DEVELOPERS DIVERSIFIED REALTY CORPORATION 8-K

-----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, Pme1s+tWrAbylLa1IzdwDj4ZJR85rHuLj0h46EKXocrvh6KZCeiYHLZnKGtaIYhX gFKfLZPR3FHsqDqeLpF4iQ== 0000950152-07-008234.txt : 20071026 0000950152-07-008234.hdr.sgml : 20071026 20071025182932 ACCESSION NUMBER: 0000950152-07-008234 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20071025 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20071026 DATE AS OF CHANGE: 20071025 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: 071191819 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 l28354ae8vk.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) October 25, 2007

DEVELOPERS DIVERSIFIED REALTY CORPORATION

(Exact name of registrant as specified in its charter)


Ohio	1-11690	34-1723097

(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)


3300 Enterprise Parkway, Beachwood, Ohio		44122

(Address of principal executive offices)		(Zip Code)

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

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

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

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

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

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

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

TABLE OF CONTENTS


Item 2.02 Results of Operations and Financial Condition
SIGNATURES
EX-99.1
EX-99.2
EX-99.3

Item 2.02 Results of Operations and Financial Condition

On October 25, 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 nine-months ended September 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 Property List 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	October 25, 2007	/S/ William H. Schafer

		William H. Schafer Executive Vice President and Chief Financial Officer

EX-99.1 2 l28354aexv99w1.htm EX-99.1 EX-99.1

Exhibit 99.1

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


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

DEVELOPERS DIVERSIFIED REALTY REPORTS AN INCREASE OF 14.7%
IN DILUTED FFO PER SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007

CLEVELAND, OHIO, October 25, 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 third quarter ended September 30, 2007.

	•		Funds From Operations (“FFO”) per diluted share increased 14.7% to $2.97 and net income per diluted share increased 16.1% to $1.59 for the nine months ended September 30, 2007, as compared to the prior year. Excluding transactional activity relating to merchant building and land sale gains and joint venture promoted income aggregating $73.3 million and $57.6 million in 2007 and 2006, respectively, diluted FFO per share increased approximately 14.5% in 2007 as compared to 2006.

	•		FFO per diluted share decreased 3.6% to $0.80 and net income per diluted share decreased 42.2% to $0.26 for the three month period ended September 30, 2007, as compared to the prior year. Excluding transactional activity relating to merchant building gains, land sale gains and joint venture promoted income aggregating $4.2 million and $16.8 million in 2007 and 2006, respectively, diluted FFO per share increased approximately 12.8% in 2007 as compared to 2006.

	•		Executed leases during the third quarter totaled approximately 2.5 million square feet, including 179 new leases and 299 renewals.

	•		On a cash basis, base rental rates increased 41.8% on new leases, 7.4% on renewals and 11.3% overall.

	•		Core portfolio leased percentage at September 30, 2007 was 95.9%.

	•		Same store net operating income (“NOI”) for the nine-month period increased 2.3% over the prior-year comparable period.

Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “We are pleased to announce this quarter’s financial results, which reflect the consistent growth of our core portfolio and the implementation of our investment strategy. Our leasing team completed a record quarter in terms of volume and rental spreads on new leases, and our development team continued to identify and execute on attractive investment opportunities. Furthermore, we have proactively taken steps to improve the quality of our portfolio through disposition, development and acquisition and allocate our capital to where we expect the best returns. These actions have had the complementary effect of strengthening our balance sheet and enhancing our liquidity position.”

Financial Results:
For the three months ended September 30, 2007, FFO, a widely accepted measure of a Real Estate Investment Trust (“REIT”) performance, on a per share basis was $0.80 (diluted and basic) as compared to $0.83 (diluted and basic) for the same period in the previous year. FFO available to common shareholders was $99.5 million, as compared to $91.7 million for the three months ended September 30, 2007 and 2006, respectively, an increase of 8.5%. Net income available to common shareholders was $32.7 million or $0.26 per share (diluted) and $0.27 per share (basic) for the three months ended September 30, 2007, as compared to $49.0 million, or $0.45 per share (diluted and basic) for the prior-year comparable period. The decrease in net income and FFO for the three months ended September 30, 2007, is primarily related to a reduction of $12.6 million, or $0.11 per share in 2006, in transactional income relating to merchant building and land sale gains, including gains and promoted income from joint ventures, offset by increases in same store net operating income and operating results from the merger with Inland Retail Real Estate Trust, Inc. (“IRRETI”).

For the nine months ended September 30, 2007, FFO, on a per share basis was $2.97 (diluted) and $2.98 (basic) as compared to $2.59 (diluted) and $2.61 (basic) for the same period in the previous year, an increase of 14.7% on a diluted basis. FFO available to common shareholders was $365.0 million, as compared to $287.7 million for the nine months ended September 30, 2007 and 2006, respectively, an increase of 26.9%. Net income available to common shareholders was $192.9 million or $1.59 per share (diluted) and $1.60 per share (basic) for the nine months ended September 30, 2007, as compared to $149.9 million, or $1.37 per share (diluted and basic) for the prior-year comparable period. The increase in net income for the nine months ended September 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 building program and promoted income earned from certain joint ventures. These increases were partially offset by a non-cash charge relating to the redemption of preferred shares, certain integration related costs and a charge relating to the departure of the Company’s former President.

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 third quarter ended September 30, 2007, highlight continued strong leasing activity throughout the portfolio:

•

Executed 179 new leases aggregating 941,434 square feet and 299 renewals aggregating 1,574,283 square feet.

	•		On a cash basis, rental rates on new leases increased 41.8% 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 September 30, 2007 was $12.58, as compared to $11.68 at September 30, 2006.

	•		Core portfolio leased rate was 95.9% as of September 30, 2007 as compared to 96.1% at September 30, 2006.

The Company and its joint ventures (at 100%) estimate total annual recurring leasing capital expenditures to be approximately $24 million ($0.21 psf of owned GLA) in 2007.

Strategic Real Estate Transactions:

Macquarie DDR Trust
In August and September 2007, the Company sold three shopping center properties, aggregating 0.5 million square feet to the Company’s joint venture with Macquarie DDR Trust (ASX: MDT) (“MDT”), an Australian Listed Property Trust sponsored by Macquarie Bank Limited (ASX:MBL), an international investment bank and leading advisor and manager of specialized real estate funds in Australia. The aggregate purchase price for the properties was $49.8 million. The assets were recently acquired by the Company as part of its acquisition of IRRETI and these assets offer redevelopment potential during the next several years. As these assets were recently acquired, the Company did not record a gain on the transaction.

The Company retained a 14.5% ownership interest in the properties, remains responsible for day-to-day operations of the properties and receives ongoing fees for property management, leasing and construction management, and base asset management fees. The Company will also receive a promoted interest above a 10.0% leveraged IRR. The promoted interest will be calculated based on the implied value of the assets at stabilization.

Dispositions:
The Company sold eight shopping center properties in the third quarter of 2007, as part of its portfolio sale in which 52 properties were sold at the end of the second quarter, aggregating 0.9 million square feet for approximately $86.6 million. In the third quarter, the Company recognized a nominal non-FFO gain which was offset by certain additional transaction costs associated with the initial sale at the end of the second quarter. These dispositions represent the remaining assets sold in connection with the transaction announced in the second quarter of 2007.

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. Through October 25, 2007, the Company repurchased 2.2 million of its common shares in open market transactions at an aggregate cost of approximately $105.8 million at a weighted-average price per share of $48.42.

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


					Targeted
			Expected		Substantial
	Total		Gross Cost		Completion
Property	GLA		($Millions)		Date	Description
Ukiah (Mendocino), California		669,406	$	113.5	2009	Community Center
Homestead, Florida		398,759		95.2	2008	Community Center
Miami, Florida		644,999		155.7	2006-2009	Mixed Use
Tampa (Brandon), Florida		370,700		70.7	2009	Community Center
Tampa (Wesley Chapel), Florida		95,408		17.4	2008	Community Center
Atlanta (Douglasville), Georgia		124,200		22.4	2008	Community Center
Boise (Nampa), Idaho		829,975		147.0	2007-2008	Community Center
Chicago (McHenry), Illinois		454,378		74.3	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		5,754,495	$	1,013.7

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


					Targeted
			Expected		Substantial
	Total		Gross Cost		Completion
Property	GLA		($Millions)		Date	Description
Guilford, Connecticut		147,619	$	43.4	2008	Community Center
Atlanta (Union City), Georgia		200,000		47.5	2008	Community Center
Chicago (Grayslake), Illinois		689,799		144.2	2009	Community Center
Gulfport, Mississippi		703,379		91.2	2009	Hybrid Center
Isabela, Puerto Rico		290,085		57.1	2009	Community Center
Austin (Kyle), Texas		778,415		97.2	2009	Community Center
San Antonio (Shertz), Texas		506,639		50.7	2009	Community Center
Toronto (Richmond Hill), Canada		710,000		190.7	2011	Mixed Use

Total		4,025,936	$	722.0

At September 30, 2007, $623.1 million of costs were incurred in relation to the Company’s thirteen development projects under construction and the eight 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 September 30, 2007, the projected unleveraged GAAP return, on the Company’s aggregate development and redevelopment pipeline is approximately 10%.

Development (Unconsolidated Joint Ventures):
The Company’s joint ventures have the following shopping center projects under construction. At September 30, 2007, $184.8 million of costs had been incurred in relation to these development projects.

Unconsolidated Joint Venture Developments
Currently in Progress


		DDR's
		Effective			Expected		Targeted
	Joint Venture	Ownership	Total		Gross Cost		Substantial
Property	Partner	Percentage	GLA		($Millions)		Completion 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%		831,413		207.5	2008	Lifestyle Center
Manaus, Brazil	Sonae Sierra	47.2%		477,630		95.7	2009	Enclosed Mall

				2,471,756	$	709.8

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 approximately $70 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 $117.4 million. At September 30, 2007, approximately $53.8 million of costs had been incurred in relation to these projects.

Summary of Significant Wholly-Owned and Consolidated Joint Venture
Redevelopments and Expansions Currently in Progress


Property		Description
Miami (Plantation), Florida		Redevelop shopping center to include Kohl’s and additional junior anchors
Chesterfield, Michigan		Construct 25,400 sf of small shop space and retail space
Olean, New York		Wal-Mart expansion and tenant relocation
Fayetteville, North Carolina		Redevelop 18,000 sf of small shop space and construct an outparcel building
Akron (Stow), Ohio		Redevelop former K-Mart space and develop new outparcels
Dayton (Huber Heights), Ohio		Construct 45,000 sf junior anchor

The Company anticipates commencing construction on the following redevelopment and expansion projects in the next year:

Summary of Significant Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions to
Commence Construction in 2007


Property		Description
Hatillo, Puerto Rico		Construct 21,000 sf of junior anchor space
San Juan (Bayamon), Puerto Rico (Plaza Del Sol)		Construct 144,000 sf of junior anchor space and retail shops
Dallas (McKinney), Texas		Construct 87,757 sf of retail shops and outparcels

Redevelopments and Expansions (Unconsolidated Joint Ventures):
The Company’s joint ventures are currently expanding/redeveloping the following shopping centers at a projected gross cost of $577.1 million, which includes the initial acquisition costs for the Coventry II redevelopment projects. At September 30, 2007, approximately $459.2 million of costs had been incurred in relation to these projects.

Summary of Significant Unconsolidated 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		21.0	%	Relocate Wal-Mart and redevelop former Wal-Mart space
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
Benton Harbor, Michigan	Coventry II		20.0	%	Construct 89,000 sf of anchor space and retail shops
Kansas City, Missouri	Coventry II		20.0	%	Relocate retail shops and retenant former retail shop space
Cincinnati, Ohio	Coventry II/Thor Equities		18.0	%	Redevelop former JC Penney space

The Company’s joint ventures anticipate commencing expansion/redevelopment projects at the following shopping centers:

Summary of Significant Joint Venture Redevelopment and Expansion Projects
to Commence Construction in 2007


		DDR’s
		Effective
	Joint Venture	Ownership
Property	Partner	Percentage	Description
Seattle (Kirkland), Washington	Coventry II	20.00%	Large-scale redevelopment of shopping center

Sao Paulo (Sao Bernado de	Sonae Sierra	47.20%	Expansion and renovation of the existing
Campo), Brazil			mall to accommodate theater tenant and
			redesign of the food court

Developers Diversified currently owns and manages over 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 160 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						Nine-Month Period
	Ended September 30,						Ended September 30,
	2007			2006			2007			2006
Revenues:
Minimum rents (A)	$	158,868		$	134,937		$	484,317		$	397,542
Percentage and overage rents (A)		1,988			1,583			5,564			5,246
Recoveries from tenants		52,139			43,543			153,873			125,138
Ancillary and other property income		5,129			4,753			14,096			13,471
Management, development and other fee income		13,827			8,366			34,906			21,320
Other (B)		2,110			1,018			13,564			9,226

		234,061			194,200			706,320			571,943


Expenses:
Operating and maintenance		33,270			26,529			95,460			77,941
Real estate taxes		26,772			23,551			82,944			66,446
General and administrative (C)		19,626			14,974			60,304			45,805
Depreciation and amortization		56,565			46,172			163,196			135,194

		136,233			111,226			401,904			325,386


Other income (expense):
Interest income		1,569			1,587			7,751			7,543
Interest expense		(62,524	)		(52,244	)		(196,975	)		(155,312	)
Other (expense) income (D)		(225	)		(203	)		(675	)		464

		(61,180	)		(50,860	)		(189,899	)		(147,305	)


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		36,648			32,114			114,517			99,252
Equity in net income of joint ventures (E)		6,003			12,868			33,887			22,956
Minority equity interests (F)		(1,974	)		(2,283	)		(15,689	)		(6,504	)
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes (G)		(484	)		330			15,287			2,690

Income from continuing operations		40,193			43,029			148,002			118,394
(Loss) income from discontinued operations (H)		(601	)		5,821			21,541			11,757

Income before gain on disposition of real estate		39,592			48,850			169,543			130,151
Gain on disposition of real estate, net of tax		3,691			13,962			63,713			61,124

Net income	$	43,283		$	62,812		$	233,256		$	191,275

Net income, applicable to common shareholders	$	32,716		$	49,020		$	192,889		$	149,898

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	32,176		$	49,020		$	192,889		$	149,898
Depreciation and amortization of real estate investments		54,235			47,235			160,819			138,072
Equity in net income of joint ventures (E)		(6,003	)		(12,868	)		(33,887	)		(22,956	)
Joint ventures’ FFO (E)		17,602			13,682			62,475			32,963
Minority equity interests (OP Units) (F)		569			534			1,706			1,601
Loss (gain) on disposition of depreciable real estate, net of tax		430			(5,870	)		(19,013	)		(11,869	)

FFO available to common shareholders		99,549			91,733			364,989			287,709
Preferred dividends		10,567			13,792			40,367			41,377

FFO	$	110,116		$	105,525		$	405,356		$	329,086

Per share data:
Earnings per common share
Basic	$	0.27		$	0.45		$	1.60		$	1.37

Diluted	$	0.26		$	0.45		$	1.59		$	1.37

Dividends Declared	$	0.66		$	0.59		$	1.98		$	1.77

Funds From Operations — Basic (I)	$	0.80		$	0.83		$	2.98		$	2.61

Funds From Operations — Diluted (I)	$	0.80		$	0.83		$	2.97		$	2.59

Basic — average shares outstanding (I)		123,329			109,120			120,910			109,124

Diluted — average shares outstanding (I)		123,727			109,670			121,594			109,714

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

(A)

Increases in base and percentage rental revenues for the nine-month period ended September 30, 2007, as compared to 2006, aggregated $89.7 million consisting of $6.0 million related to leasing of core portfolio properties (an increase of 1.7% from 2006), $86.1 million from the acquisition of assets and the merger with IRRETI, $4.8 million related to developments and redevelopments and $1.1 million from an increase in occupancy at the business centers. These amounts were offset by a decrease of $8.3 million due to the disposition of properties in 2006 and 2007. Included in the rental revenues for the nine-month periods ended September 30, 2007 and 2006, is approximately $9.4 million and $12.1 million, respectively, of revenue resulting from the recognition of straight-line rents.

(B)

Other income for the three and nine month periods ended September 30, 2007 and 2006 was comprised of the following (in millions):


	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2007		2006		2007		2006
Acquisition fees	$	0.1	$	—	$	6.4	$	—
Lease termination fees		1.4		0.9		4.9		7.2
Financings fees		0.1		—		1.5		0.4
Other miscellaneous		0.5		0.1		0.8		1.6

	$	2.1	$	1.0	$	13.6	$	9.2

(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 nine-month periods ended September 30, 2007 and 2006, general and administrative expenses were approximately 4.6% and 5.0%, respectively, of total revenues, including joint venture revenues, respectively. For the nine months ended September 30, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with the former President’s departure from the Company. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the nine months ended September 30, 2007. In addition, the Company incurred certain one time integration costs in connection with the IRRETI acquisition that have aggregated approximately $2.4 million for the nine-month period ended September 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						Nine-Month Period
	Ended September 30,						Ended September 30,
	2007			2006			2007			2006
Revenues from operations (a)	$	230,935		$	104,287		$	577,877		$	306,994


Operating expense		81,594			35,074			195,232			101,249
Depreciation and amortization of real estate investments		55,568			19,553			135,207			59,082
Interest expense		80,884			35,885			192,974			93,787

		218,046			90,513			523,413			254,118

Income from operations before tax expense, gain on disposition of real estate and discontinued operations		12,889			13,774			54,464			52,876
Income tax expense		4,545			—			—			—
(Loss) gain on disposition of real estate		(103	)		193			92,987			237
(Loss) income from discontinued operations, net of tax		(323	)		(22	)		(649	)		805
Gain on disposition of discontinued operations, net of tax		1,790			21,460			2,529			19,910

Net income	$	18,798		$	35,405		$	149,331		$	73,828

DDR Ownership interests (b)	$	5,669		$	12,583		$	34,520		$	22,360


FFO from joint ventures are summarized as follows:
Net income	$	18,798		$	35,405		$	149,331		$	73,828
Loss (gain) on disposition of real estate, including discontinued operations		103			(21,418	)		(91,339	)		(21,437	)
Depreciation and amortization of real estate investments		55,702			19,795			135,539			60,510

	$	74,603		$	33,782		$	193,531		$	112,901

DDR Ownership interests (b)	$	17,602		$	13,682		$	62,475		$	32,963

DDR Partnership distributions received, net (c)	$	14,088		$	23,686		$	79,782		$	43,366

	(a)		Revenues for the three-month periods ended September 30, 2007 and 2006 included approximately $2.3 million and $1.4 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 nine-month periods ended September 30, 2007 and 2006 included approximately $6.6 million and $3.9 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share is $1.0 million and $0.7 million, respectively.

	(b)		The Company’s share of joint venture net income decreased by $0.2 million and increased by $0.2 million for the three-month periods ended September 30, 2007 and 2006, respectively. The Company’s share of joint venture net income decreased by $0.6 million and increased by $0.5 million for the nine-month periods ended September 30, 2007 and 2006, respectively. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions. During the nine-month period ended September 30, 2007, the Company received $14.3 million of promoted income, of which $13.6 million related 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 September 30, 2007 and 2006, the Company owned joint venture interests, excluding consolidated joint ventures, in 273 and 108 shopping center properties, respectively. In addition, at September 30, 2007 and 2006, the Company owned 44 and 51 shopping center sites formerly owned by Service Merchandise, respectively, through its 20% owned joint venture with Coventry II.

	(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				Nine-Month Period
	Ended September 30,				Ended September 30,
	2007		2006		2007		2006
Minority interests	$	1,405	$	1,749	$	4,293	$	4,903
Operating partnership units		569		534		1,706		1,601
Preferred operating partnership units		—		—		9,690		—

	$	1,974	$	2,283	$	15,689	$	6,504

		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					Nine-Month Period
	Ended September 30,					Ended September 30,
	2007			2006		2007		2006
Revenues	$	1,345		$	12,306	$	28,060	$	37,211


Expenses:
Operating		1,101			3,453		7,938		9,800
Interest, net		325			3,319		6,801		10,051
Depreciation		210			2,882		5,103		8,772

Total expenses		1,636			9,654		19,842		28,623

Income before (loss) gain on disposition of real estate		(291	)		2,652		8,218		8,588
(Loss) gain on disposition of real estate		(310	)		3,169		13,323		3,169

Net (loss) income	$	(601	)	$	5,821	$	21,541	$	11,757

(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 September 30, 2007 and 2006, into 0.9 million common shares of the Company for both of the three-month periods ended September 30, 2007 and 2006, and 0.9 million and 1.0 million for the nine-month periods ended September 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 125.1 million and 110.8 million for the three-month periods ended September 30, 2007 and 2006, respectively, and 122.8 and 111.0 million for the nine-month periods ended September 30, 2007 and 2006, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	September 30, 2007		(A)	December 31, 2006		(A)
Assets:
Real estate and rental property:
Land	$	2,083,569		$	1,768,702
Buildings		5,899,244			5,023,665
Fixtures and tenant improvements		236,167			196,275
Construction in progress		583,235			453,493

		8,802,215			7,442,135
Less accumulated depreciation		(973,316	)		(861,266	)

Real estate, net		7,828,899			6,580,869

Cash		49,700			28,378
Investments in and advances to joint ventures		644,318			291,685
Notes receivable		16,778			18,161
Receivables, including straight-line rent, net		204,725			152,161
Assets held for sale		—			5,324
Other assets, net		168,847			103,175

	$	8,913,267		$	7,179,753


Liabilities:
Indebtedness:
Revolving credit facilities	$	625,000		$	297,500
Unsecured debt		2,624,003			2,218,020
Mortgage and other secured debt		1,955,143			1,733,292

		5,204,146			4,248,812
Dividends payable		88,052			71,269
Other liabilities		297,089			241,556

		5,589,287			4,561,637
Minority interests		115,708			121,933
Shareholders’ equity		3,208,272			2,496,183

	$	8,913,267		$	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 September 30, 2007 and December 31, 2006, $258.5 million of mortgage debt at September 30, 2007 and December 31, 2006, and $75.3 million and $77.6 million of minority interest at September 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:


	September 30, 2007			December 31, 2006
Land	$	2,373,760		$	933,916
Buildings		6,234,496			2,788,863
Fixtures and tenant improvements		107,653			59,166
Construction in progress		139,153			157,762

		8,855,062			3,939,707
Accumulated depreciation		(363,102	)		(247,012	)

Real estate, net		8,491,960			3,692,695
Receivables, including straight-line rent, net		123,866			75,024
Leasehold interests		14,313			15,195
Other assets		388,030			132,984

	$	9,018,169		$	3,915,898


Mortgage debt (a)	$	5,525,724		$	2,495,080
Notes and accrued interest payable to DDR		8,811			4,960
Other liabilities		199,211			94,648

		5,733,746			2,594,688
Accumulated equity		3,284,423			1,321,210

	$	9,018,169		$	3,915,898

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $1,029.3 million and $525.6 million at September 30, 2007 and December 31, 2006, respectively.

EX-99.2 3 l28354aexv99w2.htm EX-99.2 EX-99.2

Exhibit 99.2

Quarterly Financial Supplement

For the nine months ended
September 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 nine-months ended September 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 nine-months ended September 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
	•	Joint Venture Investment Summary		3.1
	•	Joint Venture Combining Financial Statements		3.2

Investment Summary				4.0
	•	Capital Transactions		4.1
	•	Acquisitions		4.2
	•	Dispositions		4.3
	•	Development Projects		4.4
	•	Development Delivery and 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 Payment and Maturities
				6.3

Investor Contact Information				7.0

Property List available online at www.ddr.com under Investor Relations

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


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

DEVELOPERS DIVERSIFIED REALTY REPORTS AN INCREASE OF 14.7%
IN DILUTED FFO PER SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007

	•		Funds From Operations (“FFO”) per diluted share increased 14.7% to $2.97 and net income per diluted share increased 16.1% to $1.59 for the nine months ended September 30, 2007, as compared to the prior year. Excluding transactional activity relating to merchant building and land sale gains and joint venture promoted income aggregating $73.3 million and $57.6 million in 2007 and 2006, respectively, diluted FFO per share increased approximately 14.5% in 2007 as compared to 2006.

	•		FFO per diluted share decreased 3.6% to $0.80 and net income per diluted share decreased 42.2% to $0.26 for the three month period ended September 30, 2007, as compared to the prior year. Excluding transactional activity relating to merchant building gains, land sale gains and joint venture promoted income aggregating $4.2 million and $16.8 million in 2007 and 2006, respectively, diluted FFO per share increased approximately 12.8% in 2007 as compared to 2006.

	•		Executed leases during the third quarter totaled approximately 2.5 million square feet, including 179 new leases and 299 renewals.

	•		On a cash basis, base rental rates increased 41.8% on new leases, 7.4% on renewals and 11.3% overall.

	•		Core portfolio leased percentage at September 30, 2007 was 95.9%.

	•		Same store net operating income (“NOI”) for the nine-month period increased 2.3% over the prior-year comparable period.

Leasing:
The following results from the third quarter ended September 30, 2007, highlight continued strong leasing activity throughout the portfolio:

•

Executed 179 new leases aggregating 941,434 square feet and 299 renewals aggregating 1,574,283 square feet.

	•		On a cash basis, rental rates on new leases increased 41.8% 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 September 30, 2007 was $12.58, as compared to $11.68 at September 30, 2006.

	•		Core portfolio leased rate was 95.9% as of September 30, 2007 as compared to 96.1% at September 30, 2006.

The Company and its joint ventures (at 100%) estimate total annual recurring leasing capital expenditures to be approximately $24 million ($0.21 psf of owned GLA) in 2007.

Strategic Real Estate Transactions:

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


					Targeted
			Expected		Substantial
	Total		Gross Cost		Completion
Property	GLA		($Millions)		Date	Description
Ukiah (Mendocino), California		669,406	$	113.5	2009	Community Center
Homestead, Florida		398,759		95.2	2008	Community Center
Miami, Florida		644,999		155.7	2006-2009	Mixed Use
Tampa (Brandon), Florida		370,700		70.7	2009	Community Center
Tampa (Wesley Chapel), Florida		95,408		17.4	2008	Community Center
Atlanta (Douglasville), Georgia		124,200		22.4	2008	Community Center
Boise (Nampa), Idaho		829,975		147.0	2007-2008	Community Center
Chicago (McHenry), Illinois		454,378		74.3	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		5,754,495	$	1,013.7

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


					Targeted
			Expected		Substantial
	Total		Gross Cost		Completion
Property	GLA		($Millions)		Date	Description
Guilford, Connecticut		147,619	$	43.4	2008	Community Center
Atlanta (Union City), Georgia		200,000		47.5	2008	Community Center
Chicago (Grayslake), Illinois		689,799		144.2	2009	Community Center
Gulfport, Mississippi		703,379		91.2	2009	Hybrid Center
Isabela, Puerto Rico		290,085		57.1	2009	Community Center
Austin (Kyle), Texas		778,415		97.2	2009	Community Center
San Antonio (Shertz), Texas		506,639		50.7	2009	Community Center
Toronto (Richmond Hill), Canada		710,000		190.7	2011	Mixed Use

Total		4,025,936	$	722.0

At September 30, 2007, $623.1 million of costs were incurred in relation to the Company’s thirteen development projects under construction and the eight that will commence construction in 2007.

Unconsolidated Joint Venture Developments
Currently in Progress


		DDR's
		Effective			Expected		Targeted
	Joint Venture	Ownership	Total		Gross Cost		Substantial
Property	Partner	Percentage	GLA		($Millions)		Completion 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%		831,413		207.5	2008	Lifestyle Center
Manaus, Brazil	Sonae Sierra	47.2%		477,630		95.7	2009	Enclosed Mall

				2,471,756	$	709.8

Summary of Significant Wholly-Owned and Consolidated Joint Venture
Redevelopments and Expansions Currently in Progress


Property		Description
Miami (Plantation), Florida		Redevelop shopping center to include Kohl’s and additional junior anchors
Chesterfield, Michigan		Construct 25,400 sf of small shop space and retail space
Olean, New York		Wal-Mart expansion and tenant relocation
Fayetteville, North Carolina		Redevelop 18,000 sf of small shop space and construct an outparcel building
Akron (Stow), Ohio		Redevelop former K-Mart space and develop new outparcels
Dayton (Huber Heights), Ohio		Construct 45,000 sf junior anchor

The Company anticipates commencing construction on the following redevelopment and expansion projects in the next year:

Summary of Significant Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions to
Commence Construction in 2007


Property		Description
Hatillo, Puerto Rico		Construct 21,000 sf of junior anchor space
San Juan (Bayamon), Puerto Rico (Plaza Del Sol)		Construct 144,000 sf of junior anchor space and retail shops
Dallas (McKinney), Texas		Construct 87,757 sf of retail shops and outparcels

Summary of Significant Unconsolidated 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		21.0	%	Relocate Wal-Mart and redevelop former Wal-Mart space
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
Benton Harbor, Michigan	Coventry II		20.0	%	Construct 89,000 sf of anchor space and retail shops
Kansas City, Missouri	Coventry II		20.0	%	Relocate retail shops and retenant former retail shop space
Cincinnati, Ohio	Coventry II/Thor Equities		18.0	%	Redevelop former JC Penney space

The Company’s joint ventures anticipate commencing expansion/redevelopment projects at the following shopping centers:

Summary of Significant Joint Venture Redevelopment and Expansion Projects
to Commence Construction in 2007


		DDR’s
		Effective
	Joint Venture	Ownership
Property	Partner	Percentage	Description
Seattle (Kirkland), Washington	Coventry II	20.00%	Large-scale redevelopment of shopping center

Sao Paulo (Sao Bernado de	Sonae Sierra	47.20%	Expansion and renovation of the existing
Campo), Brazil			mall to accommodate theater tenant and
			redesign of the food court

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


	Three-Month Period						Nine-Month Period
	Ended September 30,						Ended September 30,
	2007			2006			2007			2006
Revenues:
Minimum rents (A)	$	158,868		$	134,937		$	484,317		$	397,542
Percentage and overage rents (A)		1,988			1,583			5,564			5,246
Recoveries from tenants		52,139			43,543			153,873			125,138
Ancillary and other property income		5,129			4,753			14,096			13,471
Management, development and other fee income		13,827			8,366			34,906			21,320
Other (B)		2,110			1,018			13,564			9,226

		234,061			194,200			706,320			571,943


Expenses:
Operating and maintenance		33,270			26,529			95,460			77,941
Real estate taxes		26,772			23,551			82,944			66,446
General and administrative (C)		19,626			14,974			60,304			45,805
Depreciation and amortization		56,565			46,172			163,196			135,194

		136,233			111,226			401,904			325,386


Other income (expense):
Interest income		1,569			1,587			7,751			7,543
Interest expense		(62,524	)		(52,244	)		(196,975	)		(155,312	)
Other (expense) income (D)		(225	)		(203	)		(675	)		464

		(61,180	)		(50,860	)		(189,899	)		(147,305	)


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		36,648			32,114			114,517			99,252
Equity in net income of joint ventures (E)		6,003			12,868			33,887			22,956
Minority equity interests (F)		(1,974	)		(2,283	)		(15,689	)		(6,504	)
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes (G)		(484	)		330			15,287			2,690

Income from continuing operations		40,193			43,029			148,002			118,394
(Loss) income from discontinued operations (H)		(601	)		5,821			21,541			11,757

Income before gain on disposition of real estate		39,592			48,850			169,543			130,151
Gain on disposition of real estate, net of tax		3,691			13,962			63,713			61,124

Net income	$	43,283		$	62,812		$	233,256		$	191,275

Net income, applicable to common shareholders	$	32,716		$	49,020		$	192,889		$	149,898

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	32,176		$	49,020		$	192,889		$	149,898
Depreciation and amortization of real estate investments		54,235			47,235			160,819			138,072
Equity in net income of joint ventures (E)		(6,003	)		(12,868	)		(33,887	)		(22,956	)
Joint ventures’ FFO (E)		17,602			13,682			62,475			32,963
Minority equity interests (OP Units) (F)		569			534			1,706			1,601
Loss (gain) on disposition of depreciable real estate, net of tax		430			(5,870	)		(19,013	)		(11,869	)

FFO available to common shareholders		99,549			91,733			364,989			287,709
Preferred dividends		10,567			13,792			40,367			41,377

FFO	$	110,116		$	105,525		$	405,356		$	329,086

Per share data:
Earnings per common share
Basic	$	0.27		$	0.45		$	1.60		$	1.37

Diluted	$	0.26		$	0.45		$	1.59		$	1.37

Dividends Declared	$	0.66		$	0.59		$	1.98		$	1.77

Funds From Operations — Basic (I)	$	0.80		$	0.83		$	2.98		$	2.61

Funds From Operations — Diluted (I)	$	0.80		$	0.83		$	2.97		$	2.59

Basic — average shares outstanding (I)		123,329			109,120			120,910			109,124

Diluted — average shares outstanding (I)		123,727			109,670			121,594			109,714

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

(A)

(B)

Other income for the three and nine month periods ended September 30, 2007 and 2006 was comprised of the following (in millions):


	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2007		2006		2007		2006
Acquisition fees	$	0.1	$	—	$	6.4	$	—
Lease termination fees		1.4		0.9		4.9		7.2
Financings fees		0.1		—		1.5		0.4
Other miscellaneous		0.5		0.1		0.8		1.6

	$	2.1	$	1.0	$	13.6	$	9.2

(C)

(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						Nine-Month Period
	Ended September 30,						Ended September 30,
	2007			2006			2007			2006
Revenues from operations (a)	$	230,935		$	104,287		$	577,877		$	306,994


Operating expense		81,594			35,074			195,232			101,249
Depreciation and amortization of real estate investments		55,568			19,553			135,207			59,082
Interest expense		80,884			35,885			192,974			93,787

		218,046			90,513			523,413			254,118

Income from operations before tax expense, gain on disposition of real estate and discontinued operations		12,889			13,774			54,464			52,876
Income tax expense		4,545			—			—			—
(Loss) gain on disposition of real estate		(103	)		193			92,987			237
(Loss) income from discontinued operations, net of tax		(323	)		(22	)		(649	)		805
Gain on disposition of discontinued operations, net of tax		1,790			21,460			2,529			19,910

Net income	$	18,798		$	35,405		$	149,331		$	73,828

DDR Ownership interests (b)	$	5,669		$	12,583		$	34,520		$	22,360


FFO from joint ventures are summarized as follows:
Net income	$	18,798		$	35,405		$	149,331		$	73,828
Loss (gain) on disposition of real estate, including discontinued operations		103			(21,418	)		(91,339	)		(21,437	)
Depreciation and amortization of real estate investments		55,702			19,795			135,539			60,510

	$	74,603		$	33,782		$	193,531		$	112,901

DDR Ownership interests (b)	$	17,602		$	13,682		$	62,475		$	32,963

DDR Partnership distributions received, net (c)	$	14,088		$	23,686		$	79,782		$	43,366

	(a)		Revenues for the three-month periods ended September 30, 2007 and 2006 included approximately $2.3 million and $1.4 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 nine-month periods ended September 30, 2007 and 2006 included approximately $6.6 million and $3.9 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share is $1.0 million and $0.7 million, respectively.

	(b)		The Company’s share of joint venture net income decreased by $0.2 million and increased by $0.2 million for the three-month periods ended September 30, 2007 and 2006, respectively. The Company’s share of joint venture net income decreased by $0.6 million and increased by $0.5 million for the nine-month periods ended September 30, 2007 and 2006, respectively. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions. During the nine-month period ended September 30, 2007, the Company received $14.3 million of promoted income, of which $13.6 million related 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 September 30, 2007 and 2006, the Company owned joint venture interests, excluding consolidated joint ventures, in 273 and 108 shopping center properties, respectively. In addition, at September 30, 2007 and 2006, the Company owned 44 and 51 shopping center sites formerly owned by Service Merchandise, respectively, through its 20% owned joint venture with Coventry II.

	(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				Nine-Month Period
	Ended September 30,				Ended September 30,
	2007		2006		2007		2006
Minority interests	$	1,405	$	1,749	$	4,293	$	4,903
Operating partnership units		569		534		1,706		1,601
Preferred operating partnership units		—		—		9,690		—

	$	1,974	$	2,283	$	15,689	$	6,504

		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					Nine-Month Period
	Ended September 30,					Ended September 30,
	2007			2006		2007		2006
Revenues	$	1,345		$	12,306	$	28,060	$	37,211


Expenses:
Operating		1,101			3,453		7,938		9,800
Interest, net		325			3,319		6,801		10,051
Depreciation		210			2,882		5,103		8,772

Total expenses		1,636			9,654		19,842		28,623

Income before (loss) gain on disposition of real estate		(291	)		2,652		8,218		8,588
(Loss) gain on disposition of real estate		(310	)		3,169		13,323		3,169

Net (loss) income	$	(601	)	$	5,821	$	21,541	$	11,757

(I)

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	September 30, 2007		(A)	December 31, 2006		(A)
Assets:
Real estate and rental property:
Land	$	2,083,569		$	1,768,702
Buildings		5,899,244			5,023,665
Fixtures and tenant improvements		236,167			196,275
Construction in progress		583,235			453,493

		8,802,215			7,442,135
Less accumulated depreciation		(973,316	)		(861,266	)

Real estate, net		7,828,899			6,580,869

Cash		49,700			28,378
Investments in and advances to joint ventures		644,318			291,685
Notes receivable		16,778			18,161
Receivables, including straight-line rent, net		204,725			152,161
Assets held for sale		—			5,324
Other assets, net		168,847			103,175

	$	8,913,267		$	7,179,753


Liabilities:
Indebtedness:
Revolving credit facilities	$	625,000		$	297,500
Unsecured debt		2,624,003			2,218,020
Mortgage and other secured debt		1,955,143			1,733,292

		5,204,146			4,248,812
Dividends payable		88,052			71,269
Other liabilities		297,089			241,556

		5,589,287			4,561,637
Minority interests		115,708			121,933
Shareholders’ equity		3,208,272			2,496,183

	$	8,913,267		$	7,179,753

(A)

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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


	September 30, 2007			December 31, 2006
Land	$	2,373,760		$	933,916
Buildings		6,234,496			2,788,863
Fixtures and tenant improvements		107,653			59,166
Construction in progress		139,153			157,762

		8,855,062			3,939,707
Accumulated depreciation		(363,102	)		(247,012	)

Real estate, net		8,491,960			3,692,695
Receivables, including straight-line rent, net		123,866			75,024
Leasehold interests		14,313			15,195
Other assets		388,030			132,984

	$	9,018,169		$	3,915,898


Mortgage debt (a)	$	5,525,724		$	2,495,080
Notes and accrued interest payable to DDR		8,811			4,960
Other liabilities		199,211			94,648

		5,733,746			2,594,688
Accumulated equity		3,284,423			1,321,210

	$	9,018,169		$	3,915,898

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $1,029.3 million and $525.6 million at September 30, 2007 and December 31, 2006, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)


	Nine-Month			Nine-Month
	Period Ended			Period Ended
	September 30,			September 30,			Year Ended December 31,
	2007			2006			2006			2005			2004			2003
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	192,889	(6)	$	149,898		$	198,095		$	227,474		$	219,056		$	189,056	(6)
Depreciation and Amortization of Real Estate Investments	$	160,819		$	138,072		$	185,449		$	169,117		$	130,537		$	93,173
Equity in Net Income From Joint Ventures	$	(33,887	)	$	(22,956	)	$	(30,337	)	$	(34,873	)	$	(40,896	)	$	(52,917	)
Joint Venture Funds From Operations	$	62,475		$	32,963		$	44,473		$	49,302		$	46,209		$	47,942
Operating Partnership Minority Interest Expense	$	1,706		$	1,601		$	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	$	(19,013	)	$	(11,869	)		($21,987	)	$	(58,834	)	$	(68,179	)	$	(67,352	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	364,988		$	287,709		$	377,809		$	355,102		$	292,335		$	211,672
PREFERRED DIVIDENDS	$	40,367	(6)	$	41,377		$	55,169		$	55,169		$	50,706		$	51,204	(6)

FUNDS FROM OPERATIONS	$	405,356		$	329,086		$	432,978		$	410,271		$	343,041		$	262,877


PER SHARE INFORMATION:
Funds From Operations — Diluted	$	2.97		$	2.59		$	3.41		$	3.21		$	2.95		$	2.51
Net Income — Diluted	$	1.60		$	1.37		$	1.81		$	2.08		$	2.24		$	2.27
Cash Dividends	$	1.98		$	1.77		$	2.36		$	2.16		$	1.94		$	1.69

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		122,795			110,965			110,826			110,700			99,147			84,319

TOTAL MARKET CAPITALIZATION (1)	$	12,671,332		$	10,905,670		$	11,869,415		$	9,781,900		$	8,276,943		$	5,551,748
DEBT TO TOTAL MARKET CAPITALIZATION (1)		41.07	%		37.40	%		35.80	%		39.77	%		32.82	%		37.42	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		54.71	%		53.47	%		54.55	%		52.86	%		45.58	%		48.68	%
DIVIDEND PAYOUT RATIO (1)		66.88	%		67.86	%		68.84	%		66.98	%		67.28	%		66.03	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.59	%(7)		4.96	%		4.80	%		4.55	%		4.94	%		5.35	%

GENERAL AND ADMINISTRATIVE EXPENSES	$	60,304	(7)	$	45,805		$	60,679		$	54,048		$	47,126		$	40,820

REVENUES:
DDR Revenues	$	734,380		$	609,154		$	824,725		$	748,571		$	605,246		$	478,696
Joint Venture Revenues	$	579,403		$	314,845		$	438,885		$	438,103		$	348,740		$	284,158

TOTAL REVENUES (3)	$	1,313,783		$	923,998		$	1,263,610		$	1,186,675		$	953,987		$	762,853


NET OPERATING INCOME:
DDR Net Operating Income	$	548,066		$	455,012		$	615,007		$	555,291		$	453,501		$	356,348
Joint Venture Net Operating Income	$	383,082		$	210,726		$	288,699		$	280,617		$	228,358		$	184,927

TOTAL NET OPERATING INCOME (4)	$	931,148		$	665,738		$	903,706		$	835,907		$	681,859		$	541,274


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	8,802,215		$	7,421,242		$	7,450,693		$	7,029,337		$	5,603,424		$	3,884,911
Joint Venture Real Estate at Cost	$	8,855,062		$	3,741,595		$	3,939,707		$	3,470,112		$	3,165,335		$	2,275,216

TOTAL REAL ESTATE AT COST (5)	$	17,657,278		$	11,162,837		$	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 September 30, 2007 of $722.4 million (includes $139.2 million of CIP included in Joint Ventures, of which $25.7 million represents the Company’s proportionate share), and at December 31, 2006, 2005, 2004, 2003, CIP aggregated $611.2 million, $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 three-month period 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 nine-months ended September 30, 2007

MARKET CAPITALIZATION & FINANCIAL RATIOS


	Nine-Month
	Period Ended
	September 30,			Year Ended December 31,
	2007			2006			2005			2004			2003
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	5,204,146		$	4,248,812		$	3,890,709		$	2,716,426		$	2,077,558
Total Market Capitalization *	$	12,671,332		$	11,869,415		$	9,781,900		$	8,276,943		$	5,551,748

		41.07	%		35.80	%		39.77	%		32.82	%		37.42	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		54.71	%		54.55	%		52.86	%		45.58	%		48.68	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	6,233,438		$	4,774,407		$	4,401,169		$	3,137,184		$	2,446,026
Total Market Capitalization *	$	13,700,624		$	12,395,010		$	10,292,361		$	8,697,701		$	5,920,216

		45.50	%		38.52	%		42.76	%		36.07	%		41.32	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		59.45	%		57.59	%		55.84	%		49.27	%		53.79	%

INTEREST COVERAGE RATIO:
Interest Expense (1)	$	198,145		$	215,438		$	184,281		$	130,447		$	90,162
FFO Before Interest and Preferred Dividends *	$	603,502		$	648,416		$	594,551		$	473,488		$	353,039

		3.05			3.01			3.23			3.63			3.92

DEBT SERVICE COVERAGE RATIO:
Debt Service * (1)	$	221,049		$	247,464		$	217,434		$	152,927		$	101,890
FFO Before Interest and Preferred Dividends *	$	603,502		$	648,416		$	594,551		$	473,488		$	353,039

		2.73			2.62			2.73			3.10			3.46

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges (1)	$	256,011		$	302,632		$	272,603		$	203,633		$	142,385
FFO Before Interest and Preferred Dividends *	$	603,502		$	648,416		$	594,551		$	473,488		$	353,039

		2.36			2.14			2.18			2.33			2.48

DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	247,729		$	260,069		$	237,856		$	196,685		$	146,846
Funds From Operations exclusive of charge associated with preferred stock redemption	$	370,394		$	377,809		$	355,102		$	292,335		$	222,382

		0.67			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 nine-months ended September 30, 2007


	As of
	September 30,			As of December 31,
	2007			2006			2005			2004		2003
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		122,857			108,986			108,948			108,083		86,425
Operating Partnership Units Outstanding		862			872			1,350			1,350		1,129

Total		123,719			109,859			110,298			109,432		87,554
Share Price	$	55.87		$	62.95		$	47.02		$	44.37	$	33.57

Market Value of Common Shares	$	6,912,186		$	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	$	5,204,146	(1)	$	4,248,812	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558

TOTAL MARKET CAPITALIZATION	$	12,671,332		$	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		122,857			108,986			108,948			108,083		86,425
Operating Partnership Units Outstanding		862			872			1,350			1,350		1,129

Total		123,719			109,859			110,298			109,432		87,554
Share Price	$	55.87		$	62.95		$	47.02		$	44.37	$	33.57

Market Value of Common Shares	$	6,912,186		$	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	$	5,204,146	(1)	$	4,248,812	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558
Proportionate Share of JV Debt	$	1,029,292		$	525,595		$	510,460		$	420,758	$	368,468

TOTAL MARKET CAPITALIZATION	$	13,700,624		$	12,395,010		$	10,292,361		$	8,697,701	$	5,920,216


(1)		Includes $314.9 million of consolidated Joint Venture debt at September 30, 2007 (of which $152.3 million represents the Joint Venture partners’ share) and $275.2 million 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 nine-months ended September 30, 2007


	Nine-Month
	Period Ended
	September 30,			Year Ended December 31,
	2007			2006			2005			2004		2003
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	8,802,215		$	7,450,693		$	7,029,337		$	5,603,424	$	3,884,911
Cash and Cash Equivalents	$	49,700		$	28,378		$	30,655		$	49,871	$	111,033
Notes Receivable	$	16,778		$	18,161		$	24,996		$	17,823	$	9,813
Investments in and Advances to Joint Ventures	$	644,318		$	291,685		$	275,136		$	288,020	$	262,072

	$	9,513,011		$	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	$	8,802,215		$	7,450,693		$	7,029,337		$	5,603,424	$	3,884,911
Notes Receivable or Proportionate Share Thereof	$	32,748		$	35,443		$	116,212		$	44,536	$	41,018
Proportionate Share of JV Undepreciated Real Estate Assets	$	1,650,365		$	804,738		$	736,109		$	719,619	$	621,113

	$	10,485,328		$	8,290,874		$	7,881,658		$	6,367,578	$	4,547,043


FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	364,989		$	377,809		$	355,102		$	292,335	$	211,672
Interest Expense	$	203,805		$	222,867		$	186,196		$	130,447	$	90,162
Adjustment to interest expense for consolidated Joint Ventures due to FIN 46		($5,659	)		($7,429	)		($1,915	)	$	0	$	0
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	40,367		$	55,169		$	55,169		$	50,706	$	51,204

	$	603,502		$	648,416		$	594,551		$	473,488	$	353,039


DEBT SERVICE
Interest Expense	$	203,805		$	222,867		$	186,196		$	130,447	$	90,162
Adjustment to interest expense for consolidated Joint Ventures due to FIN 46		($5,659	)		($7,429	)		($1,915	)	$	0	$	0
Recurring Principal Amortization	$	22,904		$	32,026		$	33,154		$	22,480	$	11,728

	$	221,049		$	247,464		$	217,434		$	152,927	$	101,890


FIXED CHARGES
Debt Service	$	221,049		$	247,464		$	217,434		$	152,927	$	101,890
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	34,962		$	55,169		$	55,169		$	50,706	$	40,494

D-42 dividend	$	256,011		$	302,632		$	272,603		$	203,633	$	142,385

Market Capitalization and Financial Ratios 2.2

$12.7 Billion Total Capitalization as of September 30, 2007 Common Shares Equity (2) $6,912.2 54% Perpetual Preferred Stock $555.0 4% Fixed Rate Unsecured Debt $1,774.0 14% Construction Finance $26.4 0% Variable Rate Revolving Credit and Term Debt $575.0 5% Mortgage Debt (3) $1,378.7 11% (1) Figures in millions unless otherwise noted. (2) Market Value ($55.87 per share as of September 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 unconsolidated Joint Venture debt aggregating $1,029.3 million. However it does include 100% of consolidated Joint Venture debt, primarily Mervyns, of which $152.3 million is the Joint Venture partners' share. Fixed Rate, Revolving Credit and Term Debt $600.0 5% Senior Convertible Notes $850.0 7%

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 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 nine-months ended September 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 nine-month period ended September 30, 2007 and for the years ended December 31, 2006, 2005, 2004 and 2003, the Company capitalized interest of $18.7 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 $8.0 million for the nine-month period ended September 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 nine-months ended September 30, 2007

Other Real Estate Information

Total Recurring Capital Expenditures

•

The Company and its joint ventures (at 100%) currently estimate its total recurring annual leasing capital expenditures to be approximately $24.0 million ($0.21 psf of owned GLA) in 2007.

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 amount.

•

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 $97.5 million at September 30, 2007.

Other Real Estate Information 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 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:


	Nine-Month Period
	September 30,
	2007			2006
Total Revenues DDR	$	706,320		$	571,943
Total Revenues DDR Combined Joint Ventures		577,877			306,994
Operating and Maintenance — DDR		(95,460	)		(77,941	)
Real Estate Taxes — DDR		(82,944	)		(66,446	)
Operating and Maintenance and Real Estate Taxes- DDR Combined Joint Ventures		(195,232	)		(101,249	)


Combined NOI	$	910,561		$	633,301


Total Same Store NOI	$	527,675		$	515,789		2.3	%
Property NOI from other operating segments		382,886			117,512


Combined NOI	$	910,561		$	633,301

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 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						Nine-Month Period
	Ended September 30,						Ended September 30,
	2007			2006			2007			2006
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	32,716		$	49,020		$	192,889		$	149,898
Depreciation and Amortization of Real Estate Investments		54,235			47,235			160,819			138,072
Equity in Net Income From Joint Ventures		(6,003	)		(12,868	)		(33,887	)		(22,956	)
Joint Venture Funds From Operations		17,602			13,682			62,475			32,963
Minority Equity Interests (OP Units)		569			534			1,706			1,601
Loss (Gain) on Sales of Real Estate		430			(5,870	)		(19,013	)		(11,869	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	99,549		$	91,733		$	364,989		$	287,709


Preferred dividend charges		10,567			13,792			40,367			41,377

FUNDS FROM OPERATIONS	$	110,116		$	105,525		$	405,356		$	329,086


ADDITIONAL FAS 141 DISCLOSURES:
Below (Above) Market Rent Amortization	$	414		$	337		$	1,087		$	1,131
Pro Rata Share of JV Below (Above) Market Rent Amortization		43			—			14			—

Debt Premium Amortization Income (Expense)	$	1,763		$	2,261		$	5,867		$	6,860
Pro Rata Share of JV Debt Premium Amortization Income (Expense)		(16	)		5			12			15

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 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					Nine-Month Period
	Ended September 30,					Ended September 30,
	2007			2006		2007		2006		Income Statement Caption
Transactional Income Included in FFO
Consolidated
Merchant Building Gains, Net of Tax	$	1,808		$	6,779	$	48,016	$	45,579	Gain on Disposition of Real Estate
Land Sale Gains		2,003			4,482		10,007		6,845	Gain on Disposition of Real Estate

	$	3,811		$	11,261	$	58,023	$	52,424


Transactional Income NOT Included in FFO
Consolidated
(Loss) Gain on Dispositions	$	(120	)	$	2,701	$	5,690	$	8,700	Gain on Disposition of Real Estate
(Loss) Gain on Sales from Discontinued Operations		(310	)		3,169		13,323		3,169	Gain on Disposition of Discontinued Operations

	$	(430	)	$	5,870	$	19,013	$	11,869	FFO Reconciliation


Gain on Sales of Real Estate
Merchant Building Gains, Net of Tax	$	1,808		$	6,779	$	48,016	$	45,579
Land Sale Gains		2,003			4,482		10,007		6,845
(Loss) Gain on Dispositions		(120	)		2,701		5,690		8,700

	$	3,691		$	13,962	$	63,713	$	61,124	Consolidated Income Statement


Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations	$	(310	)	$	3,169	$	13,323	$	3,169	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 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						Nine-Month Period
	Ended September 30,						Ended September 30,
	2007			2006			2007		2006			Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Gain (Loss) on Sales from Discontinued Operations	$	1,790		$	40		$	1,256	$	(1,497	)	Gain (Loss) on Disposition of Real Estate
Land Sales Gains		—			195			2,920		207		Gain on Disposition of Real Estate

	$	1,790		$	235		$	4,176	$	(1,290	)

DDR’s Proportionate Share		358			51			1,003		(341	)
Promoted Income (a)		—			5,483			14,323		5,483

DDR’s Proportionate Share	$	358		$	5,534		$	15,326	$	5,142


Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—		$	21,420		$	1,273	$	21,407		Gain on Disposition of Real Estate
Other (Losses) Gains on Sales		(103	)		(2	)		90,066		30		(Loss) Gain on Disposition of Real Estate

	$	(103	)	$	21,418		$	91,339	$	21,437		FFO Reconciliation

DDR’s Proportionate Share	$	(20	)	$	2,997		$	4,719	$	3,029


(Loss) Gain on Sales of Real Estate
Land Sales Gains	$	—		$	195		$	2,920	$	207
Other (Losses) Gains on Sales		(103	)		(2	)		90,066		30

	$	(103	)	$	193		$	92,986	$	237		(Loss) Gain on Disposition of Real Estate


Gain on Sales of Real Estate From Discontinued Operations
Gain (Loss) on Sales from Discontinued Operations Included in FFO	$	1,790		$	40		$	1,256	$	(1,497	)
Gain on Sales from Discontinued Operations NOT Included in FFO		—			21,420			1,273		21,407

	$	1,790		$	21,460		$	2,529	$	19,910		Gain on Disposition of Discontinued Operations


(a)		Included in gain on disposition of discontinued operations for the nine-months ended September 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. Included in gain on disposition of discontinued operations for the three and nine-months ended September 30, 2006 is DDR’s promoted interest from the disposition of an asset located in Kildeer, IL.

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Joint Venture Investment Summary
(in millions)
as of September 30, 2007


														Promoted
			DDR			Consolidated	Number of							Interest
	Legal Name	Partner(s)	Ownership %			(Yes/No)	Properties			Gross Book Value		Debt		(Yes/No)
1	RVIP LP IIIB	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	86.6	$	60.0	Yes
2	RVIP VII LLC	Prudential Real Estate Advisors (79%)		21.0	%	No		2		$	120.5	$	72.1	Yes
3	RVIP LP VIII	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	33.5	$	23.4	Yes
4	DPG Realty Holdings LLC	Prudential Insurance Co. of America (90%)		10.0	%	No		12		$	130.5	$	10.4	No
5	DDRA Comm. Ctrs Five, L.P.	DRA Advisors (50%)		50.0	%	No		5		$	241.8	$	280.0	No
6	Lennox Town Center LTD.	Casto Properties (50%)		50.0	%	No		1		$	21.1	$	27.0	No
7	Sun Center Limited	Casto Properties (20.55%)		79.45	%	No		1		$	25.9	$	19.6	No
8	Dublin Village	Casto Properties (19.99%)		80.01	%	No		—		$	0.1	$	0.0	No
9	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.3	$	21.0	No
10	Littleton, CO	Poag & McEwen Lifestyle Centers (50%)		50.0	%	No		—		$	1.1	$	0.0	No
11	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	6.8	$	3.7	No
12	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.3	$	0.0	No
13	DDR Markaz II LLC (Kuwait Financial Centre II)	Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%)		20.0	%	No		13		$	203.2	$	150.5	Yes
14	Coventry II DDR Bloomfield LLC	Coventry II Fund (80%)		20.0	%	No		1	*	$	83.3	$	48.0	Yes
15	Coventry II DDR Buena Park LLC	Coventry II Fund (80%)		20.0	%	No		1		$	99.4	$	61.0	Yes
16	Coventry II DDR Fairplain LLC	Coventry II Fund (80%)		20.0	%	No		1		$	28.5	$	16.0	Yes
17	Coventry II DDR Marley Creek LLC	Coventry II Fund (80%)		20.0	%	No		1		$	13.0	$	10.8	Yes
18	Coventry II DDR Merriam Village LLC	Coventry II Fund (80%)		20.0	%	No		1	*	$	30.5	$	18.5	Yes
19	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1	*	$	58.0	$	25.0	Yes
20	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	78.6	$	46.0	Yes
21	Coventry II DDR SM LLC	Coventry II Fund (80%)		20.0	%	No		44		$	147.6	$	117.4	Yes
22	Coventry II DDR Totem Lakes LLC	Coventry II Fund (80%)		20.0	%	No		1		$	40.9	$	21.0	Yes
23	Coventry II DDR Tri County LLC	Coventry II Fund (80%)		20.0	%	No		1		$	210.8	$	168.8	Yes
24	Coventry II DDR Ward Parkway LLC	Coventry II Fund (80%)		20.0	%	No		1		$	62.7	$	36.0	Yes
25	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	26.7	$	19.8	Yes
26	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		9		$	291.9	$	0.0	No
27	DDRTC Core Retail Fund, LLC	TREA Retail Property Portfolio 2006, LLC (TIAA) (85%)		15.0	%	No		66		$	2,951.0	$	1,773.6	Yes
28	Inland-SAU Retail Fund, LLC	Special Account — U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	287.7	$	226.2	No
29	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	158.7	$	110.0	Yes
30	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,468.1	$	968.7	Yes
31	DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.)	Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT) (85.5%)		14.5	%	No		51		$	1,799.7	$	1,105.2	Yes
32	DDR MDT PS LLC (Preferred Equity)	Macquarie DDR Trust (MDT) (100%)		0.0	%	No		6		$	118.4	$	86.0	Yes
33	DDR MDT MV LLC (Mervyns) **	Macquarie DDR Trust (MDT) (49.98%)		50.02	%	Yes		37		$	405.8	$	258.5	Yes
34	Shea & Tatum Assos. LP (Paradise Village) **	Churchill Family Trust (33%)		67.0	%	Yes		1		$	27.7	$	30.0	No

	TOTALS							358		$	9,288.5	$	5,814.2


*		Property is under development

**		Joint Venture is included in consolidated operating results of DDR

Joint Venture Investment Summary 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2007


	RVIP III B						RVIP VIII						Community			Lennox Town			Sun Center
	Deer Park, IL			RVIP VII			Tech Ridge LLC			DPG			Centers Five			Center (2)			Limited (2)			Dublin Village (3)			DOTRS
Real estate assets	$	86.6		$	120.5		$	33.5		$	130.5		$	241.8		$	21.1		$	25.9		$	0.1		$	26.3
Accumulated depreciation		(13.4	)		(18.3	)		(3.4	)		(9.0	)		(46.6	)		(4.7	)		(7.7	)		0.0			(5.4	)

Real estate, net		73.2			102.2			30.1			121.5			195.2			16.4			18.2			0.1			20.9

Receivables, net		1.8			4.7			1.5			1.9			6.3			1.8			0.9			0.0			0.9
Other assets		1.1			7.4			1.9			2.7			5.6			0.9			1.0			0.0			1.3
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	76.1		$	114.3		$	33.5		$	126.1		$	207.1		$	19.1		$	20.1		$	0.1		$	23.1


Mortgage debt	$	60.0		$	72.1		$	23.4		$	10.4		$	280.0		$	27.0		$	19.6		$	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		1.5			16.0			1.4			2.8			3.8			1.3			0.6			0.0			0.6

		61.5			88.1			24.8			13.2			283.9			28.3			20.2			0.1			21.6
Accumulated equity (deficit)		14.6			26.2			8.7			112.9			(76.8	)		(9.2	)		(0.1	)		0.0			1.5
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	76.1		$	114.3		$	33.5		$	126.1		$	207.1		$	19.1		$	20.1		$	0.1		$	23.1


Proportionate share of other assets/liabilities, net	$	0.4			($0.8	)	$	0.5		$	0.2		$	4.0		$	0.7		$	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 nine-month period ended September 30, 2007


	RVIP III B						RVIP VIII						Community			Lennox Town			Sun Center
	Deer Park, IL			RVIP VII			Tech Ridge LLC			DPG			Centers Five			Center (2)			Limited (2)			Dublin Village (3)			DOTRS
Revenues from operations	$	8.8		$	11.6		$	4.7		$	9.7		$	26.8		$	3.6		$	3.6		$	0.0		$	3.0
Rental operation expenses		(3.4	)		(3.4	)		(1.7	)		(2.6	)		(7.7	)		(1.1	)		(0.9	)		(0.0	)		(0.9	)

Net operating income		5.4			8.2			3.0			7.1			19.1			2.5			2.7			0.0			2.1
Depreciation and amortization expense		(1.8	)		(2.1	)		(0.8	)		(2.3	)		(4.5	)		(0.3	)		(0.6	)		0.0			(0.4	)
Interest expense		(2.6	)		(4.1	)		(1.1	)		(0.5	)		(11.7	)		(1.3	)		(1.2	)		(0.0	)		(1.0	)

Income (loss) before gain on sale of real estate		1.0			2.0			1.1			4.3			2.9			0.9			0.9			0.0			0.7
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			0.0			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)	$	3.9		$	2.0		$	1.1		$	4.3		$	2.9		$	0.9		$	0.9		$	0.0		$	0.7
DDR ownership interest		***			***			***			10	%		50	%		***			***			63	%		50	%

	$	2.1		$	0.4		$	0.4		$	0.4		$	1.5		$	0.5		$	0.7		$	(0.0	)	$	0.4
Amortization of basis differential		0.0			(0.2	)		0.0			0.0			0.3			(0.1	)		(0.1	)		0.0			0.1

	$	2.1		$	0.2		$	0.4		$	0.4		$	1.8		$	0.4		$	0.6		$	0.0		$	0.5


Proportionate share of net operating income (4)	$	1.4		$	1.7		$	0.8		$	0.7		$	9.5		$	1.3		$	2.1			($0.0	)	$	1.1

Proportionate share of interest expense (4)	$	0.7		$	0.9		$	0.3		$	0.0		$	5.8		$	0.6		$	0.9		$	0.0		$	0.5


Funds From Operations (“FFO”):

Net income (loss)	$	3.9		$	2.0		$	1.1		$	4.3		$	2.9		$	0.9		$	0.9		$	0.0		$	0.7
Depreciation of real property		1.8			2.1			0.8			2.3			4.5			0.3			0.6			0.0			0.4
(Gain) loss on sale 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		—			—			—			—			—			—			—			—			—

	$	5.7		$	4.1		$	1.9		$	6.6		$	7.4		$	1.2		$	1.5		$	0.0		$	1.1
DDR ownership interest		***			***			***			10	%		50	%		***			***			63	%		50	%

DDR FFO	$	3.0		$	1.6		$	0.8		$	0.7		$	3.7		$	0.6		$	1.2			($0.0	)	$	0.6

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2007


				Jefferson County,			Sansone Group /						Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Littleton, CO (3)			MO			DDRC LLC			DDR Markaz II			Bloomfield			Buena Park			Fairplain Plaza			Marley Creek			Merriam Village
Real estate assets	$	3.1		$	6.8		$	0.3		$	203.2		$	83.3		$	99.4		$	28.5		$	13.0		$	30.5
Accumulated depreciation		0.0			(0.8	)		(0.2	)		(15.2	)		0.0			(5.3	)		(0.6	)		(0.2	)		0.0

Real estate, net		3.1			6.0			0.1			188.0			83.3			94.1			27.9			12.8			30.5

Receivables, net		0.0			0.0			1.0			2.2			0.0			1.6			0.2			(0.0	)		0.0
Other assets		0.2			0.2			3.4			5.1			0.8			1.3			0.4			0.6			0.6
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	3.3		$	6.2		$	4.5		$	195.3		$	84.1		$	97.0		$	28.5		$	13.4		$	31.1


Mortgage debt	$	0.0		$	3.7		$	0.0		$	150.5		$	48.0		$	61.0		$	16.0		$	10.8		$	18.5
Amounts payable to DDR		0.0			3.1			0.0			0.3			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.3			0.4			0.7			(0.4	)		2.6			2.7			0.5			0.1			0.5

		0.3			7.2			0.7			150.4			50.6			63.7			16.5			10.9			19.0
Accumulated equity (deficit)		3.0			(1.0	)		3.8			44.9			33.5			33.3			12.0			2.5			12.1
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	3.3		$	6.2		$	4.5		$	195.3		$	84.1		$	97.0		$	28.5		$	13.4		$	31.1


Proportionate share of other assets/liabilities, net	$	(0.1	)		($0.1	)	$	1.9		$	1.5			($0.2	)	$	0.0		$	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 nine-month period ended September 30, 2007


				Jefferson County,			Sansone Group /						Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Littleton, CO (3)			MO			DDRC LLC			DDR Markaz II			Bloomfield			Buena Park			Fairplain Plaza			Marley Creek			Merriam Village
Revenues from operations	$	0.0		$	0.5		$	0.8		$	16.1		$	0.0		$	10.7		$	2.3		$	0.5		$	0.0
Rental operation expenses		(0.1	)		(0.2	)		0.0			(5.7	)		(0.0	)		(4.8	)		(0.9	)		(0.4	)		(0.0	)

Net operating income		(0.1	)		0.3			0.8			10.4			0.0			5.9			1.4			0.1			(0.0	)
Depreciation and amortization expense		0.0			(0.1	)		0.0			(3.9	)		0.0			(1.5	)		(0.3	)		(0.2	)		0.0
Interest expense		0.0			(0.5	)		0.0			(6.0	)		0.0			(3.1	)		(0.8	)		(0.6	)		0.0

Income (loss) before gain on sale of real estate		(0.1	)		(0.3	)		0.8			0.5			(0.0	)		1.3			0.3			(0.7	)		(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)		($0.1	)		($0.3	)	$	0.8		$	0.5			($0.0	)	$	1.3		$	0.3			($0.7	)		($0.0	)
DDR ownership interest		50	%		50	%		***			20	%		20	%		20	%		20	%		20	%		20	%

		($0.0	)		($0.2	)	$	0.7		$	0.1			($0.0	)	$	0.3		$	0.1			($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			($0.2	)	$	0.5		$	0.2			($0.0	)	$	0.3		$	0.1			($0.1	)		($0.0	)

Proportionate share of net operating income (4)		($0.0	)	$	0.2		$	0.4		$	2.1			($0.0	)	$	1.2		$	0.3		$	0.0			($0.0	)

Proportionate share of interest expense (4)	$	0.0		$	0.2		$	0.0		$	1.2		$	0.0		$	0.6		$	0.2		$	0.1		$	0.0


Funds From Operations (“FFO”):

Net income (loss)		($0.1	)		($0.3	)	$	0.8		$	0.5			($0.0	)	$	1.3		$	0.3			($0.7	)		($0.0	)
Depreciation of real property		0.0			0.2			0.0			3.9			0.0			1.5			0.4			0.2			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		—			—			—			—			—			—			—			—			—

		($0.1	)		($0.1	)	$	0.8		$	4.4		$	0.0		$	2.8		$	0.7			($0.5	)		($0.0	)
DDR ownership interest		50	%		50	%		***			***			20	%		20	%		20	%		20	%		20	%

DDR FFO		($0.0	)	$	0.0		$	0.6		$	1.0			($0.0	)	$	0.6		$	0.1			($0.1	)		($0.0	)

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2007


	Coventry II DDR		Coventry II DDR			Coventry II Service			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Sonae Sierra			DDRTC Core
	Montgomery Farm		Phoenix Spectrum			Holdings LLC			Totem Lakes			Tri-County Mall			Ward Parkway			Westover			Brazil (2)			Retail Fund LLC
Real estate assets	$	58.0	$	78.6		$	147.6		$	40.9		$	210.8		$	62.7		$	26.7		$	291.9		$	2,951.0
Accumulated depreciation		0.0		(4.2	)		(2.9	)		(2.4	)		(5.9	)		(4.2	)		(0.9	)		(27.0	)		(40.9	)

Real estate, net		58.0		74.4			144.7			38.5			204.9			58.5			25.8			264.9			2,910.1

Receivables, net		0.0		5.7			2.9			0.1			4.5			2.6			0.7			11.8			13.9
Other assets		0.6		6.9			17.3			0.6			7.6			0.3			1.1			23.7			122.7
Disproportionate share of equity		—		—			—			—			—			—			—			—			—

	$	58.6	$	87.0		$	164.9		$	39.2		$	217.0		$	61.4		$	27.6		$	300.4		$	3,046.7


Mortgage debt	$	25.0	$	46.0		$	117.4		$	21.0		$	168.8		$	36.0		$	19.8		$	0.0		$	1,773.6
Amounts payable to DDR		0.0		0.0			0.0			0.0			0.0			0.0			0.0			0.0			3.4
Other liabilities		0.0		7.7			3.3			0.9			7.5			2.1			1.4			22.2			48.4

		25.0		53.7			120.7			21.9			176.3			38.1			21.2			22.2			1,825.4
Accumulated equity (deficit)		33.6		33.3			44.2			17.3			40.7			23.3			6.4			278.2			1,221.3
Disproportionate share of equity		—		—			—			—			—			—			—			—			—

	$	58.6	$	87.0		$	164.9		$	39.2		$	217.0		$	61.4		$	27.6		$	300.4		$	3,046.7


Proportionate share of other assets/liabilities, net	$	0.1	$	1.0		$	3.4			($0.0	)	$	0.8		$	0.2		$	0.0		$	6.6		$	13.2

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 nine-month period ended September 30, 2007


	Coventry II DDR			Coventry II DDR			Coventry II Service			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Sonae Sierra			DDRTC Core
	Montgomery Farm			Phoenix Spectrum			Holdings LLC			Totem Lakes			Tri-County Mall			Ward Parkway			Westover			Brazil (2)			Retail Fund LLC
Revenues from operations	$	0.0		$	7.6		$	20.4		$	2.5		$	13.6		$	6.8		$	3.0		$	40.8		$	148.0
Rental operation expenses		(0.0	)		(2.9	)		(8.5	)		(0.9	)		(6.9	)		(3.3	)		(1.6	)		(20.9	)		(43.8	)

Net operating income		(0.0	)		4.7			11.9			1.6			6.7			3.5			1.4			19.9			104.2
Depreciation and amortization expense		0.0			(1.0	)		(3.0	)		(0.5	)		(2.8	)		(0.9	)		(0.2	)		(7.6	)		(46.0	)
Interest expense		0.0			(1.7	)		(8.7	)		(1.2	)		(7.7	)		(1.8	)		(1.0	)		0.0			(60.1	)

Income (loss) before gain on sale of real estate		(0.0	)		2.0			0.2			(0.1	)		(3.8	)		0.8			0.2			12.3			(1.9	)
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			(0.6	)		0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			1.3			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—

Net income (loss)		($0.0	)	$	2.0		$	0.9			($0.1	)		($3.8	)	$	0.8		$	0.2		$	12.3			($1.9	)
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		50	%		15	%

		($0.0	)	$	0.4		$	0.2			($0.0	)		($0.8	)	$	0.2		$	0.0		$	6.0			($0.3	)
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(1.9	)		0.2

	$	0.0		$	0.4		$	0.2			($0.0	)		($0.8	)	$	0.2		$	0.0		$	4.1			($0.1	)

Proportionate share of net operating income (4)		($0.0	)	$	0.9		$	2.4		$	0.3		$	1.3		$	0.7		$	0.3		$	9.9		$	15.6

Proportionate share of interest expense (4)	$	0.0		$	0.3		$	1.7		$	0.2		$	1.5		$	0.4		$	0.2		$	0.0		$	9.0


Funds From Operations (“FFO”):

Net income (loss)		($0.0	)	$	2.0		$	0.9			($0.1	)		($3.8	)	$	0.8		$	0.2		$	12.3			($1.9	)
Depreciation of real property		0.0			1.0			3.2			0.5			2.8			0.9			0.2			7.6			45.9
(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		$	3.0		$	4.1		$	0.4			($1.0	)	$	1.7		$	0.4		$	19.9		$	44.0
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		50	%		***

DDR FFO		($0.0	)	$	0.6		$	0.8		$	0.1			($0.2	)	$	0.3		$	0.1		$	10.0		$	6.8

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2007


																								DDR's
	Inland-SAU			DDR Domestic			TRT DDR			DDR Macquarie Fund			DDR MDT PS			DDR Macquarie			Sold/Acquired					Proportionate
	Retail Fund LLC (2)			Retail Fund I			Venture I GP			LLC			LLC			Management			JVs (5)		Total			Share
Real estate assets	$	287.7		$	1,468.1		$	158.7		$	1,799.7		$	118.4		$	0.0		$	0.0	$	8,855.1		$	1,650.4
Accumulated depreciation		(13.1	)		(11.8	)		(1.8	)		(114.1	)		(3.1	)		0.0			0.0		(363.1	)		(93.5	)

Real estate, net		274.6			1,456.3			156.9			1,685.6			115.3			0.0			0.0		8,492.0			1,556.9

Receivables, net		5.1			10.0			1.7			34.9			3.7			0.0			1.4		123.9			28.3
Other assets		66.8			68.9			5.0			31.0			4.7			5.7			4.9		402.3			83.6
Disproportionate share of equity		—			—			—			—			—			—			—		—			13.9	(6)

	$	346.5		$	1,535.2		$	163.6		$	1,751.5		$	123.7		$	5.7		$	6.3	$	9,018.2		$	1,682.7


Mortgage debt	$	226.2		$	968.7		$	110.0		$	1,105.2		$	86.0		$	0.0		$	0.0	$	5,525.7		$	1,029.3
Amounts payable to DDR		0.3			0.0			0.0			1.2			0.3			0.1			0.0		8.8			2.5
Other liabilities		6.7			23.2			0.4			25.3			2.4			10.4			1.9		199.2			42.5

		233.2			991.9			110.4			1,131.7			88.7			10.5			1.9		5,733.7			1,074.3
Accumulated equity (deficit)		113.3			543.3			53.2			619.8			35.0			(4.8	)		4.4		3,284.5			594.5
Disproportionate share of equity		—			—			—			—			—			—			—		—			13.9	(6)

	$	346.5		$	1,535.2		$	163.6		$	1,751.5		$	123.7		$	5.7		$	6.3	$	9,018.2		$	1,682.7


Proportionate share of other assets/liabilities, net	$	13.0		$	11.1		$	0.6		$	5.9		$	0.0		$	2.4		$	0.9	$	69.4

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 nine-month period ended September 30, 2007


																									DDR's
	Inland-SAU			DDR Domestic			TRT DDR			DDR Macquarie			DDR MDT PS			DDR Macquarie			Sold/Acquired						Proportionate
	Retail Fund LLC (2)			Retail Fund I			Venture I GP			Fund LLC			LLC			Management			JVs (5)			Total			Share
Revenues from operations	$	18.3		$	41.2		$	5.3		$	147.5		$	8.9		$	0.9		$	10.5		$	577.9		$	123.1
Rental operation expenses		(5.3	)		(12.2	)		(1.4	)		(46.5	)		(3.4	)		(0.5	)		(3.5	)		(195.2	)		(43.4	)

Net operating income		13.0			29.0			3.9			101.0			5.5			0.4			7.0			382.7			79.7
Depreciation and amortization expense		(7.4	)		(12.5	)		(1.9	)		(28.1	)		(2.0	)		(0.5	)		(1.8	)		(135.2	)		(26.9	)
Interest expense		(6.7	)		(17.7	)		(2.4	)		(43.6	)		(4.0	)		0.0			(2.1	)		(193.0	)		(37.4	)

Income (loss) before gain on sale of real estate		(1.1	)		(1.2	)		(0.4	)		29.3			(0.5	)		(0.1	)		3.1			54.5			15.4
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		0.0			0.0			0.0			0.0			0.0			0.0			90.1			93.0			18.8
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(0.1	)		(0.7	)		(0.2	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			1.3			2.5			0.6
Disproportionate share of income		—			—			—			—			—			—			—			—			(0.1	)(7)

Net income (loss)	$	(1.1	)	$	(1.2	)	$	(0.4	)	$	29.3		$	(0.5	)	$	(0.1	)	$	94.4		$	149.3		$	34.5
DDR ownership interest		20	%		20	%		10	%		***			***			***			***			***			***

	$	(0.2	)	$	(0.2	)	$	(0.0	)	$	6.9		$	0.2		$	0.0		$	15.0		$	34.5		$	34.5
Amortization of basis differential		0.2			0.0			0.0			0.0			0.0			0.8			0.2			(0.6	)		(0.6	)


	$	(0.0	)	$	(0.2	)	$	(0.0	)	$	6.9		$	0.2		$	0.8		$	15.2		$	33.9		$	33.9

Proportionate share of net operating income (4)	$	2.6		$	5.8		$	0.4		$	14.6		$	0.0		$	0.3		$	1.8		$	79.7

Proportionate share of interest expense (4)	$	1.3		$	3.5		$	0.2		$	6.3		$	0.0		$	0.0		$	0.4		$	37.4


Funds From Operations (“FFO”):

Net income (loss)	$	(1.1	)	$	(1.2	)	$	(0.4	)	$	29.3		$	(0.5	)	$	(0.1	)	$	94.4		$	149.3		$	34.5
Depreciation of real property		7.4			12.5			1.9			28.1			2.0			0.5			2.0			135.5			27.0
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			(91.3	)		(91.3	)		(18.3	)
Disproportionate share of income		—			—			—			—			—			—			—			—			19.3	(8)

	$	6.3		$	11.3		$	1.5		$	57.4		$	1.5		$	0.4		$	5.1		$	193.5		$	62.5

DDR ownership interest		20	%		20	%		10	%		***			***			***			***			***

DDR FFO	$	1.3		$	2.3		$	0.1		$	11.0		$	0.0		$	0.3		$	14.9		$	62.5

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 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 proportionate share of net operating income or interest expense for properties classified as discontinued operations.

(5)		Represents residual Joint Ventures sold to the DDR Macquarie 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 DDR Tri-County Mall, Coventry II DDR Westover and the DDR Macquarie Fund LLC Joint Ventures.

(7)		Adjustments represent the effect of promoted equity structures 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 Joint Venture 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 Section 3.1- Joint Venture Investment Summary, disclosing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Wholly-Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine-Month Period Ended September 30, 2007
(In Millions)


	Nine-Month
	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2007			2006			2005			2004			2003
Acquisitions/Transfers	$	3,018.3	(1)	$	370.2	(4)	$	1,610.8	(6)	$	2,170.8	(9)	$	1,363.6	(11)
Completed Expansions		32.9			73.1			41.6			25.2			26.8
Developments & Construction in Progress		266.5			246.0			246.1			203.8			104.6
Recurring Tenant Improvements & 3rd Party Leasing Commissions		9.5	(2)		11.7			7.5			6.6			6.3
Furniture Fixtures & Equipment		12.4			10.2			10.7	(7)		1.3			1.9

		3,339.6			711.2			1,916.7			2,407.7			1,503.2
Less: Real Estate Sales & Joint Venture Transfers		(1,988.1	)(3)		(289.8	)(5)		(490.8	)(8)		(689.2	)(10)		(422.4	)(12)

Total DDR Net Additions	$	1,351.5		$	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 leasing capital expenditures 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 $99.0 million, the sale to DDR Domestic Retail Fund I Joint Venture of 56 assets with an aggregate cost of $1,229.3 million, the sale to Macquarie DDR Trust Joint Venture of 3 assets with an aggregate cost of $49.5 and the sale of six outparcels.

(4)		Includes the acquisition of three properties located in Pasadena, CA; San Diego, CA and Phoenix, AZ 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 Mervyns portfolio aggregating $1,160.1 million and $409.1 million, respectively, the transfer to DDR from a joint venture 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 proportionate increase in FF&E in 2005 is primarily attributed to certain IT projects, expansion of the 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 12 assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust Joint Venture, the transfer of 12 assets with an aggregate cost of $124.0 million to the DPG Realty Holdings Joint Venture and the transfer of 13 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 cost 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 Suwannee, 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 nine-months ended September 30, 2007

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine-Month Period Ended September 30, 2007
(In Millions)


	Nine-Month
	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2007			2006			2005			2004			2003
Acquisitions/Transfers	$	5,000.6	(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		107.0			139.6	(5)		87.5			38.9			120.1
Recurring Tenant Improvements & 3rd Party Leasing Commissions		9.0	(2)		9.1			6.8			0.6			0.6

	$	5,116.6		$	878.6		$	453.6		$	1,196.8		$	1,352.1
Less: Real Estate Sales and Dispositions		($201.2	)(3)		($409.0	)(6)		($148.8	)(7)		($306.7	)(9)		($781.5	)(11)

Joint Venture Totals	$	4,915.4		$	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, plus the foreign currency impact on the assets owned by Sonae Sierra Brazil BV Sarl.

(2)		The Company estimates recurring leasing capital expenditures of $11.0 million for its joint venture portfolio during 2007.

(3)		Includes the sale of seven shopping centers, with an aggregate cost of $168.0 million, previously owned by a joint venture with Kuwait Financial Centre to the DDR Domestic Retail Fund I and the sale of vacant land at the Techridge, TX 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, OH; Benton Harbor, MI and Orland, IL 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 sf shopping center and 88 acres of land in Bloomfield Hills, MI for the development of a 758,750 sf 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 million, 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, OH shopping center which had an aggregate cost of $30.0 million and the sale of five outparcels at Plaza at Puente Hills, CA, 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, Macquarie DDR Trust’s acquisition of an additional $619.5 million of assets, plus the acquisition of 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, OH and Niles, OH, the sale of an outparcel, the transfer of the Leawood, KS and Suwannee, 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 nine-months ended September 30, 2007

Wholly Owned and Consolidated Acquisitions
for the Nine-Month Period Ended September 30, 2007

Cost

Acquisition

Property Location

GLA(1)

(Millions)

Date

Major Tenants

IRRETI

18,050,190

3,017.7

02/27/07

Portfolio of 222 Properties

Total

18,050,190

$3,017.7

Joint Venture Acquisitions
for the Nine-Month Period Ended September 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	$	2,946.8		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	$	158.7		05/11/07		10.00	%	Dividend Capital Total Realty Trust
DDR Domestic Retail Fund 1		8,893,373	$	1,468.1		06/08/07		20.00	%	The Investors Group
DDR Macquarie LLC (3)		577,433	$	50.4	Various			14.50	%	Macquarie Bank Limited

Total		37,102,566	$	4,912.1


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

(2)		Joint venture with the State of Utah assumed through IRRETI acquisition.

(3)		Acquisition of 3 former IRRETI properties located in Florida.

Consolidated and Joint Venture Acquisitions 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Wholly-Owned and Consolidated Dispositions
for the Nine-Month Period Ended September 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 60 Assets		5,596,167	$	535.1	Various

Total		6,268,865	$	586.9

Joint Venture Dispositions
for the Nine-Month Period Ended September 30, 2007


			Gross Sale				DDR’s			Joint
			Proceeds				Ownership			Venture
Property Location	GLA		(Millions)		Sale Date		Percentage			Partner
Service Merchandise locations		292,972	$	27.2	Various			20.00	%	Coventry II
Overland Park, KS		60,981	$	8.2		6/28/2007		25.75	%	Prudential Real Estate Investors

Total		353,953	$	35.4

Consolidated and Joint Venture Dispositions 4.3

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Wholly-Owned and Consolidated Development Projects
for the Nine-Month Period Ended September 30, 2007


									Estimated
				Estimated		Estimated			Substantial
				Gross Cost		Net Cost			Completion
*Projects in Progress*	GLA			(Millions)		(Millions)			Date		Description	Major Tenants

Ukiah (Mendocino), CA (2)		669,406	(1)	$	113.5	$	101.4			2009	Community Center	To be announced
Homestead, FL		398,759	(1)	$	95.2	$	74.9			2008	Community Center	Kohl’s and additional retail 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, Loehman’s and Ross Dress for Less which are open. Additional retail space to be announced will open in the 4th quarter of 2007. Phase II will be completed in 2009
Tampa (Brandon), FL		370,700	(1)	$	70.7	$	55.5			2009	Community Center	Outback Steakhouse, and additional retail tenants to be announced
Tampa (Wesley Chapel), FL		95,408	(1)	$	17.4	$	13.7			2008	Community Center	Outback Steakhouse, and additional retail tenants to be announced
Atlanta (Douglasville), GA		124,200		$	22.4	$	17.7			2008	Community Center	To be announced
Boise (Nampa), ID		829,975	(1)	$	147.0	$	136.2			2007 — 2008	Community Center	JC Penney (opened 3rd quarter 2007) and other retail tenants to be announced
Chicago (McHenry), IL		454,378	(1)	$	74.3	$	67.1			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, and Ulta (opened 3rd 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 (opened 3rd 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	(3)		2007	Hybrid Center	World Market, Hobby Lobby, Office Max, TJ Maxx, Kirkland’s, DSW and other retail tenants (opened 3rd quarter 2007) and Target, Chico’s, Ann Taylor Loft, Joseph Banks, Talbots, Soma, Coldwater Creek, 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*
Guilford, CT		147,619	(1)	$	43.4	$	41.2			2008	Community Center	To be announced
Atlanta (Union City), GA		200,000		$	47.5	$	31.5			2008	Community Center	To be announced
Chicago (Grayslake), IL (4)		689,799	(1)	$	144.2	$	81.1			2009	Community Center	To be announced
Gulfport, MS		703,379	(1)	$	91.2	$	72.7			2009	Hybrid Center	To be announced
Isabela, PR (5)		290,085	(1)	$	57.1	$	44.7			2009	Community Center	To be announced
Austin (Kyle), TX (2)		778,415	(1)	$	97.2	$	60.0			2009	Community Center	To be announced
San Antonio (Shertz), TX (2)		506,639	(1)	$	50.7	$	26.3			2009	Community Center	To be announced
Toronto (Richmond Hill), Canada (6)		710,000		$	190.7	$	155.7			2011	Mixed-Use	To be announced


Wholly Owned Development Totals		9,780,431		$	1,735.7	$	1,374.7


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

(2)		The asset is being developed with DBI which has a 50% interest.

(3)		Project cost does not include a $22.4 million payment to DBI to purchase its 50% interest in the project.

(4)		The asset is being developed with SKW Grayslake, LLC which has a 50% interest.

(5)		The asset is being developed with AFS Puerto Rico which has a 20% interest.

(6)		The asset is being developed with Rice Commercial Group which has a 50% interest in the project.

Consolidated and Wholly Owned Developments 4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Joint Venture Development Projects
for the Nine-Month Period Ended September 30, 2007


				DDR’s				Estimated		Estimated		DDR’s		Estimated
				Effective			Joint	Gross		Net		Proportionate		Substantial
	Total			Ownership			Venture	Cost		Cost		Cost		Completion
*Projects in Progress*	GLA			Partner			Percentage	(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		831,413	(1)		10.0	%	Coventry II/Trademark Property Company	$	207.5	$	171.2	$	17.1		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		2,821,756						$	779.7	$	553.3	$	113.1


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 nine-months ended September 30, 2007

Development Assets Placed in Service

as of September 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	$	27.3	$	0.0	$	0.0
4th Quarter 2007	$	57.3	$	4.0	$	0.4
Projected Thereafter	$	1,167.9	$	549.3	$	112.7

Total	$	1,374.7	$	553.3	$	113.1

Development Funding Schedule

as of September 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 September 30, 2007	$	623.1	$	22.2	$	71.1	$	91.5	$	184.8
Projected Net Funding During 2007	$	107.2		11.5		18.2		17.7	$	47.4
Projected Net Funding Thereafter	$	644.4		57.5		81.1		182.5	$	321.1

Total	$	1,374.7	$	91.2	$	170.4	$	291.7	$	553.3

Consolidated and Joint Venture Development Delivery and Funding Schedules 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Significant Wholly-Owned and Consolidated
Expansion and Redevelopment Projects
for the Nine-Month Period Ended September 30, 2007


*Projects Completed*

Hamilton, NJ	Expansion of the shopping center to construct a 18,000 sf Old Navy (opened 8/07) and 4,500 sf Bombay Company.

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)	$	32.9

Total Net Cost (Millions)	$	32.9


*Projects in Progress*

Miami (Plantation), FL	Redevelopment of shopping center to include Kohl’s and other junior anchor tenants.

Chesterfield, MI	Sportsman Warehouse, Dollar Galaxy (opened 8/07) and 20,300 sf of small shop retail and additional retail space to be announced.

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

Fayetteville, NC	Reconfigure 18,000 sf of in-line space. Construct multi-tenant outparcel building.

Akron (Stow), OH	Recapture 116,000 sf Kmart and release to junior anchor stores. Create outparcels.

Dayton (Huber Hts.), OH	Expansion of the shopping center to construct a 45,000 sf junior anchor.


Total Gross Cost (Millions)	$	117.4

Total Net Cost (Millions)	$	114.6


*Projects to Commence Construction*

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.

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 nine-months ended September 30, 2007

Summary of Significant Joint Venture Expansion and Redevelopment Projects
for the Nine-Month Period Ended September 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, the relocation of Harkins Theatre (both opened 3rd quarter 2007) for a new Super Target (opened 10/07) 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 (opened 3rd quarter 2007) and redevelopment of the lower level of the mall for several tenants to be announced.
Los Angeles (Lancaster), CA		21.00	%		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 (opened 7/07). Will recapture and redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates.
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 (opened 8/07), and construction of a 13,500 sf multi-tenant outparcel building.
Benton Harbor, MI		20.00	%		Coventry II	Expansion of the existing shopping center to include an 89,000 sf 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 Barry’s (opened 11/06), Staples (scheduled to open 2nd quarter 2008) and additional mid-size anchors and other retail tenants to be announced.
Cincinnati, OH		18.00	%		Coventry II/ Thor Equities	Redevelopment of the former JC Penney store to include Ethan Allen and several other new retail tenants and restaurants to be announced.


Total Gross Cost (Millions)	$	577.1		(1)

Total Net Cost (Millions)	$	549.0		(1)


*Projects to Commence*

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

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2007

Company Features



743		Shopping Centers and Interests in Retail Assets

12		Managed Shopping Centers

45		States
		(Plus Puerto Rico, Brazil, Russia and Canada)

117		Million Sq. Ft. Owned ⁽¹⁾

161		Million Sq. Ft. Owned and Managed ^{(1) (2)}

95.9%		Core Portfolio % Leased ⁽³⁾

788		Total Employees


(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 68.2 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 95.9% leased.

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2007

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2007

Average Annualized Base Rental Rates PSF



	Number of		Total Annualized Base Rent / S.F.
Period Ending	Properties		Total		Shop Space
Sep. 30, 2007		664	$	12.58	$	18.92
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

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2007

Lease Expirations by Year as of September 30, 2007


			Anchor Base Rent									Shop Space Base Rent
			Revenues									Revenues
Year	Leases		($M)		Avg. PSF		% of Revenue			Leases		($M)		Avg. PSF		% of Revenue

2007		11	$	3.0	$	9.71		0.5	%		824	$	34.6	$	20.84		5.7	%
2008		61	$	15.6	$	6.99		2.4	%		1,602	$	74.8	$	17.12		12.4	%
2009		94	$	28.1	$	7.96		4.3	%		1,718	$	83.9	$	17.37		13.9	%
2010		125	$	40.4	$	8.56		6.1	%		1,551	$	82.0	$	18.11		13.6	%
2011		162	$	56.4	$	10.22		8.6	%		1,597	$	96.2	$	19.73		15.9	%
2012		163	$	58.6	$	8.99		8.9	%		1,226	$	80.9	$	19.95		13.4	%
2013		126	$	45.1	$	9.30		6.9	%		384	$	33.8	$	17.75		5.6	%
2014		134	$	51.8	$	9.84		7.9	%		232	$	21.3	$	18.38		3.5	%
2015		102	$	47.2	$	9.34		7.2	%		219	$	21.5	$	18.78		3.6	%
2016		113	$	51.1	$	9.56		7.8	%		202	$	21.1	$	20.30		3.5	%

2007 - 2016 Subtotal		1,091	$	397.3	$	9.17		60.4	%		9,555	$	550.1	$	18.70		91.0	%

Total Rent Roll		1,509	$	658.2	$	9.58		100.0	%		9,925	$	604.6	$	18.74		100.0	%

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2007

Largest Tenants by Owned and Managed GLA ⁽¹⁾


	Total		Total		Owned		Owned		Unowned		Unowned
	Units		GLA (msf)		Units		GLA (msf)		Units		GLA (msf)

1. Wal-Mart / Sam’s Club		106		16.3		46		6.8		60		9.5
2. Target		65		7.8		10		1.3		55		6.5
3. Lowe’s Home Improvement		42		5.4		22		2.8		20		2.6
4. Home Depot		41		4.5		13		1.4		28		3.1
5. Kohl’s		44		3.6		37		3.2		7		0.4
6. T.J. Maxx / Marshalls		96		3.2		96		3.2		0		0.0
7. Mervyns		39		3.1		39		3.0		0		0.1
8. Kmart / Sears		32		2.7		30		2.3		2		0.4
9. Publix Supermarkets		56		2.5		56		2.5		0		0.0
10. PetSmart		103		2.4		102		2.3		1		0.1


(1)		Does not include developments in process.

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2007

Largest Tenants by GLA and Base Rental Revenues ^{(1) (2)}


			% of
	Owned		Total			Credit Ratings		Base Rental		% of Total			Credit Ratings
Major Tenant (units)	GLA		GLA			(S&P/Moody’s)	Major Tenant (units)	Rev. ($M)		Base Rent			(S&P/Moody’s)

1. Wal-Mart / Sam’s Club (46)		5.0		7.4	%	AA / Aa2	1. Wal-Mart / Sam’s Club (46)	$	32.1		4.4	%	AA / Aa2
2. Lowe’s Home Improvement (22)		2.2		3.3	%	A+ / A2	2. PETsMART (102)	$	14.3		2.0	%	BB / Ba2
3. Kmart / Sears (30)		1.8		2.7	%	BBB / Ba1	3. Lowe’s Home Improvement (22)	$	14.2		2.0	%	A+ / A2
4. T.J. Maxx /Marshall’s (96)		1.6		2.3	%	A / A3	4. T.J. Maxx /Marshalls (96)	$	13.8		1.9	%	A / A3
5. Mervyns (39)		1.5		2.2	%	NR / NR	5. Bed Bath & Beyond (60)	$	11.8		1.6	%	BBB / NR
6. Kohl’s (37)		1.4		2.1	%	BBB+ / A3	6. Circuit City (41)	$	11.1		1.5	%	NR / NR
7. PETsMART (102)		1.1		1.7	%	BB / Ba2	7. Tops Markets (29)	$	10.2		1.4	%	BB+ / Ba1
8. Home Depot (13)		1.0		1.6	%	BBB+ / Aa3	8. Kohl’s (37)	$	9.8		1.4	%	BBB+ / A3
9. Kroger (39)		1.0		1.5	%	BBB- / Baa2	9. Michael’s (74)	$	9.8		1.3	%	B- / B2
10. Target (10)		1.0		1.5	%	A+ / A1	10. Eckerd Drug (40)	$	9.8		1.3	%	NR / NR

Subtotal 1-10		17.6		26.4	%		Subtotal 1-10	$	136.8		18.8	%

Total Portfolio		66.8		100.0	%		Total Portfolio	$	726.5		100.0	%


(1)		Does not include developments in process.

(2)		Based on pro rata ownership of Joint Venture properties.

Portfolio Summary 5.0

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Consolidated Debt
as of September 30, 2007


		Mortgage			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
SENIOR DEBT:

Unsecured Credit Facilities:
$1.2 Billion Revolving Credit Facility		$	625,000	(2)		06/10		5.814
$60 Million Revolving Credit Facility			0			06/10	NA

Secured Credit Facility:
$550 Million Term Loan			550,000	(3)		02/11		5.713

Total Term and Credit Facility Debt			1,175,000

PUBLIC DEBT:
Medium Term Notes	F		2,000			12/07		6.960
Medium Term Notes	F		99,991			01/08		6.625
Medium Term Notes	F		274,695			01/09		3.875
Medium Term Notes	F		199,800			05/10		5.000
Medium Term Notes	F		299,809			07/10		4.625
Medium Term Notes	F		249,461			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		348,790			10/12		5.375
Medium Term Notes	F		199,457			05/15		5.500
Medium Term Notes	F		100,000			07/18		7.500

Total Public Debt			2,624,003

MORTGAGE DEBT:
Route 22 Retail SC, Union, NJ	F		10,660			01/08		7.490
440 Commons, Jersey City, NJ	F		9,875			02/08		4.510
Tupelo, MS	F		10,932			03/08		4.410
Jacksonville, FL	F		6,273			03/08		4.410
Solon, OH	F		15,144			03/08		4.410
N. Charleston, SC	F		10,843			03/08		4.410
Walker, MI	F		7,975			03/08		4.410
Mt. Pleasant, SC	F		7,348			03/08		4.410
Meridian, ID	F		23,746			03/08		4.410
Birmingham, AL	F		25,718			03/08		4.410
Wilmington, NC	F		19,714			03/08		4.410
Durham, NC	F		6,721			03/08		4.410
DDR MDT MV, LLC	V		45,923	(6)		10/08		5.844
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		6.624
Schertz, TX	V		6,480	(7)		01/09		6.624
Silver Springs, MD (Tech 29-1)	F		6,416			02/09		7.330
Middletown Village, Middletown, RI	F		10,000			02/09		4.531

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Consolidated Debt
as of September 30, 2007 (con’t)

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate (1)

Abernathy Square, Atlanta, GA

13,392

03/09

6.285

Shoppes at Wendover Village, Greensboro, NC

5,450

06/09

4.222

Leawood, KS

48,157

07/09

7.310

Mill Pond Village, Cary, NC

8,500

07/09

4.758

Adams Farm, Greensboro, NC

6,700

08/09

4.652

Martinsville, VA

19,257

12/09

8.460

Plant City Crossing, Plant City, FL

5,900

05/10

4.700

Brick Ctr Plaza, Brick, NJ

10,300

06/10

4.375

Windsor Court SC, Windsor, CT

8,015

06/10

4.390

Edgewater Town Ctr, Edgewater, NJ

14,000

06/10

4.685

Valley Park Commons, Hagerstown, MD

6,770

07/10

4.440

East Hanover Plaza, East Hanover, NJ

9,280

07/10

4.685

Sony Theatre, East Hanover, NJ

6,445

07/10

4.685

Oakley Plaza, Asheville, NC

5,175

08/10

4.290

Deer Valley — Phoenix, AZ

17,021

09/10

8.010

Capital Crossing, Raleigh, NC

5,478

09/10

4.300

Downtown Short Pump, Richmond, VA

18,480

09/10

4.900

DDR MDT MV, LLC

212,550

(6)

10/10

5.211

Tequesta Shops Plaza, Tequesta, FL

5,200

10/10

5.300

Shops on the Circle, Dothan, AL

11,606

11/10

7.920

Big Flats, NY (Big Flats I)

7,068

12/10

8.011

Plattsburgh, NY

6,901

12/10

8.000

Denbigh Village, Newport News, VA

11,457

12/10

4.940

Camfield Corners, Charlotte, NC

5,150

12/10

5.040

Erie, PA

24,789

04/11

6.884

Erie, PA

2,862

04/11

6.884

Boardman, OH

25,746

04/11

6.884

St. Louis, MO (Sunset)

33,376

04/11

6.884

St. Louis, MO (Brentwood)

24,789

04/11

6.884

Denver, CO (Centennial)

37,187

04/11

6.884

Indian Train, NC (Union TC Ph I)

6,760

10/11

7.000

Gates, NY (Westgate)

24,214

10/11

7.240

Ashtabula, OH

6,732

12/11

7.000

Phoenix, AZ (Paradise Valley)

30,000

(8)

03/12

5.385

Denver, CO (Univ Hills)

27,350

07/12

7.300

St. Louis, MO (Gravois)

892

07/12

8.625

N. Charleston, SC

10,303

07/12

7.370

Cortez Plaza, Bradenton, FL

12,784

07/12

7.150

Duvall Village, Bowie, MD

8,681

10/12

7.040

Walgreen’s — Rockford, IL

3,223

11/12

4.863

Walgreen’s — Dearborn Hts, MI

3,550

11/12

4.863

Walgreen’s — Livonia, MI

2,477

11/12

4.863

Mooresville, NC

23,266

12/12

6.930

Big Flats, NY (Big Flats IV)

914

01/13

7.600

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Consolidated Debt
as of September 30, 2007 (con’t)


		Mortgage		Maturity		Interest
		Balance(000’s)		Date		Rate (1)
Big Flats, NY (Big Flats II & III)	F	$	3,572		01/13		8.010
Buffalo, NY (Delaware Commons)	F		896		01/13		6.960
Walgreen’s — Oshkosh, WI	F		2,817		02/13		4.863
Walgreen’s — Westland, MI	F		2,625		03/13		4.863
Victor, NY (Victor Square)	F		6,429		04/13		5.800
Mays Landing, NJ (Wrangleboro)	F		46,458		05/13		6.990
Beachwood, OH	F		2,897		07/13		7.640
W. Long Branch, NJ (Monmouth)	F		11,625		07/13		8.570
Englewood, FL (Rotonda)	F		1,663		07/13		5.800
Reno, NV	V		3,416		02/15		9.000
Olean, NY	F		4,145		07/15		8.995
Mays Landing, NJ (Hamilton)	F		13,084		09/15		4.700
Columbus, OH (Consumer II West)	F		13,178		11/15		10.188
Amherst, NY (Kmart/Blvd Cons. II)	F		10,937		11/15		7.850
Lockport, NY (Wal-Mart/Tops)	F		11,389		01/16		8.000
Merriam, KS (TIF)	F		5,975		02/16		6.900
Rome, NY (Freedom)	F		3,963		09/16		7.850
Amherst, NY (Tops Transit + French)	F		4,658		12/16		7.680
Cheektowaga, NY (Wal-Mart Thruway)	F		4,463		10/17		6.780
Ithaca, NY	F		17,433		01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		12,256		07/18		5.670
Niskayuna, NY (Mohawk)	F		22,662		12/18		5.750
Henderson, TN	F		8,260		01/19		7.660
Spring Hill, FL	F		4,802		09/19		9.750
Cedar Rapids, IA	F		9,124		01/20		9.375
Plainville, CT	F		6,845		04/21		7.125
Allentown, PA	F		16,847		07/21		6.950
Bayamon, PR (Rio Hondo)	F		55,053		05/28		7.180
San Juan, PR (Senorial Plaza)	F		14,296		05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,613		05/28		7.180
Arecibo, PR (Atlantico)	F		14,385		05/28		7.180



Total Mortgage Debt			1,405,143


Total Consolidated Debt		$	5,204,146


						Wtd. Avg.
				Wtd. Avg. Maturity		Interest Rate

Fixed Rate		$	4,553,407	4.14 years			5.1	%
Variable Rate		$	650,739	2.57 years			5.9	%

		$	5,204,146	3.94 years			5.2	%

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Consolidated Debt
as of September 30, 2007 (con’t)


CUMULATIVE REDEEMABLE PREFERRED SHARES	Outstanding Amount		First Call Date
Class G - 8.0%	$	180,000	March 28, 2008
Class H - 7.375%	$	205,000	July 28, 2008
Class I - 7.5%	$	170,000	May 7, 2009

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 $10.2 million, net is offset by approximately $7.8 million of annualized fair market value adjustments 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 0.476 % at September 30, 2007 resulting in a fixed rate of 5.418% 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%. Secured term loan debt of $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. Secured term loan debt of $100 million has been converted to a fixed rate of 5.515% until February 20, 2012. The weighted average rate of all tranches, reflecting the rates fixed by interest rate swaps is 5.713%.

	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.

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Joint Venture Debt
as of September 30, 2007

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III B

Deer Park, IL

60,000

10/11

5.590

RVIP VII

72,120

(1)

04/08

Libor + 95

RVIP VIII

23,356

01/09

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

5,488

05/17

7.630

Tonawanda, NY

4,899

06/21

7.660

DDRA Community Centers Five

280,000

(2)

08/10

5.295

Lennox Town Center Limited

1,000

06/17

6.440

Columbus, OH

26,000

06/17

5.640

Sun Center Limited

6,020

05/11

5.420

Columbus, OH

13,590

04/11

8.480

DOTRS LLC

Macedonia, OH

21,000

08/11

6.050

Jefferson County Plaza, LLC

Arnold, MO

3,749

08/08

Libor + 175

DDR Markaz II

150,480

(3)

11/14

5.147

Coventry II DDR Bloomfield

48,000

12/07

Libor + 110

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

Coventry II DDR Fairplain

16,000

12/07

Libor + 95

Coventry II DDR Marley Creek

10,750

07/10

Libor + 125

Coventry II DDR Merriam Village

18,539

06/08

Libor + 150

Coventry II DDR Montgomery Farm

25,000

07/10

Libor + 150

Coventry II DDR Phoenix Spectrum

46,000

01/09

Libor + 70

Coventry II DDR SM

84,725

01/08

Libor + 70

32,695

01/08

Libor + 195.7

Coventry II DDR Totem Lakes

21,000

12/07

Libor + 110

Coventry II DDR Tri County

156,931

02/15

5.655

11,919

02/15

10.304

Coventry II DDR Ward Parkway

36,000

08/08

Libor + 125

Coventry II DDR Westover Marketplace

19,845

07/09

Libor + 125

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Joint Venture Debt

as of September 30, 2007 (con’t)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDRTC Core Retail Fund, LLC

DDRTC Holdings Pool 1, LLC

736,559

(4)

03/17

5.4475

DDRTC Holdings Pool 3, LLC

555,034

(5)

03/12

5.480

DDRTC Holdings Pool 5, LLC

197,300

(6)

02/10

Libor + 65

DDRTC Holdings Pool 6, LLC

Walks at Highwood Preserve I & II

3,700

05/09

4.372

Aiken Exchange

7,350

05/09

4.372

Oak Summit

8,200

06/09

4.272

Wytheville Commons

5,590

06/09

4.302

Heritage Pavilion

21,500

07/09

4.460

Columbiana Station

25,900

05/10

4.040

Warwick Center

16,939

06/10

4.130

Fayette Pavilion I & II

53,250

07/10

5.620

North Hill Commons

2,475

11/10

5.240

Cox Creek Shopping Center

14,464

03/12

7.090

Cypress Trace

16,000

04/12

5.000

Waterfront Marketplace

29,568

08/12

6.350

Waterfront Town Center

38,954

08/12

6.350

Creeks at Virginia Center

26,289

08/12

6.370

Willoughby Hills Shopping Center

14,480

06/18

6.980

Inland SAU Retail Fund, LLC

Blockbuster

993

10/10

4.890

Cascade Crossing

4,954

10/10

4.890

Hickory Flat Village

8,689

10/10

4.890

Flat Shoals Crossing

6,063

10/10

4.760

Deshon Plaza

6,038

10/10

4.760

Shops at John’s Creek

2,762

10/10

4.890

Waynesboro Commons

3,178

10/10

4.890

Brookhaven

10,397

12/10

4.890

Lewandowski Commons

12,465

03/11

5.770

South Square

12,597

10/12

5.060

North Hampton Market (Phase I & II)

10,501

10/12

5.080

The Point

15,800

10/12

5.640

Oakland Market Place

3,560

10/12

5.040

Crossroads Square

4,869

12/12

5.310

Cascade Corners

3,979

12/12

5.420

Hilander Village

9,404

12/12

5.410

Glenlake Plaza

8,234

12/12

5.440

Broadmoor Plaza

11,048

12/12

5.440

Milan Plaza

2,161

12/12

5.490

West Towne Commons

4,797

12/12

5.440

American Way

6,662

12/12

5.440

Kroger Junction

3,827

12/12

5.440

Kroger Plaza

1,806

12/12

5.440

Willowbrook Commons

6,998

03/13

5.410

Shoppes at Wendover II

14,382

04/13

5.060

Harper Hill Commons

10,350

04/13

5.790

Plaza at Carolina Forest

14,203

05/13

5.970

Alexander Pointe

5,129

08/13

5.920

Patterson Place

20,338

12/13

5.670

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Summary of Joint Venture Debt

as of September 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		11,265			01/13		5.870
Boynton Beach, FL (Meadows Square)	F		3,571			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)
$305 Million Revolving Credit Facility	V		229,900	(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		4,574			03/22		7.070
Joann Transit	F		2,660			08/13		6.250
New Hartford Consumer Square	F		32,789			11/18		5.750
Birmingham, AL (Riverchase)	F		7,661			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		$	5,525,724


					Wtd. Avg.		Wtd. Avg.
					Maturity		Interest Rate

Total Joint Venture Debt:
Fixed Rate		$	4,518,515		6.14 years			5.3%
Variable Rate		$	1,007,208		1.61 years			6.0%


		$	5,525,724		5.31 years			5.5%


DDR’s Proportionate Share:
Fixed Rate		$	860,927
Variable Rate		$	168,365

		$	1,029,292

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine-months ended September 30, 2007

Notes:


(1) Encumbers two shopping center properties located in California.

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

(3) Encumbers thirteen shopping center properties as follows:
	Orchard Park, NY	Warsaw, NY		Chillicothe, OH
	Rochester, NY	Leroy, NY		Loganville, GA
	Cheektowaga, NY	Jamestown, NY		Oxford, MS
	Amherst, NY	Ontario, NY		Goodlettsville, TN
	Irondequoit, NY

(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)
	Suwannee Crossroads (Suwannee, 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 nine-months ended September 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 ten shopping center properties as follows:
	Canton, OH	St. Paul, MN		North Olmsted, OH
	Brentwood, TN	Monaca, PA		Coon Rapids, MN
	Merriam, KS	Plant City, FL		Winter Park, FL
	Apopka, FL

(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 nine-months ended September 30, 2007

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities
as of September 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	$	7,625	$	267,308	$	144,586	$	382,662	$	202,481	$	117,254	$	85,313	$	19,409	$	29,676	$	20,468	$	101,960	$	1,378,743

Construction Loans		0		19,920		6,480		0		0		0		0		0		0		0		0		26,400

Public Debt		2,000		99,991		274,695		499,609		499,461		948,790		0		0		199,457		0		100,000		2,624,003


Subtotal		9,625		387,219		425,761		882,271		701,942		1,066,044		85,313		19,409		229,133		20,468		201,960		4,029,146

Revolving Credit Facilities & Term Loans ⁽¹⁾		0		0		0		625,000		550,000		0		0		0		0		0		0		1,175,000

Total Consolidated Debt	$	9,625	$	387,219	$	425,761	$	1,507,271	$	1,251,942	$	1,066,044	$	85,313	$	19,409	$	229,133	$	20,468	$	201,960	$	5,204,146


JOINT VENTURE DEBT

Total JV Debt	$	87,955	$	605,031	$	316,628	$	1,210,073	$	149,265	$	852,618	$	184,089	$	159,910	$	157,970	$	7,369	$	1,794,814	$	5,525,724

DDR’s Proportionate Share		12,715		103,696		51,353		282,361		49,391		133,010		18,799		31,533		28,156		1,029		317,248		1,029,292


Total Consolidated Debt & Proportionate Share JV Debt	$	22,341	$	490,916	$	477,114	$	1,789,632	$	1,301,334	$	1,199,053	$	104,112	$	50,942	$	257,289	$	21,497	$	519,208	$	6,233,438


		Notes:

(1)		Balance at September 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 nine-months ended September 30, 2007

Investor Information

Research Coverage


Banc of America Securities
Christine McElroy		(212) 847-5658

Citigroup Smith Barney
Jonathan Litt		(212) 816-0231
Ambika Goel		(212) 816-6981

Deutsche Bank Securities
Lou Taylor		(212) 250-4912
Christeen Kim		(415) 617-4221

Goldman Sachs
Jay Habermann		(917) 343-4260

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
David Toti		(212) 526-2002

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
Lindsay Schroll		(212) 713-3402

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 l28354aexv99w3.htm EX-99.3 EX-99.3

Exhibit 99.3

Property List
as of
September 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 Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		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), LOWE’S(2023), STEIN MART(2011), OFFICE MAX(2011), MICHAEL’S(2009), HOMEGOODS(2016), BOOKS-A-MILLION(2010), ROSS DRESS FOR LESS(2014)

2		BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD	Birmingham		1989/1999		1995		100.00	%		300,280		454,110		1,349,861	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		2,701,215	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		1,815,432	MARSHALLS(2008), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED)

5		CULLMAN, AL	LOWE’S HOME IMPROVEMENT — CULL 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		1,663,363	OLD NAVY(2010), T.J. MAXX(2010), OFFICE MAX(2016)

8		FLORENCE, AL	COX CREEK SHOPPING CENTER (TIA 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	Gadsen		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		5,187,662	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 OP	Opelika		1995		2003		100.00	%		306,224		306,224		1,508,645	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		456,246	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		1,681,254	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		1997		50.00	%		647,883		686,414		10,374,455	JO-ANN STORES(2010), BEST BUY(2014), AMC THEATRE(2021), BASSETT FURNITURE(2010), ASHLEY FURNITURE HOMESTORE(2011), BARNES & NOBLE(2012), BABIES R US(2012), STEIN MART(2011), 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		686,664	MERVYN’S(2020)

16		MESA, AZ(SUPERS)	SUPERSTITION SPRINGS CENTER 6505 E SOUTHERN AVENUE	Phoenix		1990		2005		50.00	%		86,858		86,858		1,174,612	MERVYN’S(2020)

17		PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD	Phoenix		1995		1996		50.00	%		346,428		416,606		4,581,701	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		1,195,868		6,631,877	WAL-MART(2023), COSTCO WHOLESALE(2020), ROSS DRESS FOR LESS(2013), PETSMART(2019), J.C. PENNEY(2037), HARKINS THEATRE(2022), DILLARD’S(NOT OWNED)

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), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

20		PHOENIX, AZ(DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD	Phoenix		1979		2005		50.00	%		81,009		81,009		835,441	MERVYN’S(2020)

Page 1 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
21		PHOENIX, AZ(PARADISE)	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.	Phoenix		1997/2004		2003		67.00	%		223,658		295,317		4,545,951	BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2012), PETSMART(2015), STAPLES(2010), ALBERTSON’S(2016)

22		PHOENIX, AZ(SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD	Phoenix		1994		2005		50.00	%		76,214		76,214		872,896	MERVYN’S(2020)

23		TUCSON, AZ	SANTA CRUZ PLAZA 3660 SOUTH 16TH AVENUE	Tucson		1982		2005		50.00	%		76,126		76,126		523,321	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		3,021,311	T.J. MAXX(2011), BEST BUY(2017), GOODY’S(2013), OLD NAVY(2010), BED BATH & BEYOND(2009), HOME DEPOT(NOT OWNED), WAL-MART SUPER CENTER(NOT OWNED)

25		FAYETTEVILLE, AR(STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR	Fayetteville		2003		2003		14.50	%		50,314		261,665		1,012,525	KOHL’S(2022), 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		1,882,883	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		1,722,524	HOBBY LOBBY(2016), STAGE(2010), J.C. PENNEY(2012), BELK(2021)

	California

28		ANAHEIM, CA	ANAHEIM HILLS FESTIVAL CENTER 8100 E SANTA CANYON ROAD	Los Angeles		1992		2005		50.00	%		77,883		77,883		1,327,550	MERVYN’S(2020)

29		ANTIOCH, CA	COUNTY EAST SHOPPING CENTER 2602 SOMERSVILLE ROAD	Sacramento		1970		2005		50.00	%		75,339		75,339		1,204,783	MERVYN’S(2020)

30		BUENA PARK, CA (MALL & ENT)	BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK	Los Angeles		1965		2004		20.00	%		724,104		1,131,767		9,774,038	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), SEARS(NOT OWNED), WALMART(NOT OWNED)

31		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)

32		CHINO, CA	CHINO TOWN SQUARE SHOPPING 5517 PHILADELPHIA	Los Angeles		1986		2005		50.00	%		81,282		81,282		887,461	MERVYN’S(2020)

33		CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVENUE	Fresno		1988		2005		50.00	%		75,088		75,088		728,280	MERVYN’S(2020)

34		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)

35		EL CAJON, CA	WESTFIELD SHOPPING TOWN 565 FLETCHER PARKWAY	San Diego		1989		2005		50.00	%		85,744		85,744		1,278,652	MERVYN’S(2020)

36		FAIRFIELD, CA	WESTFIELD SOLANO MALL 1451 GATEWAY BLVD.	San Francisco		1981		2005		50.00	%		89,223		89,223		1,658,388	MERVYN’S(2020)

37		FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET	Sacramento		2003		2005		50.00	%		79,080		79,080		1,177,733	MERVYN’S(2020)

38		FOOTHILL RANCH, CA	FOOTHILLS RANCH TOWN CENTRE 26732 PORTOLA PARKWAY	Los Angeles		1993		2005		50.00	%		77,934		77,934		1,071,612	MERVYN’S(2020)

39		GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD.	Los Angeles		1982		2005		50.00	%		83,746		83,746		767,815	MERVYN’S(2020)

40		LANCASTER, CA (DISCOUNT)	VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY	Los Angeles		1990		2000		20.00	%		353,483		483,787		3,980,787	WAL-MART(2010), MARSHALL’S(2012), CIRCUIT CITY(2011), STAPLES(2008), CINEMARK(2017), 99 CENTS ONLY(2014), COSTCO(NOT OWNED)

41		LOMPAC, CA	MISSION PLAZA 1600 N H STREET	Los Angeles		1992		2005		50.00	%		62,523		62,523		357,898	MERVYN’S(2020)

Page 2 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
42		LONG BEACH, CA (PIKE)	THE PIKE 95 SOUTH PINE AVE	Los Angeles		2005		*1		100.00	%		260,513		294,052		3,901,216	CINEMARK(2008), BORDERS(2016), CLUB V2O(2019)

43		MADERA, CA	MADERA 1467 COUNTRY CLUB DRIVE	Fresno		1990		2005		50.00	%		59,720		59,720		204,959	MERVYN’S(2020)

44		NORTH FULLERTON, CA	NORTH FULLERTON 200 IMPERIAL HIGHWAY	Los Angeles		1991		2005		50.00	%		76,360		76,360		787,583	MERVYN’S(2020)

45		NORTHRIDGE, CA	NORTHRIDGE PLAZA 8800 CORBIN AVE	Los Angeles		1980		2005		50.00	%		75,326		75,326		553,493	MERVYN’S(2020)

46		OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE	San Diego		2000		2000		100.00	%		80,375		80,375		1,261,696	REGAL CINEMAS(2021)

47		PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W RANCHO VISTA BLVD	Los Angeles		1992		2005		50.00	%		76,550		76,550		845,845	MERVYN’S(2020)

48		PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD	Los Angeles		2001		2003		100.00	%		556,961		556,961		11,589,880	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)

49		PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101	San Francisco		1999/2000		2001		20.00	%		345,930		345,930		7,097,225	SAVE MART(2020), MICHAEL’S(2010), BORDERS(2015), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2010), CENTURY THEATRE(2016)

50		PORTERVILLE, CA	PORTERVILLE MARKET PLACE 1275 WEST HENDERSON AVENUE	Bakersfield		1991		2005		50.00	%		76,378		76,378		525,402	MERVYN’S(2020)

51		REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE	San Francisco		1984		2005		50.00	%		61,363		61,363		632,563	MERVYN’S(2020)

52		RICHMOND, CA(HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE	San Francisco		1996/2000		2002		20.00	%		245,774		245,774		3,788,040	OFFICE MAX(2011), PETSMART(2012), ROSS DRESS FOR LESS(2013), BARNES & NOBLE(2011), CIRCUIT CITY(2017), CENTURY THEATRE(2016)

53		SAN DIEGO, CA	SOUTHLAND PLAZA SHOPPING 575 SATURN BLVD.	San Diego		1982		2005		50.00	%		75,207		75,207		1,034,158	MERVYN’S(2020)

54		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)

55		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)

56		SANTA MARIA, CA	TOWN CENTER WEST SHOPPING 201 TOWN CENTER WEST	Los Angeles		1988		2005		50.00	%		84,886		84,886		778,219	MERVYN’S(2020)

57		SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA	San Francisco		1981		2005		50.00	%		90,348		90,348		1,557,479	MERVYN’S(2020)

58		SLATTEN RANCH, CA	SLATTEN RANCH SHOPPING CENTER 5849 LONE TREE WAY	San Francisco		2002		2005		50.00	%		78,819		78,819		1,354,601	MERVYN’S(2020)

59		SONORA, CA	SONORA CROSSROAD SHOPPING 1151 SANGUINETTI ROAD	San Francisco		1993		2005		50.00	%		62,214		62,214		748,048	MERVYN’S(2020)

60		TULARE, CA	ARBOR FAIRE SHOPPING CENTER 1675 HILLMAN STREET	Fresno		1991		2005		50.00	%		62,947		62,947		577,422	MERVYN’S(2020)

61		UKIAH, CA	UKIAH 437 NORTH ORCHARD AVENUE	San Francisco		1990		2005		50.00	%		58,841		58,841		337,090	MERVYN’S(2020)

62		VALENCIA, CA	MERVYNS VALENCIA 24235 MAGIC MOUNTAIN PKWY	Los Angeles		1986		2006		100.00	%		75,590		75,590		970,020	MERVYN’S(2035)

63		WEST COVINA, CA	WEST COVINA SHOPPING CENTER 2753 E. EASTLAND CTR DR	Los Angeles		1979		2005		50.00	%		79,800		79,800		1,576,206	MERVYN’S(2020)

Page 3 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
	Colorado
64		AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER	Denver		2003		2003		14.50	%		127,215		479,541		2,434,816	BED BATH & BEYOND(2012), OFFICE DEPOT(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

65		BROOMFIELD, CO (FLATIRON GARD)	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE	Denver		2001		2003		100.00	%		252,035		421,447		4,915,535	NORDSTROM RACK(2011), LINENS ‘N THINGS(2017), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(NOT OWNED)

66		DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD	Denver		1997/2002		1997		100.00	%		408,337		529,488		7,102,914	GOLFSMITH GOLF CENTER(2012), SOUNDTRACK(2017), ROSS DRESS FOR LESS(2013), OFFICE MAX(2012), MICHAEL’S(2012), TOYS R US(2011), BORDERS(2017), LOEHMANN’S(2012), RECREATIONAL EQUIPMENT(NOT OWNED), HOME DEPOT(NOT OWNED)

67		DENVER, CO (TAMARAC)	TAMARAC SQUARE 7777 E. HAMPDEN	Denver		1976		2001		100.00	%		174,780		196,580		2,032,600	REGENCY THEATRES TAMARAC SQ.(2008)

68		DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD	Denver		1997		2003		100.00	%		244,383		244,383		4,233,515	LINENS ‘N THINGS(2013), PIER 1 IMPORTS(2014), OFFICE MAX(2012), 24 HOUR FITNESS(2021), KING SOOPERS(2017)

69		FORT COLLINS, CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.	Fort Collins		2004		2003		100.00	%		18,988		316,420		427,650	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)

70		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)

71		LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE	Denver		2002		*1		100.00	%		231,450		255,184		6,352,517	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)

72		PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD	Denver		2003		2003		14.50	%		89,631		409,897		1,466,975	OFFICE DEPOT(2016), WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)

73		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

74		MANCHESTER, CT	MANCHESTER BROAD STREET 286 BROAD STREET	Hartford		1995/2003		2007		100.00	%		68,509		68,509		1,019,564	STOP & SHOP(2028)

75		PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9	Hartford		1999/2001		*1		14.50	%		463,394		566,537		6,113,858	LOWE’S(2019), LOEW’S CINEMA(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)

76		WATERBURY, CT	NAUGATUCK VALLEY SHOPPING CENT 950 WOLCOTT STREET	Hartford		2003		2007		15.00	%		232,085		383,332		4,207,380	WAL-MART(2027), BOB’S STORES(2017), LINENS ‘N THINGS(2017), STOP & SHOP(2021), STAPLES(2018)

77		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

78		APOPKA, FL	PIEDMONT PLAZA 2302-2444 E SEMORAN BLVD	Orlando		2004		2007		14.50	%		148,075		210,075		1,092,955	BEALL’S(2019), ALBERTSON’S(NOT OWNED)

79		BAYONET POINT, FL	POINT PLAZA US 19 & SR 52	Tampa		1985/2003		*1/2		100.00	%		209,714		209,714		1,371,570	PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2010)

80		BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD N. CONGRESS AVE.	Miami		1986		2004		20.00	%		106,224		106,224		1,360,516	PUBLIX SUPER MARKETS(2011)

81		BOYNTON BEACH, FL(ABERDEEN)	ABERDEEN SQUARE 4966 LE CHALET BLVD	Miami		1990		2007		20.00	%		70,555		70,555		675,946	PUBLIX SUPER MARKETS(2010)

Page 4 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
82		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)

83		BOYNTON BEACH, FL(VILLAGE)	VILLAGE SQUARE AT GOLF 3775 W WOOLBRIGHT RD	Miami		1983/2002		2007		20.00	%		126,486		131,466		1,825,160	PUBLIX SUPER MARKETS(2008)

84		BRADENTON, FL(CORTEZ)	CORTEZ PLAZA CORTEZ ROAD WEST AND US HIGHWAY 41	Bradenton		1966/1988		2007		100.00	%		289,045		289,045		3,002,971	PUBLIX SUPER MARKETS(2008), BURLINGTON COAT FACTORY(2013), PETSMART(2012), CIRCUIT CITY(2010)

85		BRADENTON, FL(CREEKWOOD)	CREEKWOOD CROSSING 7395 52ND PLACE EAST	Bradenton		2001		2007		20.00	%		180,746		284,085		2,496,664	BEALL’S(2016), BEALL’S OUTLET(2014), LIFESTYLE FAMILY FITNESS(2014), MACYS FURNITURE & MATRESS CLEARANCE CNTR(2009)

86		BRADENTON, FL(LAKEWOOD)	LAKEWOOD RANCH 1755 LAKEWOOD RANCH BLVD	Bradenton		2001		2007		20.00	%		69,471		69,471		940,037	PUBLIX SUPER MARKETS(2021)

87		BRANDON, FL	BRANDON BLVD SHOPPES 1930 SR 60 E.	Tampa		1994		2007		100.00	%		85,377		85,377		1,024,614	PUBLIX SUPER MARKETS(2014)

88		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(2022)

89		BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD	Tampa		1999		2003		14.50	%		148,267		196,801		1,875,105	COMPUSA(2017), JO-ANN STORES(2017), BABIES R US(2013), PUBLIX SUPER MARKETS(2019)

90		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)

91		BRANDON, FL(ALBERTSONS)	ALBERTSONS AT BLOOMINGDALE HILL 10817-10863 BLOOMING DALE AVENUE	Tampa		2002		2007		100.00	%		17,400		89,266		540,591	ALBERTSON’S(2027)

92		BRANDON, FL(LITHIA)	SHOPPES OF LITHIA 3461 LITHIA PINECRES T ROAD	Tampa		2003		2007		20.00	%		71,430		71,430		1,070,121	PUBLIX SUPER MARKETS(2023)

93		CASSELBERRY, FL	CASSELBERRY COMMONS 1455 S. SEMORAN BLVD	Orlando		1973/1998		2007		20.00	%		233,176		248,176		2,074,343	PUBLIX SUPER MARKETS(2007), ROSS DRESS FOR LESS(2013), STEIN MART(2015)

94		CITRUS HILLS, FL	CITRUS HILLS 2601 FOREST RIDGE BLVD	Ocala		1994/2003		2007		20.00	%		68,927		68,927		719,379	PUBLIX SUPER MARKETS(2014)

95		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)

96		CRYSTAL RIVER, FL	CRYSTAL SPRINGS SHOPPING CENTER 6760 W GULF TO LAKE	Ocala		2001		2007		20.00	%		66,986		66,986		750,932	PUBLIX SUPER MARKETS(2021)

97		CRYSTAL RIVER, FL (RIVER)	CRYSTAL RIVER PLAZA 420 SUN COAST HWY	Ocala		1986/2001		*1/2		100.00	%		169,149		169,149		852,106	BEALL’S(2012), BEALL’S OUTLET(2011)

98		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)

99		DANIA, FL	SHERIDAN SQUARE 401-435 E. SHERIDAN STREET	Miami		1991		2007		20.00	%		67,475		67,475		672,920	PUBLIX SUPER MARKETS(2011)

100		DAVIE, FL	PARADISE PROMENADE 5949-6029 STIRLING ROAD	Miami		2004		2007		20.00	%		70,271		70,271		907,482	PUBLIX SUPER MARKETS(2023)

101		DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY	Daytona Beach		1984		2001		100.00	%		76,087		76,087		957,918	MARSHALLS(2010)

102		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)

103		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)

104		DEERFIELD BEACH, FL	HILLSBORO SQUARE (TIAA) HILLSBORO BLVD & HIGHWAY ONE	Miami		1978/2002		2007		15.00	%		145,472		154,232		1,850,750	PUBLIX SUPER MARKETS(2022)

Page 5 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
105		ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD	Sarasota		1991		2004		100.00	%		46,835		46,835		455,885	KASH N KARRY(2011)

106		FT. MEYERS, FL	MARKET PLACE (TIAA) 13300 SOUTH CLEVELAND AVENUE	Ft. Myers		2004		2007		15.00	%		107,179		232,179		1,707,626	AMERICAN SIGNATURE(2014), TOTAL WINE & MORE(2016), DSW SHOE WAREHOUSE(2016), TARGET(NOT OWNED)

107		FT. MEYERS, FL(CYPRESS)	CYPRESS TRACE (TIAA) CYPRESS LAKE DRIVE & US 41	Ft. Myers		2004		2007		15.00	%		276,288		276,288		2,711,131	BEALL’S(2010), STEIN MART(2013), BEALL’S OUTLET(2010), ROSS DRESS FOR LESS(2012)

108		FT. WALTON BEACH, FL	SHOPPES AT PARADISE POINTE US HWY 98 AND PERRY AVE	Destin		1987/2000		2007		20.00	%		83,929		83,929		1,066,455	PUBLIX SUPER MARKETS(2021)

109		GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY	Pensacola		1998		2003		100.00	%		29,827		333,654		477,888	WAL-MART(NOT OWNED), LOWE’S(NOT OWNED)

110		HIALEAH, FL	PARAISO PLAZA	Miami		1997		2007		20.00	%		60,712		60,712		860,244	PUBLIX SUPER MARKETS(2017)
			3300-3350 W. 80TH ST

111		JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE	Jacksonville		1988		1995		100.00	%		219,735		295,752		1,328,280	J.C. PENNEY(2012), WINN DIXIE STORES(2009)

112		JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD	Jacksonville		1990/1999		2004		100.00	%		182,098		182,098		873,768	FOOD LION(2010)

113		KISSIMMEE, FL(CVS)	CVS PHARMACY #5040-01 3300 S. ORANGE BLOSSOM TRAIL	Orlando		1997		2007		100.00	%		9,504		9,504		220,316

114		LAKE MARY, FL	SHOPPES AT LAKE MARY (TIAA) 4155 WEST LAKE MARY BLVD	Orlando		2001		2007		15.00	%		73,343		74,331		1,440,629	STAPLES(2015)

115		LAKE WALES, FL	SHOPPES ON THE RIDGE HIGHWAY 27 & CHALET SUZANNE ROAD	Lakeland		2003		2007		20.00	%		115,671		115,671		1,330,029	PUBLIX SUPER MARKETS(2023)

116		LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR	Lakeland		1990		2004		100.00	%		102,572		102,572		829,832	WINN DIXIE STORES(2017)
			2228 LAKELANDS HIGHLAND ROAD

117		LARGO, FL	COLONIAL PROMENADE BARDMOOR CE 10801 STARKEY ROAD	Tampa		1991		2007		20.00	%		152,667		165,607		1,865,156	PUBLIX SUPER MARKETS(2011), PUBLIX SUPER MARKETS(2008)

118		LAUDERHILL, FL	UNIVERSAL PLAZA (TIAA) 7730 WEST COMMERCIAL	Miami		2002		2007		15.00	%		49,505		174,505		1,027,152	TARGET(NOT OWNED)

119		MELBOURNE, FL	MELBOURNE SHOPPING CENTER 1301-1441 S BABCOCK	Melbourne		1960/1999		2007		20.00	%		204,217		229,117		1,393,868	BIG LOTS(2009), PUBLIX SUPER MARKETS(2019)

120		MIAMI, FL	THE SHOPS OF MIDTOWN 3401 N. MIAMI AVENUE	Miami		2006		*1		100.00	%		234,920		376,034		5,585,169	CIRCUIT CITY(2022), LINENS ‘N THINGS(2017), LOEHMANN’S(2018), MARSHALLS(2017), ROSS DRESS FOR LESS(2018), TARGET(2027), WEST ELM(2019)

121		MIAMI, FL(PARAISO)	PLAZA DEL PARAISO 12100 SW 127TH AVE	Miami		2003		2007		20.00	%		82,441		82,441		1,267,900	PUBLIX SUPER MARKETS(2023)

122		MIRAMAR, FL	RIVER RUN MIRAMAR PARKWAY AND PALM AVENUE	Miami		1989		2007		20.00	%		93,643		106,828		1,082,223	PUBLIX SUPER MARKETS(2009)

123		NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH	Naples		1994		1995		14.50	%		267,796		283,196		2,963,323	WAL-MART(2014), T.J. MAXX(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS(2010), BEALL’S(2009), OFFICE MAX(2010)

124		NAPLES, FL(COUNTRY)	COUNTRYSIDE 4025 SANTA BARBARA	Naples		1997		2007		20.00	%		73,986		73,986		842,692	WINN DIXIE STORES(2017)

125		NEW TAMPA, FL	NEW TAMPA COMMONS BRUCE B DOWNS & DONNA MICHELLE	Tampa		2005		2007		100.00	%		10,000		10,000		331,360

126		NEWPORT RICHEY, FL	SHOPPES OF GOLDEN ACRES 9750 LITTLE ROAD	Tampa		2002		2007		20.00	%		130,609		130,609		1,565,082	PUBLIX SUPER MARKETS(2022)

127		OCALA, FL	STEEPLECHASE PLAZA 8585 STATE ROAD 200	Ocala		1993		2007		100.00	%		92,180		92,180		1,007,552	PUBLIX SUPER MARKETS(2013)

128		OCALA, FL(WEST)	OCALA WEST 2400 SW COLLEGE ROAD	Ocala		1991		2003		100.00	%		105,276		105,276		834,696	SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)

Page 6 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
129		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)

130		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)

131		ORLANDO, FL(CHICKASAW)	CHICKASAW TRAILS SHOPPING CENT 2300 S. CHICKASAW TR	Orlando		1994		2007		20.00	%		75,492		76,067		866,914	PUBLIX SUPER MARKETS(2014)

132		ORLANDO, FL(CIRCUIT)	CIRCUIT CITY PLAZA (TIAA) GOOD HOMES ROAD AND COLONIAL DRIVE	Orlando		1999		2007		15.00	%		78,625		78,625		1,143,657	STAPLES(2015), CIRCUIT CITY(2020)

133		ORLANDO, FL(CONWAY)	CONWAY PLAZA 4400 CURRY FORD ROAD	Orlando		1985/1999		2007		20.00	%		117,723		117,723		1,146,397	PUBLIX SUPER MARKETS(2019)

134		ORLANDO, FL(SAND)	SAND LAKE CORNERS (TIAA) 8111-8481 JOHN YOUNG PARKWAY	Orlando		1998/2000		2007		15.00	%		197,716		397,716		2,467,328	BEALL’S(2014), PETSMART(2014), STAPLES(2014), LOWES(NOT OWNED), WALMART(NOT OWNED)

135		ORLANDO, FL(SKYVIEW)	SKYVIEW PLAZA 7801 ORANGE BLOSSOM TRAIL	Orlando		1994/1998		2007		20.00	%		281,244		281,244		2,501,083	PUBLIX SUPER MARKETS(2013), OFFICE DEPOT(2008), K MART(2009), CIRCUIT CITY(2008)

136		ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD	Daytona Beach		1993		1994		100.00	%		234,042		234,042		1,955,650	BEALL’S(2018), ROSS DRESS FOR LESS(2016), PUBLIX SUPER MARKETS(2013)

137		OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD	Orlando		1999		*1		20.00	%		186,212		321,249		2,026,466	OFFICE MAX(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S(2009), T.J. MAXX(2010), LINENS ‘N THINGS(2011), LOWE’S(NOT OWNED)

138		PALM BEACH GARDENS, FL	NORTHLAKE COMMONS NORTHLAKE BLVD	Miami		1987/2003		2007		20.00	%		146,816		264,658		1,429,225	ROSS DRESS FOR LESS(2014), HOME DEPOT(NOT OWNED)

139		PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD	Tampa		1990		1995		100.00	%		52,395		229,188		980,202	TARGET(NOT OWNED), ALBERTSON’S(NOT OWNED)

140		PALM HARBOR, FL(BROOKER)	PUBLIX BROOKER CREEK 36301 E.LAKE ROAD	Tampa		1994		2007		20.00	%		77,596		77,596		884,497	PUBLIX SUPER MARKETS(2014)

141		PEMBROKE PINES, FL	FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD	Miami		2001		2007		20.00	%		108,565		108,565		2,329,632

142		PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD	Pensacola		1988/1997/1999		*1/2		100.00	%		17,150		236,892		246,347	WALMART(NOT OWNED)

143		PLANT CITY, FL	PLANT CITY CROSSING SWC OF INTERSTATE 4 & THONOTOSASSA ROAD	Tampa		2001		2007		100.00	%		85,252		85,252		1,005,757	PUBLIX SUPER MARKETS(2021)

144		PLANT CITY, FL(LAKE)	LAKE WALDEN SQUARE 105-240 W ALEXANDER	Tampa		1992		2007		14.50	%		132,448		132,448		1,301,373	KASH N KARRY(2012)

145		PLANTATION, FL(FOUNTAINS)	FOUNTAINS 801 SOUTH UNIVERSITY DRIVE	Miami		1989		2007		100.00	%		283,273		349,413		4,396,986	MARSHALLS(2009)

146		PLANTATION, FL(VISION)	VISION WORKS 801 SOUTH UNIVERSITY DRIVE	Miami		1989		2007		100.00	%		6,891		6,891		159,170

147		SANTA ROSA, FL	WATERCOLOR CROSSING 110 WATERCOLOR WAY	Pensacola		2003		2007		20.00	%		43,200		43,200		606,779	PUBLIX SUPER MARKETS(2024)

148		SARASOTA, FL	SARASOTA PAVILION (TIAA) 6511 TAMAIMI TRAIL	Sarasota		1999		2007		15.00	%		324,403		336,369		3,895,586	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)

149		SILVER SPRINGS SHORES, FL	HEATHER ISLAND PLAZA 7878 SE MARICAMP	Ocala		2005		2007		20.00	%		70,970		70,970		726,821	PUBLIX SUPER MARKETS(2020)

150		SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.	Tampa		1988/1997		*1/2		100.00	%		188,347		392,423		1,639,524	BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)

151		ST. PETERSBURG, FL(GATEWAY)	GATEWAY MARKET CENTER (TIAA) 7751-8299 9TH ST N	Tampa		2000		2007		15.00	%		231,106		353,106		2,041,899	T.J. MAXX(2008), PUBLIX SUPER MARKETS(2019), BEALL’S(2021), PETSMART(2013), OFFICE DEPOT(2014), TARGET(NOT OWNED)

152		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)

Page 7 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
153		TALLAHASSEE, FL(KILLEARN)	KILLEARN SHOPPING CENTER 3479-99 THOMASVILLE ROAD	Tallahassee		1980		2007		20.00	%		95,229		95,229		1,017,485	PUBLIX SUPER MARKETS(2011)

154		TALLAHASSEE, FL(SOUTHWOOD)	SOUTHWOOD PLANTATION NWC CAPITAL CIRCLE & BLAIRSTONE ROAD	Tallahassee		2003		2007		20.00	%		62,840		62,840		769,712	PUBLIX SUPER MARKETS(2023)

155		TAMARAC, FL	MIDWAY PLAZA UNIVERSITY DR & COMMERCIAL BLVD	Miami		1985		2007		20.00	%		227,209		227,209		2,765,669	ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2011)

156		TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY	Tampa		1990		*1/2		20.00	%		104,460		222,388		1,284,833	PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)

157		TAMPA, FL (WALKS)	WALKS AT HIGHWOOD PRESERVE I ( 18001 HIGHWOODS PRESERVE PARKWAY	Tampa		2001		2007		15.00	%		169,081		178,981		3,186,161	MICHAEL’S(2012), LINENS ‘N THINGS(2017), CIRCUIT CITY(2017)

158		TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE	Tampa		1990		*1/2		100.00	%		132,993		248,374		963,162	KASH N KARRY(2010), WALMART(NOT OWNED)

159		TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH	Tampa		1974/1998		*1/2		100.00	%		198,797		199,447		1,416,782	K MART(2009), BIG LOTS(2012), STAPLES(2013)

160		TEQUESTA, FL	TEQUESTA SHOPPES PLAZA 105 N US HWY 1	Miami		1986		2007		100.00	%		110,105		110,105		624,104

161		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)

162		WESLEY CHAPEL, FL	SHOPPES AT NEW TAMPA 1920 CR 581	Tampa		2002		2007		20.00	%		158,222		158,222		1,885,224	PUBLIX SUPER MARKETS(2022), BEALL’S(2017)

163		WEST PALM BEACH, FL	PARADISE PLACE (TIAA) 4075 N. HAVERHILL RD	Miami		2003		2007		15.00	%		89,120		89,120		1,040,984	PUBLIX SUPER MARKETS(2023)

164		WINTER PARK, FL (GOLDENROD)	WINTER PARK PALMS 4270 ALOMA AVENUE	Orlando		1985/1998		2007		14.50	%		112,292		112,292		1,091,006	PUBLIX SUPER MARKETS(2010)

	Georgia
165		ALPHARETTA, GA	JO-ANN FABRICS 965 NORTH POINT DR	Atlanta		2000		2007		100.00	%		38,418		38,418		512,880	JO-ANN STORES(2016)

166		ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD	Athens		2000		2003		100.00	%		24,000		218,879		276,552	WAL MART(NOT OWNED)

167		ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD	Atlanta		1990		1994		100.00	%		99,025		219,025		658,970	WAL-MART(NOT OWNED)

168		ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY	Atlanta		1995/2002		1995		14.50	%		343,155		352,755		5,041,014	STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015)

169		ATLANTA, GA(ABERNATHY)	ABERNATHY SQUARE 6500 ROSWELL RD	Atlanta		1983/1994		2007		100.00	%		131,516		131,516		2,373,180	PUBLIX SUPER MARKETS(2014)

170		ATLANTA, GA(BROOKHAVEN)	BROOKHAVEN 3974 PEACHTREE RD NE	Atlanta		1993		2007		20.00	%		65,320		71,320		1,174,120	KROGER(2018)

171		ATLANTA, GA(CORNERS)	CASCADE CORNERS 3425 CASCADE ROAD	Atlanta		1993		2007		20.00	%		66,844		66,844		473,016	KROGER(2020)

172		ATLANTA, GA(CROSSING)	CASCADE CROSSING 3695 CASCADE RD SW	Atlanta		1994		2007		20.00	%		63,346		63,346		601,284	PUBLIX SUPER MARKETS(2014)

173		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)

174		BUFORD, GA (MILLCREEK)	MARKETPLACE AT MILLCREEK I (TI MALL OF GEORGIA BLVD	Atlanta		2003		2007		15.00	%		403,106		403,106		5,004,486	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)

175		CANTON, GA	HICKORY FLAT VILLAGE 6175 HICKORY FLAT HY	Atlanta		2000		2007		20.00	%		74,020		74,020		984,824	PUBLIX SUPER MARKETS(2020)

Page 8 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
176		CANTON, GA (RIVER)	RIVERSTONE PLAZA 1451 RIVERSTONE PARKWAY	Atlanta		1998		2007		20.00	%		302,131		331,820		3,412,448	GOODY’S(2010), MICHAEL’S(2012), ROSS DRESS FOR LESS(2012), BELK(2018), PUBLIX SUPER MARKETS(2018)

177		CARTERSVILLE, GA	BARTOW MARKETPLACE (TIAA) 215 MARKETPLACE BLVD	Atlanta		1995		2007		15.00	%		375,067		375,067		2,450,931	WAL-MART(2015), LOWE’S(2015)

178		CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD	Atlanta		1976		2003		100.00	%		105,104		105,104		893,574	POP-N-SHOP(2006)

179		COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB	Columbus		1999		2003		100.00	%		119,786		242,786		1,373,131	GOODY’S(2011), PETSMART(2015), MICHAEL’S(2009), TARGET(NOT OWNED)

180		CUMMING, GA	SHARON GREENS 1595 PEACHTREE PKWY	Atlanta		2001		2007		20.00	%		98,317		101,317		1,137,136	KROGER(2021)

181		CUMMING, GA (MARKETPLACE)	CUMMING MARKETPLACE MARKETPLACE BOULEVARD	Atlanta		1997/1999		2003		100.00	%		308,557		652,642		3,781,967	GOODY’S(2012), LOWE’S(2019), MICHAEL’S(2010), OFFICE MAX(2013), WAL MART(NOT OWNED), HOME DEPOT(NOT OWNED)

182		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)

183		DECATUR, GA(HAIRSTON)	HAIRSTON CROSSING 2075 S HAIRSTON ROAD	Atlanta		2002		2007		20.00	%		57,884		57,884		693,295	PUBLIX SUPER MARKETS(2022)

184		DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD	Atlanta		1999		2003		100.00	%		86,158		261,353		1,429,915	BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)

185		DOUGLASVILLE, GA(MARKET)	MARKET SQUARE 9503-9579 HIGHWAY 5	Atlanta		1974/1990		2007		20.00	%		121,766		128,266		1,294,496	OFFICE DEPOT(2013)

186		DOUGLASVILLE, GA(PAVILION)	DOUGLAS PAVILION (TIAA) 2900 CHAPEL HILL RD	Atlanta		1998		2007		15.00	%		267,010		370,010		3,069,785	PETSMART(2014), OFFICE MAX(2013), MARSHALLS(2008), GOODY’S(2013), ROSS DRESS FOR LESS(2012), HUDSON’S FURNITURE SHOWROOM(2014)

187		DULUTH, GA (VENTURE)	VENTURE POINTE I (TIAA) 2050 W. LIDDELL RD.	Atlanta		1996		2007		15.00	%		335,420		645,420		2,808,219	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)

188		DULUTH, GA(SOFA)	SOFA EXPRESS 3480 STEVE REYNOLDS BLVD	Atlanta		2004		2007		100.00	%		20,000		20,000		325,000

189		DULUTH, GA, GA(PLEASANT)	PLEASANT HILL (TIAA) 2205 PLEASANT HILL	Atlanta		1997/2000		2007		15.00	%		282,137		282,137		3,483,868	BARNES & NOBLE(2012), TOYS R US(2013), JO-ANN STORES(2011), STAPLES(2014), J.C. PENNEY(2012), OLD NAVY(2009)

190		ELLENWOOD, GA	SHOPPES OF ELLENWOOD EAST ATLANTA ROAD & FAIRVIEW ROAD	Atlanta		2003		2007		20.00	%		67,721		67,721		860,989	PUBLIX SUPER MARKETS(2023)

191		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		11,506,706	H.H. GREGG APPLIANCES(2018), WAL-MART(2016), GOODY’S(2016), BED BATH & BEYOND(2013), SPORTS AUTHORITY(2012), T.J. MAXX(2008), PUBLIX SUPER MARKETS(2016), BELK(2015), BEST BUY(2013), HUDSON’S FURNITURE SHOWROOM(2016), 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), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

192		FLOWERY BRANCH, GA	CLEARWATER CROSSING 7380 SPOUT SPRINGS ROAD	Atlanta		2003		2007		20.00	%		90,566		90,566		1,114,749	KROGER(2023)

193		GAINESVILLE, GA	ECKERD DRUG STORE #0444 599 S. ENOTA DRIVE	Atlanta		1997		2007		100.00	%		10,594		10,594		178,016

194		HIRAM, GA	HIRAM PAVILION I (TIAA) 5220 JIMMY LEE SMITH PARKWAY	Atlanta		2002		2007		15.00	%		363,695		568,715		3,656,554	ROSS DRESS FOR LESS(2012), MICHAEL’S(2012), MARSHALLS(2011), KOHL’S(2022), GOODY’S(2016), LINENS ‘N THINGS(2017)

195		KENNESAW, GA (BARRETT)	BARRETT PAVILION I (TIAA) 740 BARRETT PARKWAY	Atlanta		1998		2007		15.00	%		440,523		585,923		6,200,154	AMC THEATRE(2019), HOMEGOODS(2013), SCHOOL BOX, THE(2010), GOODY’S(2011), GOLFSMITH GOLF CENTER(2013), H.H. GREGG APPLIANCES(2018), JO-ANN STORES(2011), TOTAL WINE & MORE(2017), TARGET(NOT OWNED)

196		KENNESAW, GA(TOWN)	TOWN CENTER COMMONS 725 EARNEST BARRETT PARKWAY	Atlanta		1998		2007		100.00	%		72,108		159,758		941,303	J.C. PENNEY(2008), DICK’S(NOT OWNED)

197		LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD	Atlanta		1990		2003		10.00	%		89,064		89,064		482,871

Page 9 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
198	LAWRENCEVILLE, GA(ECKERD)	ECKERD DRUG STORE #3449 1545 LAWRENCEVILLE HIGHWAY	Atlanta		1997		2007		100.00	%		9,504		9,504		184,328

199	LAWRENCEVILLE, GA(SPRINGFIELD)	SPRINGFIELD PARK 665 DULUTH HIGHWAY	Atlanta		1992/2000		2007		100.00	%		105,321		105,321		1,064,700	HOBBY LOBBY(2011)

200	LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD	Atlanta		2000/2001		2003		10.00	%		73,910		73,910		704,506	KROGER(2012)

201	LITHONIA, GA	STONECREST MARKETPLACE (TIAA) TURNER HILL ROAD AND MALL PARKWAY	Atlanta		2002		2007		15.00	%		264,644		264,644		3,160,389	STAPLES(2017), BABIES R US(2018), LINENS ‘N THINGS(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012)

202	LITHONIA, GA (THE SHOPS AT TURNER HILL)	THE SHOPS AT TURNER HILL 8200 MALL PARKWAY	Atlanta		2003		2003		14.50	%		113,675		293,670		1,616,451	BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(2012), SAM’S CLUB(NOT OWNED)

203	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY	Atlanta		1995		2003		20.00	%		91,196		91,196		1,003,144	KROGER(2016)

204	MACON, GA	EISENHOWER ANNEX (DDR) 4685 PRESIDENTIAL PARKWAY	Macon		2002		2007		100.00	%		53,477		53,477		600,242	H.H. GREGG APPLIANCES(2036), PETSMART(2017)

205	MACON, GA (EISENHOWER)	EISENHOWER CROSSING I (TIAA) 4685 PRESIDENTIAL PARKWAY	Macon		2002		2007		15.00	%		400,592		536,708		4,567,608	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)

206	MACON, GA(DAVID’S)	EISENHOWER OUTLOT (DAVID’S BRI 4685 PRESIDENTIAL PARKWAY	Macon		2004		2007		15.00	%		14,000		14,000		251,000

207	MACON, GA(K-MART)	K-MART 1901 PAUL WALSH DR.	Macon		2000		2007		100.00	%		102,098		102,098		0

208	MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD	Atlanta		1995/2002		1995		14.50	%		316,786		326,683		4,006,892	STEIN MART(2012), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)

209	MARIETTA, GA(BLOCKBUSTER)	BLOCKBUSTER 1748 POWDER SPRINGS	Atlanta		1994		2007		20.00	%		6,500		6,500		128,960

210	MARIETTA, GA(ECKERD)	ECKERD DRUG STORE #0234 731 WHITLOCK AVE	Atlanta		1997		2007		100.00	%		10,880		10,880		183,507

211	MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20	Atlanta		2003		2003		14.50	%		53,158		360,729		855,651	CRACKER BARREL(2012), OFFICE DEPOT(2016), WALMART(NOT OWNED), LOWES(NOT OWNED)

212	MCDONOUGH, GA(DOW)	SHOPPES AT LAKE DOW 900-938 HIGHWAY 81 E	Atlanta		2002		2007		20.00	%		73,271		73,271		814,536	PUBLIX SUPER MARKETS(2022)

213	MORROW, GA (SOUTHLAKE)	SOUTHLAKE PAVILION (TIAA) 1912 MT ZION ROAD	Atlanta		1996/2001		2007		15.00	%		530,066		644,614		6,179,296	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), TARGET(NOT OWNED)

214	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA	Atlanta		1995		2003		100.00	%		156,497		426,723		1,278,651	LOWE’S(2015), WAL-MART(NOT OWNED), SUITE51(NOT OWNED)

215	NEWNAN, GA(PAVILION)	NEWNAN PAVILION (TIAA) 1074 BULLSBORO DR	Atlanta		1998		2007		15.00	%		263,726		459,599		3,810,431	OFFICE MAX(2013), PETSMART(2015), GOODY’S(2009), CIRCUIT CITY(2016), HOME DEPOT(2019), ROSS DRESS FOR LESS(2012), KOHL’S(2022)

216	NORCROSS, GA	JONES BRIDGE PLAZA 5075 PEACHTREE PKWY	Atlanta		1999		2007		100.00	%		83,363		83,363		853,521	INGLES(2019)

217	ROME, GA	CIRCUIT CITY — ROME 2700 MARTHA BERRY HIGHWAY NE	Rome		2001		2007		100.00	%		33,056		33,056		420,000	CIRCUIT CITY(2021)

218	ROSWELL, GA (SANDY)	SANDY PLAINS VILLAGE I GEORGIA HWY 92 AND SANDY PLAINS ROAD	Atlanta		1978/1995		2007		100.00	%		177,599		177,599		1,703,880	KROGER(2010), STEIN MART(2009)

219	ROSWELL, GA(STONEBRIDGE)	STONEBRIDGE SQUARE (TIAA) 610-20 CROSSVILLE RD	Atlanta		2002		2007		15.00	%		160,104		162,832		1,939,973	LINENS ‘N THINGS(2011), KOHL’S(2022)

220	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)

Page 10 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
221	SNELLVILLE, GA(COMMONS)	PRESIDENTIAL COMMONS 1630-1708 SCENIC HWY	Atlanta		2000		2007		100.00	%		371,586		371,586		4,158,525	JO-ANN STORES(2014), KROGER(2018), STEIN MART(2008), CIRCUIT CITY(2019), HOME DEPOT(2023)

222	SNELLVILLE, GA(ECKERD)	ECKERD DRUG STORE #2320 3295 CENTERVILLE HWY	Atlanta		1997		2007		100.00	%		10,594		10,594		199,601

223	STONE MOUNTAIN, GA	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M	Atlanta		1999		1993		100.00	%		2,000		2,000		46,200

224	STONE MOUNTAIN, GA (DESHON)	DESHON PLAZA 380 N. DESHON ROAD	Atlanta		1994		2007		20.00	%		64,055		64,055		626,824	PUBLIX SUPER MARKETS(2014)

225	SUWANEE, GA(CROSS)	SUWANEE CROSSROADS (TIAA) LAWRENCEVILLE ROAD & SATELLITE BLVD	Atlanta		2002		2007		15.00	%		69,600		279,600		938,605	SUPER WALMART(NOT OWNED)

226	SUWANEE, GA(JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE	Atlanta		2001/2004		2003		100.00	%		285,336		285,336		3,774,051	BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)

227	SUWANNEE, GA(SHOPS)	THE SHOPS AT JOHNS CREEK 4090 JOHNS CREEK PKY	Atlanta		1997		2007		20.00	%		18,200		18,200		350,242

228	SYLVANIA, GA	BI-LO — SYLVANIA 1129 W OGEECHEE ST	Athens		2002		2007		100.00	%		36,000		36,000		378,000	BI-LO(2023)

229	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY	Atlanta		1998/2003		2003		20.00	%		130,832		279,020		1,264,818	GOODY’S(2014), KROGER(2019), WALMART(NOT OWNED)

230	TYRONE, GA	SOUTHAMPTON VILLAGE NWC OF HIGHWAY 74 & SWANSON ROAD	Atlanta		2003		2007		20.00	%		77,956		77,956		888,132	PUBLIX SUPER MARKETS(2023)

231	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD	Atlanta		1986		2003		100.00	%		100,002		181,954		561,450	WAL-MART(NOT OWNED)

232	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)

233	WARNER ROBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD	Warner Robins		1997		2003		100.00	%		107,941		459,700		1,320,552	T.J. MAXX(2010), STAPLES(2016), CRACKER BARREL(2012), LOWES(NOT OWNED), WAL-MART(NOT OWNED)

234	WARNER ROBINS, GA(CITY)	CITY CROSSING (TIAA) WATSON BLVD & CARL VINSON PKWY	Warner Robins		2001		2007		15.00	%		190,433		305,433		1,743,572	MICHAEL’S(2011), ROSS DRESS FOR LESS(2012), HOME DEPOT(NOT OWNED)

235	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928	Atlanta		1995		2003		100.00	%		44,691		44,691		337,941

236	WOODSTOCK, GA(SQUARE)	WOODSTOCK SQUARE (TIAA) 120-142 WOODSTOCK SQ	Atlanta		2001		2007		15.00	%		218,859		392,859		2,862,610	OFFICE MAX(2017), OLD NAVY(2012), KOHL’S(2022), SUPER TARGET(NOT OWNED)

	Idaho

237	IDAHO FALLS, ID (DDRC)	COUNTRY CLUB MALL 1515 NORTHGATE MILE	Idaho Falls		1976/1992/1997		1998		100.00	%		148,593		306,201		821,590	OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

238	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD	Boise		1999/2001/2002/2003/ 2004		*1		100.00	%		461,023		731,482		6,020,231	BED BATH & BEYOND(2011), OLD NAVY(2010), SHOPKO(2020), OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2012), MARSHALLS(2012), SPORTSMAN’S WAREHOUSE(2015), BABIES R US(2014), CRAFT WAREHOUSE(2013), WALMART(NOT OWNED)

	Illinois

239	DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD	Chicago		2000/2004		*1		24.75	%		287,377		391,572		8,368,740	GAP # 581(2010), BARNES & NOBLE(NOT OWNED), CENTURY CINEMAS(NOT OWNED), PIER 1 IMPORTS(201), BANANA REPUBLIC(2010), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWEAR(2011), COLDWATER CREEK(2010), J.CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOTS PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANKCLOTHERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS(2011), J.JILL(2013), BOMBAY(2007), AMERICAN EAGLE(2007), VICTORIA’s SECRET(2007)

Page 11 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
240	MCHENRY, IL	THE SHOPS AT FOX RIVER 3340 SHOPPERS DRIVE	Chicago		2006		*1		100.00	%		194,386		194,386		2,985,204	DICK’S SPORTING GOODS(2018), PETSMART(2017), BED BATH & BEYOND(2017), BEST BUY(2018)

241	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY	Mount Vernon		1974/1998/2000		1993		100.00	%		269,328		269,328		1,008,397	SEARS(2013), GOODY’S(2015), J.C. PENNEY(2012)

242	ORLAND PARK, IL	MARLEY CREEK SQUARE 179TH ST. & WOLF ROAD	Chicago		2006		2006		50.00	%		57,927		62,827		665,943

243	ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE	Chicago		1987/1993		2004		100.00	%		149,498		149,498		1,417,969	HOME DEPOT(2012)

244	ROCKFORD, IL	WALGREENS — ROCKFORD 2525 S. ALPINE ROAD	Rockford		1998/1999		2007		100.00	%		14,725		14,725		350,000

245	ROSCOE, IL	HILANDER VILLAGE 4860 HONONEGAH ROAD	Rockford		1994		2007		20.00	%		125,623		125,623		993,539	KROGER(2020)

246	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1325 SOUTH ARLINGTON HEIGHTS RD	Chicago		1993/1998/2002		1995		14.50	%		508,815		674,504		8,634,813	CIRCUIT CITY(2009), OFF 5TH(2011), PETSMART(2014), HOMEGOODS(2014), OFFICE MAX(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS(2009), NORDSTROM RACK(2009), BORDERS(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)

247	SKOKIE, IL	VILLAGE CROSSING (TIAA) 5507 W. TOUHY AVE	Chicago		1989		2007		15.00	%		434,973		434,973		7,298,682	MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(2015), BEST BUY(2009), CROWN THEATRES(2021), BARNES & NOBLE(2009)

Indiana

248	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)

249	EVANSVILLE, IN(EAST)	EAST LLOYD COMMONS 6300 E. LLOYD EXPWY	Evansville		2005		2007		100.00	%		159,682		159,682		2,177,640	GORDMAN’S(2015), MICHAEL’S(2015), BEST BUY(2016)

250	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET	Chicago		1995/2001		1996		20.00	%		312,546		524,410		3,592,673	MARSHALLS(2011), KOHL’S(2016), CIRCUIT CITY(2016), OFFICE MAX(2012), JEWEL(NOT OWNED), TARGET(NOT OWNED)

251	INDIANAPOLIS, IN	GLENLAKE PLAZA 2629 E. 65TH STREET	Indianapolis		1980		2007		20.00	%		102,549		102,549		775,939	KROGER(2020)

252	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE	Lafayette		2000		2003		100.00	%		35,100		243,850		383,407	WAL MART(NOT OWNED)

253	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

254	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)

255	OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE	Ottumwa		1990/1999/2002		*1/2		100.00	%		241,427		426,599		1,267,098	HERBERGER’S(2020), J.C. PENNEY(2010), GOODY’S(2014), TARGET(NOT OWNED)

Kansas

256	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119TH STREET	Kansas City		1996/2002		1998		100.00	%		309,423		491,794		8,442,766	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), MACY’S(2104)

257	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)

Page 12 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
258	OVERLAND PARK, KS(POINTE)	OVERLAND POINTE MARKETPLACE INTER 135 & ANTIOCH ROAD	Kansas City		2001/2004		2003		14.50	%		42,632		361,759		882,575	BABIES R US(2015), SAM’S CLUB(NOT OWNED), HOME DEPOT(NOT OWNED)

259	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD	Wichita		1955		2002		100.00	%		203,997		253,997		2,054,566	BURLINGTON COAT FACTORY(2017), OFFICE MAX(2010), T.J. MAXX(2011), BARNES & NOBLE(2012)

Kentucky

260	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE	Lexington		1998		2003		100.00	%		46,647		228,878		622,224	STAPLES(2016), WAL MART(NOT OWNED)

261	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL	Lexington		1998		2003		100.00	%		27,643		344,280		598,580	WAL MART(NOT OWNED), LOWE’S(NOT OWNED)

262	LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY	Louisville		1973/1989/1998		2004		100.00	%		120,777		120,777		646,969	VALU DISCOUNT(2009)

263	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS	Lexington		1992		2003		100.00	%		158,041		229,313		373,235	FOOD LION(2017), OFFICE DEPOT(2016), BALLARD’S(NOT OWNED)

Louisiana

264	COVINGTON, LA	COVINGTON CORNERS 782 NORTH HGHWY 190	New Orleans		1999		2007		100.00	%		15,590		15,590		249,440

Maine

265	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD	Augusta		1965		1997		100.00	%		301,992		310,229		2,606,503	HOYTS CINEMAS(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2013), T.J. MAXX(2010), SEARS(2012)

Maryland

266	BOWIE, MD	DUVALL VILLAGE 4825 GLENN DALE ROAD	Washington, DC		1998		2007		100.00	%		88,022		88,022		1,459,383	SUPER FRESH(2020)

267	GLEN BURNIE, MD	HARUNDALE PLAZA 7440 RITCHIE HIGHWAY	Washington, DC		1999		2007		20.00	%		217,619		217,619		2,555,676	A & P COMPANY(2019), A.J. WRIGHT(2009), VALUE CITY(2015)

268	HAGERSTOWN, MD	VALLEY PARK COMMONS 1520 WESEL BLVD.	Hagerstown		1993/2006		2007		100.00	%		87,893		87,893		1,045,245	OFFICE DEPOT(2016)

269	SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE	Salisbury		1999		*1		100.00	%		126,135		350,012		1,691,852	BEST BUY(2013), MICHAEL’S(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

270	UPPER MARLBORO, MD	LARGO TOWNE CENTER 950 LARGO CENTER DR	Washington, DC		1991		2007		20.00	%		260,797		384,048		3,074,127	SHOPPERS FOOD WAREHOUSE(2009), MARSHALLS(2011), REGENCY FURNITURE(2017)

271	WHITE MARSH, MD	COSTCO PLAZA (TIAA) 9919 PULASKI HWY	Washington, DC		1987/1992		2007		15.00	%		227,811		250,311		1,631,969	COSTCO WHOLESALE(2011), PETSMART(2010), PEP BOYS(2012), SPORTS AUTHORITY(2011), HOME DEPOT(2040)

Massachusetts

272	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD	Boston		2001		*1		100.00	%		222,287		639,807		4,399,709	HOME DEPOT(2031), BED BATH & BEYOND(2011), OLD NAVY(2011), OFFICE MAX(2020), BABIES R US(2013), MICHAEL’S(2012), COSTCO(NOT OWNED), TARGET #1229(NOT OWNED)

273	FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD	Boston		1994		1995		14.50	%		769,276		778,701		14,503,604	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)

274	SEEKONK, MA	SEEKONK TOWN CENTER 95 HIGHLAND AVE	Providence		2003		2007		100.00	%		80,713		80,713		903,147	STOP & SHOP(2026)

275	WEST SPRINGFIELD, MA	RIVERDALE SHOPS 935 RIVERDALE STREET	Springfield		1985/2003		2007		20.00	%		273,307		273,307		3,112,546	KOHL’S(2024), STOP & SHOP(2016)

276	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)

Page 13 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
Michigan
277	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)

278	BENTON HARBOR, MI	FAIRPLAIN PLAZA 1000 NAPIER AVE	Benton Harbor		1998		2006		20.00	%		222,739		413,399		1,735,622	OFFICE DEPOT(2008), T.J. MAXX(2009), TARGET(NOT OWNED), KOHL’S(NOT OWNED)

279	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)

280	DEARBORN HEIGHTS, MI	WALGREENS — DEARBORN HEIGHTS 8706 N. TELEGRAPH RD	Detroit		1998/1999		2007		100.00	%		13,905		13,905		385,510

281	DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD	Detroit		1989/2002		1998		100.00	%		343,619		445,349		2,522,997	TARGET(NOT OWNED)

282	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET	Gaylord		1991/2004		1993		100.00	%		150,203		150,203		419,033	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010)

283	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)

284	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26	Houghton		1981/1999		*1/2		100.00	%		257,863		257,863		984,371	STEVE & BARRY’S(2013), J.C. PENNEY(2010), OFFICE MAX(2014)

285	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER	Howell		1991		1993		100.00	%		215,047		215,047		1,244,340	ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011)

286	LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP	Lansing		2000/2001		2003		100.00	%		135,697		489,104		1,425,959	MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

287	LIVONIA, MI	WALGREENS — LIVONIA 29200 6 MILE ROAD	Detroit		1998/1999		2007		100.00	%		13,905		13,905		269,061

288	MILAN, MI	MILAN PLAZA 531 W. MAIN STREET	Detroit		1955		2007		20.00	%		65,764		68,964		297,547	KROGER(2020)

289	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD	Mt. Pleasant		1990		*2		100.00	%		249,680		249,680		608,387	T.J. MAXX(2014), KROGER(2011)

290	PORT HURON, MI	WALGREENS NWC 10TH STREET & OAK STREET	Detroit		2000		2007		100.00	%		15,120		15,120		359,856

291	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)

292	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)

293	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)

294	WESTLAND, MI	WALGREENS — WESTLAND 7210 N. MIDDLEBELT	Detroit		2005		2007		100.00	%		13,905		13,905		285,053

Minnesota

295	BEMIDJI, MN	PAUL BUNYAN MALL	Bemidji		1977/1998		*2		100.00	%		297,803		297,803		1,533,064	K MART(2012), HERBERGER’S(2010), J.C. PENNEY(2008)
		1201 PAUL BUNYAN DRIVE

296	BRAINERD, MN	WESTGATE MALL	Brainerd		1985/1998		*1/2		100.00	%		260,319		260,319		1,841,389	STEVE & BARRY’S(2013), HERBERGER’S(2013), MOVIES 10(2011)
		14136 BAXTER DRIVE

297	COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE	Minneapolis		1999/2001/2002/2003		*1		14.50	%		551,867		940,371		9,035,511	KOHL’S(2020), JO-ANN STORES(2010), BORDERS(2023), LINENS ‘N THINGS(2016), OLD NAVY(2012), SEARS(2017), SPORTSMAN’S WAREHOUSE(2017), BEST BUY(2013), J.C. PENNEY(2024), DSW SHOE WAREHOUSE(2016), COSTCO(NOT OWNED)

298	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE	Minneapolis		1997/2001		1997		50.00	%		278,211		342,014		3,637,347	BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2013), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)

Page 14 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
299	HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15	Minneapolis		1981		*1/2		100.00	%		121,001		209,843		477,333	J.C. PENNEY(2011), HENNEN’S FURNITURE(NOT OWNED)

300	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)

301	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST	St. Paul		1995		1997		14.50	%		324,354		473,596		2,690,010	WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), MERVYN’S(2016), HERBERGER’S(NOT OWNED), BORDERS BOOKS AND MUSIC(NOT OWNED)

302	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

303	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARKWAY	Gulfport		1999		2003		100.00	%		426,807		532,250		5,289,405	ACADEMY SPORTS(2015), BED BATH & BEYOND(2014), ROSS DRESS FOR LESS(2015), GOODY’S(2011), T.J. MAXX(2009), CINEMARK(2019), OFFICE DEPOT(2014), BELK(2024), BARNES & NOBLE(2014)

304	JACKSON, MS(JUNCTION)	THE JUNCTION 6351 I-55 NORTH3	Jackson		1996		2003		100.00	%		107,780		326,319		1,180,617	PETSMART(2012), OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

305	OXFORD, MS	OXFORD PLACE 2015 — 2035 UNIVERSITY AVENUE	Oxford		2000		2003		20.00	%		13,200		71,866		335,588	KROGER(2020)

306	STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST	Starkville		1999/2004		1994		100.00	%		133,691		268,254		918,964	J.C. PENNEY(2010), KROGER(2042), LOWE’S(NOT OWNED)

307	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST	Tupelo		1992		1994		100.00	%		348,236		348,236		2,011,995	SAM’S CLUB(2012), GOODY’S(2012), WAL-MART(2012)

Missouri

308	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD	St. Louis		2002		*1		50.00	%		42,091		290,147		487,730	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

309	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141	Fenton		1970/1997		*1/2		100.00	%		93,420		100,420		944,611

310	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET	Independence		1995/1999		1995		14.50	%		386,066		403,166		5,007,711	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)

311	KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY	Kansas City		1959/2004		2003		20.00	%		358,063		681,568		5,274,142	DICK’S SPORTING GOODS(2016), 24 HOUR FITNESS(2023), PETSMART(2016), STEVE & BARRY’S(2014), TARGET(2023), AMC THEATRE(2011), OFF BROADWAY SHOES(2015), T.J. MAXX(2013), DILLARD’S(2009)

312	SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD	Springfield		1989		1998		100.00	%		56,033		56,033		491,757	TOYS R US(2013)

313	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)

314	ST. LOUIS, MO (PLZ SUNSET)	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA	St. Louis		1997		1998		100.00	%		415,435		450,938		5,604,501	TOYS R US(2013), COMPUSA(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)

315	ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA	St. Louis		2004		1998		100.00	%		69,992		69,992		1,093,046	OFFICE MAX(2014)

316	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)

317	ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA	St. Louis		1983		1998		100.00	%		110,992		114,992		562,947	K MART(2013)

318	ST.LOUIS,MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD	St. Louis		1985		1998		100.00	%		92,372		92,372		1,356,315	T.J. MAXX(2008)

Nevada

319	CARSON CITY, NV	EAGLE STATION 3871 S CARSON STREET	Reno		1983		2005		50.00	%		60,494		60,494		554,533	MERVYN’S(2020)

Page 15 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
320		LAS VEGAS, NV(LOMA)	LOMA VISTA SHOPPING CENTER 4700 MEADOWS LANE	Las Vegas		1979		2005		50.00	%		75,687		75,687		780,300	MERVYN’S(2020)

321		LAS VEGAS, NV(NELLIS)	NELLIS CROSSING SHOPPING 1300 S NELLIS BLVD.	Las Vegas		1986		2005		50.00	%		76,016		76,016		697,068	MERVYN’S(2020)

322		RENO, NV(SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CENTER PARKWAY	Reno		2002		2005		50.00	%		79,239		79,239		635,684	MERVYN’S(2020)

323		RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA	Reno		2000		2000		100.00	%		52,474		52,474		697,236	CENTURY THEATRE(2014)

324		SW LAS VEGAS, NV	GRAND CANYON PARKWAY S. C. 4265 S. GRAND CANYON DRIVE	Las Vegas		2003		2005		50.00	%		79,294		79,294		908,269	MERVYN’S(2020)

	New Jersey

325		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)

326		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)

327		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 EAST HANOVER CINEMAS(2022)

328		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)

329		FREEHOLD, NJ	FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537)	Freehold		2005		*1		100.00	%		0		4,350		140,000

330		HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD	Trenton		2004		2003		100.00	%		468,240		956,920		8,358,968	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)

331		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)

332		LUMBERTON, NJ	CROSSROADS PLAZA 1520 ROUTE 38	Philadelphia		2003		2007		20.00	%		89,627		204,627		1,536,847	SHOPRITE(2024), LOWE’S(NOT OWNED)

333		LYNDHURST, NJ	LEWANDOWSKI COMMONS 434 LEWANDOWSKI STREET	New York City		1998		2007		20.00	%		78,097		78,097		1,617,228	STOP & SHOP(2020)

334		MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE	Mays Landing		2001		2004		100.00	%		398,870		398,870		5,705,448	REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015), CIRCUIT CITY(2020)

335		MAYS LANDING, NJ (WRANGLEBORO)	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD	Mays Landing		1997		2004		100.00	%		839,019		839,019		9,623,477	BORDERS(2017), BEST BUY(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)

336		MT. LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE	Philadelphia		2005		*1		10.00	%		280,067		709,863		6,671,795	WEGMAN’S FOOD MARKETS(2024), BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO-ANN STORES(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), COSTCO(NOT OWNED), TARGET(NOT OWNED)

337		PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD	Trenton		1995		1997		100.00	%		289,452		798,261		5,767,312	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)

338		PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD	Trenton		1999/2004		*1		100.00	%		202,622		436,387		3,886,278	DICK’S SPORTING GOODS(2015), MICHAEL’S(2009), WEGMAN’S FOOD MARKETS(2024), KOHL’S(2019), TARGET (NOT OWNED)

339		UNION, NJ	ROUTE 22 RETAIL SHOPPING CENTER 2700 US HWY 22 E	New York City		1997		2007		100.00	%		110,453		235,453		1,388,842	CIRCUIT CITY(2018), BABIES R US(2017), TARGET(NOT OWNED)

Page 16 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
340		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)

341		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

342		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

343		AMHERST, NY (BOULEVAR)	BOULEVARD CONSUMER SQUARE 1641-1703 NIAGARA FALLS BLVD	Buffalo		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), LOWE’S(2030)

344		AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD	Buffalo		1978/1982/1990/1998		2004		100.00	%		199,504		199,504		2,106,480	BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)

345		AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD	Buffalo		1960/1973/1982/1988/ 2003		2004		100.00	%		58,413		58,413		660,290

346		AMHERST, NY (TOPS ROBINSON)	TOPS PLAZA — AMHERST 3035 NIAGRA FALLS BLVD.	Buffalo		1986		2004		20.00	%		145,192		145,192		1,149,834	TOPS MARKETS(2010)

347		AMHERST, NY (TOPS)	TOPS PLAZA - TRANSIT/N. FRENCH 9660 TRANSIT ROAD	Buffalo		1995/1998		2004		100.00	%		114,177		114,177		1,119,261	TOPS MARKETS(2016)

348		AMHERST, NY(ECKERD)	ECKERD DRUG STORE #5018 2545 MILLERSPORT HWY	Buffalo		2000		2007		100.00	%		10,908		10,908		250,489

349		ARCADE, NY (TOPS)	TOPS PLAZA-ARCADE ROUTE 39	Buffalo		1995		2004		10.00	%		65,915		65,915		662,409	TOPS MARKETS(2015)

350		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)

351		BATAVIA, NY (BJS)	BJS PLAZA 8326 LEWISTON ROAD	Rochester		1996		2004		14.50	%		95,846		95,846		830,421	BJ’S WHOLESALE CLUB(2016)

352		BATAVIA, NY (COMMONS)	BATAVIA COMMONS	Rochester		1990		2004		14.50	%		49,431		49,431		385,167
			419 WEST MAIN ST

353		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)

354		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)

355		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)

356		BUFFALO, NY (MARSHALLS)	MARSHALLS PLAZA 2150 DELAWARE AVENUE	Buffalo		1960/1975/1983/1995		2004		100.00	%		82,196		82,196		802,506	MARSHALLS(2009)

357		BUFFALO, NY(DELAWARE-TARGET)	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE	Buffalo		1995		2004		100.00	%		238,531		238,531		2,110,234	A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)

358		BUFFALO, NY(ECKERD)	ECKERD DRUG STORE #5661	Buffalo		2000		2007		100.00	%		12,739		12,739		280,861
			1625 BROADWAY STREET

359		CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS 2015 WALDEN AVENUE	Buffalo		1994		2004		14.50	%		26,500		26,500		609,500	BORDERS(2015)

360		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)

361		CHEEKTOWAGA, NY (THRUWAY)	THRUWAY PLAZA 2195 HARLEM ROAD	Buffalo		1965/1995/1997/2004		2004		100.00	%		371,512		503,844		2,746,010	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)

Page 17 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
362		CHEEKTOWAGA, NY (TOPS UNION)	TOPS PLAZA — UNION ROAD 3825 — 3875 UNION ROAD	Buffalo		1978/1989/1995/2004		2004		20.00	%		151,357		151,357		1,581,710	TOPS MARKETS(2013)

363		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)

364		CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE	Buffalo		1994/1999		2004		14.50	%		68,002		68,002		618,688
			2130-2190 WALDEN AVENUE

365		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)

366		CHEEKTOWAGA, NY(ECKERD)	ECKERD DRUG STORE #5797	Buffalo		2000		2007		100.00	%		10,908		10,908		335,592
			2401 GENNESEE STREET

367		CHILI, NY (KMART)	CHILI PLAZA 800 PAUL ROAD	Rochester		1998		2004		100.00	%		116,868		120,368		748,189	SEARS(2019)

368		CLARENCE, NY (BARNES)	BARNES & NOBLE	Buffalo		1992		2004		14.50	%		16,030		16,030		304,249
			7370 TRANSIT ROAD

369		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)

370		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)

371		DANSVILLE, NY (TOPS)	TOPS PLAZA — DANSVILLE 23-65 FRANKLIN STREET	Dansville		2001		2004		100.00	%		71,640		71,640		673,449	TOPS MARKETS(2021)

372		DEWITT, NY (DEWITT COMMONS)	MARSHALLS PLAZA 3401 ERIE BOULEVARD EAST	Syracuse		2001/2003		2004		100.00	%		306,177		306,177		3,102,295	TOYS R US(2018), OLD NAVY(2011), MARSHALLS(2019), BED BATH & BEYOND(2018), A.C. MOORE(2014), SYRACUSE ORTHOPEDIC SPECIALIST(2017)

373		DEWITT, NY (MICHAELS)	MICHAELS — DEWITT 3133 ERIE BOULEVARD	Syracuse		2002		2004		100.00	%		38,413		38,413		480,166	MICHAEL’S(2010)

374		DUNKIRK, NY	ECKERD DRUG STORE #5786	Dunkirk		2000		2007		100.00	%		10,908		10,908		210,569
			1166 CENTRAL AVENUE

375		ELIMIRA, NY (TOPS)	TOPS PLAZA-ELMIRA HUDSON STREET	Elmira		1997		2004		10.00	%		98,330		98,330		1,120,421	TOPS MARKETS(2017)

376		GATES, NY (WAL-MART)	WESTGATE PLAZA 2000 CHILI AVENUE	Rochester		1998		2004		100.00	%		334,752		334,752		3,195,144	WAL-MART(2021), STAPLES(2015)

377		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)

378		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)

379		HAMBURG, NY (DICKS-PIER 1)	MCKINLEY PLACE 3701 MCKINLEY PARKWAY	Buffalo		2001		2004		100.00	%		128,944		128,944		1,497,362	DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2009)

380		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)

381		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)

382		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)

383		HAMLIN, NY (TOPS)	TOPS PLAZA-HAMLIN 1800 LAKE ROAD	Rochester		1997		2004		10.00	%		60,488		60,488		465,592	TOPS MARKETS(2017)

384		IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST	Rochester		1972/1984/1997		2004		20.00	%		226,812		226,812		2,316,037	REGAL CINEMAS(2022), A.J. WRIGHT(2014)

385		ITHACA, NY (TOPS)	TOPS PLAZA — ITHACA 614 — 722 SOUTH MEADOW	Ithaca		1990/1999/2003		2004		100.00	%		229,320		229,320		3,626,947	OFFICE DEPOT(2014), TOPS MARKETS(2022), MICHAEL’S(2013), BARNES & NOBLE(2018)

Page 18 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
386		JAMESTOWN, NY (PROGRESSIVE)	TOPS PLAZA — JAMESTOWN 75 WASHINGTON STREET	Jamestown		1997		2004		20.00	%		98,001		98,001		975,575	TOPS MARKETS(2018)

387		LANCASTER, NY (REGAL)	REGAL CENTER 6703-6733 TRANSIT ROAD	Buffalo		1997		2004		14.50	%		112,949		112,949		851,380	REGAL CINEMAS(2017)

388		LEROY, NY (TOPS)	TOPS PLAZAL — LEROY 128 WEST MAIN STREET	Rochester		1997		2004		20.00	%		62,747		62,747		584,903	TOPS MARKETS(2017)

389		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)

390		N. TONAWANDA, NY (SEARS)	MID-CITY PLAZA 955-987 PAYNE AVENUE	Buffalo		1960/1976/1980/1995/ 2004		2004		100.00	%		224,949		224,949		1,998,139	TOPS MARKETS(2024)

391		NEW HARTFORD, NY	CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE	Utica		2002		2004		14.50	%		514,717		514,717		6,194,484	BARNES & NOBLE(2013), BED BATH & BEYOND(2018), BEST BUY(2013), STAPLES(2018), MICHAEL’S(2013), WAL-MART(2022), T.J. MAXX(2012)

392		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)

393		NIAGARA FALLS, NY (REGAL CINE)	REGAL CINEMAS — N FALLS 720 & 750 BUILDERS WAY	Buffalo		1994/2000		2004		100.00	%		43,170		43,170		577,615	REGAL CINEMAS(2019)

394		NISKAYUNA, NY	MOHAWK COMMONS 402 — 442 BALLTOWN ROAD	Albany		2002		2004		100.00	%		399,901		530,375		4,656,944	PRICE CHOPPER(2022), LOWE’S(2022), MARSHALLS(2012), BARNES & NOBLE(2014), BED BATH & BEYOND(2019), TARGET(NOT OWNED)

395		NORWICH, NY (TOPS)	TOPS PLAZA—NORWICH 54 EAST MAIN STREET	Norwich		1997		2004		10.00	%		85,453		85,453		1,093,185	TOPS MARKETS(2018)

396		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)

397		ONTARIO, NY (TOPS-BLOCKBUSTER)	TOPS PLAZA — ONTARIO BLOCKBUST 6254 — 6272 FURNACE ROAD	Rochester		1998		2004		20.00	%		77,040		77,040		735,576	TOPS MARKETS(2019)

398		ORCHARD PARK, NY (BLOCKBUSTER)	CROSSROAD PLAZA 3245 SOUTHWESTERN BOULEVARD	Buffalo		2000		2004		20.00	%		167,805		167,805		1,774,009	TOPS MARKETS(2022), STEIN MART(2012)

399		PLATTSBURGH, NY	CONSUMER SQUARE RT. 3 — CORNELIA ROAD	Plattsburgh		1993/2004		2004		100.00	%		491,513		491,513		3,438,584	SAM’S CLUB(2013), WAL-MART(2020), T.J. MAXX(2013), PETSMART(2014), MICHAEL’S(2011)

400		ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD ROAD	Rochester		1959/1965/1972/1980/ 1986/1994		2004		20.00	%		278,241		278,241		3,245,539	LINENS ‘N THINGS(2013), TOPS MARKETS(2014)

401		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)

402		TONAWANDA, NY (BIG LOTS)	YOUNGMAN PLAZA 750 YOUNG STREET	Buffalo		1985/2003		2004		20.00	%		306,421		318,166		2,327,379	BJ’S WHOLESALE CLUB(2010), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKETS(2021)

403		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)

404		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)

405		TONAWANDA, NY (TOPS)	TOPS PLAZA—NIAGARA STREET 150 NIAGARA STREET	Buffalo		1997		2004		10.00	%		97,014		97,014		1,055,950	TOPS MARKETS(2017)

406		VICTOR, NY	VICTOR SQUARE	Rochester		2000		2004		100.00	%		56,134		56,134		966,872
			2-10 COMMERCE DRIVE

407		WARSAW, NY (TOPS)	TOPS PLAZA — WARSAW 2382 ROUTE 19	Warsaw		1998		2004		20.00	%		74,105		74,105		698,199	TOPS MARKETS(2015)

408		WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD	Buffalo		1975/1983/1987/1995		2004		100.00	%		139,453		139,453		1,404,267	HOME DEPOT(2016)

409		WEST SENECA, NY (SENECA RIDGE)	SENECA — RIDGE PLAZA	Buffalo		1980/1996/2004		2004		100.00	%		62,403		62,403		291,082
			3531 SENECA STREET

Page 19 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


					Year									Owned &
					Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location		Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
410		WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE	Buffalo		1986/1995/2003		2004		100.00	%		103,046		103,046		1,020,954
			5395 SHERIDAN DRIVE

411		WILLIAMSVILLE, NY (PREMIER)	PREMIER PLACE 7864 — 8020 TRANSIT ROAD	Buffalo		1986/1994/1998		2004		14.50	%		142,536		142,536		1,334,980	PREMIER LIQUORS(2010), STEIN MART(2008)

	North Carolina

412		APEX, NC (SOUTH)	BEAVER CREEK CROSSINGS SOUTH 1335 W WILLIAMS STREET	Raleigh		2006		*1		100.00	%		235,646		247,886		3,290,949	DICK’S SPORTING GOODS(2017), CONSOLIDATED THEATRES(2026), T.J. MAXX(2016), CIRCUIT CITY(2022), BORDERS(2022)

413		APEX, NC(COMMONS)	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET	Raleigh		2005		*1		10.00	%		116,429		447,411		2,471,390	LINENS ‘N THINGS(2016), OFFICE MAX(2014), LOWES(NOT OWNED)

414		ASHEVILLE, NC(OAKLEY)	OAKLEY PLAZA FAIRVIEW RD AT INTERSTATE 240	Asheville		1988		2007		100.00	%		129,287		129,287		972,273	BABIES R US(2011), BI-LO(2016)

415		ASHEVILLE, NC(RIVER)	RIVER HILLS 299 SWANNANOA RIVER ROADD	Asheville		1996		2003		14.50	%		190,970		190,970		2,073,592	GOODY’S(2009), CARMIKE CINEMAS(2017), CIRCUIT CITY(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2008), OFFICE MAX(2011)

416		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)

417		CARY, NC(MILL POND)	MILL POND VILLAGE 3434-3490 KILDAIRE FARM ROAD	Raleigh		2004		2007		100.00	%		88,784		135,204		1,272,644	LOWE’S FOODS(2021), MCDONALD’S(2022)

418		CHAPEL HILL, NC	MEADOWMONT VILLAGE CENTER W. BARBEE CHAPEL RD	Durham		2002		2007		20.00	%		132,745		132,745		2,452,804	HARRIS TEETER SUPERMARKETS(2022)

419		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)

420		CHARLOTTE, NC(CAMFIELD)	CAMFIELD CORNERS 8620 CAMFIELD STREET	Charlotte		1994		2007		100.00	%		69,910		69,910		826,010	BI-LO(2014)

421		CLAYTON, NC	CLAYTON CORNERS US HIGHWAY 70 WEST	Raleigh		1999		2007		20.00	%		125,653		125,653		1,322,013	LOWE’S FOODS(2019)

422		CONCORD, NC(ECKERD)	ECKERD DRUG STORE - CONCORD HIGHWAY #29 @ PITTS SCHOOL	Charlotte		2002		2007		100.00	%		10,908		10,908		227,814


423		CORNELIUS, NC	SOUTHLAKE SHOPPING CENTER 20601 TORRENCE CHAPE L ROAD	Charlotte		2001		2007		100.00	%		131,247		131,247		1,262,035	STEIN MART(2008), HARRIS TEETER SUPERMARKETS(2009)

424		DURHAM, NC	PATTERSON PLACE 3616 WITHERSPOON BLVD.	Durham		2004		2007		20.00	%		161,017		161,017		2,344,107	DSW SHOE WAREHOUSE(2016), A.C. MOORE(2014), BED BATH & BEYOND(2020), KOHL’S (2050)

425		DURHAM, NC(OXFORD)	OXFORD COMMONS 3500 OXFORD ROAD	Durham		1990/2001		*1/2		100.00	%		203,069		321,335		1,355,477	FOOD LION(2010), BURLINGTON COAT FACTORY(2012), WAL-MART(NOT OWNED)

426		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)

427		FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD	Fayetteville		1985/2003		2003		100.00	%		196,279		196,279		1,462,007	DEVELOPERS REALTY CORP.(2012), T.J. MAXX(2011), BED BATH & BEYOND(2014)

428		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)

429		FUQUAY VARINA, NC	SEXTON COMMONS 1420 N MAIN ST	Raleigh		2002		2007		20.00	%		49,097		49,097		763,534	HARRIS TEETER SUPERMARKETS(2021)

430		GREENSBORO, NC(ADAMS)	ADAMS FARM 5710 HIGH POINT ROAD	Greensboro		2004		2007		100.00	%		112,195		112,195		960,756	HARRIS TEETER SUPERMARKETS(2008)

431		GREENSBORO, NC(GOLDEN)	GOLDEN GATE EAST CORNWALLIS DR	Greensboro		1962/2002		2007		100.00	%		153,113		153,113		1,084,774	HARRIS TEETER SUPERMARKETS(2011), STAPLES(2016), FOOD LION(2012)

432		GREENSBORO, NC(WENDOVER I)	SHOPPES AT WENDOVER VILLAGE I 4203-4205 WEST WENDOVER AVENUE	Greensboro		2004		2007		100.00	%		35,895		170,895		800,113	COSTCO(NOT OWNED)

433		GREENSBORO, NC(WENDOVER II)	WENDOVER II WEST WENDOVER AVE	Greensboro		2004		2007		20.00	%		135,004		135,004		2,044,319	A.C. MOORE(2014), CIRCUIT CITY(2020), SOFA CONNECTION(2014)

Page 20 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
434	HUNTERSVILLE, NC	BIRKDALE VILLAGE RETAIL (TIAA) BIRKDALE COMMONS PKY AND SAM FURR RD	Charlotte		2003		2007		15.00	%		300,908		302,705		6,642,183	BARNES & NOBLE(2013), DICK’S SPORTING GOODS(2018)

435	HUNTERSVILLE, NC(ROSEDALE)	ROSEDALE SHOPPING CENTER 9911 ROSE COMMONS DR	Charlotte		2000		2007		20.00	%		119,197		119,197		1,898,038	HARRIS TEETER SUPERMARKETS(2020)

436	INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD	Indian Trail		1999		2004		100.00	%		96,160		96,160		845,360	FOOD LION(2020)

437	JACKSONVILLE, NC(GATEWAY)	GATEWAY PLAZA — JACKSONVILLE (SEC WESTERN BLVD AND GATEWAY SOUTH	Jacksonville		2001		2007		15.00	%		101,413		341,413		1,125,463	BED BATH & BEYOND(2013), ROSS DRESS FOR LESS(2013), LOWES(NOT OWNED), TARGET(NOT OWNED)

438	MATTHEWS, NC	SYCAMORE COMMONS (TIAA) MATTHEWS TWNSHP PWY & NORTHEAST PWY	Charlotte		2002		2007		15.00	%		265,860		555,535		4,412,882	MICHAEL’S(2012), BED BATH & BEYOND(2012), DICK’S SPORTING GOODS(2017), OLD NAVY(2011), CIRCUIT CITY(2023), COSTCO(NOT OWNED), LOWE’S(NOT OWNED)

439	MOORESVILLE, NC	MOORESVILLE CONSUMER SQUARE I 355 WEST PLAZA DRIVE	Charlotte		1999		2004		100.00	%		472,182		472,182		4,396,368	WAL-MART(2019), GOODY’S(2010), GANDER MOUNTAIN(2021)

440	MOORESVILLE, NC(WINSLOW)	WINSLOW BAY COMMONS (TIAA) BLUEFIELD ROAD AND HIGHWAY 150	Charlotte		2003		2007		15.00	%		255,798		429,798		3,363,697	ROSS DRESS FOR LESS(2014), LINENS ‘N THINGS(2014), DICK’S SPORTING GOODS(2019), T.J. MAXX(2013), MICHAEL’S(2013), SUPER TARGET(NOT OWNED)

441	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)

442	RALEIGH, NC(ALEXANDER)	ALEXANDER PLACE (TIAA) GLENWOOD AVE & BRIER CREEK PKWY	Greensboro		2004		2007		15.00	%		158,298		368,298		2,247,339	KOHL’S(2025), SUPER WALMART(NOT OWNED)

443	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)

444	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

445	RALEIGH, NC(WAKEFIELD)	WAKEFIELD CROSSING WAKEFIELD PINES DR & NEW FALLS OF NEUSE	Raleigh		2001		2007		100.00	%		75,927		75,927		928,241	FOOD LION(2022)

446	SALISBURY, NC	ALEXANDER POINTE 850 JAKE ALEXANDER BLVD	Salisbury		1997		2007		20.00	%		57,710		57,710		614,794	HARRIS TEETER SUPERMARKETS(2017)

447	SILER CITY, NC	CHATHAM CROSSING (TIAA) US HIGHWAY 64 WEST	Durham		2002		2007		15.00	%		32,000		267,000		397,824	SUPER WAL-MART(NOT OWNED)

448	SOUTHERN PINES, NC	BI-LO — SOUTHERN PINES (TIAA) US HWY 15-501	Southern Pines		2002		2007		15.00	%		57,404		57,404		512,112	STEIN MART(2016)

449	WAKE FOREST, NC	CAPITAL PLAZA (TIAA) 11825 RETAIL DRIVE	Raleigh		2004		2007		15.00	%		46,793		336,793		586,308	HOME DEPOT(NOT OWNED), SUPER TARGET(NOT OWNED)

450	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA	Washington		1990/1999		*1/2		100.00	%		80,269		265,053		563,774	GOODY’S(2009), OFFICE DEPOT(2009), WAL-MART(NOT OWNED)

451	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.	Wilmington		1989/2001		*1/2		100.00	%		411,887		518,735		3,480,570	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)

452	WILMINGTON, NC(OLEANDER)	OLEANDER SHOPPING CENTER 3804 OLEANDER DRIVE	Wilmington		1989		2007		100.00	%		51,888		51,888		578,191	LOWE’S FOODS(2015)

453	WILSON, NC	FOREST HILLS CENTRE 1700 RALEIGH RD NW	Wilson		1989		2007		100.00	%		73,280		73,280		682,178	HARRIS TEETER SUPERMARKETS(2010)

454	WINSTON-SALEM, NC(HARPER)	HARPER HILL COMMONS 5049 COUNTRY CLUB RD	Winston Salem		2004		2007		20.00	%		55,394		96,914		1,354,360	HARRIS TEETER SUPERMARKETS(2024)

455	WINSTON-SALEM, NC(OAK)	OAK SUMMIT (TIAA) EAST HANES MILL ROAD	Winston Salem		2003		2007		15.00	%		142,394		352,394		1,715,999	GOODY’S(2016), STAPLES(2016), PETSMART(2020), SUPER WALMART(NOT OWNED)

456	WINSTON-SALEM, NC(OLIVER)	SHOPS AT OLIVER CROSSING PETERS CREEK PKWY OLIVER CROSSING	Winston Salem		2003		2007		20.00	%		76,512		76,512		964,926	LOWE’S FOODS(2023)

457	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)

Page 21of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
North Dakota

458	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE	Dickinson		1978		*1/2		100.00	%		266,502		266,502		1,042,983	K MART(2008), HERBERGER’S(2010), J.C. PENNEY(2008)

Ohio

459	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)

460	ASHTABULA, OH (TOPS)	TOPS PLAZA — ASHTABULA 1144 WEST PROSPECT ROAD	Ashtabula		2000		2004		100.00	%		57,874		57,874		816,400	TOPS MARKETS(2021)

461	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)

462	BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224	Youngstown		1997		*1		100.00	%		506,254		511,654		4,218,787	LOWE’S(2016), BABIES R US(2009), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL-MART(2017), PETSMART(2013), GIANT EAGLE(2018)

463	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)

464	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N. BRIDGE STREET	Chillicothe		1974/1998		*1/2		20.00	%		106,262		106,262		972,293	KROGER(2041), OFFICE MAX(2013)

465	CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET	Chillicothe		1998		1981		100.00	%		130,497		130,497		822,132	LOWE’S(2015)

466	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY	Cincinnati		1990		1993		100.00	%		235,433		235,433		2,040,563	STEVE & BARRY’S(2014), MICHAEL’S(2011)

467	CINCINNATI, OH(KROGER)	KROGER — CINCINNATI 6401 COLERAIN AVE	Cincinnati		1998		2007		100.00	%		56,634		56,634		556,486	KROGER(2015)

468	CINCINNATI, OH(TRI COUNTY)	TRI COUNTY MALL 11700 PRINCETON PIKE	Cincinnati		1960/1990/1992		2005		18.00	%		658,839		1,171,319		9,589,493	DILLARD’S(2018), SEARS(2019), MACY’S(NOT OWNED)

469	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)

470	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET	Columbus		1998		1998		100.00	%		509,611		509,611		6,029,373	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)

471	COLUMBUS, OH (LENNOX)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD	Columbus		1997		1998		50.00	%		352,913		352,913		3,531,439	TARGET(2016), BARNES & NOBLE(2012), STAPLES(2011), AMC THEATRE(2021)

472	COLUMBUS, OH (SUN)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD	Columbus		1995		1998		79.45	%		305,428		305,428		3,742,511	BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2012), WHOLE FOODS(2016), STAPLES(2010)

473	COLUMBUS, OH(HILLIARD)	HILLIARD ROME 1710-60 HILLIARD ROME ROAD	Columbus		2001		2007		20.00	%		110,871		110,871		1,490,613	GIANT EAGLE(2022)

474	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD	Columbus		1996		1998		100.00	%		137,556		137,556		1,583,317	GIANT EAGLE(2014)

475	ELYRIA, OH	ELYRIA SHOPPING CENTER 841 CLEVELAND	Cleveland		1977		*2		100.00	%		92,125		92,125		704,695	TOPS MARKETS(2010)

476	GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE	Gallipolis		1998		2003		100.00	%		25,950		205,908		339,798	WAL MART(NOT OWNED)

477	GROVE CITY, OH(DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD	Columbus		1992		1998		20.00	%		128,250		128,250		1,086,223	GIANT EAGLE(2016)

478	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE	Dayton		1990		1993		100.00	%		183,015		297,572		597,105	WAL-MART(NOT OWNED)

Page 22 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
479	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD	Lebanon		1990/2002		1993		100.00	%		17,000		110,480		63,970	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)

480	MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD	Cleveland		1994		1994		50.00	%		236,749		375,916		2,883,343	TOPS MARKETS(2019), KOHL’S(2016), WAL-MART(NOT OWNED)

481	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)

482	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 2589-26437 GREAT NORTHERN	Cleveland		1958/1998/2003		2003		14.50	%		624,587		665,487		8,233,338	DSW SHOE WAREHOUSE(2015), BEST BUY(2010), MARSHALLS(2008), BED BATH & BEYOND(2012), 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)

483	SOLON, OH	UPTOWN SOLON KRUSE DRIVE	Cleveland		1998		*1		100.00	%		183,255		183,255		2,913,114	MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2009), BORDERS(2018)

484	STEUBENVILLE, OH	LOWE’S HOME IMPROVEMENT — STEU 4115 MALL DRIVE	Pittsburgh		1998		2007		100.00	%		130,497		130,497		871,236	LOWE’S(2016)

485	STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD	Akron		1997/2000		*1		100.00	%		404,480		506,563		2,739,444	BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), TARGET(NOT OWNED)

486	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET	Tiffin		1980/2004		*1/2		100.00	%		170,868		170,868		611,662	CINEMARK(2011), J.C. PENNEY(2010)

487	TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD	Toledo		1999		*1		20.00	%		241,129		271,729		2,783,658	KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2010), OLD NAVY(2010), BABIES R US (2010)

488	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)

489	WEST CHESTER, OH	KROGER — WEST CHESTER 7172 CINCINNATI-DAYTON ROAD	Cincinnati		1998		2007		100.00	%		56,634		56,634		349,154	KROGER(2018)

490	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD	Cleveland		1974/1997/2000		*1/2		100.00	%		162,330		162,330		1,264,560	MARC’S(2009), K MART(2009)

491	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)

492	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

493	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

494	PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD	Portland		1995/2001		1996		50.00	%		309,617		566,457		5,617,841	LINENS ‘N THINGS(2012), ROSS DRESS FOR LESS(2013), MICHAEL’S(2009), BARNES & NOBLE(2011), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED)
Pennsylvania

495	ALLENTOWN, PA(WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD	Allentown		2001/2004		2003		100.00	%		259,239		259,239		2,704,847	WAL-MART(2021)

496	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)

497	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)

498	CHESWICK, PA	ECKERD DRUG STORE #6095 1200 PITTSBURGH ST.	Pittsburgh		2000		2007		100.00	%		10,908		10,908		248,609

499	CONNELSVILLE, PA	ECKERD DRUG STORE #6007 100 MEMORIAL BLVD	Pittsburgh		1999		2007		100.00	%		10,908		10,908		312,181

Page 23 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
500	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE	Philadelphia		1975/1997		*1/2		100.00	%		173,876		179,376		1,244,834	K MART(2010), BIG LOTS(2010)

501	ERIE, PA (PEACH)	PEACH STREET SQUARE 1902 KEYSTONE DRIVE	Erie		1995/1998/2003		*1		100.00	%		557,769		672,244		4,779,939	LOWE’S(2015), PETSMART(2015), CIRCUIT CITY(2020), KOHL’S(2016), WAL-MART(2015), CINEMARK(2011), HOME DEPOT(NOT OWNED)

502	ERIE, PA(ECKERD 6193)	ECKERD DRUG STORE #6193 404 EAST 26TH STREET	Erie		1999		2007		100.00	%		10,908		10,908		260,047

503	ERIE, PA(ECKERD 6286)	ECKERD DRUG STORE #6286 2184 WEST 12TH ST	Erie		1999		2007		100.00	%		10,908		10,908		373,661

504	ERIE, PA(ECKERD 6334)	ECKERD DRUG STORE #6334 353 EAST 6TH STREET	Erie		1999		2007		100.00	%		10,908		10,908		266,969

505	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)

506	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)

507	HARBORCREEK, PA	ECKERD DRUG STORE #6062 4145 BUFFALO ROAD	Erie		1999		2007		100.00	%		10,908		10,908		230,486

508	HOMESTEAD, PA	WATERFRONT MARKET AMITY (TIAA) 660 E. WATERFRONT DR	Pittsburgh		2003		2007		15.00	%		765,009		1,012,307		11,535,912	DICK’S SPORTING GOODS(2012), LOEW’S CINEMA(2020), BEST BUY(2013), 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), MACY’S(NOT OWNED), TARGET(NOT OWNED)

509	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	UNITED ARTISTS THEATRE(2025), NORDSTROM RACK(2012), BEST BUY(2017)

510	MILLCREEK, PA	ECKERD DRUG STORE #6257 5440 PEACH ST.	Erie		2000		2007		100.00	%		10,908		10,908		336,691

511	MILLCREEK, PA (ECKERD#6199)	ECKERD DRUG STORE #6199 2923 WEST 26TH ST.	Erie		1999		2007		100.00	%		10,908		10,908		332,311

512	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD	Pittsburgh		1999/2004		2003		14.50	%		298,589		298,589		2,713,360	LOWE’S(2016), SHOP ‘N SAVE(2019), CINEMARK(2019)

513	MONROEVILLE, PA	ECKERD DRUG STORE #6040 4111 WILLIAM PENN HWY	Pittsburgh		1998		2007		100.00	%		12,738		12,738		484,028

514	MONROEVILLE, PA(ECKERD 6043)	ECKERD DRUG STORE #6043 2604 MONROEVILLE BLVD	Pittsburgh		1999		2007		100.00	%		10,908		10,908		295,339

515	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)

516	NEW CASTLE, PA	ECKERD DRUG STORE #6172 31 NORTH JEFFERSON STREET	New Castle		1999		2007		100.00	%		10,908		10,908		261,740

517	PENN, PA	ECKERD DRUG STORE #6392 3550 ROUTE 130	Pittsburgh		1999		2007		100.00	%		10,908		10,908		262,741

518	PITTSBURGH, PA	ECKERD DRUG STORE #6036 2501 SAW MILL RUN BLVD	Pittsburgh		1999		2007		100.00	%		10,908		10,908		342,233

519	PLUM BOROUGH, PA	ECKERD DRUG STORE #6695 1804 GOLDEN MILE HWY	Pittsburgh		1999		2007		100.00	%		10,908		10,908		326,940
Puerto Rico

520	ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR # KM 80.3	Arecibo		1980/1993		2005		100.00	%		215,451		224,950		3,328,458	K MART(2013), CAPRI DEL ATLANTICO(2013)

521	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		16,449,860	WAL-MART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)

Page 24 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
522	BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8	San Juan		1980/2002		2005		100.00	%		126,023		132,309		1,538,961	PUEBLO XTRA(2009), TIENDAS CAPRI(2013)

523	BAYAMON, PR (RIO HONDO)	RIO HONDO PR#22, PR#167	San Juan		1982/2001		2005		100.00	%		464,174		529,476		11,432,371	TIENDAS CAPRI(2009), COMPUSA(2021), K MART(2011), PUEBLO XTRA(2012), RIO HONDO CINEMAS(2023), MARSHALLS(2015)

524	CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1	San Juan		1997		2005		100.00	%		385,749		601,619		7,760,283	OFFICE MAX(2015), WAL-MART(2024), PLAZA ESCORIAL CINEMAS(2019), BORDERS(2017), OLD NAVY(2009), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED)

525	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), PLAZA CAYEY CENTRO CINEMA(2018)

526	FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940	Fajardo		1992		2005		100.00	%		245,319		251,319		3,971,862	WAL-MART(2012), PUEBLO XTRA(2012)

527	GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART ROAD PR #3 KM 135.0	Guayama		1994		2005		100.00	%		163,598		163,598		1,769,760	WAL-MART(2018)

528	HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD#2 KM 81.9	Arecibo		1992		2005		100.00	%		505,877		671,306		9,894,245	SEARS(2014), TOYS R US(2018), J.C. PENNEY(2012), WAL-MART(2012)

529	HUMACAO, PR (PALMA REAL)	PALMA REAL STATE ROAD #3, KM 78.20	Humacao		1995		2005		100.00	%		340,608		436,614		5,938,444	PEP BOYS(2015), J.C. PENNEY(2019), CAPRI STORES(2011), WAL-MART(2020)

530	ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA	Isabela		1994		2005		100.00	%		238,410		259,016		3,669,329	COOP(2014), WAL-MART(2019)
		STATE ROAD #2 & # 454

531	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)

532	SAN GERMAN, PR (DEL OESTE)	DEL OESTE ROAD PR #2 INT PR #122	San German		1991		2005		100.00	%		174,172		184,746		2,303,881	K MART(2016), PUEBLO XTRA(2011)

533	SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177	San Juan	1978/Mutiple			2005		100.00	%		168,664		209,124		2,624,948	K MART(2010), PUEBLO XTRA(2015)

534	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

535	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)

536	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

537	AIKEN, SC(EXCHANGE)	AIKEN EXCHANGE (TIAA) WHISKEY ROAD & BROOK HAVEN DRIVE	Greenville		2004		2007		15.00	%		101,558		226,558		922,967	GOODY’S(2015), PETSMART(2019), TARGET(NOT OWNED)

538	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)

539	ANDERSON, SC(NORTH HILL)	NORTH HILL COMMONS (TIAA) 3521 CLEMSON BLVD	Greenville		2000		2007		15.00	%		43,149		168,149		431,962	MICHAEL’S(2013), TARGET(NOT OWNED)

540	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE	Camden		1990/2000		1993		100.00	%		180,127		363,405		1,287,808	STEVE & BARRY’S(2014), BELK(2015), WAL-MART SUPER CENTER(NOT OWNED)

541	CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE	Charleston		1991		2003		100.00	%		188,883		196,048		1,446,980	FOOD LION(2011), WAL-MART(2011)

542	COLUMBIA, SC (STATION)	COLUMBIANA STATION OEA (TIAA) HARBISON BLVD & BOWE R PARKWAY	Columbia		2003		2007		15.00	%		376,819		559,586		5,133,258	GOODY’S(2016), CIRCUIT CITY(2020), DICK’S SPORTING GOODS(2016), MICHAEL’S(2010), PETSMART(2015), H.H. GREGG APPLIANCES(2015)

543	COLUMBIA, SC (TARGET)	TARGET CENTER I (TIAA) 10204 TWO NOTCH RD.	Columbia		2002		2007		15.00	%		83,400		208,400		504,558	MICHAEL’S(2012), LINENS ‘N THINGS(2012), TARGET(NOT OWNED)

544	COLUMBIA, SC(HARBISON)	HARBISON COURT HARBISON BLVD	Columbia		1991		2002		14.50	%		236,707		296,196		2,919,597	BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE DEPOT(2011), BABIES ‘R’ US #8890(NOT OWNED)

Page 25 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


				Year									Owned &
				Developed/		Year		DDR Ownership					Unowned		Total Annualized
	Location	Center/Property	MSA	Redeveloped		Acquired		Interest			Owned GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
545	CONWAY, SC	GATEWAY PLAZA II — CONWAY 2701 CHURCH STREET	Myrtle Beach		2002		2007		100.00	%		62,428		62,428		625,705	GOODY’S(2017)

546	EASLEY, SC	CENTER POINTE PLAZA II CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD	Greenville		2004		2007		20.00	%		72,287		187,287		775,475	PUBLIX SUPER MARKETS(2023), HOME DEPOT(NOT OWNED)

547	GAFFNEY, SC	ECKERD DRUG STORE — GAFFNEY 1320 W FLOYD BAKER BLVD	Gaffney		2003		2007		100.00	%		13,818		13,818		291,984

548	GREENVILLE, SC(ECKERD)	ECKERD DRUG STORE — GREENVILLE 3679 AUGUSTA ROAD	Greenville		2001		2007		100.00	%		10,908		10,908		283,423

549	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)

550	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)

551	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)

552	LEXINGTON, SC	LEXINGTON PLACE US HWY 378 AND OLD CHEROKEE ROAD	Columbia		2003		2007		100.00	%		83,167		215,167		835,531	ROSS DRESS FOR LESS(2014), T.J. MAXX(2013), PUBLIX(NOT OWNED), KOHL’S(NOT OWNED)

553	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH	Charleston		1992/2000		1995		100.00	%		209,139		325,236		1,752,283	OFFICE DEPOT(2010), T.J. MAXX(2013), MARSHALLS(2011), WAL-MART(NOT OWNED)

554	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)

555	MYRTLE BEACH, SC	PLAZA AT CAROLINA FOREST 3735 RENEE DRIVE	Myrtle Beach		1999		2007		20.00	%		116,657		116,657		1,657,436	KROGER(2010)

556	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE	Charleston		1989/2001		*2		100.00	%		294,471		344,471		2,021,741	WAL-MART(2009), OFFICE MAX(2009)

557	N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVENUE	Charleston		1980/1993		2004		100.00	%		235,501		235,501		1,076,181	NORTHERN TOOL(2016), BIG LOTS(2009)

558	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)

559	PIEDMONT, SC	ECKERD DRUG STORE — PIEDMONT 915 ANDERSON STREET	Greenville		2000		2007		100.00	%		10,908		10,908		181,052

560	S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS	Greenville		1990		1994		100.00	%		8,800		8,800		30,600

561	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD	Greenville		1990		1994		100.00	%		142,086		142,086		873,106	INGLES(2011), KOHL’S(2015)

562	SPARTANBURG, SC(BLACKSTOCK)	ECKERD DRUG STORE — BLACKSTOCK 1510 W.O. EZELL BLVD	Spartanburg		2001		2007		100.00	%		10,908		10,908		271,599

563	SPARTANBURG, SC(ECKERD)	ECKERD DRUG STORE — SPARTANBUR 780 N. PINE STREET	Spartanburg		2002		2007		100.00	%		10,908		10,908		283,656

564	SPARTANBURG, SC(NORTHPOINT)	NORTHPOINT MARKETPLACE 8642-8760 ASHEVILLE HIGHWAY	Spartanburg		2001		2007		100.00	%		102,252		102,252		709,137	INGLES(2021)

565	TAYLORS, SC	NORTH HAMPTON 6019 WADE HAMPTON (AKA GREER, SC)	Greenville		2004		2007		20.00	%		114,935		171,545		1,160,896	HOBBY LOBBY(2019), TARGET(NOT OWNED)

566	TAYLORS, SC (HAMPTON)	HAMPTON POINT 3033 WADE HAMPTON BL	Greenville		1993		2007		100.00	%		58,316		58,316		468,926	BI-LO(2018)

567	TEGA CAY, SC	ECKERD DRUG STORE — TEGA CAY 2907 W HWY 160	Charleston		2002		2007		100.00	%		13,824		13,824		309,853

568	WOODRUFF, SC	ECKERD DRUG STORE — WOODRUFF 121 N MAIN STREET	Spartanburg		2002		2007		100.00	%		13,824		13,824		288,178

Page 26 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


			Year				Owned &
			Developed/	Year	DDR Ownership		Unowned	Total Annualized
Location	Center/Property	MSA	Redeveloped	Acquired	Interest	Owned GLA	GLA	Rent	Anchor Tenants (Lease Expiration)
South Dakota

569 WATERTOWN, SD	WATERTOWN MALL	Watertown	1977	*1/2	100.00%	240,262	282,262	1,385,814	DUNHAM’S SPORTING GOODS(2011),
	1300 9TH AVENUE								HERBERGER’S(2009), J.C. PENNEY(2008), HY VEE SUPERMARKET(NOT OWNED)

Tennessee
570 BRENTWOOD, TN	COOL SPRINGS POINTE	Brentwood	1999/2004	2000	14.50%	201,414	201,414	2,580,284	BEST BUY(2014), ROSS DRESS
	I-65 AND MOORE’S LANE								FOR LESS(2015), LINENS ’N THINGS(2014), DSW SHOE WAREHOUSE(2008)
571 CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE	Chattanooga	1992/2004	2003	100.00%	207,244	207,244	1,779,519	BEST BUY(2014), HOBBY LOBBY(2014),
	2288 GUNBARREL ROAD								FRESH MARKET(2014)
572 CHATTANOOGA, TN(PETSMART)	PETSMART - CHATTANOOGA	Chattanooga	1995	2007	100.00%	26,040	26,040	344,665	PETSMART(2021)
	2130 GUNBARREL ROAD
573 COLUMBIA, TN	COLUMBIA SQUARE	Columbia	1993	2003	10.00%	68,948	68,948	506,090	KROGER(2022)
	845 NASHVILLE HWY
574 FARRAGUT, TN	FARRAGUT POINTE	Knoxville	1991	2003	10.00%	71,311	71,311	462,478	FOOD CITY(2011)
	11132 KINGSTON PIKE
575 GOODLETTSVILLE, TN	NORTHCREEK COMMONS	Nashville	1987	2003	20.00%	84,441	84,441	718,613	KROGER(2012)
	101 - 139 NORTHCREEK BLVD.
576 HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S	Nashville	1999	2003	100.00%	133,144	133,144	1,222,439	LOWE’S(2019)
	TN HENDERSONVILLE
577 JACKSON, TN	WEST TOWNE COMMONS	Jackson	1992	2007	20.00%	62,925	62,925	554,358	KROGER(2020)
	41 STONEBROOK PLACE
578 JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE	Johnson City	2005	2003	100.00%	11,749	99,997	488,862	KOHL’S(2026)
	FRANKLIN & KNOB CREEK ROADS
579 KNOXVILLE, TN	TURKEY CREEK I (TIAA)	Knoxville	2001	2007	15.00%	280,776	478,814	3,587,222	ROSS DRESS FOR LESS(2014),
	10936 PARKSIDE DRIVE								OFFICE MAX(2017), LINENS ’N THINGS(2017), OLD NAVY(2011), GOODY’S(2015), TARGET(NOT OWNED), WAL-MART(NOT OWNED)
580 KNOXVILLE, TN (TOWN)	TOWN & COUNTRY (TIAA)	Knoxville	1985/1997	2007	15.00%	637,537	637,537	6,098,243	GOODY’S(2013), JO-ANN STORES(2013), CIRCUIT CITY(2009), STAPLES(2019), BEST BUY(2019), FOOD CITY(2026), LOWE’S(2017), CARMIKE CINEMAS(2020), DICK’S SPORTING GOODS(2017)
	NORTH PETERS ROAD &
	TOWN & COUNTRY CIRCL
581 MEMPHIS, TN(AMERICAN)	AMERICAN WAY	Memphis	1988	2007	20.00%	121,222	121,222	862,442	KROGER(2020)
	4075 AMERICAN WAY
582 MORRISTOWN, TN	CROSSROADS SQUARE	Morristown	2004	2007	20.00%	65,000	75,000	597,500	T.J. MAXX(2014)
	130 TERRACE LANE
583 MURFREESBORO, TN(TOWNE)	TOWNE CENTRE	Murfreesboro	1998	2003	14.50%	108,023	390,645	1,343,815	T.J. MAXX(2008), BOOKS-A-MILLION(2009), LOWE’S
	OLD FORT PARKWAY								(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)
584 NASHVILLE, TN	WILLOWBROOK COMMONS	Nashville	2005	2007	20.00%	93,600	93,600	849,055	KROGER(2029)
	61 EAST THOMPSON LN
585 NASHVILLE, TN (MARKET)	THE MARKETPLACE	Nashville	1998	2003	14.50%	167,795	367,879	1,639,924	LOWE’S(2019), WAL MART(NOT OWNED)
	CHARLOTTE PIKE
586 NASHVILLE, TN(BELLEVUE)	BELLEVUE PLACE SHOPPING CENTER 7625 HIGHWAY 70 S	Nashville	2003	2007	15.00%	77,180	192,180	850,599	MICHAEL’S(2012), BED BATH & BEYOND(2012), HOME DEPOT(NOT OWNED)
587 OAKLAND, TN	OAKLAND MARKET PLACE	Memphis	2004	2007	20.00%	64,600	64,600	383,047	KROGER(2028)
	7265 US HWY 64

Texas
588 AUSTIN, TX(TECH RIDGE)	SHOPS AT TECH RIDGE	Austin	2003	2003	24.75%	282,798	530,434	4,114,775	ROSS DRESS FOR LESS(2014), LINENS ’N
	CENTER RIDGE DRIVE								THINGS(2014), TOYS R US(2014), HOBBY LOBBY(2018), BEST BUY(2017), SUPER TARGET(NOT OWNED), CHICK-FIL-A(NOT OWNED)
589 BAYTOWN, TX(LOWE’S)	LOWE’S HOME IMPROVEMENT - BAYT	Houston	1998	2007	100.00%	125,357	125,357	873,828	LOWE’S(2015)
	5002 GARTH ROAD

Page 27 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


			Year				Owned &
			Developed/	Year	DDR Ownership		Unowned	Total Annualized
Location	Center/Property	MSA	Redeveloped	Acquired	Interest	Owned GLA	GLA	Rent	Anchor Tenants (Lease Expiration)
590 CARROLTON, TX(CVS 7440)	CVS PHARMACY #7440-01	Dallas	1997	2007	100.00%	9,504	9,504	185,188
	TRINITY MILLS AND MARSH RD
591 COLONY, TX(CVS 6982)	CVS PHARMACY #6982-01	Dallas	1997	2007	100.00%	9,504	9,504	171,576
	6749 MAIN STREET
592 FRISCO, TX	FRISCO MARKETPLACE	Dallas	2003	2003	14.50%	20,959	107,543	729,991	KOHL’S(2023)
	7010 PRESTON ROAD
593 FT. WORTH, TX(CVS 6794)	CVS PHARMACY #6794-01	Dallas	1997	2007	100.00%	10,908	10,908	239,783
	2706 JACKSBORO HWY
594 FT. WORTH, TX(CVS 7785)	CVS PHARMACY #7785-01	Dallas	1997	2007	100.00%	9,504	9,504	149,248
	4551 SYCAMORE SCHOOL ROAD
595 GARLAND, TX	RAINBOW FOODS - GARLAND	Dallas	1994	2007	100.00%	70,576	70,576	0
	3265 BROADWAY BLVD
596 GRAND PRAIRIE, TX	KROGER - GRAND PRAIRIE	Dallas	1998	2007	100.00%	125,357	125,357	433,615	KROGER(2018)
	2525 WEST INTERSTATE 20
597 HOUSTON, TX	LOWE’S HOME IMPROVEMENT - HOUS	Houston	1998	2007	100.00%	131,644	131,644	917,000	LOWE’S(2017)
	19935 KATY FREEWAY
598 IRVING, TX	MACARTHUR MARKETPLACE	Dallas	2004	2003	14.50%	146,941	598,651	2,084,490	KOHL’S(2021), HOLLYWOOD
	MARKET PLACE BOULEVARD								THEATERS(2016), OFFICE MAX(2014), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)
599 LAKE WORTH, TX	CVS PHARMACY #7642-01	Dallas	1997	2007	100.00%	9,504	9,504	161,809
	6640 LAKE WORTH BLVD
600 LEWISVILLE, TX(LAKEPOINTE)	LAKEPOINTE CROSSINGS	Dallas	1991	2002	14.50%	311,039	567,069	3,226,193	99 CENTS ONLY STORE(2009),
	S STEMMONS FREEWAY								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)
601 MCKINNEY, TX	MCKINNEY MARKETPLACE	Dallas	2000	2003	14.50%	118,967	183,810	1,169,875	KOHL’S(2021), ALBERTSON’S(NOT OWNED)
	US HWY 75 & EL DORADO PKWY
602 MESQUITE, TX	THE MARKETPLACE AT TOWNE CENTE	Dallas	2001	2003	14.50%	170,625	378,775	2,498,089	PETSMART(2017), LINENS’N THINGS(2013), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), KOHL’S(NOT OWNED), HOME DEPOT(NOT OWNED)
	SOUTHBOUND FRONTAGE RD I 635
603 PASADENA, TX	KROGER JUNCTION	Houston	1984	2007	20.00%	80,753	80,753	461,253	KROGER(2020)
	2619 RED BLUFF ROAD
604 PLANO, TX	CVS PHARMACY #7804-01	Dallas	1997	2007	100.00%	10,908	10,908	226,188
	6401 W. PARKER RD.
605 RICHARDSON, TX(CVS 6967)	CVS PHARMACY #6967-01	Dallas	1997	2007	100.00%	10,560	10,560	210,210
	1425 E. BUCKINGHAM ROAD
606 RICHARDSON, TX(CVS 6974)	CVS PHARMACY #6974-01	Dallas	1997	2007	100.00%	10,560	10,560	206,585
	2090 ARAPAHOE BLVD.
607 RICHLAND HILLS, TX	CVS PHARMACY #7579-01	Dallas	1997	2007	100.00%	10,908	10,908	237,324
	4808 DAVIS BLVD.
608 RIVER OAKS, TX	CVS PHARMACY #7678-01	Dallas	1997	2007	100.00%	10,908	10,908	240,972
	531 RIVER OAKS BLVD.
609 ROWLETT, TX	RAINBOW FOODS - ROWLETT	Dallas	1995/2001	2007	100.00%	63,117	63,117	0
	8800 LAKEVIEW PKWY
610 SAN ANTONIO, TX (N. BANDERA)	BANDERA POINT NORTH	San Antonio	2001/2002	2002	100.00%	278,721	887,911	4,516,473	LOWE’S(2020), T.J. MAXX(2011),
	STATE LOOP1604/BANDERA ROAD								LINENS ’N THINGS(2012), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2011), RAQUETBALL & FITNESS(NOT OWNED), CHUCK E CHEESE(NOT OWNED), KOHL’S(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CREDIT
									UNION(NOT OWNED), TARGET(NOT OWNED)
611 SAN ANTONIO, TX (STONE OAK)	VILLAGE AT STONE OAK	San Antonio	2007	*1	100.00%	139,140	139,140	2,138,005
	HIGHWAY 281 & STONE OAK PARKWAY

Page 28 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


			Year				Owned &
			Developed/	Year	DDR Ownership		Unowned	Total Annualized
Location	Center/Property	MSA	Redeveloped	Acquired	Interest	Owned GLA	GLA	Rent	Anchor Tenants (Lease Expiration)
612 SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE	San Antonio	2005	*1	10.00%	201,234	507,434	2,858,016	PETSMART(2016), OFFICE DEPOT(2016),
	SH 151 @ LOOP 410								SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), TARGET(NOT OWNED), LOWES(NOT OWNED)
613 SAN ANTONIO, TX(INGRAM)	INGRAM PARK	San Antonio	1985	2005	50.00%	76,597	76,597	439,049	MERVYN’S(2020)
	6157 NW LOOP 410
614 TYLER, TX	CVS PHARMACY #7709-01	Tyler	1997	2007	100.00%	9,504	9,504	134,773
	1710 W. GENTRY PKWY
615 WICHITA FALLS, TX(CVS 6841)	CVS PHARMACY #6841-01	Wichita Falls	1997	2007	100.00%	9,504	9,504	188,502
	3601 OLD JACKSBORO HIGHWAY
616 WICHITA FALLS, TX(CVS 6978)	CVS PHARMACY #6978-01	Wichita Falls	1997	2007	100.00%	9,504	9,504	164,568
	4600 SOUTHWEST PKWY
Utah
617 LOGAN, UT	FAMILY PLACE @ LOGAN	Logan	1975	1998	100.00%	19,200	44,200	217,077	RITE AID(NOT OWNED)
	400 NORTH STREET
618 MIDVALE, UT (FT. UNION I & II)	FAMILY CENTER AT FORT UNION 50	Salt Lake City	1973		100.00%	626,465	626,465	7,658,981	BABIES R US(2014), OFFICE MAX(2012),
	900 EAST FT UNION BLVD								SMITH’S FOOD & DRUG(2024), MEDIA PLAY(2009), BED BATH & BEYOND(2014), WAL-MART(2015), ROSS DRESS FOR LESS(2016), MICHAEL’S(2017)
619 OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT	Salt Lake City	1977	1998	100.00%	162,316	162,316	617,861	HARMONS(2012)
	21-129 HARRISVILLE ROAD
620 OREM, UT	FAMILY CENTER AT OREM	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)
	1300 SOUTH STREET
621 RIVERDALE, UT (NORTH)	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD	Salt Lake City	1995/2003	1998	100.00%	593,398	596,198	4,992,797	MACY’S(2011), OFFICE MAX(2010), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET(2017), MEDIA PLAY(2009), CIRCUIT CITY(2016)

622 RIVERDALE, UT (WEBER)	FAMILY CENTER @ RIVERDALE 526	Salt Lake City	2005	*1	100.00%	35,347	386,110	335,796	JO-ANN STORES(2015), SAM’S CLUB(NOT OWNED),
	1050 WEST RIVERDALE ROAD								SUPER WALMART(NOT OWNED)
623 SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH	Salt Lake City	1978	1998	100.00%	34,209	34,209	228,035
	3300 SOUTH STREET
624 TAYLORSVILLE, UT (NORTH) 5600 SOUTH REDWOOD	FAMILY CENTER AT MIDVALLEY 503	Salt Lake City	1982/2003	1998	100.00%	639,956	714,456	6,304,137	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
625 BERLIN, VT	BERLIN MALL	Berlin	1986/1999	*2	100.00%	174,624	174,624	1,587,040	WAL-MART(2014), J.C. PENNEY(2009)
	282 BERLIN MALL RD., UNIT #28
Virginia
626 CHESTER, VA	BERMUDA SQUARE	Richmond	1978	2003	100.00%	116,310	116,310	1,179,486	UKROP’S(2008)
	12607-12649 JEFFERSON DAVIS
627 FAIRFAX, VA	FAIRFAX TOWNE CENTER	Fairfax	1994	1995	14.50%	253,392	253,392	4,197,037	SAFEWAY(2019), T.J. MAXX(2009), BED BATH & BEYOND(2010), UNITED ARTISTS THEATRE(2014)
	12210 FAIRFAX TOWNE CENTER
628 FREDRICKSBURG, VA	PETSMART - FREDRICKSBURG	Washington	1997	2007	100.00%	26,067	26,067	378,797	PETSMART(2021)
	1401 CARL D SILVER PARKWAY
629 GLEN ALLEN, VA	CREEKS AT VIRGINIA CENTER (TIA	Richmond	2002	2007	15.00%	266,308	266,308	3,866,735	BARNES & NOBLE(2011), CIRCUIT CITY(2022), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017)
	9830-9992 BROOK ROAD
630 LYNCHBURG, VA (WARDS CROSSING)	WARDS CROSSING (TIAA)	Lynchburg	2001	2007	15.00%	80,937	265,937	1,158,042	BED BATH & BEYOND(2013), MICHAEL’S(2011),
	WARDS ROAD AND WARDS FERRY ROAD								TARGET(NOT OWNED), DICK’S(NOT OWNED), PETSMART(NOT OWNED)
631 MARTINSVILLE, VA	LIBERTY FAIR MALL	Martinsville	1989/1997	*1/2	50.00%	435,057	479,256	2,868,028	GOODY’S(2008), BELK(2009), J.C. PENNEY(2009),
	240 COMMONWEALTH BOULEVARD								SEARS(2009), OFFICE MAX(2012), KROGER(2017), MCDONALD’S(2010)

Page 29 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


			Year				Owned &
			Developed/	Year	DDR Ownership		Unowned	Total Annualized
Location	Center/Property	MSA	Redeveloped	Acquired	Interest	Owned GLA	GLA	Rent	Anchor Tenants (Lease Expiration)
632 MIDLOTHIAN, VA(CHESTERFIELD)	CHESTERFIELD CROSSING (TIAA)	Richmond	2000	2007	15.00%	79,802	319,802	1,161,588	BEN FRANKLIN CRAFTS(2015), HOME DEPOT
	HIGHWAY 360 & WARBRO ROAD								(NOT OWNED), WAL-MART(NOT OWNED)
633 NEWPORT NEWS, VA(DENBIGH)	DENBIGH VILLAGE	Norfolk	1998/2006	2007	100.00%	324,450	340,950	2,539,281	BURLINGTON COAT FACTORY(2008),
	WARWICK BLVD AND DENBIGH BLVD								KROGER(2017)
634 NEWPORT NEWS, VA(JEFFERSON)	JEFFERSON PLAZA (TIAA)	Norfolk	1999	2007	15.00%	47,341	182,341	755,061	COMPUSA(2019), COSTCO(NOT OWNED)
	121 JEFFERSON AVENUE
635 RICHMOND, VA(COMMONWEALTH)	COMMONWEALTH CENTER II (TIAA)	Richmond	2002	2007	15.00%	165,413	165,413	2,198,052	STEIN MART(2011), MICHAEL’S(2011), BARNES & NOBLE(2012)
	4600-5000 COMMONWEALTH CENTER PARKWAY								STEIN MART(2011), MICHAEL’S(2011), BARNES & NOBLE(2012)
636 RICHMOND, VA(DOWNTOWN)	DOWNTOWN SHORT PUMP	Richmond	2000	2007	100.00%	126,055	239,873	2,438,399	BARNES & NOBLE(2011), REGAL CINEMAS(2021)
	11500-900 WEST BROAD STREET
637 SPRINGFIELD, VA(LOISDALE)	LOISDALE CENTER	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)
	6646 LOISDALE ROAD
638 SPRINGFIELD, VA(SPRING MALL)	SPRING MALL CENTER	Washington	1995/2001	2007	100.00%	56,511	56,511	516,291	MICHAEL’S(2010)
	6717 SPRING MALL RD
639 STERLING, VA	CASCADES MARKETPLACE	Washington	1998	2007	100.00%	101,606	101,606	1,487,754	STAPLES(2008), SPORTS AUTHORITY(2016)
	NEC OF CASCADES PKWY & ROUTE 7
640 VIRGINIA BEACH, VA	KROGER PLAZA	Norfolk	1997	2007	20.00%	63,324	63,324	232,168	KROGER(2020)
	1800 REPUBLIC DRIVE
641 WAYNESBORO, VA	WAYNESBORO COMMONS	Lynchburg	1993	2007	20.00%	52,415	52,415	429,724	KROGER(2018)
	109 LEE DEWITT BLVD
642 WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY	Winchester	1990/1997	*2	20.00%	240,560	240,560	2,440,270	MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2013)
643 WYTHEVILLE, VA	WYTHEVILLE COMMONS (TIAA)	Wytheville	2004	2007	15.00%	90,239	415,239	1,042,439	GOODY’S(2016), LOWES(NOT OWNED), SUPER WALMART(NOT OWNED)
	215-295 COMMONWEALTH DRIVE								GOODY’S(2016), LOWES(NOT OWNED), SUPER WALMART(NOT OWNED)
Washington
644 KIRKLAND, WA (TOTEM LKS UPPER)	TOTEM LAKES UPPER	Seattle	1999/2004	2004	20.00%	233,242	279,221	2,362,638	GUITAR CENTER(2008), ROSS DRESS FOR LESS(2010), RITE AID(2008)
	TOTEM LAKES BOULEVARD
645 OLYMPIA, WA	CIRCUIT CITY - OLYMPIA	Olympia	1998	2007	100.00%	35,776	35,776	443,929	CIRCUIT CITY(2018)
	2815 CAPITAL MALL DR SW
West Virginia
646 BARBOURSVILLE, WV	BARBOURSVILLE CENTER	Huntington	1985	1998	100.00%	70,900	133,396	394,225	DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED)
	5-13 MALL ROAD
647 MORGANTOWN, WV	GLENMARK CENTRE	Morgantown	1999/2000	2007	100.00%	111,278	383,725	1,212,108	SHOP ’N SAVE(2009), MICHAEL’S(2011), OUTBACK STEAKHOUSE(2010)
	INTERSTATE 68 AND PIERPONT ROAD
648 WEIRTON, WV	ECKERD DRUG STORE #6089	Pittsburgh	2000	2007	100.00%	10,908	10,908	221,870
	1360 COVE ROAD
Wisconsin
649 BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD	Milwaukee	1967	2003	14.50%	182,722	190,142	1,438,895	T.J. MAXX(2010), MARSHALLS MEGA STORE(2009), OFFICE MAX(2010), BURLINGTON COAT FACTORY(2012)
	NORTH 124TH STREET AND WEST CA
650 BROWN DEER, WI (CENTER)	BROWN DEER CENTER	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)
	NORTH GREEN BAY ROAD
651 BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER	Milwaukee	1989	2003	14.50%	143,372	143,372	1,145,261	MARSHALLS MEGA STORE(2009), PICK ’N SAVE(2010)
	NORTH GREEN BAY ROAD
652 MILWAUKEE, WI	POINT LOOMIS	Milwaukee	1962	2003	100.00%	160,533	160,533	707,571	KOHL’S(2012), PICK ’N SAVE(2012)
	SOUTH 27TH STREET
653 OSHKOSH, WI	WALGREENS - OSHKOSH	Appleton	2005	2007	100.00%	13,905	13,905	305,910
	950 S. KOEHLER ST

Page 30 of 31

Developers Diversified Realty
Appendix to Quarterly Financial Supplement
For the Nine Months ended September 30, 2007

3Q07 Property List


			Year				Owned &
			Developed/	Year	DDR Ownership		Unowned	Total Annualized
Location	Center/Property	MSA	Redeveloped	Acquired	Interest	Owned GLA	GLA	Rent	Anchor Tenants (Lease Expiration)
654 RACINE, WI	MOUNT PLEASANT OUTLOT	Racine	2003	2007	20.00%	227,887	227,887	2,407,266	JEWEL(2022), KOHL’S(2023)
	WASHINGTON AVE. VILLAGE CENTER DR.
655 WEST ALLIS, WI(WEST)	WEST ALLIS CENTER	Milwaukee	1968	2003	100.00%	246,081	259,981	1,421,496	KOHL’S(2008), MARSHALLS MEGA STORE(2009), PICK ’N SAVE(2013)
	WEST CLEVELAND AVE. AND S. 108
Brazil
656 BRASILIA	PATIO BRASIL SHOPPING	Brasilia	1997/2001	2006	4.85%	329,756	361,940	10,966,041	LOJAS AMERICANAS(2999), OTOCH(2007), RIACHUELO(2007), C&A(NOT OWNED), RENNER(2011), CENTAURO(2007)
	SCS QUADRA 07 BL A
657 CAMPINAS (SAO PAULO)	PARQUE DOM PEDRO	Campinas	2001	2006	48.27%	1,361,007	1,390,531	23,259,663	LOJAS AMERICANA(2014), CASAS BAHA(2011),
	AV. GUILHERME CAMPOS, 500								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),
658 ESTRADA DO CAMPO LIMPO (SAO	SHOPPING CAMPO LIMPO	Sao Paulo	2005	2006	9.32%	216,874	216,874	2,711,147	C&A(2016), MARISA(2016), COMPRE BEM(2012), CASAS
PAU(CLIMPO)	ESTRADA DO CAMPO LIMPO 459								BAHA(2011)
659 FRANCA	FRANCA SHOPPING	Franca	1993	2006	30.06%	194,486	194,486	1,546,166	C&A(2016), CASAS BAHA(2009), MAGAZINE LUIZA(2010), LOJAS AMERICANA(2014), C&C (2011)
	AV. RIO NEGRO, 1100
660 SAO BERNARDO DO CAMPO (METROP)	SHOPPING METROPOLE	Sao Paulo	1980/95/97	2006	4.66%	273,682	273,682	7,960,302	LOJAS AMERCANAS(2007), RENNER(2007)
	PRACA SAMUEL SABATINE, 200
661 SAO PAULO (BOAVISTA)	BOAVISTA SHOPPING	Sao Paulo	2004	2006	46.61%	278,736	278,736	3,272,373	C&A(2014), MARISA&FAMILIA(2014), SONDA(2999), AMERICANAS EXPRESS(2017)
	RUA BORBA GATO, 59
662 SAO PAULO (PENHA)	SHOPPING PENHA	Sao Paulo	1992/2004	2006	34.10%	321,893	321,893	5,522,887	MARISA & FAMILIA(2014), SONDA(2014), LOJAS AMERICANAS(2013), KALUNGA(2010), C&A(2014)
	RUA DR JOAO RIBEIRO, 304
663 SAO PAULO (SUL)	PLAZA SUL PRACA LEONOR KAUPA	Sao Paulo	1994	2006	9.32%	253,407	299,699	7,715,932	LOJAS AMERICANAS(2011), C&A(NOT OWNED), LUIGI BERTOLLI(2007), CAMICADO(2010),
	PLAZA SUL PRACA LEONOR KAUPA								MONDAY ACADEMIA(2009), RENNER(2010), DEPAMERICANAS(2011), DEPOSITO(2007), DEP
									SHOEBIZ(2007)
664 SAO PAULO (TIVOLI)	TIVOLI SHOPPING AV. SANTA BARBARA, 777	Sao Paulo	1993/2006	2006	11.65%	233,679	233,679	2,800,933	LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2008), C&A(NOT OWNED), C&C(2011), PAULISTAO(2016)
				Grand Total:		107,345,430	142,442,472	1,288,927,267


		Mervyn’s Locations
^*1. Property Developed by the Company	^*SC — Shopping Center	^*FO — Fee Owned
^*2. Original IPO Property	^*MM — Mini Mall	^*LH — Leasehold
	^*LC — Lifestyle Center	^*GL — Ground Lease
Does Not Include Service Merchandise Assets

Page 31 of 31

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Table of Contents