Public Debt
            2,718,788                  
 
                               
MORTGAGE DEBT:
                               
St. Louis, MO (Olympic)
    F       2,678       08/07       9.150  
DDR MDT MV, LLC
    V       45,923 (6)     10/07       6.040  
Route22 Retail SC, Union, NJ
    F       10,707       01/08       7.490  
440 Commons, Jersey City, NJ
    F       9,875       02/08       4.510  
Tupelo, MS
    F       11,010       03/08       4.410  
Jacksonville, FL
    F       6,317       03/08       4.410  
Solon, OH
    F       15,252       03/08       4.410  
N. Charleston, SC
    F       10,920       03/08       4.410  
Walker, MI
    F       8,032       03/08       4.410  
Mt. Pleasant, SC (GS II)
    F       7,400       03/08       4.410  
Meridian, ID (GS II)
    F       23,915       03/08       4.410  
Birmingham, AL (GS II)
    F       25,901       03/08       4.410  
Wilmington, NC (GS II)
    F       19,854       03/08       4.410  
Durham, NC (GS II)
    F       6,769       03/08       4.410  
Glenmark Ctr, Morgantown, WV
    F       7,000       10/08       4.775  
Bi-Lo — Shelmore, Mt Pleasant, SC
    F       6,350       10/08       4.775  
Loisdale Center, Springfield, VA
    F       15,950       12/08       4.580  
Cascade Marketplace, Sterling, VA
    F       9,240       12/08       4.510  
Kyle, TX
    V       19,920 (7)     12/08       6.820  
Summary of Consolidated Debt 6.1

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Consolidated Debt
as of June 30, 2007 (con’t)
                                 
            Mortgage   Maturity   Interest
            Balance(000’s)   Date   Rate (1)
Silver Springs, MD (Tech 29-1)
    F     $ 6,461       02/09       7.330  
Middletown Village, Middletown, RI
    F       10,000       02/09       4.531  
Abernathy Square, Atlanta, GA
    F       13,392       03/09       6.285  
Shoppes at Wendover Village, Greensboro, NC
    F       5,450       06/09       4.222  
Leawood, KS
    F       48,483       07/09       7.310  
Thompson Square Mall, Thompson, NY
    F       13,350       07/09       4.222  
Mill Pond Village, Cary, NC
    F       8,500       07/09       4.758  
Adams Farm, Greensboro, NC
    F       6,700       08/09       4.652  
Martinsville, VA
    F       19,315       12/09       8.460  
Plant City Crossing, Plant City, FL
    F       5,900       05/10       4.700  
Brick Ctr Plaza, Brick, NJ
    F       10,300       06/10       4.375  
Windsor Court SC, Windsor, CT
    F       8,015       06/10       4.390  
Edgewater Town Ctr, Edgewater, NJ
    F       14,000       06/10       4.685  
Valley Park Commons, Hagerstown, MD
    F       6,770       07/10       4.440  
East Hanover Plaza, East Hanover, NJ
    F       9,280       07/10       4.685  
Sony Theatre, East Hanover, NJ
    F       6,445       07/10       4.685  
Oakley Plaza, Asheville, NC
    F       5,175       08/10       4.290  
Deer Valley — Phoenix, AZ
    F       17,073       09/10       8.010  
Capital Crossing, Raleigh, NC
    F       5,478       09/10       4.300  
Downtown Short Pump, Richmond, VA
    F       18,480       09/10       4.900  
DDR MDT MV, LLC
    F       212,550 (6)     10/10       5.211  
Tequesta Shops Plaza, Tequesta, FL
    F       5,200       10/10       5.300  
Shops on the Circle, Dothan, AL
    F       11,641       11/10       7.920  
Big Flats, NY (Big Flats I)
    F       7,538       12/10       8.011  
Plattsburgh, NY
    F       7,360       12/10       8.000  
Denbigh Village, Newport News, VA
    F       11,457       12/10       4.940  
Camfield Corners, Charlotte, NC
    F       5,150       12/10       5.040  
Erie, PA
    F       24,867       04/11       6.884  
Erie, PA
    F       2,871       04/11       6.884  
Boardman, OH
    F       25,826       04/11       6.884  
St. Louis, MO (Sunset)
    F       33,480       04/11       6.884  
St. Louis, MO (Brentwood)
    F       24,867       04/11       6.884  
Denver, CO (Centennial)
    F       37,304       04/11       6.884  
Fountains
    F       32,500       07/11       4.655  
Indian Train, NC (Union TC Ph I)
    F       6,783       10/11       7.000  
Gates, NY (Westgate)
    F       24,292       10/11       7.240  
Ashtabula, OH
    F       6,754       12/11       7.000  
West Pasco, FL
    F       4,784       02/12       9.625  
Phoenix, AZ (Paradise Valley)
    F       30,000       03/12       5.385  
Denver, CO (Univ Hills)
    F       27,503       06/12       7.300  
St. Louis, MO (Gravois)
    F       1,051       07/12       8.625  
N. Charleston, SC
    F       10,354       07/12       7.370  
Cortez Plaza, Bradenton, FL
    F       12,894       07/12       7.150  
Redbud Commons, Gastonia, NC
    F       5,060       07/12       4.600  
Summary of Consolidated Debt 6.1

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Consolidated Debt
as of June 30, 2007 (con’t)
                                 
            Mortgage     Maturity     Interest  
            Balance(000’s)     Date     Rate (1)  
Duvall Village, Bowie, MD
    F     $ 8,730       10/12       7.040  
Walgreens — Rockford, IL
    F       3,223       11/12       4.863  
Walgreens — Dearborn Hts, MI
    F       3,550       11/12       4.863  
Walgreens — Livonia, MI
    F       2,477       11/12       4.863  
Mooresville, NC
    F       23,339       12/12       6.930  
Big Flats, NY (Big Flats IV)
    F       931       01/13       7.600  
Big Flats, NY (Big Flats II & III)
    F       3,698       01/13       8.010  
Buffalo, NY (Delaware Commons)
    F       931       01/13       6.960  
Walgreens — Oshkosh, WI
    F       2,817       02/13       4.863  
Walgreens — Westland, MI
    F       2,625       03/13       4.863  
Victor, NY (Victor Square)
    F       6,454       04/13       5.800  
Mays Landing, NJ (Wrangleboro)
    F       47,024       05/13       6.990  
Beachwood, OH
    F       2,995       07/13       7.640  
W. Long Branch, NJ (Monmouth)
    F       12,006 (8)     07/13       8.570  
Englewood, FL (Rotonda)
    F       1,722       07/13       5.800  
Reno, NV
    V       3,438       02/15       9.000  
Olean, NY
    F       4,235       07/15       8.995  
Mays Landing, NJ (Hamilton)
    F       13,419       09/15       4.700  
Columbus, OH (Consumer II West)
    F       13,296       11/15       10.188  
Amherst, NY (Kmart/Blvd Cons. II)
    F       11,174       11/15       7.850  
Lockport, NY (Walmart/Tops)
    F       11,628       01/16       8.000  
Merriam, KS (TIF)
    F       5,975       02/16       6.900  
Rome, NY (Freedom)
    F       4,037       09/16       7.850  
Amherst, NY (Tops Transit + French)
    F       4,744       12/16       7.680  
Canandaigua, NY
    F       5,169       01/17       6.150  
Cheektowaga, NY (Walmart Thruway)
    F       4,540       10/17       6.780  
Ithaca, NY
    F       17,718       01/18       7.050  
Amherst, NY (Target/Blvd Cons. II)
    F       12,460       07/18       5.670  
Niskayuna, NY (Mohawk)
    F       23,018       12/18       5.750  
Henderson, TN
    F       8,367       01/19       7.660  
Spring Hill, FL
    F       4,854       09/19       9.750  
Cedar Rapids, IA
    F       9,220       01/20       9.375  
Plainville, CT
    F       6,985       04/21       7.125  
Allentown, PA
    F       17,027       06/21       6.950  
Bayamon, PR (Rio Hondo)
    F       55,300       05/28       7.180  
San Juan, PR (Senorial Plaza)
    F       14,360       05/28       7.180  
Bayamon, PR (Rexville Plaza)
    F       8,652       05/28       7.180  
Arecibo, PR (Atlantico)
    F       14,449       05/28       7.180  
 
                               
 
                             
 
                               
Total Mortgage Debt
            1,470,249                  
 
                             
 
                               
Total Consolidated Debt
          $ 5,119,036                  
                 
Summary of Consolidated Debt 6.1

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Consolidated Debt
as of June 30, 2007 (con’t)
                         
            Wtd. Avg.     Wtd. Avg.  
            Maturity     Interest Rate  
Fixed Rate
  $ 4,619,756     4.22 years     5.2 %
Variable Rate
  $ 499,281     2.85 years     5.9 %
 
                     
 
  $ 5,119,036     4.09 years     5.2 %
 
                     
         
CUMULATIVE REDEEMABLE PREFERRED SHARES   Outstanding Amount
Class G - 8.0%
  $ 180,000  
Class H - 7.375%
  $ 205,000  
Class I - 7.5%
  $ 170,000  
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 2007 deferred finance cost amortization of approximately $10.6 million, net is offset by approximately $8.2 million of annualized fair market value adjustment in 2007.
 
  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 an interest rate swap. The spread on this $100 million borrowing was 0.230 % on June 30, 2007 resulting in a fixed rate of 5.172% on this borrowing.
 
  3.   Secured term loan debt of $200 million has been converted to a fixed rate of 5.85% until June 28, 2010. Secured term loan debt of $100 million has been converted to a fixed rate of 5.63%, $50 million has been converted to a fixed rate of 5.66%, and $50 million has been converted to a fixed rate of 5.67% until October 18, 2009. The weighted average rate of all traunches, reflecting the rates fixed by interest rate swaps, is 5.823%.
 
  4.   The convertible notes may be net settled with 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. The principal balance on these notes is to be settled in cash.
 
  5.   The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.75 per share however, this conversion price has been increased to $87.21 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash.
 
  6.   The company’s 50% joint venture with DDR Macquarie is consolidated within DDR’s accounts pursuant to FIN 46.
 
  7.   The company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.
 
  8.   The company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts pursuant to EITF 04-05.
     Amounts may differ slightly from actual results, due to rounding.
Summary of Consolidated Debt 6.1

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Joint Venture Debt
as of June 30, 2007
                                 
    Mortgage        
Property/Entity   Balance (000’s)   Maturity Date   Interest Rate
RVIP III B
                               
Deer Park, IL
    F     $ 60,000       10/11       5.590  
 
                               
RVIP VII
    V       72,120 (1)     04/08     Libor + 95  
 
                               
RVIP VIII
    V       23,356       01/09     Libor + 100  
 
                               
DPG Realty Holdings, LLC
                               
Tonawanda, NY
    F       5,583       05/17       7.630  
Tonawanda, NY
    F       4,949       06/21       7.660  
 
                               
DDRA Community Centers Five
    F       280,000 (2)     08/10       5.295  
 
                               
Lennox Town Center Limited
    F       1,000       06/17       6.440  
Columbus, OH
    F       26,000       06/17       5.640  
 
                               
Sun Center Limited
    F       6,042       05/11       5.420  
Columbus, OH
    F       13,722       04/11       8.480  
 
                               
DOTRS LLC
                               
Macedonia, OH
    F       21,000       08/11       6.050  
 
Jefferson County Plaza, LLC
    V       3,749       08/08     Libor + 175  
Arnold, MO
                               
 
                               
DDR Markaz II
    F       150,480 (3)     11/14       5.147  
 
                               
Coventry II DDR Bloomfield
    V       48,000       12/07     Libor + 110  
 
                               
Coventry II DDR Buena Park
    V       61,000       03/10     Libor + 115  
 
                               
Coventry II DDR Fairplain
    V       16,000       12/07     Libor + 95  
 
                               
Coventry II DDR Marley Creek
    V       10,235       07/07     Prime + 25  
 
                               
Coventry II DDR Merriam Village
    V       18,539       06/08     Libor + 150  
 
                               
Coventry II DDR Phoenix Spectrum
    V       46,000       01/09     Libor + 70  
 
                               
Coventry II DDR SM
    V       86,351       01/08     Libor + 70  
 
    V       33,323       01/08     Libor + 195.7  
 
                               
Coventry II DDR Totem Lakes
    V       21,000       07/07     Libor + 215  
 
                               
Coventry II DDR Tri County
    F       157,334       02/15       5.655  
 
    F       11,954       02/15       10.304  
 
                               
Coventry II DDR Ward Parkway
    V       36,000       08/08     Libor + 125  
 
                               
Coventry II DDR Westover Marketplace
    V       18,980       07/07     Libor + 195  
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Joint Venture Debt
as of June 30, 2007 (con’t)
                                 
    Mortgage        
Property/Entity   Balance (000’s)   Maturity Date   Interest Rate
DDRTC Core Retail Fund, LLC
                               
DDRTC Holdings Pool 1, LLC
    F     $ 736,559 (4)     03/17       5.4475  
DDRTC Holdings Pool 3, LLC
    F       555,034 (5)     03/12       5.480  
DDRTC Holdings Pool 5, LLC
    V       225,000 (6)     02/10     Libor + 65     
DDRTC Holdings Pool 6, LLC
                               
Walks at Highwood Preserve I & II
    F       3,700       05/09       4.372  
Aiken Exchange
    F       7,350       05/09       4.372  
Oak Summit
    F       8,200       06/09       4.272  
Wytheville Commons
    F       5,590       06/09       4.302  
Heritage Pavilion
    F       21,500       07/09       4.460  
Columbiana Station
    F       25,900       05/10       4.040  
Warwick Center
    F       16,939       06/10       4.130  
Fayette Pavilion I & II
    F       53,250       07/10       5.620  
North Hill Commons
    F       2,475       11/10       5.240  
Cox Creek Shopping Center
    F       14,511       03/12       7.090  
Cypress Trace
    F       16,000       04/12       5.000  
Waterfront Marketplace
    F       29,675       08/12       6.350  
Waterfront Town Center
    F       39,095       08/12       6.350  
Creeks at Virginia Center
    F       26,384       08/12       6.370  
Willoughby Hills Shopping Center
    F       14,480       06/18       6.980  
 
                               
Inland SAU Retail Fund, LLC
                               
Blockbuster
    F       993       10/10       4.890  
Cascade Crossing
    F       4,954       10/10       4.890  
Hickory Flat Village
    F       8,689       10/10       4.890  
Flat Shoals Crossing
    F       6,063       10/10       4.760  
Deshon Plaza
    F       6,038       10/10       4.760  
Shops at John’s Creek
    F       2,762       10/10       4.890  
Waynesboro Commons
    F       3,178       10/10       4.890  
Brookhaven
    F       10,397       12/10       4.890  
South Square
    F       12,597       10/12       5.060  
North Hampton Market (Phase I & II)
    F       10,501       10/12       5.080  
The Point
    F       15,800       10/12       5.640  
Oakland Market Place
    F       3,560       10/12       5.040  
Crossroads Square
    F       4,869       12/12       5.310  
Cascade Corners
    F       3,979       12/12       5.420  
Hilander Village
    F       9,404       12/12       5.410  
Glenlake Plaza
    F       8,234       12/12       5.440  
Broadmoor Plaza
    F       11,048       12/12       5.440  
Milan Plaza
    F       2,161       12/12       5.490  
West Towne Commons
    F       4,797       12/12       5.440  
American Way
    F       6,662       12/12       5.440  
Kroger Junction
    F       3,827       12/12       5.440  
Kroger Plaza
    F       1,806       12/12       5.440  
Willowbrook Commons
    F       6,998       03/13       5.410  
Shoppes at Wendover II
    F       14,382       04/13       5.060  
Harper Hill Commons
    F       10,350       04/13       5.790  
Plaza at Carolina Forest
    F       14,203       05/13       5.970  
Alexander Pointe
    F       5,129       08/13       5.920  
Patterson Place
    F       20,338       12/13       5.670  
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Joint Venture Debt
as of June 30, 2007 (con’t)
                                 
    Mortgage              
Property/Entity   Balance (000’s)     Maturity Date     Interest Rate  
DDR Domestic Retail Fund I
                               
DDR Domestic Retail Fund I
    F     $ 885,000 (7)     07/17       5.600  
Paradise Promenade, Davie, FL
    F       6,400       06/09       4.322  
Village Ctr, Racine, WI
    F       13,200       04/10       4.440  
West Falls Plaza, West Patterson, NJ
    F       11,075       06/10       4.685  
Southampton Village, Tyrone, GA
    F       6,700       05/11       4.663  
Village Center Outlot, Racine, WI
    F       2,070       07/11       5.170  
Center Pointe Plaza, Easley, SC
    F       4,250       08/11       5.320  
Shoppes on the Ridge, Lake Wales, FL
    F       9,628       12/11       4.740  
Publix Brooker Creek, Palm Harbor, FL
    F       5,000       12/11       4.610  
Watercolor Crossing, Santa Rosa, FL
    F       4,355       01/12       4.760  
Heather Island Plaza, Ocala, FL
    F       6,155       12/12       5.001  
Hilliard Rome, Columbus, OH
    F       11,309       01/13       5.870  
Boynton Beach, FL (Meadows Square)
    F       3,695       07/13       6.720  
 
                               
TRT DDR Holdings I LLC
    F       110,000 (8)     05/17       5.510  
 
                               
DDR MDT PS, LLC
    F       86,000 (9)     07/13       6.004  
 
                               
DDR Macquarie (10)
                               
$266 Million Revolving Credit Facility
    V       174,400 (11)     04/10     Libor + 40  
 
    F       9,100 (11)     04/10       3.938  
 
    F       20,000 (11)     04/10       4.360  
 
                               
Secured Portfolio Financing
    F       290,500 (12)     12/08       4.225  
 
    V       50,000 (12)     12/08     Libor + 130    
 
    F       165,250 (13)     06/09       4.180  
 
    V       7,660 (13)     06/08     Libor + 84  
 
                               
BJ’s Clarence
    F       4,619       03/22       7.070  
JoAnn Transit
    F       2,752       08/13       6.250  
New Hartford Consumer Square
    F       33,309       11/18       5.750  
Birmingham, AL (Riverchase)
    F       7,693       01/13       5.500  
 
                               
DDR Macquarie Longhorn Holdings
    F       85,000 (14)     01/12       4.910  
 
                               
DDR Macquarie Longhorn Holdings II
    F       157,250 (15)     04/10       4.822  
 
    V       3,570 (15)     04/10     Libor + 85  
 
                               
DDR Macquarie Longhorn Holdings III
    F     $ 39,300 (16)     04/10       5.098  
 
                             
 
                               
Total
          $ 5,463,316                  
 
                             
 
                  Wtd. Avg.   Wtd. Avg.
                  Maturity   Interest Rate
 
                           
Total Joint Venture Debt:
                               
Fixed Rate
          $ 4,508,034     6.39 years     5.3 %
Variable Rate
          $ 955,282     1.70 years     6.2 %
 
                             
 
                               
 
          $ 5,463,316     5.57 years     5.5 %
 
                             
DDR’s Proportionate Share:
                               
Fixed Rate
          $ 858,842                  
Variable Rate
          $ 162,290                  
 
                             
 
                               
 
          $ 1,021,132                  
 
                             
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Notes:
(1) Encumbers two shopping center properties located in California.
             
(2) Encumbers five shopping center properties as follows:    
 
  Ahwatukee, AZ
Phoenix, AZ
  Maple Grove, MN
Portland, OR
  Eagan, MN
 
           
(3) Encumbers thirteen shopping center properties as follows:    
 
  Orchard Park, NY
Rochester, NY
Cheektowaga, NY
Amherst, NY
Irondequoit, NY
  Warsaw, NY
Leroy, NY
Jamestown, NY
Ontario, NY
  Chillicothe, OH
Loganville, GA
Oxford, MS
Goodlettsville, TN
         
(4) Encumbers twenty five shopping center properties as follows:    
 
  Anderson Central (Anderson, SC)   Barrett Pavilion (Kennesaw, GA)
 
  Boynton Commons (Boynton Beach, FL)   City Crossing (Warner Robins, GA)
 
  Fayette Pavilion III & IV (Fayetteville, GA)   Gateway Market Center (St. Petersburg, FL)
 
  Gateway Plaza (Jacksonville, NC)   Hiram Pavilion (Hiram, GA)
 
  Marketplace at Mill Creek (Buford, GA)   Overlook at King of Prussia (King of Prussia, PA)
 
  Sand Lake Corners (Orlando, FL)   Paradise Place (West Palm Beach, FL)
 
  Stonecrest Marketplace (Lithonia, GA)   Pleasant Hill (Duluth, GA)
 
  Universal Plaza (Lauderhill, FL)   River Ridge (Birmingham, AL)
 
  Venture Pointe (Duluth, GA)   Sarasota Pavilion (Sarasota, FL)
 
  Ward’s Crossing (Lynchburg, VA)   Sycamore Commons (Matthews, NC)
 
  Winslow Bay Commons (Mooresville, NC)   Bartow Marketplace (Cartersville, GA)
 
  Woodstock Square (Woodstock, GA)   Columbiana Station II (Columbia, SC)
 
  Market Place (Ft. Myers, FL)    
 
       
(5) Encumbers seventeen shopping center properties as follows:    
 
  Bellevue Place (Nashville, TN)   Village Crossing (Skokie, IL)
 
  Capital Plaza (Wake Forest, NC)   Birkdale Village Retail & Apts (Huntersville, NC)
 
  Carlisle Commons (Carlisle, PA)   CompUSA Retail Center (Newport News, VA)
 
  Chesterfield Crossings (Richmond, VA)   Douglasville Pavilion (Douglasville, GA)
 
  Commonwealth Center II (Richmond, VA)   Stonebridge Square (Roswell, GA)
 
  Costco Plaza (White Marsh, MD)   Town & Country (Knoxville, TN)
 
  Naugatuck Valley Shopping Center (Waterbury, CT)   Turkey Creek I (Knoxville, TN)
 
  Newnan Pavilion (Newnan, GA)   Walks at Highwood Preserve I (Tampa, FL)
 
  Suwanee Crossroads (Suwanee, GA)    
 
       
(6) Encumbers twelve shopping center properties as follows:    
 
  Westside Centre (Huntsville, AL)   Chatham Crossing (Siler City, NC)
 
  McFarland Plaza (Tuscaloosa, AL)   Southern Pines Marketplace (Southern Pines, NC)
 
  Circuit City Plaza (Orlando, FL)   Alexander Place (Raleigh, NC)
 
  Shoppes at Lake Mary (Lake Mary, FL)   Target Center (Columbia, SC)
 
  Eisenhower Crossing I & II (Macon, GA)   Hillsboro Square (Deerfield Beach, FL)
 
  Southlake Pavilion (Morrow, GA)    
 
  Goody’s Shopping Center (Augusta, GA)    
 
       
(7) Encumbers fifty two shopping center properties as follows:    
 
  Aberdeen Square (Boynton Beach, FL)   Harundale Plaza (Glen Burnie, MD)
 
  Creekwood Crossing (Bradenton, FL)   Largo Town Center (Upper Marlboro, MD)
 
  Northlake Commons (Palm Beach Gardens, FL)   Fayetteville Pavilion (Fayetteville, NC)
 
  Riverstone Plaza (Canton, GA)   Crossroads Plaza (Philadelphia, PA)
 
  Casselberry Commons (Casselberry, FL)   Village Square at Golf (Boynton Beach, FL)
 
  Bardmoor Shopping Center (Largo, FL)   Lakewood Ranch (Bradenton, FL)
 
  Melbourne Shopping Center (Melbourne, FL)   Crystal Springs Shopping Center (Crystal River, FL)
 
  West Oaks Towne Center (Orlando, FL)   Sheridan Square (Dania, FL)
 
  Skyview Plaza (Orlando, FL)   Shoppes at Paradise Pointe (Fort Walton Beach, FL)
 
  Midway Plaza (Tamarac, FL)   Citrus Hills (Hernando, FL)
 
  Shoppes at New Tampa (Wesley Chapel, FL)   Paraiso Plaza (Hialeah, FL)
 
  Market Square (Douglasville, GA)   Plaza Del Paraiso (Miami, FL)
 
  Riverdale Shops (West Springfield, MA)   River Run (Miramar, FL)
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Notes: (con’t)
(7) Encumbers fifty two shopping center properties as follows: (con’t)
         
 
  Countryside (Naples, FL)   Meadowmont Village Center (Chapel Hill, NC)
 
  Shoppes of Golden Acres (New Port Richey, FL)   Clayton Corners (Clayton, NC)
 
  Conway Plaza (Orlando, FL)   Sexton Commons (Fuquay Varina, NC)
 
  Chickasaw Trails Shopping Center (Orlando, FL)   Rosedale Shopping Center (Huntersville, NC)
 
  Flamingo Falls (Pembroke Pines, FL)   Shops at Oliver’s Crossing (Winston-Salem, NC)
 
  Killearn Shopping Center (Tallahassee, FL)   Cofer Crossing (Tucker, GA)
 
  Southwood Plantation (Tallahassee, FL)   Oviedo Park Crossing (Oviedo, FL)
 
  Shoppes of Lithia (Valrico, FL)   Hilltop Plaza (Richmond, CA)
 
  Sharon Greens (Cumming, GA)   Springfield Commons (Toledo, OH)
 
  Hairston Crossing (Decatur, GA)   Derby Square (Grove City, OH)
 
  Shoppes of Ellenwood (Ellenwood, GA)   North Pointe Plaza (Tampa, FL)
 
  Clearwater Crossing (Flowery Branch, GA)   Highland Grove (Highland, IN)
 
  Shoppes at Lake Dow (McDonough, GA)   Apple Blossom Corners (Winchester, VA)
 
       
(8) Encumbers three shopping center properties as follows:    
 
  Centerton Square (Mt. Laurel, NJ)   Beaver Creek Commons (Apex, NC)
 
  Mt. Nebo Pointe (Pittsburgh, PA)    
 
       
(9) 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)    
(10) 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.
 
       
(11) Encumbers seven shopping center properties as follows:
             
 
  Canton, OH   St. Paul, MN   North Olmsted, OH
 
  Brentwood, TN   Monaca, PA   Coon Rapids, MN
 
  Merriam, KS        
 
           
(12) Encumbers seven shopping center properties as follows:    
 
  Independence, MO   Framingham, MA   Fairfax, VA
 
  Schaumburg, IL   Atlanta, GA   Naples, FL
 
  Marietta, GA        
 
           
(13) Encumbers eight shopping center properties as follows:    
 
  Clarence, NY   Fayetteville, AR   Nashville, TN
 
  Cheektowaga, NY   Erie, PA   Ashville, NC
 
  Batavia, NY   Murfreesboro, TN    
         
(14) Encumbers four shopping center properties as follows:    
 
  Pioneer Hills (Aurora, CO)   Harbison Court (Columbia, SC)
 
  MacArthur Marketplace (Irving, TX)   Lakepointe Crossing (Lewisville, TX)
 
       
(15) Encumbers seven shopping center properties as follows:    
 
  Plainville Commons (Plainville, CT)   Shoppers World of Brookfield (Brookfield, WI)
 
  Riverdale Village (Coon Rapids, MN)   Brown Deer Center (Brown Deer, WI)
 
  Brandon Village (Brandon, FL)   Brown Deer Marketplace (Brown Deer, WI)
 
  Brandon Plaza (Brandon, FL)    
 
       
(16) Encumbers three shopping center properties as follows:    
 
  Grandville Marketplace (Grandville, MI)   Parker Pavilions (Parker, CO)
 
  McDonough Marketplace (McDonough, GA)    
 
       
Amounts may differ slightly from actual results, due to rounding.    
Summary of Joint Venture Debt 6.2

 


 

     
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities
as of June 30, 2007
(000’s)
                                                                                                 
    2007 Payments     2008 Payments     2009 Payments     2010 Payments     2011 Payments     2012 Payments     2013 Payments     2014 Payments     2015 Payments     2016 Payments     Thereafter     Total  
CONSOLIDATED DEBT
                                                                                               
 
                                                                                               
Property Mortgages
  $ 64,472     $ 221,807     $ 158,384     $ 383,138     $ 235,488     $ 127,636     $ 85,886     $ 20,018     $ 30,323     $ 21,157     $ 102,020     $ 1,450,329  
 
                                                                                               
Construction Loans
    0       19,920       0       0       0       0       0       0       0       0       0       19,920  
 
                                                                                               
Public Debt
    97,000       99,985       274,638       499,573       499,423       948,730       0       0       199,439       0       100,000       2,718,788  
 
                                                                       
 
                                                                                               
Subtotal
    161,472       341,712       433,022       882,711       734,911       1,076,366       85,886       20,018       229,762       21,157       202,020       4,189,036  
 
                                                                                               
Revolving Credit Facilities & Term Loans (1)
    0       0       0       380,000       550,000       0       0       0       0       0       0       930,000  
 
                                                                                               
 
                                                                       
Total Consolidated Debt
  $ 161,472     $ 341,712     $ 433,022     $ 1,262,711     $ 1,284,911     $ 1,076,366     $ 85,886     $ 20,018     $ 229,762     $ 21,157     $ 202,020     $ 5,119,036  
 
                                                                       
 
                                                                                               
JOINT VENTURE DEBT
                                                                                               
 
                                                                                               
Total JV Debt
  $ 118,288     $ 607,285     $ 297,648     $ 1,146,523     $ 136,801     $ 852,618     $ 184,089     $ 159,910     $ 157,970     $ 7,369     $ 1,794,814     $ 5,463,316  
 
                                                                                               
DDR’s Proportionate Share
    15,958       104,147       49,455       274,899       46,898       133,010       18,799       31,533       28,156       1,029       317,248       1,021,132  
 
                                                                                               
 
                                                                       
Total Consolidated Debt & Proportionate Share JV Debt
  $ 177,430     $ 445,859     $ 482,477     $ 1,537,611     $ 1,331,809     $ 1,209,376     $ 104,685     $ 51,550     $ 257,918     $ 22,186     $ 519,268     $ 6,140,169  
 
                                                                       
 
                                                                                               
 
Notes:
 
(1)   Balance at June 30, 2007 on credit facilities, bridge and term loan. The $1.2 billion JPMorgan Chase facility has one one-year extension option to 2011. The $550 million Key Bank term loan has one one-year extension option to 2012. The $60 million National City Bank facility has one one-year extension option to 2011. Amounts may differ slightly from actual results, due to rounding.
Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six-months ended June 30, 2007
Investor Information
         
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  
 
       
Green Street Advisors
Jim Sullivan
    (949) 640-8780
 
Nick Vedder
    (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
 
Greg Stuart
    (212) 622-5390  
 
       
Morgan Stanley
Matthew Ostrower
    (212) 761-6284
 
Mick Chiang
    (212) 761-6385  
 
       
RBC Capital Markets
Rich Moore
    (216) 378-7625  
 
       
UBS
Jeff Spector
    (212) 713-6144  
 
       
Wachovia Securities
Jeff Donnelly
    (617) 603-4262
 
Robert Laquaglia
    (617) 603-4280  
Corporate Headquarters
3300 Enterprise Parkway
Beachwood, Ohio 44122
Phone: (216) 755-5500
Fax: (216) 755-1500
Website: www.ddr.com
Investor Relations
Michelle M. Dawson
Phone: (216) 755-5455
Email: mdawson@ddr.com

 

EX-99.3 4 l27073aexv99w3.htm EX-99.3 EX-99.3
 

Exhibit 99.3
(DEVELOPERS DIVERSIFIED LOGO)
Appendix to Quarterly Financial Supplement
Property and Joint Venture Detail
For the six-months ended
June 30, 2007
Investor Relations Department
3300 Enterprise Parkway Beachwood, Ohio 44122
(216) 755-5500 (216) 755-1500 (fax)
www.ddr.com

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
TABLE OF CONTENTS
         
Section   Tab  
 
Property Listing
    1.0  
 
       
Joint Venture Partnership Summaries
    2.0  

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
  Alabama                                                            
1
  BIRMINGHAM, AL (BROOK)   BROOK HIGHLAND PLAZA
5291 HWY 280 SOUTH
  Birmingham     1994/2003       1994       100.00 %     425,095       552,012       4,507,825     DICK’S SPORTING GOODS(2017), GOODY’S(2009), 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
  Birmingham     1989/1999       1995       100.00 %     300,280       454,110       1,373,457     OFFICE DEPOT(2007), DOLLAR TREE(2009), BURLINGTON COAT FACTORY(2008), WESTERN SUPERMARKETS(NOT OWNED), HOME DEPOT(NOT OWNED)
3
  BIRMINGHAM, AL(RIVER RIDGE)   RIVER RIDGE (TIAA)
US HIGHWAY 280
  Birmingham     2001       2007       15.00 %     172,304       349,804       2,758,655     STAPLES(2016), LINENS ‘N THINGS(2012), BEST BUY(2017), SUPER TARGET(NOT OWNED)
4
  BIRMINGHAM, AL(RIVERCHASE)   RIVERCHASE PROMENADE(I)
MONTGOMERY HIGHWAY
  Birmingham     1989       2006       14.50 %     120,108       228,416       1,859,084     MARSHALLS(2008), TOY’S R US(NOT OWNED), GOODY’S(NOT OWNED)
5
  CULLMAN, AL   LOWE’S HOME IMPROVEMENT
1717 CHEROKEE AVE SW
  Cullman     1998       2007       100.00 %     101,287       101,287       682,500     LOWE’S(2015)
6
  DOTHAN, AL(CIRCUIT CITY)   CIRCUIT CITY — DOTHAN
2821 MONTGOMERY HWY
  Dothan     2004       2007       100.00 %     33,906       33,906       567,926     CIRCUIT CITY(2020)
7
  DOTHAN, AL(SHOPS)   SHOPS ON THE CIRCLE
3500 ROSS CLARK CIRCLE
  Dothan     2000       2007       100.00 %     149,085       149,085       1,646,363     OLD NAVY(2010), T.J. MAXX(2010), OFFICE MAX(2016)
8
  FLORENCE, AL   COX CREEK SHOPPING CENTER
374-398 COX CREEK PARKWAY
  Florence     2001       2007       15.00 %     173,989       304,870       1,831,420     BEST BUY(2017), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017), LINENS ‘N THINGS(2011), TARGET(NOT OWNED)
9
  GADSDEN, AL   EAST SIDE PLAZA
3010-3036 E. MEIGHAN BOULEVARD
  Gadsden     1979/2004       2003       100.00 %     85,196       130,899       271,508     FRED’S(2009), FOOD WORLD(NOT OWNED)
10
  HUNTSVILLE, AL(WEST)   WESTSIDE CENTRE (TIAA)
6275 UNIVERSITY DR
  Huntsville     2002       2007       15.00 %     475,307       526,307       5,183,671     BABIES R US(2012), MARSHALLS(2011), BED BATH & BEYOND(2012), MICHAEL’S(2011), GOODY’S(2016), DICK’S SPORTING GOODS(2017), STEIN MART(2011), ROSS DRESS FOR LESS(2013), COMPUSA(2016), TARGET(NOT OWNED)
11
  OPELIKA, AL   PEPPERELL CORNERS
2300-2600 PEPPERELL PARKWAY
  Opelika     1995       2003       100.00 %     306,224       306,224       1,506,797     LOWE’S(2012), GOODY’S(2010), STEVE & BARRY’S(2014)
12
  SCOTTSBORO, AL   SCOTTSBORO MARKETPLACE
24833 JOHN P REID PARKWAY
  Scottsboro     1999       2003       100.00 %     40,560       223,750       455,004     GOODY’S(2011), WAL-MART(NOT OWNED)
13
  TUSCALOOSA, AL   MCFARLAND PLAZA (TIAA)
2600 MCFARLAND BLD E
  Tuscaloosa     1999       2007       15.00 %     229,323       229,323       1,653,390     STEIN MART(2009), OLD NAVY(2011), CIRCUIT CITY(2020), OFFICE MAX(2015), TOYS R US(2011)
 
                                                               
  Arizona                                                            
14
  AHWATUKEE, AZ   FOOTHILLS TOWNE CTR (II)
4711 EAST RAY ROAD
  Phoenix     1996/1997/1999       1998       50.00 %     647,883       686,414       10,386,497     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(2012), ROSS DRESS FOR LESS(2012), OFFICE MAX(2012)
15
  CHANDLER, AZ   MERVYN’S PLAZA
2992 NORTH ALMA SCHOOL ROAD
  Phoenix     1985       2005       50.00 %     74,862       74,862       673,200     MERVYN’S(2020)
16
  MESA, AZ(SUPERS)   SUPERSTITION SPRINGS CENTER
6505 E SOUTHERN AVENUE
  Phoenix     1990       2005       50.00 %     86,858       86,858       1,151,580     MERVYN’S(2020)
17
  PHOENIX, AZ (PEORIA)   ARROWHEAD CROSSING
7553 WEST BELL ROAD
  Phoenix     1995       1996       50.00 %     346,428       416,606       4,541,431     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)
18
  PHOENIX, AZ (SPE)   PHOENIX SPECTRUM MALL
1703 W. BETHANY HOME RD
  Phoenix     1961       2004       20.00 %     469,337       923,968       6,222,140     COSTCO WHOLESALE(2020), ROSS DRESS FOR LESS(2013), PETSMART(2019), HARKINS THEATRE(2022), WALMART(NOT OWNED), DILLARD’S(NOT OWNED)
Property List 1.0
Page 1 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
19
  PHOENIX, AZ(DEER VALLEY)   DEER VALLEY TOWNE CENTER
2805 WEST AQUA FRIA FREEWAY
  Phoenix     1996       1999       100.00 %     194,009       459,939       3,115,453     ROSS DRESS FOR LESS(2009), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2009), AMC THEATRES(NOT OWNED), TARGET(NOT OWNED)
20
  PHOENIX, AZ(DV)   DEER VALLEY
4255 W. THUNDERBIRD ROAD
  Phoenix     1979       2005       50.00 %     81,009       81,009       819,060     MERVYN’S(2020)
21
  PHOENIX, AZ(PARADISE)   PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.   Phoenix     1997/2004       2003       67.00 %     223,658       295,317       4,459,606     BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2012), PETSMART(2015), STAPLES(2010), ALBERTSONS-OSCO DRUG(NOT OWNED)
22
  PHOENIX, AZ(SILVER)   SILVER CREEK PLAZA 4710 E. RAY ROAD         1994       2005       50.00 %     76,214       76,214       855,780     MERVYN’S(2020)
23
  TUCSON, AZ   SANTA CRUZ PLAZA
3660 SOUTH 16TH AVENUE
  Tucson     1982       2005       50.00 %     76,126       76,126       513,060     MERVYN’S(2020)
 
                                                               
  Arkansas                                                            
24
  FAYETTEVILLE, AR   SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD   Fayetteville     1997/1999/2000/2001       1997       14.50 %     262,827       590,161       3,044,651     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)
25
  FAYETTEVILLE, AR(STEELE)   STEELE CROSSING 3533-3595 N. SHILOH DR   Fayetteville     2003       2003       14.50 %     50,314       261,665       962,825     KOHL’S(NOT OWNED), TARGET(NOT OWNED)
26
  N. LITTLE ROCK, AR   MCCAIN PLAZA
4124 EAST MCCAIN BOULEVARD
  Little Rock     1991/2004       1994       100.00 %     295,013       295,013       1,959,563     BED BATH & BEYOND(2013), T.J. MAXX(2009), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014), SPORTS AUTHORITY(2013)
27
  RUSSELLVILLE, AR   VALLEY PARK CENTRE
3093 EAST MAIN STREET
  Russellville     1992       1994       100.00 %     266,539       266,539       1,772,457     HOBBY LOBBY(2016), STAGE(2010), J.C. PENNEY(2012), BELK(2021)
 
                                                               
  California                                                            
37
  ANAHEIM, CA   ANAHEIM HILLS FESTIVAL CENTER
8100 E SANTA CANYON ROAD
  Los Angeles     1992       2005       50.00 %     77,883       77,883       1,301,520     MERVYN’S(2020)
38
  ANTIOCH, CA   COUNTY EAST SHOPPING CENTER
2602 SOMERSVILLE ROAD
  Sacramento     1970       2005       50.00 %     75,339       75,339       1,181,160     MERVYN’S(2020)
39
  BUENA PARK, CA (MALL & ENT)   BUENA PARK MALL AND ENTERTAIN
100 BUENA PARK
  Los Angeles     1965       2004       20.00 %     723,988       1,131,651       9,808,791     CIRCUIT CITY(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2011), STEVE & BARRY’S(2014), 24 HOUR FITNESS(2022), KOHL’S(2024), KRIKORIAN PREMIER THEATRES(2023), MICHAEL’S(2014), WALMART(NOT OWNED), SEARS(NOT OWNED)
40
  BURBANK, CA   BURBANK TOWN CENTER
245 E MAGNOLIA BLVD
  Los Angeles     1991       2005       50.00 %     89,182       89,182       1,624,860     MERVYN’S(2020)
41
  CHINO, CA   CHINO TOWN SQUARE SHOPPING
5517 PHILADELPHIA
  Los Angeles     1986       2005       50.00 %     81,282       81,282       870,060     MERVYN’S(2020)
42
  CLOVIS, CA   SIERRA VISTA MALL
1000 SHAW AVENUE
  Fresno     1988       2005       50.00 %     75,088       75,088       714,000     MERVYN’S(2020)
43
  CULVER CITY, CA   CIRCUIT CITY — CULVER CITY
5660 SEPULVEDA BLVD
  Los Angeles     1998       2007       100.00 %     32,873       32,873       680,062     CIRCUIT CITY(2018)
44
  EL CAJON, CA   WESTFIELD SHOPPING TOWN
565 FLETCHER PARKWAY
  San Diego     1989       2005       50.00 %     85,744       85,744       1,253,580     MERVYN’S(2020)
45
  FAIRFIELD, CA   WESTFIELD SOLANO MALL
1451 GATEWAY BLVD.
  San Francisco     1981       2005       50.00 %     89,223       89,223       1,625,880     MERVYN’S(2020)
46
  FOLSOM, CA   FOLSOM SQUARE
1010 E. BIDWELL STREET
  Sacramento     2003       2005       50.00 %     79,080       79,080       1,154,640     MERVYN’S(2020)
Property List 1.0
Page 2 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
47
  FOOTHILL RANCH, CA   FOOTHILLS RANCH TOWN CENTRE
26732 PORTOLA PARKWAY
  Los Angeles     1993       2005       50.00 %     77,934       77,934       1,050,600     MERVYN’S(2020)
48
  GARDEN GROVE, CA   GARDEN GROVE CENTER
13092 HARBOR BLVD.
  Los Angeles     1982       2005       50.00 %     83,746       83,746       752,760     MERVYN’S(2020)
49
  LANCASTER, CA (DISCOUNT)   VALLEY CENTRAL — DISCOUNT
44707-44765 VALLEY CENTRAL WAY
  Los Angeles     1990       2000       20.00 %     353,483       483,787       3,997,969     WAL-MART(2010), MARSHALL’S(2007), CIRCUIT CITY(2011), STAPLES(2008), CINEMARK(2017), 99 CENTS ONLY(2014)
50
  LOMPAC, CA   MISSION PLAZA
1600 N H STREET
  Los Angeles     1992       2005       50.00 %     62,523       62,523       350,880     MERVYN’S(2020)
51
  LONG BEACH, CA (PIKE)   THE PIKE
95 SOUTH PINE AVE
  Los Angeles     2005       1 *     100.00 %     260,513       294,052       3,869,936     CINEMARK(2008), BORDERS(2016), CLUB V2O(2019)
52
  MADERA, CA   MADERA
1467 COUNTRY CLUB DRIVE
  Fresno     1990       2005       50.00 %     59,720       59,720       200,940     MERVYN’S(2020)
53
  NORTH FULLERTON, CA   NORTH FULLERTON
200 IMPERIAL HIGHWAY
  Los Angeles     1991       2005       50.00 %     76,360       76,360       772,140     MERVYN’S(2020)
54
  NORTHRIDGE, CA   NORTHRIDGE PLAZA
8800 CORBIN AVE
  Los Angeles     1980       2005       50.00 %     75,326       75,326       542,640     MERVYN’S(2020)
55
  OCEANSIDE, CA.   OCEAN PLACE CINEMAS
401-409 MISSION AVENUE
  San Diego     2000       2000       100.00 %     80,375       80,375       1,228,726     REGAL CINEMAS(2014)
56
  PALMDALE, CA   ANTELOPE VALLEY MALL
1305 W RANCHO VISTA BLVD.
  Los Angeles     1992       2005       50.00 %     76,550       76,550       829,260     MERVYN’S(2020)
57
  PASADENA, CA   PASEO COLORADO
280 EAST COLORADO BLVD
  Los Angeles     2001       2003       100.00 %     556,961       556,961       11,293,964     GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J.JILL(2012), PF CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011)
58
  PLEASANT HILL, CA.   DOWNTOWN PLEASANT HILL
2255 CONTRA COSTA BLVD #101
  San Francisco     1999/2000       2001       20.00 %     345,930       345,930       6,895,672     ALBERTSON’S(2020), MICHAEL’S(2010), BORDERS(2015), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2010), CENTURY THEATRE(2016)
59
  PORTERVILLE, CA   PORTERVILLE MARKET PLACE
1275 WEST HENDERSON AVENUE
  Bakersfield     1991       2005       50.00 %     76,378       76,378       515,100     MERVYN’S(2020)
60
  REDDING, CA   SHASTA CENTER
1755 HILLTOP DRIVE
  San Francisco     1984       2005       50.00 %     61,363       61,363       620,160     MERVYN’S(2020)
61
  RICHMOND, CA(HILLTOP)   HILLTOP PLAZA
3401 BLUME DRIVE
  San Francisco     1996/2000       2002       20.00 %     245,774       245,774       3,701,507     OFFICE MAX(2011), PETSMART(2012), ROSS DRESS FOR LESS(2013), BARNES & NOBLE(2011), CIRCUIT CITY(2017), CENTURY THEATRE(2016)
62
  SAN DIEGO, CA   SOUTHLAND PLAZA SHOPPING
575 SATURN BLVD.
  San Diego     1982       2005       50.00 %     75,207       75,207       1,013,880     MERVYN’S(2020)
63
  SAN DIEGO, CA (COLLEGE)   COLLEGE GROVE SHOPPING CENTER
3450 COLLEGE AVENUE
  San Diego     1991       2005       50.00 %     73,872       73,872       863,505     MERVYN’S(2021)
64
  SAN FRANCISCO, CA (RETAILS)   VAN NESS PLAZA 215
1000 VAN NESS AVENUE
  San Francisco     1998       2002       100.00 %     123,755       123,755       3,797,368     AMC THEATRE(2030), CRUNCH FITNESS(2008)
65
  SANTA MARIA, CA   TOWN CENTER WEST SHOPPING
201 TOWN CENTER WEST
  Los Angeles     1988       2005       50.00 %     84,886       84,886       762,960     MERVYN’S(2020)
66
  SANTA ROSA, CA   SANTA ROSA PLAZA
600 SANTA ROSA PLAZA
  San Francisco     1981       2005       50.00 %     90,348       90,348       1,526,940     MERVYN’S(2020)
Property List 1.0
Page 3 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
67
  SLATTEN RANCH, CA   SLATTEN RANCH SHOPPING CENTER
5849 LONE TREE WAY
  San Francisco     2002       2005       50.00 %     78,819       78,819       1,328,040     MERVYN’S(2020)
68
  SONORA, CA   SONORA CROSSROAD SHOPPING
1151 SANGUINETTI ROAD
  San Francisco     1993       2005       50.00 %     62,214       62,214       733,380     MERVYN’S(2020)
69
  TULARE, CA   ARBOR FAIRE SHOPPING CENTER
1675 HILLMAN STREET
  Fresno     1991       2005       50.00 %     62,947       62,947       566,100     MERVYN’S(2020)
70
  UKIAH, CA   UKIAH
437 NORTH ORCHARD AVENUE
  San Francisco     1990       2005       50.00 %     58,841       58,841       330,480     MERVYN’S(2020)
71
  VALENCIA, CA   MERVYNS VALENCIA
24235 MAGIC MOUNTAIN PKWY
  Los Angeles     1986       2006       100.00 %     75,590       75,590       951,000     MERVYN’S(2035)
72
  WEST COVINA, CA   WEST COVINA SHOPPING CENTER 2753 E. EASTLAND CTR DR   Los Angeles     1979       2005       50.00 %     79,800       79,800       1,545,300     MERVYN’S(2020)
 
                                                               
  Colorado                                                            
73
  AURORA, CO   PIONEER HILLS
5400-5820 SOUTH PARKER
  Denver     2003       2003       14.50 %     127,215       479,541       2,429,358     BED BATH & BEYOND(2012), OFFICE DEPOT(2017), WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
74
  BROOMFIELD, CO (FLATIRON GARD)   FLATIRON MARKETPLACE GARDEN
1 WEST FLATIRON CIRCLE
  Denver     2001       2003       100.00 %     245,182       421,447       4,912,291     NORDSTROM RACK(2011), LINENS ‘N THINGS(2017), BEST BUY(2016), OFFICE DEPOT(2016)
75
  DENVER, CO (CENTENNIAL)   CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD   Denver     1997/2002       1997       100.00 %     408,337       529,488       6,937,588     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), RECREATIONAL EQUIPMENT(NOT OWNED), HOME DEPOT(NOT OWNED)
76
  DENVER, CO (TAMARAC)   TAMARAC SQUARE 7777 E. HAMPDEN   Denver     1976       2001       100.00 %     174,780       196,580       1,986,459     REGENCY THEATRES TAMARAC SQ.(2008)
77
  DENVER, CO (UNIVERSITY)   UNIVERSITY HILLS
2730 SOUTH COLORADO BOULEVARD
  Denver     1997       2003       100.00 %     244,383       244,383       4,125,682     LINENS ‘N THINGS(2013), PIER 1 IMPORTS(2014), OFFICE MAX(2012), 24 HOUR FITNESS(2021), KING SOOPERS(2017)
78
  FORT COLLINS, CO   MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.   Fort Collins     2004       2003       100.00 %     18,988       316,420       426,662     HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
79
  HIGHLAND RANCH, CO   CIRCUIT CITY — HIGHLAND RANCH 8575 SOUTH QUEBEC ST   Denver     1998       2007       100.00 %     43,480       43,480       443,625     CIRCUIT CITY(2018)
80
  LITTLETON, CO   ASPEN GROVE
7301 SOUTH SANTA FE
  Denver     2002       1 *       100.00 %     231,450       255,184       6,510,744     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), PIER 1 IMPORTS(2011), JOSEPH A. BANK CLOTHERS(2012), BUCA di BEPPO(2013), CHAMPPS(2022), POTTERY BARN(2014)
81
  PARKER, CO (PAVILIONS)   PARKER PAVILIONS
11153-11183 SOUTH PARKER ROAD
  Denver     2003       2003       14.50 %     89,631       409,897       1,561,349     OFFICE DEPOT(2016), WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
82
  PARKER, CO(FLATACRES)   FLATACRES MARKETCENTER
SOUTH PARKER ROAD
  Denver     2003       2003       14.50 %     116,644       221,520       2,043,612     BED BATH & BEYOND(2014), GART SPORTS(2014), MICHAEL’S(2013), KOHL’S(NOT OWNED)
 
                                                               
  Connecticut                                                            
83
  MANCHESTER, CT   MANCHESTER BROAD STREET
286 BROAD STREET
  Hartford     1995/2003       2007       100.00 %     68,509       68,509       1,019,564     STOP & SHOP(2028)
Property List 1.0
Page 4 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List



                                                                 
                Year         DDR           Owned &        
                Developed/ Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
84
  PLAINVILLE, CT   CONNECTICUT
COMMONS
I-84 & RTE 9
  Hartford     1999/2001       1 *       14.50 %     463,394       566,537       6,113,858     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)
85
  WATERBURY, CT   NAUGATUCK VALLEY SHOPPING CENT
950 WOLCOTT STREET
  Hartford     2003       2007       15.00 %     232,085       383,332       4,352,711     BOB’S STORES(2017), LINENS ‘N THINGS(2017), STOP & SHOP(2021), STAPLES(2018), WALMART(NOT OWNED)
86
  WINDSOR COURT, CT   WINDSOR COURT SHOPPING CENTER
1095 KENNEDY ROAD
  Hartford     1993       2007       100.00 %     78,480       78,480       1,359,991     STOP & SHOP(2013)
 
                                                               
  Florida                                                            
87
  APOPKA, FL   PIEDMONT PLAZA
2302-2444 E SEMORAN BLVD
  Orlando     2004       2007       100.00 %     148,075       210,075       1,087,357     BEALL’S(2019), ALBERTSON’S(NOT OWNED)
88
  BAYONET POINT, FL   POINT PLAZA
US 19 & SR 52
  Tampa     1985/2003       1/2 *       100.00 %     209,714       209,714       1,369,619     PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2010)
89
  BOYNTON BEACH, FL   MEADOWS SQUARE HYPOLUXO RD N. CONGRESS AVE.   Miami     1986       2004       20.00 %     106,224       106,224       1,422,751     PUBLIX SUPER MARKETS(2011)
90
  BOYNTON BEACH, FL(ABERDEEN)   ABERDEEN SQUARE
4966 LE CHALET BLVD
  Miami     1990       2007       20.00 %     70,555       70,555       705,681     PUBLIX SUPER MARKETS(2010)
91
  BOYNTON BEACH, FL(COMMONS)   BOYNTON COMMONS (TIAA)
333-399 CONGRESS AVE
  Miami     1998       2007       15.00 %     210,488       210,488       3,059,068     BARNES & NOBLE(2013), PETSMART(2014), SPORTS AUTHORITY(2013), BED BATH & BEYOND(2014)
92
  BOYNTON BEACH, FL(VILLAGE)   VILLAGE SQUARE AT GOLF
3775 W WOOLBRIGHT RD
  Miami     1983/2002       2007       20.00 %     126,486       131,466       1,715,095     PUBLIX SUPER MARKETS(2008)
93
  BRADENTON, FL(CORTEZ)   CORTEZ PLAZA
CORTEZ ROAD WEST AND US HIGHWAY 41
  Bradenton     1966/1988       2007       100.00 %     289,045       289,045       2,895,999     PUBLIX SUPER MARKETS(2008), BURLINGTON COAT FACTORY(2013), PETSMART(2012), CIRCUIT CITY(2010)
94
  BRADENTON, FL(CREEKWOOD)   CREEKWOOD CROSSING
7395 52ND PLACE EAST
  Bradenton     2001       2007       20.00 %     180,746       284,085       2,464,564     BEALL’S(2016), BEALL’S OUTLET(2014), LIFESTYLE FAMILY FITNESS(2014)
95
  BRADENTON, FL(LAKEWOOD)   LAKEWOOD RANCH
1755 LAKEWOOD RANCH BLVD
  Bradenton     2001       2007       20.00 %     69,471       69,471       845,287     PUBLIX SUPER MARKETS(2021)
96
  BRANDON, FL   BRANDON BLVD SHOPPES 1930 SR 60 E.   Tampa     1994       2007       100.00 %     85,377       85,377       966,294     PUBLIX SUPER MARKETS(2014)
97
  BRANDON, FL (KMART)   KMART SHOPPING CENTER
1602 BRANDON BL
  Tampa     1972/1997/2003       2 *       100.00 %     161,900       228,022       795,297     K MART(2012), KANE FURNITURE(NOT OWNED)
98
  BRANDON, FL (PLAZA)   LAKE BRANDON PLAZA
CAUSEWAY BOULEVARD
  Tampa     1999       2003       14.50 %     148,267       196,801       1,872,449     COMPUSA(2017), JO-ANN STORES(2017), PUBLIX SUPER MARKETS(2019), BABIES R US(NOT OWNED)
99
  BRANDON, FL (VILLAGE)   LAKE BRANDON VILLAGE
CAUSEWAY BOULEVARD
  Tampa     1997/2004       2003       14.50 %     113,986       243,641       1,486,624     LINENS ‘N THINGS(2014), SPORTS AUTHORITY(2018), PETSMART(2020), LOWE’S(NOT OWNED)
100
  BRANDON, FL(ALBERTSONS)   ALBERTSONS AT BLOOMINGDALE HIL
10817-10863 BLOOMING DALE AVENUE
  Tampa     2002       2007       100.00 %     17,400       89,266       535,836     ALBERTSONS(NOT OWNED)
101
  BRANDON, FL(LITHIA)   SHOPPES OF LITHIA
3461 LITHIA PINECRES T ROAD
  Tampa     2003       2007       20.00 %     71,430       71,430       1,130,389     PUBLIX SUPER MARKETS(2023)
102
  CASSELBERRY, FL   CASSELBERRY COMMONS 1455 S. SEMORAN BLVD   Orlando     1973/1998       2007       20.00 %     233,176       248,176       2,073,063     PUBLIX SUPER MARKETS(2007), ROSS DRESS FOR LESS(2013), STEIN MART(2015)
103
  CITRUS HILLS, FL   CITRUS HILLS
2601 FOREST RIDGE BLVD
  Ocala     1994/2003       2007       20.00 %     68,927       68,927       718,028     PUBLIX SUPER MARKETS(2014)
104
  CLEARWATER, FL   CLEARWATER COLLECTION
21688-21800 US HWY19 NORTH
  Tampa     1995/2005       2007       100.00 %     132,023       132,023       1,483,948     LA FITNESS INTERNATIONAL(2022), FLOOR & DECOR(2017)
Property List 1.0
Page 5 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
105
  CRYSTAL RIVER, FL   CRYSTAL SPRINGS SHOPPING CENTE
6760 W GULF TO LAKE
  Ocala     2001       2007       20.00 %     66,986       66,986       750,932     PUBLIX SUPER MARKETS(2021)
106
  CRYSTAL RIVER, FL (RIVER)   CRYSTAL RIVER PLAZA
420 SUN COAST HWY
  Ocala     1986/2001       1/2 *       100.00 %     169,149       169,149       772,106     BEALL’S(2012), BEALL’S OUTLET(2011)
107
  DANIA BEACH, FL   BASS PRO OUTDOOR WORLD
200 GULF STREAM WAY
  Miami     1999       2007       100.00 %     165,000       165,000       1,600,000     BASS PRO OUTDOOR WORLD(2014)
108
  DANIA, FL   SHERIDAN SQUARE 401-435 E. SHERIDAN STREET   Miami     1991       2007       20.00 %     67,475       67,475       671,543     PUBLIX SUPER MARKETS(2011)
109
  DAVIE, FL   PARADISE PROMENADE
5949-6029 STIRLING ROAD
  Miami     2004       2007       20.00 %     70,271       70,271       903,807     PUBLIX SUPER MARKETS(2023)
110
  DAYTONA BEACH, FL   VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY   Daytona Beach     1984       2001       100.00 %     76,087       76,087       957,918     MARSHALLS(2010)
111
  DAYTONA BEACH, FL(KB HOMES)   KB HOMES
1610 W INTERNATIONAL SPEEDWAY PARKWAY
  Daytona Beach     1998       2007       100.00 %     22,255       22,255       210,000     KB HOMES(2010)
112
  DAYTONA BEACH, FL(PETSMART)   PETSMART — DAYTONA BEACH 1900 W INTERNATIONAL SPEEDWAY PARKWAY   Daytona Beach     1996       2007       100.00 %     26,194       26,194       359,664     PETSMART(2021)
113
  DEERFIELD BEACH, FL   HILLSBORO SQUARE (TIAA)
HILLSBORO BLVD & HIGHWAY ONE
  Miami     1978/2002       2007       15.00 %     145,472       154,232       1,878,794     PUBLIX SUPER MARKETS(2022)
114
  ENGLEWOOD, FL   ROTONDA PLAZA
5855 PLACIDA ROAD
  Sarasota     1991       2004       100.00 %     46,835       46,835       453,479     KASH N KARRY(2011)
115
  FT. MEYERS, FL   MARKET PLACE (TIAA)
13300 SOUTH CLEVELAND AVENUE
  Ft. Meyers     2004       2007       15.00 %     107,445       232,445       1,707,626     AMERICAN SIGNATURE(2014), TOTAL WINE & MORE(2016), DSW SHOE WAREHOUSE(2016), TARGET(NOT OWNED)
116
  FT. MEYERS, FL(CYPRESS)   CYPRESS TRACE (TIAA)
CYPRESS LAKE DRIVE & US 41
  Ft. Meyers     2004       2007       15.00 %     276,288       276,288       2,723,403     BEALL’S(2010), STEIN MART(2013), BEALL’S OUTLET(2010), ROSS DRESS FOR LESS(2012)
117
  FT. WALTON BEACH, FL   SHOPPES AT PARADISE POINTE
US HWY 98 AND PERRY AVE
  Destin     1987/2000       2007       20.00 %     83,929       83,929       1,061,622     PUBLIX SUPER MARKETS(2021)
118
  GULF BREEZE, FL   GULF BREEZE MARKETPLACE
3749-3767 GULF BREEZE PARKWAY
  Pensacola     1998       2003       100.00 %     29,827       333,654       456,288     LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)
119
  HIALEAH, FL   PARAISO PLAZA 3300-3350 W. 80TH ST   Miami     1997       2007       20.00 %     60,712       60,712       857,678     PUBLIX SUPER MARKETS(2017)
120
  JACKSONVILLE, FL   JACKSONVILLE REGIONAL
3000 DUNN AVENUE
  Jacksonville     1988       1995       100.00 %     219,735       295,752       1,350,173     J.C. PENNEY(2012), WINN DIXIE STORES(2009)
121
  JACKSONVILLE, FL(ARLINGTON RD)   ARLINGTON ROAD PLAZA
926 ARLINGTON ROAD
  Jacksonville     1990/1999       2004       100.00 %     182,098       182,098       889,758     FOOD LION(2010)
122
  KISSIMMEE, FL(CVS)   CVS PHARMACY #5040-01 3300 S. ORANGE BLOSSOM TRAIL   Orlando     1997       2007       100.00 %     9,504       9,504       220,316      
123
  LAKE MARY, FL   SHOPPES AT LAKE MARY (TIAA)
4155 WEST LAKE MARY BLVD
  Orlando     2001       2007       15.00 %     73,343       74,331       1,437,652     STAPLES(2015)
124
  LAKE WALES, FL   SHOPPES ON THE RIDGE
HIGHWAY 27 & CHALET SUZANNE ROAD
  Lakeland     2003       2007       20.00 %     115,671       115,671       1,326,438     PUBLIX SUPER MARKETS(2023)
125
  LAKELAND, FL (HIGHLANDS)   HIGHLANDS PLAZA SHOPPING CTR
2228 LAKELANDS HIGHLAND ROAD
  Lakeland     1990       2004       100.00 %     102,572       102,572       804,853     WINN DIXIE STORES(2017)
Property List 1.0
Page 6 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
126
  LARGO, FL   COLONIAL PROMENADE BARDMOOR CE
10801 STARKEY ROAD
  Tampa     1991       2007       20.00 %     152,667       165,607       1,861,796     PUBLIX SUPER MARKETS(2011)
127
  LAUDERHILL, FL   UNIVERSAL PLAZA (TIAA)
7730 WEST COMMERCIAL
  Miami     2002       2007       15.00 %     49,505       174,505       1,024,580     TARGET(NOT OWNED)
128
  MELBOURNE, FL   MELBOURNE SHOPPING CENTER
1301-1441 S BABCOCK
  Melbourne     1960/1999       2007       20.00 %     204,217       229,117       1,389,593     BIG LOTS(2009), PUBLIX SUPER MARKETS(2019)
129
  MIAMI, FL   THE SHOPS OF MIDTOWN 3401 N. MIAMI AVENUE   Miami     2006       1 *     100.00 %     165,866       306,980       1,928,131     CIRCUIT CITY(2022), LINENS ‘N THINGS(2017), LOEHMANN’S(2018), MARSHALLS(2017), WEST ELM(2019)
130
  MIAMI, FL(PARAISO)   PLAZA DEL PARAISO
12100 SW 127TH AVE
  Miami     2003       2007       20.00 %     82,441       82,441       1,251,033     PUBLIX SUPER MARKETS(2023)
131
  MIRAMAR, FL   RIVER RUN
MIRAMAR PARKWAY AND PALM AVENUE
  Miami     1989       2007       20.00 %     93,643       106,828       1,076,908     PUBLIX SUPER MARKETS(2009)
132
  NAPLES, FL   CARILLON PLACE
5010 AIRPORT ROAD NORTH
  Naples     1994       1995       14.50 %     267,808       283,208       2,961,996     WAL-MART(2014), T.J. MAXX(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS(2010), BEALL’S(2009), OFFICE MAX(2010)
133
  NAPLES, FL(COUNTRY)   COUNTRYSIDE
4025 SANTA BARBARA
  Naples     1997       2007       20.00 %     73,986       73,986       837,767     WINN DIXIE STORES(2017)
134
  NEW TAMPA, FL   NEW TAMPA COMMONS
BRUCE B DOWNS & DONNA MICHELLE
  Tampa     2005       2007       100.00 %     10,000       10,000       329,960      
135
  NEWPORT RICHEY, FL   SHOPPES OF GOLDEN ACRES
9750 LITTLE ROAD
  Tampa     2002       2007       20.00 %     130,609       130,609       1,641,072     PUBLIX SUPER MARKETS(2022)
136
  OCALA, FL   STEEPLECHASE PLAZA
8585 STATE ROAD 200
  Ocala     1993       2007       100.00 %     92,180       92,180       997,232     PUBLIX SUPER MARKETS(2013)
137
  OCALA, FL(WEST)   OCALA WEST
2400 SW COLLEGE ROAD
  Ocala     1991       2003       100.00 %     105,276       105,276       850,564     SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)
138
  OCOEE, FL(WEST OAKS)   WEST OAKS TOWNE CENTER 9537-49 W. COLONIAL   Orlando     2000       2007       20.00 %     66,539       111,623       1,146,462     MICHAEL’S(2010)
139
  ORANGE PARK, FL (THE VILLAGE)   THE VILLAGE SHOPPING CENTER
950 BLANDING BOULEVARD
  Jacksonville     1993/2000       2004       100.00 %     72,531       135,473       699,710     BEALL’S(2009), ALBERTSON’S(NOT OWNED)
140
  ORLANDO, FL(CHICKASAW)   CHICKASAW TRAILS SHOPPING CENT 2300 S. CHICKASAW TR   Orlando     1994       2007       20.00 %     75,492       76,067       818,693     PUBLIX SUPER MARKETS(2014)
141
  ORLANDO, FL(CIRCUIT)   CIRCUIT CITY PLAZA (TIAA)
GOOD HOMES ROAD AND COLONIAL DRIVE
  Orlando     1999       2007       15.00 %     78,625       78,625       1,227,645     STAPLES(2015), CIRCUIT CITY(2020)
142
  ORLANDO, FL(CONWAY)   CONWAY PLAZA
4400 CURRY FORD ROAD
  Orlando     1985/1999       2007       20.00 %     117,723       117,723       1,137,956     PUBLIX SUPER MARKETS(2019)
143
  ORLANDO, FL(SAND)   SAND LAKE CORNERS (TIAA)
8111-8481 JOHN YOUNG PARKWAY
  Orlando     1998/2000       2007       15.00 %     189,721       389,721       2,227,715     BEALL’S(2014), PETSMART(2014), STAPLES(2014), LOWES(NOT OWNED), WALMART(NOT OWNED)
144
  ORLANDO, FL(SKYVIEW)   SKYVIEW PLAZA
7801 ORANGE BLOSSOM TRAIL
  Orlando     1994/1998       2007       20.00 %     281,244       281,244       2,581,813     PUBLIX SUPER MARKETS(2008), OFFICE DEPOT(2008), K MART(2009), CIRCUIT CITY(2008)
145
  ORMOND BEACH, FL   ORMOND TOWNE SQUARE
1458 WEST GRANADA BLVD
  Daytona Beach     1993       1994       100.00 %     234,042       234,042       1,954,539     BEALL’S(2018), ROSS DRESS FOR LESS(2016), PUBLIX SUPER MARKETS(2013)
146
  OVIEDO, FL   OVIEDO PARK CROSSING
RTE 417 & RED BUG LAKE ROAD
  Orlando     1999       1 *       20.00 %     186,212       321,249       2,020,892     OFFICE MAX(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S(2009), T.J. MAXX(2010), LINENS ‘N THINGS(2011), LOWE’S(NOT OWNED)
Property List 1.0
Page 7 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
147
  PALM BEACH GARDENS, FL   NORTHLAKE COMMONS
NORTHLAKE BLVD
  Miami     1987/2003       2007       20.00 %     146,816       264,658       1,367,153     ROSS DRESS FOR LESS(2014), HOME DEPOT(NOT OWNED)
148
  PALM HARBOR, FL   THE SHOPPES OF BOOT RANCH
300 EAST LAKEROAD
  Tampa     1990       1995       100.00 %     52,395       229,188       978,959     ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)
149
  PALM HARBOR, FL(BROOKER)   PUBLIX BROOKER CREEK 36301 E.LAKE ROAD   Tampa     1994       2007       20.00 %     77,596       77,596       877,983     PUBLIX SUPER MARKETS(2014)
150
  PEMBROKE PINES, FL   FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD   Miami     2001       2007       20.00 %     108,565       108,565       2,324,857      
151
  PENSACOLA, FL   PALAFOX SQUARE
8934 PENSACOLA BLVD
  Pensacola     1988/1997/1999       1/2 *       100.00 %     17,150       236,892       245,107     WALMART(NOT OWNED)
152
  PLANT CITY, FL   PLANT CITY CROSSING
SWC OF INTERSTATE 4 & THONOTOSASSA ROAD
  Tampa     2001       2007       100.00 %     85,252       85,252       1,003,798     PUBLIX SUPER MARKETS(2021)
153
  PLANT CITY, FL(LAKE)   LAKE WALDEN SQUARE
105-240 W ALEXANDER
  Tampa     1992       2007       100.00 %     261,897       261,897       1,268,974     KASH N KARRY(2012)
154
  PLANTATION, FL(FOUNTAINS)   FOUNTAINS
801 SOUTH UNIVERSITY DRIVE
  Miami     1989       2007       100.00 %     283,273       349,413       4,923,384     MARSHALLS(2009)
155
  PLANTATION, FL(VISION)   VISION WORKS
801 SOUTH UNIVERSITY DRIVE
  Miami     1989       2007       100.00 %     6,891       6,891       159,170      
156
  SANTA ROSA, FL   WATERCOLOR CROSSING
110 WATERCOLOR WAY
  Pensacola     2003       2007       20.00 %     43,200       43,200       604,799     PUBLIX SUPER MARKETS(2024)
157
  SARASOTA, FL   SARASOTA PAVILION (TIAA)
6511 TAMAIMI TRAIL
  Sarasota     1999       2007       15.00 %     324,211       336,177       3,888,779     STEIN MART(2009), PUBLIX SUPER MARKETS(2010), MICHAEL’S(2009), OLD NAVY(2010), MARSHALLS(2013), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2012), BOOKS-A-MILLION(2011)
158
  SILVER SPRINGS SHORES, FL   HEATHER ISLAND PLAZA
7878 SE MARICAMP
  Ocala     2005       2007       20.00 %     70,970       70,970       724,766     PUBLIX SUPER MARKETS(2020)
159
  SPRING HILL, FL   MARINER SQUARE 13050 CORTEZ BLVD.   Tampa     1988/1997       1/2 *       100.00 %     188,347       392,423       1,631,084     BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)
160
  ST. PETERSBURG, FL(GATEWAY)   GATEWAY MARKET CENTER (TIAA)
7751-8299 9TH ST N
  Tampa     2000       2007       15.00 %     231,106       353,106       2,040,633     T.J. MAXX(2008), PUBLIX SUPER MARKETS(2019), BEALL’S(2021), PETSMART(2013), OFFICE DEPOT(2014), TARGET(NOT OWNED)
161
  TALLAHASSEE, FL   CAPITAL WEST
4330 WEST TENNESSEE STREET
  Tallahassee     1994/2004       2003       100.00 %     79,451       252,100       642,018     BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)
162
  TALLAHASSEE, FL(KILLEARN)   KILLEARN SHOPPING CENTER
3479-99 THOMASVILLE ROAD
  Tallahassee     1980       2007       20.00 %     95,229       95,229       964,985     PUBLIX SUPER MARKETS(2011)
163
  TALLAHASSEE, FL(SOUTHWOOD)   SOUTHWOOD PLANTATION
NWC CAPITAL CIRCLE & BLAIRSTONE ROAD
  Tallahassee     2003       2007       20.00 %     62,840       62,840       766,783     PUBLIX SUPER MARKETS(2023)
164
  TAMARAC, FL   MIDWAY PLAZA
UNIVERSITY DR & COMMERCIAL BLVD
  Miami     1985       2007       20.00 %     227,209       227,209       2,750,436     ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2011)
165
  TAMPA, FL (DALE)   NORTH POINTE PLAZA
15001-15233 NORTH DALE MABRY
  Tampa     1990       1/2 *       20.00 %     104,460       222,388       1,281,116     PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)
166
  TAMPA, FL (WALKS)   WALKS AT HIGHWOOD PRESERVE I (
18001 HIGHWOODS PRESERVE PARKWAY
  Tampa     2001       2007       15.00 %     169,081       178,981       3,178,749     MICHAEL’S(2012), LINENS ‘N THINGS(2017), CIRCUIT CITY(2017)
167
  TAMPA, FL (WATERS)   TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE   Tampa     1990       1/2 *       100.00 %     132,993       248,374       1,062,948     BEALL’S(2007), KASH N KARRY(2010), WALMART(NOT OWNED)
Property List 1.0
Page 8 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
168
  TARPON SPRINGS, FL   TARPON SQUARE 41232 U.S. 19, NORTH   Tampa     1974/1998       1/2 *       100.00 %     198,797       199,447       1,388,708     K MART(2009), BIG LOTS(2012), STAPLES(2013)
169
  TEQUESTA, FL   TEQUESTA SHOPPES PLAZA
105 N US HWY 1
  Miami     1986       2007       100.00 %     110,105       110,105       620,786      
170
  VERO BEACH, FL   CIRCUIT CITY — VERO BEACH 6560 20TH STREET   Vero Beach     2001       2007       100.00 %     33,243       33,243       530,000     CIRCUIT CITY(2021)
171
  WESLEY CHAPEL, FL   SHOPPES AT NEW TAMPA
1920 CR 581
  Tampa     2002       2007       20.00 %     158,222       158,222       1,882,846     PUBLIX SUPER MARKETS(2022), BEALL’S(2017)
172
  WEST PALM BEACH, FL   PARADISE PLACE (TIAA) 4075 N. HAVERHILL RD   Miami     2003       2007       15.00 %     89,120       89,120       1,037,221     PUBLIX SUPER MARKETS(2023)
173
  WINTER PARK, FL(BANK)   BANK FIRST AT WINTER PARK
4270 ALOMA AVENUE
  Orlando     1990       2007       100.00 %     3,348       3,348       71,411      
174
  WINTER PARK, FL(GOLDENROD)   WINTER PARK PALMS
4270 ALOMA AVENUE
  Orlando     1985/1998       2007       100.00 %     108,944       108,944       1,007,813     PUBLIX SUPER MARKETS(2010)
 
                                                               
  Georgia                                                            
175
  ALPHARETTA, GA   JO-ANN FABRICS
965 NORTH POINT DR
  Atlanta     2000       2007       100.00 %     38,418       38,418       512,880     JO-ANN STORES(2016)
176
  ATHENS, GA   ATHENS EAST
4375 LEXINGTON ROAD
  Athens     2000       2003       100.00 %     24,000       218,879       296,616     WAL MART(NOT OWNED)
177
  ATLANTA, GA (DULUTH)   PLEASANT HILL PLAZA
1630 PLEASANT HILL ROAD
  Atlanta     1990       1994       100.00 %     99,025       219,025       636,570     WAL-MART(NOT OWNED)
178
  ATLANTA, GA (PERIMETER)   PERIMETER POINTE 1155 MT. VERNON HIGHWAY   Atlanta     1995/2002       1995       14.50 %     343,155       352,755       5,014,559     STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015)
179
  ATLANTA, GA(ABERNATHY)   ABERNATHY SQUARE
6500 ROSWELL RD
  Atlanta     1983/1994       2007       100.00 %     131,516       131,516       2,287,690     PUBLIX SUPER MARKETS(2014)
180
  ATLANTA, GA(BROOKHAVEN)   BROOKHAVEN
3974 PEACHTREE RD NE
  Atlanta     1993       2007       20.00 %     65,320       71,320       1,172,581     KROGER(2018)
181
  ATLANTA, GA(CORNERS)   CASCADE CORNERS
3425 CASCADE ROAD
  Atlanta     1993       2007       20.00 %     66,844       66,844       473,016     KROGER(2020)
182
  ATLANTA, GA(CROSSING)   CASCADE CROSSING
3695 CASCADE RD SW
  Atlanta     1994       2007       20.00 %     63,346       63,346       601,284     PUBLIX SUPER MARKETS(2014)
183
  AUGUSTA, GA(GOODY’S)   GOODY’S SHOPPING CENTER (TIAA) 2360 GEORGETOWN ROAD   Augusta     1999       2007       15.00 %     22,560       232,560       187,474     GOODY’S(2014), SUPER WALMART(NOT OWNED)
184
  BUFORD, GA (MILLCREEK)   MARKETPLACE AT MILLCREEK I (TI
MALL OF GEORGIA BLVD
  Atlanta     2003       2007       15.00 %     403,106       403,106       4,961,566     TOYS R US(2015), R.E.I.(2013), BORDERS(2020), OFFICE MAX(2014), LINENS ‘N THINGS(2015), PETSMART(2015), MICHAEL’S(2010), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012)
185
  CANTON, GA   HICKORY FLAT VILLAGE
6175 HICKORY FLAT HY
  Atlanta     2000       2007       20.00 %     74,020       74,020       955,999     PUBLIX SUPER MARKETS(2020)
186
  CANTON, GA (RIVER)   RIVERSTONE PLAZA
1451 RIVERSTONE PARKWAY
  Atlanta     1998       2007       20.00 %     302,131       331,820       3,295,922     GOODY’S(2010), MICHAEL’S(2012), ROSS DRESS FOR LESS(2012), BELK(2018), PUBLIX SUPER MARKETS(2018)
Property List 1.0
Page 9 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
187
  CARTERSVILLE, GA   BARTOW MARKETPLACE (TIAA)
215 MARKETPLACE BLVD
  Atlanta     1995       2007       15.00 %     375,067       375,067       2,448,881     WAL-MART(2015), LOWE’S(2015)
188
  CHAMBLEE, GA   CHAMBLEE PLAZA
PEACHTREE INDUSTRIAL BOULEVARD
  Atlanta     1976       2003       100.00 %     175,969       175,969       892,923     POP-N-SHOP(2006)
189
  COLUMBUS, GA   BRADLEY PARK CROSSING
1591 BRADLEY PARK DRIVE COLUMB
  Columbus     1999       2003       100.00 %     119,786       242,786       1,371,731     GOODY’S(2011), PETSMART(2015), MICHAEL’S(2009), TARGET(NOT OWNED)
190
  CUMMING, GA   SHARON GREENS
1595 PEACHTREE PKWY
  Atlanta     2001       2007       20.00 %     98,317       101,317       1,162,145     KROGER(2021)
191
  CUMMING, GA (MARKETPLACE)   CUMMING MARKETPLACE
MARKETPLACE BOULEVARD
  Atlanta     1997/1999       2003       100.00 %     308,557       652,642       3,771,699     GOODY’S(2012), LOWE’S(2019), MICHAEL’S(2010), OFFICE MAX(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)
192
  DECATUR, GA(FLAT SHOALS)   FLAT SHOALS CROSSING
3649 FLAKES MILL RD
  Atlanta     1994       2007       20.00 %     69,699       69,699       706,155     PUBLIX SUPER MARKETS(2013)
193
  DECATUR, GA(HAIRSTON)   HAIRSTON CROSSING
2075 S HAIRSTON ROAD
  Atlanta     2002       2007       20.00 %     57,884       57,884       664,948     PUBLIX SUPER MARKETS(2022)
194
  DOUGLASVILLE, GA   DOUGLASVILLE MARKETPLACE
6875 DOUGLAS BOULEVARD
  Atlanta     1999       2003       100.00 %     86,158       261,353       1,451,041     BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)
195
  DOUGLASVILLE, GA(MARKET)   MARKET SQUARE
9503-9579 HIGHWAY 5
  Atlanta     1974/1990       2007       20.00 %     121,766       128,266       1,438,428     OFFICE DEPOT(2013)
196
  DOUGLASVILLE, GA(PAVILION)   DOUGLAS PAVILION (TIAA)
2900 CHAPEL HILL RD
  Atlanta     1998       2007       15.00 %     267,010       370,010       3,021,413     PETSMART(2014), OFFICE MAX(2013), MARSHALLS(2008), GOODY’S(2013), ROSS DRESS FOR LESS(2012), HUDSON’S FURNITURE SHOWROOM(2014)
197
  DULUTH, GA (VENTURE)   VENTURE POINTE I (TIAA) 2050 W. LIDDELL RD.   Atlanta     1996       2007       15.00 %     335,420       645,420       2,800,819     HOBBY LOBBY(2011), BABIES R US(2014), ASHLEY FURNITURE HOMESTORE(2012), GOODY’S(2011), GOLFSMITH GOLF CENTER(2012), KOHL’S(2022), SUPER TARGET(NOT OWNED), COSTCO(NOT OWNED)
198
  DULUTH, GA(SOFA)   SOFA EXPRESS
3480 STEVE REYNOLDS BLVD
  Atlanta     2004       2007       100.00 %     20,000       20,000       325,000      
199
  DULUTH, GA, GA(PLEASANT)   PLEASANT HILL (TIAA)
2205 PLEASANT HILL
  Atlanta     1997/2000       2007       15.00 %     282,137       282,137       3,353,588     BARNES & NOBLE(2012), TOYS R US(2013), JO-ANN STORES(2011), STAPLES(2014), J.C. PENNEY(2012), OLD NAVY(2009)
200
  ELLENWOOD, GA   SHOPPES OF ELLENWOOD
EAST ATLANTA ROAD & FAIRVIEW ROAD
  Atlanta     2003       2007       20.00 %     67,721       67,721       857,034     PUBLIX SUPER MARKETS(2023)
201
  FAYETTEVILLE, GA (PAVILION)   FAYETTE PAVILION I (TIAA)
NEW HOPE ROAD & GA HWY 85
  Atlanta     1995/2002       2007       15.00 %     1,280,938       1,529,435       11,442,590     WAL-MART(2016), H.H. GREGG APPLIANCES(2018), BED BATH & BEYOND(2013), GOODY’S(2016), SPORTS AUTHORITY(2012), T.J. MAXX(2008), PUBLIX SUPER MARKETS(2016), BELK(2015), SEASONAL CONCEPTS(2014), HUDSON’S FURNITURE SHOWROOM(2016), BEST BUY(2013), OLD NAVY(2010), ROSS DRESS FOR LESS(2012), TOYS R US(2010), CINEMARK(2018), MARSHALLS(2011), PETSMART(2016), KOHL’S(2022), JO-ANN STORES(2012), DICK’S SPORTING GOODS(2016)
202
  FLOWERY BRANCH, GA   CLEARWATER CROSSING
7380 SPOUT SPRINGS ROAD
  Atlanta     2003       2007       20.00 %     90,566       90,566       1,111,743     KROGER(2023)
203
  GAINESVILLE, GA   ECKERD DRUG STORE #0444 599 S. ENOTA DRIVE   Atlanta     1997       2007       100.00 %     10,594       10,594       178,016      
204
  HIRAM, GA   HIRAM PAVILION I (TIAA)
5220 JIMMY LEE SMITH PARKWAY
  Atlanta     2002       2007       15.00 %     363,695       568,715       3,687,139     ROSS DRESS FOR LESS(2012), MICHAEL’S(2012), MARSHALLS(2011), KOHL’S(2022), GOODY’S(2016), LINENS ‘N THINGS(2017)
205
  KENNESAW, GA (BARRETT)   BARRETT PAVILION I (TIAA)
740 BARRETT PARKWAY
  Atlanta     1998       2007       15.00 %     440,523       672,377       6,200,154     SCHOOL BOX, THE(2010), AMC THEATRE(2019), HOMEGOODS(2013), GOODY’S(2011), GOLFSMITH GOLF CENTER(2013), H.H. GREGG APPLIANCES(2018), JO-ANN STORES(2011)
Property List 1.0
Page 10 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
206
  KENNESAW, GA(TOWN)   TOWN CENTER COMMONS
725 EARNEST BARRETT PARKWAY
  Atlanta     1998       2007       100.00 %     72,108       159,758       939,143     J.C. PENNEY(2008)
207
  LAWRENCEVILLE, GA   FIVE FORKS VILLAGE
850 DOGWOOD ROAD
  Atlanta     1990       2003       10.00 %     89,064       89,064       480,279      
208
  LAWRENCEVILLE, GA(ECKERD)   ECKERD DRUG STORE #3449
1545 LAWRENCEVILLE HIGHWAY
  Atlanta     1997       2007       100.00 %     9,504       9,504       184,328      
209
  LAWRENCEVILLE, GA(SPRINGFIELD)   SPRINGFIELD PARK
665 DULUTH HIGHWAY
  Atlanta     1992/2000       2007       100.00 %     105,321       105,321       1,063,692     HOBBY LOBBY(2011)
210
  LILBURN, GA (FIVE FORKS)   FIVE FORKS CROSSING
3055 FIVE FORKS TRICKUM ROAD
  Atlanta     2000/2001       2003       10.00 %     73,910       73,910       703,114     KROGER(2012)
211
  LITHONIA, GA   STONECREST MARKETPLACE (TIAA)
TURNER HILL ROAD AND MALL PARKWAY
  Atlanta     2002       2007       15.00 %     264,644       264,644       3,328,963     STAPLES(2017), BABIES R US(2018), LINENS ‘N THINGS(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012)
212
  LITHONIA, GA (THE SHOPS AT TURNER HILL)   THE SHOPS AT TURNER HILL
8200 MALL PARKWAY
  Atlanta     2003       2003       14.50 %     113,675       293,670       1,638,375     BEST BUY(2018), BED BATH & BEYOND(2013)
213
  LOGANVILLE, GA   MIDWAY PLAZA
910 ATHENS HWY
  Atlanta     1995       2003       20.00 %     91,196       91,196       1,001,951     KROGER(2016)
214
  MACON, GA   EISENHOWER ANNEX (DDR)
4685 PRESIDENTIAL PARKWAY
  Macon     2002       2007       100.00 %     53,477       53,477       520,992     H.H. GREGG APPLIANCES(2036), PETSMART(2017)
215
  MACON, GA (EISENHOWER)   EISENHOWER CROSSING I (TIAA)
4685 PRESIDENTIAL PARKWAY
  Macon     2002       2007       15.00 %     400,599       406,715       4,558,199     KROGER(2022), STAPLES(2016), MICHAEL’S(2011), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2012), GOODY’S(2016), OLD NAVY(2011), MARSHALLS(2011), DICK’S SPORTING GOODS(2017), TARGET(NOT OWNED)
216
  MACON, GA(DAVID’S)   EISENHOWER OUTLOT (DAVID’S BRI
4685 PRESIDENTIAL PARKWAY
  Macon     2004       2007       15.00 %     14,000       14,000       251,000      
217
  MACON, GA(K-MART)   K-MART
1901 PAUL WALSH DR.
  Macon     2000       2007       100.00 %     102,098       102,098       0      
218
  MARIETTA, GA   TOWN CENTER PRADO
2609 BELLS FERRY ROAD
  Atlanta     1995/2002       1995       14.50 %     316,786       326,683       3,987,223     STEIN MART(2012), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)
219
  MARIETTA, GA(BLOCKBUSTER)   BLOCKBUSTER
1748 POWDER SPRINGS
  Atlanta     1994       2007       20.00 %     6,500       6,500       128,960      
220
  MARIETTA, GA(ECKERD)   ECKERD DRUG STORE #0234
731 WHITLOCK AVE
  Atlanta     1997       2007       100.00 %     10,880       10,880       183,507      
221
  MCDONOUGH, GA   MCDONOUGH MARKETPLACE (LP-II)
NE CORNER 175 & HIGHWAY 20
  Atlanta     2003       2003       14.50 %     53,158       360,729       853,313     OFFICE DEPOT(2016), WALMART(NOT OWNED), LOWES(NOT OWNED)
222
  MCDONOUGH, GA(DOW)   SHOPPES AT LAKE DOW
900-938 HIGHWAY 81 E
  Atlanta     2002       2007       20.00 %     73,271       73,271       813,379     PUBLIX SUPER MARKETS(2022)
223
  MORROW, GA (SOUTHLAKE)   SOUTHLAKE PAVILION (TIAA)
1912 MT ZION ROAD
  Atlanta     1996/2001       2007       15.00 %     530,066       644,614       6,225,017     CIRCUIT CITY(2017), ROSS DRESS FOR LESS(2011), BARNES & NOBLE(2013), ASHLEY FURNITURE HOMESTORE(2012), L.A. FITNESS(2017), STAPLES(2015), OLD NAVY(2011), GOODY’S(2016), H.H. GREGG APPLIANCES(2018), COMPUSA(2012)
224
  NEWNAN, GA   NEWNAN CROSSING
955-1063 BULLSBORO DRIVE NEWNA
  Atlanta     1995       2003       100.00 %     156,497       426,723       1,304,283     LOWE’S(2015), SUITE51(NOT OWNED), WAL-MART(NOT OWNED)
225
  NEWNAN, GA(PAVILION)   NEWNAN PAVILION (TIAA)
1074 BULLSBORO DR
  Atlanta     1998       2007       15.00 %     459,599       459,599       3,805,910     OFFICE MAX(2013), PETSMART(2015), GOODY’S(2009), CIRCUIT CITY(2016), HOME DEPOT(2019), ROSS DRESS FOR LESS(2012), KOHL’S(2022)
Property List 1.0
Page 11 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
226
  NORCROSS, GA   JONES BRIDGE PLAZA
5075 PEACHTREE PKWY
  Atlanta     1999       2007       100.00 %     83,363       83,363       821,202     INGLES(2019)
227
  ROME, GA   CIRCUIT CITY — ROME 2700 MARTHA BERRY HIGHWAY NE   Rome     2001       2007       100.00 %     33,056       33,056       420,000     CIRCUIT CITY(2021)
228
  ROSWELL, GA (SANDY)   SANDY PLAINS VILLAGE I
GEORGIA HWY 92 AND SANDY PLAINS ROAD
  Atlanta     1978/1995       2007       100.00 %     177,599       177,599       1,641,620     KROGER(2010), STEIN MART(2009)
229
  ROSWELL, GA(STONEBRIDGE)   STONEBRIDGE SQUARE (TIAA)
610-20 CROSSVILLE RD
  Atlanta     2002       2007       15.00 %     160,104       162,832       1,988,976     LINENS ‘N THINGS(2011), KOHL’S(2022)
230
  SMYRNA, GA   HERITAGE PAVILION (TIAA)
2540 CUMBERLAND BLVD
  Atlanta     1995       2007       15.00 %     262,961       262,961       2,968,972     PETSMART(2016), ROSS DRESS FOR LESS(2016), AMERICAN SIGNATURE(2018), T.J. MAXX(2010), MARSHALLS(2011)
231
  SNELLVILLE, GA(COMMONS)   PRESIDENTIAL COMMONS
1630-1708 SCENIC HWY
  Atlanta     2000       2007       100.00 %     371,586       371,586       4,150,425     JO-ANN STORES(2014), KROGER(2018), STEIN MART(2008), CIRCUIT CITY(2019), HOME DEPOT(2023)
232
  SNELLVILLE, GA(ECKERD)   ECKERD DRUG STORE #2320
3295 CENTERVILLE HWY
  Atlanta     1997       2007       100.00 %     10,594       10,594       199,601      
233
  STONE MOUNTAIN, GA   RIVERCLIFF VILLAGE
STONE MOUNTAIN HIGHWAY STONE M
  Atlanta     1999       1993       100.00 %     2,000       2,000       46,200      
234
  STONE MOUNTAIN, GA (DESHON)   DESHON PLAZA
380 N. DESHON ROAD
  Atlanta     1994       2007       20.00 %     64,055       64,055       623,084     PUBLIX SUPER MARKETS(2014)
235
  SUWANEE, GA(CROSS)   SUWANEE CROSSROADS (TIAA)
LAWRENCEVILLE ROAD & SATELLITE BLVD
  Atlanta     2002       2007       15.00 %     69,600       69,600       897,105      
236
  SUWANEE, GA(JOHNS)   JOHNS CREEK TOWNE CENTER
3630 PEACHTREE PARKWAY SUWANEE
  Atlanta     2001/2004       2003       100.00 %     285,336       285,336       3,766,447     BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)
237
  SUWANNEE, GA(SHOPS)   THE SHOPS AT JOHNS CREEK
4090 JOHNS CREEK PKY
  Atlanta     1997       2007       20.00 %     18,200       18,200       314,732      
238
  SYLVANIA, GA   BI-LO — SYLVANIA 1129 W OGEECHEE ST   Athens     2002       2007       100.00 %     36,000       36,000       378,000     BI-LO(2023)
239
  TUCKER, GA   COFER CROSSING
4349-4375 LAWRENCEVILLE HWY
  Atlanta     1998/2003       2003       20.00 %     130,832       279,020       1,293,462     GOODY’S(2014), KROGER(2019), WALMART(NOT OWNED)
240
  TYRONE, GA   SOUTHAMPTON VILLAGE
NWC OF HIGHWAY 74 & SWANSON ROAD
  Atlanta     2003       2007       20.00 %     77,956       77,956       908,923     PUBLIX SUPER MARKETS(2023)
241
  UNION CITY, GA   SHANNON SQUARE
4720 JONESBORO ROAD
  Atlanta     1986       2003       100.00 %     100,002       181,954       565,454     WAL-MART(NOT OWNED)
242
  WARNER ROBBINS, GA(LOWE’S)   LOWE’S HOME IMPROVEMENT
2704 WATSON BLVD.
  Warner Robins     2000       2007       100.00 %     131,575       131,575       910,000     LOWE’S(2017)
243
  WARNER ROBINS, GA   WARNER ROBINS PLACE
2724 WATSON BOULEVARD
  Warner Robins     1997       2003       100.00 %     107,941       459,700       1,241,352     T.J. MAXX(2010), STAPLES(2016), LOWES(NOT OWNED), WAL-MART(NOT OWNED)
244
  WARNER ROBINS, GA(CITY)   CITY CROSSING (TIAA)
WATSON BLVD & CARL VINSON PKWY
  Warner Robins     2001       2007       15.00 %     190,433       190,433       1,742,765     MICHAEL’S(2011), ROSS DRESS FOR LESS(2012)
245
  WOODSTOCK, GA   WOODSTOCK PLACE
10029 HIGHWAY 928
  Atlanta     1995       2003       100.00 %     44,691       44,691       324,233      
Property List 1.0
Page 12 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
246
  WOODSTOCK, GA(SQUARE)   WOODSTOCK SQUARE (TIAA)
120-142 WOODSTOCK SQ
  Atlanta     2001       2007       15.00 %     218,859       566,859       2,862,610     OFFICE MAX(2017), OLD NAVY(2012), KOHL’S(2022)
 
                                                               
  Idaho                                                            
247
  IDAHO FALLS, ID (DDRC)   COUNTRY CLUB MALL
1515 NORTHGATE MILE
  Idaho Falls     1976/1992/1997       1998       100.00 %     148,593       306,201       750,828     OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)
248
  MERIDIAN, ID   MERIDIAN CROSSROADS
EAGLE AND FAIRVIEW ROAD
  Boise     1999/2001/2002/2003/
2004
      1 *     100.00 %     461,023       731,482       6,232,157     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), WALMART(NOT OWNED)
 
                                                               
  Illinois                                                            
249
  DEER PARK, IL   DEER PARK TOWN CENTER
20530 NORTH RAND RD
  Chicago     2000/2004       1 *     24.75 %     287,377       391,572       7,227,975     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), AMER ICAN EAGLE(2007), VICTORIA’s SECRET(2007)
250
  MCHENRY, IL   THE SHOPS AT FOX RIVER
3340 SHOPPERS DRIVE
  Chicago     2006       1 *     100.00 %     141,902       141,902       1,951,537     DICK’S SPORTING GOODS(2018), PETSMART(2017), BED BATH & BEYOND(2017), BEST BUY(2018)
251
  MOUNT VERNON, IL   TIMES SQUARE MALL
42ND AND BROADWAY
  Mount Vernon     1974/1998/2000       1993       100.00 %     269,328       269,328       1,008,030     SEARS(2013), GOODY’S(2015), J.C. PENNEY(2007)
252
  ORLAND PARK, IL   MARLEY CREEK SQUARE
179TH ST. & WOLF ROAD
  Chicago     2006       2006       50.00 %     57,927       62,827       646,943      
253
  ORLAND PARK, IL (HOME DEPOT)   HOME DEPOT CENTER
15800 HARLEM AVENUE
  Chicago     1987/1993       2004       100.00 %     149,498       149,498       1,445,194     HOME DEPOT(2012)
254
  ROCKFORD, IL   WALGREENS — ROCKFORD
2525 S. ALPINE ROAD
  Rockford     1998/1999       2007       100.00 %     14,725       14,725       350,000      
255
  ROSCOE, IL   HILANDER VILLAGE
4860 HONONEGAH ROAD
  Rockford     1994       2007       20.00 %     125,623       125,623       992,938     KROGER(2020)
256
  SCHAUMBURG, IL   WOODFIELD VILLAGE GREEN
1325 SOUTH ARLINGTON HEIGHTS RD
  Chicago     1993/1998/2002       1995       14.50 %     508,815       674,504       8,623,641     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), PRAIRIE ROCK RESTAURANT(NOT OWNED), COSTCO(NOT OWNED)
257
  SKOKIE, IL   VILLAGE CROSSING (TIAA)
5507 W. TOUHY AVE
  Chicago     1989       2007       15.00 %     434,973       434,973       7,355,300     MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(2015), BEST BUY(2009), CROWN THEATRES(2021), BARNES & NOBLE(2009)
 
                                                               
  Indiana                                                            
258
  BEDFORD, IN   TOWN FAIR CENTER
1320 JAMES AVENUE
  Bedford     1993/1997       2 *     100.00 %     223,431       223,431       1,138,632     K MART(2008), GOODY’S(2008), J.C. PENNEY(2008)
259
  EVANSVILLE, IN(EAST)   EAST LLOYD COMMONS
6300 E. LLOYD EXPWY
  Evansville     2005       2007       100.00 %     159,682       159,682       2,186,664     GORDMAN’S(2015), MICHAEL’S(2015), BEST BUY(2016)
260
  HIGHLAND, IN   HIGHLAND GROVE SHOPPING CENTER
HIGHWAY 41 & MAIN STREET
  Chicago     1995/2001       1996       20.00 %     312,546       524,410       3,581,352     MARSHALLS(2011), KOHL’S(2016), CIRCUIT CITY(2016), OFFICE MAX(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED)
Property List 1.0
Page 13 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
261
  INDIANAPOLIS, IN   GLENLAKE PLAZA 2629 E. 65TH STREET   Indianapolis     1980       2007       20.00 %     102,549       102,549       774,903     KROGER(2020)
262
  LAFAYETTE, IN   PARK EAST MARKETPLACE
4205 — 4315 COMMERCE DRIVE
  Lafayette     2000       2003       100.00 %     35,100       243,850       382,550     WAL MART(NOT OWNED)
263
  SOUTH BEND, IN   BROADMOOR PLAZA
1217 E. IRELAND ROAD
  South Bend     1987       2007       20.00 %     114,968       114,968       1,262,023     KROGER(2020)
 
                                                               
  Iowa                                                            
264
  CEDAR RAPIDS, IA   NORTHLAND SQUARE
303 -367 COLLINS ROAD, NE
  Cedar Rapids     1984       1998       100.00 %     187,068       207,405       1,885,609     T.J. MAXX(2010), OFFICE MAX(2010), BARNES & NOBLE(2010), KOHL’S(2021)
265
  OTTUMWA, IA   QUINCY PLACE MALL
1110 QUINCY AVENUE
  Ottumwa     1990/1999/2002       1/2 *     100.00 %     241,427       426,599       1,266,438     HERBERGER’S(2020), J.C. PENNEY(2010), GOODY’S(2014), TARGET(NOT OWNED)
 
                                                               
  Kansas                                                            
266
  LEAWOOD, KS   TOWN CENTER PLAZA
5000 W 119TH STREET
  Kansas City     1996/2002       1998       100.00 %     309,423       491,794       8,312,633     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)
267
  MERRIAM, KS   MERRIAM TOWN CENTER
5700 ANTIOCH ROAD
  Kansas City     1998/2004       1 *     14.50 %     351,244       473,750       4,200,000     CINEMARK(2018), OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2008), DICK’S SPORTING GOODS(2016), HOME DEPOT #2202(NOT OWNED)
268
  OVERLAND PARK, KS(POINTE)   OVERLAND POINTE MARKETPLACE
INTER 135 & ANTIOCH ROAD
  Kansas City     2001/2004       2003       14.50 %     42,632       361,759       881,875     BABIES R US(NOT OWNED), HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED)
269
  WICHITA, KS (EASTGATE)   EASTGATE PLAZA
SOUTH ROCK ROAD
  Wichita     1955       2002       100.00 %     203,997       253,997       2,086,647     OFFICE MAX(2010), T.J. MAXX(2011), BARNES & NOBLE(2012), KCBB, INC BURLINGTON(NOT OWNED)
 
                                                               
  Kentucky                                                            
270
  LEXINGTON, KY (NORTH)   NORTH PARK MARKETPLACE
524 WEST NEW CIRCLE
  Lexington     1998       2003       100.00 %     46,647       228,878       641,524     STAPLES(2016), WAL MART(NOT OWNED)
271
  LEXINGTON, KY (SOUTH)   SOUTH FARM MARKETPLACE
MAN-O-WAR BOULEVARD AND NICHOL
  Lexington     1998       2003       100.00 %     27,643       344,280       595,780     WAL MART(NOT OWNED), LOWE’S(NOT OWNED)
272
  LOUISVILLE, KY (OUTER LOOP)   OUTER LOOP PLAZA
7505 OUTER LOOP HIGHWAY
  Louisville     1973/1989/1998       2004       100.00 %     120,777       120,777       645,469     VALU DISCOUNT(2009)
273
  RICHMOND, KY   CARRIAGE GATE
833-847 EASTERN BY-PASS
  Lexington     1992       2003       100.00 %     158,041       229,313       370,835     FOOD LION(2017), OFFICE DEPOT(2016), BALLARD’S(NOT OWNED)
 
                                                               
  Louisiana                                                            
274
  COVINGTON, LA   COVINGTON CORNERS
782 NORTH HGHWY 190
  New Orleans     1999       2007       100.00 %     15,590       15,590       249,440      
 
                                                               
  Maine                                                            
275
  BRUNSWICK, ME   COOK’S CORNERS
172 BATH ROAD
  Augusta     1965       1997       100.00 %     301,992       310,229       2,591,298     HOYTS CINEMAS(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2013), T.J. MAXX(2010), SEARS(2012)
 
                                                               
  Maryland                                                            
276
  BOWIE, MD   DUVALL VILLAGE
4825 GLENN DALE ROAD
  Washington, DC     1998       2007       100.00 %     88,022       88,022       1,449,207     SUPER FRESH(2020)
Property List 1.0
Page 14 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
277
  GLEN BURNIE, MD   HARUNDALE PLAZA
7440 RITCHIE HIGHWAY
  Washington, DC     1999       2007       20.00 %     217,619       217,619       2,554,802     A & P COMPANY(2019), A.J. WRIGHT(2009), VALUE CITY(2015)
278
  HAGERSTOWN, MD   VALLEY PARK COMMONS
1520 WESEL BLVD.
  Hagerstown     1993/2006       2007       100.00 %     88,079       88,079       1,045,245     OFFICE DEPOT(2016)
279
  SALISBURY, MD   THE COMMONS
E. NORTH POINT DRIVE
  Salisbury     2000       2006       100.00 %     126,135       350,012       1,691,852     BEST BUY(2013), MICHAEL’S(2009), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
280
  UPPER MARLBORO, MD   LARGO TOWNE CENTER
950 LARGO CENTER DR
  Washington, DC     1991       2007       20.00 %     260,797       384,048       3,006,812     SHOPPERS FOOD WAREHOUSE(2009), MARSHALLS(2011), REGENCY FURNITURE(2017)
281
  WHITE MARSH, MD   COSTCO PLAZA (TIAA)
9919 PULASKI HWY
  Washington, DC     1987/1992       2007       15.00 %     227,811       250,311       1,611,333     COSTCO WHOLESALE(2011), PETSMART(2010), SPORTS AUTHORITY(2011), HOME DEPOT(2040), PEP BOYS(NOT OWNED)
 
                                                               
  Massachusetts                                                            
282
  EVERETT, MA   GATEWAY CENTER
1 MYSTIC VIEW ROAD
  Boston     2001       1 *     100.00 %     222,287       639,807       4,267,083     BED BATH & BEYOND(2011), OLD NAVY(2011), OFFICE MAX(2020), BABIES R US(2013), MICHAEL’S(2012), TARGET #1229(NOT OWNED), COSTCO(NOT OWNED)
283
  FRAMINGHAM, MA   SHOPPER’S WORLD
1 WORCESTER ROAD
  Boston     1994       1995       14.50 %     769,276       778,701       14,494,249     TOYS R US(2020), MACY’S(2020), T.J. MAXX(2010), BABIES R US(2013), DSW SHOE WAREHOUSE(2012), A.C. MOORE(2012), MARSHALLS(2011), BOB’S STORES(2011), LINENS ‘N THINGS(2011), SPORTS AUTHORITY(2015), PETSMART(2011), BEST BUY(2014), BARNES & NOBLE(2011), AMC THEATRE(2014), KOHL’S(2010)
284
  SEEKONK, MA   SEEKONK TOWN CENTER
95 HIGHLAND AVE
  Providence     2003       2007       100.00 %     80,713       80,713       903,147     STOP & SHOP(2026)
285
  WEST SPRINGFIELD, MA   RIVERDALE SHOPS
935 RIVERDALE STREET
  Springfield     1985/2003       2007       20.00 %     273,307       273,307       3,080,259     KOHL’S(2024), STOP & SHOP(2016)
286
  WORCESTER, MA   WAL-MART/SAM’S CLUB
301 BARBER AVE
  Worcester     1998       2007       100.00 %     107,929       107,929       1,116,581     SAM’S CLUB(2013)
 
                                                               
  Michigan                                                            
287
  BAD AXE, MI   HURON CREST PLAZA
850 NORTH VAN DYKE ROAD
  Bad Axe     1991       1993       100.00 %     63,415       134,574       136,808     WAL-MART(NOT OWNED)
288
  BENTON HARBOR, MI   FAIRPLAIN PLAZA
1000 NAPIER AVE
  Benton Harbor     1998       2006       20.00 %     222,739       413,399       1,723,966     OFFICE DEPOT(2008), T.J. MAXX(2009), TARGET(NOT OWNED), KOHL’S(NOT OWNED)
289
  CHEBOYGAN, MI   KMART SHOPPING PLAZA
1109 EAST STATE
  Cheboygan     1988       1994       100.00 %     70,076       145,827       266,688     K MART(2010), Kmart(NOT OWNED)
290
  DEARBORN HEIGHTS, MI   WALGREENS — DEARBORN HEIGHTS 8706 N. TELEGRAPH RD   Detroit     1998/1999       2007       100.00 %     13,905       13,905       385,510      
291
  DETROIT, MI   BELAIR CENTER
8400 E. EIGHT MILE ROAD
  Detroit     1989/2002       1998       100.00 %     343,619       450,349       2,505,827     TARGET(NOT OWNED)
292
  GAYLORD, MI   PINE RIDGE SQUARE
1401 WEST MAIN STREET
  Gaylord     1991/2004       1993       100.00 %     150,203       150,203       690,125     DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BUY LOW(2011)
293
  GRANDVILLE, MI   GRANDVILLE MARKETPLACE
INTERSECTN 44TH ST & CANAL AVE
  Grand Rapids     2003       2003       14.50 %     201,726       352,098       2,588,453     CIRCUIT CITY(2017), LINENS ‘N THINGS(2013), GANDER MOUNTAIN(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED)
294
  HOUGHTON, MI   COPPER COUNTRY MALL
HIGHWAY M26
  Houghton     1981/1999       1/2 *     100.00 %     257,863       257,863       985,237     STEVE & BARRY’S(2013), J.C. PENNEY(2010), OFFICE MAX(2014)
Property List 1.0
Page 15 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
295
  HOWELL, MI   GRAND RIVER PLAZA
3599 EAST GRAND RIVER
  Howell     1991       1993       100.00 %     215,047       215,047       1,296,740     ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011)
296
  LANSING, MI   THE MARKETPLACE AT DELTA TOWNS
8305 WEST SAGINAW HWY 196 RAMP
  Lansing     2000/2001       2003       100.00 %     135,697       489,104       1,403,716     MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
297
  LIVONIA, MI   WALGREENS — LIVONIA
29200 6 MILE ROAD
  Detroit     1998/1999       2007       100.00 %     13,905       13,905       269,061      
298
  MILAN, MI   MILAN PLAZA
531 W. MAIN STREET
  Detroit     1955       2007       20.00 %     65,764       68,964       296,562     KROGER(2020)
299
  MT. PLEASANT, MI   INDIAN HILLS PLAZA
4208 E BLUE GRASS ROAD
  Mt. Pleasant     1990       2 *     100.00 %     249,680       249,680       713,175     T.J. MAXX(2014), KROGER(2011)
300
  PORT HURON, MI   WALGREENS
NWC 10TH STREET & OAK STREET
  Detroit     2000       2007       100.00 %     15,120       15,120       359,856      
301
  SAULT ST. MARIE, MI   CASCADE CROSSINGS
4516 I-75 BUSINESS SPUR
  Sault St. Marie     1993/1998       1994       100.00 %     270,761       270,761       1,736,142     WAL-MART(2012), J.C. PENNEY(2008), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)
302
  WALKER, MI (ALPINE AVE)   GREEN RIDGE SQUARE II
3410 ALPINE AVENUE
  Grand Rapids     1991/1995       2004       100.00 %     91,749       91,749       930,669     CIRCUIT CITY(2010), BED BATH & BEYOND(2015)
303
  WALKER, MI (GRAND RAPIDS)   GREEN RIDGE SQUARE
3390-B ALPINE AVE NW
  Grand Rapids     1989       1995       100.00 %     133,538       303,447       1,622,716     T.J. MAXX(2011), OFFICE DEPOT(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED)
304
  WESTLAND, MI   WALGREENS — WESTLAND
7210 N. MIDDLEBELT
  Detroit     2005       2007       100.00 %     13,905       13,905       285,053      
 
                                                               
  Minnesota                                                            
305
  BEMIDJI, MN   PAUL BUNYAN MALL
1201 PAUL BUNYAN DRIVE
  Bemidji     1977/1998       2 *     100.00 %     297,803       297,803       1,531,014     K MART(2007), HERBERGER’S(2010), J.C. PENNEY(2008)
306
  BRAINERD, MN   WESTGATE MALL
1200 HIGHWAY 210 WEST
  Brainerd     1985/1998       1/2 *     100.00 %     260,319       260,319       1,803,969     STEVE & BARRY’S(2013), HERBERGER’S(2013), MOVIES 10(2011)
307
  COON RAPIDS, MN   RIVERDALE VILLAGE
12921 RIVERDALE DRIVE
  Minneapolis     1999/2001/2002/2003       1 *     14.50 %     551,867       940,371       8,956,376     KOHL’S(2020), JO-ANN STORES(2010), BORDERS(2023), LINENS ‘N THINGS(2016), OLD NAVY(2012), SPORTSMAN’S WAREHOUSE(2017), BEST BUY(2013), DSW SHOE WAREHOUSE(2016), J.C. PENNEY(NOT OWNED)
308
  EAGAN, MN   EAGAN PROMENADE
1299 PROMENADE PLACE
  Minneapolis     1997/2001       1997       50.00 %     278,211       342,014       3,611,722     BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2013), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)
309
  HUTCHINSON, MN   HUTCHINSON MALL
1060 SR 15
  Minneapolis     1981       1/2 *     100.00 %     121,001       209,843       506,885     J.C. PENNEY(2011), HENNEN’S FURNITURE(NOT OWNED)
310
  MINNEAPOLIS, MN (MAPLE GROVE)   MAPLE GROVE CROSSING
WEAVER LAKE ROAD & I-94
  Minneapolis     1995/2002       1996       50.00 %     265,957       354,321       3,055,508     KOHL’S(2016), BARNES & NOBLE(2011), GANDER MOUNTAIN(2011), MICHAEL’S(2012), BED BATH & BEYOND(2012), CUB FOODS(NOT OWNED)
311
  ST. PAUL, MN   MIDWAY MARKETPLACE
1450 UNIVERSITY AVENUE WEST
  St. Paul     1995       1997       14.50 %     324,354       473,596       2,686,390     WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), MERVYN’S(2016), HERBERGER’S(NOT OWNED), BORDERS BOOKS AND MUSIC(NOT OWNED)
312
  WORTHINGTON, MN   NORTHLAND MALL
1635 OXFORD STREET
  Worthington     1977       1/2 *     100.00 %     185,658       185,658       477,243     J.C. PENNEY(2012), HY VEE FOOD STORES(2011)
 
                                                               
  Mississippi                                                            
313
  GULFPORT, MS   CROSSROADS CENTER
CROSSROADS PARKWAY
  Gulfport     1999       2003       100.00 %     426,807       532,250       5,282,211     ACADEMY SPORTS(2015), BED BATH & BEYOND(2014), GOODY’S(2011), T.J. MAXX(2009), CINEMARK(2019), OFFICE DEPOT(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED)
314
  JACKSON, MS(JUNCTION)   THE JUNCTION
6351 I-55 NORTH3
  Jackson     1996       2003       100.00 %     107,780       326,319       1,178,174     PETSMART(2012), OFFICE DEPOT(2016), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
Property List 1.0
Page 16 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
315
  OXFORD, MS   OXFORD PLACE
2015 — 2035 UNIVERSITY AVENUE
  Oxford     2000       2003       20.00 %     13,200       71,866       333,632     KROGER(NOT OWNED)
316
  STARKVILLE, MS   STARKVILLE CROSSING
882 HIGHWAY 12 WEST
  Starkville     1999/2004       1994       100.00 %     133,691       268,254       915,810     J.C. PENNEY(2010), KROGER(2042), LOWE’S(NOT OWNED)
317
  TUPELO, MS   BIG OAKS CROSSING
3850 N GLOSTER ST
  Tupelo     1992       1994       100.00 %     348,236       348,236       1,929,781     SAM’S CLUB(2012), GOODY’S(2007), WAL-MART(2012)
 
                                                               
  Missouri                                                            
318
  ARNOLD, MO   JEFFERSON COUNTY PLAZA
VOGEL ROAD
  St. Louis     2002       1 *     50.00 %     42,091       290,147       483,730     HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
319
  FENTON, MO   FENTON PLAZA
GRAVOIS & HIGHWAY 141
  Fenton     1970/1997       1/2 *     100.00 %     93,420       100,420       935,708      
320
  INDEPENDENCE, MO   INDEPENDENCE COMMONS
900 EAST 39TH STREET
  Independence     1995/1999       1995       14.50 %     386,066       403,166       5,021,708     KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)
321
  KANSAS CITY, MO (WARD PARKWAY)   WARD PARKWAY
8600 WARD PARKWAY
  Kansas City     1959/2004       2003       20.00 %     358,373       681,878       5,325,723     DICK’S SPORTING GOODS(2016), 24 HOUR FITNESS(2023), PETSMART(2016), STEVE & BARRY’S(2014), AMC THEATRE(2011), OFF BROADWAY SHOES(2015), T.J. MAXX(2013), DILLARD’S(NOT OWNED), TARGET(NOT OWNED)
322
  SPRINGFIELD, MO (MORRIS)   MORRIS CORNERS
1425 EAST BATTLEFIELD
  Springfield     1989       1998       100.00 %     56,033       56,033       491,757     TOYS R US(2013)
323
  ST. JOHN, MO   ST JOHN CROSSING 9000-9070 ST. CHARLES ROCK ROA   St. Louis     2003       2003       100.00 %     88,450       93,513       1,016,757     SHOP ‘N SAVE(2022)
324
  ST. LOUIS, MO (PLZ SUNSET)   PLAZA AT SUNSET HILL
10980 SUNSET PLAZA
  St. Louis     1997       1998       100.00 %     415,435       450,938       5,585,035     TOYS R US(2013), COMPUSA(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)
325
  ST. LOUIS, MO (SOUTHTOWNE)   SOUTHTOWNE
KINGS HIGHWAY & CHIPPEWA
  St. Louis     2004       1998       100.00 %     69,992       69,992       1,092,246     OFFICE MAX(2014)
326
  ST. LOUIS, MO (BRENTWOOD)   PROMENADE AT BRENTWOOD
1 BRENTWOOD PROMENADE COURT
  St. Louis     1998       1998       100.00 %     299,584       299,584       4,022,889     TARGET(2023), BED BATH & BEYOND(2009), PETSMART(2014), LANE HOME FURNISHINGS(2013)
327
  ST. LOUIS, MO (GRAVOIS VILLAGE)   GRAVOIS VILLAGE
4523 GRAVOIS VILLAGE PLAZA
  St. Louis     1983       1998       100.00 %     110,992       114,992       558,492     K MART(2008)
328
  ST. LOUIS, MO (OLYMPIC OAKS)   OLYMPIC OAKS VILLAGE
12109 MANCHESTER ROAD
  St. Louis     1985       1998       100.00 %     92,372       92,372       1,352,325     T.J. MAXX(2008)
 
                                                               
  Nevada                                                            
329
  CARSON CITY, NV   EAGLE STATION
3871 S CARSON STREET
  Reno     1983       2005       50.00 %     60,494       60,494       543,660     MERVYN’S(2020)
330
  LAS VEGAS, NV(LOMA)   LOMA VISTA SHOPPING CENTER
4700 MEADOWS LANE
  Las Vegas     1979       2005       50.00 %     75,687       75,687       765,000     MERVYN’S(2020)
331
  LAS VEGAS, NV(NELLIS)   NELLIS CROSSING SHOPPING
1300 S NELLIS BLVD.
  Las Vegas     1986       2005       50.00 %     76,016       76,016       683,400     MERVYN’S(2020)
332
  RENO, NV(SIERRA)   SIERRA TOWN CENTER
6895 SIERRA CENTER PARKWAY
  Reno     2002       2005       50.00 %     79,239       79,239       623,220     MERVYN’S(2020)
333
  RENO, NV.   RENO RIVERSIDE
EAST FIRST STREET AND SIERRA
  Reno     2000       2000       100.00 %     52,474       52,474       696,899     CENTURY THEATRE(2014)
334
  SW LAS VEGAS, NV   GRAND CANYON PARKWAY S. C.
4265 S. GRAND CANYON DRIVE
  Las Vegas     2003       2005       50.00 %     79,294       79,294       890,460     MERVYN’S(2020)
Property List 1.0
Page 17 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
  New Jersey                                                            
335
  BRICK, NJ   BRICK CENTER PLAZA
51 CHAMBERS BRIDGE ROAD
  New York City     1999       2007       100.00 %     114,028       114,028       1,848,403     BEST BUY(2015), BED BATH & BEYOND(2010), SEAMANS FURNITURE STORE(2011)
336
  EAST HANOVER, NJ(PLAZA)   EAST HANOVER PLAZA
154 STATE ROUTE 10
  New York City     1994       2007       100.00 %     97,500       97,500       1,764,383     BRANCH BROOK POOL & PATIO(2017), SPORTS AUTHORITY(2012)
337
  EAST HANOVER, NJ(SONY)   SONY THEATRE COMPLEX
145 STATE ROUTE 10
  New York City     1993       2007       100.00 %     20,737       43,404       1,023,336     LOEWS(NOT OWNED)
338
  EDGEWATER, NJ   EDGEWATER TOWN CENTER
905 RIVER ROAD
  New York City     2000       2007       100.00 %     77,508       77,508       1,740,232     WHOLE FOODS(2020)
339
  FREEHOLD, NJ   FREEHOLD MARKETPLACE
NJ HWY 33 & W. MAIN ST(RT537)
  Freehold     2005       1 *     100.00 %     0       307,270       140,000     WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)
340
  HAMILTON, NJ   HAMILTON MARKETPLACE
NJ STATE HWY 130 & KLOCKNER RD
  Trenton     2004       2003       100.00 %     446,940       935,620       7,910,993     STAPLES(2015), KOHL’S(2023), LINENS ‘N THINGS(2014), MICHAEL’S(2013), ROSS DRESS FOR LESS(2014), SHOPRITE(2028), BARNES & NOBLE(2014), WALMART(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), LOWE’S(NOT OWNED)
341
  JERSEY CITY, NJ   440 COMMONS
440 STATE RTE #440
  New York City     1997       2007       100.00 %     162,533       162,533       1,648,075     HOME DEPOT(2018), SEAMANS FURNITURE STORE(2009)
342
  LUMBERTON, NJ   CROSSROADS PLAZA
1520 ROUTE 38
  Philadelphia     2003       2007       20.00 %     89,627       89,627       1,536,847     SHOPRITE(2024)
343
  MAYS LANDING, NJ (HAMILTON)   HAMILTON COMMONS
4215 BLACK HORSE PIKE
  May Landing     2001       2004       100.00 %     398,870       398,870       5,684,812     REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015), CIRCUIT CITY(2020)
344
  MAYS LANDING, NJ (WRANGLEBORO)   WRANGLEBORO CONSUMER SQUARE
2300 WRANGLEBORO ROAD
  Mays Landing     1997       2004       100.00 %     839,019       839,019       9,696,127     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)
345
  MT. LAUREL, NJ   CENTERTON SQUARE
CENTERTON ROAD & MARTER AVE
  Philadelphia     2005       1 *     10.00 %     280,067       709,863       6,671,795     BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO-ANN STORES(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), TARGET(NOT OWNED), COSTCO(NOT OWNED), WEGMANS(NOT OWNED)
346
  PRINCETON, NJ   NASSAU PARK SHOPPING CENTER
ROUTE 1 & QUAKER BRIDGE ROAD
  Trenton     1995       1997       100.00 %     289,452       798,261       5,671,022     BORDERS(2011), BEST BUY(2012), LINENS ‘N THINGS(2011), PETSMART(2011), BABIES R US(2016), TARGET(NOT OWNED), WALMART(NOT OWNED), HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED)
347
  PRINCETON, NJ (PAVILION)   NASSAU PARK PAVILION
ROUTE 1 AND QUAKER BRIDGE ROAD
  Trenton     1999/2004       1 *     100.00 %     202,622       436,387       3,972,678     DICK’S SPORTING GOODS(2015), MICHAEL’S(2009), KOHL’S(2019), WEGMAN’S FOOD MARKETS, INC.(NOT OWNED), TARGET(NOT OWNED)
348
  UNION, NJ   ROUTE 22 RETAIL SHOPPING CENTE
2700 US HWY 22 E
  New York City     1997       2007       100.00 %     110,453       110,453       1,388,842     CIRCUIT CITY(2018), BABIES R US(2017)
349
  WEST LONG BRANCH, NJ(MONMOUTH)   MONMOUTH CONSUMER CENTER
310 STATE HIGHWAY #36
  West Long Branch     1993       2004       100.00 %     292,999       292,999       4,043,887     SPORTS AUTHORITY(2012), BARNES & NOBLE(2009), PETSMART(2008), HOME DEPOT(2013)
350
  WEST PATERSON, NJ   WEST FALLS PLAZA
1730 ROUTE 46
  New York City     1995       2007       20.00 %     81,261       88,913       1,917,571     A & P COMPANY(2021)
 
                                                               
  New Mexico                                                            
351
  LOS ALAMOS, NM   MARI MAC VILLAGE
800 TRINITY DRIVE
  Los Alamos     1978/1997       1/2 *     100.00 %     93,021       93,021       662,544     SMITH’S FOOD & DRUG(2012), SMITH’S FOOD & DRUG(2008), BEALLS(2009)
 
                                                               
  New York                                                            
352
  AMHERST, NY (BOULEVARD)   BOULEVARD CONSUMER SQUARE
1641-1703 NIAGARA FALLS BLVD
  Buffalo     1998/2001/2003       2004       100.00 %     557,403       692,565       6,119,769     TARGET(2019), K MART(2008), BABIES R US(2015), BARNES & NOBLE(2014), BEST BUY(2016), BED BATH & BEYOND(2018), A.C. MOORE(2013)
Property List 1.0
Page 18 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
353
  AMHERST, NY (BURLINGTON/JOANN)   BURLINGTON PLAZA
1551 NIAGARA FALLS BOULEVARD
  Buffalo     1978/1982/1990/1998       2004       100.00 %     199,504       199,504       2,055,130     BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)
354
  AMHERST, NY (SHERIDAN/HARLEM)   SHERIDAN HARLEM PLAZA
4990 HARLEM ROAD
  Buffalo     1960/1973/1982/1988/
2003
      2004       100.00 %     58,413       58,413       659,774      
355
  AMHERST, NY (TOPS ROBINSON)   TOPS PLAZA — AMHERST 3035 NIAGRA FALLS BLVD.   Buffalo     1986       2004       20.00 %     145,192       145,192       1,145,925     TOPS MARKETS(2010)
356
  AMHERST, NY (TOPS)   TOPS PLAZA — TRANSIT/N. FRENCH 9660 TRANSIT ROAD   Buffalo     1995/1998       2004       100.00 %     114,177       114,177       1,116,521     TOPS MARKETS(2016)
357
  AMHERST, NY(ECKERD)   ECKERD DRUG STORE #5018
2545 MILLERSPORT HWY
  Buffalo     2000       2007       100.00 %     10,908       10,908       250,489      
358
  ARCADE, NY (TOPS)   TOPS PLAZA-ARCADE
ROUTE 39
  Buffalo     1995       2004       10.00 %     65,915       65,915       662,409     TOPS MARKETS(2015)
359
  AVON, NY (TOPS)   TOPS PLAZA-AVON 270 E. MAIN STREET   Rochester     1997/2002       2004       10.00 %     63,288       63,288       454,162     TOPS MARKETS(2017)
360
  BATAVIA, NY (BJS)   BJS PLAZA
8326 LEWISTON ROAD
  Rochester     1996       2004       14.50 %     95,846       95,846       825,621     BJ’S WHOLESALE CLUB(2016)
361
  BATAVIA, NY (COMMONS)   BATAVIA COMMONS
419 WEST MAIN ST
  Rochester     1990       2004       14.50 %     49,431       49,431       509,431      
362
  BATAVIA, NY (MARTIN’S PLAZA)   MARTIN’S PLAZA 8351 LEWISTON ROAD   Rochester     1994       2004       14.50 %     37,140       115,161       496,328     MARTIN’S(NOT OWNED)
363
  BIG FLATS, NY (BIG FLATS I)   BIG FLATS CONSUMER SQUARE
830 COUNTY ROUTE 64
  Elmira     1993/2001       2004       100.00 %     641,264       641,264       6,078,548     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(2013)
364
  BUFFALO, NY (ELMWOOD)   ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE   Buffalo     1997       2004       100.00 %     133,940       133,940       1,524,235     REGAL CINEMAS(2017), OFFICE DEPOT(2012)
365
  BUFFALO, NY (MARSHALLS)   MARSHALLS PLAZA
2150 DELAWARE AVENUE
  Buffalo     1960/1975/1983/1995       2004       100.00 %     82,196       82,196       801,006     MARSHALLS(2009)
366
  BUFFALO, NY(DELAWARE-TARGET)   DELAWARE CONSUMER SQUARE
2636-2658 DELAWARE AVENUE
  Buffalo     1995       2004       100.00 %     238,531       238,531       2,138,328     A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)
367
  BUFFALO, NY(ECKERD)   ECKERD DRUG STORE #5661
1625 BROADWAY STREET
  Buffalo     2000       2007       100.00 %     12,739       12,739       280,861      
368
  CHEEKTOWAGA, NY (BORDERS)   BORDERS BOOKS
2015 WALDEN AVENUE
  Buffalo     1994       2004       14.50 %     26,500       26,500       609,500     BORDERS(2015)
369
  CHEEKTOWAGA, NY (DICKS)   UNION ROAD PLAZA
3637 UNION ROAD
  Buffalo     1979/1982/1997/2003       2004       14.50 %     174,438       174,438       1,111,969     DICK’S SPORTING GOODS(2015)
370
  CHEEKTOWAGA, NY (THRUWAY)   THRUWAY PLAZA
2195 HARLEM ROAD
  Buffalo     1965/1995/1997/2004       2004       100.00 %     371,512       503,844       2,666,618     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)
371
  CHEEKTOWAGA, NY (TOPS UNION)   TOPS PLAZA — UNION ROAD 3825 — 3875 UNION ROAD   Buffalo     1978/1989/1995/2004       2004       20.00 %     151,357       151,357       1,578,321     TOPS MARKETS(2013)
372
  CHEEKTOWAGA, NY (UNION CONS)   UNION CONSUMER SQUARE 3733 — 3735 UNION ROAD   Buffalo     1989/1998/2004       2004       14.50 %     386,548       386,548       4,630,527     MARSHALLS(2009), OFFICE MAX(2010), SAM’S CLUB(2024), CIRCUIT CITY(2016), JO-ANN STORES(2015), BED BATH & BEYOND(2018)
Property List 1.0
Page 19 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
373
  CHEEKTOWAGA, NY (WALDEN PLACE)   WALDEN PLACE
2130-2190 WALDEN AVENUE
  Buffalo     1994/1999       2004       14.50 %     68,002       68,002       268,688      
374
  CHEEKTOWAGA, NY (WALDEN)   CONSUMER SQUARE 1700 — 1750 WALDEN AVENUE   Buffalo     1997/1999/2004       2004       14.50 %     255,964       255,964       2,406,896     OFFICE DEPOT(2009), LINENS ‘N THINGS(2015), MICHAEL’S(2013), TARGET(2015)
375
  CHEEKTOWAGA, NY(ECKERD)   ECKERD DRUG STORE #5797
2401 GENNESEE STREET
  Buffalo     2000       2007       100.00 %     10,908       10,908       335,592      
376
  CHILI, NY (KMART)   CHILI PLAZA
800 PAUL ROAD
  Rochester     1998       2004       100.00 %     116,868       120,368       748,189     SEARS(2019)
377
  CLARENCE, NY (BARNES)   BARNES & NOBLE
7370 TRANSIT ROAD
  Buffalo     1992       2004       14.50 %     16,030       16,030       304,249      
378
  CLARENCE, NY (EASTGATE)   EASTGATE PLAZA
TRANSIT & GREINER ROADS
  Buffalo     1995       2004       14.50 %     520,876       520,876       4,201,861     BJ’S WHOLESALE CLUB(2021), DICK’S SPORTING GOODS(2011), LINENS ‘N THINGS(2015), MICHAEL’S(2010), WAL-MART(2019)
379
  CLARENCE, NY (JOANN)   JOANN PLAZA
4101 TRANSIT ROAD
  Buffalo     1994       2004       14.50 %     92,720       202,720       743,588     OFFICE MAX(2009), JO-ANN STORES(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)
380
  DANSVILLE, NY (TOPS)   TOPS PLAZA — DANSVILLE 23-65 FRANKLIN STREET   Dansville     2001       2004       100.00 %     67,400       67,400       623,449     TOPS MARKETS(2021)
381
  DEWITT, NY (DEWITT COMMONS)   MARSHALLS PLAZA
3401 ERIE BOULEVARD EAST
  Syracuse     2001/2003       2004       100.00 %     304,177       304,177       3,029,764     TOYS R US(2018), OLD NAVY(2011), MARSHALLS(2019), BED BATH & BEYOND(2018), A.C. MOORE(2014), SYRACUSE ORTHOPEDIC SPECIALIST(2017)
382
  DEWITT, NY (MICHAELS)   MICHAELS — DEWITT 3133 ERIE BOULEVARD   Syracuse     2002       2004       100.00 %     38,413       38,413       480,166     MICHAEL’S(2010)
383
  DUNKIRK, NY   ECKERD DRUG STORE #5786
1166 CENTRAL AVENUE
  Dunkirk     2000       2007       100.00 %     10,908       10,908       210,569      
384
  ELIMIRA, NY (TOPS)   TOPS PLAZA-ELMIRA
HUDSON STREET
  Elmira     1997       2004       10.00 %     98,330       98,330       1,120,421     TOPS MARKETS(2017)
385
  GATES, NY (WAL-MART)   WESTGATE PLAZA
2000 CHILI AVENUE
  Rochester     1998       2004       100.00 %     334,752       334,752       3,186,651     WAL-MART(2021), STAPLES(2015)
386
  GREECE, NY   JOANN/PETSMART PLAZA
3042 WEST RIDGE ROAD
  Rochester     1993/1999       2004       100.00 %     75,916       75,916       804,287     PETSMART(2008), JO-ANN STORES(2015)
387
  HAMBURG, NY (BJS)   BJS PLAZA — HAMBURG 4408 MILESTRIP ROAD   Buffalo     1990/1997       2004       100.00 %     175,965       175,965       1,745,340     OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)
388
  HAMBURG, NY (DICKS-PIER 1)   MCKINLEY PLACE
3701 MCKINLEY PARKWAY
  Buffalo     2001       2004       100.00 %     128,944       128,944       1,551,410     DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2009)
389
  HAMBURG, NY (HOME DEPOT)   HOME DEPOT PLAZA — HAMBURG 4405 MILESTRIP ROAD   Buffalo     1999/2000       2004       100.00 %     139,413       139,413       1,517,694     HOME DEPOT(2012)
390
  HAMBURG, NY (MILESTRIP)   MCKINLEY MILESTRIP CENTER
3540 MCKINLEY PARKWAY
  Buffalo     1999       2004       100.00 %     106,774       106,774       1,472,383     OLD NAVY(2010), JO-ANN STORES(2015)
391
  HAMBURG, NY (TOPS)   SOUTH PARK PLAZA-TOPS
6150 SOUTH PARK AVENUE
  Buffalo     1990/1992       2004       10.00 %     84,000       84,000       730,500     TOPS MARKETS(2015)
392
  HAMLIN, NY (TOPS)   TOPS PLAZA-HAMLIN
1800 LAKE ROAD
  Rochester     1997       2004       10.00 %     60,488       60,488       491,705     TOPS MARKETS(2017)
393
  IRONDEQUOIT, NY (CULVER RIDGE)   CULVER RIDGE PLAZA
2255 RIDGE ROAD EAST
  Rochester     1972/1984/1997       2004       20.00 %     226,812       226,812       2,313,277     REGAL CINEMAS(2022), A.J. WRIGHT(2014)
Property List 1.0
Page 20 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
394
  ITHACA, NY (TOPS)   TOPS PLAZA — ITHACA 614 — 722 SOUTH MEADOW   Ithaca     1990/1999/2003       2004       100.00 %     229,320       229,320       3,622,147     OFFICE DEPOT(2014), TOPS MARKETS(2022), MICHAEL’S(2013), BARNES & NOBLE(2018)
395
  JAMESTOWN, NY (PROGRESSIVE)   TOPS PLAZA — JAMESTOWN 75 WASHINGTON STREET   Jamestown     1997       2004       20.00 %     98,001       98,001       1,178,454     TOPS MARKETS(2018)
396
  LANCASTER, NY (REGAL)   REGAL CENTER
6703-6733 TRANSIT ROAD
  Buffalo     1997       2004       14.50 %     112,949       112,949       841,380     REGAL CINEMAS(2017)
397
  LEROY, NY (TOPS)   TOPS PLAZAL — LEROY 128 WEST MAIN STREET   Rochester     1997       2004       20.00 %     62,747       62,747       584,903     TOPS MARKETS(2017)
398
  LOCKPORT, NY   WAL-MART/TOPS PLAZA — LOCKPORT 5789 & 5839 TRANSIT RD. & HAMM   Buffalo     1993       2004       100.00 %     296,582       296,582       2,731,435     WAL-MART(2015), TOPS MARKETS(2021), SEARS(2011)
399
  N. TONAWANDA, NY (SEARS)   MID-CITY PLAZA
955-987 PAYNE AVENUE
  Buffalo     1960/1976/1980/1995/
2004
      2004       100.00 %     224,949       224,949       1,997,339     TOPS MARKETS(2024)
400
  NEW HARTFORD, NY   CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE   Utica     2002       2004       14.50 %     514,717       514,717       6,170,086     BARNES & NOBLE(2013), BED BATH & BEYOND(2018), BEST BUY(2013), STAPLES(2018), MICHAEL’S(2013), WAL-MART(2022), T.J. MAXX(2012)
401
  NEW HARTFORD, NY (TOPS)   TOPS PLAZA — NEW HARTFORD 40 KELLOGG ROAD   Utica     1998       2004       100.00 %     127,777       127,777       1,139,310     HANNAFORD BROTHERS(2018)
402
  NIAGARA FALLS, NY (HOME DEPOT)   HOME DEPOT PLAZA — N FALLS 720 & 750 BUILDERS WAY   Buffalo     1994/2000       2004       100.00 %     43,170       43,170       577,615     REGAL CINEMAS(2019)
403
  NISKAYUNA, NY   MOHAWK COMMONS 402 — 442 BALLTOWN ROAD   Albany     2002       2004       100.00 %     399,901       530,375       4,644,304     PRICE CHOPPER(2022), LOWE’S(2022), MARSHALLS(2012), BARNES & NOBLE(2014), BED BATH & BEYOND(2019), TARGET(NOT OWNED)
404
  NORWICH, NY (TOPS)   TOPS PLAZA-NORWICH
54 EAST MAIN STREET
  Norwich     1997       2004       10.00 %     85,453       85,453       1,087,185     TOPS MARKETS(2018)
405
  OLEAN, NY (WAL-MART)   WAL-MART PLAZA — OLEAN 3142 WEST STATE STREET   Olean     1993/2004       2004       100.00 %     285,400       401,406       2,153,716     WAL-MART(2014), EASTWYNN THEATRES(2014), BJ’S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)
406
  ONTARIO, NY (TOPS-BLOCKBUSTER)   TOPS PLAZA — ONTARIO BLOCKBUST 6254 — 6272 FURNACE ROAD   Rochester     1998       2004       20.00 %     77,040       77,040       735,054     TOPS MARKETS(2019)
407
  ORCHARD PARK, NY (BLOCKBUSTER)   CROSSROAD PLAZA
3245 SOUTHWESTERN BOULEVARD
  Buffalo     2000       2004       20.00 %     167,805       167,805       1,803,478     TOPS MARKETS(2022), STEIN MART(2012)
408
  PLATTSBURGH, NY   CONSUMER SQUARE RT. 3 — CORNELIA ROAD   Plattsburgh     1993/2004       2004       100.00 %     491,513       491,513       3,459,144     SAM’S CLUB(2013), WAL-MART(2020), T.J. MAXX(2013), PETSMART(2014), MICHAEL’S(2011)
409
  ROCHESTER, NY (PANORAMA)   PANORAMA PLAZA
1601 PENFIELD ROAD
  Rochester     1959/1965/1972/1980/
1986/1994
      2004       20.00 %     278,241       278,241       3,301,339     LINENS ‘N THINGS(2008), TOPS MARKETS(2014)
410
  ROME, NY (FREEDOM)   FREEDOM PLAZA
205-211 ERIE BOULEVARD WEST
  Rome     1978/2000/2001       2004       100.00 %     194,467       197,397       1,197,212     STAPLES(2015), J.C. PENNEY(2017), TOPS MARKETS(2021), MARSHALLS(2016)
411
  TONAWANDA, NY (BIG LOTS)   YOUNGMAN PLAZA
750 YOUNG STREET
  Buffalo     1985/ 2003       2004       10.00 %     310,921       318,166       2,327,379     BJ’S WHOLESALE CLUB(2010), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKETS(2021)
412
  TONAWANDA, NY (OFFICE DEPOT)   OFFICE DEPOT PLAZA
2309 EGGERT ROAD
  Buffalo     1976/1985/1996       2004       100.00 %     121,846       121,846       1,022,370     BEST FITNESS(2025), OFFICE DEPOT(2011)
413
  TONAWANDA, NY (SHER/DELAWARE)   SHERIDAN/DELAWARE PLAZA
1692-1752 SHERIDAN DRIVE
  Buffalo     1950/1965/1975/1986/
2000
      2004       100.00 %     188,200       188,200       1,347,006     BON TON HOME STORE(2010), BON TON HOME STORE(2010), TOPS MARKETS(2020)
414
  TONAWANDA, NY (TOPS)   TOPS PLAZA-NIAGARA STREET
150 NIAGARA STREET
  Buffalo     1997       2004       10.00 %     97,014       97,014       1,238,440     TOPS MARKETS(2017)
Property List 1.0
Page 21 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
415
  VICTOR, NY   VICTOR SQUARE
2-10 COMMERCE DRIVE
  Rochester     2000       2004       100.00 %     56,134       56,134       966,872      
416
  WARSAW, NY (TOPS)   TOPS PLAZA — WARSAW
2382 ROUTE 19
  Warsaw     1998       2004       20.00 %     74,105       74,105       702,899     TOPS MARKETS(2015)
417
  WEST SENECA, NY (HOME DEPOT)   HOME DEPOT PLAZA
1881 RIDGE ROAD
  Buffalo     1975/1983/1987/1995       2004       100.00 %     139,453       139,453       1,400,105     HOME DEPOT(2016)
418
  WEST SENECA, NY (SENECA RIDGE)   SENECA — RIDGE PLAZA
3531 SENECA STREET
  Buffalo     1980/1996/2004       2004       100.00 %     62,403       62,403       291,082      
419
  WILLIAMSVILLE, NY   WILLIAMSVILLE PLACE
5395 SHERIDAN DRIVE
  Buffalo     1986/1995/2003       2004       100.00 %     103,046       103,046       1,000,291      
420
  WILLIAMSVILLE, NY (PREMIER)   PREMIER PLACE
7864 — 8020 TRANSIT ROAD
  Buffalo     1986/1994/1998       2004       14.50 %     142,536       142,536       1,332,930     PREMIER LIQUORS(2010), STEIN MART(2008)
 
                                                               
  North Carolina                                                            
 
                                                               
421
  APEX, NC (SOUTH)   BEAVER CREEK CROSSINGS SOUTH
1335 W WILLIAMS STREET
  Raleigh     2006       1 *     100.00 %     219,744       231,984       2,866,723     DICK’S SPORTING GOODS(2017), CONSOLIDATED THEATRES(2026), T.J. MAXX(2016), CIRCUIT CITY(2022), BORDERS(2022)
422
  APEX, NC(COMMONS)   BEAVER CREEK COMMONS
1335 W WILLIAMS STREET
  Raleigh     2005       1 *     10.00 %     116,429       452,383       2,574,641     LINENS ‘N THINGS(2016), OFFICE MAX(2014), LOWES(NOT OWNED)
423
  ASHEVILLE, NC(OAKLEY)   OAKLEY PLAZA
FAIRVIEW RD AT INTERSTATE 240
  Asheville     1988       2007       100.00 %     129,287       129,287       971,483     BABIES R US(2011), BI-LO(2016)
424
  ASHEVILLE, NC(RIVER)   RIVER HILLS
299 SWANNANOA RIVER ROADD
  Asheville     1996       2003       14.50 %     190,970       190,970       2,043,192     GOODY’S(2007), CARMIKE CINEMAS(2017), CIRCUIT CITY(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2008), OFFICE MAX(2011)
425
  CARY, NC(CIRCUIT CITY)   CIRCUIT CITY — CARY 1401 PINEY PLAINS RD   Raleigh     2000       2007       100.00 %     27,891       27,891       526,500     CIRCUIT CITY(2022)
426
  CARY, NC(MILL POND)   MILL POND VILLAGE
3434-3490 KILDAIRE FARM ROAD
  Raleigh     2004       2007       100.00 %     88,784       135,204       1,260,010     LOWE’S FOODS(2021)
427
  CHAPEL HILL, NC   MEADOWMONT VILLAGE CENTER W. BARBEE CHAPEL RD   Durham     2002       2007       20.00 %     132,745       132,745       2,393,613     HARRIS TEETER SUPERMARKETS(2022)
428
  CHARLOTTE, NC(BJ’S)   BJ’S WHOLESALE CLUB 6030 INDEPENDENCE BLVD   Charlotte     2002       2007       100.00 %     99,792       99,792       1,173,448     BJ’S WHOLESALE CLUB(2022)
429
  CHARLOTTE, NC(CAMFIELD)   CAMFIELD CORNERS
8620 CAMFIELD STREET
  Charlotte     1994       2007       100.00 %     69,910       69,910       826,010     BI-LO(2014)
430
  CLAYTON, NC   CLAYTON CORNERS
US HIGHWAY 70 WEST
  Raleigh     1999       2007       20.00 %     125,653       125,653       1,329,015     LOWE’S FOODS(2019)
431
  CONCORD, NC(ECKERD)   ECKERD DRUG STORE — CONCORD HIGHWAY #29 @ PITTS SCHOOL   Charlotte     2002       2007       100.00 %     10,908       10,908       227,814      
432
  CORNELIUS, NC   SOUTHLAKE SHOPPING CENTER
20601 TORRENCE CHAPE L ROAD
  Charlotte     2001       2007       100.00 %     131,247       131,247       1,258,667     STEIN MART(2008), HARRIS TEETER SUPERMARKETS(2009)
433
  DURHAM, NC   PATTERSON PLACE 3616 WITHERSPOON BLVD.   Durham     2004       2007       20.00 %     194,856       194,856       2,326,156     DSW SHOE WAREHOUSE(2016), A.C. MOORE(2014), BED BATH & BEYOND(2020), KOHL’S(2050)
434
  DURHAM, NC(OXFORD)   OXFORD COMMONS
3500 OXFORD ROAD
  Durham     1990/2001       1/2 *     100.00 %     203,069       321,335       1,292,077     FOOD LION(2010), BURLINGTON COAT FACTORY(2012), WAL-MART(NOT OWNED)
435
  DURHAM, NC(SOUTH)   SOUTH SQUARE
4001 DURHAM CHAPEL
  Durham     2005       2007       20.00 %     107,812       288,934       1,657,054     OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2015)
Property List 1.0
Page 22 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
436
  FAYETTEVILLE, NC   CROSS POINTE CENTRE
5075 MORGANTON ROAD
  Fayetteville     1985/2003       2003       100.00 %     196,279       196,279       1,499,263     DEVELOPERS REALTY CORP.(2012), T.J. MAXX(2011), BED BATH & BEYOND(2014)
437
  FAYETTEVILLE, NC(PAVILION)   FAYETTEVILLE PAVILION
2061 SKIBO ROAD
  Fayetteville     1998/2001       2007       20.00 %     272,385       272,385       3,085,042     DICK’S SPORTING GOODS(2017), LINENS ‘N THINGS(2016), PETSMART(2016), CREATIVE BASKET EXPRESSIONS(2020), MARSHALLS(2008), MICHAEL’S(2009)
438
  FUQUAY VARINA, NC   SEXTON COMMONS
1420 N MAIN ST
  Raleigh     2002       2007       20.00 %     49,097       49,097       763,534     HARRIS TEETER SUPERMARKETS(2021)
439
  GREENSBORO, NC(ADAMS)   ADAMS FARM
5710 HIGH POINT ROAD
  Greensboro     2004       2007       100.00 %     112,195       112,195       999,194     HARRIS TEETER SUPERMARKETS(2008)
440
  GREENSBORO, NC(GOLDEN)   GOLDEN GATE
EAST CORNWALLIS DR
  Greensboro     1962/2002       2007       100.00 %     153,113       153,113       1,154,230     HARRIS TEETER SUPERMARKETS(2011), STAPLES(2016), FOOD LION(2012)
441
  GREENSBORO, NC(WENDOVER I)   SHOPPES AT WENDOVER VILLAGE I
4203-4205 WEST WENDOVER AVENUE
  Greensboro     2004       2007       100.00 %     35,895       35,895       797,840      
442
  GREENSBORO, NC(WENDOVER II)   WENDOVER II
WEST WENDOVER AVE
  Greensboro     2004       2007       20.00 %     135,004       135,004       2,055,880     A.C. MOORE(2014), CIRCUIT CITY(2020), SOFA CONNECTION(2014)
443
  HUNTERSVILLE, NC   BIRKDALE VILLAGE RETAIL (TIAA)
BIRKDALE COMMONS PKY AND SAM FURR RD
  Charlotte     2003       2007       15.00 %     313,874       324,315       6,615,085     BARNES & NOBLE(2013), DICK’S SPORTING GOODS(2018)
444
  HUNTERSVILLE, NC(ROSEDALE)   ROSEDALE SHOPPING CENTER
9911 ROSE COMMONS DR
  Charlotte     2000       2007       20.00 %     119,197       119,197       1,896,200     HARRIS TEETER SUPERMARKETS(2020)
445
  INDIAN TRAIL, NC   UNION TOWN CENTER
INDEPENDENCE & FAITH CHURCH RD
  Indian Trail     1999       2004       100.00 %     96,160       96,160       842,360     FOOD LION(2020)
446
  JACKSONVILLE, NC(GATEWAY)   GATEWAY PLAZA — JACKSONVILLE ( SEC WESTERN BLVD AND GATEWAY SOUTH   Jacksonville     2001       2007       15.00 %     101,413       341,413       1,124,071     BED BATH & BEYOND(2013), ROSS DRESS FOR LESS(2013), LOWES(NOT OWNED)
447
  MATTHEWS, NC   SYCAMORE COMMONS (TIAA)
MATTHEWS TWNSHP PWY & NORTHEAST PWY
  Charlotte     2002       2007       15.00 %     265,860       401,057       4,398,609     MICHAEL’S(2012), BED BATH & BEYOND(2012), DICK’S SPORTING GOODS(2017), OLD NAVY(2011), CIRCUIT CITY(2023)
448
  MOORESVILLE, NC   MOORESVILLE CONSUMER SQUARE I
355 WEST PLAZA DRIVE
  Charlotte     1999       2004       100.00 %     472,182       472,182       4,404,013     WAL-MART(2019), GOODY’S(2010), GANDER MOUNTAIN(2021)
449
  MOORESVILLE, NC(WINSLOW)   WINSLOW BAY COMMONS (TIAA)
BLUEFIELD ROAD AND HIGHWAY 150
  Charlotte     2003       2007       15.00 %     255,798       429,798       3,388,302     ROSS DRESS FOR LESS(2014), LINENS ‘N THINGS(2014), DICK’S SPORTING GOODS(2019), T.J. MAXX(2013), MICHAEL’S(2013)
450
  NEW BERN, NC   RIVERTOWNE SQUARE
3003 CLAREDON BLVD
  New Bern     1989/1999       1/2 *     100.00 %     68,130       200,228       601,152     GOODY’S(2012), WAL-MART(NOT OWNED)
451
  RALEIGH, NC(ALEXANDER)   ALEXANDER PLACE (TIAA)
GLENWOOD AVE & BRIER CREEK PKWY
  Greensboro     2004       2007       15.00 %     158,298       158,298       2,238,072     KOHL’S(2025), WAL-MART(2007)
452
  RALEIGH, NC(CAPITAL)   CAPITAL CROSSING
2900-2950 EAST MILL BROOK ROAD
  Raleigh     1995       2007       100.00 %     83,248       83,248       888,670     LOWE’S FOODS(2015), STAPLES(2011)
453
  RALEIGH, NC(ECKERD)   ECKERD DRUG STORE — PERRY CREE US HIGHWAY 401 AND PERRY CREEK ROAD   Raleigh     2003       2007       100.00 %     10,908       10,908       284,571      
454
  RALEIGH, NC(WAKEFIELD)   WAKEFIELD CROSSING
WAKEFIELD PINES DR & NEW FALLS OF NEUSE
  Raleigh     2001       2007       100.00 %     75,927       75,927       927,569     FOOD LION(2022)
455
  SALISBURY, NC   ALEXANDER POINTE
850 JAKE ALEXANDER BLVD
  Salisbury     1997       2007       20.00 %     57,710       57,710       645,565     HARRIS TEETER SUPERMARKETS(2017)
Property List 1.0
Page 23 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
456
  SILER CITY, NC   CHATHAM CROSSING (TIAA)
US HIGHWAY 64 WEST
  Durham     2002       2007       15.00 %     32,000       32,000       389,191      
457
  SOUTHERN PINES, NC   BI-LO — SOUTHERN PINES (TIAA) US HWY 15-501   Southern Pines     2002       2007       15.00 %     57,404       57,404       510,712     STEIN MART(2016)
458
  WAKE FOREST, NC   CAPITAL PLAZA (TIAA)
11825 RETAIL DRIVE
  Raleigh     2004       2007       15.00 %     46,793       46,793       585,408      
459
  WASHINGTON, NC   PAMLICO PLAZA
536 PAMLICO PLAZA
  Washington     1990/1999       1/2 *     100.00 %     80,269       265,053       562,422     GOODY’S(2009), OFFICE DEPOT(2009), WAL-MART(NOT OWNED)
460
  WILMINGTON, NC   UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.   Wilmington     1989/2001       1/2 *     100.00 %     411,887       518,735       3,437,674     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)
461
  WILMINGTON, NC(OLEANDER)   OLEANDER SHOPPING CENTER
3804 OLEANDER DRIVE
  Wilmington     1989       2007       100.00 %     51,888       51,888       578,191     LOWE’S FOODS(2015)
462
  WILSON, NC   FOREST HILLS CENTRE
1700 RALEIGH RD NW
  Wilson     1989       2007       100.00 %     73,280       73,280       627,785     HARRIS TEETER SUPERMARKETS(2010)
463
  WINSTON-SALEM, NC(HARPER)   HARPER HILL COMMONS
5049 COUNTRY CLUB RD
  Winston Salem     2004       2007       20.00 %     55,394       96,914       1,350,690      
464
  WINSTON-SALEM, NC(OAK)   OAK SUMMIT (TIAA)
EAST HANES MILL ROAD
  Winston Salem     2003       2007       15.00 %     142,394       142,394       1,715,999     GOODY’S(2016), STAPLES(2016), PETSMART(2020)
465
  WINSTON-SALEM, NC(OLIVER)   SHOPS AT OLIVER CROSSING
PETERS CREEK PKWY OLIVER CROSSING
  Winston Salem     2003       2007       20.00 %     76,512       76,512       971,729     LOWE’S FOODS(2023)
466
  WINSTON-SALEM, NC(WAL-MART)   SUPER WAL-MART — WINSTON-SALEM 4550 KESTER MILL RD   Winston Salem     1998       2007       100.00 %     204,931       204,931       1,403,777     WAL-MART(2017)
 
                                                               
  North Dakota                                                            
467
  DICKINSON, ND   PRAIRIE HILLS MALL
1681 THIRD AVENUE
  Dickinson     1978       1/2 *     100.00 %     266,502       266,502       1,145,402     K MART(2008), HERBERGER’S(2010), J.C. PENNEY(2008)
 
                                                               
  Ohio                                                            
468
  ALLIANCE, OH   SUPER WAL-MART — ALLIANCE 2700 WEST STATE ST   Canton     1998       2007       100.00 %     200,084       200,084       1,190,500     WAL-MART(2017)
469
  AURORA, OH   BARRINGTON TOWN SQUARE
70-130 BARRINGTON TOWN SQUARE
  Cleveland     1996/2004       1 *     100.00 %     102,683       159,982       1,044,511     CINEMARK(2011), HEINEN’S(NOT OWNED)
470
  BOARDMAN, OH   SOUTHLAND CROSSING
I-680 & US ROUTE 224
  Youngstown     1997       1 *     100.00 %     506,254       511,654       4,204,017     LOWE’S(2016), BABIES R US(2009), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL-MART(2017), PETSMART(2013), GIANT EAGLE(2018)
471
  CANTON, OH (PHASE I & II)   BELDEN PARK CROSSINGS
5496 DRESSLER ROAD
  Canton     1995/2001/2003       1 *     14.50 %     478,106       593,610       5,253,848     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)
472
  CHILLICOTHE, OH   CHILLICOTHE PLACE 867 N. BRIDGE STREET   Chillicothe     1974/1998       1/2 *     20.00 %     106,262       106,262       1,036,735     KROGER(2041), OFFICE MAX(2013)
473
  CHILLICOTHE, OH(LOWES)   CHILLICOTHE PLACE (LOWES)
867 N BRIDGE STREET
  Chillicothe     1998       1981       100.00 %     130,497       130,497       822,132     LOWE’S(2015)
474
  CINCINNATI, OH   GLENWAY CROSSING
5100 GLENCROSSING WAY
  Cincinnati     1990       1993       100.00 %     235,433       235,433       2,039,501     STEVE & BARRY’S(2014), MICHAEL’S(2011)
Property List 1.0
Page 24 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
475
  CINCINNATI, OH(KROGER)   KROGER — CINCINNATI 6401 COLERAIN AVE   Cincinnati     1998       2007       100.00 %     56,634       56,634       556,486     KROGER(2015)
476
  CINCINNATI, OH(TRI COUNTY)   TRI COUNTY MALL
11700 PRINCETON PIKE
  Cincinnati     1960/1990/1992       2005       18.00 %     667,659       1,180,139       9,660,533     DILLARD’S(2018), MACY’S(NOT OWNED), SEAR(NOT OWNED)
477
  COLUMBUS, OH (DUBLIN VILLAGE)   DUBLIN VILLAGE CENTER
6561-6815 DUBLIN CENTER DRIVE
  Columbus     1987       1998       100.00 %     168,697       277,778       1,527,543     AMC THEATRE(2007), MAX SPORTS CENTER(2008), B.J.’S WHOLESALE CLUB(NOT OWNED)
478
  COLUMBUS, OH (EASTON MARKET)   EASTON MARKET
3740 EASTON MARKET
  Columbus     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)
479
  COLUMBUS, OH (LENNOX)   LENNOX TOWN CENTER
1647 OLENTANGY RIVER ROAD
  Columbus     1997       1998       50.00 %     352,913       352,913       3,502,616     TARGET(2016), BARNES & NOBLE(2012), STAPLES(2011), AMC THEATRE(2021)
480
  COLUMBUS, OH (SUN)   SUN CENTER
3622-3860 DUBLIN GRANVILLE RD
  Columbus     1995       1998       79.45 %     305,428       305,428       3,650,935     BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2012), WHOLE FOODS(2016), STAPLES(2010)
481
  COLUMBUS, OH(HILLIARD)   HILLIARD ROME
1710-60 HILLIARD ROME ROAD
  Columbus     2001       2007       20.00 %     110,871       110,871       1,487,813     GIANT EAGLE(2022)
482
  DUBLIN, OH (PERIMETER CENTER)   PERIMETER CENTER
6644-6804 PERIMETER LOOP ROAD
  Columbus     1996       1998       100.00 %     137,556       137,556       1,578,645     GIANT EAGLE(2014)
483
  ELYRIA, OH   ELYRIA SHOPPING CENTER
841 CLEVELAND
  Cleveland     1977       2 *     100.00 %     92,125       92,125       704,695     TOPS MARKETS(2010)
484
  GALLIPOLIS, OH   GALLIPOLIS MARKETPLACE
2145 EASTERN AVENUE
  Gallipolis     1998       2003       100.00 %     25,950       205,908       339,798     WAL MART(NOT OWNED)
485
  GROVE CITY, OH(DERBY SQUARE)   DERBY SQUARE SHOPPING CENTER
2161-2263 STRINGTOWN ROAD
  Columbus     1992       1998       20.00 %     128,210       128,210       1,115,784     GIANT EAGLE(2016)
486
  HUBER HTS., OH   NORTH HEIGHTS PLAZA
8280 OLD TROY PIKE
  Dayton     1990       1993       100.00 %     163,819       278,376       1,159,000     CUB FOODS(2011), WAL-MART(NOT OWNED)
487
  LEBANON, OH   COUNTRYSIDE PLACE
1879 DEERFIELD ROAD
  Lebanon     1990/2002       1993       100.00 %     17,000       110,480       62,547     ERB LUMBER(NOT OWNED), WALMART #1407(NOT OWNED)
488
  MACEDONIA, OH   MACEDONIA COMMONS
MACEDONIA COMMONS BLVD
  Cleveland     1994       1994       50.00 %     233,619       372,786       2,878,593     TOPS MARKETS(2019), KOHL’S(2016), WAL-MART(NOT OWNED)
489
  MACEDONIA, OH (PHASE II)   MACEDONIA COMMONS (PHASE II)
8210 MACEDONIA COMMONS
  Cleveland     1999       1/2 *     100.00 %     169,481       169,481       1,601,734     CINEMARK(2019), HOME DEPOT(2020)
490
  NORTH OLMSTED, OH   GREAT NORTHERN PLAZA NORTH
2589-26437 GREAT NORTHERN
  Cleveland     1958/1998/2003       2003       14.50 %     624,587       665,487       8,210,924     DSW SHOE WAREHOUSE(2015), BEST BUY(2010), BED BATH & BEYOND(2012), MARSHALLS(2008), PETSMART(2008), STEVE & BARRY’S(2014), HOME DEPOT(2019), K & G MENSWEAR(2008), JO-ANN STORES(2009), MARC’S(2012), COMPUSA(2008), REMINGTON COLLEGE(NOT OWNED)
491
  SOLON, OH   UPTOWN SOLON
KRUSE DRIVE
  Cleveland     1998       1 *     100.00 %     183,255       183,255       2,880,714     MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2009), BORDERS(2018)
492
  STEUBENVILLE, OH   LOWE’S HOME IMPROVEMENT — STEU 4115 MALL DRIVE   Pittsburgh     1998       2007       100.00 %     130,497       130,497       871,236     LOWE’S(2016)
493
  STOW, OH   STOW COMMUNITY SHOPPING CENTER
KENT ROAD
  Akron     1997/2000       1 *     100.00 %     404,480       506,563       2,858,675     BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), TARGET(NOT OWNED)
494
  TIFFIN, OH   TIFFIN MALL
870 WEST MARKET STREET
  Tiffin     1980/2004       1/2 *     100.00 %     170,868       170,868       627,912     CINEMARK(2011), J.C. PENNEY(2010)
Property List 1.0
Page 25 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
495
  TOLEDO, OH   SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD   Toledo     1999       1 *     20.00 %     241,129       271,729       2,779,908     KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2010), OLD NAVY(2010), BABIES R US(NOT OWNED)
496
  TOLEDO, OH (DICKS)   DICKS — TOLEDO 851 W. ALEXIS ROAD   Toledo     1995       2004       100.00 %     80,160       80,160       501,000     DICK’S SPORTING GOODS(2016)
497
  WEST CHESTER, OH   KROGER — WEST CHESTER 7172 CINCINNATI-DAYTON ROAD   Cincinnati     1998       2007       100.00 %     56,634       56,634       349,154     KROGER(2018)
498
  WESTLAKE, OH   WEST BAY PLAZA
30100 DETROIT ROAD
  Cleveland     1974/1997/2000       1/2 *     100.00 %     162,330       162,330       1,251,453     MARC’S(2009), K MART(2009)
499
  WILLOUGHBY HILLS, OH   WILLOUGHBY HILLS SHOPPING CENT
CHARDON ROAD
  Cleveland     1985       2007       15.00 %     373,318       377,849       3,577,050     GIANT EAGLE(2019), BRYANT AND STRATTON BUSINESS INSTITUTE(2008), CINEMARK(2010), A.J. WRIGHT(2011), OFFICE MAX(2009), SAM’S CLUB(2014)
500
  XENIA, OH   WEST PARK SQUARE
1700 WEST PARK SQUARE
  Xenia     1994/1997/2001       1 *     100.00 %     104,873       203,282       739,878     KROGER(2019), WAL-MART(NOT OWNED)
 
                                                               
  Oklahoma                                                            
501
  OKLAHOMA CITY, OK   CVS PHARMACY #6226-01
2323 NORTH MARTIN LUTHER KING BLVD
  Oklahoma City     1997       2007       100.00 %     9,504       9,504       159,358      
 
                                                               
  Oregon                                                            
502
  PORTLAND, OR   TANASBOURNE TOWN CENTER
NW EVERGREEN PKWY & NW RING RD
  Portland     1995/2001       1996       50.00 %     309,617       566,457       5,592,221     LINENS ‘N THINGS(2012), ROSS DRESS FOR LESS(2013), BARNES & NOBLE(2011), MICHAEL’S(2009), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED)
 
                                                               
  Pennsylvania                                                            
503
  ALLENTOWN, PA(WEST)   WEST VALLEY MARKETPLACE
1091 MILL CREEK ROAD
  Allentown     2001/2004       2003       100.00 %     259,239       259,239       2,748,573     WAL-MART(2021)
504
  CAMP HILL, PA   CAMP HILL CENTER
3414 SIMPSON FERRY ROAD
  Harrisburg     1978/2002       2007       100.00 %     62,888       62,888       698,160     LINENS ‘N THINGS(2013), MICHAEL’S(2013)
505
  CARLISLE, PA   CARLISLE COMMONS (TIAA)
RIDGE STREET & NOBLE BLVD
  Harrisburg     2001       2007       15.00 %     394,033       394,033       3,219,438     WAL-MART(2022), T.J. MAXX(2012), ROSS DRESS FOR LESS(2014), REGAL CINEMAS(2010)
506
  CHESWICK, PA   ECKERD DRUG STORE #6095 1200 PITTSBURGH ST.   Pittsburgh     2000       2007       100.00 %     10,908       10,908       248,609      
507
  CONNELSVILLE, PA   ECKERD DRUG STORE #6007
100 MEMORIAL BLVD
  Pittsburgh     1999       2007       100.00 %     10,908       10,908       312,181      
508
  E. NORRITON, PA   KMART PLAZA
2692 DEKALB PIKE
  Philadelphia     1975/1997       1/2 *     100.00 %     173,876       179,376       1,236,209     K MART(2010), BIG LOTS(2010)
509
  ERIE, PA (PEACH)   PEACH STREET SQUARE
1902 KEYSTONE DRIVE
  Erie     1995/1998/2003       1 *     100.00 %     557,769       679,074       4,779,939     LOWE’S(2015), PETSMART(2015), CIRCUIT CITY(2020), KOHL’S(2016), WAL-MART(2015), CINEMARK(2011)
510
  ERIE, PA(ECKERD 6193)   ECKERD DRUG STORE #6193
404 EAST 26TH STREET
  Erie     1999       2007       100.00 %     10,908       10,908       260,047      
511
  ERIE, PA(ECKERD 6286)   ECKERD DRUG STORE #6286
2184 WEST 12TH ST
  Erie     1999       2007       100.00 %     10,908       10,908       373,661      
512
  ERIE, PA(ECKERD 6334)   ECKERD DRUG STORE #6334
353 EAST 6TH STREET
  Erie     1999       2007       100.00 %     10,908       10,908       266,969      
513
  ERIE, PA(MARKET)   ERIE MARKETPLACE
6660-6750 PEACH STREET
  Erie     2003       2003       14.50 %     107,537       238,387       1,040,575     MARSHALLS(2013), BED BATH & BEYOND(2013), BABIES R US(2015), TARGET(NOT OWNED)
Property List 1.0
Page 26 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
514
  HANOVER, PA (BJS)   BJS — HANOVER 1785 AIRPORT ROAD SOUTH   Allentown     1991       2004       100.00 %     112,230       112,230       858,844     BJ’S WHOLESALE CLUB(2011)
515
  HARBORCREEK, PA   ECKERD DRUG STORE #6062
4145 BUFFALO ROAD
  Erie     1999       2007       100.00 %     10,908       10,908       230,486      
516
  HOMESTEAD, PA   WATERFRONT MARKET AMITY (TIAA) 660 E. WATERFRONT DR   Pittsburgh     2003       2007       15.00 %     666,489       710,287       9,449,945     DICK’S SPORTING GOODS(2012), LOEW’S CINEMA(2020), FILENE’S BASEMENT(2012), MICHAEL’S(2011), PIER 1 IMPORTS(2050), OFFICE DEPOT(2017), T.J. MAXX(2011), OLD NAVY(2011), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2011), MARSHALLS(2010), BARNES & NOBLE(2012), DAVE & BUSTER’S(2020)
517
  KING OF PRUSSIA, PA   OVERLOOK AT KING OF PRUSSIA (T
301 GODDARD BLVD
  Philadelphia     2002       2007       15.00 %     105,615       186,980       4,855,050     NORDSTROM RACK(2012), BEST BUY(2017), UNITED ARTISTS(NOT OWNED)
518
  MILLCREEK, PA   ECKERD DRUG STORE #6257 5440 PEACH ST.   Erie     2000       2007       100.00 %     10,908       10,908       336,691      
519
  MILLCREEK, PA (ECKERD#6199)   ECKERD DRUG STORE #6199 2923 WEST 26TH ST.   Erie     1999       2007       100.00 %     10,908       10,908       332,311      
520
  MONACA, PA   TOWNSHIP MARKETPLACE
115 WAGNER ROAD
  Pittsburgh     1999/2004       2003       14.50 %     298,589       298,589       2,697,141     LOWE’S(2016), SHOP ‘N SAVE(2019), CINEMARK(2019)
521
  MONROEVILLE, PA   ECKERD DRUG STORE #6040
4111 WILLIAM PENN HWY
  Pittsburgh     1998       2007       100.00 %     12,738       12,738       484,028      
522
  MONROEVILLE, PA(ECKERD 6043)   ECKERD DRUG STORE #6043
2604 MONROEVILLE BLVD
  Pittsburgh     1999       2007       100.00 %     10,908       10,908       295,339      
523
  MT. NEBO, PA   MT NEBO POINT
MT NEBO ROAD & LOWRIES RUN ROAD
  Pittsburgh     2005       1 *     10.00 %     99,447       362,832       1,709,961     SPORTSMAN’S WAREHOUSE(2020), TARGET(NOT OWNED), SAM’S CLUB(NOT OWNED)
524
  NEW CASTLE, PA   ECKERD DRUG STORE #6172
31 NORTH JEFFERSON STREET
  New Castle     1999       2007       100.00 %     10,908       10,908       261,740      
525
  PENN, PA   ECKERD DRUG STORE #6392
3550 ROUTE 130
  Pittsburgh     1999       2007       100.00 %     10,908       10,908       262,741      
526
  PITTSBURGH, PA   ECKERD DRUG STORE #6036
2501 SAW MILL RUN BLVD
  Pittsburgh     1999       2007       100.00 %     10,908       10,908       342,233      
527
  PLUM BOROUGH, PA   ECKERD DRUG STORE #6695
1804 GOLDEN MILE HWY
  Pittsburgh     1999       2007       100.00 %     10,908       10,908       326,940      
 
                                                               
  Puerto Rico                                                            
528
  ARECIBO, PR (ATLANTICO)   PLAZA DEL ATLANTICO PR # KM 80.3   Arecibo     1980/1993       2005       100.00 %     215,451       224,950       3,113,131     K MART(2013), CAPRI DEL ATLANTICO(2013)
529
  BAYAMON, PR (PLAZA DEL SOL)   PLAZA DEL SOL
RD PR#29 & PR#167, HATO TEJAS
  San Juan     1998/2003/2004       2005       100.00 %     526,373       675,594       16,522,828     WAL-MART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)
530
  BAYAMON, PR (REXVILLE PLAZA)   REXVILLE PLAZA PR #167, KM 18.8   San Juan     1980/2002       2005       100.00 %     126,023       132,309       1,532,961     PUEBLO XTRA(2009), TIENDAS CAPRI(2013)
531
  BAYAMON, PR (RIO HONDO)   RIO HONDO
PR#22, PR#167
  San Juan     1982/2001       2005       100.00 %     464,180       529,482       11,461,469     TIENDAS CAPRI(2009), COMPUSA(2021), K MART(2011), PUEBLO XTRA(2012), MARSHALLS(2015), RIO HONDO CINEMA(NOT OWNED)
532
  CAROLINA, PR (PLAZA ESCORIAL)   PLAZA ESCORIAL CARRETERA #3, KM 6.1   San Juan     1997       2005       100.00 %     385,749       601,619       7,600,689     OFFICE MAX(2015), WAL-MART(2024), BORDERS(2017), OLD NAVY(2009), SAM’S CLUB(2024), CARIBBEAN CINEMAS(NOT OWNED), HOME DEPOT(NOT OWNED)
Property List 1.0
Page 27 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
533
  CAYEY, PR (PLAZA CAYEY)   PLAZA CAYEY
STATE ROAD #1 & PR #735
  Cayey     1999/2004       2005       100.00 %     261,126       339,840       3,232,289     WAL-MART(2021), CAYEY CINEMA CORP.(NOT OWNED)
534
  FAJARDO, PR (PLAZA FAJARDO)   PLAZA FAJARDO
ROAD PR #3 INT PR #940
  Fajardo     1992       2005       100.00 %     245,319       251,319       3,794,747     WAL-MART(2012), PUEBLO XTRA(2012)
535
  GUAYAMA, PR (PLAZA WAL-MART)   PLAZA WAL-MART ROAD PR #3 KM 135.0   Guayama     1994       2005       100.00 %     163,598       163,598       1,654,080     WAL-MART(2018)
536
  HATILLO, PR (PLAZA DEL NORTE)   PLAZA DEL NORTE ROAD#2 KM 81.9   Arecibo     1992       2005       100.00 %     505,877       671,306       10,669,705     J.C. PENNEY(2012), PUEBLO XTRA(2012), WAL-MART(2012), TOYS R’ US/KID’SRUS(NOT OWNED), SEARS(NOT OWNED)
537
  HUMACAO, PR (PALMA REAL)   PALMA REAL STATE ROAD #3, KM 78.20   Humacao     1995       2005       100.00 %     340,608       442,614       6,638,028     CAPRI STORES(2011), PUEBLO XTRA(2020), CINEVISTA THEATRES(2006), WAL-MART(2020), J C PENNY(NOT OWNED), PEP BOYS(NOT OWNED)
538
  ISABELA, PR (PLAZA ISABELA)   PLAZA ISABELA
STATE ROAD #2 & # 454
  Isabela     1994       2005       100.00 %     238,410       259,016       3,533,717     COOP(2014), WAL-MART(2019)
539
  SAN GERMAN, PR (CAMINO REAL)   CAMINO REAL
STATE ROAD PR #122
  San German     1991       2005       100.00 %     22,356       49,172       339,950     PEP BOYS(2015)
540
  SAN GERMAN, PR (DEL OESTE)   DEL OESTE
ROAD PR #2 INT PR #122
  San German     1991       2005       100.00 %     174,172       184,746       2,299,625     K MART(2016), PUEBLO XTRA(2011)
541
  SAN JUAN, PR (SENORIAL PLAZA)   SENORIAL PLAZA
PR #53 & PR #177
  San Juan   1978/Mutiple     2005       100.00 %     169,136       209,596       2,554,540     K MART(2010), PUEBLO EXT(NOT OWNED)
542
  VEGA BAJA, PR (PLZ VEGA BAJA)   PLAZA VEGA BAJA
ROAD PR #2 INT PR #155
  Vega Baja     1990       2005       100.00 %     174,728       184,938       2,091,884     K MART(2015), PUEBLO XTRA(2010)
 
                                                               
  Rhode Island                                                            
543
  MIDDLETOWN, RI   MIDDLETOWN VILLAGE
1315 WEST MAIN ST
  Providence     2003       2007       100.00 %     98,161       98,161       1,632,198     BARNES & NOBLE(2019), LINENS ‘N THINGS(2019), MICHAEL’S(2018)
544
  WARWICK, RI   WARWICK CENTER (TIAA)
1324 BALD HILL ROAD
  Providence     2004       2007       15.00 %     159,958       159,958       2,255,135     DICK’S SPORTING GOODS(2018), LINENS ‘N THINGS(2013), BARNES & NOBLE(2018), DSW SHOE WAREHOUSE(2013)
 
                                                               
  South Carolina                                                            
545
  AIKEN, SC(EXCHANGE)   AIKEN EXCHANGE (TIAA)
WHISKEY ROAD & BROOK HAVEN DRIVE
  Greenville     2004       2007       15.00 %     101,558       102,758       920,167     GOODY’S(2015), PETSMART(2019)
546
  ANDERSON, SC(CENTRAL)   ANDERSON CENTRAL (TIAA)
651 HWY 28 BYPASS
  Greenville     1999       2007       15.00 %     223,211       223,211       1,433,864     WAL-MART(2019)
547
  ANDERSON, SC(NORTH HILL)   NORTH HILL COMMONS (TIAA)
3521 CLEMSON BLVD
  Greenville     2000       2007       15.00 %     43,149       43,149       431,962     MICHAEL’S(2013)
548
  CAMDEN, SC   SPRINGDALE PLAZA
1671 SPRINGDALE DRIVE
  Camden     1990/2000       1993       100.00 %     180,127       363,405       1,283,012     STEVE & BARRY’S(2014), BELK(2015), WAL-MART SUPER CENTER(NOT OWNED)
549
  CHARLESTON, SC   ASHLEY CROSSING
2245 ASHLEY CROSSING DRIVE
  Charleston     1991       2003       100.00 %     188,883       196,048       1,467,980      
550
  COLUMBIA, SC (STATION)   COLUMBIANA STATION OEA (TIAA)
HARBISON BLVD & BOWE R PARKWAY
  Columbia     2003       2007       15.00 %     376,819       559,586       5,105,294     GOODY’S(2016), CIRCUIT CITY(2020), DICK’S SPORTING GOODS(2016), MICHAEL’S(2010), PETSMART(2015), H.H. GREGG APPLIANCES(2015)
551
  COLUMBIA, SC (TARGET)   TARGET CENTER I (TIAA) 10204 TWO NOTCH RD.   Columbia     2002       2007       15.00 %     83,400       83,400       504,558     MICHAEL’S(2012), LINENS ‘N THINGS(2012)
Property List 1.0
Page 28 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
552
  COLUMBIA, SC(HARBISON)   HARBISON COURT
HARBISON BLVD
  Columbia     1991       2002       14.50 %     236,707       296,196       2,861,688     BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE DEPOT(2011), BABIES ‘R’ US #8890(NOT OWNED)
553
  CONWAY, SC   GATEWAY PLAZA II — CONWAY 2701 CHURCH STREET   Myrtle Beach     2002       2007       100.00 %     62,428       62,428       625,705     GOODY’S(2017)
554
  EASLEY, SC   CENTER POINTE PLAZA I
CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD
  Greenville     2004       2007       20.00 %     64,487       64,487       671,875     PUBLIX SUPER MARKETS(2023)
555
  EASLEY, SC (CENTER)   CENTER POINTE PLAZA II
CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD
  Greenville     2004       2007       20.00 %     7,800       7,800       103,600      
556
  GAFFNEY, SC   ECKERD DRUG STORE — GAFFNEY 1320 W FLOYD BAKER BLVD   Gaffney     2003       2007       100.00 %     13,818       13,818       291,984      
557
  GREENVILLE, SC(ECKERD)   ECKERD DRUG STORE — GREENVILLE 3679 AUGUSTA ROAD   Greenville     2001       2007       100.00 %     10,908       10,908       283,423      
558
  GREENVILLE, SC(SUPER WAL-MART)   SUPER WAL-MART — GREENVILLE 1451 WOODRUFF ROAD   Greenville     1998       2007       100.00 %     200,084       200,084       1,272,534     WAL-MART(2018)
559
  GREENVILLE, SC(THE POINT)   THE POINT
1140 WOODRUFF ROAD
  Greenville     2005       2007       20.00 %     104,641       104,641       1,740,547     WHOLE FOODS(2026), CIRCUIT CITY(2021)
560
  GREENWOOD, SC   BI-LO — NORTHSIDE PLAZA US HIGHWAY 25 & NORTHSIDE DRIVE   Greenwood     1999       2007       100.00 %     41,581       41,581       334,437     BI-LO(2019)
561
  LEXINGTON, SC   LEXINGTON PLACE
US HWY 378 AND OLD CHEROKEE ROAD
  Columbia     2003       2007       100.00 %     83,167       83,167       834,916     ROSS DRESS FOR LESS(2014), T.J. MAXX(2013)
562
  MT. PLEASANT, SC   WANDO CROSSING
1500 HIGHWAY 17 NORTH
  Charleston     1992/2000       1995       100.00 %     209,139       325,236       1,746,535     OFFICE DEPOT(2010), T.J. MAXX(2013), MARSHALLS(2011), WAL-MART(NOT OWNED)
563
  MT. PLEASANT, SC(BI-LO)   BI-LO — SHELMORE 672 HWY 17 BY-PASS   Charleston     2002       2007       100.00 %     64,368       64,368       920,894     BI-LO(2023)
564
  MYRTLE BEACH, SC   PLAZA AT CAROLINA FOREST
3735 RENEE DRIVE
  Myrtle Beach     1999       2007       20.00 %     116,657       116,657       1,682,186     KROGER(2010)
565
  N. CHARLESTON, SC   NORTH POINTE PLAZA
7400 RIVERS AVENUE
  Charleston     1989/2001       2 *       100.00 %     294,471       344,471       2,019,679     WAL-MART(2009), OFFICE MAX(2009), SERVICE MERCHANDISE(NOT OWNED)
566
  N. CHARLESTON, SC(N CHARL CTR)   NORTH CHARLESTON CENTER
5900 RIVERS AVENUE
  Charleston     1980/1993       2004       100.00 %     235,501       235,501       1,175,711     NORTHERN TOOL(2016), BIG LOTS(2009)
567
  ORANGEBURG, SC   NORTH ROAD PLAZA
2795 NORTH ROAD
  Columbia     1994/1999       1995       100.00 %     50,760       247,434       541,108     GOODY’S(2008), Wal-Mart(NOT OWNED)
568
  PIEDMONT, SC   ECKERD DRUG STORE — PIEDMONT 915 ANDERSON STREET   Greenville     2000       2007       100.00 %     10,908       10,908       181,052      
569
  S. ANDERSON, SC   CROSSROADS PLAZA
406 HIGHWAY 28 BY-PASS
  Greenville     1990       1994       100.00 %     4,800       4,800       30,600      
570
  SIMPSONVILLE, SC   FAIRVIEW STATION
621 FAIRVIEW ROAD
  Greenville     1990       1994       100.00 %     142,086       142,086       891,115     INGLES(2011), KOHL’S(2015)
571
  SPARTANBURG, SC(BLACKSTOCK)   ECKERD DRUG STORE — BLACKSTOCK 1510 W.O. EZELL BLVD   Spartanburg     2001       2007       100.00 %     10,908       10,908       271,599      
Property List 1.0
Page 29 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
572
  SPARTANBURG, SC(ECKERD)   ECKERD DRUG STORE — SPARTANBUR 780 N. PINE STREET   Spartanburg     2002       2007       100.00 %     10,908       10,908       283,656      
573
  SPARTANBURG, SC(NORTHPOINT)   NORTHPOINT MARKETPLACE
8642-8760 ASHEVILLE HIGHWAY
  Spartanburg     2001       2007       100.00 %     102,252       102,252       707,382     INGLES(2021)
574
  TAYLORS, SC   NORTH HAMPTON
6019 WADE HAMPTON (AKA GREER, SC)
  Greenville     2004       2007       20.00 %     171,545       171,545       1,160,896     HOBBY LOBBY(2019), TARGET(2073)
575
  TAYLORS, SC (HAMPTON)   HAMPTON POINT
3033 WADE HAMPTON BL
  Greenville     1993       2007       100.00 %     58,316       58,316       468,926     BI-LO(2018)
576
  TEGA CAY, SC   ECKERD DRUG STORE — TEGA CAY 2907 W HWY 160   Charleston     2002       2007       100.00 %     13,824       13,824       309,853      
577
  WOODRUFF, SC   ECKERD DRUG STORE — WOODRUFF 121 N MAIN STREET   Spartanburg     2002       2007       100.00 %     13,824       13,824       288,178      
 
                                                               
  South Dakota                                                            
578
  WATERTOWN, SD   WATERTOWN MALL
1300 9TH AVENUE
  Watertown     1977       1/2 *     100.00 %     240,262       282,262       1,428,814     DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2009), J.C. PENNEY(2008), HY VEE SUPERMARKET(NOT OWNED)
 
                                                               
  Tennessee                                                            
579
  BRENTWOOD, TN   COOL SPRINGS POINTE I-65 AND MOORE’S LANE   Brentwood     1999/2004       2000       14.50 %     201,414       201,414       2,580,284     BEST BUY(2014), ROSS DRESS FOR LESS(2015), LINENS ‘N THINGS(2014), DSW SHOE WAREHOUSE(2008)
580
  CHATTANOOGA, TN   OVERLOOK AT HAMILTON PLACE
2288 GUNBARREL ROAD
  Chattanooga     1992/2004       2003       100.00 %     207,244       207,244       1,754,511     BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)
581
  CHATTANOOGA, TN(PETSMART)   PETSMART — CHATTANOOGA 2130 GUNBARREL ROAD   Chattanooga     1995       2007       100.00 %     26,040       26,040       344,665     PETSMART(2021)
582
  COLUMBIA, TN   COLUMBIA SQUARE
845 NASHVILLE HWY
  Columbia     1993       2003       10.00 %     68,948       68,948       505,179     KROGER(2022)
583
  FARRAGUT, TN   FARRAGUT POINTE
11132 KINGSTON PIKE
  Knoxville     1991       2003       10.00 %     71,311       71,311       536,825     FOOD CITY(2011)
584
  GOODLETTSVILLE, TN   NORTHCREEK COMMONS 101 — 139 NORTHCREEK BLVD.   Nashville     1987       2003       20.00 %     84,441       84,441       709,793     KROGER(2012)
585
  HENDERSONVILLE, TN   HENDERSONVILLE LOWE’S TN HENDERSONVILLE   Nashville     1999       2003       100.00 %     133,144       133,144       1,222,439     LOWE’S(2019)
586
  JACKSON, TN   WEST TOWNE COMMONS
41 STONEBROOK PLACE
  Jackson     1992       2007       20.00 %     62,925       62,925       552,552     KROGER(2020)
587
  JOHNSON CITY, TN   JOHNSON CITY MARKETPLACE
FRANKLIN & KNOB CREEK ROADS
  Johnson City     2005       2003       100.00 %     9,058       97,306       488,862     KOHL’S(NOT OWNED)
588
  KNOXVILLE, TN   TURKEY CREEK I (TIAA)
10936 PARKSIDE DRIVE
  Knoxville     2001       2007       15.00 %     280,776       353,814       3,587,222     ROSS DRESS FOR LESS(2014), OFFICE MAX(2017), LINENS ‘N THINGS(2017), OLD NAVY(2011), GOODY’S(2015)
589
  KNOXVILLE, TN (TOWN)   TOWN & COUNTRY (TIAA)
NORTH PETERS ROAD & TOWN & COUNTRY CIRCL
  Knoxville     1985/1997       2007       15.00 %     637,537       637,537       6,357,663     GOODY’S(2008), JO-ANN STORES(2008), CIRCUIT CITY(2009), STAPLES(2019), FOOD CITY(2026), BEST BUY(2019), LOWE’S(2017), CARMIKE CINEMAS(2020), DICK’S SPORTING GOODS(2017)
590
  MEMPHIS, TN(AMERICAN)   AMERICAN WAY
4075 AMERICAN WAY
  Memphis     1988       2007       20.00 %     121,222       121,222       862,022     KROGER(2020)
591
  MORRISTOWN, TN   CROSSROADS SQUARE
130 TERRACE LANE
  Morristown     2004       2007       20.00 %     62,500       75,000       565,000     T.J. MAXX(2014)
Property List 1.0
Page 30 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
592
  MURFREESBORO, TN(TOWNE)   TOWNE CENTRE
OLD FORT PARKWAY
  Murfreesboro     1998       2003       14.50 %     108,023       390,645       1,343,815     T.J. MAXX(2008), BOOKS-A-MILLION(2009), TOYS R US(NOT OWNED), TARGET(NOT OWNED), LOWE’S(NOT OWNED)
593
  NASHVILLE, TN   WILLOWBROOK COMMONS
61 EAST THOMPSON LN
  Nashville     2005       2007       20.00 %     93,600       93,600       845,155     KROGER(2029)
594
  NASHVILLE, TN (MARKET)   THE MARKETPLACE
CHARLOTTE PIKE
  Nashville     1998       2003       14.50 %     167,795       367,879       1,676,313     LOWE’S(2019), WAL MART(NOT OWNED)
595
  NASHVILLE, TN(BELLEVUE)   BELLEVUE PLACE SHOPPING CENTER
7625 HIGHWAY 70 S
  Nashville     2003       2007       15.00 %     77,180       77,180       848,919     MICHAEL’S(2012), BED BATH & BEYOND(2012)
596
  OAKLAND, TN   OAKLAND MARKET PLACE
7265 US HWY 64
  Memphis     2004       2007       20.00 %     64,600       64,600       418,047     KROGER(2028)
 
                                                               
  Texas                                                            
597
  AUSTIN, TX(TECH RIDGE)   SHOPS AT TECH RIDGE
CENTER RIDGE DRIVE
  Austin     2003       2003       24.75 %     282,798       530,434       4,114,775     ROSS DRESS FOR LESS(2014), LINENS ‘N THINGS(2014), HOBBY LOBBY(2018), BEST BUY(2017), TOYS R US(NOT OWNED), CHICK-FIL-A(NOT OWNED), SUPER TARGET(NOT OWNED)
598
  BAYTOWN, TX(LOWE’S)   LOWE’S HOME IMPROVEMENT — BAYT 5002 GARTH ROAD   Houston     1998       2007       100.00 %     125,357       125,357       873,828     LOWE’S(2015)
599
  CARROLTON, TX(CVS 7440)   CVS PHARMACY #7440-01
TRINITY MILLS AND MARSH RD
  Dallas     1997       2007       100.00 %     9,504       9,504       185,188      
600
  COLONY, TX(CVS 6982)   CVS PHARMACY #6982-01
6749 MAIN STREET
  Dallas     1997       2007       100.00 %     9,504       9,504       171,576      
601
  FRISCO, TX   FRISCO MARKETPLACE
7010 PRESTON ROAD
  Dallas     2003       2003       14.50 %     20,959       107,543       729,309     KOHL’S(NOT OWNED)
602
  FT. WORTH, TX(CVS 6794)   CVS PHARMACY #6794-01
2706 JACKSBORO HWY
  Dallas     1997       2007       100.00 %     10,908       10,908       239,783      
603
  FT. WORTH, TX(CVS 7785)   CVS PHARMACY #7785-01
4551 SYCAMORE SCHOOL ROAD
  Dallas     1997       2007       100.00 %     9,504       9,504       149,248      
604
  GARLAND, TX   RAINBOW FOODS — GARLAND 3265 BROADWAY BLVD   Dallas     1994       2007       100.00 %     70,576       70,576       0      
605
  GRAND PRAIRIE, TX   KROGER — GRAND PRAIRIE 2525 WEST INTERSTATE 20   Dallas     1998       2007       100.00 %     125,357       125,357       433,615     KROGER(2018)
606
  HOUSTON, TX   LOWE’S HOME IMPROVEMENT — HOUS 19935 KATY FREEWAY   Houston     1998       2007       100.00 %     131,644       131,644       917,000     LOWE’S(2017)
607
  IRVING, TX   MACARTHUR MARKETPLACE
MARKET PLACE BOULEVARD
  Dallas     2004       2003       14.50 %     146,941       598,651       2,084,490     HOLLYWOOD THEATERS(2016), OFFICE MAX(2014), WAL MART(NOT OWNED), SAM’S CLUB(NOT OWNED), KOHL’S(NOT OWNED)
608
  LAKE WORTH, TX   CVS PHARMACY #7642-01
6640 LAKE WORTH BLVD
  Dallas     1997       2007       100.00 %     9,504       9,504       161,809      
609
  LEWISVILLE, TX(LAKEPOINTE)   LAKEPOINTE CROSSINGS
S STEMMONS FREEWAY
  Dallas     1991       2002       14.50 %     311,039       567,069       3,496,403     99 CENTS ONLY STORE(2009), ROOMSTORE, THE(2007), PETSMART(2009), BEST BUY(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), GARDEN RIDGE(NOT OWNED), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED)
610
  MCKINNEY, TX   MCKINNEY MARKETPLACE
US HWY 75 & EL DORADO PKWY
  Dallas     2000       2003       14.50 %     118,967       183,810       1,169,875     KOHL’S(2021), ALBERTSON’S(NOT OWNED)
611
  MESQUITE, TX   THE MARKETPLACE AT TOWNE CENTE
SOUTHBOUND FRONTAGE RD I 635
  Dallas     2001       2003       14.50 %     170,625       378,775       2,359,450     LINENS ‘N THINGS(2013), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED)
Property List 1.0
Page 31 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
612
  PASADENA, TX   KROGER JUNCTION
2619 RED BLUFF ROAD
  Houston     1984       2007       20.00 %     80,753       80,753       462,353     KROGER(2020)
613
  PLANO, TX   CVS PHARMACY #7804-01 6401 W. PARKER RD.   Dallas     1997       2007       100.00 %     10,908       10,908       226,188      
614
  RICHARDSON, TX(CVS 6967)   CVS PHARMACY #6967-01 1425 E. BUCKINGHAM ROAD   Dallas     1997       2007       100.00 %     10,560       10,560       210,210      
615
  RICHARDSON, TX(CVS 6974)   CVS PHARMACY #6974-01 2090 ARAPAHOE BLVD.   Dallas     1997       2007       100.00 %     10,560       10,560       206,585      
616
  RICHLAND HILLS, TX   CVS PHARMACY #7579-01 4808 DAVIS BLVD.   Dallas     1997       2007       100.00 %     10,908       10,908       237,324      
617
  RIVER OAKS, TX   CVS PHARMACY #7678-01 531 RIVER OAKS BLVD.   Dallas     1997       2007       100.00 %     10,908       10,908       240,972      
618
  ROWLETT, TX   RAINBOW FOODS — ROWLETT 8800 LAKEVIEW PKWY   Dallas     1995/2001       2007       100.00 %     63,117       63,117       0      
619
  SAN ANTONIO, TX (N. BANDERA)   BANDERA POINT NORTH
STATE LOOP 1604/BANDERA ROAD
  San Antonio     2001/2002       1 *       100.00 %     278,721       887,911       4,437,559     T.J. MAXX(2011), LINENS ‘N THINGS(2012), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2011), CREDIT UNION(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CHUCK E CHEESE(NOT OWNED), RAQUETBALL & FITNESS(NOT OWNED), KOHL’S(NOT OWNED), TARGET(NOT OWNED)
620
  SAN ANTONIO, TX (WESTOVER)   WESTOVER MARKETPLACE
SH 151 @ LOOP 410
  San Antonio     2005       1 *       10.00 %     196,514       502,714       2,858,016     PETSMART(2016), OFFICE DEPOT(2016), SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), TARGET(NOT OWNED), LOWES(NOT OWNED)
621
  SAN ANTONIO, TX(INGRAM)   INGRAM PARK
6157 NW LOOP 410
  San Antonio     1985       2005       50.00 %     76,597       76,597       430,440     MERVYN’S(2020)
622
  TYLER, TX   CVS PHARMACY #7709-01 1710 W. GENTRY PKWY   Tyler     1997       2007       100.00 %     9,504       9,504       134,773      
623
  WICHITA FALLS, TX(CVS 6841)   CVS PHARMACY #6841-01
3601 OLD JACKSBORO HIGHWAY
  Wichita Falls     1997       2007       100.00 %     9,504       9,504       188,502      
624
  WICHITA FALLS, TX(CVS 6978)   CVS PHARMACY #6978-01
4600 SOUTHWEST PKWY
  Wichita Falls     1997       2007       100.00 %     9,504       9,504       164,568      
 
                                                               
  Utah                                                            
625
  LOGAN, UT   FAMILY PLACE @ LOGAN
400 NORTH STREET
  Logan     1975       1998       100.00 %     19,200       44,200       211,827     RITE AID(NOT OWNED)
626
  MIDVALE, UT (FT. UNION I & II)   FAMILY CENTER AT FORT UNION 50
900 EAST FT UNION BLVD
  Salt Lake City     1973/2000       1998       100.00 %     618,081       618,081       7,641,692     BABIES R US(2014), OFFICE MAX(2012), SMITH’S FOOD & DRUG(2024), MEDIA PLAY(2009), BED BATH & BEYOND(2014), WAL-MART(2015), ROSS DRESS FOR LESS(2016), MICHAEL’S(2017)
627
  OGDEN, UT   FAMILY CENTER AT OGDEN 5-POINT
21-129 HARRISVILLE ROAD
  Salt Lake City     1977       1998       100.00 %     162,316       162,316       617,861     HARMONS(2012)
628
  OREM, UT   FAMILY CENTER AT OREM
1300 SOUTH STREET
  Salt Lake City     1991       1998       100.00 %     150,667       281,931       1,649,151     TOYS R US(2011), MEDIA PLAY(2009), OFFICE DEPOT(2008), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED)
629
  RIVERDALE, UT (NORTH)   FAMILY CENTER AT RIVERDALE 510
1050 WEST RIVERDALE ROAD
  Salt Lake City     1995/2003       1998       100.00 %     593,398       596,198       4,988,254     MACY’S(2011), OFFICE MAX(2008), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET(2017), MEDIA PLAY(2009), CIRCUIT CITY(2016)
630
  RIVERDALE, UT (WEBER)   FAMILY CENTER @ RIVERDALE 526
1050 WEST RIVERDALE ROAD
  Salt Lake City     2005       1 *       100.00 %     35,347       386,110       335,796     JO-ANN STORES(2015), SUPER WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)
Property List 1.0
Page 32 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
631
  SALT LAKE CITY, UT (33RD)   FAMILY PLACE @ 33RD SOUTH
3300 SOUTH STREET
  Salt Lake City     1978       1998       100.00 %     34,209       34,209       224,034      
632
  TAYLORSVILLE, UT (NORTH)   FAMILY CENTER AT MIDVALLEY 503
5600 SOUTH REDWOOD
  Salt Lake City     1982/2003       1998       100.00 %     641,256       713,256       6,231,327     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), PETSMART(2012), HARMONS SUPERSTORE(NOT OWNED)
 
                                                               
  Vermont                                                            
633
  BERLIN, VT   BERLIN MALL 282 BERLIN MALL RD., UNIT #28   Berlin     1986/1999       2 *       100.00 %     174,624       174,624       1,632,622     WAL-MART(2014), J.C. PENNEY(2009)
 
                                                               
  Virginia                                                            
634
  CHESTER, VA   BERMUDA SQUARE
12607-12649 JEFFERSON DAVIS
  Richmond     1978       2003       100.00 %     116,310       116,310       1,221,560     UKROP’S(2008)
635
  FAIRFAX, VA   FAIRFAX TOWNE CENTER
12210 FAIRFAX TOWNE CENTER
  Fairfax     1994       1995       14.50 %     253,392       253,392       4,194,672     SAFEWAY(2019), T.J. MAXX(2009), BED BATH & BEYOND(2010), UNITED ARTISTS THEATRE(2014)
636
  FREDRICKSBURG, VA   PETSMART — FREDRICKSBURG 1401 CARL D SILVER PARKWAY   Washington     1997       2007       100.00 %     26,067       26,067       378,797     PETSMART(2021)
637
  GLEN ALLEN, VA   CREEKS AT VIRGINIA CENTER (TIA
9830-9992 BROOK ROAD
  Richmond     2002       2007       15.00 %     266,308       266,308       3,847,375     BARNES & NOBLE(2011), CIRCUIT CITY(2022), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017)
638
  LYNCHBURG, VA (WARDS CROSSING)   WARDS CROSSING (TIAA)
WARDS ROAD AND WARDS FERRY ROAD
  Lynchburg     2001       2007       15.00 %     80,937       265,937       1,214,030     BED BATH & BEYOND(2013), MICHAEL’S(2011), PETSMART(NOT OWNED), DICK’S(NOT OWNED), TARGET(NOT OWNED)
639
  MARTINSVILLE, VA   LIBERTY FAIR MALL
240 COMMONWEALTH BOULEVARD
  Martinsville     1989/1997       1/2 *     50.00 %     435,057       479,256       2,830,609     GOODY’S(2008), BELK(2009), J.C. PENNEY(2009), SEARS(2009), OFFICE MAX(2012), KROGER(2017), MCDONALD’S(NOT OWNED)
640
  NEWPORT NEWS, VA(DENBIGH)   DENBIGH VILLAGE
WARWICK BLVD AND DENBIGH BLVD
  Norfolk     1998/2006       2007       100.00 %     324,450       340,950       2,555,133     BURLINGTON COAT FACTORY(2008), KROGER(2017)
641
  NEWPORT NEWS, VA(JEFFERSON)   JEFFERSON PLAZA (TIAA)
121 JEFFERSON AVENUE
  Norfolk     1999       2007       15.00 %     47,341       47,341       755,061     COMPUSA(2019)
642
  RICHMOND, VA(CHESTERFIELD)   CHESTERFIELD CROSSING (TIAA)
HIGHWAY 360 & WARBRO ROAD
  Richmond     2000       2007       15.00 %     79,802       79,802       1,276,210     BEN FRANKLIN CRAFTS(2015)
643
  RICHMOND, VA(COMMONWEALTH)   COMMONWEALTH CENTER II (TIAA)
4600-5000 COMMONWEALTH CENTER PARKWAY
  Richmond     2002       2007       15.00 %     165,413       165,413       2,191,072     STEIN MART(2011), MICHAEL’S(2011), BARNES & NOBLE(2012)
644
  RICHMOND, VA(DOWNTOWN)   DOWNTOWN SHORT PUMP
11500-900 WEST BROAD STREET
  Richmond     2000       2007       100.00 %     126,055       239,873       2,556,571     BARNES & NOBLE(2011), REGAL CINEMAS(2021)
645
  SPRINGFIELD, VA(LOISDALE)   LOISDALE CENTER
6646 LOISDALE ROAD
  Washington     1999       2007       100.00 %     120,742       120,742       2,469,392     BARNES & NOBLE(2015), DSW SHOE WAREHOUSE(2010), BED BATH & BEYOND(2015), CIRCUIT CITY(2020)
646
  SPRINGFIELD, VA(SPRING MALL)   SPRING MALL CENTER
6717 SPRING MALL RD
  Washington     1995/2001       2007       100.00 %     56,511       56,511       516,291     MICHAEL’S(2010)
647
  STERLING, VA   CASCADES MARKETPLACE
NEC OF CASCADES PKWY & ROUTE 7
  Washington     1998       2007       100.00 %     101,606       101,606       1,487,776     STAPLES(2008), SPORTS AUTHORITY(2016)
648
  VIRGINIA BEACH, VA   KROGER PLAZA
1800 REPUBLIC DRIVE
  Norfolk     1997       2007       20.00 %     63,324       63,324       232,168     KROGER(2020)
Property List 1.0
Page 33 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
649
  WAYNESBORO, VA   WAYNESBORO COMMONS
109 LEE DEWITT BLVD
  Lynchburg     1993       2007       20.00 %     52,415       52,415       429,724     KROGER(2018)
650
  WINCHESTER, VA   APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY   Winchester     1990/1997       2 *       20.00 %     240,560       240,560       2,402,723     MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2013)
651
  WYTHEVILLE, VA   WYTHEVILLE COMMONS (TIAA)
215-295 COMMONWEALTH DRIVE
  Wytheville     2004       2007       15.00 %     90,239       90,239       1,034,073     GOODY’S(2016)
 
                                                               
  Washington                                                            
652
  KIRKLAND, WA (TOTEM LKS UPPER)   TOTEM LAKES UPPER
TOTEM LAKES BOULEVARD
  Seattle     1999/2004       2004       20.00 %     233,242       279,221       2,357,092     GUITAR CENTER(2008), ROSS DRESS FOR LESS(2010)
653
  OLYMPIA, WA   CIRCUIT CITY — OLYMPIA 2815 CAPITAL MALL DR SW   Olympia     1998       2007       100.00 %     35,776       35,776       443,929     CIRCUIT CITY(2018)
 
                                                               
  West Virginia                                                            
654
  BARBOURSVILLE, WV   BARBOURSVILLE CENTER
5-13 MALL ROAD
  Huntington     1985       1998       100.00 %     70,900       133,396       389,425     DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED)
655
  MORGANTOWN, WV   GLENMARK CENTRE
INTERSTATE 68 AND PIERPONT ROAD
  Morgantown     1999/2000       2007       100.00 %     111,278       383,725       1,210,433     SHOP ‘N SAVE(2009), MICHAEL’S(2011)
656
  WEIRTON, WV   ECKERD DRUG STORE #6089
1360 COVE ROAD
  Pittsburgh     2000       2007       100.00 %     10,908       10,908       221,870      
 
                                                               
  Wisconsin                                                            
657
  BROOKFIELD, WI (SW)   SHOPPERS WORLD OF BROOKFIELD
NORTH 124TH STREET AND WEST CA
  Milwaukee     1967       2003       14.50 %     182,722       190,142       1,432,655     T.J. MAXX(2010), MARSHALLS MEGA STORE(2009), OFFICE MAX(2010), BURLINGTON COAT FACTORY(2012)
658
  BROWN DEER, WI (CENTER)   BROWN DEER CENTER
NORTH GREEN BAY ROAD
  Milwaukee     1967       2003       14.50 %     266,716       266,716       2,008,393     KOHL’S(2023), MICHAEL’S(2012), OFFICE MAX(2010), T.J. MAXX(2012), OLD NAVY(2012)
659
  BROWN DEER, WI (MARKET)   MARKET PLACE OF BROWN DEER
NORTH GREEN BAY ROAD
  Milwaukee     1989       2003       14.50 %     143,372       143,372       1,134,101     MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2010)
660
  MILWAUKEE, WI   POINT LOOMIS
SOUTH 27TH STREET
  Milwaukee     1962       2003       100.00 %     160,533       160,533       707,571     KOHL’S(2012), PICK ‘N SAVE(2012)
661
  OSHKOSH, WI   WALGREENS — OSHKOSH 950 S. KOEHLER ST   Appleton     2005       2007       100.00 %     13,905       13,905       305,910      
662
  RACINE, WI   MOUNT PLEASANT OUTLOT WASHINGTON AVE. VILLAGE CENTER DR.   Racine     2003       2007       20.00 %     10,784       10,784       348,740      
663
  RACINE, WI (VILLAGE)   VILLAGE CENTER
5500-5740 WASHINGTON AVENUE
  Racine     2003       2007       20.00 %     217,103       217,103       2,053,365     JEWEL(2022), KOHL’S(2023)
664
  WEST ALLIS, WI(WEST)   WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108   Milwaukee     1968       2003       100.00 %     246,081       259,981       1,421,496     KOHL’S(2008), MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2008)
 
                                                               
  Brazil                                                            
28
  BRASILIA, BR   PATIO BRASIL SHOPPING
SCS QUADRA 07 BL A
  Brasilia     1997/2001       2006       4.85 %     333,929       366,113       10,870,316     LOJAS AMERICANAS(2999), OTOCH(2007), RIACHUELO(2007), C&A(NOT OWNED), RENNER(2011), CENTAURO(2007)
Property List 1.0
Page 34 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Six Months ended June 30, 2007
2Q07 Property List
                                                                 
                Year           DDR           Owned &        
                Developed/   Year   Ownership           Unowned   Total    
Location       Center/Property   MSA   Redeveloped   Acquired   Interest   Owned GLA   GLA   Annualized Rent   Anchor Tenants (Lease Expiration)
29
  SAO PAULO, BR   PARQUE DOM PEDRO AV. GUILHERME CAMPOS, 500   Campinas     2001       2006       48.27 %     1,397,214       1,397,214       23,278,497     LOJAS AMERICANA(2014), CASAS BAHA(2011), CENTAURO(2012), MARISA(2016), BIG(2021), ETNA(2015), PERNAMBUCANA(2012), RIACHUELO(2012), C&A(NOT OWNED), ZARA(2014), RENER(2014), FNAC(2012), LUSTRES YAMAMURA(2011), CENTER LIDER(2009)
30
  SAO PAULO, BR   CAMPO LIMPO SHOPPING
ESTRADA DO CAMPO LIMPO 459
  Sao Paulo     2005       2006       9.32 %     216,859       216,859       2,472,525     C&A(2016), MARISA(2016), COMPRE BEM(2012), CASAS BAHA(2011)
31
  FRANCA, BR   FRANCA SHOPPING AV. RIO NEGRO, 1100   Franca     1993       2006       30.06 %     194,454       194,454       1,554,472     C&A(2016), CASAS BAHA(2009), MAGAZINE LUIZA(2010), LOJAS AMERICANA(2014), C&C (2011)
32
  SAO PAULO, BR   SHOPPING METROPOLE
PRACA SAMUEL SABATINE, 200
  Sao Paulo     1980/1995/1997       2006       41.15 %     273,638       273,638       8,070,528     LOJAS AMERCANAS(2007), RENNER(2007)
33
  SAO PAULO, BR   BOAVISTA SHOPPING
RUA BORBA GATO, 59
  Sao Paulo     2004       2006       46.61 %     278,899       278,899       3,271,343     C&A(2014), MARISA&FAMILIA(2014), SONDA(2999)
34
  SAO PAULO, BR   SHOPPING PENHA
RUA DR JOAO RIBEIRO, 304
  Sao Paulo     1992/2004       2006       34.10 %     321,177       321,177       5,461,574     MARISA & FAMILIA(2014), SONDA(2014), LOJAS AMERICANAS(2013), KALUNGA(2010), C&A(2014
35
  SAO PAULO, BR   PLAZA SUL
PRACA LEONOR KAUPA
  Sao Paulo     1994       2006       9.32 %     251,159       293,597       7,657,486     LOJAS AMERICANAS(2011), C&A(NOT OWNED), LUIGI BERTOLLI(2007), CAMICADO(2010), MONDAY ACADEMIA(2009), RENNER(2010), DEPAMERICANAS(2011), DEPOSITO(2007), DEP SHOEBIZ(2007)
36
  SAO PAULO, BR   TIVOLI SHOPPING AV. SANTA BARBARA, 777   Sao Paulo     1993/2006       2006       11.65 %     222,062       237,654       2,738,549     LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2008), C&A(NOT OWNED), C&C(2011), PAULISTAO(2016)
 
                        Grand Total:             107,288,354       138,746,622       1,275,267,160      
 
                             
 
*   1. Property Developed by the Company
 
*   2. Original IPO Property
 
    Does Not Include Service Merchandise Interests
Property List 1.0
Page 35 of 35

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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:
  Cinemark   Pottery Barn
 
  Talbots   Coldwater Creek
 
  Restoration Hardware   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*
    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:   .5% of gross asset cost
Leasing Fees:
  N/A    
Capital Structure (in millions)
         
DDR
  $ 2.1  
Prudential
    5.8  
Coventry
    3.2  
 
     
Total Capital
  $ 11.1  
 
     
 
       
Debt
  $ 60.0  
 
     
 
       
Total Debt & Equity
  $ 71.1  
 
     
 
*   100% owned by DDR
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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:
  Cinemark   Michael’s
 
  Ross Stores   Staples
 
  Wal-Mart   Bed, Bath & Beyond
 
      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 Partners* until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry.
 
       
Fees to DDR
       
 
Management Fee:   3.2% of gross rents
Construction Management Fee:   5% of hard and soft costs
Asset Management Fee:   .8% of gross rents
Leasing Fees (without co-broker):   5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet)
    4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet)
    3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases)
    Renewals earn 50% of fees on new leases
Capital Structure (in millions)
         
DDR
  $ 3.8  
PREI
    14.8  
Coventry
    7.4  
 
     
Total Capital
  $ 26.0  
 
     
 
       
Debt
  $ 72.1  
 
     
 
       
Total Debt & Equity
  $ 98.1  
 
     
 
*   100% owned by DDR
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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*
    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
  $ 2.3  
Prudential
    7.1  
Coventry
    (0.8 )
 
     
Total Capital
  $ 8.6  
 
     
 
       
Debt
  $ 23.4  
 
     
 
       
Total Debt & Equity
  $ 32.0  
 
     
 
*   100% owned by DDR
 
**   Fees shall not be paid with respect to the initial leasing or development.
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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-Gander Mnt. Plaza — Tonawanda, NY
 
  Tops Plaza — Hamburg, NY   Tops Plaza — Hamlin, NY
 
  Tops Plaza — Norwich, NY   Farragut Pointe — Farragut, TN
 
  Tops Plaza — Avon, 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
  $ 11.3  
PICA
    102.0  
 
     
Total Capital
  $ 113.3  
 
     
 
       
Debt
  $ 10.5  
 
     
 
       
Total Debt & Equity
  $ 123.8  
 
     
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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 five 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    
 
           
Major Tenants:
  AMC Theatre   DSW Shoe Warehouse   Nordstrom Rack (not owned)
 
  Ashley’s Furniture   Ethan Allen (not owned)   Office Depot
 
  Babies ‘R Us   Famous Footwear   OfficeMax
 
  Barnes & Noble   Gander Mountain   Old Navy
 
  Bassett Furniture   Haggan’s   Petco
 
  Bed Bath & Beyond   JoAnn, Etc.   Petsmart
 
  Best Buy   Kohl’s Department   Pier 1 Imports
 
  Byerly’s   Linens ‘N Things   Ross Dress for Less
 
  Circuit City   Mac Frugal’s   Staples
 
  Comp USA   Mervyns (not owned)   Stein Mart
 
  Cub Foods (not owned)   Michael’s   TJ Maxx
 
           
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
  $ (37.4 )
DRA Advisors
    (37.4 )
 
     
Total Capital (1)
  $ (74.8 )
 
     
 
       
Payable to DDR
  $ 0.1  
 
     
 
       
Debt
  $ 280.0  
 
     
 
       
Total Debt & Equity
  $ 205.3  
 
     
 
(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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
  $ (4.5 )
Casto Properties
    (4.5 )
 
     
Total Capital (1)
  $ (9.0 )
 
     
 
       
Debt
  $ 27.0  
 
     
 
       
Total Debt & Equity
  $ 18.0  
 
     
 
(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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
  $  
Casto Properties
     
 
     
Total Capital (1)
  $  
 
     
 
       
Debt
  $ 19.8  
 
     
 
       
Total Debt & Equity
  $ 19.8  
 
     
 
(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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
  $ 0.35  
The State Teachers Retirement Board
    0.35  
 
     
Total Capital
  $ 0.7  
 
     
 
       
Debt
  $ 21.0  
 
     
 
       
Total Debt & Equity
  $ 21.7  
 
     
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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)
         
DDR
  $ (0.47 )
The Sansone Group
    (0.47 )
 
     
Total Capital
  $ (0.9 )
 
     
 
       
Payable to DDR
  $ 3.1  
 
     
 
       
Debt
  $ 3.7  
 
     
 
       
Total Debt & Equity
  $ 5.9  
 
     
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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., 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 members 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
  $ 9.2  
Markaz
    36.7  
 
     
Total Capital
  $ 45.9  
 
     
 
       
Receivable from DDR
  $ (0.2 )
 
     
 
       
Payable to DDR
  $ 0.2  
 
     
 
       
Debt
  $ 150.5  
 
     
 
       
Total Debt & Equity
  $ 196.4  
 
     
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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:
  Blue Point Ocean Grill   Pac Sun
 
  Bar Louie   Faro Design
 
  BCBG   BCBG Girls
 
  Hyde Park Steakhouse   Orvis
    Other retail tenants and restaurants to be announced.
 
       
Partnership Structure
       
 
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 (a)
 
       
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 (b)
 
       
Coventry II DDR Bloomfield 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:   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
  $ 23.9  
DDR
    6.0  
 
     
Total Capital
  $ 29.9  
 
     
 
Debt
  $ 48.0  
 
     
 
Total Debt & Equity
  $ 77.9  
 
     
 
*   Coventry II Fund:
 
    DDR 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.
 
(a)   Cash flow is distributed in the following order: 18% preferred return to Coventry II DDR Bloomfield LLC (Coventry/DDR), return of Coventry/DDR contributed capital, payment of BPI, LLC’s Deferred Sales Price, as defined in the Partnership Agreement, the remainder in accordance with the membership interests.
 
(b)   Cash flow is distributed in the following order: 18% preferred return to Coventry II DDR Bloomfield LLC (Coventry/DDR), return of Coventry/DDR contributed capital, the remainder in accordance with the membership interests.
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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   Krikorian Premier Theater
 
  24 Hour Fitness    
 
       
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
  $ 26.9  
DDR
    6.7  
 
     
Total Capital
  $ 33.6  
 
     
 
       
Debt
  $ 61.0  
 
     
 
       
Total Debt & Equity
  $ 94.6  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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 Sporting Goods
 
  Office Depot   Old Navy
 
  Dollar Tree   Rite Aid
 
      Kohl’s (not owned)
 
       
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
  $ 8.8  
DDR
    2.2  
 
     
Total Capital
  $ 11.0  
 
     
 
       
Debt
  $ 16.0  
 
     
 
       
Total Debt & Equity
  $ 27.0  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Investment Summary
     
Joint Venture Name:
  Coventry II DDR Marley Creek LLC
Date Formed:
  November 2006
Property Name/Location:
  Marley Creek Square — Orland, IL
 
   
Major Tenants:
  Washington Mutual
 
  Barraco’s
 
  Starbucks
 
  Remax Team 2000
 
   
Partnership Structure
   
 
Coventry II DDR/Tucker Marley Creek Square LLC
 
   
Ownership Percentage:
  50% — Coventry II DDR Marley Creek LLC
 
  50% — TDC Marley Creek, LLC
 
   
Cash Flow Distribution:
  50% — Coventry II DDR Marley Creek LLC
 
  50% — TDC Marley Creek, LLC
 
  (After Coventry II DDR Marley Creek LLC receives an 18% preferred return on it’s equity contribution)
 
   
Coventry II DDR Marley Creek 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
Capital Structure (in millions)
         
Coventry II Fund
  $ 2.0  
DDR
    0.5  
 
     
Total Capital
  $ 2.5  
 
     
 
       
Debt
  $ 10.2  
 
     
 
       
Total Debt & Equity
  $ 12.7  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
  $ 7.2  
DDR
    1.8  
 
     
Total Capital
  $ 9.0  
 
     
 
       
Debt
  $ 18.5  
 
     
 
       
Total Debt & Equity
  $ 27.5  
 
     
 
*   Coventry II Fund:
 
    DDR is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.
**   Fee shall not be paid with respect to the initial leasing or development.

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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:
  Market Street United   Fransesca’s Collection
 
  P.F. Changs,   Origins
 
  Eddie Bauer   Ann Taylor Loft
    Other retail tenants and restaurants 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
    (After Coventry II DDR Montgomery Farm, LLC receives a 15% preferred return on its equity contribution.)
 
       
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
  $ 32.7  
DDR
    8.2  
 
     
Total Capital
  $ 40.9  
 
     
 
       
Debt
  $  
 
     
 
       
Total Debt & Equity
  $ 40.9  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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   Walgreens
 
  Costco Wholesale   Harkins Theater
 
  Ross Dress For Less   Famous Footwear
 
  PetsMart   Big 5 Sporting Goods
 
  BBB Fashion Mart    
 
       
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
  $ 23.5  
DDR
    5.1  
 
     
Total Capital
  $ 28.6  
 
     
 
       
Debt
  $ 46.0  
 
     
 
       
Total Debt & Equity
  $ 74.6  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Investment Summary
     
Joint Venture Name:
  Service Holdings LLC
Date Formed:
  September 2006
Property Name/Location:
  The Joint Venture consists of 46 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc. In total, these properties are located in 23 states across the United States.
 
   
Partnership Structure
   
 
Equity Contribution:
  80.00% — Coventry II Fund
 
  20.00% — DDR
 
   
Cash Flow Distribution:
  80.00% — Coventry II Fund *
 
  20.00% — DDR
 
   
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)
         
Coventry II Fund
  $ 37.8  
DDR
    9.4  
 
     
Total Capital
  $ 47.2  
 
     
 
       
Debt
  $ 119.7  
 
     
 
       
Total Debt & Equity
  $ 166.9  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
 
       
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
  $ 14.3  
DDR
    3.6  
 
     
 
Total Capital
  $ 17.9  
 
     
 
Debt
  $ 21.0  
 
     
 
Total Debt & Equity
  $ 38.9  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
  $ 28.3  
DDR
    7.0  
 
     
Total Capital
  $ 35.3  
 
     
 
       
Debt
  $ 169.3  
 
     
 
       
Total Debt & Equity
  $ 204.6  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
 
  Steve & Barry’s University    
 
       
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
  $ 19.0  
DDR
    4.7  
 
     
 
Total Capital
  $ 23.7  
 
     
 
Debt
  $ 36.0  
 
     
 
Total Debt & Equity
  $ 59.7  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
  $ 5.0  
DDR
    1.3  
 
     
 
Total Capital
  $ 6.3  
 
     
 
Debt
  $ 19.0  
 
     
 
Total Debt & Equity
  $ 25.3  
 
     
 
*   Coventry II Fund:
 
    DDR 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Investment Summary
         
Joint Venture Name:
  Sonae Sierra Brazil BV Sarl    
Date Formed:
  October 2006    
Property Name/Location:   The joint venture consists of the following 9 properties:
 
       
 
  Parque Dom Pedro — Campinas, Brazil   Franca Shopping — Franca, Brazil
 
  Shopping Penha — Sao Paulo, Brazil   Tivoli — Sao Paulo, Brazil
 
  Boavista Shopping — Sao Paulo, Brazil   Shopping Metropole — Sao Bernardo de Campo, Brazil
 
  Plaza Sul — Sao Paulo, Brazil   Campo Limpo Shopping — Estrada do Campo Limpo, Brazil
 
  Patio Brasil Shopping — Brasilia, Brazil    
 
       
Major Tenants:
  Sonda    
 
  Lojas Americanas    
 
  Center Lider    
 
  Renner    
 
       
Management and Leasing Company:   DDR owns a 50% interest in the management and leasing company.
 
       
Partnership Structure
       
 
Sonae Sierra Brasil Limitada
       
 
       
Ownership Percentage:
  94.48% — Sonae Sierra Brazil BV Sarl    
 
  5.52% — Enplanta Engenharia    
 
       
Cash Flow Distribution:
  94.48% — Sonae Sierra Brazil BV Sarl    
 
  5.52% — Enplanta Engenharia    
 
       
Sonae Sierra Brazil BV Sarl
       
 
       
Equity Contribution:
  50% — DDR    
 
  50% — Sonae Sierra SGPS S.A.    
 
       
Cash Flow Distribution:
  50% — DDR    
 
  50% — Sonae Sierra SGPS S.A.    
 
       
Fees to DDR
       
 
None.
       
         
Capital Structure (in millions)        
 
DDR
  $ 128.3 *
Sonae Sierra SGPS S.A.
    128.3  
 
     
Total Capital
  $ 256.6  
 
     
 
       
Debt
  $  
 
     
 
       
Total Debt & Equity
  $ 256.6  
 
     
 
*   The capital structure above reflects the historical basis of the assets assumed from the previous joint venture partner adjusted for subsequent changes in capital activity. DDR’s aggregate investment in the partnership reflects the fair value of the purchase price. DDR acquired a 50% interest in this investment in October 2006 for approximately $148 million. With respect to the initial capital structure, approximately $8.4 million related to the value of the working capital.
During the first quarter of 2007, the joint venture acquired an additional 73% interest in Shopping Metropole of which DDR’s investment was approximately $23.9 million. During the second quarter of 2007, the joint venture acquired land for development and an additional 10% interest in Plaza Sul of which DDR’s investment was approximately $5.1 million.
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Investment Summary
                 
Joint Venture Name:   DDRTC Core Retail Fund, LLC        
Date Formed:   February 2007        
Property Name/Location:   The joint venture consists of the following 66 properties:    
 
               
    Cox Creek Shopping Center — Florence, AL   Goody’s Shopping Center — Augusta, GA
    Westside Centre — Huntsville, AL   Village Crossing — Skokie, IL
    River Ridge — Birmingham, AL   Costco Plaza — White Marsh, MD
    McFarland Plaza — Tuscaloosa, AL   Chatham Crossing — Siler City, NC
    Naugatuck Valley — Waterbury, CT   Oak Summit — Winston-Salem, NC
    Universal Plaza — Lauderhill, FL   Winslow Bay Commons — Mooresville, NC
    Walks at Highwood Preserve — Tampa, FL   Sycamore Commons — Matthews, NC
    Cypress Trace — Ft. Meyers, FL   Bi-Lo Southern Pines — Southern Pines, NC
    Market Place — Ft. Meyers, FL   Gateway Plaza — Jacksonville, NC
    Circuit City Plaza — Orlando, FL   Alexander Place — Raleigh, NC
    Sand Lake Corners — Orlando, FL   Capital Plaza — Wake Forest, NC
    Boynton Commons — Boynton Beach, FL   Willoughby Hills Shopping Center — Willoughby Hills, OH
    Gateway Market Center — St. Petersburg, FL   Carlisle Commons — Carlisle, PA
    Sarasota Pavilion — Sarasota, FL   Overlook at King of Prussia — King of Prussia, PA
    Shoppes at Lake Mary — Lake Mary, FL   Warwick Center — Warwick, RI
    Bartow Marketplace — Cartersville, GA   Aiken Exchange — Aiken, SC
    David’s Bridal Center — Macon, GA   Anderson Central — Anderson, SC
    Eisenhower Crossing — Macon, GA   North Hill Commons — Anderson, SC
    Woodstock Square — Woodstock, GA   Columbiana Station — Columbia, SC
    Southlake Pavilion — Morrow, GA   Target Center — Columbia, SC
    Barrett Pavilion — Kennesaw, GA   Bellevue Place Shopping Center — Nashville, TN
    Heritage Pavilion — Smyrna, GA   Town & Country — Knoxville, TN
    Newnan Pavilion — Newnan, GA   Turkey Creek — Knoxville, TN
    Stonecrest Marketplace — Lithonia, GA   Chesterfield Crossing — Richmond, VA
    Douglas Pavilion — Douglasville, GA   Commonwealth Center — Richmond, VA
    Fayette Pavilion — Fayetteville, GA   Creeks at Virginia Center — Glen Allen, VA
    Stonebridge Square — Roswell, GA   Wards Crossing — Lynchburg, VA
    Marketplace at Millcreek — Buford, GA   Jefferson Plaza — Newport News, VA
    Venture Pointe — Duluth, GA   Wytheville Commons — Wytheville, VA
    Pleasant Hill — Duluth, GA   Hillsboro Square — Deerfield Beach, FL
    Suwanee Crossroads — Suwanee, GA   Paradise Place — West Palm Beach, FL
    City Crossing — Warner Robins, GA   Birkdale Village — Huntersville, NC
    Hiram Pavilion — Hiram, GA   Waterfront Marketplace/Towne Center — Homestead, PA
 
               
Major Tenants:
  Best Buy   Stop & Shop   Kohl’s   Hobby Lobby
 
  Dick’s Sporting Goods   Wal-Mart   HH Gregg   JCPenney
 
  Linen’s & Things   Beall’s   AMC Theatre   Crown Theatre
 
  Target   Staples   Jo-Ann Fabrics   Costco
 
  Baby Superstore   Petsmart   Homegoods   Giant Eagle
 
  Bed Bath & Beyond   Sports Authority   Home Depot   Sam’s Club
 
  Comp USA   Office Depot   Babies R Us   Cinemark USA
 
  Goody’s   Publix Supermarkets   Best Buy   United Artists Theatre
 
  Marshall’s   TJ Maxx   Sports Authority   Food City
 
  Ross Dress for Less   Old Navy   Tinseltown USA   Carmlike Cinemas
 
  Stein Mart   Lowe’s   Belk   Staples
 
  Circuit City   Kroger   DSW Shoe Warehouse   Filene’s Basement
 
  Toys R Us   Ross Dress for Less   Ashley’s Furniture   Lowe’s Theatre
 
               
Partnership Structure            
 
Equity Contribution:   85% — TREA Retail Property Portfolio 2006, LLC (“TIAA”)
 
  15% — DDR            
 
               
Cash Flow Distribution:
  85% — TIAA            
 
  15% — DDR            
 
               
Promote (current):   (i) Pro rata in proportion to DDR and TIAA equity interest until both members have been allocated an amount equal to a 10% annual internal rate of return, and (ii) 20% to DDR and 80% to DDR and TIAA in proportion to their equity interest.
Joint Venture Partnership Summaries 2.0

 


 

                 
Fees to DDR
               
 
Property Management Fee:   4.0% of revenues
Construction Management Fee:   5.0% of total costs for all improvements in excess of $25,000
Asset Management Fee:   .25% of the aggregate capital contributions and member loans
Acquisition Fee:   .25% of the gross purchase price of the properties
Ancillary Income Fee:   25% of all funds generated from ancillary income sources
Leasing Fees (without co-broker):   6.0% on new leases on years 1-5; 3.0% on years 6-10; nothing thereafter
    3.0% on renewals on years 1-5; 3.0% on years 6-10; nothing therafter
    $2.00 per square foot (spaces > 20,000 square feet)
    6.0% on new outparcel ground leases on years 1-5; 3.0% on years 6-10; nothing thereafter
    2.0% on renewals outparcel ground leases on years 1-5; 1.0% on years 6-10; nothing thereafter
Commission on Outparcel Sales:   6.0% of gross sales price up to $1,000,000
    5.0% of gross sales price $1,000,000 - $1,500,000
    4.0% of gross sales price over $1,500,000
         
Capital Structure (in millions)        
 
DDR
  $ 183.2  
TIAA
    1,037.8  
 
     
Total Capital
  $ 1,221.0  
 
     
 
       
Payable to DDR, net
  $ 2.3  
 
     
 
       
Debt
  $ 1,801.6  
 
     
 
       
Total Debt & Equity
  $ 3,024.9  
 
     
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Investment Summary
         
Joint Venture Name:
  Inland-SAU Retail Fund, L.L.C.    
Date Formed:   Initially formed May 2005- DDR acquired its interest in February 2007.
Property Name/Location:   The joint venture consists of the following 28 properties:
 
       
 
  Blockbuster — Marietta, GA   Broadmoor Plaza — South Bend, IN
 
  South Square — Durham, NC   Milan Plaza — Milan, MI
 
  Wendover II — Greensboro, NC   Alexander Pointe — Salisbury, NC
 
  North Hampton — Taylors, SC   Harper Hill Commons — Winston-Salem, NC
 
  Crossroads Square — Morristown, TN   The Point — Greenville, SC
 
  Brookhaven — Atlanta, GA   Plaza at Carolina Forest — Myrtle Beach, SC
 
  Cascade Corners — Atlanta, GA   West Towne Commons — Jackson, TN
 
  Cascade Crossing — Atlanta, GA   American Way — Memphis, TN
 
  Hickory Flat Village — Canton, GA   Willowbrook Commons — Nashville, TN
 
  Flat Shoals Crossing — Decatur, GA   Oakland Market Place — Oakland, TN
 
  Deshon Plaza — Stone Mountain, GA   Kroger Junction — Pasadena, TX
 
  The Shops at Johns Creek — Suwanee, GA   Kroger Plaza — Virginia Beach, VA
 
  Hilander Village — Roscoe, IL   Waynesboro Commons — Waynesboro, VA
 
  Glenlake Plaza — Indianapolis, IN   Patterson Place — Durham, NC
 
       
Major Tenants:
  Office Depot   Publix Supermarkets
 
  Ross Dress for Less   Harris Teeter
 
  Circuit City   Whole Foods
 
  Petco   Bed Bath & Beyond
 
  Hobby Lobby   DSW Shoe Warehouse
 
  Petsmart   Kroger
 
  TJ Maxx    
 
       
Partnership Structure
       
 
Equity Contribution:
  80% — Special Account-U, L.P. (SAU)    
 
  20% — DDR    
 
       
Ordinary Cash Flow Distribution:
  80% — SAU    
 
  20% — DDR    
 
       
Major Capital Cash Flow Distribution:   (i) Pro-rata amount equal to the unreturned capital of SAU and DDR (ii) internal rate of return (IRR) less than 11%, distribute according to percentage interests (iii) IRR between 11-13%, a 5% incentive distribution to DDR, remaining distribution according to percentage interests (iv) IRR greater than 13%, a 25% incentive distribution to DDR, remaining distribution according to percentage interests.
         
Fees to DDR
       
 
Property Management and Leasing Fee:
  4.5% of revenues    
Construction Management Fee:
  5% total construction cost $25,000-$150,000   3% incremental total construction cost $300,001-$450,000
 
  4% incremental total construction cost $150,001-$300,000   2% incremental total construction cost $450,001 and more
Asset Management Fee:
  .15% of the gross asset value for each property    
Acquisition Fee:   .50% of the gross purchase price of the properties (excluding commissions and transaction costs)
         
Capital Structure (in millions)        
 
DDR
  $ 21.4  
SAU
    85.6  
 
     
Total Capital
  $ 107.0 *
 
     
 
Payable to DDR
  $ 0.2  
 
     
 
Debt
  $ 213.7  
 
     
 
Total Debt & Equity
  $ 320.9 *
 
     
 
*   The capital structure above reflects the historical basis of the assets assumed from IRRETI adjusted for subsequent changes in capital activity. DDR’s aggregate investment in the LLC reflects the fair value of the purchase price.
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Investment Summary
                 
Joint Venture Name:   DDR Domestic Retail Fund I        
Date Formed:   June 2007        
Property Name/Location:   The joint venture consists of the following 63 properties:    
 
               
    Hilltop Plaza — San Francisco, CA   Lakewood Ranch — Tampa, FL
    Apple Blossom Corners — Washington, DC   Shoppes at New Tampa — Tampa, FL
    Harundale Plaza — Washington, DC   Publix Brooker Creek — Tampa FL
    Largo Town Center — Washington, DC   Creekwood Crossing — Tampa FL
    Citrus Hills — Hernando, FL   Shoppes of Golden Acres — Tampa FL
    Crystal Springs Shopping Center — Crystal River, FL   Shoppes on the Ridge — Tampa, FL
    Shoppes at Paradise Pointe — Destin, FL   Shoppes of Lithia — Tampa, FL
    Watercolor Crossing — Destin, FL   Cofer Crossing — Atlanta, GA
    Melbourne Shopping Center — Melbourne, FL   Riverstone Plaza — Atlanta, GA
    Meadows Square — Miami, FL   Southampton Village — Atlanta, GA
    Plaza Del Paraiso — Miami, FL   Sharon Greens — Atlanta, GA
    Flamingo Falls — Miami, FL   Hairston Crossing — Atlanta, GA
    Paraiso Plaza — Miami, FL   Shoppes of Ellenwood — Atlanta, GA
    Sheridan Square — Miami, FL   Clearwater Crossing — Atlanta, GA
    Midway Plaza — Miami, FL   Shoppes at Lake Dow — Atlanta, GA
    River Run — Miami, FL   Market Square — Atlanta, GA
    Aberdeen Square — Miami, FL   Highland Grove — Chicago, IL
    Village Square at Golf — Miami, FL   Riverdale Shops — Springfield, MA
    Northlake Commons — Miami, FL   Rosedale Shopping Center — Charlotte, NC
    Paradise Promenade — Miami, FL   Meadowmont Village Center — Durham, NC
    Countryside — Naples, FL   Fayetteville Pavilion — Fayetteville, NC
    Heather Island Plaza — Ocala, FL   Sexton Commons — Raleigh, NC
    Oviedo Park Crossing — Orlando, FL   Clayton Corners — Raleigh, NC
    Casselberry Commons — Orlando, FL   Shops at Oliver’s Crossing — Winston-Salem, NC
    Chickasaw Trails Shopping Center — Orlando, FL   West Falls Plaza — New York, NY
    Conway Plaza — Orlando, FL   Derby Square — Columbus, OH
    Skyview Plaza — Orlando, FL   Hilliard Rome — Columbus, OH
    West Oaks Towne Center — Orlando, FL   Springfield Commons — Toledo, OH
    Killearn Shopping Center — Tallahassee, FL   Crossroads Plaza — Philadelphia, PA
    Southwood Plantation — Tallahassee, FL   Center Pointe Plaza I&II — Greenville, SC
    North Pointe Plaza — Tampa, FL   Village Center — Milwaukee, WI
    Bardmoor Shopping Center — Tampa, FL        
 
               
Major Tenants:
  A&P   Computer City   Kroger   Sentry Foods
 
  Aaron’s Rental   Curves   Lane Bryant   Shoppers Food Warehouse
 
  Advance Auto   CVS   Linens ‘N Things   Southtrust
 
  AJ Wright   Dollar Tree   Lowe’s Food   Starbucks
 
  American Dental Center   Eckerd’s   LTM Party Store   State Farm
 
  Amscot Financial   Fedex Kinko’s   Mailboxes, Etc.   Stein Mart
 
  Atlanta Bread   Food Lion   Marshall’s   Stop & Shop
 
  Babies ‘R Us   Fresh Market   Martin’s Foods   Subway
 
  Barnes & Noble   Gander Mountain   Michael’s   Super Cuts
 
  Beall’s   Giant Eagle   Noodle & Co.   Super Fresh
 
  Beall’s Outlet   Giant Food   Office Depot   Sweet Bay
 
  Bed Bath & Beyond   GNC   OfficeMax   T Mobile
 
  Belk Department Store   Goody’s   Old Navy   T.J. Maxx
 
  Best Buy   Great Clips   Pak Mail   Target
 
  Big Lots   H&R Block   Perkasie Bank   Tuesday Morning
 
  Blockbuster   Hair Cuttery   Petco   UPS Store
 
  Books A Million   Hallmark   PetSmart   Value City
 
  Borders   Harris Teeter   Publix Supermarket   Wachovia Bank
 
  Cato   Hollywood Video   Quiznos   Walgreens
 
  Century Theatres   Home Depot   Radio Shack   Wal-Mart
 
  Cingular   Kmart   Ross Dress   Washington Mutual
 
  Circuit City   Kohl’s        
Joint Venture Partnership Summaries 2.0

 


 

     
Partnership Structure
   
 
Equity Contribution:
  20% — Developers Diversified Realty Corp. (“DDR”)
 
  35.6% — STRS Ohio Core Fund Real Estate Investments, LLC (“Ohio STRS”)
 
  17.8% — Stichting Pensioenfonds Voor De Gezondheid, Geestelijke En Maatschappelijke Belangen
        (“PGGM”)
 
  10.7% — Bedrijfstakpensioenfonds voor de Bouwnijverheid (“BPF”)
 
  8.9% — Real Estate Alternatives Portfolio 4 Mr, LLC (“Aegon”)
 
  4.4% — Stichting Bewaarder Achmea Realty — North America, Re Achmea Realty Fund — North
     America (“Achmea 1”)
 
  2.6% — Achmea Pensioen — En Levensverzekeringen N.V. (“Achmea 2”)
 
   
Cash Flow Distribution:
  20% — DDR
 
  35.6% — Ohio STRS
 
  17.8% — PGGM
 
  10.7% — BPF
 
  8.9% — Aegon
 
  4.4% — Achmea 1
 
  2.6% — Achmea 2
 
   
Fees to DDR
   
 
Property Management Fee:
  4.0% of revenues
Construction Management Fee:
  5.0% of total costs for all improvements
Asset Management Fee:
  .75% of the aggregate capital contributions
Ancillary Income Fee:
  25% of all funds generated from ancillary income sources
Leasing Fees (without co-broker):
  6.0% on new leases on years 1-10; 3.0% years thereafter
 
  3.0% on renewals on years 1-10; 3.0% on years thereafter
 
  $3.00 per square foot (spaces > 20,000 square feet) on new leases
 
  $3.00 per square foot (spaces > 20,000 square feet) on renewals involving an amendment to a material
    term of lease; $2.00 per square (spaces > 20,000 square feet) on renewals without an amendment to a
     material term of lease
 
  4.0% on new outparcel ground leases on years 1-10; 2.0% on years 11-20; nothing thereafter
 
  2.0% on renewals outparcel ground leases on years 1-10; 1.0% on years 11-20; nothing thereafter
Commission on Outparcel Sales:
  6.0% of gross sales price up to $1,000,000
 
  5.0% of gross sales price $1,000,000 — $1,500,000
 
  4.0% of gross sales price over $1,500,000
         
Capital Structure (in millions)        
DDR
  $ 107.9  
Ohio STRS
    191.9  
PGGM
    96.0  
BPF
    57.6  
Aegon
    48.0  
Achmea 1
    24.1  
Achmea 2
    14.2  
 
     
Total Capital
  $ 539.7  
 
     
 
       
Payable to DDR
  $ 0.1  
 
     
 
       
Debt
  $ 968.8  
 
     
 
       
Total Debt & Equity
  $ 1,508.6  
 
     
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
Joint Venture Investment Summary
             
Joint Venture Name:   TRT DDR Venture I General Partnership    
Date Formed:   May 2007    
Property Name/Location:   The joint venture consists of the following three properties:
 
           
 
  Centerton Square — Mt. Laurel, NJ        
 
  Beaver Creek Commons — Apex, NC        
 
  Mt. Nebo Point — Mt. Nebo, PA        
 
           
Major Tenants:
  Bed Bath & Beyond   PetSmart    
 
  Borders   Sam’s Club (not owned)    
 
  Circuit City   Sports Authority    
 
  Consolidated Theatres   Sportsman’s Warehouse    
 
  Costco (not owned)   T.J. Maxx    
 
  Dick’s Sporting Goods   Target (not owned)    
 
  DSW Shoe Warehouse   Wegmans (not owned)    
 
  Jo-Ann Stores        
Partnership Structure
           
 
Equity Contribution:   10% — Developers Diversified Realty Corp. (“DDR”)
    90% — TRT-DDR Joint Venture I Owner LLC (“TRT”)
 
           
Cash Flow Distribution:   (i) Pro rata in proportion to DDR and TRT equity interest until TRT has been allocated an amount equal to a 9.5% annual internal rate of return; (ii) 15% to DDR and 85% to TRT in proportion to DDR and TRT equity interest until TRT has been allocated an amount equal to a 10% annual internal rate of return; (iii) 20% to DDR and 80% to TRT in proportion to DDR and TRT equity interest until TRT has been allocated an amount equal to a 11% annual internal rate of return; and (iv) 25% to DDR and 75% to TRT in proportion to their equity interest.
 
           
Promote (current):   See Cash Flow Distribution above.    
 
           
Fees to DDR
           
 
Property Management Fee:   4.0% of revenues
Construction Management Fee:   5.0% of total costs for all improvements
Asset Management Fee:   .25% of the gross investment of the properties
Ancillary Income Fee:   25% of all funds generated from ancillary income sources
Leasing Fees (without co-broker):   6.0% on new leases on years 1-10; 3.0% years thereafter
    3.0% on renewals on years 1-10; 3.0% on years thereafter
    $3.00 per square foot (spaces > 20,000 square feet) on new leases
    $3.00 per square foot (spaces > 20,000 square feet) on renewals involving an amendment to a material term
   of lease; $2.00 per square (spaces > 20,000 square feet) on renewals without an amendment to a material
    term of lease
    4.0% on new outparcel ground leases on years 1-10; 2.0% on years 11-20; nothing thereafter
    2.0% on renewals outparcel ground leases on years 1-10; 1.0% on years 11-20; nothing thereafter
Commission on Outparcel Sales:   6.0% of gross sales price up to $1,000,000
    5.0% of gross sales price $1,000,000 - $1,500,000
    4.0% of gross sales price over $1,500,000
         
Capital Structure (in millions)        
 
DDR
  $ 5.4  
TRT
    48.1  
 
     
Total Capital
  $ 53.5  
 
     
 
       
Debt
  $ 110.0  
 
     
 
       
Total Debt & Equity
  $ 163.5  
 
     
Joint Venture Partnership Summaries 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six- months ended June 30, 2007
Joint Venture Investment Summary
         
Joint Venture Name:   DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.)
Date Formed:
  November 2003    
Property Name/Location:   The joint venture consists of the following 48 properties:
 
       
 
  Union Consumer Square — Cheektowaga, NY   The Plazas at Great Northern — North Olmsted, OH
 
  Walden Consumer Square — Cheektowaga, NY   Riverdale Village — Coon Rapids, MN
 
  Dick’s Plaza — Cheektowaga, NY   Midway Marketplace — St. Paul, MN
 
  Walden Place — Cheektowaga, NY   River Hills Shopping Center — Asheville, NC
 
  Borders Books — Cheektowaga, NY   Township Marketplace — Monaca, PA
 
  Eastgate Plaza — Clarence, NY   The Marketplace — Nashville, TN
 
  Premier Place — Clarence, NY   BJ’s Batavia — Batavia, NY
 
  Regal Cinemas — Clarence, NY   Tops Plaza — Batavia, NY
 
  Jo-Ann Plaza — Clarence, NY   Batavia Commons — Batavia, NY
 
  Barnes & Noble — Clarence, NY   Towne Center — Murfreesboro, TN
 
  New Hartford Consumer Square — Utica, NY   Perimeter Pointe — Atlanta, GA
 
  Merriam Town Center — Merriam, KS   Woodfield Village Green — Schaumburg, IL
 
  Spring Creek Center — Fayetteville, AR   Fairfax Towne Center — Fairfax, VA
 
  Steele Crossing — Fayetteville, AR   Belden Park Crossings — Canton, OH
 
  Carillon Place — Naples, FL   Independence Commons — Independence, MO
 
  Towne Center Prado — Marietta, GA   Erie Marketplace — Erie, PA
 
  Shoppers World — Framingham, MA   Riverchase Promenade — Birmingham, AL
 
  Harbison Court — Columbia, SC   Lakepointe Crossing — Lewisville, TX
 
  Connecticut Commons — Plainville, CT   Lake Brandon Village — Brandon, FL
 
  Pioneer Hills — Aurora, CO   Lake Brandon Plaza — Brandon, FL
 
  Cool Springs Pointe — Brentwood, TN   MacArthur Marketplace — Irving, TX
 
  Brown Deer Center — Brown Deer, WI   Shoppers World of Brookfield — Brookfield, WI
 
  Brown Deer Market — Brown Deer, WI   Parker Pavilions — Parker, CO
 
  McDonough Marketplace — McDonough, GA   Grandville Marketplace — Grandville, MI
             
Major Tenants:
  A.C. Moore   Dollar Tree   Pier 1 Imports
 
  AMC Theatres/General Cinema   Famous Footwear   Publix Supermarkets
 
  Barnes & Noble Superstores   Hallmark   Regal Cinemas
 
  Bed Bath & Beyond   Home Depot   Retail Ventures, Inc.
 
  Best Buy   Jo-Ann Stores   Ross Dress for Less
 
  BJ’s Wholesale Club   Kohl’s   Safeway
 
  Bobs   Linens ‘N Things   Sports Authority
 
  Borders Books   Lowe’s   Stein Mart
 
  Catherine’s/Fashion Bug/Lane Bryant   Michael’s   Supervalue, Inc.
 
  Cinemark Theatres   Office Depot   TJX Companies
 
  Circuit City   OfficeMax   Toys “R” Us/Babies “R” Us
 
  Comp USA   Old Navy (Gap, Inc.)   United Artists Theatre
 
  Cost Plus World Market   Party City   Wal-Mart/Sam’s Club
 
  Dick’s Sporting Goods   PetSmart    
     
Partnership Structure
   
Equity:
  14.74% — DDR
 
  0.61% — Macquarie Bank Limited (“MBL”)
 
  84.65% — Macquarie DDR Trust (“MDT”)
 
   
Cash Flow Distribution:
  Variable*
 
   
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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six- months ended June 30, 2007
     
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
  $ 96.0  
MBL
    4.0  
MDT
    551.3  
 
     
Total Capital
  $ 651.3  
 
     
 
       
Payable to DDR, net
  $ 0.5  
 
     
 
       
Debt
  $ 1,050.4  
 
     
 
       
Total Debt & Equity
  $ 1,702.2  
 
     
* 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 2.0

 


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
    Best Buy   Ross Dress for Less
    Gart Sports   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        
    (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%.
 
           
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
  $ (0.2) *        
MDT — preferred
    12.9          
MDT — senior
    22.2          
 
             
Total Capital
  $ 34.9          
 
             
 
               
Receivable from DDR, net
  $ (1.8 )   (primarily master lease receivable)
 
             
 
               
Debt
  $ 86.0          
 
             
 
               
Total Debt & Equity
  $ 119.1          
 
             
 
*   Due to subordination of returns, investment balance on DDR accounts is at $0.
Joint Venture Partnership Summaries 2.0


 

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2007
Consolidated Joint Ventures


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six-months ended June 30, 2007
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
 
  49.9775% — Macquarie DDR Trust (“MDT”)
 
  Cash Flow Distribution: Variable **
 
   
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
  $ 77.9  
MDT
    77.9  
MBL
     
 
     
Total Capital
  $ 155.8  
 
     
 
       
Payable to DDR
  $ 0.1  
 
     
 
       
Debt
  $ 258.5  
 
     
 
       
Total Debt & Equity
  $ 414.4  
 
     
 
*   The joint venture is consolidated by DDR in accordance with FIN 46.
 
**   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 2.0


 

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the six months ended June 30, 2007
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
  $ (4.8 )
Churchill Family Trust
    (2.3 )
 
     
Total Capital
  $ (7.1 )
 
     
 
       
Debt
  $ 30.0  
 
     
 
       
Total Debt & Equity
  $ 22.9  
 
     
 
*   The joint venture is consolidated by DDR in accordance with EITF 04-05.
Joint Venture Partnership Summaries 2.0

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