-----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, Feuk37TwuJHT9dsvJkgDUKYOB4WK5/lNfqa+8jToE3NX4BJxugeCXYXxJaSH/R/F I3iOt32aHQ5v9PedsmNIsg== 0000950152-08-008166.txt : 20081024 0000950152-08-008166.hdr.sgml : 20081024 20081023211042 ACCESSION NUMBER: 0000950152-08-008166 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20081023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081024 DATE AS OF CHANGE: 20081023 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: 081138249 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 l34100ae8vk.htm FORM 8-K FORM 8-K
Table of Contents

 
 
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 23, 2008
DEVELOPERS DIVERSIFIED REALTY CORPORATION
(Exact name of registrant as specified in its charter)
         
Ohio   1-11690   34-1723097
 
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)
     
3300 Enterprise Parkway, Beachwood, Ohio   44122
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code (216) 755-5500
 
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1
EX-99.2
EX-99.3


Table of Contents

Item 2.02 Results of Operations and Financial Condition.
On October 23, 2008, Developers Diversified Realty Corporation (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, 2008. Among other things, the News Release reports net income of $0.23 and $0.75 per diluted share for the three- and nine-month periods ended September 30, 2008, respectively, as compared to net income of $0.26 and $1.59 per share for the three- and nine-month periods ended September 30, 2007, respectively. A copy of the News Release is attached hereto as Exhibit 99.1 and a copy of the Quarterly Financial Supplement is attached hereto as Exhibit 99.2 and are each incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
The Company is furnishing a copy of the Company’s Property List as of September 30, 2008, which is attached hereto as Exhibit 99.3 and incorporated herein by reference. This information shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
     (d) Exhibits.
     
Exhibit    
No.   Description
99.1
  News release dated as of October 23, 2008.
 
   
99.2
  Quarterly financial supplement dated as of October 23, 2008.
 
   
99.3
  Property list as of September 30, 2008.

 


Table of Contents

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 23, 2008  /S/ Christa A. Vesy   
  Christa A. Vesy   
  Senior Vice President and Chief Accounting Officer   

 


Table of Contents

EXHIBIT INDEX
     
Exhibit    
No.   Description
99.1
  News release dated as of October 23, 2008.
 
   
99.2
  Quarterly financial supplement dated as of October 23, 2008.
 
   
99.3
  Property list as of September 30, 2008.

 

EX-99.1 2 l34100aexv99w1.htm EX-99.1 EX-99.1
Exhibit 99.1
DEVELOPERS DIVERSIFIED REALTY CORPORATION
For Immediate Release:
         
Contact:
  Scott A. Wolstein   Michelle M. Dawson
 
  Chairman and   Vice President of Investor Relations
 
  Chief Executive Officer   216-755-5500
 
  216-755-5500   mdawson@ddr.com
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.83 FOR THE QUARTER ENDED SEPTEMBER 30, 2008
CLEVELAND, OHIO, October 23, 2008 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the third quarter ended September 30, 2008.
    Funds From Operations (“FFO”) per diluted share was $0.83 and net income per diluted share was $0.23 for the three-month period ended September 30, 2008, as compared to the prior-year comparable period of $0.80 and $0.26, respectively. The increase in per share for the three-month period ended September 30, 2008, primarily represents solid operating results from the Company’s core properties. The decrease in net income per share for the three-month period ended September 30, 2008, primarily represents increased depreciation costs. There are several one-time items included in this quarter’s results such as the release of previously established tax reserves offset by certain litigation related matters, the loss on sale of one of the Company’s business centers and the effect of mark-to-market hedging adjustments at certain joint ventures. The net impact of the items mentioned above is approximately zero.
 
    FFO per diluted share was $2.48 and net income per diluted share was $0.75 for the nine-month period ended September 30, 2008, as compared to the prior-year comparable period of $2.97 and $1.59, respectively. The decrease in FFO and net income per share for the nine-month period ended September 30, 2008, is primarily related to a reduction in the amount of transactional income recognized in 2008 as described below.
 
    Executed leases during the third quarter totaled approximately 2.8 million square feet, including 176 new leases and 289 renewals.
 
    On a cash basis, base rental rates increased 16.4% on new leases, 6.9% on renewals and 8.9% overall.
 
    Core portfolio leased percentage at September 30, 2008 was 94.5%.
 
    Same store net operating income (“NOI”) for the year increased 1.8% over the prior-year comparable period.

 


 

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “I’m pleased to announce this quarter’s financial results, which reflect consumers’ continued shift to value-oriented retailers. Our centers and our largest tenants have been, and should continue to be, the relative winners, thereby contributing to the consistency of our core operations. We see this consumer trend reflected in our leasing volume, which set an all-time company record in terms of number of new leases executed in a quarter, and in our leasing spreads, which are comparable to historic averages on an overall, blended basis.”
Financial Results:
Net income applicable to common shareholders was $27.9 million, or $0.23 per share (diluted and basic), for the three-month period ended September 30, 2008, as compared to $32.7 million, or $0.26 per share (diluted) and $0.27 per share (basic), for the prior-year comparable period.
For the three-month periods ended September 30, 2008 and 2007, FFO per share was $0.83 (diluted and basic) and $0.80 (diluted and basic), respectively. FFO applicable to common shareholders was $100.0 million for the three-month period ended September 30, 2008, as compared to $99.5 million for the three-month period ended September 30, 2007.
Net income applicable to common shareholders was $90.2 million, or $0.75 per share (diluted and basic), for the nine-month period ended September 30, 2008, as compared to $192.9 million, or $1.59 per share (diluted) and $1.60 per share (basic), for the prior-year comparable period. The decrease in net income for the nine-month period ended September 30, 2008, is primarily related to a reduction in the amount of transactional income earned during the same period in 2007 (gains on disposition of real estate of approximately $72.5 million and promoted income from joint venture interests of approximately $14.3 million) and the transfer of 62 assets to unconsolidated joint venture interests in 2007 and the sale of 67 assets to third parties in 2007.
For the nine-month periods ended September 30, 2008 and 2007, FFO per share was $2.48 (diluted and basic) and $2.97 (diluted) and $2.98 (basic), respectively. FFO applicable to common shareholders was $298.7 million for the nine-month period ended September 30, 2008, as compared to $365.0 million for the nine-month period ended September 30, 2007. The decrease in FFO for the nine-month period ended September 30, 2008, is primarily a result of the same factors impacting net income as described above.
FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. 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 (“GAAP”), 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 share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) 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, 2008 highlight continued strong leasing activity throughout the portfolio:
    Executed 176 new leases aggregating 1.0 million square feet and 289 renewals aggregating 1.8 million square feet.
 
    On a cash basis, rental rates on new leases increased 16.4% and rental rates on renewals increased 6.9%. Overall, rental rates for new leases and renewals increased 8.9%.
 
    Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of September 30, 2008 was $12.38, as compared to $12.28 at September 30, 2007.
 
    Core portfolio leased rate was 94.5% as of September 30, 2008, as compared to 95.9% at September 30, 2007.
Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $32 million ($0.27 per square foot of owned GLA) in 2009 calculated based on 100% of the funding.
Dispositions:
In the third quarter of 2008, the Company sold six shopping center assets and one business center, aggregating approximately 0.6 million square feet, for aggregate sales proceeds of $69.8 million and recorded an aggregate loss of approximately $2.4 million. The Company recorded a loss on sale of $5.8 million relating to the sale of one of its business centers in Massachusetts. This loss was recorded as a charge to FFO for the three- and nine-month periods ended September 30, 2008.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

 


 

                         
            Expected     Initial    
    Owned     Net Cost     Anchor    
Location   GLA     ($ Millions)     Opening *   Description
Ukiah (Mendocino), California **
    227,500     $ 66.2     2H 10   Mixed Use
Guilford, Connecticut
    146,396       47.6     2H 10   Lifestyle Center
Miami (Homestead), Florida
    275,839       74.9     2H 08   Community Center
Miami, Florida
    400,685       142.6     2H 06   Mixed Use
Boise (Nampa), Idaho
    450,855       123.1     2H 07   Community Center
Boston (Norwood), Massachusetts
    72,340       25.5     2H 09   Community Center
Boston, Massachusetts (Seabrook, New Hampshire)
    215,905       57.5     2H 10   Community Center
Elmira (Horseheads), New York
    350,987       53.7     1H 07   Community Center
Raleigh (Apex), North Carolina (Promenade)
    81,780       17.9     2H 09   Community Center
Austin (Kyle), Texas **
    443,092       77.2     2H 09   Community Center
 
                   
Total
    2,665,379     $ 686.2          
 
                   
 
*   1H = First Half, 2H = Second Half; either actual or anticipated
 
**   Consolidated 50% Joint Venture
At September 30, 2008, approximately $447.4 million of costs were incurred in relation to the Company’s 10 wholly-owned and consolidated joint venture development projects under construction.
In addition to these current developments, several of which will be phased in, the Company and its joint ventures intend to commence construction on various other developments only after substantial tenant leasing has occurred and construction financing is available, including several international projects. The Company has also identified several additional potential development opportunities. While there are no assurances any of these projects will be undertaken, they provide a source of potential development projects over the next several years.
Unconsolidated Joint Venture Development:
The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At September 30, 2008, approximately $433 million of costs had been incurred in relation to these development projects.

 


 

                                         
    DDR’s                            
    Effective             Expected     Initial        
    Ownership     Owned     Net Cost     Anchor        
Location   Percentage     GLA__     ($ Millions)     Opening*     Description  
Kansas City (Merriam), Kansas
    20.0%       158,632     $ 43.7       2H 08     Community Center
Detroit (Bloomfield Hills), Michigan
    10.0%       623,782       189.8       2H 09     Lifestyle Center
Dallas (Allen), Texas
    10.0%       797,665       171.2       1H 08     Lifestyle Center
Manaus, Brazil
    47.4%       477,630       124.6       1H 09     Enclosed Mall
 
                                   
Total
            2,057,709     $ 529.3                  
 
                                   
 
*   1H = First Half, 2H = Second Half; either actual or anticipated
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $121.5 million. At September 30, 2008, approximately $85 million of costs had been incurred in relation to these projects.
     
Property   Description
Miami (Plantation), Florida
  Redevelop shopping center to include Kohl’s and additional junior tenants
Chesterfield, Michigan
  Construct 25,400 sf of small shop space and retail space
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
Unconsolidated Joint Venture Redevelopments and Expansions:
The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $449.2 million, which includes original acquisition costs related to assets acquired for redevelopment. At September 30, 2008, approximately $401.8 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:
         
    DDR’s    
    Effective    
    Ownership    
Property   Percentage   Description
Buena Park, California
  20.0%   Large-scale re-development of enclosed mall to open-air format
Los Angeles (Lancaster), California
  21.0%   Relocate Wal-Mart and redevelop former Wal-Mart space
Chicago (Deer Park), Illinois
  25.75%   Re-tenant former retail shop space with junior tenant and construct 13,500 sf multi-tenant outparcel building
Benton Harbor, Michigan
  20.0%   Construct 89,000 sf of anchor space and retail shops
Kansas City, Missouri
  20.0%   Relocate retail shops and re-tenant former retail shop space
Cincinnati, Ohio
  18.0%   Redevelop former JCPenney space

 


 

Developers Diversified Realty Corporation currently owns and manages approximately 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling approximately 159 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed 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 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 or significant downsizing of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements and the finalization of the financial statements for three and nine-month periods and September 30, 2008. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Revenues:
                               
Minimum rents (A)
  $ 158,223     $ 156,911     $ 474,885     $ 479,576  
Percentage and overage rents (A)
    1,062       1,980       5,145       5,511  
Recoveries from tenants
    51,644       51,609       152,194       152,640  
Ancillary and other property income
    4,950       5,110       15,932       14,048  
Management, development and other fee income
    15,378       13,827       47,302       34,906  
Other (B)
    2,656       2,110       7,834       13,536  
 
                       
 
    233,913       231,547       703,292       700,217  
 
                       
Expenses:
                               
Operating and maintenance
    35,992       32,596       106,512       93,990  
Real estate taxes
    28,407       26,516       83,719       82,284  
General and administrative (C)
    19,560       19,626       61,607       60,304  
Depreciation and amortization
    63,297       55,803       177,544       161,274  
 
                       
 
    147,256       134,541       429,382       397,852  
 
                       
Other income (expense):
                               
Interest income
    1,663       1,564       2,791       7,726  
Interest expense
    (60,651 )     (61,666 )     (182,782 )     (194,581 )
Other expense (D)
    (6,859 )     (225 )     (7,259 )     (675 )
 
                       
 
    (65,847 )     (60,327 )     (187,250 )     (187,530 )
 
                       
Income before equity in net income of joint ventures, minority interests, income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax
    20,810       36,679       86,660       114,835  
Equity in net income of joint ventures (E)
    1,981       6,003       21,924       33,887  
Minority interests (F)
    (1,524 )     (2,204 )     (5,865 )     (16,204 )
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes (G)
    16,414       (483 )     15,070       15,294  
 
                       
Income from continuing operations
    37,681       39,995       117,789       147,812  
(Loss) income from discontinued operations (H)
    (2,259 )     (403 )     (2,291 )     21,731  
 
                       
Income before gain on disposition of real estate
    35,422       39,592       115,498       169,543  
Gain on disposition of real estate, net of tax
    3,093       3,691       6,368       63,713  
 
                       
Net income
  $ 38,515     $ 43,283     $ 121,866     $ 233,256  
 
                       
Net income applicable to common shareholders
  $ 27,948     $ 32,716     $ 90,164     $ 192,889  
 
                       
Funds From Operations (“FFO”):
                               
Net income applicable to common shareholders
  $ 27,948     $ 32,716     $ 90,164     $ 192,889  
Depreciation and amortization of real estate investments
    61,099       54,235       172,740       160,819  
Equity in net income of joint ventures (E)
    (1,981 )     (6,003 )     (21,924 )     (33,887 )
Joint ventures’ FFO (E)
    15,833       17,602       60,922       62,475  
Minority interests (OP Units) (F)
    261       569       1,145       1,706  
Gain on disposition of depreciable real estate
    (3,170 )     430       (4,321 )     (19,013 )
 
                       
FFO applicable to common shareholders
    99,990       99,549       298,726       364,989  
Preferred dividends
    10,567       10,567       31,702       40,367  
 
                       
FFO
  $ 110,557     $ 110,116     $ 330,428     $ 405,356  
 
                       
Per share data:
                               
Earnings per common share
                               
Basic
  $ 0.23     $ 0.27     $ 0.75     $ 1.60  
 
                       
Diluted
  $ 0.23     $ 0.26     $ 0.75     $ 1.59  
 
                       
Dividends Declared
  $ 0.69     $ 0.66     $ 2.07     $ 1.98  
 
                       
Funds From Operations – Basic (I)
  $ 0.83     $ 0.80     $ 2.48     $ 2.98  
 
                       
Funds From Operations – Diluted (I)
  $ 0.83     $ 0.80     $ 2.48     $ 2.97  
 
                       
Basic – average shares outstanding (I)
    119,795       123,329       119,447       120,910  
 
                       
Diluted – average shares outstanding (I)
    119,882       123,727       119,631       121,594  
 
                       

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(A)   Base and percentage rental revenues for the nine-month period ended September 30, 2008, as compared to the prior-year period, decreased $2.8 million, primarily due to the disposition of properties in 2007 and 2008 to joint venture interests of $28.9 million. Increases in base and percentage rental revenues of core portfolio properties increased $4.1 million (an increase of 1.0% over the comparable period in 2007), $18.3 million from the acquisition of assets and the merger with IRRETI, $3.3 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the Company’s business centers. Included in the rental revenues for the nine-month periods ended September 30, 2008 and 2007, is approximately $7.2 million and $9.4 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, 2008 and 2007 was comprised of the following (in millions):
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Acquisition fees
  $     $ 0.1     $     $ 6.4  
Lease termination fees
    0.8       1.4       5.5       4.9  
Financing fees
    1.9       0.1       1.9       1.5  
Other miscellaneous
          0.5       0.4       0.8  
 
                       
 
  $ 2.7     $ 2.1     $ 7.8     $ 13.6  
 
                       
(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, 2008 and 2007, general and administrative expenses were approximately 4.3% and 4.6%, respectively, of total revenues, including joint venture revenues. For the nine-month period ended September 30, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with the Company’s former president’s resignation as an executive officer. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the nine-month period ended September 30, 2007.
(D)   Other expense primarily relates to abandoned acquisition and development project costs and litigation costs. The increase in other expense for the third quarter of 2008 is due in part to an accrual for the potential liability associated with a legal verdict as well as the related litigation expenses.

 


 

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 Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Revenues from operations (a)
  $ 239,921     $ 230,935     $ 714,624     $ 577,877  
 
                       
 
                               
Operating expense
    86,976       74,091       246,229       187,729  
Depreciation and amortization of real estate investments
    59,274       55,568       175,723       135,207  
Interest expense
    75,725       80,884       225,008       193,211  
 
                       
 
    221,975       210,543       646,960       516,147  
 
                       
Income from operations before tax expense and discontinued operations
    17,946       20,392       67,664       61,730  
Income tax expense
    (4,010 )     (2,958 )     (11,994 )     (7,503 )
(Loss) gain on disposition of real estate
          (103 )     (13 )     92,987  
(Loss) income from discontinued operations, net of tax
    (1 )     (323 )     115       (412 )
Income on disposition of discontinued operations, net of tax
          1,790             2,529  
Other income, net (b)
    (36,728 )           19,811        
 
                       
Net income
  $ (22,793 )   $ 18,798     $ 75,583     $ 149,331  
 
                       
DDR ownership interests (c)
  $ 2,603     $ 6,263     $ 22,816     $ 34,520  
 
                       
 
                               
FFO from joint ventures are summarized as follows:
                               
Net income
  $ (22,793 )   $ 18,798     $ 75,583     $ 149,331  
Loss (gain) on disposition of real estate, including discontinued operations
          103       13       (91,339 )
Depreciation and amortization of real estate investments
    59,274       55,702       175,723       135,539  
 
                       
 
  $ 36,481     $ 74,603     $ 251,319     $ 193,531  
 
                       
DDR ownership interests (c)
  $ 15,833     $ 17,602     $ 60,922     $ 62,475  
 
                       
DDR joint venture distributions received, net (d)
  $ 15,189     $ 14,088     $ 41,490     $ 79,782  
 
                       
 
(a)   Revenues for the three-month periods ended September 30, 2008 and 2007 included approximately $1.5 million and $2.3 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share was $0.2 million and $0.3 million, respectively. Revenues for the nine-month periods ended September 30, 2008 and 2007 included approximately $5.7 million and $6.6 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share was $0.7 million and $1.0 million, respectively.
 
(b)   Amount reflects equity in net income associated with a 50% owned joint venture that owns 37 Mervyn’s stores. In addition, the effects of certain derivative instruments that are marked to market through earnings from the Company’s equity investment in MDT aggregating approximately $37.7 million of loss and $16.5 million of gain are reflected in the three- and nine-month periods ended September 30, 2008, respectively, of which the Company’s share was approximately $3.5 million of loss and $1.0 million of gain, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(c)   The Company’s share of joint venture net income was decreased by $0.6 million and $0.2 million for the three-month periods ended September 30, 2008 and 2007, respectively. The Company’s share of joint venture net income was decreased by $0.9 million and $0.6 million for the nine-month periods ended September 30, 2008 and 2007, 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 $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint Venture which is included in the Company’s proportionate share of net income and FFO.
 
    At September 30, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 329 and 317 shopping center properties, respectively.
   
(d)   Distributions may include funds received from asset sales and refinancings in addition to ongoing operating distributions.
(F)   Minority interests are comprised of the following:
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Minority equity interests
  $ 1,263     $ 1,635     $ 4,720     $ 4,808  
Operating partnership units
    261       569       1,145       1,706  
Preferred operating partnership units
                      9,690  
 
                       
 
  $ 1,524     $ 2,204     $ 5,865     $ 16,204  
 
                       
    The preferred operating partnership units were redeemed in June 2007. In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company.
(G)   During the third quarter of 2008 and the first quarter of 2007, the Company released to income approximately $16.0 million and $15.0 million, respectively, 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 of this reserve in 2008 was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to the recognition of fees, primarily from joint ventures, and other miscellaneous non real estate related income.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(H)   The operating results relating to assets classified as discontinued operations are summarized as follows:
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Revenues
  $ 2,179     $ 3,860     $ 7,875     $ 34,163  
 
                       
 
                               
Expenses:
                               
Operating
    650       2,033       2,962       10,075  
Interest, net
    371       1,178       1,730       9,170  
Depreciation
    646       972       3,534       7,025  
Minority interest
    54       (230 )     110       (515 )
 
                       
Total expenses
    1,721       3,953       8,336       25,755  
 
                       
Income (loss) before gain (loss) on disposition of real estate
    458       (93 )     (461 )     8,408  
(Loss) gain on disposition of real estate, net
    (2,717 )     (310 )     (1,830 )     13,323  
 
                       
Net (loss) income
  $ (2,259 )   $ (403 )   $ (2,291 )   $ 21,731  
 
                       
(I)   For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at September 30, 2008 and 2007, respectively, into 0.4 million and 0.9 million common shares of the Company for the three-month periods ended September 30, 2008 and 2007, respectively, and 0.6 million and 0.9 million common shares for the nine-month periods ended September 30, 2008 and 2007, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 120.8 million and 125.1 million for the three-month periods ended September 30, 2008 and 2007, respectively, and 120.6 million and 122.8 million for the nine-month periods ended September 30, 2008 and 2007, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data:
                 
    September 30, 2008 (A)     December 31, 2007 (A)  
Assets:
               
Real estate and rental property:
               
Land
  $ 2,084,898     $ 2,142,942  
Buildings
    5,898,491       5,933,890  
Fixtures and tenant improvements
    260,902       237,117  
 
           
 
    8,244,291       8,313,949  
Less: Accumulated depreciation
    (1,167,243 )     (1,024,048 )
 
           
 
    7,077,048       7,289,901  
Construction in progress
    939,421       664,926  
Assets held for sale
          5,796  
 
           
Real estate, net
    8,016,469       7,960,623  
 
               
Investments in and advances to joint ventures
    709,974       638,111  
Cash
    30,171       49,547  
Restricted cash (B)
    106,391       58,958  
Notes receivable
    65,930       18,557  
Receivables, including straight-line rent, net
    201,657       199,354  
Other assets, net
    163,664       164,666  
 
           
 
  $ 9,294,256     $ 9,089,816  
 
           
Liabilities:
               
Indebtedness:
               
Revolving credit facilities
  $ 955,912     $ 709,459  
Unsecured debt
    2,519,435       2,622,219  
Mortgage and other secured debt
    2,434,528       2,259,336  
 
           
 
    5,909,875       5,591,014  
Dividends payable
    89,956       85,851  
Other liabilities
    296,560       285,245  
 
           
 
    6,296,391       5,962,110  
Minority interests
    146,575       128,881  
Shareholders’ equity
    2,851,290       2,998,825  
 
           
 
  $ 9,294,256     $ 9,089,816  
 
           

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
(A)   Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 37 sites occupied by Mervyns, which includes $380.4 and $405.8 million of real estate assets at September 30, 2008 and December 31, 2007, respectively, $258.5 million of mortgage debt at September 30, 2008 and December 31, 2007, and $87.0 million and $74.6 million of minority equity interest at September 30, 2008 and December 31, 2007, respectively. The decrease in real estate assets at MV LLC is primarily due to the application of $25.0 million in cash proceeds received under a purchase price rebate letter of credit from the seller of the Mervyns portfolio due to the retailer’s bankruptcy filing during the third quarter.
 
(B)   Restricted cash includes $58.0 million at MV LLC and $48.4 million relating to the terms of a bond issue for one of the Company’s projects in Mississippi. The MV LLC restricted cash is comprised of $25.0 million received from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter and a $33.0 million capital contribution by the members of MV LLC, both of which are required to be held in escrow by the lender.

 


 

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, 2008     December 31, 2007  
Land
  $ 2,388,344     $ 2,384,069  
Buildings
    6,340,323       6,253,167  
Fixtures and tenant improvements
    126,547       101,115  
 
           
 
    8,855,214       8,738,351  
Less: Accumulated depreciation
    (568,814 )     (412,806 )
 
           
 
    8,286,400       8,325,545  
Construction in progress
    409,514       207,387  
 
           
Real estate, net
    8,695,914       8,532,932  
Receivables, including straight-line rent, net
    154,955       124,540  
Leasehold interests
    12,905       13,927  
Other assets
    363,369       365,925  
 
           
 
  $ 9,227,143     $ 9,037,324  
 
           
Mortgage debt (a)
  $ 5,752,459     $ 5,551,839  
Notes and accrued interest payable to DDR
    34,731       8,492  
Other liabilities
    229,817       201,083  
 
           
 
    6,017,007       5,761,414  
Accumulated equity
    3,210,136       3,275,910  
 
           
 
  $ 9,227,143     $ 9,037,324  
 
           
 
(a)   The Company’s proportionate share of joint venture debt aggregated approximately $1,199.6 million and $1,034.1 million at September 30, 2008 and December 31, 2007, respectively.

 

EX-99.2 3 l34100aexv99w2.htm EX-99.2 EX-99.2
Exhibit 99.2
(DEVELOPERS DIVERSIFIED REALTY LOGO)
Quarterly Financial Supplement
For the nine months ended
September 30, 2008
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, 2008
 
Table of Contents
         
Section   Page  
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 Schedules
    4.5  
Expansion and Redevelopment Projects
    4.6  
Summary of Recently Developed Assets
    4.7  
Summary of Recently Expanded and Redeveloped Assets
    4.8  
 
       
Portfolio Summary
    5.0  
 
       
Debt Summary
    6.0  
Consolidated Debt
    6.1  
Joint Venture Debt
    6.2  
Consolidated and Joint Venture Maturities
    6.3  
 
       
Investor Contact Information
    7.0  
Property list available online at 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 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, 2007.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
For Immediate Release:
         
Contact:
  Scott A. Wolstein   Michelle M. Dawson
 
  Chairman and   Vice President of Investor Relations
 
  Chief Executive Officer   216-755-5500
 
  216-755-5500   mdawson@ddr.com
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.83 FOR THE QUARTER ENDED SEPTEMBER 30, 2008
CLEVELAND, OHIO, October 23, 2008 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the third quarter ended September 30, 2008.
    Funds From Operations (“FFO”) per diluted share was $0.83 and net income per diluted share was $0.23 for the three-month period ended September 30, 2008, as compared to the prior-year comparable period of $0.80 and $0.26, respectively. The increase in per share for the three-month period ended September 30, 2008, primarily represents solid operating results from the Company’s core properties. The decrease in net income per share for the three-month period ended September 30, 2008, primarily represents increased depreciation costs. There are several one-time items included in this quarter’s results such as the release of previously established tax reserves offset by certain litigation related matters, the loss on sale of one of the Company’s business centers and the effect of mark-to-market hedging adjustments at certain joint ventures. The net impact of the items mentioned above is approximately zero.
 
    FFO per diluted share was $2.48 and net income per diluted share was $0.75 for the nine-month period ended September 30, 2008, as compared to the prior-year comparable period of $2.97 and $1.59, respectively. The decrease in FFO and net income per share for the nine-month period ended September 30, 2008, is primarily related to a reduction in the amount of transactional income recognized in 2008 as described below.
 
    Executed leases during the third quarter totaled approximately 2.8 million square feet, including 176 new leases and 289 renewals.
 
    On a cash basis, base rental rates increased 16.4% on new leases, 6.9% on renewals and 8.9% overall.
 
    Core portfolio leased percentage at September 30, 2008 was 94.5%.
 
    Same store net operating income (“NOI”) for the year increased 1.8% over the prior-year comparable period.

 


 

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “I’m pleased to announce this quarter’s financial results, which reflect consumers’ continued shift to value-oriented retailers. Our centers and our largest tenants have been, and should continue to be, the relative winners, thereby contributing to the consistency of our core operations. We see this consumer trend reflected in our leasing volume, which set an all-time company record in terms of number of new leases executed in a quarter, and in our leasing spreads, which are comparable to historic averages on an overall, blended basis.”
Financial Results:
Net income applicable to common shareholders was $27.9 million, or $0.23 per share (diluted and basic), for the three-month period ended September 30, 2008, as compared to $32.7 million, or $0.26 per share (diluted) and $0.27 per share (basic), for the prior-year comparable period.
For the three-month periods ended September 30, 2008 and 2007, FFO per share was $0.83 (diluted and basic) and $0.80 (diluted and basic), respectively. FFO applicable to common shareholders was $100.0 million for the three-month period ended September 30, 2008, as compared to $99.5 million for the three-month period ended September 30, 2007.
Net income applicable to common shareholders was $90.2 million, or $0.75 per share (diluted and basic), for the nine-month period ended September 30, 2008, as compared to $192.9 million, or $1.59 per share (diluted) and $1.60 per share (basic), for the prior-year comparable period. The decrease in net income for the nine-month period ended September 30, 2008, is primarily related to a reduction in the amount of transactional income earned during the same period in 2007 (gains on disposition of real estate of approximately $72.5 million and promoted income from joint venture interests of approximately $14.3 million) and the transfer of 62 assets to unconsolidated joint venture interests in 2007 and the sale of 67 assets to third parties in 2007.
For the nine-month periods ended September 30, 2008 and 2007, FFO per share was $2.48 (diluted and basic) and $2.97 (diluted) and $2.98 (basic), respectively. FFO applicable to common shareholders was $298.7 million for the nine-month period ended September 30, 2008, as compared to $365.0 million for the nine-month period ended September 30, 2007. The decrease in FFO for the nine-month period ended September 30, 2008, is primarily a result of the same factors impacting net income as described above.
FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. 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 (“GAAP”), 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 share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) 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, 2008 highlight continued strong leasing activity throughout the portfolio:
    Executed 176 new leases aggregating 1.0 million square feet and 289 renewals aggregating 1.8 million square feet.
 
    On a cash basis, rental rates on new leases increased 16.4% and rental rates on renewals increased 6.9%. Overall, rental rates for new leases and renewals increased 8.9%.
 
    Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of September 30, 2008 was $12.38, as compared to $12.28 at September 30, 2007.
 
    Core portfolio leased rate was 94.5% as of September 30, 2008, as compared to 95.9% at September 30, 2007.
Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $32 million ($0.27 per square foot of owned GLA) in 2009 calculated based on 100% of the funding.
Dispositions:
In the third quarter of 2008, the Company sold six shopping center assets and one business center, aggregating approximately 0.6 million square feet, for aggregate sales proceeds of $69.8 million and recorded an aggregate loss of approximately $2.4 million. The Company recorded a loss on sale of $5.8 million relating to the sale of one of its business centers in Massachusetts. This loss was recorded as a charge to FFO for the three- and nine-month periods ended September 30, 2008.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

 


 

                         
            Expected     Initial    
    Owned     Net Cost     Anchor    
Location   GLA     ($ Millions)     Opening *   Description
Ukiah (Mendocino), California **
    227,500     $ 66.2     2H 10   Mixed Use
Guilford, Connecticut
    146,396       47.6     2H 10   Lifestyle Center
Miami (Homestead), Florida
    275,839       74.9     2H 08   Community Center
Miami, Florida
    400,685       142.6     2H 06   Mixed Use
Boise (Nampa), Idaho
    450,855       123.1     2H 07   Community Center
Boston (Norwood), Massachusetts
    72,340       25.5     2H 09   Community Center
Boston, Massachusetts (Seabrook, New Hampshire)
    215,905       57.5     2H 10   Community Center
Elmira (Horseheads), New York
    350,987       53.7     1H 07   Community Center
Raleigh (Apex), North Carolina (Promenade)
    81,780       17.9     2H 09   Community Center
Austin (Kyle), Texas **
    443,092       77.2     2H 09   Community Center
 
                   
Total
    2,665,379     $ 686.2          
 
                   
 
*   1H = First Half, 2H = Second Half; either actual or anticipated
 
**   Consolidated 50% Joint Venture
At September 30, 2008, approximately $447.4 million of costs were incurred in relation to the Company’s 10 wholly-owned and consolidated joint venture development projects under construction.
In addition to these current developments, several of which will be phased in, the Company and its joint ventures intend to commence construction on various other developments only after substantial tenant leasing has occurred and construction financing is available, including several international projects. The Company has also identified several additional potential development opportunities. While there are no assurances any of these projects will be undertaken, they provide a source of potential development projects over the next several years.
Unconsolidated Joint Venture Development:
The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At September 30, 2008, approximately $433 million of costs had been incurred in relation to these development projects.

 


 

                                         
    DDR’s                            
    Effective             Expected     Initial        
    Ownership     Owned     Net Cost     Anchor        
Location   Percentage     GLA__     ($ Millions)     Opening*     Description  
Kansas City (Merriam), Kansas
    20.0%       158,632     $ 43.7       2H 08     Community Center
Detroit (Bloomfield Hills), Michigan
    10.0%       623,782       189.8       2H 09     Lifestyle Center
Dallas (Allen), Texas
    10.0%       797,665       171.2       1H 08     Lifestyle Center
Manaus, Brazil
    47.4%       477,630       124.6       1H 09     Enclosed Mall
 
                                   
Total
            2,057,709     $ 529.3                  
 
                                   
 
*   1H = First Half, 2H = Second Half; either actual or anticipated
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $121.5 million. At September 30, 2008, approximately $85 million of costs had been incurred in relation to these projects.
     
Property   Description
Miami (Plantation), Florida
  Redevelop shopping center to include Kohl’s and additional junior tenants
Chesterfield, Michigan
  Construct 25,400 sf of small shop space and retail space
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
Unconsolidated Joint Venture Redevelopments and Expansions:
The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $449.2 million, which includes original acquisition costs related to assets acquired for redevelopment. At September 30, 2008, approximately $401.8 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:
         
    DDR’s    
    Effective    
    Ownership    
Property   Percentage   Description
Buena Park, California
  20.0%   Large-scale re-development of enclosed mall to open-air format
Los Angeles (Lancaster), California
  21.0%   Relocate Wal-Mart and redevelop former Wal-Mart space
Chicago (Deer Park), Illinois
  25.75%   Re-tenant former retail shop space with junior tenant and construct 13,500 sf multi-tenant outparcel building
Benton Harbor, Michigan
  20.0%   Construct 89,000 sf of anchor space and retail shops
Kansas City, Missouri
  20.0%   Relocate retail shops and re-tenant former retail shop space
Cincinnati, Ohio
  18.0%   Redevelop former JCPenney space

 


 

Developers Diversified Realty Corporation currently owns and manages approximately 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling approximately 159 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed 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 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 or significant downsizing of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements and the finalization of the financial statements for three and nine-month periods and September 30, 2008. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Revenues:
                               
Minimum rents (A)
  $ 158,223     $ 156,911     $ 474,885     $ 479,576  
Percentage and overage rents (A)
    1,062       1,980       5,145       5,511  
Recoveries from tenants
    51,644       51,609       152,194       152,640  
Ancillary and other property income
    4,950       5,110       15,932       14,048  
Management, development and other fee income
    15,378       13,827       47,302       34,906  
Other (B)
    2,656       2,110       7,834       13,536  
 
                       
 
    233,913       231,547       703,292       700,217  
 
                       
Expenses:
                               
Operating and maintenance
    35,992       32,596       106,512       93,990  
Real estate taxes
    28,407       26,516       83,719       82,284  
General and administrative (C)
    19,560       19,626       61,607       60,304  
Depreciation and amortization
    63,297       55,803       177,544       161,274  
 
                       
 
    147,256       134,541       429,382       397,852  
 
                       
Other income (expense):
                               
Interest income
    1,663       1,564       2,791       7,726  
Interest expense
    (60,651 )     (61,666 )     (182,782 )     (194,581 )
Other expense (D)
    (6,859 )     (225 )     (7,259 )     (675 )
 
                       
 
    (65,847 )     (60,327 )     (187,250 )     (187,530 )
 
                       
Income before equity in net income of joint ventures, minority interests, income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax
    20,810       36,679       86,660       114,835  
Equity in net income of joint ventures (E)
    1,981       6,003       21,924       33,887  
Minority interests (F)
    (1,524 )     (2,204 )     (5,865 )     (16,204 )
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes (G)
    16,414       (483 )     15,070       15,294  
 
                       
Income from continuing operations
    37,681       39,995       117,789       147,812  
(Loss) income from discontinued operations (H)
    (2,259 )     (403 )     (2,291 )     21,731  
 
                       
Income before gain on disposition of real estate
    35,422       39,592       115,498       169,543  
Gain on disposition of real estate, net of tax
    3,093       3,691       6,368       63,713  
 
                       
Net income
  $ 38,515     $ 43,283     $ 121,866     $ 233,256  
 
                       
Net income applicable to common shareholders
  $ 27,948     $ 32,716     $ 90,164     $ 192,889  
 
                       
Funds From Operations (“FFO”):
                               
Net income applicable to common shareholders
  $ 27,948     $ 32,716     $ 90,164     $ 192,889  
Depreciation and amortization of real estate investments
    61,099       54,235       172,740       160,819  
Equity in net income of joint ventures (E)
    (1,981 )     (6,003 )     (21,924 )     (33,887 )
Joint ventures’ FFO (E)
    15,833       17,602       60,922       62,475  
Minority interests (OP Units) (F)
    261       569       1,145       1,706  
Gain on disposition of depreciable real estate
    (3,170 )     430       (4,321 )     (19,013 )
 
                       
FFO applicable to common shareholders
    99,990       99,549       298,726       364,989  
Preferred dividends
    10,567       10,567       31,702       40,367  
 
                       
FFO
  $ 110,557     $ 110,116     $ 330,428     $ 405,356  
 
                       
Per share data:
                               
Earnings per common share
                               
Basic
  $ 0.23     $ 0.27     $ 0.75     $ 1.60  
 
                       
Diluted
  $ 0.23     $ 0.26     $ 0.75     $ 1.59  
 
                       
Dividends Declared
  $ 0.69     $ 0.66     $ 2.07     $ 1.98  
 
                       
Funds From Operations – Basic (I)
  $ 0.83     $ 0.80     $ 2.48     $ 2.98  
 
                       
Funds From Operations – Diluted (I)
  $ 0.83     $ 0.80     $ 2.48     $ 2.97  
 
                       
Basic – average shares outstanding (I)
    119,795       123,329       119,447       120,910  
 
                       
Diluted – average shares outstanding (I)
    119,882       123,727       119,631       121,594  
 
                       

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(A)   Base and percentage rental revenues for the nine-month period ended September 30, 2008, as compared to the prior-year period, decreased $2.8 million, primarily due to the disposition of properties in 2007 and 2008 to joint venture interests of $28.9 million. Increases in base and percentage rental revenues of core portfolio properties increased $4.1 million (an increase of 1.0% over the comparable period in 2007), $18.3 million from the acquisition of assets and the merger with IRRETI, $3.3 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the Company’s business centers. Included in the rental revenues for the nine-month periods ended September 30, 2008 and 2007, is approximately $7.2 million and $9.4 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, 2008 and 2007 was comprised of the following (in millions):
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Acquisition fees
  $     $ 0.1     $     $ 6.4  
Lease termination fees
    0.8       1.4       5.5       4.9  
Financing fees
    1.9       0.1       1.9       1.5  
Other miscellaneous
          0.5       0.4       0.8  
 
                       
 
  $ 2.7     $ 2.1     $ 7.8     $ 13.6  
 
                       
(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, 2008 and 2007, general and administrative expenses were approximately 4.3% and 4.6%, respectively, of total revenues, including joint venture revenues. For the nine-month period ended September 30, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with the Company’s former president’s resignation as an executive officer. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the nine-month period ended September 30, 2007.
(D)   Other expense primarily relates to abandoned acquisition and development project costs and litigation costs. The increase in other expense for the third quarter of 2008 is due in part to an accrual for the potential liability associated with a legal verdict as well as the related litigation expenses.

 


 

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 Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Revenues from operations (a)
  $ 239,921     $ 230,935     $ 714,624     $ 577,877  
 
                       
 
                               
Operating expense
    86,976       74,091       246,229       187,729  
Depreciation and amortization of real estate investments
    59,274       55,568       175,723       135,207  
Interest expense
    75,725       80,884       225,008       193,211  
 
                       
 
    221,975       210,543       646,960       516,147  
 
                       
Income from operations before tax expense and discontinued operations
    17,946       20,392       67,664       61,730  
Income tax expense
    (4,010 )     (2,958 )     (11,994 )     (7,503 )
(Loss) gain on disposition of real estate
          (103 )     (13 )     92,987  
(Loss) income from discontinued operations, net of tax
    (1 )     (323 )     115       (412 )
Income on disposition of discontinued operations, net of tax
          1,790             2,529  
Other income, net (b)
    (36,728 )           19,811        
 
                       
Net income
  $ (22,793 )   $ 18,798     $ 75,583     $ 149,331  
 
                       
DDR ownership interests (c)
  $ 2,603     $ 6,263     $ 22,816     $ 34,520  
 
                       
 
                               
FFO from joint ventures are summarized as follows:
                               
Net income
  $ (22,793 )   $ 18,798     $ 75,583     $ 149,331  
Loss (gain) on disposition of real estate, including discontinued operations
          103       13       (91,339 )
Depreciation and amortization of real estate investments
    59,274       55,702       175,723       135,539  
 
                       
 
  $ 36,481     $ 74,603     $ 251,319     $ 193,531  
 
                       
DDR ownership interests (c)
  $ 15,833     $ 17,602     $ 60,922     $ 62,475  
 
                       
DDR joint venture distributions received, net (d)
  $ 15,189     $ 14,088     $ 41,490     $ 79,782  
 
                       
 
(a)   Revenues for the three-month periods ended September 30, 2008 and 2007 included approximately $1.5 million and $2.3 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share was $0.2 million and $0.3 million, respectively. Revenues for the nine-month periods ended September 30, 2008 and 2007 included approximately $5.7 million and $6.6 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share was $0.7 million and $1.0 million, respectively.
 
(b)   Amount reflects equity in net income associated with a 50% owned joint venture that owns 37 Mervyn’s stores. In addition, the effects of certain derivative instruments that are marked to market through earnings from the Company’s equity investment in MDT aggregating approximately $37.7 million of loss and $16.5 million of gain are reflected in the three- and nine-month periods ended September 30, 2008, respectively, of which the Company’s share was approximately $3.5 million of loss and $1.0 million of gain, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(c)   The Company’s share of joint venture net income was decreased by $0.6 million and $0.2 million for the three-month periods ended September 30, 2008 and 2007, respectively. The Company’s share of joint venture net income was decreased by $0.9 million and $0.6 million for the nine-month periods ended September 30, 2008 and 2007, 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 $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint Venture which is included in the Company’s proportionate share of net income and FFO.
 
    At September 30, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 329 and 317 shopping center properties, respectively.
   
(d)   Distributions may include funds received from asset sales and refinancings in addition to ongoing operating distributions.
(F)   Minority interests are comprised of the following:
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Minority equity interests
  $ 1,263     $ 1,635     $ 4,720     $ 4,808  
Operating partnership units
    261       569       1,145       1,706  
Preferred operating partnership units
                      9,690  
 
                       
 
  $ 1,524     $ 2,204     $ 5,865     $ 16,204  
 
                       
    The preferred operating partnership units were redeemed in June 2007. In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company.
(G)   During the third quarter of 2008 and the first quarter of 2007, the Company released to income approximately $16.0 million and $15.0 million, respectively, 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 of this reserve in 2008 was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to the recognition of fees, primarily from joint ventures, and other miscellaneous non real estate related income.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(H)   The operating results relating to assets classified as discontinued operations are summarized as follows:
                                 
    Three-Month Periods     Nine-Month Periods  
    Ended September 30,     Ended September 30,  
    2008     2007     2008     2007  
Revenues
  $ 2,179     $ 3,860     $ 7,875     $ 34,163  
 
                       
 
                               
Expenses:
                               
Operating
    650       2,033       2,962       10,075  
Interest, net
    371       1,178       1,730       9,170  
Depreciation
    646       972       3,534       7,025  
Minority interest
    54       (230 )     110       (515 )
 
                       
Total expenses
    1,721       3,953       8,336       25,755  
 
                       
Income (loss) before gain (loss) on disposition of real estate
    458       (93 )     (461 )     8,408  
(Loss) gain on disposition of real estate, net
    (2,717 )     (310 )     (1,830 )     13,323  
 
                       
Net (loss) income
  $ (2,259 )   $ (403 )   $ (2,291 )   $ 21,731  
 
                       
(I)   For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at September 30, 2008 and 2007, respectively, into 0.4 million and 0.9 million common shares of the Company for the three-month periods ended September 30, 2008 and 2007, respectively, and 0.6 million and 0.9 million common shares for the nine-month periods ended September 30, 2008 and 2007, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 120.8 million and 125.1 million for the three-month periods ended September 30, 2008 and 2007, respectively, and 120.6 million and 122.8 million for the nine-month periods ended September 30, 2008 and 2007, respectively.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data:
                 
    September 30, 2008 (A)     December 31, 2007 (A)  
Assets:
               
Real estate and rental property:
               
Land
  $ 2,084,898     $ 2,142,942  
Buildings
    5,898,491       5,933,890  
Fixtures and tenant improvements
    260,902       237,117  
 
           
 
    8,244,291       8,313,949  
Less: Accumulated depreciation
    (1,167,243 )     (1,024,048 )
 
           
 
    7,077,048       7,289,901  
Construction in progress
    939,421       664,926  
Assets held for sale
          5,796  
 
           
Real estate, net
    8,016,469       7,960,623  
 
               
Investments in and advances to joint ventures
    709,974       638,111  
Cash
    30,171       49,547  
Restricted cash (B)
    106,391       58,958  
Notes receivable
    65,930       18,557  
Receivables, including straight-line rent, net
    201,657       199,354  
Other assets, net
    163,664       164,666  
 
           
 
  $ 9,294,256     $ 9,089,816  
 
           
Liabilities:
               
Indebtedness:
               
Revolving credit facilities
  $ 955,912     $ 709,459  
Unsecured debt
    2,519,435       2,622,219  
Mortgage and other secured debt
    2,434,528       2,259,336  
 
           
 
    5,909,875       5,591,014  
Dividends payable
    89,956       85,851  
Other liabilities
    296,560       285,245  
 
           
 
    6,296,391       5,962,110  
Minority interests
    146,575       128,881  
Shareholders’ equity
    2,851,290       2,998,825  
 
           
 
  $ 9,294,256     $ 9,089,816  
 
           

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
(A)   Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 37 sites occupied by Mervyns, which includes $380.4 and $405.8 million of real estate assets at September 30, 2008 and December 31, 2007, respectively, $258.5 million of mortgage debt at September 30, 2008 and December 31, 2007, and $87.0 million and $74.6 million of minority equity interest at September 30, 2008 and December 31, 2007, respectively. The decrease in real estate assets at MV LLC is primarily due to the application of $25.0 million in cash proceeds received under a purchase price rebate letter of credit from the seller of the Mervyns portfolio due to the retailer’s bankruptcy filing during the third quarter.
 
(B)   Restricted cash includes $58.0 million at MV LLC and $48.4 million relating to the terms of a bond issue for one of the Company’s projects in Mississippi. The MV LLC restricted cash is comprised of $25.0 million received from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter and a $33.0 million capital contribution by the members of MV LLC, both of which are required to be held in escrow by the lender.

 


 

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, 2008     December 31, 2007  
Land
  $ 2,388,344     $ 2,384,069  
Buildings
    6,340,323       6,253,167  
Fixtures and tenant improvements
    126,547       101,115  
 
           
 
    8,855,214       8,738,351  
Less: Accumulated depreciation
    (568,814 )     (412,806 )
 
           
 
    8,286,400       8,325,545  
Construction in progress
    409,514       207,387  
 
           
Real estate, net
    8,695,914       8,532,932  
Receivables, including straight-line rent, net
    154,955       124,540  
Leasehold interests
    12,905       13,927  
Other assets
    363,369       365,925  
 
           
 
  $ 9,227,143     $ 9,037,324  
 
           
Mortgage debt (a)
  $ 5,752,459     $ 5,551,839  
Notes and accrued interest payable to DDR
    34,731       8,492  
Other liabilities
    229,817       201,083  
 
           
 
    6,017,007       5,761,414  
Accumulated equity
    3,210,136       3,275,910  
 
           
 
  $ 9,227,143     $ 9,037,324  
 
           
 
(a)   The Company’s proportionate share of joint venture debt aggregated approximately $1,199.6 million and $1,034.1 million at September 30, 2008 and December 31, 2007, respectively.

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)
                                                 
    Nine-Month     Nine-Month        
    Period Ended     Period Ended        
    September 30,     September 30,     Year Ended December 31,  
    2008     2007     2007     2006     2005     2004  
FUNDS FROM OPERATIONS:
                                               
Net Income Applicable to Common Shareholders
  $ 90,164     $ 192,889     $ 225,113 (6)   $ 198,095     $ 227,474     $ 219,056  
Depreciation and Amortization of Real Estate Investments
  $ 172,740     $ 160,819     $ 214,396     $ 185,449     $ 169,117     $ 130,537  
Equity in Net Income From Joint Ventures
    ($21,924 )     ($33,887 )     ($43,229 )     ($30,337 )     ($34,873 )     ($40,896 )
Joint Venture Funds From Operations
  $ 60,922     $ 62,475     $ 84,423     $ 44,473     $ 49,302     $ 46,209  
Operating Partnership Minority Equity Interest Expense
  $ 1,145     $ 1,706     $ 2,275     $ 2,116     $ 2,916     $ 2,607  
Cumulative Effect of Adoption of a New Accounting Standard
  $ 0     $ 0     $ 0     $ 0     $ 0     $ 3,001  
Gain on Disposition of Real Estate
    ($4,321 )     ($19,013 )     ($17,956 )     ($21,987 )     ($58,834 )     ($68,179 )
 
                                   
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS
  $ 298,726     $ 364,989     $ 465,021     $ 377,809     $ 355,102     $ 292,335  
PREFERRED DIVIDENDS
  $ 31,702     $ 40,367     $ 50,934 (6)   $ 55,169     $ 55,169     $ 50,706  
 
                                   
FUNDS FROM OPERATIONS
  $ 330,427     $ 405,357     $ 515,956     $ 432,978     $ 410,271     $ 343,041  
 
                                   
 
                                               
PER SHARE INFORMATION:
                                               
Funds From Operations — Diluted
  $ 2.48     $ 2.97     $ 3.79     $ 3.41     $ 3.21     $ 2.95  
Net Income — Diluted
  $ 0.75     $ 1.59     $ 1.85     $ 1.81     $ 2.08     $ 2.24  
Cash Dividends
  $ 2.07     $ 1.98     $ 2.64     $ 2.36     $ 2.16     $ 1.94  
 
                                               
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO
    120,644       122,795       122,716       110,826       110,700       99,147  
 
                                               
TOTAL MARKET CAPITALIZATION (1)
  $ 10,289,001     $ 12,671,332     $ 10,755,742     $ 11,869,415     $ 9,781,900     $ 8,276,943  
DEBT TO TOTAL MARKET CAPITALIZATION (1)
    57.44 %     41.07 %     51.98 %     35.80 %     39.77 %     32.82 %
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.
    58.13 %     54.71 %     56.92 %     54.36 %     52.67 %     45.37 %
DIVIDEND PAYOUT RATIO (1)
    83.61 %     66.88 %     69.55 %     68.84 %     66.98 %     67.28 %
 
                                               
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)
    4.32 %     4.59 %(7)     4.53 %(7)     4.80 %     4.55 %     4.94 %
 
                                               
GENERAL AND ADMINISTRATIVE EXPENSES
  $ 61,607     $ 60,304 (7)   $ 81,244 (7)   $ 60,679     $ 54,048     $ 47,126  
 
                                               
REVENUES:
                                               
DDR Revenues
  $ 711,167     $ 734,380     $ 973,690     $ 824,725     $ 748,571     $ 605,246  
Joint Venture Revenues
  $ 714,624     $ 579,403     $ 818,029     $ 438,885     $ 438,103     $ 348,740  
 
                                   
TOTAL REVENUES (3)
  $ 1,425,791     $ 1,313,783     $ 1,791,719     $ 1,263,610     $ 1,186,675     $ 953,987  
 
                                   
 
                                               
NET OPERATING INCOME:
                                               
DDR Net Operating Income
  $ 517,983     $ 548,066     $ 723,196     $ 615,007     $ 555,291     $ 453,501  
Joint Venture Net Operating Income
  $ 468,395     $ 390,585     $ 544,732     $ 288,699     $ 280,617     $ 228,358  
 
                                   
TOTAL NET OPERATING INCOME (4)
  $ 986,378     $ 938,651     $ 1,267,928     $ 903,706     $ 835,907     $ 681,859  
 
                                   
 
                                               
REAL ESTATE AT COST:
                                               
DDR Real Estate at Cost
  $ 9,183,712     $ 8,802,215     $ 8,984,738     $ 7,450,693     $ 7,029,337     $ 5,603,424  
Joint Venture Real Estate at Cost
  $ 9,264,728     $ 8,855,062     $ 8,945,738     $ 3,939,707     $ 3,470,112     $ 3,165,335  
 
                                   
TOTAL REAL ESTATE AT COST (5)
  $ 18,448,440     $ 17,657,278     $ 17,930,476     $ 11,390,400     $ 10,499,449     $ 8,768,759  
 
                                   
 
(1)   See Market Capitalization and Financial Ratio section for detailed calculation.
 
(2)   The calculation includes joint venture revenues from discontinued operations.
 
(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, 2008 of $1,348.9 million (includes $409.5 million of CIP included in joint ventures, of which $94.7 million represents the Company’s proportionate share), and at December 31, 2007, 2006, 2005, 2004, CIP aggregated $872.3 million, $611.2 million, $386.2 million and $271.0 million, respectively.
 
(6)   Amounts were adjusted to include original issuance costs associated with the redemption of preferred stock of $5.4 million for the year ended December 31, 2007.
 
(7)   The 2007 general and administrative expenses include the former president’s resignation as an executive officer of the company charge of $4.1 million. Excluding this charge, general and administrative expenses were approximately 4.3% of total revenue for the periods ended September 30, 2007 and December 31, 2007.
Financial Highlights 2.1

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
MARKET CAPITALIZATION & FINANCIAL RATIOS
                                         
    Nine-Month        
    Period Ended        
    September 30,     Year Ended December 31,  
    2008     2007     2006     2005     2004  
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
                                       
Total Debt
  $ 5,909,875     $ 5,591,014     $ 4,248,812     $ 3,890,709     $ 2,716,426  
Total Market Capitalization *
  $ 10,289,001     $ 10,755,742     $ 11,869,415     $ 9,781,900     $ 8,276,943  
 
                             
 
    57.44 %     51.98 %     35.80 %     39.77 %     32.82 %
 
                                       
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE
    58.13 %     56.92 %     54.36 %     52.67 %     45.37 %
 
                                       
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
                                       
Total Debt *
  $ 7,109,468     $ 6,625,086     $ 4,774,407     $ 4,401,169     $ 3,137,184  
Total Market Capitalization *
  $ 11,488,594     $ 11,789,814     $ 12,395,010     $ 10,292,361     $ 8,697,701  
 
                             
 
    61.88 %     56.19 %     38.52 %     42.76 %     36.07 %
 
                                       
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
    62.20 %     61.01 %     57.20 %     55.44 %     48.67 %
 
                                       
INTEREST COVERAGE RATIO:
                                       
Interest Expense (1)
  $ 180,404     $ 261,002     $ 215,438     $ 184,281     $ 130,447  
FFO Before Interest and Preferred Dividends *
  $ 510,831     $ 776,958     $ 648,416     $ 594,551     $ 473,488  
 
                             
 
    2.83       2.98       3.01       3.23       3.63  
 
                                       
DEBT SERVICE COVERAGE RATIO:
                                       
Debt Service * (1)
  $ 200,613     $ 291,585     $ 247,464     $ 217,434     $ 152,927  
FFO Before Interest and Preferred Dividends *
  $ 510,831     $ 776,958     $ 648,416     $ 594,551     $ 473,488  
 
                             
 
    2.55       2.66       2.62       2.73       3.10  
 
                                       
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
                                       
Fixed Charges (1)
  $ 232,314     $ 337,114     $ 302,632     $ 272,603     $ 203,633  
FFO Before Interest and Preferred Dividends *
  $ 510,831     $ 776,958     $ 648,416     $ 594,551     $ 473,488  
 
                             
 
    2.20       2.30       2.14       2.18       2.33  
 
                                       
DIVIDEND PAYOUT RATIO
                                       
Common Share Dividends and Operating Partnership Interest
  $ 249,757     $ 327,183     $ 260,069     $ 237,856     $ 196,685  
FFO exclusive of charge associated with preferred stock redemption
  $ 298,726     $ 470,426     $ 377,809     $ 355,102     $ 292,335  
 
                             
 
    0.84       0.70       0.69       0.67       0.67  
 
*   See Attached for Detail Calculation
 
(1)   Amounts have been adjusted to eliminate interest and debt service costs of joint ventures consolidated 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, 2008
 
                                         
    Nine-Month        
    Period Ended        
    September 30,     As of December 31,  
    2008     2007     2006     2005     2004  
DDR TOTAL MARKET CAPITALIZATION
                                       
Common Shares Outstanding
    120,274       119,528       108,986       108,948       108,083  
Operating Partnership Units Outstanding
    399       862       872       1,350       1,350  
 
                             
Total
    120,673       120,390       109,859       110,298       109,432  
Share Price at Period End
  $ 31.69     $ 38.29     $ 62.95     $ 47.02     $ 44.37  
 
                             
Market Value of Common Shares
  $ 3,824,127     $ 4,609,728     $ 6,915,603     $ 5,186,192     $ 4,855,516  
 
                                       
Preferred Shares at Book Value
  $ 555,000     $ 555,000     $ 705,000     $ 705,000     $ 705,000  
Total Debt
  $ 5,909,875 (1)   $ 5,591,014 (1)   $ 4,248,812 (1)   $ 3,890,709     $ 2,716,426  
 
                             
TOTAL MARKET CAPITALIZATION
  $ 10,289,001     $ 10,755,742     $ 11,869,415     $ 9,781,900     $ 8,276,943  
 
                             
 
                                       
DDR TOTAL MARKET CAPITALIZATION —
INCLUDING PROPORTIONATE SHARE OF
JV DEBT
                                       
Common Shares Outstanding
    120,274       119,528       108,986       108,948       108,083  
Operating Partnership Units Outstanding
    399       862       872       1,350       1,350  
 
                             
Total
    120,673       120,390       109,859       110,298       109,432  
Share Price at Period End
  $ 31.69     $ 38.29     $ 62.95     $ 47.02     $ 44.37  
 
                             
Market Value of Common Shares
  $ 3,824,127     $ 4,609,728     $ 6,915,603     $ 5,186,192     $ 4,855,516  
 
                                       
Preferred Shares at Book Value
  $ 555,000     $ 555,000     $ 705,000     $ 705,000     $ 705,000  
Total Debt
  $ 5,909,875 (1)   $ 5,591,014 (1)   $ 4,248,812 (1)   $ 3,890,709     $ 2,716,426  
Proportionate Share of JV Debt
  $ 1,199,593     $ 1,034,072     $ 525,595     $ 510,460     $ 420,758  
 
                             
TOTAL MARKET CAPITALIZATION
  $ 11,488,594     $ 11,789,814     $ 12,395,010     $ 10,292,361     $ 8,697,701  
 
                             
 
(1)   Includes $326.4 million of consolidated joint venture debt at September 30, 2008 (of which $127.2 million represents the joint venture partners’ share) and $327.6 million and $275.2 million at December 31, 2007 and 2006, respectively.
Market Capitalization and Financial Ratios 2.2

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
                                         
    Nine-Month        
    Period Ended        
    September 30,     Year Ended December 31,  
    2008     2007     2006     2005     2004  
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
                                       
Undepreciated Real Estate Assets
  $ 9,183,712     $ 8,984,738     $ 7,450,693     $ 7,029,337     $ 5,603,424  
Undepreciated Real Estate Intangible Assets
  $ 71,081     $ 72,443     $ 27,408     $ 26,345     $ 27,841  
Cash and Cash Equivalents
  $ 136,562     $ 108,505     $ 28,378     $ 30,655     $ 49,871  
Notes Receivable
  $ 65,930     $ 18,557     $ 18,161     $ 24,996     $ 17,823  
Investments in and Advances to Joint Ventures
  $ 709,974     $ 638,111     $ 291,685     $ 275,136     $ 288,020  
 
                             
 
  $ 10,167,259     $ 9,822,354     $ 7,816,325     $ 7,386,469     $ 5,986,979  
 
                             
 
                                       
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
                                       
Undepreciated Real Estate Assets
  $ 9,183,712     $ 8,984,738     $ 7,450,693     $ 7,029,337     $ 5,603,424  
Undepreciated Real Estate Intangible Assets
  $ 71,081     $ 72,443     $ 27,408     $ 26,345     $ 27,841  
Cash and Cash Equivalents
  $ 136,562     $ 108,505     $ 28,378     $ 30,655     $ 49,871  
Notes Receivable or Proportionate Share Thereof
  $ 93,667     $ 19,487     $ 35,443     $ 116,212     $ 44,536  
Proportionate Share of JV Undepreciated Real Estate Assets
  $ 1,944,358     $ 1,673,987     $ 804,738     $ 736,109     $ 719,619  
 
                             
 
  $ 11,429,381     $ 10,859,160     $ 8,346,659     $ 7,938,658     $ 6,445,290  
 
                             
 
                                       
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
                                       
FFO
  $ 298,726     $ 465,021     $ 377,809     $ 355,102     $ 292,335  
Interest Expense
  $ 184,528     $ 268,526     $ 222,867     $ 186,196     $ 130,447  
Adjustment to interest expense for consolidated joint ventures due to FIN 46
    ($4,124 )     ($7,524 )     ($7,429 )     ($1,915 )   $ 0  
Preferred Dividends, Including Preferred Operating Minority Interest & Non-Cash D-42 Dividend
  $ 31,702     $ 50,934     $ 55,169     $ 55,169     $ 50,706  
 
                             
 
  $ 510,831     $ 776,958     $ 648,416     $ 594,551     $ 473,488  
 
                             
 
                                       
DEBT SERVICE
                                       
Interest Expense
  $ 184,528     $ 268,526     $ 222,867     $ 186,196     $ 130,447  
Adjustment to interest expense for consolidated joint ventures due to FIN 46
    ($4,124 )     ($7,524 )     ($7,429 )     ($1,915 )   $ 0  
Recurring Principal Amortization
  $ 20,208     $ 30,583     $ 32,026     $ 33,154     $ 22,480  
 
                             
 
  $ 200,613     $ 291,585     $ 247,464     $ 217,434     $ 152,927  
 
                             
 
                                       
FIXED CHARGES
                                       
Debt Service
  $ 200,613     $ 291,585     $ 247,464     $ 217,434     $ 152,927  
Preferred Dividends, Including Preferred Operating Minority Interest and excluding Non-Cash
  $ 31,702     $ 45,529     $ 55,169     $ 55,169     $ 50,706  
 
                             
D-42 Dividend
  $ 232,314     $ 337,114     $ 302,632     $ 272,603     $ 203,633  
 
                             
Market Capitalization and Financial Ratios 2.2

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
     Total Market Capitalization as of September 30, 2008 (In Millions) (1) (2) (3)
(GRAPHIC)
     Total Market Capitalization as of September 30, 2008 (In Millions) (1) (2) (3)
                 
      Percentage of
    Amount   Total
 
               
Common Shares Equity
  $ 3,824.1       38 %
Perpetual Preferred Stock
  $ 555.0       5 %
Senior Convertible Notes
  $ 850.0       8 %
Fixed-Rate Unsecured Debt
  $ 1,669.4       16 %
Mortgage Debt
  $ 1,497.3       15 %
Variable-Rate Revolving Credit and Term Debt
  $ 1,155.9       11 %
Fixed-Rate Revolving Credit and Term Debt
  $ 600.0       6 %
Construction Financing
  $ 137.3       1 %
 
               
 
Total
  $ 10,289.0       100 %
 
 
Notes:
 
1.   Market value ($31.69 per share as of September 30, 2008) includes operating partnership units equivalent to approximately 0.4 million of the Company’s common shares.
 
2.   Does not include proportionate share of unconsolidated joint venture debt aggregating $1,199.6 million.
 
3.   Consolidated debt includes 100% of consolidated joint venture debt, comprised primarily of debt associated with a joint venture with Macquarie DDR Trust, of which the joint venture partners’ share is $127.2 million.
Market Capitalization Summary 2.3


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
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
  Useful lives, which approximate lease
and Tenant Improvements
  terms, where applicable
Significant Accounting Policies 2.4

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
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 redevelopments.
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, 2008 and for the years ended December 31, 2007, 2006, 2005 and 2004, the Company capitalized interest of $28.4 million, $26.9 million, $20.1 million, $12.5 million and $10.0 million, respectively.
  In addition, the Company capitalized certain construction administration costs of $11.1 million for the nine-month period ended September 30, 2008 and $10.9 million, $10.1 million, $6.2 million and $5.5 million for the years ended December 31, 2007, 2006, 2005, and 2004, 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, 2008
 
Other Real Estate Information
Total Recurring Capital Expenditures
  The Company and its joint ventures (at 100%) currently estimate total annual recurring leasing capital expenditures to be approximately $32 million ($0.27 psf of owned GLA) in 2008.
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, 2007, the Company estimated the value of this undeveloped land to be approximately $60 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2007.
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 $100 million at September 30, 2008.
Other Real Estate Information 2.5


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
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 Months Ended          
    September 30,          
    2008     2007          
 
Total Revenues DDR
  $ 703,384     $ 700,217          
Total Revenues — Combined Joint Ventures
    714,624       577,877          
Operating and Maintenance — DDR
    (106,512 )     (93,990 )        
Real Estate Taxes — DDR
    (83,719 )     (82,284 )        
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures
    (246,229 )     (187,729 )        
 
                   
 
                       
Combined NOI
  $ 981,548     $ 914,091          
 
                   
 
                       
Total Same Store NOI
  $ 699,715     $ 687,544       1.8 %
Property NOI from other operating segments
    281,833       226,547          
 
                   
 
                       
Combined NOI
  $ 981,548     $ 914,091          
 
                   
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Reconciliation of Supplemental
Non-GAAP Financial Measures

(In thousands)
(Unaudited)
Table 2 — Developers Diversified Realty Corporation
Reconciliation of Funds From Operations (FFO):
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2008     2007     2008     2007  
 
FUNDS FROM OPERATIONS:
                               
Net Income Applicable to Common Shareholders
  $ 27,948     $ 32,716     $ 90,164     $ 192,889  
Depreciation and Amortization of Real Estate Investments
    61,099       54,235       172,740       160,819  
Equity in Net Income From Joint Ventures
    (1,981 )     (6,003 )     (21,924 )     (33,887 )
Joint Venture Funds From Operations
    15,833       17,602       60,922       62,475  
Minority Equity Interests (OP Units)
    261       569       1,145       1,706  
Gain on Sales of Real Estate
    (3,170 )     430       (4,321 )     (19,013 )
 
                       
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS
  $ 99,990     $ 99,549     $ 298,726     $ 364,989  
 
                       
 
                               
Preferred Dividend Charges
    10,567       10,567       31,702       40,367  
 
                       
FUNDS FROM OPERATIONS
  $ 110,557     $ 110,116     $ 330,428     $ 405,356  
 
                       
 
                               
ADDITIONAL SFAS 141 DISCLOSURES:
                               
Below (Above) Market Rent Amortization
  $ 235     $ 414     $ 714     $ 1,087  
Pro Rata Share of JV Below (Above) Market Rent Amortization
    (67 )     43       10       14  
 
                               
Debt Premium Amortization Income (Expense)
  $ 927     $ 1,763     $ 3,704     $ 5,867  
Pro Rata Share of JV Debt Premium Amortization Income (Expense)
    (2 )     (16 )     (16 )     12  
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Reconciliation of Supplemental
Non-GAAP Financial Measures

(In thousands)
(Unaudited)
Table 3 — Developers Diversified Realty Corporation
Summary of Consolidated Transactional Income
                                     
    Three Months Ended     Nine Months Ended      
    September 30,     September 30,      
    2008     2007     2008     2007     Income Statement Caption
 
Transactional Income Included in FFO
                                   
Consolidated
                                   
Merchant Building Gains, Net of Tax
  $ 66     $ 1,808            $ 358        $ 48,016     Gain on Disposition of Real Estate
Loss on Sales from Discontinued Operations
    (5,828 )           (5,828 )         Loss on Disposition of Discontinued Operations
Land Sale Gains
    2,968       2,003       5,687       10,007     Gain on Disposition of Real Estate
 
                           
 
  $ (2,794 )   $ 3,811     $ 217     $ 58,023      
 
                           
Transactional Income NOT Included in FFO
                                   
Consolidated
                                   
Gain (Loss) on Dispositions
  $ 59     $ (120 )   $ 323     $ 5,690     Gain (Loss) on Disposition of Real Estate
Gain on Sales from Discontinued Operations
    3,111       (310 )     3,998       13,323     Gain (loss) on Disposition of Discontinued Operations
 
                           
 
  $ 3,170     $ (430 )   $ 4,321     $ 19,013     FFO Reconciliation
 
                           
 
                                   
Gain on Sales of Real Estate
                                   
Merchant Building Gains, Net of Tax
  $ 66     $ 1,808     $ 358     $ 48,016      
Land Sale Gains
    2,968       2,003       5,687       10,007      
Gain (Loss) on Dispositions
    59       (120 )     323       5,690      
 
                           
 
  $ 3,093     $ 3,691     $ 6,368     $ 63,713     Consolidated Income Statement
 
                           
 
                                   
Gain on Sales of Real Estate From Discontinued Operations
                                   
(Loss) Gain on Sales from Discontinued Operations
  $ (2,717 )   $ (310 )   $ (1,830 )   $ 13,323     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, 2008
 
Reconciliation of Supplemental
Non-GAAP Financial Measures

(In thousands)
(Unaudited)
Table 4 — Developers Diversified Realty Corporation
Summary of Joint Venture Transactional Income
                                     
    Three Months Ended     Nine Months Ended      
    September 30,     September 30,      
    2008     2007     2008     2007     Income Statement Caption
 
Transactional Income Included in FFO
                                   
Joint Ventures
                                   
Gain on Sales from Discontinued Operations
  $     $ 1,790            $     $ 1,256     Gain on Disposition of Real Estate, Net of Tax
Land Sale Gains
                      2,920     Gain on Disposition of Real Estate, Net of Tax
 
                           
 
  $     $ 1,790     $     $ 4,176      
 
                           
DDR’s Proportionate Share
  $     $ 358     $     $ 1,003      
Promoted Income (a)
                      14,323      
 
                           
DDR’s Proportionate Share
  $     $ 358     $     $ 15,326      
 
                           
 
                                   
Transactional Income NOT Included in FFO
                                   
Joint Ventures
                                   
Gain on Sales from Discontinued Operations
  $     $     $     $ 1,273     Gain on Disposition of Real Estate
Other (Loss) Gain on Sales
          (103 )     (13 )     90,066     (Loss) Gain on Disposition of Real Estate
 
                           
 
  $     $ (103 )   $ (13 )   $ 91,339     FFO Reconciliation
 
                           
DDR’s Proportionate Share
  $     $ (20 )   $     $ 4,719      
 
                           
 
                                   
Gain on Sales of Real Estate, Net of Tax
                                   
Land Sale Gains
  $     $     $     $ 2,920      
Other (Loss) Gain on Sales
          (103 )     (13 )     90,066      
 
                           
 
  $     $ (103 )   $ (13 )   $ 92,986     (Loss) Gain on Disposition of Real Estate
 
                           
 
                                   
Gain on Sales of Real Estate From Discontinued Operations
                                   
Gain on Sales from Discontinued Operations included in FFO
  $     $ 1,790     $     $ 1,256      
Gain on Sales from Discontinued Operations NOT included in FFO
                      1,273      
 
                           
 
  $     $ 1,790     $     $ 2,529     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.
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Joint Venture Investment Summary
(in millions)
as of September 30, 2008
                                                         
                                                    Promoted
            DDR   Consolidated   Number of   Gross Book           Interest
    Legal Name   Partner(s)   Ownership %   (Yes/No)   Properties   Value   Debt   (Yes/No)
1   DDRTC Core Retail Fund, LLC  
TREA Retail Property Portfolio 2006, LLC (TIAA) (85%)
    15.0 %   No     66     $ 2,951.9     $ 1,761.0     Yes
2   DDR Domestic Retail Fund I  
DDR Domestic Retail Fund I (80%)
    20.0 %   No     63     $ 1,464.9     $ 968.0     Yes
3   Investments with Macquarie (DDR Macquarie Fund LLC, Management LLC, U.S. Trust Inc. and MDT PS LLC )  
Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT)(B)
    Various     No     57     $ 1,935.6     $ 1,300.4     Yes
4   DDR MDT MV LLC (Mervyns) (C)  
Macquarie DDR Trust (MDT) (49.98%)
    50.02 %   Yes     37     $ 380.4     $ 258.5     Yes
5   Coventry II DDR Bloomfield LLC  
Coventry II Fund (80%)
    20.0 %   No     1 (A)   $ 176.7     $ 48.0     Yes
6   Coventry II DDR Buena Park LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 102.7     $ 61.0     Yes
7   Coventry II DDR Fairplain LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 32.3     $ 16.0     Yes
8   Coventry II DDR Marley Creek LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 13.2     $ 10.8     Yes
9   Coventry II DDR Merriam Village LLC  
Coventry II Fund (80%)
    20.0 %   No     1 (A)   $ 42.4     $ 18.5     Yes
10   Coventry II DDR Montgomery Farm LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 138.8     $ 98.8     Yes
11   Coventry II DDR Phoenix Spectrum LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 87.0     $ 46.0     Yes
12   Coventry II DDR SM LLC  
Coventry II Fund (80%)
    20.0 %   No     44     $ 148.0     $ 117.4     Yes
13   Coventry II DDR Totem Lakes LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 42.4     $ 29.5     Yes
14   Coventry II DDR Tri County LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 225.2     $ 166.9     Yes
15   Coventry II DDR Ward Parkway LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 65.7     $ 36.0     Yes
16   Coventry II DDR Westover LLC  
Coventry II Fund (80%)
    20.0 %   No     1     $ 29.4     $ 20.8     Yes
17   RVIP IIIB LP  
Prudential Real Estate Advisors (74.25%)
    25.75 %   No     1     $ 90.5     $ 60.0     Yes
18   RVIP VII LLC  
Prudential Real Estate Advisors (79%)
    21.0 %   No     2     $ 124.9     $ 72.1     Yes
19   RVIP VIII LP  
Prudential Real Estate Advisors (74.25%)
    25.75 %   No     1     $ 33.6     $ 23.4     Yes
20   DPG Realty Holdings LLC  
Prudential Insurance Co. of America (90%)
    10.0 %   No     12     $ 130.8     $ 9.8     No
21   TRT DDR Venture I General Partnership  
TRT-DDR Joint Venture I Owner LLC (90%)
    10.0 %   No     3     $ 160.0     $ 110.0     Yes
22   Sonae Sierra Brazil BV Sarl  
Sonae Sierra, SGPS, SA (50%)
    50.0 %   No     9     $ 383.5     $ 26.6     No
23   DDR-SAU Retail Fund, LLC  
Special Account — U, L.P. (State of Utah ) (80%)
    20.0 %   No     29     $ 309.1     $ 226.2     No
24   DDRA Comm. Ctrs Five, L.P.  
DRA Advisors (50%)
    50.0 %   No     5     $ 240.1     $ 280.0     No
25   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     $ 205.3     $ 150.5     Yes
26   Lennox Town Center LTD.  
Casto Properties (50%)
    50.0 %   No     1     $ 21.0     $ 27.0     No
27   Sun Center Limited  
Casto Properties (20.55%)
    79.45 %   No     1     $ 25.9     $ 19.0     No
28   Dublin Village  
Casto Properties (36.6%)
    63.4 %   No         $ 0.1     $ 0.0     No
29   DOTRS LLC  
State Teachers Retirement Board of Ohio (50%)
    50.0 %   No     1     $ 26.5     $ 21.0     No
30   Jefferson County Plaza LLC  
The Sansone Group (50%)
    50.0 %   No     1     $ 7.0     $ 3.7     No
31   Sansone Group/ DDRC LLC  
The Sansone Group (50%)
    50.0 %   No         $ 0.5     $ 0.0     No
32   Shea & Tatum Assoc. LP (Paradise Village) (C)  
Churchill Family Trust (33%)
    67.0 %   Yes     1     $ 27.9     $ 30.0     No
33   Other Consolidated Joint Ventures  
 
  Various   Yes     23     $ 436.6     $ 62.3     Yes
     
    TOTALS  
 
                    381     $ 10,060.0     $ 6,078.9          
     
 
(A)   Property is under development
 
(B)   The Company owns an effective ownership of 20.7% in DDR Macquarie Fund LLC, 11.9% in Macquarie DDR Trust and 11.9% in MDT PS LLC.
 
(C)   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, 2008
 
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2008
                                                                 
    DDRTC Core     DDR Domestic     Investments     Coventry II     Coventry II     Coventry II     Coventry II     Coventry II  
    Retail     Retail     with     DDR     DDR Buena     DDR Fairplain     DDR Marley     DDR Merriam  
    Fund LLC     Fund I     Macquarie     Bloomfield LLC     Park LLC     Plaza LLC     Creek LLC     Village LLC  
Real estate assets
  $ 2,951.9     $ 1,464.9     $ 1,935.6     $ 176.7     $ 102.7     $ 32.3     $ 13.2     $ 42.4  
Accumulated depreciation
    (111.0 )     (45.5 )     (155.5 )     0.0       (7.5 )     (1.2 )     (0.4 )     0.0  
 
                                               
Real estate, net
    2,840.9       1,419.4       1,780.1       176.7       95.2       31.1       12.8       42.4  
 
                                               
Receivables, net
    27.3       19.4       37.5       0.0       3.4       0.5       (0.0 )     0.0  
Other assets
    102.5       57.6       83.0       (8.1 )     1.5       0.3       0.4       1.4  
Disproportionate share of equity
                                               
 
                                               
 
  $ 2,970.7     $ 1,496.4     $ 1,900.6     $ 168.6     $ 100.1     $ 31.9     $ 13.2     $ 43.8  
 
                                               
 
                                                               
Mortgage debt
  $ 1,761.0     $ 968.0     $ 1,300.4     $ 48.0     $ 61.0     $ 16.0     $ 10.8     $ 18.5  
Amounts payable to DDR
    2.0       2.2       0.2       25.6       0.0       0.0       0.0       0.0  
Other liabilities
    41.0       23.1       55.7       7.4       2.0       0.5       0.1       0.7  
 
                                               
 
    1,804.0       993.3       1,356.3       81.0       63.0       16.5       10.9       19.2  
Accumulated equity (deficit)
    1,166.7       503.1       544.3       87.6       37.1       15.4       2.3       24.6  
Disproportionate share of equity
                                               
 
                                               
 
  $ 2,970.7     $ 1,496.4     $ 1,900.6     $ 168.6     $ 100.1     $ 31.9     $ 13.2     $ 43.8  
 
                                               
 
                                                               
Proportionate share of other assets/liabilities, net
  $ 13.3     $ 10.8     $ 13.6       ($1.6 )   $ 0.6     $ 0.1     $ 0.0     $ 0.1  
 
                                               
Disproportionate amount payable to DDR
  $ 0.0     $ 0.0     $ 0.0     $ 23.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
 
                                               
Combining Statements of Operations
for the nine months ended September 30, 2008
                                                                 
    DDRTC Core     DDR Domestic     Investments     Coventry II     Coventry II     Coventry II     Coventry II     Coventry II  
    Retail     Retail     with     DDR     DDR Buena     DDR Fairplain     DDR Marley     DDR Merriam  
    Fund LLC     Fund I     Macquarie     Bloomfield LLC     Park LLC     Plaza LLC     Creek LLC     Village LLC  
Revenues from operations
  $ 192.7     $ 104.6     $ 160.4     $ 0.0     $ 10.7     $ 2.4     $ 0.8     $ 0.0  
Rental operation expenses
    (60.8 )     (38.2 )     (57.3 )     (0.0 )     (4.8 )     (1.0 )     (0.4 )     (0.0 )
 
                                               
Net operating income
    131.9       66.4       103.1       0.0       5.9       1.4       0.4       (0.0 )
Depreciation and amortization expense
    (59.6 )     (29.6 )     (32.1 )     0.0       (1.7 )     (0.4 )     (0.2 )     0.0  
Interest expense
    (71.2 )     (41.8 )     (47.4 )     0.0       (1.9 )     (0.5 )     (0.3 )     0.0  
 
                                               
Income (loss) before gain on sale of real estate
    1.1       (5.0 )     23.6       (0.0 )     2.3       0.5       (0.1 )     (0.0 )
Tax expense
    0.0       0.0       (2.2 )     0.0       0.0       0.0       0.0       0.0  
Other gain, net
    0.0       0.0       19.8       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  
Discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Gain on sale of discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate share of income
                                               
 
                                               
Net income (loss)
  $ 1.1       ($5.0 )   $ 41.2       ($0.0 )   $ 2.3     $ 0.5       ($0.1 )     ($0.0 )
DDR ownership interest
    15 %     20 %     * **     20 %     20 %     20 %     20 %     20 %
 
                                               
 
  $ 0.2       ($1.0 )   $ 6.8       ($0.0 )   $ 0.5     $ 0.1       ($0.0 )   $ 0.0  
Amortization of basis differential
          0.6       0.7                                
 
                                               
 
  $ 0.2       ($0.4 )   $ 7.5       ($0.0 )   $ 0.5     $ 0.1       ($0.0 )   $ 0.0  
 
                                               
 
                                                               
Proportionate share of net operating income (4)
  $ 19.8     $ 13.3     $ 18.1       ($0.0 )   $ 1.2     $ 0.3     $ 0.1     $ 0.0  
 
                                               
Proportionate share of interest expense (4)
  $ 10.7     $ 8.4     $ 7.8     $ 0.0     $ 0.4     $ 0.1     $ 0.1     $ 0.0  
 
                                               
 
                                                               
Funds From Operations (“FFO”):
                                                               
 
                                                               
Net income (loss)
  $ 1.1       ($5.0 )   $ 41.2       ($0.0 )   $ 2.3     $ 0.5       ($0.1 )     ($0.0 )
Depreciation of real property
    59.6       29.6       32.1       0.0       1.7       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  
Disproportionate share of income
                                               
 
                                               
 
  $ 60.7     $ 24.6     $ 73.3       ($0.0 )   $ 4.0     $ 0.9     $ 0.1       ($0.0 )
DDR ownership interest
    * **     20 %     * **     20 %     20 %     20 %     20 %     20 %
 
                                               
DDR FFO
  $ 9.0     $ 4.9     $ 12.7       ($0.0 )   $ 0.8     $ 0.2     $ 0.0     $ 0.0  
 
                                               
Joint Venture Financial Summary 3.2


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2008
                                                                 
    Coventry II     Coventry II DDR     Coventry II     Coventry II     Coventry II     Coventry II              
    DDR Montgomery     Phoenix     Service     DDR Totem     DDR Tri-County     DDR Ward     Coventry II DDR     RVIP IIIB LP  
    Farm LLC     Spectrum LLC     Holdings LLC     Lakes LLC     Mall LLC     Parkway LLC     Westover LLC     Deer Park, IL  
Real estate assets
  $ 138.8     $ 87.0     $ 148.0     $ 42.4     $ 225.2     $ 65.7     $ 29.4     $ 90.5  
Accumulated depreciation
    (0.5 )     (5.6 )     (5.7 )     (3.1 )     (10.5 )     (5.5 )     (1.4 )     (15.8 )
 
                                               
Real estate, net
    138.3       81.4       142.3       39.3       214.7       60.2       28.0       74.7  
 
                                               
Receivables, net
    0.7       2.8       7.7       0.1       3.7       2.6       1.0       3.0  
Other assets
    1.7       1.5       16.1       0.5       8.5       1.5       0.8       1.9  
Disproportionate share of equity
                                               
 
                                               
 
  $ 140.7     $ 85.7     $ 166.1     $ 39.9     $ 226.9     $ 64.3     $ 29.8     $ 79.6  
 
                                               
 
                                                               
Mortgage debt
  $ 98.8     $ 46.0     $ 117.4     $ 29.5     $ 166.9     $ 36.0     $ 20.8     $ 60.0  
Amounts payable to DDR
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Other liabilities
    0.3       3.4       6.8       0.8       10.7       1.9       0.8       2.7  
 
                                               
 
    99.1       49.4       124.2       30.3       177.6       37.9       21.6       62.7  
Accumulated equity (deficit)
    41.6       36.3       41.9       9.6       49.3       26.4       8.2       16.9  
Disproportionate share of equity
                                               
 
                                               
 
  $ 140.7     $ 85.7     $ 166.1     $ 39.9     $ 226.9     $ 64.3     $ 29.8     $ 79.6  
 
                                               
 
                                                               
Proportionate share of other assets/liabilities, net
  $ 0.2     $ 0.2     $ 3.4       ($0.1 )   $ 0.3     $ 0.4     $ 0.2     $ 0.6  
 
                                               
Disproportionate amount payable to DDR
  $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
 
                                               
Combining Statements of Operations
for the nine months ended September 30, 2008
                                                                 
    Coventry II     Coventry II DDR     Coventry II     Coventry II     Coventry II     Coventry II     Coventry II        
    DDR Montgomery     Phoenix     Service     DDR Totem     DDR Tri-County     DDR Ward     DDR     RVIP IIIB LP  
    Farm LLC     Spectrum LLC     Holdings LLC     Lakes LLC     Mall LLC     Parkway LLC     Westover LLC     Deer Park, IL  
Revenues from operations
  $ 1.9     $ 7.8     $ 19.8     $ 2.2     $ 15.2     $ 6.6     $ 3.4     $ 10.3  
Rental operation expenses
    (1.2 )     (3.3 )     (9.2 )     (0.8 )     (6.8 )     (3.2 )     (1.2 )     (3.7 )
 
                                               
Net operating income
    0.7       4.5       10.6       1.4       8.4       3.4       2.2       6.6  
Depreciation and amortization expense
    (0.5 )     (1.1 )     (3.0 )     (0.5 )     (3.3 )     (0.9 )     (0.4 )     (1.9 )
Interest expense
    (0.0 )     (1.4 )     (7.5 )     (0.9 )     (7.7 )     (1.2 )     (0.7 )     (2.5 )
 
                                               
Income (loss) before gain on sale of real estate
    0.2       2.0       0.1       (0.0 )     (2.6 )     1.3       1.1       2.2  
Tax expense
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Other gain, net
    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  
Discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Gain on sale of discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate share of income
                                               
 
                                               
Net income (loss)
  $ 0.2     $ 2.0     $ 0.1       ($0.0 )     ($2.6 )   $ 1.3     $ 1.1     $ 2.2  
DDR ownership interest
    20 %     20 %     20 %     20 %     20 %     20 %     20 %     ***  
 
                                               
 
  $ 0.0     $ 0.4     $ 0.0       ($0.0 )     ($0.5 )   $ 0.3     $ 0.2     $ 1.0  
Amortization of basis differential
                                               
 
                                               
 
  $ 0.0     $ 0.4     $ 0.0       ($0.0 )     ($0.5 )   $ 0.3     $ 0.2     $ 1.0  
 
                                               
 
                                                               
Proportionate share of net operating income (4)
  $ 0.1     $ 0.9     $ 2.1     $ 0.3     $ 1.7     $ 0.7     $ 0.4     $ 1.7  
 
                                               
Proportionate share of interest expense (4)
  $ 0.0     $ 0.3     $ 1.5     $ 0.2     $ 1.5     $ 0.2     $ 0.1     $ 0.7  
 
                                               
 
                                                               
Funds From Operations (“FFO”):
                                                               
 
                                                               
Net income (loss)
  $ 0.2     $ 2.0     $ 0.1       ($0.0 )     ($2.6 )   $ 1.3     $ 1.1     $ 2.2  
Depreciation of real property
    0.5       1.1       3.0       0.5       3.3       0.9       0.4       1.9  
(Gain) loss on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate share of income
                                               
 
                                               
 
  $ 0.7     $ 3.1     $ 3.1     $ 0.5     $ 0.7     $ 2.2     $ 1.5     $ 4.1  
DDR ownership interest
    20 %     ***       20 %     20 %     20 %     20 %     20 %     ***  
 
                                               
DDR FFO
  $ 0.1     $ 0.6     $ 0.6     $ 0.1     $ 0.1     $ 0.4     $ 0.3     $ 2.0  
 
                                               
Joint Venture Financial Summary 3.2


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2008
                                                                 
    RVIP VII     RVIP VIII     DPG Realty     TRT DDR     Sonae Sierra     DDR-SAU Retail     DDRA Community     DDR Markaz  
    LLC     Tech Ridge LLC     Holdings LLC     Venture I GP     Brazil BV Sarl (2)     Fund LLC (2)     Centers Five LP     II LLC  
Real estate assets
  $ 124.9     $ 33.6     $ 130.8     $ 160.0     $ 383.5     $ 309.1     $ 240.1     $ 205.3  
Accumulated depreciation
    (21.0 )     (4.4 )     (11.9 )     (6.0 )     (36.3 )     (21.5 )     (51.2 )     (20.2 )
 
                                               
Real estate, net
    103.9       29.2       118.9       154.0       347.2       287.6       188.9       185.1  
 
                                               
Receivables, net
    2.4       1.6       1.8       1.9       14.1       7.3       6.5       1.7  
Other assets
    7.6       1.8       2.1       4.7       32.1       39.3       5.6       5.3  
Disproportionate share of equity
                                               
 
                                               
 
  $ 113.9     $ 32.6     $ 122.8     $ 160.6     $ 393.4     $ 334.2     $ 201.0     $ 192.1  
 
                                               
 
                                                               
Mortgage debt
  $ 72.1     $ 23.4     $ 9.8     $ 110.0     $ 26.6     $ 226.2     $ 280.0     $ 150.5  
Amounts payable to DDR
    0.0       0.0       0.0       0.0       0.0       0.4       0.0       0.3  
Other liabilities
    16.0       1.4       1.9       0.6       35.9       6.3       3.2       (0.5 )
 
                                               
 
    88.1       24.8       11.7       110.6       62.5       232.9       283.2       150.3  
Accumulated equity (deficit)
    25.8       7.8       111.1       50.0       330.9       101.3       (82.2 )     41.8  
Disproportionate share of equity
                                               
 
                                               
 
  $ 113.9     $ 32.6     $ 122.8     $ 160.6     $ 393.4     $ 334.2     $ 201.0     $ 192.1  
 
                                               
 
                                                               
Proportionate share of other assets/liabilities, net
    ($1.3 )   $ 0.5     $ 0.2     $ 0.6     $ 5.2     $ 8.0     $ 4.5     $ 1.5  
 
                                               
Disproportionate amount payable to DDR
  $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
 
                                               
Combining Statements of Operations
for the nine months ended September 30, 2008
                                                                 
    RVIP VII     RVIP VIII     DPG Realty     TRT DDR     Sonae Sierra     DDR-SAU Retail     DDRA Community     DDR Markaz  
    LLC     Tech Ridge LLC     Holdings LLC     Venture I GP     Brazil BV Sarl (2)     Fund LLC (2)     Centers Five LP     II LLC  
Revenues from operations
  $ 10.3     $ 4.7     $ 9.6     $ 11.5     $ 55.6     $ 27.3     $ 27.4     $ 16.0  
Rental operation expenses
    (3.3 )     (1.9 )     (2.8 )     (4.2 )     (15.2 )     (8.8 )     (8.1 )     (6.0 )
 
                                               
Net operating income
    7.0       2.8       6.8       7.3       40.4       18.5       19.3       10.0  
Depreciation and amortization expense
    (2.2 )     (0.8 )     (2.3 )     (3.3 )     (8.7 )     (11.6 )     (5.5 )     (4.0 )
Interest expense
    (2.9 )     (0.7 )     (0.4 )     (4.7 )     0.0       (9.2 )     (11.8 )     (6.1 )
 
                                               
Income (loss) before gain on sale of real estate
    1.9       1.3       4.1       (0.7 )     31.7       (2.3 )     2.0       (0.1 )
Tax expense
    0.0       0.0       0.0       0.0       (9.7 )     0.0       0.0       0.0  
Other gain, net
    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  
Discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Gain on sale of discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate share of income
                                               
 
                                               
Net income (loss)
  $ 1.9     $ 1.3     $ 4.1       ($0.7 )   $ 22.0       ($2.3 )   $ 2.0       ($0.1 )
DDR ownership interest
    * **     * **     10 %     10 %     50 %     20 %     50 %     20 %
 
                                               
 
  $ 0.4     $ 0.5     $ 0.4       ($0.1 )   $ 11.0       ($0.5 )   $ 1.0       ($0.0 )
Amortization of basis differential
    (0.2 )           0.0       0.1       (1.9 )     (0.2 )     0.3       0.1  
 
                                               
 
  $ 0.2     $ 0.5     $ 0.4     $ 0.0     $ 9.1       ($0.7 )   $ 1.3     $ 0.1  
 
                                               
 
                                                               
Proportionate share of net operating income (4)
  $ 1.5     $ 0.7     $ 0.7     $ 0.7     $ 20.2     $ 3.7     $ 9.6     $ 2.0  
 
                                               
Proportionate share of interest expense (4)
  $ 0.6     $ 0.2     $ 0.0     $ 0.5     $ 0.0     $ 1.8     $ 5.9     $ 1.2  
 
                                               
 
                                                               
Funds From Operations (“FFO”):
                                                               
 
                                                               
Net income (loss)
  $ 1.9     $ 1.3     $ 4.1       ($0.7 )   $ 22.0       ($2.3 )   $ 2.0       ($0.1 )
Depreciation of real property
    2.2       0.8       2.3       3.3       8.7       11.6       5.5       4.0  
(Gain) loss on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       0.0  
Disproportionate share of income
                                               
 
                                               
 
  $ 4.1     $ 2.1     $ 6.4     $ 2.6     $ 30.7     $ 9.3     $ 7.5     $ 3.9  
DDR ownership interest
    * **     * **     * **     10 %     * **     20 %     50 %     * **
 
                                               
DDR FFO
  $ 1.6     $ 0.9     $ 0.6     $ 0.3     $ 15.5     $ 1.9     $ 3.7     $ 0.9  
 
                                               
Joint Venture Financial Summary 3.2


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2008
                                                                         
    Lennox Town                             Jefferson     Sansone     Sold/Acquired             DDR’s  
    Center     Sun Center     Dublin     DOTRS     County     Group /     and             Proportionate  
    Limited (2)     Limited (2)     Village (3)     LLC     Plaza LLC     DDRC LLC     Other JVs (5)     Total     Share  
Real estate assets
  $ 21.0     $ 25.9     $ 0.1     $ 26.5     $ 7.0     $ 0.5     $ 49.6     $ 9,264.7     $ 1,944.4  
Accumulated depreciation
    (5.1 )     (8.3 )     0.0       (5.7 )     (1.0 )     (0.3 )     (6.6 )     (568.8 )     (149.2 )
 
                                                     
Real estate, net
    15.9       17.6       0.1       20.8       6.0       0.2       43.0       8,695.9       1,795.2  
 
                                                     
Receivables, net
    2.4       0.9       0.0       1.2       0.1       2.3       1.2       155.0       39.2  
Other assets
    0.5       0.9       0.0       0.9       0.3       1.5       2.3       376.2       82.3  
Disproportionate share of equity
                                                    18.7 (6)
 
                                                     
 
  $ 18.8     $ 19.4     $ 0.1     $ 22.9     $ 6.4     $ 4.0     $ 46.5     $ 9,227.1     $ 1,935.4  
 
                                                     
 
                                                                       
Mortgage debt
  $ 27.0     $ 19.0     $ 0.0     $ 21.0     $ 3.7     $ 0.0     $ 24.4     $ 5,752.5     $ 1,199.6  
Amounts payable to DDR
    0.0       0.0       0.1       0.0       4.0       0.0       0.0       34.7       5.5  
Other liabilities
    1.5       0.6       0.0       0.6       0.1       1.0       3.0       229.8       56.2  
 
                                                     
 
    28.5       19.6       0.1       21.6       7.8       1.0       27.4       6,017.0       1,261.3  
Accumulated equity (deficit)
    (9.7 )     (0.2 )     0.0       1.3       (1.4 )     3.0       19.1       3,210.1       655.4  
Disproportionate share of equity
                                                    18.7 (6)
 
                                                     
 
  $ 18.8     $ 19.4     $ 0.1     $ 22.9     $ 6.4     $ 4.0     $ 46.5     $ 9,227.1     $ 1,935.4  
 
                                                     
 
                                                                       
Proportionate share of other assets/liabilities, net
  $ 0.7     $ 0.9       ($0.0 )   $ 0.8     $ 0.1     $ 1.4     $ 0.1     $ 65.3          
 
                                                       
Disproportionate amount payable to DDR
  $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 2.0     $ 0.0     $ 0.0     $ 25.0          
 
                                                       
Combining Statements of Operations
for the nine months ended September 30, 2008
                                                                         
    Lennox Town                             Jefferson     Sansone     Sold/Acquired             DDR’s  
    Center     Sun Center     Dublin     DOTRS     County     Group /     and             Proportionate  
    Limited (2)     Limited (2)     Village (3)     LLC     Plaza LLC     DDRC LLC     Other JVs (5)     Total     Share  
Revenues from operations
  $ 3.7     $ 3.7     $ 0.0     $ 3.2     $ 0.7     $ 0.5     $ 1.4     $ 714.6     $ 157.6  
Rental operation expenses
    (1.2 )     (1.0 )     (0.0 )     (0.9 )     (0.4 )     0.0       (0.6 )     (246.2 )     (52.5 )
 
                                                     
Net operating income
    2.5       2.7       0.0       2.3       0.3       0.5       0.8       468.4       105.1  
Depreciation and amortization expense
    (0.3 )     (0.5 )     0.0       (0.6 )     (0.2 )     0.0       (0.4 )     (175.7 )     (36.0 )
Interest expense
    (1.1 )     (1.1 )     (0.0 )     (1.0 )     (0.4 )     0.0       (0.4 )     (225.0 )     (44.5 )
 
                                                     
Income (loss) before gain on sale of real estate
    1.1       1.1       (0.0 )     0.7       (0.3 )     0.5       0.0       67.7       24.6  
Tax expense
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       (12.0 )     (5.0 )
Other gain, net
    0.0       0.0       0.0       0.0       0.0       0.0       0.0       19.8       1.3  
Gain (loss) on sale of real estate
    0.0       0.0       0.0       0.0       0.0       0.0       (0.0 )     (0.0 )     (0.0 )
Discontinued operations
    0.0       0.0       0.0       0.0       0.0       0.0       0.1       0.1       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
                                                    1.9 (7)
 
                                                     
Net income (loss)
  $ 1.1     $ 1.1     $ 0.0     $ 0.7       ($0.3 )   $ 0.5     $ 0.1     $ 75.6     $ 22.8  
DDR ownership interest
    * **     * **     63 %     50 %     50 %     * **     * **     * **     * **
 
                                                     
 
  $ 0.5     $ 0.8       ($0.0 )   $ 0.3       ($0.1 )   $ 0.5     $ 0.0     $ 22.8     $ 22.8  
Amortization of basis differential
          (0.1 )           0.1             (0.3 )     (0.1 )     (0.9 )     (0.9 )
 
                                                     
 
  $ 0.5     $ 0.7     $ 0.0     $ 0.4       ($0.1 )   $ 0.2       ($0.1 )   $ 21.9     $ 21.9  
 
                                                     
 
                                                                       
Proportionate share of net operating income (4)
  $ 1.3     $ 2.1       ($0.0 )   $ 1.1     $ 0.2     $ 0.3     $ 0.2     $ 105.1          
 
                                                       
Proportionate share of interest expense (4)
  $ 0.6     $ 0.9     $ 0.0     $ 0.5     $ 0.2     $ 0.0     $ 0.1     $ 44.5          
 
                                                       
 
                                                                       
Funds From Operations (“FFO”):
                                                                       
 
                                                                       
Net income (loss)
  $ 1.1     $ 1.1     $ 0.0     $ 0.7       ($0.3 )   $ 0.5     $ 0.1     $ 75.6     $ 22.8  
Depreciation of real property
    0.3       0.5       0.0       0.6       0.2       0.0       0.4       175.7       36.0  
(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
                                                    2.1 (8)
 
                                                     
 
  $ 1.4     $ 1.6       ($0.0 )   $ 1.3       ($0.1 )   $ 0.5     $ 0.5     $ 251.3     $ 60.9  
 
                                                                     
DDR ownership interest
    * **     * **     63 %     50 %     50 %     * **     * **     * **        
 
                                                       
DDR FFO
  $ 0.7     $ 1.2       ($0.0 )   $ 0.6       ($0.0 )   $ 0.5     $ 0.5     $ 60.9          
 
                                                       
Joint Venture Financial Summary 3.2


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
 
(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 venture interests sold in 2007 and other small joint venture investments and land developments. Note: To the extent that DDR is entitled to receive promoted income, DDR’s share of income could exceed the total income recorded by certain joint ventures as assets continue to be liquidated.
 
(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 and Coventry II DDR Tri-County Mall joint ventures as well as investments with Macquarie.
 
(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 investments with Macquarie.
 
(8)   Adjustments associated with Coventry’s promoted interests primarily at RVIP IIIB and RVIP VII joint ventures as well as investments with Macquarie and additional promoted interest from joint venture investments sold in 2007.
 
***   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, 2008
 
Summary of Wholly-Owned and Consolidated Capital Transactions
(In Millions)
                         
    Nine Months              
    Ended     Year Ended     Year Ended  
    September 30,     December 31,     December 31,  
    2008     2007     2006  
 
                       
Acquisitions/Transfers
  $ 0.7     $ 3,048.7 (2)     $370.2  
Completed Expansions
    27.8       32.7       73.1  
Developments & Construction in Progress
    337.4       428.5       246.0  
Recurring Tenant Improvements & Third Party Leasing Commissions
    8.1       12.5       11.7  
Furniture, Fixtures & Equipment
    5.1       13.0       10.2  
Foreign Currency Adjustments
    (8.0 )     0.0       0.0  
 
                 
 
    371.1       3,535.4       711.2  
Less: Real Estate Sales & Joint Venture Transfers
    (172.2 )(1)     (2,001.3 )(3)     (289.8 )
 
                 
 
                       
 
Net Additions
  $ 198.9     $ 1,534.1     $ 421.4  
 
(1)   In addition to asset sales disclosed on Schedule 4.2, this balance includes the sale of seven outparcels.
 
(2)   Includes acquisitions of the IRRETI portfolio ($3,018 million), a property in Terrell, TX ($17 million), an additional interest in a San Francisco property, and the redemption of OP units.
 
(3)   In addition to asset sales ($610 million), this balance includes the following sales to joint ventures: Dividend Capital Total Realty Trust ($99 million), DDR Domestic Retail Fund I Joint Venture ($1,229 million), Macquarie DDR Trust ($50 million); and 11 outparcel sales.
Summary of Joint Venture Capital Transactions
(In Millions)
                         
    Nine Months              
    Ended     Year Ended     Year Ended  
    September 30,     December 31,     December 31,  
    2008     2007     2006  
 
                       
Acquisitions/Transfers
  $ 49.9     $ 4,987.4 (1)   $ 729.9  
Completed Expansions
    0.0       21.9       0.0  
Developments & Construction in Progress
    281.6       142.7       139.6  
Recurring Tenant Improvements & Third Party Leasing Commissions
    12.1       9.8       9.1  
Foreign Currency Adjustments
    (22.8 )     48.5       0.0  
 
                 
 
  $ 320.8     $ 5,210.3     $ 878.6  
Less: Real Estate Sales and Dispositions
    ($1.8 )     ($204.3) (2)     ($409.0 )
 
                 
 
                       
 
Net Additions
  $ 319.0     $ 5,006.0     $ 469.6  
 
(1)   Includes the acquisition of assets from DDR by DDR Domestic Retail Fund ($1,463 million), Dividend Capital Total Realty Trust ($160 million) and DDR Macquire Fund LLC ($50 million). Also includes the formation of DDRTC Core Retail Fund ($2,942 million), the acquisition of the SAU Retail Fund ($309 million), and the acquisition of an additional property interest by Sonae Sierra Brazil BV Sarl.
 
(2)   Includes the sale of seven shopping centers ($168 million), which were previously owned by a joint venture with Kuwait Financial Centre, to the DDR Domestic Retail Fund I and the sale of vacant land in TX and CO.
Summary of Wholly Owned and Joint Venture Capital Transactions 4.1


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Operating Property Acquisitions
There were no significant third party acquisitions for the nine-month period ended September 30, 2008.
Operating Property Dispositions
                                         
            DDR’s                 Purchase      
Disposition           Effective                 Price      
Date   Location   Property Name   Ownership     JV Partner   Total GLA     (Millions)     Major Tenants
Consolidated  
 
                                   
1/10/2008  
Brandon, FL
  Albertsons at Bloomingdale Hills     100 %   N/A     78,686     $ 6.4     Albertson’s
3/7/2008  
Gadsden, AL
  East Side Plaza     100 %   N/A     85,196     $ 1.6     Fred’s, Food World (Not Owned)
6/12/2008  
Hutchinson, MN
  Hutchinson Mall     100 %   N/A     121,001     $ 2.5     J.C. Penney, Hennen’s Furniture (Not Owned)
6/23/2008  
Charlotte, NC
  BJ’S Wholesale Club     100 %   N/A     99,792     $ 16.6     BJ’s Wholesale Club
8/5/2008  
Daytona Beach, FL
  PetsMart     100 %   N/A     26,194     $ 5.3     PetsMart
8/5/2008  
Alpharetta, GA
  PetsMart     100 %   N/A     38,418     $ 6.4     PetsMart
8/5/2008  
Chattanooga, TN
  PetsMart     100 %   N/A     26,040     $ 4.8     PetsMart
8/5/2008  
Fredericksburg, VA
  PetsMart     100 %   N/A     26,067     $ 5.2     PetsMart
8/11/2008  
S. Anderson, SC
  Crossroads Plaza     100 %   N/A     163,809     $ 3.1    
8/21/2008  
Daytona Beach, FL
  KB Homes     100 %   N/A     22,255     $ 2.8     KB Homes
8/12/2008  
Chelmsford, MA
  Apollo Drive Office Building     55.84 %   USAA     291,424     $ 20.7    
9/12/2008  
Jersey City, NJ
  440 Commons     100 %   N/A     162,533     $ 24.6     Home Depot, Raymour & Flanigan
   
 
                               
     Total Dispositions                     1,141,415     $ 99.5      
   
 
                               
Joint Venture
There were no significant third party dispositions for the nine-month period ended September 30, 2008.
Wholly Owned and Joint Venture Acquisitions and Dispositions 4.2


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Wholly-Owned and Consolidated Development Projects
                                                     
                                Cost     Assets     Estimated    
                        Estimated     Incurred     Placed in     Initial    
        Total     Owned     Net Cost     To Date     Service     Anchor    
Location   Project Name   GLA     GLA     (Millions)     (Millions)     (Millions)     Opening   Major Anchors
 
Projects in Process
                                                   
Ukiah (Mendocino), CA (1)
  Mendocino Crossings     755,188       227,500     $ 66.2     $ 13.3     $ 0.0     2H10    
New Haven (Guilford), CT
  Guilford Commons     146,396       146,396     $ 47.6     $ 11.6     $ 0.0     2H10   Coldwater Creek, Joseph Banks, J.Crew
Homestead, FL
  Homestead Pavilion     397,743       275,839     $ 74.9     $ 74.8     $ 0.0     2H08   Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples
Miami, FL
  Shops at Midtown     644,999       400,685     $ 142.6     $ 132.4     $ 102.8     2H06   Target, Marshalls, West Elm,
 
                                                  Loehmann’s, Ross Dress for Less, Linens’n Things, Circuit City
Boise (Nampa), ID
  Nampa Gateway Center     948,150       450,855     $ 123.1     $ 72.3     $ 10.0     2H07   JCPenney, Macy’s, The Sports Authority
Boston (Norwood), MA
  The Shoppes at Elmway Farms     72,340       72,340     $ 25.5     $ 14.0     $ 0.0     2H09    
Boston, MA (Seabrook, NH)
  Seabrook Town Center     471,480       215,905     $ 57.5     $ 32.9     $ 0.0     2H10   Target (Phase I)
Elmira (Horseheads), NY
  Southern Tier Crossings     689,395       350,987     $ 53.7     $ 42.3     $ 11.4     1H07   Kohl’s, Wal-Mart, Dick’s, Circuit City, PetsMart, Ulta, Mens Warehouse
Raleigh (Apex), NC
  Apex Promenade     87,780       81,780     $ 17.9     $ 8.2     $ 0.0     2H09   HH Gregg, Outback Steakhouse
Austin (Kyle), TX (1)
  Kyle Marketplace     805,618       443,092     $ 77.2     $ 45.6     $ 0.0     2H09   Target, Kohl’s, City Lights Theater
 
                                         
 
        5,019,089       2,665,379     $ 686.2     $ 447.4     $ 124.2          
 
                                         
Wholly-Owned and Consolidated Land Held for Development
                 
    DDR’s        
    Effective     Total  
Location   Ownership     Acreage  
 
Tampa (Brandon), FL
    100 %     46.3  
Tampa (Wesley Chapel), FL
    100 %     10.0  
Atlanta (Douglasville), GA
    100 %     30.2  
Atlanta (Union City), GA
    100 %     85.0  
Chicago (Grayslake), IL
    50 %     106.0  
Gulfport, MS
    100 %     86.2  
Raleigh (Apex), NC
    100 %     52.6  
San Antonio (Schertz), TX
    50 %     85.0  
Isabela, Puerto Rico
    80 %     11.1  
Oconomowoc, WI
    50 %     121.6  
Toronto (Brampton), CAN
    50 %     43.0  
Toronto (East Gwillinbury — Bayview/Greenlane), CAN
    50 %     39.0  
Toronto (East Gwillinbury — Hwy 404/Greenlane East), CAN
    50 %     44.0  
Toronto (East Gwillinbury — Hwy 404/Greenlane West), CAN
    50 %     29.0  
Toronto (Richmond Hill), CAN
    50 %     52.0  
Togliatti, Russia
    75 %     61.2  
Yaroslavl, Russia
    75 %     8.0  
Other Misc. Land (13 sites)
    100 %   Various
 
           
Wholly-Owned & Consolidated Total Net Cost
  $ 258.9 (1)     910.2  
 
           
 
(1)   Amount excludes partner’s ownership interest, which was $113.9 million as of September 30, 2008 and was reflected on the Company’s balance sheet in construction in progress.
Wholly Owned and Consolidated Developments 4.3

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Joint Venture Development Projects
                                                                         
                        DDR’s       Estimated   Cost   Assets   DDR’s   Estimated    
                        Effective   Joint   Net   Incurred   Placed in   Proportionate   Initial    
        Total   Owned   Ownership   Venture   Cost   To Date   Service   Cost   Anchor    
Location   Project   GLA   GLA   Percentage   Partner   (Millions)   (Millions)   (Millions)   (Millions)   Opening   Major Anchors
 
 
                                                                       
Projects in Progress
                                                                       
Kansas City (Merriam), KS
  Merriam Village     245,182       158,632       20.0 %   Coventry II   $ 43.7     $ 42.4     $ 0.0     $ 8.7     2H08   Circuit City
 
                                                                       
Detroit (Bloomfield Hills), MI 
  Bloomfield Park     762,915       623,782       10.0 %   Coventry II/BP
I, LLC
  $ 189.8     $ 176.7     $ 0.0     $ 19.0     2H09   Barnes and Noble, The Park Theater
 
                                                                       
Dallas (Allen), TX 
  Watters Creek     831,413       797,665       10.0 %   Coventry
II/Trademark
Property
Company
  $ 171.2     $ 138.7     $ 50.4     $ 17.1     1H08   Market Street United, Borders
 
                                                                       
Manaus, Brazil (1)
  Manauara     477,630       477,630       47.4 %   Sonae
Sierra
  $ 124.6     $ 75.2     $ 0.0     $ 59.1     1H09   Riachuelo, Renner, Bemol, Marisa
 
                                                                       
 
 
        2,317,140       2,057,709                 $ 529.3     $ 433.0     $ 50.4     $ 103.9          
 
 
(1)   The majority of the increase in the estimated net cost is due to foreign currency translation rates.
Joint Venture Developments 4.4

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Development Assets Placed in Service
(In Millions)
                         
            Unconsolidated JV Assets  
                    DDR’s  
    Consolidated             Proportionate  
Date   Assets     Total     Share  
 
                       
As of September 30, 2008
  $ 124.2     $ 50.4     $ 5.0  
4th Quarter 2008
  $ 40.7     $ 47.3     $ 5.5  
Projected 2009
  $ 141.4     $ 278.8     $ 75.4  
Projected Thereafter
  $ 379.9     $ 152.8     $ 18.0  
 
                 
 
  $ 686.2     $ 529.3     $ 103.9  
 
                 
Development Funding Schedule
(In Millions)
                                         
            Unconsolidated Joint Venture Funding  
            DDR     JV Partners’     Proceeds from        
    Consolidated     Proportionate     Proportionate     Construction     Total  
    Funding     Share     Share     Loans     JV Funding  
Funded as of September 30, 2008
  $ 447.4     $ 69.9     $ 172.2     $ 190.9     $ 433.0  
Projected Net Funding During 2008
  $ 22.4       12.2       23.0       47.1     $ 82.3  
Projected Net Funding 2009
  $ 55.8       22.2       47.1       100.4     $ 169.7  
Projected Net Funding Thereafter
  $ 160.6       (39.5 )     (158.1 )     41.9       ($155.7 )
           
 
  $ 686.2     $ 64.8     $ 84.2     $ 380.3     $ 529.3  
                 
Wholly Owned and Joint Venture Development Delivery and
Funding Schedules 4.5

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Summary of Significant Wholly-Owned and Consolidated
Redevelopment or Expansion Projects
                         
        DDR’s   Joint    
        Ownership   Venture    
Location   Property Name   Percentage   Partner   Project Description
 
 
                       
Projects Completed
                       
 
                       
Olean, NY
  Wal-Mart Plaza     100 %     N/A     Relocate two tenants to accommodate Wal-Mart expansion to a Supercenter.
 
                       
Dayton (Huber Hts.), OH
  North Heights Plaza     100 %     N/A     Expansion of the shopping center to construct a 45,000 sf Dick’s (opened 4/08).
 
                       
   
 
Total Net Cost (Millions)
              $ 27.8      
   
 
 
                       
Projects in Progress
                       
Miami (Plantation), FL
  The Fountains     100 %     N/A     Redevelopment of shopping center to include Kohl’s and other junior anchor tenants.
 
                       
Chesterfield, MI
  Chesterfield Corners     100 %     N/A     Dollar Galaxy (opened 8/07), Xtreme Fitness (opened 4/08), 8,400 sf of small shop retail and additional retail space to be announced.
 
                       
Fayetteville, NC
  Cross Pointe Center     100 %     N/A     Reconfigure 18,000 sf of in-line space. Construct multi-tenant outparcel building.
 
Akron (Stow), OH
  Stow Community     100 %     N/A     Recapture 116,000 sf Kmart and release to Hobby Lobby (opened 10/08) and additional retail space. Create outparcels.
   
 
Total Net Cost (Millions)
              $ 121.5     (1) 
   
 
 
(1)  At September 30, 2008, approximately $85.0 million of costs had been incurred in relation to the projects in progress.
Summary of Significant Joint Venture Redevelopment or Expansion Projects
 
        DDR’s   Joint    
        Ownership   Venture    
Location   Property Name   Percentage   Partner   Project Description
 
Projects in Progress
                       
 
Buena Park, CA
  Buena Park Mall &
Entertainment
    20.0 %   Coventry II   Redevelopment of the lower level of the mall to include John’s Incredible Pizza.
 
                       
Los Angeles (Lancaster), CA
  Valley Central Discount     21.0 %   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). Recaptured and redemise the former Wal-Mart for Michael’s (opened 9/08) and three additional junior anchors and three outparcels.
 
                       
Chicago (Deer Park), IL
  Deer Park Town Center     25.75 %   Prudential Real Estate Investors   Construction of a 13,500 sf multi-tenant outparcel building.
 
                       
Benton Harbor, MI
  Fairplain Plaza     20.0 %   Coventry II   Expansion of the existing shopping center to include an 89,000 sf Kohl’s (opened 10/06), a 20,087 sf PETsMART (opened 2/08), a 17,340 sf Michael’s, and additional retail tenants to be announced.
 
                       
Kansas City, MO
  Ward Parkway     20.0 %   Coventry II   Redevelopment of the lower level of the mall to include Staples (opened 5/08), other tenants that have opened and other retail tenants to be announced.
 
                       
Cincinnati, OH
  Tri-County Mall     18.0 %   Coventry II /Thor Equities   Redevelopment of the former JCPenney store to include Krazy City and Ethan Allen (opened 4Q07), and several other new retail tenants and restaurants to be announced.
 
                       
     
Total Net Cost (Millions)
              $ 449.2     (1) (2) 
     
DDR’s Proportionate Share (Millions)
              $ 85.8      
     
 
(1)   Total cost includes the acquisition costs for the Coventry II redevelopments.
 
(2)   At September 30, 2008, approximately $401.8 million of costs had been incurred in relation to the projects in progress and DDR’s pro-rata share was $76.1 million.
Wholly Owned and Joint Venture Expansions and Redevelopments 4.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
Summary of Recently Developed Assets
                         
                DDR’s Effective
    Location   Related Project   Owned GLA     Ownership
     
1
  San Diego (Oceanside), CA   Oceanside Place Cinemas     79,884       100 %
2
  Denver (Littleton, CO)   Aspen Grove     231,450       100 %
3
  Fort Collins, CO   Mulberry and Lemay Crossing     18,988       100 %
4
  Lakeland, FL   Lakeland Marketplace     77,582       100 %
5
  Miami (Homestead), FL   Homestead Pavilion     275,839       100 %
6
  Miami, FL   The Shops at Midtown Miami     400,685       100 %
7
  Macon, GA   Eisenhower Annex     55,505       100 %
8
  Chicago (Deer Park), IL   Deer Park Town Center     292,139       24.8 %
9
  Chicago (McHenry), IL   The Shoppes at Fox River     224,552       100 %
10
  Salisbury, MD   The Commons     126,135       100 %
11
  Boston (Everett), MA   Gateway Center     222,236       100 %
12
  Minneapolis (Coon Rapids), MN   Riverdale Village     8,856       100 %
13
  St. Louis (Arnold), MO   Jefferson County Plaza     42,091       50 %
14
  Freehold, NJ   Freehold Marketplace     23,454       100 %
15
  Princeton, NJ   Nassau Park Pavilion     598,737       100 %
16
  Trenton (Hamilton), NJ   Hamilton Marketplace     468,240       100 %
17
  Elmira (Horseheads), NY   Southern Tier Crossing     350,987       100 %
18
  Raleigh (Apex), NC   Apex Promenade     81,780       100 %
19
  Raleigh (Apex), NC   Beaver Creek Crossings (Phase 1 — South)     268,333       100 %
20
  Cleveland (Aurora), OH   Barrington Town Square     102,683       100 %
21
  Allentown, PA   West Valley Marketplace     259,239       100 %
22
  Johnson City, TN   Johnson City Marketplace     11,749       100 %
23
  Austin, TX   Shoppes @Tech Ridge     282,798       24.8 %
24
  San Antonio, TX   Bandera Point     416,721       100 %
25
  San Antonio, TX   Village at Stone Oak     305,824       100 %
26
  San Antonio, TX   Westover Marketplace     216,737       20 %
27
  Milwaukee (Brookfield), WI   Shoppers World of Brookfield     15,070       100 %
28
  Manaus, Brazil   Manauara Shopping Center     477,630       47.4 %
             
 
  Total         5,935,924          
             
Summary of Recently Developed Assets 4.7

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
Summary of Recently Expanded and Redeveloped Assets
                DDR’s Effective      
    Location   Related Project   Owned GLA   Ownership
     
1
  Birmingham, AL   Brook Highland Plaza     424,341       100 %
2
  Phoenix, AZ   Christown Spectrum Mall     441,406       20 %
3
  N. Little Rock, AR   McCain Plaza     295,013       100 %
4
  Los Angeles (Buena Park), CA   Buena Park Downtown     724,143       20 %
5
  Denver, CO   Centennial Promenade     408,337       100 %
6
  Lakeland, FL   Lakeland Burlington Coat Factory     81,921       100 %
7
  Ocala, FL   Ocala West     105,276       100 %
8
  Tallahassee, FL   Capital West     79,451       100 %
9
  Tampa (Bayonet Point), FL   Point Plaza     209,714       100 %
10
  Tampa (Brandon), FL   Kmart Shopping Center     161,900       100 %
11
  Ottumwa, IA   Quincy Place Mall     241,427       100 %
12
  Benton Harbor, MI   Fairplain Plaza     222,739       20 %
13
  Chesterfield, MI   Chesterfield Marketplace     281,320       100 %
14
  Gaylord, MI   Pine Ridge Square     150,203       100 %
15
  Starkville, MS   Starkville Crossings     133,691       100 %
16
  Kansas City, MO   Ward Parkway     388,387       20 %
17
  Kansas City (Leawood, KS), MO   Town Center Plaza             100 %
18
  Buffalo (Amherst), NY   Boulevard Consumer Square     441,603       100 %
Summary of Recently Developed Assets 4.8

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
Summary of Recently Expanded and Redeveloped Assets
                         
            Owned   DDR’s Effective
    Location   Related Project   GLA   Ownership
     
19
  Olean, NY   Wal-Mart Plaza     285,400       100 %
20
  Rome, NY   Freedom Plaza     194,467       100 %
21
  Charlotte (Mooresville), NC   Mooresville Consumer Square     472,182       100 %
22
  Durham, NC   Oxford Commons     207,864       100 %
23
  Fayetteville, NC   Cross Pointe Center     204,563       100 %
24
  Wilmington, NC   University Centre     411,887       100 %
25
  Akron (Stow), OH   Stow Community Shopping Center     404,483       100 %
26
  Cincinnati, OH   Tri County Mall     758,031       18 %
27
  Dayton (Huber Hts), OH   North Heights Plaza     182,749       100 %
28
  Tiffin, OH   Tiffin Mall     170,868       100 %
29
  San Juan (Bayamon), PR   Rio Hondo     466,499       100 %
30
  San Juan (Ron Piedras), PR   Seniorial Plaza     168,664       100 %
31
  Chattanooga, TN   Overlook at Hamilton Place     207,244       100 %
32
  Salt Lake City (Midvale), UT   Family Center at Fort Union     641,957       100 %
33
  Salt Lake City (Riverdale), UT   Family Center at Riverdale     593,398       100 %
34
  Salt Lake City (Taylorsville), UT   Family Center at Taylorsville     697,630       100 %
35
  Seattle (Kirkland), WA   Totem Lakes Malls     253,867       20 %
                     
 
  Total         6,971,718                  
                     
Summary of Recently Expanded and Redeveloped Assets 4.8


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Company Features
         
  724    
Shopping Centers and Interests in Retail Assets
       
 
  45    
States (Plus Puerto Rico, Brazil, Russia and Canada)
       
 
  119    
Million Sq. Ft. Owned (1)
       
 
  159    
Million Sq. Ft. Owned and Managed (1) (2)
       
 
  94.5 %  
Core Portfolio % Leased
 
(1)   Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments and redevelopments in process and scheduled to commence in 2008, total owned GLA was 66.4 million square feet.
 
(2)   Includes unowned anchors at Company-owned operating and development retail properties.
Portfolio Summary 5.0

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
National portfolio creates efficiencies and strengthens tenant relationships
(MAP)
Portfolio Summary 5.0

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Average Annualized Base Rental Rates PSF
                         
    Number of   Total Annualized Base Rent / S.F.
Period Ending   Properties   Total   Shop Space
 
                       
Sept. 30, 2008
    660     $ 12.38     $ 18.41  
Dec. 31, 2007
    657     $ 12.33     $ 18.14  
Dec. 31, 2006
    409     $ 11.74     $ 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  
 
(1)   Figures exclude Brazilian portfolio, Service Merchandise portfolio, development properties and managed properties.
Portfolio Summary 5.0

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Lease Expirations by Year as of September 30, 2008
                                                                   
    Anchor Base Rent     Shop Space Base Rent
            Revenues           % of             Revenues           % of
Year   Leases   ($M)   Avg. PSF   Revenue     Leases   ($M)   Avg. PSF   Revenue
 
                                                                 
2008
    16     $ 4.1     $ 8.13       0.6 %       539     $ 23.2     $ 16.87       4.1 %
2009
    68     $ 20.1     $ 7.01       3.1 %       1,406     $ 71.3     $ 16.71       12.7 %
2010
    120     $ 38.4     $ 8.38       6.0 %       1,442     $ 79.4     $ 17.49       14.1 %
2011
    151     $ 52.5     $ 10.13       8.2 %       1,471     $ 92.0     $ 18.55       16.3 %
2012
    160     $ 56.9     $ 8.64       8.8 %       1,200     $ 80.0     $ 19.11       14.2 %
2013
    150     $ 51.1     $ 8.46       7.9 %       1022     $ 70.7     $ 17.69       12.6 %
2014
    156     $ 59.5     $ 9.58       9.2 %       292     $ 24.7     $ 18.07       4.4 %
2015
    106     $ 49.1     $ 9.54       7.6 %       218     $ 21.3     $ 18.97       3.8 %
2016
    101     $ 46.9     $ 9.66       7.3 %       200     $ 20.7     $ 20.68       3.7 %
2017
    97     $ 50.2     $ 10.37       7.8 %       196     $ 22.3     $ 19.81       4.0 %
           
2008 - 2017 Subtotal
    1,125     $ 428.8     $ 9.16       66.6 %       7,986     $ 505.6     $ 18.10       89.9 %
Total Rent Roll
    1,457     $ 643.6     $ 9.47       100.0 %       8,410     $ 562.7     $ 18.16       100.0 %
           
Portfolio Summary 5.0

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Largest Tenants by Owned and Managed GLA
                                                 
    Total   Total   Owned   Owned   Unowned   Unowned
    Units   GLA (msf)   Units   GLA (msf)   Units   GLA (msf)
 
1. Wal-Mart / Sam’s Club
    103       16.3       44       6.6       59       9.5  
2. Target
    66       7.9       11       1.4       55       6.5  
3. Lowe’s Home Improvement
    41       5.3       21       2.7       20       2.6  
4. Home Depot
    41       4.3       12       1.2       29       3.1  
5. Kohl’s
    43       3.6       37       3.2       6       0.4  
6. T.J. Maxx / Marshalls
    100       3.3       100       3.3       0       0.0  
7. Kmart / Sears
    38       3.2       37       3.0       1       0.2  
8. Mervyns
    38       2.9       38       2.9       0       0.0  
9. Publix Supermarkets
    56       2.5       56       2.5       0       0.0  
10. PetSmart
    102       2.3       101       2.2       1       0.1  
Portfolio Summary 5.0

 


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Largest Tenants by GLA and Base Rental Revenues (1)
                         
            % of   Credit Ratings
Major Tenant (units)   Owned GLA   Total GLA   (S&P/Moody’s)
 
                       
1. Wal-Mart / Sam’s Club (44)
    4.9       7.3 %   AA / Aa2
2. Lowe’s Home Improvement (21)
    2.2       3.2 %     A+ / A1  
3. Kmart / Sears (37)
    2.0       3.0 %   BB / Ba1
4. T.J. Maxx / Marshall’s (100)
    1.6       2.5 %     A / A3  
5. Mervyns (38)
    1.5       2.2 %   NR / NR
6. Kohl’s (37)
    1.4       2.1 %   BBB / Baa1
7. Target (11)
    1.1       1.7 %     A+ / A2  
8. PetSmart (101)
    1.0       1.6 %   BB / NR
9. Kroger (41)
    1.0       1.6 %   BBB- / Baa2
10. Bed, Bath, & Beyond (60)
    1.0       1.5 %   BBB / NR
     
Subtotal 1-10
    17.7       26.6 %        
Total Portfolio
    66.4       100.0 %        
     
                         
    Base Rental   % of Total   Credit Ratings
Major Tenant (units)   Rev. ($M)   Base Rent   (S&P/Moody’s)
 
                       
1. Wal-Mart / Sam’s Club (44)
  $ 31.2       4.4 %   AA / Aa2
2. Mervyn’s (38)
  $ 17.6       2.5 %   NR / NR
3. T.J. Maxx / Marshalls (100)
  $ 14.8       2.1 %     A / A3  
4. Lowe’s Home Improvement (21)
  $ 13.8       1.9 %     A+ / A1  
5. Petsmart (101)
  $ 13.6       1.9 %   BB / NR
6. Circuit City (45)
  $ 12.1       1.7 %   NR / NR
7. Bed Bath & Beyond (60)
  $ 11.8       1.7 %   BBB / NR
8. Kohl’s (36)
  $ 9.9       1.4 %   BBB / Baa1
9. Rite Aid (41)
  $ 9.8       1.4 %   B- / Caa3
10. Michael’s (72)
  $ 9.8       1.4 %   B- / Caa1
     
Subtotal 1-10
  $ 144.4       20.2 %        
Total Portfolio
  $ 714.0       100.0 %        
     
 
(1)   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, 2008
 
Summary of Consolidated Debt
as of September 30, 2008
                                 
            Loan     Maturity     Interest  
            Balance(000’s)     Date     Rate (1)  
 
                               
SENIOR DEBT:
                               
Unsecured Credit Facilities:
                               
$1.25 Billion Revolving Credit Facility
          $ 888,163       06/10       3.813  
$75 Million Revolving Credit Facility
            67,750       06/10       3.817  
Secured Credit Facility:
                               
$800 Million Term Loan
            800,000       02/11       4.836  
 
                             
 
                               
Total Term and Credit Facility Debt
            1,755,913                  
 
                               
PUBLIC DEBT:
                               
Medium Term Notes
    F       274,924       01/09       3.875  
Medium Term Notes
    F       199,877       05/10       5.000  
Medium Term Notes
    F       299,877       08/10       4.625  
Medium Term Notes
    F       249,613       04/11       5.250  
Convertible Notes
    F       250,000 (2)     08/11       3.500  
Convertible Notes
    F       600,000 (3)     03/12       3.000  
Medium Term Notes
    F       345,615       10/12       5.375  
Medium Term Notes
    F       199,529       05/15       5.500  
Medium Term Notes
    F       100,000       07/18       7.500  
 
                             
 
                               
Total Public Debt
            2,519,435                  
 
                               
MORTGAGE DEBT:
                               
Terrell, TX
    V       12,774 (5)     11/08       5.426  
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       18,627 (5)     12/08       5.426  
Silver Springs, MD (Tech 29-1)
    F       6,224       02/09       7.330  
Middletown Village, Middletown, RI
    F       10,000       02/09       4.531  
Abernathy Square, Atlanta, GA
    F       13,392       03/09       6.285  
Shoppes at Wendover Village, Greensboro, NC
    F       5,450       06/09       4.222  
Leawood, KS
    F       46,792       07/09       7.310  
Mill Pond Village, Cary, NC
    F       8,500       07/09       4.758  
Adams Farm, Greensboro, NC
    F       6,700       08/09       4.652  
DDR MDT MV, LLC
    V       45,923 (4)     10/09       4.646  
Martinsville, VA
    F       19,005       12/09       8.460  
Schertz, TX
    V       6,480 (5)     01/10       6.176  
Plant City Crossing, Plant City, FL
    F       5,900       05/10       4.700  
Brick Ctr Plaza, Brick, NJ
    F       10,300       06/10       4.375  
Windsor Court SC, Windsor, CT
    F       8,015       06/10       4.390  
Edgewater Town Ctr, Edgewater, NJ
    F       14,000       06/10       4.685  
Valley Park Commons, Hagerstown, MD
    F       6,770       07/10       4.440  
East Hanover Plaza, East Hanover, NJ
    F       9,280       07/10       4.685  
Sony Theatre, East Hanover, NJ
    F       6,445       07/10       4.685  
Oakley Plaza, Asheville, NC
    F       5,175       08/10       4.290  
Summary of Consolidated Debt 6.1


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Summary of Consolidated Debt
as of September 30, 2008 (con’t)
                                 
            Loan     Maturity     Interest  
            Balance(000’s)     Date     Rate (1)  
 
                               
Deer Valley — Phoenix, AZ
    F     $ 16,795       09/10       8.010  
Capital Crossing, Raleigh, NC
    F       5,478       09/10       4.300  
Downtown Short Pump, Richmond, VA
    F       18,480       09/10       4.900  
DDR MDT MV, LLC
    F       212,550 (4)     10/10       5.211  
Tequesta Shops Plaza, Tequesta, FL
    F       5,200       10/10       5.300  
Shops on the Circle, Dothan, AL
    F       11,451       11/10       7.920  
Big Flats, NY (Big Flats I)
    F       5,088       12/10       8.011  
Plattsburgh, NY
    F       4,967       12/10       8.000  
Denbigh Village, Newport News, VA
    F       11,457       12/10       4.940  
Camfield Corners, Charlotte, NC
    F       5,150       12/10       5.040  
Homestead, FL
    V       55,876       03/11       5.126  
Erie, PA
    F       24,465       04/11       6.884  
Erie, PA
    F       2,823       04/11       6.884  
Boardman, OH
    F       25,406       04/11       6.884  
St. Louis, MO (Sunset)
    F       32,933       04/11       6.884  
St. Louis, MO (Brentwood)
    F       24,465       04/11       6.884  
Denver, CO (Centennial)
    F       36,697       04/11       6.884  
Beachwood, OH
    V       14,990       04/11       5.026  
Horseheads, NY
    V       28,557       09/11       5.426  
Indian Train, NC (Union TC Ph I)
    F       6,661       10/11       7.000  
Gates, NY (Westgate)
    F       23,874       10/11       7.240  
Ashtabula, OH
    F       6,634       12/11       7.000  
Phoenix, AZ (Paradise Valley)
    F       30,000 (6)     03/12       5.385  
St. Louis, MO (Gravois)
    F       475       06/12       8.625  
Denver, CO (University Hills)
    F       26,712       07/12       7.300  
N. Charleston, SC
    F       10,085       07/12       7.370  
Cortez Plaza, Bradenton, FL
    F       12,320       07/12       7.150  
Duvall Village, Bowie, MD
    F       8,477       10/12       7.040  
Walgreen’s — Rockford, IL
    F       3,223       11/12       4.863  
Walgreen’s — Dearborn Hts, MI
    F       3,550       11/12       4.863  
Walgreen’s — Livonia, MI
    F       2,477       11/12       4.863  
Mooresville, NC
    F       22,953       12/12       6.930  
Big Flats, NY (Big Flats IV)
    F       842       01/13       7.600  
Big Flats, NY (Big Flats II & III)
    F       3,040       01/13       8.010  
Buffalo, NY (Delaware Commons)
    F       753       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  
Paseo Colorado
    F       79,100       04/13       5.000  
Meridian, ID
    F       7,440       04/13       5.000  
Meridian, ID
    F       29,760       04/13       5.000  
Wilmington, NC (University Center)
    F       24,500       04/13       5.000  
Aspen Grove
    F       42,200       04/13       5.000  
Plaza Escorial
    F       57,500       04/13       5.000  
Bayamon, PR (Rio Hondo)
    F       109,500       04/13       5.000  
Summary of Consolidated Debt 6.1


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Summary of Consolidated Debt
as of September 30, 2008 (con’t)
                                 
            Loan     Maturity     Interest  
            Balance(000’s)     Date     Rate (1)  
 
                         
Victor, NY (Victor Square)
    F     $ 6,325       04/13       5.800  
Mays Landing, NJ (Wrangleboro)
    F       44,092       05/13       6.990  
W. Long Branch, NJ (Monmouth)
    F       10,020       07/13       8.570  
Englewood, FL (Rotonda)
    F       1,416       07/13       5.800  
Reno, NV
    V       3,325       02/15       6.700  
Olean, NY
    F       3,763       07/15       8.995  
Mays Landing, NJ (Hamilton)
    F       11,704       09/15       4.700  
Columbus, OH (Consumer II West)
    F       12,677       11/15       10.188  
Amherst, NY (Kmart/Blvd Cons. II)
    F       9,942       11/15       7.850  
Lockport, NY (Wal-Mart/Tops)
    F       10,387       01/16       8.000  
Merriam, KS (TIF)
    F       4,775       02/16       6.900  
Rome, NY (Freedom)
    F       3,652       09/16       7.850  
Amherst, NY (Tops Transit + French)
    F       4,298       12/16       7.680  
Cheektowaga, NY (Wal-Mart Thruway)
    F       4,144       10/17       6.780  
Ithaca, NY
    F       16,244       01/18       7.050  
Amherst, NY (Target/Blvd Cons. II)
    F       11,413       07/18       5.670  
Niskayuna, NY (Mohawk)
    F       21,186       12/18       5.750  
Henderson, TN
    F       7,810       01/19       7.660  
Spring Hill, FL
    F       4,580       09/19       9.750  
Cedar Rapids, IA
    F       8,717       01/20       9.375  
Plainville, CT
    F       6,675       04/21       7.125  
Allentown, PA
    F       16,095       07/21       6.950  
Gulfport, MS
    V       60,000       12/37       8.010  
 
                         
 
                         
 
                             
 
                         
Total Mortgage Debt
            1,634,528                  
 
                             
 
                         
Total Consolidated Debt
          $ 5,909,875                  
 
                             
                                 
                    Wtd. Avg.     Wtd. Avg.  
                    Maturity     Interest Rate  
Fixed Rate
      $ 4,507,411     3.17 years       5.1 %
Variable Rate
          $ 1,402,464     3.02 years       4.2 %
 
                             
 
          $ 5,909,875     3.14 years       4.9 %
 
                             
Summary of Consolidated Debt 6.1


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Summary of Consolidated Debt
as of September 30, 2008 (con’t)
                 
CUMULATIVE REDEEMABLE PREFERRED SHARES   Outstanding Amount(000’s)     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  
DERIVATIVE INSTRUMENTS
                                         
    Notional Amount(000’s)     Underlying Debt Hedged   Rate Hedged   Fixed Rate   Termination Date  
Interest Rate Swap
  $ 100,000     Secured Credit Facility   1 mo. LIBOR     4.933 %   October 18, 2009  
Interest Rate Swap
  $ 50,000     Secured Credit Facility   1 mo. LIBOR     4.965 %   October 18, 2009  
Interest Rate Swap
  $ 50,000     Secured Credit Facility   1 mo. LIBOR     4.964 %   October 18, 2009  
Interest Rate Swap
  $ 200,000     Secured Credit Facility   3 mo. LIBOR     5.149 %   June 28, 2010  
Interest Rate Swap
  $ 100,000     $1.25 Billion Revolving Credit Facility   1 mo. LIBOR     4.942 %   September 29, 2010  
Interest Rate Swap
  $ 100,000     Secured Credit Facility   1 mo. LIBOR     4.815 %   February 21, 2012  
 
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 2008 deferred finance cost amortization of approximately $9.4 million net, is offset by approximately $4.9 million of annualized fair market value adjustments in 2008.
 
2.   The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.23 per share, however, this conversion price has been increased to $73.40 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash.
 
3.   The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.56 per share, however, this conversion price has been increased to $86.99 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash.
 
4.   The Company’s 50% joint venture with MDT is consolidated within DDR’s accounts pursuant to FIN 46.
 
5.   The Company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.
 
6.   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, 2008
 
Summary of Joint Venture Debt
as of September 30, 2008
                                 
            Mortgage              
Property/Entity           Balance (000’s)     Maturity Date     Interest Rate  
 
                               
DDRTC Core Retail Fund, LLC
                               
DDRTC Holdings Pool 1, LLC (25 assets)
    F     $ 736,559       03/17       5.4475  
DDRTC Holdings Pool 3, LLC (17 assets)
    F       555,034       03/12       5.480  
DDRTC Holdings Pool 5, LLC (12 assets)
    V       186,500       02/10     Libor + 65
DDRTC Holdings Pool 6, LLC Walks at Highwood Preserve I & II
    F       3,700       05/09       4.372  
Aiken Exchange
    F       7,350       05/09       4.372  
Oak Summit
    F       8,200       06/09       4.272  
Wytheville Commons
    F       5,590       06/09       4.302  
Heritage Pavilion
    F       21,500       07/09       4.460  
Columbiana Station
    F       25,900       06/10       4.040  
Warwick Center
    F       16,939       06/10       4.130  
Fayette Pavilion I & II
    F       53,250       07/10       5.620  
North Hill Commons
    F       2,475       11/10       5.240  
Cox Creek Shopping Center
    F       14,264       03/12       7.090  
Cypress Trace
    F       16,000       04/12       5.000  
Waterfront Marketplace
    F       29,111       08/12       6.350  
Waterfront Town Center
    F       38,353       08/12       6.350  
Creeks at Virginia Center
    F       25,885       08/12       6.370  
Willoughby Hills Shopping Center
    F       14,312       07/18       6.980  
 
                               
DDR Domestic Retail Fund I
                               
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       11,081       01/13       5.870  
Boynton Beach, FL (Meadows Square)
    F       3,098       07/13       6.720  
DDR Domestic Retail Fund I (25 assets)
    F       885,000       07/17       5.600  
 
                               
DDR Macquarie (1)(2)
                               
$305 Million Revolving Credit Facility (10 assets)
    V       253,900       04/10     Libor + 40
    F       9,100       04/10       3.938  
 
    F       20,000       04/10       4.360  
 
                               
Secured Portfolio Financing (7 assets)
    F       268,000       09/15       6.400  
    V       102,500       09/11     Libor + 240
Secured Portfolio Financing (8 assets)
    F       165,250       06/09       4.180  
    V       7,660       06/09     Libor + 84
 
                               
BJ’s Clarence
    F       4,386       03/22       7.070  
Joann Transit
    F       2,276       08/13       6.250  
New Hartford Consumer Square
    F       30,632       11/18       5.750  
Birmingham, AL (Riverchase)
    F       7,528       01/13       5.500  
DDR Macquarie Longhorn Holdings (4 assets)
    F       85,000       01/12       4.910  
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Summary of Joint Venture Debt
as of September 30, 2008 (con’t)
                                 
            Mortgage              
Property/Entity           Balance (000’s)     Maturity Date     Interest Rate  
 
                               
DDR Macquarie (1)(2)
                               
DDR Macquarie Longhorn Holdings II (7 assets)
    F     $ 157,250       04/10       4.822  
    V       3,570       04/10     Libor + 85
 
                               
DDR Macquarie Longhorn Holdings III (3 assets)
    F       39,300       04/10       5.098  
                               
 
                               
Macquarie DDR US Trust Credit Facility
    V       58,000       03/10     Libor + 100
 
                               
DDR MDT PS, LLC (7 assets)
    F       86,000       07/13       6.004  
 
                               
Coventry II DDR Bloomfield
    V       48,000       12/08     Libor + 250
 
                               
Coventry II DDR Buena Park
    V       61,000       03/10     Libor + 115
 
                               
Coventry II DDR Fairplain
    V       16,000       09/09     Libor + 275
 
                               
Coventry II DDR Marley Creek
    V       10,750       07/10     Libor + 125
 
                               
Coventry II DDR Merriam Village
    V       18,539       10/08     Libor + 150
 
                               
Coventry II DDR Montgomery Farm
    V       98,772       07/10     Libor + 150
 
                               
Coventry II DDR Phoenix Spectrum
    V       46,000       01/09     Libor + 70
 
                               
Coventry II DDR SM
    V       84,725       01/09     Libor + 80
 
    V       32,695       01/09     Libor + 223.65
 
                               
Coventry II DDR Totem Lakes
    V       29,500       09/09     Libor + 275
 
                               
Coventry II DDR Tri County
    F       155,075       02/15       5.655  
 
    F       11,778       02/15       10.304  
 
                               
Coventry II DDR Ward Parkway
    V       36,000       11/09     Libor + 350
 
                               
Coventry II DDR Westover Marketplace
    V       20,800       07/09     Libor + 125
 
                               
RVIP III B
                               
Deer Park, IL
    F       60,000       10/11       5.590  
 
                               
RVIP VII (2 assets)
    V       72,120       04/10     Libor + 125
 
                               
RVIP VIII
    V       23,356       01/09     Libor + 100
 
                               
DPG Realty Holdings, LLC
                               
Tonawanda, NY
    F       5,089       05/17       7.630  
Tonawanda, NY
    F       4,690       06/21       7.660  
 
                               
TRT DDR Holdings I LLC (3 assets)
    F       110,000       05/17       5.510  
 
                               
Inland SAU Retail Fund, LLC
                               
Blockbuster
    F       993       10/10       4.890  
Cascade Crossing
    F       4,954       10/10       4.890  
Hickory Flat Village
    F       8,689       10/10       4.890  
Flat Shoals Crossing
    F       6,063       10/10       4.760  
Deshon Plaza
    F       6,038       10/10       4.760  
Shops at John’s Creek
    F       2,762       10/10       4.890  
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
Summary of Joint Venture Debt
as of September 30, 2008 (con’t)
                                 
            Mortgage              
Property/Entity           Balance (000’s)     Maturity Date     Interest Rate  
 
                               
Inland SAU Retail Fund, LLC
                               
Waynesboro Commons
    F     $ 3,178       10/10       4.890  
Brookhaven
    F       10,397       12/10       4.890  
Lewandowski Commons
    F       12,465       03/11       5.770  
South Square
    F       12,597       10/12       5.060  
North Hampton Market (Phase I & II)
    F       10,501       10/12       5.080  
Oakland Market Place
    F       3,560       10/12       5.040  
Shoppes at Wendover II
    F       14,382       10/12       5.060  
Crossroads Square
    F       4,869       12/12       5.310  
Cascade Corners
    F       3,979       12/12       5.420  
Hilander Village
    F       9,404       12/12       5.410  
Glenlake Plaza
    F       8,234       12/12       5.440  
Broadmoor Plaza
    F       11,048       12/12       5.440  
Milan Plaza
    F       2,161       12/12       5.490  
West Towne Commons
    F       4,797       12/12       5.440  
American Way
    F       6,662       12/12       5.440  
Kroger Junction
    F       3,827       12/12       5.440  
Kroger Plaza
    F       1,806       12/12       5.440  
Willowbrook Commons
    F       6,998       03/13       5.410  
The Point
    F       15,800       04/13       5.640  
Harper Hill Commons
    F       10,350       04/13       5.790  
Plaza at Carolina Forest
    F       14,203       05/13       5.970  
Alexander Pointe
    F       5,129       08/13       5.920  
Patterson Place
    F       20,338       12/13       5.670  
 
                               
DDRA Community Centers Five (5 assets)
    F       280,000       08/10       5.295  
 
                               
DDR Markaz II (13 assets)
    F       150,480       11/14       5.147  
 
                               
Lennox Town Center Limited
    F       1,000       06/17       6.440  
Columbus, OH
    F       26,000       06/17       5.640  
 
                               
Sun Center Limited
    F       5,923       05/11       5.420  
Columbus, OH
    F       13,033       04/11       8.480  
 
                               
DOTRS LLC
                               
Macedonia, OH
    F       21,000       08/11       6.050  
 
                               
Jefferson County Plaza, LLC
                               
Arnold, MO
    V       3,695       08/12     Libor + 200
 
                               
Sonae Sierra Brazil Limitadas
    V       26,601       02/09     CDI + 45
 
                               
RO & SW Realty LLC
    F       24,371       06/11       5.960  
 
                             
 
                               
Total
          $ 5,752,459                  
 
                             
 
                               
 
                  Wtd. Avg.   Wtd. Avg.
Total Joint Venture Debt:
                  Maturity   Interest Rate
 
                           
Fixed Rate
          $ 4,511,776     5.50 years     5.5 %
Variable Rate
          $ 1,240,683     1.27 years     5.3 %
 
                             
 
                               
 
          $ 5,752,459     4.59 years     5.4 %
 
                             
DDR’s Proportionate Share:
                               
Fixed Rate
          $ 952,804                  
Variable Rate
          $ 246,789                  
 
                             
 
          $ 1,199,593                  
 
                             
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2008
 
DERIVATIVE INSTRUMENTS (3)
                                 
    Notional Amount(000’s)   Underlying Capital Hedged   Rate Hedged   Fixed Rate   Termination Date
Interest Rate Swap
  $9,100   MDT Revolving Credit Facility   3 mo. LIBOR     3.538 %   November 10, 2008
Interest Rate Swap
  $20,000   MDT Revolving Credit Facility   1 mo. LIBOR     3.960 %   June 1, 2009
Forward Interest Rate Swap
  $50,000   MDT Revolving Credit Facility   3 mo. LIBOR     5.105 %   November 17, 2010
Forward Interest Rate Swap
  $157,250   MDT Mortgage Debt   1 mo. LIBOR     5.250 %   March 9, 2012
Forward Interest Rate Swap
  $75,000   MDT Mortgage Debt   1 mo. LIBOR     5.223 %   June 1, 2014
Forward Interest Rate Swap
  $75,000   MDT Mortgage Debt   1 mo. LIBOR     4.900 %   June 2, 2014
Notes:
(1)   The Company’s 50% joint venture associated with the Mervyns Portfolio acquisition is not reflected as it is consolidated within DDR’s accounts pursuant to FIN 46.
 
(2)   MDT has entered into a series of swaps to fix the interest rate on floating rate debt in MDT’s revolving credit facility and a floating rate mortgage loan. MDT has also entered into a series of forward swaps in expectation of obtaining fixed rate financing in the future.
 
(3)   Does not include interest rate caps.
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, 2008
 
Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities
(1)
as of September 30, 2008
(000’s)
                                                                                                 
    2008     2009     2010     2011     2012     2013     2014     2015     2016     2017              
    Payments     Payments     Payments     Payments     Payments     Payments     Payments     Payments     Payments     Payments     Thereafter     Total  
 
                                                                                               
CONSOLIDATED DEBT
                                                                                               
Property Mortgages
  $ 31,940     $ 142,447     $ 426,284     $ 199,991     $ 112,964     $ 432,343     $ 16,593     $ 26,625     $ 16,030     $ 10,559     $ 81,448     $ 1,497,224  
Construction Loans
    31,400       0       6,480       28,557       0       70,866       0       0       0       0       0       137,303  
Public Debt
    0       274,924       499,754       499,613       945,615       0       0       199,529       0       0       100,000       2,519,435  
 
                                                                       
Subtotal
    63,341       417,371       932,518       728,161       1,058,580       503,209       16,593       226,154       16,030       10,559       181,448       4,153,962  
Revolving Credit Facilities & Term Loan (2)
    0       0       0       955,912       800,000       0       0       0       0       0       0       1,755,913  
 
                                                                       
Total Consolidated Debt
  $ 63,341     $ 417,371     $ 932,518     $ 1,684,073     $ 1,858,580     $ 503,209     $ 16,593     $ 226,154     $ 16,030     $ 10,559     $ 181,448     $ 5,909,875  
 
                                                                       
 
                                                                                               
JOINT VENTURE DEBT
                                                                                               
Total JV Debt
  $ 21,270     $ 347,369     $ 1,401,412     $ 451,477     $ 854,902     $ 287,965     $ 159,910     $ 425,970     $ 7,369     $ 1,765,944     $ 28,870     $ 5,752,459  
DDR’s Proportionate Share
    4,340       78,816       357,466       113,434       143,624       55,706       31,877       94,703       1,417       313,444       4,766       1,199,593  
 
                                                                       
Total Consolidated Debt & Proportionate Share JV Debt
  $ 67,681     $ 496,187     $ 1,289,985     $ 1,797,507     $ 2,002,203     $ 558,915     $ 48,470     $ 320,856     $ 17,446     $ 324,003     $ 186,214     $ 7,109,468  
 
                                                                       
 
 
Notes:
 
(1)   In situations where the company has options to extend the maturity of a loan, the maturity of the extension period(s) has been assumed for this schedule.
 
(2)   Balance at September 30, 2008 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012. The $75 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, 2008
 
         
Corporate Headquarters
 
Investor Relations
   
3300 Enterprise Parkway
 
Michelle M. Dawson
   
Beachwood, Ohio 44122
 
Toll Free: (800) 258-7289
   
Main: (216) 755-5500
 
Direct: (216) 755-5455
   
Website: www.ddr.com
 
Cell: (216) 650-1372
   
 
 
Email: mdawson@ddr.com
   
 
       
Research Coverage
       
Banc of America Securities
       
Christine McElroy
  christine.m.mcelroy@bofasecurities.com   (646) 855-1658
Samit Parikh
  samit.b.parikh@bofasecurities.com   (646) 855-2151
 
       
Citigroup
       
Michael Bilerman
  michael.bilerman@citi.com   (212) 816-1383
Quentin Velleley
  quentin.velleley@citi.com   (212) 816-6981
 
       
Deutsche Bank Securities
       
Lou Taylor
  louis.taylor@db.com   (212) 250-4912
 
       
Goldman Sachs
       
Jay Habermann
  jonathan.habermann@gs.com   (917) 343-4260
Jehan Mahmood
  jehan.mahmood@gs.com   (212) 902-2646
 
       
Green Street Advisors
       
Jim Sullivan
  jsullivan@greenstreetadvisors.com   (949) 640-8780
Nick Vedder
  nvedder@greenstreetadvisors.com   (949) 640-8780
 
       
Hilliard Lyons
       
Carol Kemple
  ckemple@hilliard.com   (502) 588-1142
 
       
Merrill Lynch
       
Steve Sakwa
  steve_sakwa@ml.com   (212) 449-0335
Craig Schmidt
  craig_schmidt@ml.com   (212) 449-1944
 
       
JP Morgan
       
Michael Mueller
  michael.w.mueller@jpmorgan.com   (212) 622-6689
Joe Dazio
  joseph.c.dazio@jpmorgan.com   (212) 622-6416
 
       
RBC Capital Markets
       
Rich Moore
  rich.moore@rbccm.com   (216) 378-7625
Wes Golladay
  wes.golladay@rbccm.com   (440) 715-2650
 
       
UBS
       
Jeff Spector
  jeffrey.spector@ubs.com   (212) 713-6144
Lindsay Schroll
  lindsay.schroll@ubs.com   (212) 713-3402
 
       
Wachovia Securities
       
Jeff Donnelly
  jeff.donnelly@wachovia.com   (617) 603-4262
Robert Laquaglia
  robert.laquaglia@wachovia.com   (617) 603-4280
Investor Contact Information 7.0

EX-99.3 4 l34100aexv99w3.htm EX-99.3 EX-99.3
Exhibit 99.3

(DEVELOPERS DIVERSIFIED REALTY LOGO)
Property List
For the nine months ended
September 30, 2008
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, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
 
  ALABAMA                                                            
1
  BIRMINGHAM, AL (BROOK)   BROOK HIGHLAND PLAZA
5291 HWY 280 SOUTH
  BIRMINGHAM     1994/2003       1994       100.0 %     424,341       551,258     $ 4,247,331     DICK’S SPORTING GOODS(2017), LOWE’S(2023), STEIN MART(2011), OFFICE MAX(2011), MICHAEL’S(2014), HOMEGOODS(2016), BOOKS-A-MILLION(2010), ROSS DRESS FOR LESS(2014)
2
  BIRMINGHAM, AL (EASTWOOD)   EASTWOOD FESTIVAL CENTRE
7001 CRESTWOOD BLVD
  BIRMINGHAM     1989/1999       1995       100.0 %     300,280       463,560     $ 1,082,029     DOLLAR TREE(2013), BURLINGTON COAT FACTORY(2013), WESTERN SUPERMARKETS(NOT OWNED), HOME DEPOT(NOT OWNED)
3
  BIRMINGHAM, AL (RIVER RIDGE)   RIVER RIDGE
US HIGHWAY 280
  BIRMINGHAM     2001       2007       15.0 %     172,304       349,804     $ 2,782,985     STAPLES(2016), LINENS ‘N THINGS(2012), BEST BUY(2017), SUPER TARGET(NOT OWNED)
4
  BIRMINGHAM, AL(RIVERCHASE)   RIVERCHASE PROMENADE (I)
MONTGOMERY HIGHWAY
  BIRMINGHAM     1989       2002       14.5 %     120,108       228,416     $ 1,686,360     MARSHALLS(2009), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED)
5
  CULLMAN, AL   LOWE’S HOME IMPROVEMENT 1717 CHEROKEE AVE SW   CULLMAN     1998       2007       100.0 %     101,287       101,287     $ 682,500     LOWE’S(2015)
6
  DOTHAN, AL (CIRCUIT CITY)   CIRCUIT CITY
2821 MONTGOMERY HWY
  DOTHAN     2004       2007       100.0 %     33,906       33,906     $ 567,926     CIRCUIT CITY(2020)
7
  DOTHAN, AL(SHOPS)   SHOPS ON THE CIRCLE
3500 ROSS CLARK CIRCLE
  DOTHAN     2000       2007       100.0 %     149,085       149,085     $ 1,651,947     OLD NAVY(2010), T.J. MAXX(2010), OFFICE MAX(2016)
8
  FLORENCE, AL   COX CREEK SHOPPING CENTER
374-398 COX CREEK PARKWAY
  FLORENCE     2001       2007       15.0 %     173,989       304,870     $ 1,831,420     BEST BUY(2017), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017), LINENS ‘N THINGS(2012), TARGET(NOT OWNED)
9
  HUNTSVILLE, AL (WEST)   WESTSIDE CENTRE
6275 UNIVERSITY DR
  HUNTSVILLE     2002       2007       15.0 %     475,307       664,538     $ 4,821,446     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), TARGET(NOT OWNED)
10
  OPELIKA, AL   PEPPERELL CORNERS (I)
2300-2600 PEPPERELL PARKWAY OP
  OPELIKA     1995       2003       100.0 %     306,224       306,224     $ 1,119,389     GOODY’S(2010), STEVE & BARRY’S(2014)
11
  SCOTTSBORO, AL   SCOTTSBORO MARKETPLACE
24833 JOHN P REID PARKWAY
  SCOTTSBORO     1999       2003       100.0 %     40,560       223,750     $ 455,796     GOODY’S(2011), WAL-MART(NOT OWNED)
12
  TUSCALOOSA, AL   MCFARLAND PLAZA
2600 MCFARLAND BLD E
  TUSCALOOSA     1999       2007       15.0 %     229,323       229,323     $ 1,452,609     STEIN MART(2009), CIRCUIT CITY(2020), OFFICE MAX(2015), TOYS R US(2011)

Page 1 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
 
  ARIZONA                                                            
13
  AHWATUKEE, AZ   AHWATUKEE FOOTHILLS TC (II)
4711 EAST RAY ROAD
  PHOENIX     1996       1999       50.0 %     647,883       686,414     $ 10,807,551     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)
14
  CHANDLER, AZ   MERVYN’S PLAZA 2992 NORTH ALMA SCHOOL ROAD   PHOENIX     1985       2005       50.0 %     74,862       74,862     $ 700,397     MERVYN’S(2020)
15
  MESA, AZ (SUPERS)   SUPERSTITION SPRINGS (MRV)
6505 E SOUTHERN AVENUE
  PHOENIX     1990       2005       50.0 %     86,858       86,858     $ 1,198,104     MERVYN’S(2020)
16
  PHOENIX, AZ (DV)   DEER VALLEY (MERVYNS) 4255 W. THUNDERBIRD ROAD   PHOENIX     1979       2005       50.0 %     81,009       81,009     $ 852,150     MERVYN’S(2020)
17
  PHOENIX, AZ (PEORIA)   ARROWHEAD CROSSINGS
7553 WEST BELL ROAD
  PHOENIX     1995       1996       50.0 %     346,428       416,606     $ 4,690,562     STAPLES(2009), HOMEGOODS(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 (SILVER)   SILVER CREEK PLAZA (MERVYNS) 4710 E. RAY ROAD   PHOENIX     1994       2005       50.0 %     76,214       76,214     $ 890,354     MERVYN’S(2020)
19
  PHOENIX, AZ (SPE)   CHRISTOWN SPECTRUM MALL
1703 W BETHANY HOME RD
  PHOENIX     1961       2004       20.0 %     441,406       1,019,664     $ 6,898,057     WAL-MART(2023), COSTCO WHOLESALE(2020), ROSS DRESS FOR LESS(2013), PETSMART(2019), J.C. PENNEY(2037), HARKINS THEATRE(2022)
20
  PHOENIX, AZ(DEER VALLEY)   DEER VALLEY TOWNE CENTER
2805 WEST AQUA FRIA FREEWAY
  PHOENIX     1996       1999       100.0 %     194,009       459,939     $ 3,147,635     ROSS DRESS FOR LESS(2014), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)
21
  PHOENIX, AZ(PARADISE)   PARADISE VILLAGE GATEWAY
TATUM & SHEA BLVDS
  PHOENIX     1997/2004       2003       67.0 %     223,658       295,317     $ 4,585,741     BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2012), PETSMART(2015), STAPLES(2010), ALBERTSON’S(2016)
22
  TUCSON, AZ   SANTA CRUZ PLAZA (MERVYNS)
3660 SOUTH 16TH AVENUE
  TUCSON     1982       2005       50.0 %     76,126       76,126     $ 533,788     MERVYN’S(2020)
 
  ARKANSAS                                                            

Page 2 of 54


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
23
  FAYETTEVILLE, AR   SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD   FAYETTEVILLE     1997/1999/2000/2001       1997       14.5 %     262,827       590,161     $ 2,715,156     T.J. MAXX(2011), BEST BUY(2017), OLD NAVY(2010), BED BATH & BEYOND(2009), HOME DEPOT(NOT OWNED), WAL-MART SUPER CENTER(NOT OWNED)
24
  FAYETTEVILLE, AR(STEELE)   STEELE CROSSING 3533-3595 N. SHILOH DR   FAYETTEVILLE     2003       2003       14.5 %     50,314       261,665     $ 1,025,935     KOHL’S(2022), TARGET(NOT OWNED)
25
  NORTH LITTLE ROCK, AR   MCCAIN PLAZA
4124 EAST MCCAIN BOULEVARD
  LITTLE ROCK     1991/2004       1994       100.0 %     295,013       295,013     $ 1,901,549     BED BATH & BEYOND(2013), T.J. MAXX(2012), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014), SPORTS AUTHORITY(2013)
26
  RUSSELLVILLE, AR   VALLEY PARK CENTRE
3093 EAST MAIN STREET
  RUSSELLVILLE     1992       1994       100.0 %     266,539       266,539     $ 1,610,981     HOBBY LOBBY(2016), STAGE(2010), J.C. PENNEY(2012), BELK(2021)
 
  CALIFORNIA                                                            
27
  ANAHEIM, CA   ANAHEIM HILLS FESTIVAL (MRV)
8100 E SANTA CANYON ROAD
  LOS ANGELES     1992       2005       50.0 %     77,883       77,883     $ 1,354,101     MERVYN’S(2020)
28
  ANTIOCH, CA   SOMERSVILLE TOWNE CENTER (MRV)
2602 SOMERSVILLE ROAD
  SACRAMENTO     1970       2005       50.0 %     75,339       75,339     $ 1,228,879     MERVYN’S(2020)
29
  BUENA PARK, CA (MALL & ENT)   BUENA PARK DOWNTOWN (ENTRTNMT)
100 BUENA PARK
  LOS ANGELES     1965       2004       21.0 %     724,143       1,131,806     $ 9,822,919     CIRCUIT CITY(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2015), 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)
30
  BURBANK, CA   BURBANK TOWN CENTER (MERVYNS)
245 E MAGNOLIA BLVD
  LOS ANGELES     1991       2005       50.0 %     89,182       89,182     $ 1,657,357     MERVYN’S(2020)
31
  CHINO, CA   CHINO TOWN SQUARE SC (MRV)
5517 PHILADELPHIA
  LOS ANGELES     1986       2005       50.0 %     81,282       81,282     $ 905,210     MERVYN’S(2020)
32
  CLOVIS, CA   SIERRA VISTA MALL (MERVYNS)
1000 SHAW AVENUE
  FRESNO     1988       2005       50.0 %     75,088       75,088     $ 742,846     MERVYN’S(2020)
33
  CULVER CITY, CA   CIRCUIT CITY
5660 SEPULVEDA BLVD
  LOS ANGELES     1998       2007       100.0 %     32,873       32,873     $ 680,062     CIRCUIT CITY(2018)

Page 3 of 54


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
34
  EL CAJON, CA   WESTFIELD PARKWAY (MERVYNS)
565 FLETCHER PARKWAY
  SAN DIEGO     1989       2005       50.0 %     85,744       85,744     $ 1,304,225     MERVYN’S(2020)
35
  FAIRFIELD, CA   WESTFIELD SOLANO (MERVYNS) 1451 GATEWAY BLVD.   SAN FRANCISCO     1981       2005       50.0 %     89,223       89,223     $ 1,691,566     MERVYN’S(2020)
36
  FOLSOM, CA   FOLSOM SQUARE (MERVYNS) 1010 E. BIDWELL STREET   SACRAMENTO     2003       2005       50.0 %     79,080       79,080     $ 1,201,287     MERVYN’S(2020)
37
  FOOTHILL RANCH, CA   FOOTHILL RANCH TC (MRV)
26732 PORTOLA PARKWAY
  LOS ANGELES     1993       2005       50.0 %     77,934       77,934     $ 1,093,044     MERVYN’S(2020)
38
  GARDEN GROVE, CA   GARDEN GROVE CENTER (MERVYNS) 13092 HARBOR BLVD.   LOS ANGELES     1982       2005       50.0 %     83,746       83,746     $ 783,171     MERVYN’S(2020)
39
  LANCASTER, CA (DISCOUNT)   VALLEY CENTRAL (DISCOUNT)
44707-44765 VALLEY CENTRAL WAY
  LOS ANGELES     1990       2000       21.0 %     329,598       459,902     $ 3,039,479     MARSHALL’S(2012), CIRCUIT CITY(2011), STAPLES(2013), CINEMARK(2017), 99 CENTS ONLY(2014), MICHAEL’S (2010), COSTCO(NOT OWNED)
40
  LOMPAC, CA   MISSION PLAZA (MERVYNS)
1600 N H STREET
  LOS ANGELES     1992       2005       50.0 %     62,523       62,523     $ 365,056     MERVYN’S(2020)
41
  LONG BEACH, CA (PIKE)   THE PIKE AT RAINBOW HARBOR
95 SOUTH PINE AVE
  LOS ANGELES     2005       1       100.0 %     281,535       315,074     $ 5,832,481     CINEMARK(2017), BORDERS(2016), CLUB V2O(2019)
42
  MADERA, CA   MERVYNS
1467 COUNTRY CLUB DRIVE
  FRESNO     1990       2005       50.0 %     59,720       59,720     $ 209,058     MERVYN’S(2020)
43
  NORTH FULLERTON, CA   CROSSROADS SC (MRV)
200 IMPERIAL HIGHWAY
  LOS ANGELES     1991       2005       50.0 %     76,360       76,360     $ 803,334     MERVYN’S(2020)
44
  NORTHRIDGE, CA   NORTHRIDGE PLAZA (MERVYNS)
8800 CORBIN AVE
  LOS ANGELES     1980       2005       50.0 %     75,326       75,326     $ 564,563     MERVYN’S(2020)
45
  OCEANSIDE, CA.   OCEAN PLACE CINEMAS
401-409 MISSION AVENUE
  SAN DIEGO     2000       2000       100.0 %     79,884       79,884     $ 1,328,853     REGAL CINEMAS(2014)
46
  PALMDALE, CA   ANTELOPE VALLEY MALL (MERVYNS) 1305 W RANCHO VISTA BLVD.   LOS ANGELES     1992       2005       50.0 %     76,550       76,550     $ 862,762     MERVYN’S(2020)

Page 4 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
47
  PASADENA, CA   PASEO COLORADO
280 E COLORADO BLVD
  LOS ANGELES     2001       2003       100.0 %     556,271       556,271     $ 11,622,056     GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011)
48
  PLEASANT HILL, CA.   DOWNTOWN PLEASANT HILL
2255 CONTRA COSTA BLVD #101
  SAN FRANCISCO     1999/2000       2001       20.0 %     345,930       345,930     $ 6,714,697     LUCKY SUPERMARKET(2020), MICHAEL’S(2010), BORDERS(2015), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2010), CENTURY THEATRE(2016)
49
  PORTERVILLE, CA   PORTERVILLE MARKET PLACE (MRV)
1275 WEST HENDERSON AVENUE
  BAKERSFIELD     1991       2005       50.0 %     76,378       76,378     $ 535,910     MERVYN’S(2020)
50
  REDDING, CA   SHASTA CENTER (MERVYNS)
1755 HILLTOP DRIVE
  SAN FRANCISCO     1984       2005       50.0 %     61,363       61,363     $ 645,214     MERVYN’S(2020)
51
  RICHMOND, CA(HILLTOP)   HILLTOP PLAZA
3401 BLUME DRIVE
  SAN FRANCISCO     1996/2000       2002       20.0 %     245,774       245,774     $ 3,858,794     .99 CENTS ONLY STORES(2011), PETSMART(2012), ROSS DRESS FOR LESS(2013), BARNES & NOBLE(2011), CIRCUIT CITY(2017), CENTURY THEATRE(2016)
52
  SAN DIEGO, CA   SOUTHLAND PLAZA SC (MRV) 575 SATURN BLVD.   SAN DIEGO     1982       2005       50.0 %     75,207       75,207     $ 1,054,841     MERVYN’S(2020)
53
  SAN DIEGO, CA (COLLEGE)   COLLEGE GROVE SC (MRV)
3450 COLLEGE AVENUE
  SAN DIEGO     1991       2005       50.0 %     73,872       73,872     $ 880,775     MERVYN’S(2021)
54
  SAN FRANCISCO, CA (RETAILS)   VAN NESS PLAZA
1000 VAN NESS AVENUE
  SAN FRANCISCO     1998       2002       100.0 %     123,755       123,755     $ 3,926,761     AMC THEATRE(2030), CRUNCH FITNESS(2008)
55
  SANTA MARIA, CA   TOWN CENTER WEST SC (MRV)
201 TOWN CENTER WEST
  LOS ANGELES     1988       2005       50.0 %     84,886       84,886     $ 793,784     MERVYN’S(2020)
56
  SANTA ROSA, CA   SANTA ROSA PLAZA (MERVYNS)
600 SANTA ROSA PLAZA
  SAN FRANCISCO     1981       2005       50.0 %     90,348       90,348     $ 1,588,628     MERVYN’S(2020)
57
  SLATTEN RANCH, CA   SLATTEN RANCH SC (MRV)
5849 LONE TREE WAY
  SAN FRANCISCO     2002       2005       50.0 %     78,819       78,819     $ 1,381,693     MERVYN’S(2020)
58
  SONORA, CA   SONORA CROSSROADS (MERVYNS)
1151 SANGUINETTI ROAD
  SAN FRANCISCO     1993       2005       50.0 %     62,214       62,214     $ 763,009     MERVYN’S(2020)
59
  TULARE, CA   TULARE PAVILION SC (MRV)
1675 HILLMAN STREET
  FRESNO     1991       2005       50.0 %     62,947       62,947     $ 588,970     MERVYN’S(2020)

Page 5 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
60
  UKIAH, CA   PEAR TREE CENTER (MERVYNS)
437 NORTH ORCHARD AVENUE
  SAN FRANCISCO     1990       2005       50.0 %     58,841       58,841     $ 343,831     MERVYN’S(2020)
61
  VALENCIA, CA   RIVER OAKS SC (MRV)
24235 MAGIC MOUNTAIN PKWY
  LOS ANGELES     1986       2006       100.0 %     75,590       75,590     $ 989,420     MERVYN’S(2035)
62
  WEST COVINA, CA   WESTFIELD EASTLAND SC (MRV) 2753 E. EASTLAND CTR DR   LOS ANGELES     1979       2005       50.0 %     79,800       79,800     $ 1,607,730     MERVYN’S(2020)
 
  COLORADO                                                            
63
  AURORA, CO   PIONEER HILLS
5400-5820 SOUTH PARKER
  DENVER     2003       2003       14.5 %     127,215       479,541     $ 2,151,271     BED BATH & BEYOND(2012), OFFICE DEPOT(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
64
  BROOMFIELD, CO (FLATIRON GARD)   FLATIRON MARKETPLACE (GARDEN)
1 WEST FLATIRON CIRCLE
  DENVER     2001       2003       100.0 %     252,035       421,447     $ 4,212,908     NORDSTROM RACK(2011), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(NOT OWNED)
65
  DENVER, CO (CENTENNIAL)   CENTENNIAL PROMENADE
9555 E COUNTY LINE ROAD
  DENVER     1997/2002       1997       100.0 %     408,337       529,488     $ 6,995,566     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)
66
  DENVER, CO (TAMARAC)   TAMARAC SQUARE 7777 E. HAMPDEN   DENVER     1976       2001       100.0 %     174,611       196,411     $ 2,038,496     REGENCY THEATRES TAMARAC SQ.(2008)
67
  DENVER, CO (UNIVERSITY)   UNIVERSITY HILLS
2730 SOUTH COLORADO BOULEVARD
  DENVER     1997       2003       100.0 %     244,383       244,383     $ 4,295,998     LINENS ‘N THINGS(2013), PIER 1 IMPORTS(2014), OFFICE MAX(2012), 24 HOUR FITNESS(2021), KING SOOPERS(2017)
68
  FORT COLLINS, CO   MULBERRY AND LEMAY CROSSING MULBERRY ST. & S. LEMAY AVE.   FORT COLLINS     2004       2003       100.0 %     18,988       316,420     $ 438,765     WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
69
  HIGHLAND RANCH, CO   CIRCUIT CITY
8575 SOUTH QUEBEC ST
  DENVER     1998       2007       100.0 %     43,480       43,480     $ 443,625     CIRCUIT CITY(2018)
70
  LITTLETON, CO   ASPEN GROVE
7301 SOUTH SANTA FE
  DENVER     2002       1       100.0 %     231,450       255,184     $ 6,073,778      
71
  PARKER, CO (FLATACRES)   FLATACRES MARKETCENTER (I)
SOUTH PARKER ROAD
  DENVER     2003       2003       14.5 %     116,644       221,520     $ 2,053,141     BED BATH & BEYOND(2014), GART SPORTS(2014), MICHAEL’S(2013), KOHL’S(NOT OWNED)

Page 6 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
72
  PARKER, CO (PAVILIONS)   PARKER PAVILIONS
11153-11183 SOUTH PARKER ROAD
  DENVER     2003       2003       14.5 %     89,631       409,897     $ 1,342,384     OFFICE DEPOT(2016), WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
 
  CONNECTICUT                                                            
73
  MANCHESTER, CT   MANCHESTER BROAD STREET
286 BROAD STREET
  HARTFORD     1995/2003       2007       100.0 %     68,509       68,509     $ 1,075,480     STOP & SHOP(2028)
74
  PLAINVILLE, CT   CONNECTICUT COMMONS
I-84 & RTE 9
  HARTFORD     1999/2001       1       14.5 %     463,338       566,481     $ 6,473,672     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), MARSHALLS(2018), LINENS ‘N THINGS(2017)
75
  WATERBURY, CT   NAUGATUCK VALLEY SC
950 WOLCOTT STREET
  HARTFORD     2003       2007       15.0 %     232,085       383,332     $ 4,230,480     WAL-MART(2027), BOB’S STORES(2017), LINENS ‘N THINGS(2017), STOP & SHOP(2021), STAPLES(2018)
76
  WINDSOR, CT   WINDSOR COURT SHOPPING CENTER
1095 KENNEDY ROAD
  HARTFORD     1993       2007       100.0 %     78,480       78,480     $ 1,400,200     STOP & SHOP(2013)
 
  DELAWARE                                                            
77
  DOVER, DE   KMART SHOPPING CENTER
515 N DUPONT HIGHWAY
  DOVER     1973       2008       25.3 %     84,180       88,980     $ 301,000     K MART(2009)
 
  FLORIDA                                                            
78
  APOPKA, FL   PIEDMONT PLAZA
2302-2444 E SEMORAN BLVD
  ORLANDO     2004       2007       14.5 %     148,075       210,075     $ 1,089,563     BEALL’S(2019), ALBERTSON’S(NOT OWNED)
79
  BAYONET POINT, FL   POINT PLAZA
US 19 & SR 52
  TAMPA     1985/2003       1/2       100.0 %     209,714       209,714     $ 1,382,994     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       20.0 %     106,224       106,224     $ 1,264,828     PUBLIX SUPER MARKETS(2011)
81
  BOYNTON BEACH, FL (COMMONS)   BOYNTON COMMONS
333-399 CONGRESS AVE
  MIAMI     1998       2007       15.0 %     210,488       210,488     $ 3,126,674     BARNES & NOBLE(2013), PETSMART(2014), SPORTS AUTHORITY(2013), BED BATH & BEYOND(2014)
82
  BOYNTON BEACH, FL(ABERDEEN)   ABERDEEN SQUARE
4966 LE CHALET BLVD
  MIAMI     1990       2007       20.0 %     70,555       70,555     $ 686,980     PUBLIX SUPER MARKETS(2010)
83
  BOYNTON BEACH, FL(VILLAGE)   VILLAGE SQUARE AT GOLF
3775 W WOOLBRIGHT RD
  MIAMI     1983/2002       2007       20.0 %     126,486       131,466     $ 1,711,239     PUBLIX SUPER MARKETS(2013)
84
  BRADENTON, FL (LAKEWOOD)   LAKEWOOD RANCH PLAZA
1755 LAKEWOOD RANCH BLVD
  BRADENTON     2001       2007       20.0 %     69,484       69,484     $ 945,251     PUBLIX SUPER MARKETS(2021)

Page 7 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
85
  BRADENTON, FL(CORTEZ)   CORTEZ PLAZA
CORTEZ ROAD WEST AND US HIGHWAY 41
  BRADENTON     1966/1988       2007       100.0 %     289,045       289,045     $ 2,819,442     PUBLIX SUPER MARKETS(2008), BURLINGTON COAT FACTORY(2013), PETSMART(2012), CIRCUIT CITY(2010)
86
  BRADENTON, FL(CREEKWOOD)   CREEKWOOD CROSSING
7395 52ND PLACE EAST
  BRADENTON     2001       2007       20.0 %     180,746       284,085     $ 2,159,987     BEALL’S(2016), BEALL’S OUTLET(2014), LIFESTYLE FAMILY FITNESS(2014), MACYS FURNITURE & MATRESS CLEARANCE CNTR(2009)
87
  BRANDON, FL (KMART)   KMART SHOPPING CENTER
1602 BRANDON BL
  TAMPA     1972/1997/2003       2       100.0 %     161,900       228,022     $ 796,732     K MART(2012), KANE FURNITURE(2022)
88
  BRANDON, FL (PLAZA)   LAKE BRANDON PLAZA
CAUSEWAY BOULEVARD
  TAMPA     1999       2003       14.5 %     148,267       196,801     $ 1,783,760     COMPUSA(2017), JO-ANN STORES(2017), BABIES R US(2013), PUBLIX SUPER MARKETS(2019)
89
  BRANDON, FL (VILLAGE)   LAKE BRANDON VILLAGE
CAUSEWAY BOULEVARD
  TAMPA     1997/2004       2003       14.5 %     113,986       243,641     $ 1,531,609     LINENS ‘N THINGS, #496(2014), SPORTS AUTHORITY(2018), PETSMART(2020), LOWE’S(NOT OWNED)
90
  CASSELBERRY, FL   CASSELBERRY COMMONS 1455 S. SEMORAN BLVD   ORLANDO     1973/1998       2007       20.0 %     228,976       243,976     $ 2,068,633     PUBLIX SUPER MARKETS(2012), ROSS DRESS FOR LESS(2013), STEIN MART(2015)
91
  CLEARWATER, FL   CLEARWATER COLLECTION
21688-21800 US HWY19 NORTH
  TAMPA     1995/2005       2007       100.0 %     132,023       132,023     $ 1,483,948     LA FITNESS INTERNATIONAL(2022), FLOOR & DECOR(2017)
92
  CRYSTAL RIVER, FL   CRYSTAL SPRINGS
6760 W GULF TO LAKE
  OCALA     2001       2007       20.0 %     66,986       66,986     $ 685,954     PUBLIX SUPER MARKETS(2021)
93
  CRYSTAL RIVER, FL (RIVER)   CRYSTAL RIVER PLAZA
420 SUN COAST HWY
  OCALA     1986/2001       1/2       100.0 %     169,149       169,149     $ 865,645     BEALL’S(2012), BEALL’S OUTLET(2011)
94
  DANIA BEACH, FL   BASS PRO OUTDOOR WORLD
200 GULF STREAM WAY
  MIAMI     1999       2007       100.0 %     165,000       165,000     $ 1,600,000     BASS PRO OUTDOOR WORLD(2014)
95
  DANIA, FL   SHERIDAN SQUARE 401-435 E. SHERIDAN STREET   MIAMI     1991       2007       20.0 %     67,475       67,475     $ 665,847     PUBLIX SUPER MARKETS(2010)
96
  DAVIE, FL   PARADISE PROMENADE
5949-6029 STIRLING ROAD
  MIAMI     2004       2007       20.0 %     74,493       74,493     $ 1,115,824     PUBLIX SUPER MARKETS(2023)
97
  DAYTONA BEACH, FL   VOLUSIA POINT SHOPPING CENTER 1808 W. INTERNATIONAL SPEEDWAY   DAYTONA BEACH     1984       2001       100.0 %     76,087       76,087     $ 837,299     MARSHALLS(2010)

Page 8 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
98
  DEERFIELD BEACH, FL   HILLSBORO SQUARE
HILLSBORO BLVD & HIGHWAY ONE
  MIAMI     1978/2002       2007       15.0 %     145,329       154,089     $ 2,291,330     PUBLIX SUPER MARKETS(2022), OFFICE DEPOT(2023)
99
  ENGLEWOOD, FL   ROTONDA PLAZA
5855 PLACIDA ROAD
  SARASOTA     1991       2004       100.0 %     46,835       46,835     $ 462,083     KASH N KARRY(2011)
100
  FORT MEYERS, FL   MARKET SQUARE
13300 SOUTH CLEVELAND AVENUE
  FT. MEYERS     2004       2007       15.0 %     107,179       243,945     $ 1,708,296     AMERICAN SIGNATURE(2014), TOTAL WINE & MORE(2016), DSW SHOE WAREHOUSE(2016), TARGET(NOT OWNED)
101
  FORT MEYERS, FL (CYPRESS)   CYPRESS TRACE
CYPRESS LAKE DRIVE & US 41
  FT. MEYERS     2004       2007       15.0 %     276,288       276,288     $ 2,750,834     BEALL’S(2010), STEIN MART(2013), BEALL’S OUTLET(2010), ROSS DRESS FOR LESS(2012)
102
  FORT WALTON BEACH, FL   SHOPPES AT PARADISE POINTE
US HWY 98 AND PERRY AVE
  DESTIN     1987/2000       2007       20.0 %     83,936       83,936     $ 991,501     PUBLIX SUPER MARKETS(2021)
103
  GULF BREEZE, FL   GULF BREEZE MARKETPLACE
3749-3767 GULF BREEZE PARKWAY
  PENSACOLA     1998       2003       100.0 %     29,827       333,654     $ 491,944     WAL-MART(NOT OWNED), LOWE’S(NOT OWNED)
104
  HERNANDO, FL   SHOPPES OF CITRUS HILLS
2601 FOREST RIDGE BLVD
  OCALA     1994/2003       2007       20.0 %     68,927       68,927     $ 740,097     PUBLIX SUPER MARKETS(2014)
105
  HIALEAH, FL   PARAISO PLAZA 3300-3350 W. 80TH ST   MIAMI     1997       2007       20.0 %     60,712       60,712     $ 765,524     PUBLIX SUPER MARKETS(2017)
106
  JACKSONVILLE, FL   JACKSONVILLE REGIONAL
3000 DUNN AVENUE
  JACKSONVILLE     1988       1995       100.0 %     219,735       295,752     $ 1,332,826     J.C. PENNEY(2012), WINN DIXIE STORES(2014)
107
  JACKSONVILLE, FL(ARLINGTON RD)   ARLINGTON PLAZA
926 ARLINGTON ROAD
  JACKSONVILLE     1990/1999       2004       100.0 %     182,098       182,098     $ 601,127     FOOD LION(2010)
108
  KISSIMMEE, FL (CVS)   CVS PHARMACY 3300 S. ORANGE BLOSSOM TRAIL   ORLANDO     1997       2007       100.0 %     9,504       9,504     $ 220,316      
109
  LAKE MARY, FL   SHOPPES OF LAKE MARY
4155 WEST LAKE MARY BLVD
  ORLANDO     2001       2007       15.0 %     73,343       74,331     $ 1,528,091     STAPLES(2015)
110
  LAKE WALES, FL   SHOPPES ON THE RIDGE
HIGHWAY 27 & CHALET SUZANNE ROAD
  LAKELAND     2003       2007       20.0 %     115,671       115,671     $ 1,221,689     PUBLIX SUPER MARKETS(2023)

Page 9 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
111
  LAKELAND, FL (HIGHLANDS)   HIGHLANDS PLAZA
2228 LAKELANDS HIGHLAND ROAD
  LAKELAND     1990       2004       100.0 %     102,572       102,572     $ 857,150     WINN DIXIE STORES(2017)
112
  LARGO, FL   BARDMOOR PROMENADE
10801 STARKEY ROAD
  TAMPA     1991       2007       20.0 %     152,667       165,607     $ 1,891,942     PUBLIX SUPER MARKETS(2011)
113
  LARGO, FL(KMART)   KMART SHOPPING CENTER
1000 MISSOURI AVENUE
  TAMPA     1969       2008       25.3 %     116,805       116,805     $ 214,921     K MART(2012)
114
  LAUDERHILL, FL   UNIVERSAL PLAZA
7730 WEST COMMERCIAL
  MIAMI     2002       2007       15.0 %     49,505       174,505     $ 1,041,283     TARGET(NOT OWNED)
115
  MELBOURNE, FL   MELBOURNE SHOPPING CENTER
1301-1441 S BABCOCK
  MELBOURNE     1960/1999       2007       20.0 %     204,202       229,102     $ 1,342,381     BIG LOTS(2014), PUBLIX SUPER MARKETS(2019)
116
  MIAMI, FL   THE SHOPS AT MIDTOWN MIAMI 3401 N. MIAMI AVENUE   MIAMI     2006       1       100.0 %     237,217       378,331     $ 5,596,205     CIRCUIT CITY(2022), LINENS ‘N THINGS(2017), LOEHMANN’S(2018), MARSHALLS(2017), ROSS DRESS FOR LESS(2018), TARGET(2027), WEST ELM(2019)
117
  MIAMI, FL(PARAISO)   PLAZA DEL PARAISO
12100 SW 127TH AVE
  MIAMI     2003       2007       20.0 %     82,441       82,441     $ 1,162,796     PUBLIX SUPER MARKETS(2023)
118
  MIRAMAR, FL   RIVER RUN
MIRAMAR PARKWAY AND PALM AVENUE
  MIAMI     1989       2007       20.0 %     93,643       106,828     $ 1,142,434     PUBLIX SUPER MARKETS(2009)
119
  NAPLES, FL   CARILLON PLACE
5010 AIRPORT ROAD NORTH
  NAPLES     1994       1995       14.5 %     267,796       283,196     $ 3,060,078     WAL-MART(2014), T.J. MAXX(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS(2010), BEALL’S(2009), OFFICE MAX(2010)
120
  NAPLES, FL (COUNTRY)   COUNTRYSIDE SHOPPES
4025 SANTA BARBARA
  NAPLES     1997       2007       20.0 %     73,986       73,986     $ 851,713     WINN DIXIE STORES(2017)
121
  NEWPORT RICHEY, FL   SHOPPES AT GOLDEN ACRES
9750 LITTLE ROAD
  TAMPA     2002       2007       20.0 %     130,609       130,609     $ 1,343,667     PUBLIX SUPER MARKETS(2022)
122
  OCALA, FL   HEATHER ISLAND
7878 SE MARICAMP
  OCALA     2005       2007       20.0 %     70,970       70,970     $ 736,383     PUBLIX SUPER MARKETS(2020)
123
  OCALA, FL(STEEPLECHASE)   STEEPLECHASE PLAZA
8585 STATE ROAD 200
  OCALA     1993       2007       100.0 %     92,180       92,180     $ 1,001,711     PUBLIX SUPER MARKETS(2013)

Page 10 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
124
  OCALA, FL(WEST)   OCALA WEST
2400 SW COLLEGE ROAD
  OCALA     1991       2003       100.0 %     105,276       105,276     $ 824,347     SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)
125
  OCOEE, FL (WEST OAKS)   WEST OAKS TOWN CENTER 9537-49 W. COLONIAL   ORLANDO     2000       2007       20.0 %     66,539       111,623     $ 1,270,862     MICHAEL’S(2010)
126
  ORANGE PARK, FL (THE VILLAGE)   THE VILLAGE SHOPPING CENTER
950 BLANDING BOULEVARD
  JACKSONVILLE     1993/2000       2004       100.0 %     72,531       135,473     $ 685,192     BEALL’S(2014), ALBERTSON’S(NOT OWNED)
127
  ORLANDO, FL (CHICKASAW)   CHICKASAW TRAIL 2300 S. CHICKASAW TR   ORLANDO     1994       2007       20.0 %     75,492       76,067     $ 836,984     PUBLIX SUPER MARKETS(2014)
128
  ORLANDO, FL (CIRCUIT)   CIRCUIT CITY PLAZA
GOOD HOMES ROAD AND COLONIAL DRIVE
  ORLANDO     1999       2007       15.0 %     78,625       78,625     $ 1,030,451     STAPLES(2015), CIRCUIT CITY(2020)
129
  ORLANDO, FL(CONWAY)   CONWAY PLAZA
4400 CURRY FORD ROAD
  ORLANDO     1985/1999       2007       20.0 %     117,723       117,723     $ 1,055,585     PUBLIX SUPER MARKETS(2019)
130
  ORLANDO, FL(SAND)   SAND LAKE CORNERS
8111-8481 JOHN YOUNG PARKWAY
  ORLANDO     1998/2000       2007       15.0 %     197,716       397,716     $ 2,440,929     BEALL’S (2014), PETSMART (2014), STAPLES (2014), LOWES(NOT OWNED), WALMART(NOT OWNED)
131
  ORLANDO, FL(SKYVIEW)   SKYVIEW PLAZA
7801 ORANGE BLOSSOM TRAIL
  ORLANDO     1994/1998       2007       20.0 %     281,260       281,260     $ 2,510,677     PUBLIX SUPER MARKETS(2013), OFFICE DEPOT(2008), K MART(2009), CIRCUIT CITY(2013)
132
  ORMOND BEACH, FL   ORMOND TOWNE SQUARE
1458 WEST GRANADA BLVD
  DAYTONA BEACH     1993       1994       100.0 %     234,042       234,042     $ 2,005,617     BEALL’S(2018), ROSS DRESS FOR LESS(2016), PUBLIX SUPER MARKETS(2013)
133
  OVIEDO, FL   OVIEDO PARK CROSSING
RTE 417 & RED BUG LAKE ROAD
  ORLANDO     1999       1       20.0 %     186,212       321,249     $ 2,027,966     OFFICE MAX(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S(2014), T.J. MAXX(2010), LINENS ‘N THINGS(2011), LOWE’S(NOT OWNED)
134
  PALM BEACH GARDEN, FL   NORTHLAKE COMMONS
NORTHLAKE BLVD
  MIAMI     1987/2003       2007       20.0 %     146,825       264,667     $ 2,010,260     ROSS DRESS FOR LESS(2014), HOME DEPOT(NOT OWNED)
135
  PALM HARBOR, FL   THE SHOPPES OF BOOT RANCH
300 EAST LAKEROAD
  TAMPA     1990       1995       100.0 %     52,395       229,188     $ 950,567     TARGET(NOT OWNED), ALBERTSON’S(NOT OWNED)
136
  PALM HARBOR, FL (BROOKER)   BROOKER CREEK 36301 E.LAKE ROAD   TAMPA     1994       2007       20.0 %     77,596       77,596     $ 920,918     PUBLIX SUPER MARKETS(2014)

Page 11 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
137
  PEMBROKE PINES, FL   FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD   MIAMI     2001       2007       20.0 %     108,565       108,565     $ 2,367,366      
138
  PENSACOLA, FL   PALAFOX SQUARE
8934 PENSACOLA BLVD
  PENSACOLA     1988/1997/1999       1/2       100.0 %     17,150       236,892     $ 250,093     WALMART(NOT OWNED)
139
  PLANT CITY, FL   PLANT CITY CROSSING
SWC OF INTERSTATE 4 & THONOTOSASSA ROAD
  TAMPA     2001       2007       100.0 %     85,252       85,252     $ 1,009,421     PUBLIX SUPER MARKETS(2021)
140
  PLANT CITY, FL(LAKE)   LAKE WALDEN SQUARE
105-240 W ALEXANDER
  TAMPA     1992       2007       14.5 %     158,347       161,347     $ 1,507,170     KASH N KARRY(2012)
141
  PLANTATION, FL (FOUNTAINS)   THE FOUNTAINS
801 SOUTH UNIVERSITY DRIVE
  MIAMI     1989       2007       100.0 %     237,983       310,202     $ 2,745,112     MARSHALLS(2014)
142
  PLANTATION, FL (VISION)   VISION WORKS
801 SOUTH UNIVERSITY DRIVE
  MIAMI     1989       2007       100.0 %     6,891       6,891     $ 159,170      
143
  SANTA ROSA BEACH, FL   WATERCOLOR CROSSING
110 WATERCOLOR WAY
  PENSACOLA     2003       2007       20.0 %     43,207       43,207     $ 672,812     PUBLIX SUPER MARKETS(2024)
144
  SARASOTA, FL   SARASOTA PAVILION
6511 TAMAIMI TRAIL
  SARASOTA     1999       2007       15.0 %     324,985       336,951     $ 3,905,623     STEIN MART(2009), PUBLIX SUPER MARKETS(2010), MICHAEL’S(2014), OLD NAVY(2010), MARSHALLS(2013), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2012), BOOKS-A-MILLION(2011)
145
  SPRING HILL, FL   MARINER SQUARE 13050 CORTEZ BLVD.   TAMPA     1988/1997       1/2       100.0 %     188,347       392,423     $ 1,576,421     BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)
146
  ST. PETERSBURG, FL   KMART PLAZA
3951 34TH STREET SOUTH
  TAMPA     1973       2008       25.3 %     94,500       94,500     $ 277,400     K MART(2013)
147
  ST. PETERSBURG, FL (GATEWAY)   GATEWAY MALL
7751-8299 9TH ST N
  TAMPA     2000       2007       15.0 %     231,106       353,106     $ 2,045,678     T.J. MAXX(2014), PUBLIX SUPER MARKETS(2019), BEALL’S(2021), PETSMART(2013), OFFICE DEPOT(2014), TARGET(NOT OWNED)
148
  TALLAHASSEE, FL   CAPITAL WEST
4330 WEST TENNESSEE STREET
  TALLAHASSEE     1994/2004       2003       100.0 %     79,451       252,100     $ 643,986     BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)
149
  TALLAHASSEE, FL (KILLEARN)   KILLEARN SHOPPING CENTER
3479-99 THOMASVILLE ROAD
  TALLAHASSEE     1980       2007       20.0 %     95,229       95,229     $ 1,021,442     PUBLIX SUPER MARKETS(2011)

Page 12 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
150
  TALLAHASSEE, FL (SOUTHWOOD)   SOUTHWOOD VILLAGE
NWC CAPITAL CIRCLE & BLAIRSTONE ROAD
  TALLAHASSEE     2003       2007       20.0 %     62,840       62,840     $ 756,805     PUBLIX SUPER MARKETS(2023)
151
  TAMARAC, FL   MIDWAY PLAZA
UNIVERSITY DR & COMMERCIAL BLVD
  MIAMI     1985       2007       20.0 %     227,209       227,209     $ 2,809,822     ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2011)
152
  TAMPA, FL   NEW TAMPA COMMONS
BRUCE B DOWNS & DONNA MICHELLE
  TAMPA     2005       2007       100.0 %     10,000       10,000     $ 336,221      
153
  TAMPA, FL (DALE)   NORTH POINTE PLAZA
15001-15233 NORTH DALE MABRY
  TAMPA     1990       1/2       20.0 %     104,460       222,388     $ 1,294,767     PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)
154
  TAMPA, FL (WALKS)   WALKS AT HIGHWOOD PRESERVE(I)
18001 HIGHWOODS PRESERVE PARKWAY
  TAMPA     2001       2007       15.0 %     169,081       178,981     $ 3,215,111     MICHAEL’S(2012), LINENS ‘N THINGS(2017), CIRCUIT CITY(2017)
155
  TAMPA, FL (WATERS)   TOWN N’ COUNTRY PROMENADE 7021-7091 WEST WATERS AVENUE   TAMPA     1990       1/2       100.0 %     134,463       249,844     $ 989,292     KASH N KARRY(2010), WALMART(NOT OWNED)
156
  TARPON SPRINGS, FL   TARPON SQUARE 41232 U.S. 19, NORTH   TAMPA     1974/1998       1/2       100.0 %     198,797       199,447     $ 1,447,549     K MART(2009), BIG LOTS(2012), STAPLES(2013)
157
  TEQUESTA, FL   TEQUESTA SHOPPES
105 N US HWY 1
  MIAMI     1986       2007       100.0 %     109,760       109,760     $ 1,071,766     STEIN MART(2017)
158
  VALRICO, FL   BRANDON BOULEVARD SHOPPES 1930 SR 60 E.   TAMPA     1994       2007       100.0 %     85,377       85,377     $ 920,506     PUBLIX SUPER MARKETS(2014)
159
  VALRICO, FL (LITHIA)   SHOPPES AT LITHIA
3461 LITHIA PINECRES T ROAD
  TAMPA     2003       2007       20.0 %     71,430       71,430     $ 1,041,077     PUBLIX SUPER MARKETS(2023)
160
  VENICE, FL   JACARANDA PLAZA
1687 SOUTH BYPASS
  SARASOTA-BRADENTON- VENICE     1974       2008       25.3 %     84,180       84,180     $ 256,500     K MART(2009)
161
  VERO BEACH, FL   CIRCUIT CITY
6560 20TH STREET
  VERO BEACH     2001       2007       100.0 %     33,243       33,243     $ 530,000     CIRCUIT CITY(2021)
162
  WESLEY CHAPEL, FL   SHOPPES OF NEW TAMPA
1920 CR 581
  TAMPA     2002       2007       20.0 %     158,529       158,529     $ 1,970,874     PUBLIX SUPER MARKETS(2022), BEALL’S(2017)

Page 13 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
163
  WEST PALM BEACH, FL   PARADISE PLACE 4075 N. HAVERHILL RD   MIAMI     2003       2007       15.0 %     89,120       89,120     $ 902,707     PUBLIX SUPER MARKETS(2023)
164
  WINTER PARK, FL (GOLDENROD)   WINTER PARK PALMS
4270 ALOMA AVENUE
  ORLANDO     1985/1998       2007       14.5 %     112,292       112,292     $ 886,564     PUBLIX SUPER MARKETS(2010)
 
  GEORGIA                                                            
165
  ATHENS, GA   ATHENS EAST
4375 LEXINGTON ROAD
  ATLANTA     2000       2003       100.0 %     24,000       218,879     $ 323,508     WAL MART(NOT OWNED)
166
  ATLANTA, GA (BROOKHAVEN)   BROOKHAVEN PLAZA
3974 PEACHTREE RD NE
  ATLANTA     1993       2007       20.0 %     65,320       71,320     $ 1,186,135     KROGER(2018)
167
  ATLANTA, GA (CORNERS)   CASCADE CORNERS
3425 CASCADE ROAD
  ATLANTA     1993       2007       20.0 %     66,844       66,844     $ 474,396     KROGER(2020)
168
  ATLANTA, GA (DULUTH)   PLEASANT HILL PLAZA
1630 PLEASANT HILL ROAD
  ATLANTA     1990       1994       100.0 %     99,025       219,025     $ 719,969     WAL-MART(NOT OWNED)
169
  ATLANTA, GA (PERIMETER)   PERIMETER POINTE 1155 MT. VERNON HIGHWAY   ATLANTA     1995/2002       1995       14.5 %     343,155       352,755     $ 5,432,501     STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015), HOMEGOODS (2018)
170
  ATLANTA, GA(ABERNATHY)   ABERNATHY SQUARE
6500 ROSWELL RD
  ATLANTA     1983/1994       2007       100.0 %     127,616       131,516     $ 2,214,751     PUBLIX SUPER MARKETS(2014)
171
  ATLANTA, GA(CROSSING)   CASCADE CROSSING
3695 CASCADE RD SW
  ATLANTA     1994       2007       20.0 %     63,346       63,346     $ 604,470     PUBLIX SUPER MARKETS(2014)
172
  AUGUSTA, GA (GOODY’S)   GOODY’S SHOPPING CENTER 2360 GEORGETOWN ROAD   ATLANTA     1999       2007       15.0 %     22,560       232,560     $ 0     SUPER WALMART(NOT OWNED)
173
  AUSTELL, GA   BURLINGTON PLAZA
3753-3823 AUSTELL ROAD SW
  ATLANTA     1973       2008       25.3 %     146,950       146,950     $ 483,825     BURLINGTON COAT FACTORY(2014)
174
  BUFORD, GA (MILLCREEK)   MARKETPLACE AT MILLCREEK (I)
MALL OF GEORGIA BLVD
  ATLANTA     2003       2007       15.0 %     403,106       403,106     $ 4,934,261     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       20.0 %     74,020       74,020     $ 997,677     PUBLIX SUPER MARKETS(2020)
176
  CANTON, GA (RIVER)   RIVERSTONE PLAZA
1451 RIVERSTONE PARKWAY
  ATLANTA     1998       2007       20.0 %     302,131       331,820     $ 3,603,663     GOODY’S(2010), MICHAEL’S(2012), ROSS DRESS FOR LESS(2012), BELK(2017), PUBLIX SUPER MARKETS(2018)

Page 14 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
177
  CARTERSVILLE, GA   BARTOW MARKETPLACE
215 MARKETPLACE BLVD
  ATLANTA     1995       2007       15.0 %     375,067       375,067     $ 2,445,362     WAL-MART(2015), LOWE’S(2015)
178
  CHAMBLEE, GA   CHAMBLEE PLAZA
PEACHTREE INDUSTRIAL BOULEVARD
  ATLANTA     1976       2003       100.0 %     160,216       160,216     $ 716,221      
179
  COLUMBUS, GA   BRADLEY PARK CROSSING
1591 BRADLEY PARK DRIVE COLUMB
  COLUMBUS     1999       2003       100.0 %     119,786       242,786     $ 1,339,143     GOODY’S(2011), PETSMART(2015), MICHAEL’S(2009), TARGET(NOT OWNED)
180
  CUMMING, GA   SHARON GREEN
1595 PEACHTREE PKWY
  ATLANTA     2001       2007       20.0 %     98,301       101,301     $ 1,109,793     KROGER(2021)
181
  CUMMING, GA (MARKETPLACE)   CUMMING MARKETPLACE
MARKETPLACE BOULEVARD
  ATLANTA     1997/1999       2003       100.0 %     308,557       652,642     $ 3,412,412     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       20.0 %     69,699       69,699     $ 709,078     PUBLIX SUPER MARKETS(2013)
183
  DECATUR, GA(HAIRSTON)   HAIRSTON CROSSING
2075 S HAIRSTON ROAD
  ATLANTA     2002       2007       20.0 %     57,884       57,884     $ 700,375     PUBLIX SUPER MARKETS(2022)
184
  DOUGLASVILLE, GA   DOUGLASVILLE MARKETPLACE
6875 DOUGLAS BOULEVARD
  ATLANTA     1999       2003       100.0 %     86,158       261,353     $ 1,461,499     BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)
185
  DOUGLASVILLE, GA (PAVILION)   DOUGLASVILLE PAVILION
2900 CHAPEL HILL RD
  ATLANTA     1998       2007       15.0 %     267,010       370,010     $ 2,950,078     PETSMART(2014), OFFICE MAX(2013), MARSHALLS(2014), GOODY’S(2013), ROSS DRESS FOR LESS(2012), HUDSON’S FURNITURE SHOWROOM(2014), TARGET (NOT OWNED)
186
  DOUGLASVILLE, GA(MARKET)   MARKET SQUARE
9503-9579 HIGHWAY 5
  ATLANTA     1974/1990       2007       20.0 %     121,766       128,266     $ 1,436,578     OFFICE DEPOT(2013)
187
  DULUTH, GA (VENTURE)   VENTURE POINTE (I) 2050 W. LIDDELL RD.   ATLANTA     1996       2007       15.0 %     335,420       645,420     $ 2,672,889     HOBBY LOBBY(2011), BABIES R US(2014), ASHLEY FURNITURE HOMESTORE(2012), 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       100.0 %     20,000       20,000     $ 0      

Page 15 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
189
  DULUTH, GA, GA(PLEASANT)   PLEASANT HILL SQUARE
2205 PLEASANT HILL
  ATLANTA     1997/2000       2007       15.0 %     282,137       282,137     $ 3,585,687     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       20.0 %     67,721       67,721     $ 839,100     PUBLIX SUPER MARKETS(2023)
191
  FAYETTEVILLE, GA (PAVILION)   FAYETTE PAVILION (I)
NEW HOPE ROAD & GA HWY 85
  ATLANTA     1995/2002       2007       15.0 %     1,280,813       1,529,310     $ 11,179,213     H.H. GREGG APPLIANCES(2018), WAL-MART(2016), BED BATH & BEYOND(2013), SPORTS AUTHORITY(2012), T.J. MAXX(2009), 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       20.0 %     90,566       90,566     $ 1,105,580     KROGER(2023)
193
  GAINESVILLE, GA   RITE AID 599 S. ENOTA DRIVE   ATLANTA     1997       2007       100.0 %     10,594       10,594     $ 178,016      
194
  HIRAM, GA   HIRAM PAVILION (I)
5220 JIMMY LEE SMITH PARKWAY
  ATLANTA     2002       2007       15.0 %     363,695       568,715     $ 3,185,910     ROSS DRESS FOR LESS(2012), MICHAEL’S(2012), MARSHALLS(2011), KOHL’S(2022), LINENS ‘N THINGS(2017), TARGET (NOT OWNED)
195
  KENNESAW, GA (BARRETT)   BARRETT PAVILION (I)
740 BARRETT PARKWAY
  ATLANTA     1998       2007       15.0 %     439,784       585,184     $ 6,578,189     AMC THEATRE(2019), HOMEGOODS(2013), SCHOOL BOX, THE(2010), GOLFSMITH GOLF CENTER(2013), H.H. GREGG APPLIANCES(2018), JO-ANN STORES(2011), TOTAL WINE & MORE(2017), OLD NAVY (2010), R.E.I. (2018), TARGET(NOT OWNED)
196
  KENNESAW, GA(TOWN)   TOWN CENTER COMMONS
725 EARNEST BARRETT PARKWAY
  ATLANTA     1998       2007       100.0 %     72,108       159,758     $ 954,563     J.C. PENNEY(2013), DICK’S(NOT OWNED)
197
  LAWRENCEVILLE, GA   FIVE FORKS VILLAGE
850 DOGWOOD ROAD
  ATLANTA     1990       2003       10.0 %     89,064       89,064     $ 465,908      
198
  LAWRENCEVILLE, GA (RITE AID)   RITE AID
1545 LAWRENCEVILLE HIGHWAY
  ATLANTA     1997       2007       100.0 %     9,504       9,504     $ 184,328      
199
  LAWRENCEVILLE, GA(SPRINGFIELD)   SPRINGFIELD PARK
665 DULUTH HIGHWAY
  ATLANTA     1992/2000       2007       100.0 %     105,321       105,321     $ 1,057,023     HOBBY LOBBY(2011)

Page 16 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
200
  LILBURN, GA (FIVE FORKS)   FIVE FORKS CROSSING
3055 FIVE FORKS TRICKUM ROAD
  ATLANTA     2000/2001       2003       10.0 %     73,910       73,910     $ 691,606     KROGER(2012)
201
  LITHONIA, GA   STONECREST MARKETPLACE
TURNER HILL ROAD AND MALL PARKWAY
  ATLANTA     2002       2007       15.0 %     264,644       264,644     $ 2,938,498     STAPLES(2017), BABIES R US(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012)
202
  LITHONIA, GA (THE SHOPS AT TURNER HILL)   SHOPS AT TURNER HILL
8200 MALL PARKWAY
  ATLANTA     2004       2003       14.5 %     113,675       293,670     $ 1,676,943     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       20.0 %     91,196       91,196     $ 999,634     KROGER(2016)
204
  MACON, GA   EISENHOWER ANNEX
4685 PRESIDENTIAL PARKWAY
  MACON     2002       2007       100.0 %     55,505       55,505     $ 688,453     H.H. GREGG APPLIANCES(2036), PETSMART(2017)
205
  MACON, GA (DAVID’S)   DAVID’S BRIDAL CENTER 4685 PRESIDENTIAL PARKWAY   MACON     2004       2007       15.0 %     14,000       14,000     $ 247,665      
206
  MACON, GA (EISENHOWER)   EISENHOWER CROSSING (I)
4685 PRESIDENTIAL PARKWAY
  MACON     2002       2007       15.0 %     400,602       536,718     $ 4,601,455     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)
207
  MACON, GA(K-MART)   K-MART 1901 PAUL WALSH DR.   MACON     2000       2007       100.0 %     102,098       102,098     $ 0      
208
  MARIETTA, GA   TOWNE CENTER PRADO
2609 BELLS FERRY ROAD
  ATLANTA     1995/2002       1995       14.5 %     316,786       326,683     $ 3,956,414     STEIN MART(2012), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)
209
  MARIETTA, GA (RITE AID)   RITE AID
731 WHITLOCK AVE
  ATLANTA     1997       2007       100.0 %     10,880       10,880     $ 183,507      
210
  MARIETTA, GA(BLOCKBUSTER)   BLOCKBUSTER
1748 POWDER SPRINGS
  ATLANTA     1994       2007       20.0 %     6,500       6,500     $ 128,960      
211
  MCDONOUGH, GA   MCDONOUGH MARKETPLACE
NE CORNER 175 & HIGHWAY 20
  ATLANTA     2003       2003       14.5 %     53,158       360,729     $ 856,211     OFFICE DEPOT(2016), WALMART(NOT OWNED), LOWES(NOT OWNED)

Page 17 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
212
  MCDONOUGH, GA(DOW)   SHOPPES AT LAKE DOW
900-938 HIGHWAY 81 E
  ATLANTA     2002       2007       20.0 %     73,145       73,145     $ 868,567     PUBLIX SUPER MARKETS(2022)
213
  MORROW, GA (SOUTHLAKE)   SOUTHLAKE PAVILION (II & III)
1912 MT ZION ROAD
  ATLANTA     1996/2001       2007       15.0 %     530,066       644,614     $ 5,205,253     CIRCUIT CITY(2017), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2013), ASHLEY FURNITURE HOMESTORE(2012), L.A. FITNESS(2017), STAPLES(2015), OLD NAVY(2011), H.H. GREGG APPLIANCES(2018), SEARS(2012), TARGET(NOT OWNED)
214
  NEWNAN, GA   NEWNAN CROSSING
955-1063 BULLSBORO DRIVE
  ATLANTA     1995       2003       100.0 %     156,497       426,723     $ 1,283,643     LOWE’S(2015), WAL-MART(NOT OWNED), BELK (NOT OWNED)
215
  NEWNAN, GA (PAVILION)   NEWNAN PAVILION
1074 BULLSBORO DR
  ATLANTA     1998       2007       15.0 %     263,705       459,578     $ 3,387,382     OFFICE MAX(2013), PETSMART(2015), CIRCUIT CITY(2016), HOME DEPOT(2019), ROSS DRESS FOR LESS(2012), KOHL’S(2022)
216
  NORCROSS, GA   JONES BRIDGE SQUARE
5075 PEACHTREE PKWY
  ATLANTA     1999       2007       100.0 %     83,363       83,363     $ 879,216     INGLES(2019)
217
  ROME, GA   CIRCUIT CITY
2700 MARTHA BERRY HIGHWAY NE
  ROME     2001       2007       100.0 %     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       100.0 %     177,599       177,599     $ 1,596,925     KROGER(2010), STEIN MART(2009)
219
  ROSWELL, GA (STONEBRIDGE)   STONEBRIDGE SQUARE
610-20 CROSSVILLE RD
  ATLANTA     2002       2007       15.0 %     160,104       162,832     $ 2,075,287     LINENS ‘N THINGS(2011), KOHL’S(2022)
220
  SMYRNA, GA   HERITAGE PAVILION
2540 CUMBERLAND BLVD
  ATLANTA     1995       2007       15.0 %     263,071       263,071     $ 3,105,106     PETSMART(2016), ROSS DRESS FOR LESS(2016), AMERICAN SIGNATURE(2018), T.J. MAXX(2010), MARSHALLS(2011)
221
  SNELLVILLE, GA (RITE AID)   RITE AID
3295 CENTERVILLE HWY
  ATLANTA     1997       2007       100.0 %     10,594       10,594     $ 199,601      
222
  SNELLVILLE, GA(COMMONS)   PRESIDENTIAL COMMONS
1630-1708 SCENIC HWY
  ATLANTA     2000       2007       100.0 %     371,586       371,586     $ 4,212,537     JO-ANN STORES(2014), KROGER(2018), STEIN MART(2013), CIRCUIT CITY(2019), HOME DEPOT(2023)
223
  STONE MOUNTAIN, GA   RIVERCLIFF VILLAGE
STONE MOUNTAIN HIGHWAY STONE M
  ATLANTA     1999       1993       100.0 %     2,000       2,000     $ 46,200      
224
  STONE MOUNTAIN, GA (DESHON)   DESHON PLAZA 380 N. DESHON ROAD   ATLANTA     1994       2007       20.0 %     64,055       64,055     $ 706,116     PUBLIX SUPER MARKETS(2014)

Page 18 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
225
  SUWANEE, GA (CROSS)   SUWANEE CROSSROADS
LAWRENCEVILLE ROAD & SATELLITE BLVD
  ATLANTA     2002       2007       15.0 %     69,600       279,600     $ 796,165     SUPER WALMART(NOT OWNED)
226
  SUWANEE, GA (JOHNS)   JOHNS CREEK TOWN CENTER
3630 PEACHTREE PARKWAY SUWANEE
  ATLANTA     2001/2004       2003       100.0 %     285,336       285,336     $ 3,686,380     BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)
227
  SUWANEE, GA (SHOPS)   SHOPS AT JOHNS CREEK
4090 JOHNS CREEK PKY
  ATLANTA     1997       2007       20.0 %     18,200       18,200     $ 359,504      
228
  SYLVANIA, GA   BI-LO
1129 W OGEECHEE ST
  ATLANTA     2002       2007       100.0 %     36,000       36,000     $ 378,000     BI-LO(2023)
229
  TUCKER, GA   COFER CROSSING
4349-4375 LAWRENCEVILLE HWY
  ATLANTA     1998/2003       2003       20.0 %     130,832       279,020     $ 1,060,688     KROGER(2019), WALMART(NOT OWNED)
230
  TYRONE, GA   SOUTHAMPTON VILLAGE
NWC OF HIGHWAY 74 & SWANSON ROAD
  ATLANTA     2003       2007       20.0 %     77,956       77,956     $ 899,623     PUBLIX SUPER MARKETS(2023)
231
  UNION CITY, GA   SHANNON SQUARE
4720 JONESBORO ROAD
  ATLANTA     1986       2003       100.0 %     100,002       181,954     $ 529,768     WAL-MART(NOT OWNED)
232
  WARNER ROBINS, GA   WARNER ROBINS PLACE
2724 WATSON BOULEVARD
  WARNER ROBINS     1997       2003       100.0 %     107,941       459,700     $ 1,340,076     T.J. MAXX(2010), STAPLES(2016), LOWES(NOT OWNED), WAL-MART(NOT OWNED)
233
  WARNER ROBINS, GA (CITY)   CITY CROSSING
WATSON BLVD & CARL VINSON PKWY
  WARNER ROBINS     2001       2007       15.0 %     190,433       305,433     $ 1,722,423     MICHAEL’S(2011), ROSS DRESS FOR LESS(2012), HOME DEPOT(NOT OWNED)
234
  WARNER ROBINS, GA (LOWE’S)   LOWE’S HOME IMPROVEMENT 2704 WATSON BLVD.   WARNER ROBINS     2000       2007       100.0 %     131,575       131,575     $ 910,000     LOWE’S(2017)
235
  WOODSTOCK, GA   WOODSTOCK PLACE
10029 HIGHWAY 928
  ATLANTA     1995       2003       100.0 %     44,691       44,691     $ 358,575      
236
  WOODSTOCK, GA (SQUARE)   WOODSTOCK SQUARE
120-142 WOODSTOCK SQ
  ATLANTA     2001       2007       15.0 %     218,859       392,859     $ 2,878,003     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       100.0 %     148,593       306,201     $ 830,546     OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

Page 19 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
238
  MERIDIAN, ID   MERIDIAN CROSSROADS
EAGLE AND FAIRVIEW ROAD
  BOISE  
1999/2001/2002/2003/
2004

    1       100.0 %     461,023       731,482     $ 6,314,061     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)
239
  NAMPA, ID   NAMPA GATEWAY CENTER 1200 N. HAPPY VALLEY RD.   BOISE     2008       1       100.0 %     103,780       103,780     $ 92,500     J.C. PENNEY(2027)
 
  ILLINOIS                                                            
240
  DEER PARK, IL   DEER PARK TOWN CENTER (I)
20530 NORTH RAND RD SUITE 133
  CHICAGO     2000/2004       1       25.8 %     292,139       396,334     $ 8,969,948     GAP(2010), CRATE & BARREL(2018), CENTURY THEATRE(2019), BARNES & NOBLE(NOT OWNED)
241
  MCHENRY, IL   THE SHOPS AT FOX RIVER
3340 SHOPPERS DRIVE
  CHICAGO     2006       1       100.0 %     224,552       224,552     $ 2,713,999     DICK’S SPORTING GOODS(2018), PETSMART(2017), BED BATH & BEYOND(2017), BEST BUY(2018)
242
  MOUNT VERNON, IL   TIMES SQUARE MALL
42ND AND BROADWAY
  MOUNT VERNON     1974/1998/2000       1993       100.0 %     269,328       269,328     $ 1,012,508     SEARS(2013), GOODY’S(2015), J.C. PENNEY(2012)
243
  ORLAND PARK, IL   MARLEY CREEK SQUARE 179TH ST. & WOLF ROAD   CHICAGO     2006       2006       50.0 %     57,927       62,827     $ 788,155      
244
  ORLAND PARK, IL (HOME DEPOT)   HOME DEPOT CENTER
15800 HARLEM AVENUE
  CHICAGO     1987/1993       2004       100.0 %     149,498       149,498     $ 1,409,697     HOME DEPOT(2012)
245
  ROCKFORD, IL   WALGREENS 2525 S. ALPINE ROAD   ROCKFORD     1998/1999       2007       100.0 %     14,725       14,725     $ 350,000      
246
  ROSCOE, IL   HILANDER VILLAGE
4860 HONONEGAH ROAD
  CHICAGO     1994       2007       20.0 %     125,623       125,623     $ 1,026,893     KROGER(2020)
247
  SCHAUMBURG, IL   WOODFIELD VILLAGE GREEN
1430 EAST GOLF ROAD
  CHICAGO     1993/1998/2002       1995       14.5 %     508,673       674,362     $ 8,553,210     CIRCUIT CITY(2009), OFF 5TH(2011), PETSMART(2014), HOMEGOODS(2014), OFFICE MAX(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS(2014), NORDSTROM RACK(2014), BORDERS(2010), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED)
248
  SKOKIE, IL   VILLAGE CROSSING 5507 W. TOUHY AVE   CHICAGO     1989       2007       15.0 %     434,973       434,973     $ 7,336,039     MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(2015), BEST BUY(2014), CROWN THEATRES(2021), BARNES & NOBLE(2012), PETSMART (2019)
 
  INDIANA                                                            
249
  BEDFORD, IN   TOWN FAIR CENTER
1320 JAMES AVENUE
  BEDFORD     1993/1997       2       100.0 %     223,431       223,431     $ 1,113,076     K MART(2018), GOODY’S(2013), J.C. PENNEY(2013)

Page 20 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
250
  EVANSVILLE, IN(EAST)   EAST LLOYD COMMONS 6300 E. LLOYD EXPWY   EVANSVILLE     2005       2007       100.0 %     159,682       159,682     $ 2,128,800     GORDMAN’S(2015), MICHAEL’S(2015), BEST BUY(2016)
251
  HIGHLAND, IN   HIGHLAND GROVE SHOPPING CENTER
HIGHWAY 41 & MAIN STREET
  CHICAGO     1995/2001       1996       20.0 %     312,546       524,410     $ 3,465,065     MARSHALLS(2011), KOHL’S(2016), CIRCUIT CITY(2016), OFFICE MAX(2012), BEST BUY (NOT OWNED), TARGET(NOT OWNED), DICK’S SPORTING GOODS (NOT OWNED), BORDERS (NOT OWNED)
252
  INDIANAPOLIS, IN   GLENLAKE PLAZA 2629 E. 65TH STREET   INDIANAPOLIS     1980       2007       20.0 %     102,549       102,549     $ 783,854     KROGER(2020)
253
  LAFAYETTE, IN   PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE   LAFAYETTE     2000       2003       100.0 %     35,100       243,850     $ 315,507     WAL MART(NOT OWNED)
254
  SOUTH BEND, IN   BROADMOOR PLAZA 1217 E. IRELAND ROAD   SOUTH BEND     1987       2007       20.0 %     114,968       114,968     $ 1,271,439     KROGER(2020)
 
  IOWA                                                            
255
  CEDAR RAPIDS, IA   NORTHLAND SQUARE
303 -367 COLLINS ROAD, NE
  CEDAR RAPIDS     1984       1998       100.0 %     187,068       207,405     $ 1,885,609     T.J. MAXX(2010), OFFICE MAX(2010), BARNES & NOBLE(2010), KOHL’S(2021)
256
  OTTUMWA, IA   QUINCY PLACE MALL (I)
1110 QUINCY AVENUE
  OTTUMWA     1990/1999/2002       1/2       100.0 %     241,427       426,599     $ 1,273,300     HERBERGER’S(2010), J.C. PENNEY(2010), GOODY’S(2014), TARGET(NOT OWNED)
 
  KANSAS                                                            
257
  LEAWOOD, KS   TOWN CENTER PLAZA
5000 W 119TH STREET
  KANSAS CITY     1996/2002       1998       100.0 %     309,423       491,794     $ 8,265,480     BARNES & NOBLE(2016), MACY’S(2104)
258
  MERRIAM, KS   MERRIAM TOWN CENTER
5700 ANTIOCH RD
  KANSAS CITY     1998/2004       1       14.5 %     351,244       473,750     $ 4,251,252     CINEMARK(2018), OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2014), DICK’S SPORTING GOODS(2016), HOME DEPOT #2202(NOT OWNED)
259
  OVERLAND PARK, KS(POINTE)   OVERLAND POINTE MARKETPLACE
INTER 135 & ANTIOCH ROAD
  KANSAS CITY     2001/2004       2003       14.5 %     42,632       361,759     $ 836,730     BABIES R US(2015), SAM’S CLUB(NOT OWNED), HOME DEPOT(NOT OWNED)
260
  WICHITA, KS (EASTGATE)   EASTGATE PLAZA
SOUTH ROCK ROAD
  WICHITA     1955       2002       100.0 %     203,997       299,375     $ 2,010,065     BURLINGTON COAT FACTORY(2017), OFFICE MAX(2010), T.J. MAXX(2011), BARNES & NOBLE(2012), TOYS R US(NOT OWNED)
 
  KENTUCKY                                                            
261
  LEXINGTON, KY (NORTH)   NORTH PARK MARKETPLACE
524 WEST NEW CIRCLE
  LEXINGTON     1998       2003       100.0 %     46,647       228,878     $ 685,006     STAPLES(2016), WAL MART(NOT OWNED)

Page 21 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
262
  LEXINGTON, KY (SOUTH)   SOUTH FARM MARKETPLACE
MAN-O-WAR BOULEVARD AND NICHOL
  LEXINGTON     1998       2003       100.0 %     27,643       344,280     $ 609,164     WAL MART(NOT OWNED), LOWE’S(NOT OWNED)
263
  LOUISVILLE, KY (OUTER LOOP)   OUTER LOOP PLAZA
7505 OUTER LOOP HIGHWAY
  LOUISVILLE     1973/1989/1998       2004       100.0 %     120,777       120,777     $ 611,469     VALU DISCOUNT(2009)
264
  RICHMOND, KY   CARRIAGE GATE
833-847 EASTERN BY-PASS
  LEXINGTON     1992       2003       100.0 %     147,929       219,201     $ 403,226     OFFICE DEPOT(2016), BALLARD’S(NOT OWNED), HOBBY LOBBY (2018)
 
  LOUISIANA                                                            
265
  COVINGTON, LA   COVINGTON CORNERS
782 NORTH HGHWY 190
  NEW ORLEANS     1999       2007       100.0 %     15,590       15,590     $ 249,440      
 
  MAINE                                                            
266
  BRUNSWICK, ME   COOK’S CORNERS 172 BATH ROAD   AUGUSTA     1965       1997       100.0 %     301,992       310,229     $ 2,230,911     HOYTS CINEMAS(2010), BIG LOTS(2013), T.J. MAXX(2010), SEARS(2012)
 
  MARYLAND                                                            
267
  BOWIE, MD   DUVALL VILLAGE
4825 GLENN DALE ROAD
  WASHINGTON, DC     1998       2007       100.0 %     88,022       88,022     $ 1,451,374     SUPER FRESH(2020)
268
  GLEN BURNIE, MD   HARUNDALE PLAZA
7440 RITCHIE HIGHWAY
  WASHINGTON, DC     1999       2007       20.0 %     217,619       217,619     $ 2,580,807     A & P COMPANY(2019), A.J. WRIGHT(2009), BURLINGTON COAT FACTORY(2015)
269
  HAGERSTOWN, MD   VALLEY PARK COMMONS 1520 WESEL BLVD.   HAGERSTOWN     1993/2006       2007       100.0 %     86,190       86,190     $ 1,112,155     OFFICE DEPOT(2016)
270
  SALISBURY, MD   THE COMMONS (I) E. NORTH POINT DRIVE   SALISBURY     1999       1       100.0 %     126,135       350,012     $ 1,793,867     BEST BUY(2013), MICHAEL’S(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
271
  UPPER MARLBORO, MD   LARGO TOWNE CENTER
950 LARGO CENTER DR
  WASHINGTON, DC     1991       2007       20.0 %     260,797       384,048     $ 3,736,062     SHOPPERS FOOD WAREHOUSE(2009), MARSHALLS(2011), REGENCY FURNITURE(2017)
272
  WHITE MARSH, MD   COSTCO PLAZA
9919 PULASKI HWY
  WASHINGTON, DC     1987/1992       2007       15.0 %     187,331       250,311     $ 1,654,093     COSTCO WHOLESALE(2011), PETSMART(2010), PEP BOYS(2012), SPORTS AUTHORITY(2011), HOME DEPOT(NOT OWNED)
 
  MASSACHUSETTS                                                            
273
  EVERETT, MA   GATEWAY CENTER
1 MYSTIC VIEW ROAD
  BOSTON     2001       1       100.0 %     222,236       639,756     $ 4,738,699     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)

Page 22 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
274
  FRAMINGHAM, MA   SHOPPERS WORLD
1 WORCESTER ROAD
  BOSTON     1994       1995       14.5 %     769,276       778,701     $ 14,656,636     TOYS R US(2020), MACY’S(2020), T.J. MAXX(2010), BABIES R US(2013), DSW SHOE WAREHOUSE(2017), A.C. MOORE(2012), MARSHALLS(2011), BOB’S STORES(2011), LINENS ‘N THINGS, #436(2011), SPORTS AUTHORITY(2015), PETSMART(2011), BEST BUY(2014), BARNES & NOBLE(2011), AMC THEATRE(2014), KOHL’S(2010)
275
  SEEKONK, MA   SEEKONK TOWN CENTER
95 HIGHLAND AVE
  PROVIDENCE     2003       2007       100.0 %     80,713       80,713     $ 903,147     STOP & SHOP(2026)
276
  WEST SPRINGFIELD, MA   RIVERDALE SHOPS
935 RIVERDALE STREET
  SPRINGFIELD     1985/2003       2007       20.0 %     273,532       273,532     $ 3,359,560     KOHL’S(2024), STOP & SHOP(2016)
277
  WORCESTER, MA   SAM’S CLUB 301 BARBER AVE   WORCESTER     1998       2007       100.0 %     107,929       107,929     $ 1,116,581     SAM’S CLUB(2013)
 
  MICHIGAN                                                            
278
  BAD AXE, MI   HURON CREST PLAZA
850 NORTH VAN DYKE ROAD
  BAD AXE     1991       1993       100.0 %     63,415       134,574     $ 58,600     WAL-MART(NOT OWNED)
279
  BENTON HARBOR, MI   FAIRPLAIN PLAZA
1000 NAPIER AVE
  BENTON HARBOR     1998       2006       20.0 %     242,826       433,486     $ 2,057,109     OFFICE DEPOT(2008), T.J. MAXX(2014), TARGET(NOT OWNED), KOHL’S(NOT OWNED)
280
  CHEBOYGAN, MI   KMART SHOPPING PLAZA
1109 EAST STATE
  CHEBOYGAN     1988       1994       100.0 %     70,076       70,076     $ 267,699     K MART(2010)
281
  DEARBORN HEIGHTS, MI   WALGREENS 8706 N. TELEGRAPH RD   DETROIT     1998/1999       2007       100.0 %     13,905       13,905     $ 385,510      
282
  DETROIT, MI   BEL AIR CENTRE 8400 E. EIGHT MILE ROAD   DETROIT     1989/2002       1998       100.0 %     343,619       445,349     $ 2,283,949     PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), KIDS R US(2013), FORMAN MILLS(2012), TARGET (NOT OWNED)
283
  GAYLORD, MI   PINE RIDGE SQUARE
1401 WEST MAIN STREET
  GAYLORD     1991/2004       1993       100.0 %     188,386       188,386     $ 591,351     DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BOSMAN’S MERCANTILE (2018)
284
  d   GREEN RIDGE SQUARE (I)
3390-B ALPINE AVE NW
  GRAND RAPIDS     1989       1995       100.0 %     133,538       303,447     $ 1,606,115     T.J. MAXX(2011), OFFICE DEPOT(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED)
285
  GRAND RAPIDS, MI (ALPINE AVE)   GREEN RIDGE SQUARE (II)
3410 ALPINE AVENUE
  HOUGHTON     1991/1995       2004       100.0 %     91,749       91,749     $ 1,002,669     CIRCUIT CITY(2010), BED BATH & BEYOND(2015)
286
  GRANDVILLE, MI   GRANDVILLE MARKETPLACE
INTERSECTN 44TH ST & CANAL AVE
  HOWELL     2003       2003       14.5 %     201,726       352,098     $ 2,269,873     CIRCUIT CITY(2017), GANDER MOUNTAIN(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED)

Page 23 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
287
  HOUGHTON, MI   COPPER COUNTRY MALL
HIGHWAY M26
  LANSING     1981/1999       1/2       100.0 %     257,863       257,863     $ 933,780     STEVE & BARRY’S(2013), J.C. PENNEY(2010), OFFICE MAX(2014)
288
  HOWELL, MI   GRAND RIVER PLAZA
3599 EAST GRAND RIVER
  DETROIT     1991       1993       100.0 %     214,501       214,501     $ 1,510,575     ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011), OFFICE MAX(2017), T.J. MAXX(2017)
289
  LANSING, MI   MARKETPLACE AT DELTA TOWNSHIP
8305 WEST SAGINAW HWY 196 RAMP
  DETROIT     2000/2001       2003       100.0 %     135,697       489,104     $ 1,443,522     MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
290
  LIVONIA, MI   WALGREENS
29200 6 MILE ROAD
  MT. PLEASANT     1998/1999       2007       100.0 %     13,905       13,905     $ 269,061      
291
  MILAN, MI   MILAN PLAZA 531 W. MAIN STREET   DETROIT     1955       2007       20.0 %     65,764       68,964     $ 298,758     KROGER(2020)
292
  MT. PLEASANT, MI   INDIAN HILLS PLAZA
4208 E BLUE GRASS ROAD
  SAULT ST. MARIE     1990       2       100.0 %     249,680       249,680     $ 806,697     T.J. MAXX(2014), KROGER(2011)
293
  PORT HURON, MI   WALGREENS
NWC 10TH STREET & OAK STREET
  GRAND RAPIDS     2000       2007       100.0 %     15,120       15,120     $ 359,856      
294
  SAULT ST. MARIE, MI   CASCADE CROSSING
4516 I-75 BUSINESS SPUR
  GRAND RAPIDS     1993/1998       1994       100.0 %     270,761       270,761     $ 1,700,474     WAL-MART(2012), J.C. PENNEY(2013), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)
295
  WESTLAND, MI   WALGREENS 7210 N. MIDDLEBELT   DETROIT     2005       2007       100.0 %     13,905       13,905     $ 285,053      
 
  MINNESOTA                                                            
296
  BEMIDJI, MN   PAUL BUNYAN MALL
1201 PAUL BUNYAN DRIVE
  BEMIDJI     1977/1998       2       100.0 %     297,803       297,803     $ 1,651,760     K MART(2012), HERBERGER’S(2010), J.C. PENNEY(2013)
297
  BRAINERD, MN   WESTGATE MALL
14136 BAXTER DRIVE
  BRAINERD     1985/1998       1/2       100.0 %     260,319       260,319     $ 1,585,863     STEVE & BARRY’S(2013), HERBERGER’S(2013), MOVIES 10(2011)
298
  COON RAPIDS, MN   RIVERDALE VILLAGE
12921 RIVERDALE DRIVE
  MINNEAPOLIS     1999/2001/2002/2003       1       14.5 %     551,867       940,371     $ 9,309,595     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)

Page 24 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
299
  EAGAN, MN   EAGAN PROMENADE
1299 PROMENADE PLACE
  MINNEAPOLIS     1997/2001       1997       50.0 %     278,211       342,014     $ 3,735,414     BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2013), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)
300
  MAPLE GROVE, MN   MAPLE GROVE CROSSING
WEAVER LAKE ROAD & I-94
  MINNEAPOLIS     1995/2002       1996       50.0 %     265,957       354,321     $ 3,059,883     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       14.5 %     324,354       473,596     $ 2,698,033     WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), LA FITNESS INTERNATIONAL(2023), HERBERGER’S(NOT OWNED), BORDERS BOOKS AND MUSIC(NOT OWNED)
302
  WORTHINGTON, MN   NORTHLAND MALL
1635 OXFORD STREET
  WORTHINGTON     1977       1/2       100.0 %     185,658       185,658     $ 509,404     J.C. PENNEY(2012), HY VEE FOOD STORES(2011)
 
  MISSISSIPPI                                                            
303
  GULFPORT, MS   CROSSROADS CENTER
CROSSROADS PARKWAY
  GULFPORT     1999       2003       100.0 %     415,507       537,820     $ 5,460,173     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(2015)
304
  JACKSON, MS(JUNCTION)   THE JUNCTION
6351 I-55 NORTH3
  JACKSON     1996       2003       100.0 %     107,780       326,319     $ 1,152,855     PETSMART(2012), OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
305
  OXFORD, MS   OXFORD PLACE
2015-2035 UNIVERSITY AVE
  OXFORD     2000       2003       20.0 %     13,200       71,866     $ 341,204     KROGER(2020)
306
  STARKVILLE, MS   STARKVILLE CROSSINGS
882 HIGHWAY 12 WEST
  STARKVILLE     1999/2004       1994       100.0 %     133,691       268,254     $ 927,006     J.C. PENNEY(2010), KROGER(2042), LOWE’S(NOT OWNED)
307
  TUPELO, MS   BIG OAKS CROSSING
3850 N GLOSTER ST
  TUPELO     1992       1994       100.0 %     348,236       348,236     $ 2,015,979     SAM’S CLUB(2012), GOODY’S(2012), WAL-MART(2012)
 
  MISSOURI                                                            
308
  ARNOLD, MO   JEFFERSON COUNTY PLAZA
VOGEL ROAD
  ST. LOUIS     2002       1       50.0 %     42,091       290,147     $ 542,534     HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
309
  BRENTWOOD,MO   THE PROMENADE AT BRENTWOOD
1 BRENTWOOD PROMENADE COURT
  FENTON     1998       1998       100.0 %     299,584       299,584     $ 4,148,608     TARGET(2023), BED BATH & BEYOND(2014), PETSMART(2014), LANE HOME FURNISHINGS(2013)
310
  DES PERES, MO   OLYMPIC OAKS VILLAGE
12109 MANCHESTER ROAD
  INDEPENDENCE     1985       1998       100.0 %     92,372       92,372     $ 1,472,691     T.J. MAXX(2011)
311
  FENTON, MO   FENTON PLAZA
GRAVOIS & HIGHWAY 141
  KANSAS CITY     1970/1997       1/2       100.0 %     93,420       100,420     $ 991,449      

Page 25 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
312
  HIGH RIDGE, MO   GRAVOIS VILLAGE PLAZA
4523 GRAVOIS VILLAGE PLAZA
  SPRINGFIELD     1983       1998       100.0 %     114,992       114,992     $ 552,934     K MART(2013)
313
  INDEPENDENCE, MO   INDEPENDENCE COMMONS
900 EAST 39TH STREET
  ST. LOUIS     1995/1999       1995       14.5 %     386,066       403,166     $ 4,950,258     KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)
314
  KANSAS CITY, MO (WARD PARKWAY)   WARD PARKWAY CENTER
8600 WARD PARKWAY
  ST. LOUIS     1959/2004       2003       20.0 %     388,387       711,892     $ 5,702,959     DICK’S SPORTING GOODS(2016), 24 HOUR FITNESS(2023), PETSMART(2016), STAPLES(2018), STEVE & BARRY’S(2014), TARGET(2023), AMC THEATRE(2011), OFF BROADWAY SHOES(2015), T.J. MAXX(2013), DILLARD’S(2014)
315
  SPRINGFIELD,MO (MORRIS)   MORRIS CORNERS
1425 EAST BATTLEFIELD
  ST. LOUIS     1989       1998       100.0 %     56,033       56,033     $ 361,328     TOYS R US(2013)
316
  ST. JOHN, MO   ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA   ST. LOUIS     2003       2003       100.0 %     88,450       93,513     $ 1,020,699     SHOP ‘N SAVE(2022)
317
  ST. LOUIS, MO (PLZ SUNSET)   PLAZA AT SUNSET HILLS
10980 SUNSET PLAZA
  ST. LOUIS     1997       1998       100.0 %     415,435       450,938     $ 5,455,080     TOYS R US(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)
318
  ST. LOUIS, MO (SOUTHTOWNE)   SOUTHTOWNE CENTRE
KINGS HIGHWAY & CHIPPEWA
  ST. LOUIS     2004       1998       100.0 %     84,392       84,392     $ 1,308,486     OFFICE MAX(2014)
 
  NEVADA                                                            
319
  CARSON CITY, NV   EAGLE STATION (MERVYNS)
3871 S CARSON STREET
  RENO     1983       2005       50.0 %     60,494       60,494     $ 565,624     MERVYN’S(2020)
320
  LAS VEGAS, NV (LOMA)   LOMA VISTA SHOPPING CTR (MRV)
4700 MEADOWS LANE
  LAS VEGAS     1979       2005       50.0 %     75,687       75,687     $ 795,906     MERVYN’S(2020)
321
  LAS VEGAS, NV (NELLIS)   NELLIS CROSSING (MERVYNS) 1300 S NELLIS BLVD.   LAS VEGAS     1986       2005       50.0 %     76,016       76,016     $ 711,009     MERVYN’S(2020)
322
  RENO, NV (SIERRA)   SIERRA TOWN CENTER (MERVYNS)
6895 SIERRA CENTER PARKWAY
  RENO     2002       2005       50.0 %     79,239       79,239     $ 648,398     MERVYN’S(2020)
323
  RENO, NV.   RENO RIVERSIDE
EAST FIRST STREET AND SIERRA
  RENO     2000       2000       100.0 %     52,474       52,474     $ 698,335     CENTURY THEATRE(2014)

Page 26 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
324
  SW LAS VEGAS, NV   GRAND CANYON PARKWAY (MERVYNS) 4265 S. GRAND CANYON DRIVE   LAS VEGAS     2003       2005       50.0 %     79,294       79,294     $ 926,435     MERVYN’S(2020)
 
  NEW JERSEY                                                            
325
  BRICK, NJ   BRICK CENTER PLAZA
51 CHAMBERS BRIDGE ROAD
  NEW YORK CITY     1999       2007       100.0 %     114,028       114,028     $ 1,350,059     BEST BUY(2015), BED BATH & BEYOND(2010)
326
  EAST HANOVER, NJ(PLAZA)   EAST HANOVER PLAZA
154 STATE ROUTE 10
  NEW YORK CITY     1994       2007       100.0 %     97,500       97,500     $ 1,764,383     BRANCH BROOK POOL & PATIO(2017), SPORTS AUTHORITY(2012)
327
  EAST HANOVER, NJ(SONY)   LOEWS THEATRE COMPLEX
145 STATE ROUTE 10
  NEW YORK CITY     1993       2007       100.0 %     20,737       43,404     $ 1,028,622     LOEWS EAST HANOVER CINEMAS(2022)
328
  EDGEWATER, NJ   EDGEWATER TOWN CENTER (I)
905 RIVER ROAD
  NEW YORK CITY     2000       2007       100.0 %     77,508       77,508     $ 1,680,307     WHOLE FOODS(2020)
329
  FREEHOLD, NJ   FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537)   FREEHOLD     2005       1       100.0 %     0       23,454     $ 570,000      
330
  HAMILTON, NJ   HAMILTON MARKETPLACE / NJ STATE HWY 130 & KLOCKNER RD   TRENTON     2004       2003       100.0 %     468,240       956,920     $ 8,441,226     STAPLES(2015), KOHL’S(2023), LINENS ‘N THINGS(2014), MICHAEL’S(2014), ROSS DRESS FOR LESS(2014), SHOPRITE(2028), BARNES & NOBLE(2014), WALMART(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), LOWE’S(NOT OWNED)
331
  LUMBERTON, NJ   CROSSROADS PLAZA
1520 ROUTE 38
  PHILADELPHIA     2003       2007       20.0 %     89,627       204,627     $ 1,593,544     SHOPRITE(2024), LOWE’S(NOT OWNED)
332
  LYNDHURST, NJ   LEWANDOWSKI COMMONS
434 LEWANDOWSKI STREET
  NEW YORK CITY     1998       2007       20.0 %     78,097       78,097     $ 1,682,664     STOP & SHOP(2020)
333
  MAYS LANDING, NJ (HAMILTON)   HAMILTON COMMONS
4215 BLACK HORSE PIKE
  MAYS LANDING     2001       2004       100.0 %     398,910       398,910     $ 5,868,918     REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015), CIRCUIT CITY(2020)
334
  MAYS LANDING, NJ (WRANGLEBORO)   WRANGLEBORO CONS SQ (I & II)
2300 WRANGLEBORO ROAD
  MAYS LANDING     1997       2004       100.0 %     843,019       843,019     $ 9,269,424     BORDERS(2017), BEST BUY(2017), KOHL’S(2018), STAPLES(2012), BABIES R US(2013), BJ’S WHOLESALE CLUB(2016), DICK’S SPORTING GOODS(2013), MICHAEL’S(2013), TARGET(2023), PETSMART(2013)

Page 27 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
335
  MOUNT LAUREL, NJ   CENTERTON SQUARE
CENTERTON ROAD & MARTER AVE
  PHILADELPHIA     2005       1       10.0 %     280,067       709,863     $ 6,649,669     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)
336
  PRINCETON, NJ   NASSAU PARK PAVILION
ROUTE 1 & QUAKER BRIDGE ROAD
  TRENTON     1995       1997       100.0 %     289,375       798,184     $ 5,404,335     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)
337
  PRINCETON, NJ (PAVILION)   NASSAU PARK PAVILION (I)
ROUTE 1 AND QUAKER BRIDGE ROAD
  TRENTON     1999/2004       1       100.0 %     202,622       436,387     $ 3,994,278     DICK’S SPORTING GOODS(2015), MICHAEL’S(2009), WEGMAN’S FOOD MARKETS(2024), KOHL’S(2019)
338
  UNION, NJ   ROUTE 22 RETAIL CENTER
2700 US HWY 22 E
  NEW YORK CITY     1997       2007       100.0 %     110,453       235,453     $ 1,508,206     CIRCUIT CITY(2018), BABIES R US(2017), TARGET(NOT OWNED)
339
  WEST LONG BRANCH, NJ(MONMOUTH)   MONMOUTH CONSUMER SQUARE
310 STATE HIGHWAY #36
  WEST LONG BRANCH     1993       2004       100.0 %     292,999       292,999     $ 4,093,372     SPORTS AUTHORITY(2012), BARNES & NOBLE(2009), PETSMART(2014), HOME DEPOT(2013)
340
  WEST PATERSON, NJ   WEST FALLS PLAZA
1730 ROUTE 46
  NEW YORK CITY     1995       2007       20.0 %     81,261       88,913     $ 1,917,571     A & P COMPANY(2021)
 
  NEW MEXICO                                                            
341
  LOS ALAMOS, NM   MARI-MAC VILLAGE
800 TRINITY DRIVE
  LOS ALAMOS     1978/1997       1/2       100.0 %     93,021       93,021     $ 625,548     SMITH’S FOOD & DRUG(2013), BEALLS(2014)
 
  NEW YORK                                                            
342
  AMHERST, NY (BARNES)   7370 TRANSIT ROAD
7370 TRANSIT ROAD
  BUFFALO     1992       2004       14.5 %     16,030       16,030     $ 0      
343
  AMHERST, NY (BOULEVAR)   BOULEVARD CONSUMER SQ (KMART)
1641-1703 NIAGARA FALLS BLVD
  BUFFALO     1998/2001/2003       2004       100.0 %     441,603       576,765     $ 5,932,508     TARGET(2019), 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       100.0 %     199,504       199,504     $ 2,094,574     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       100.0 %     58,413       58,413     $ 628,887      

Page 28 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
346
  AMHERST, NY (TOPS ROBINSON)   TOPS PLAZA (TOPS)
3035 NIAGARA FALLS BLVD
  BUFFALO     1986       2004       20.0 %     145,192       145,192     $ 1,233,642     TOPS MARKETS(2010)
347
  AMHERST, NY (TOPS)   TRANSIT COMMONS (TOPS)
9660 TRANSIT ROAD
  BUFFALO     1995/1998       2004       100.0 %     114,177       114,177     $ 1,141,677     TOPS MARKETS(2016)
348
  AMHERST, NY(RITE AID)   RITE AID
2545 MILLERSPORT HWY
  BUFFALO     2000       2007       100.0 %     10,908       10,908     $ 250,489      
349
  ARCADE, NY (TOPS)   TOPS PLAZA (TOPS)
ROUTE 39
  BUFFALO     1995       2004       10.0 %     65,915       65,915     $ 662,409     TOPS MARKETS(2015)
350
  AVON, NY (TOPS)   TOPS PLAZA (TOPS)
270 E. MAIN STREET
  ROCHESTER     1997/2002       2004       10.0 %     63,288       63,288     $ 479,857     TOPS MARKETS(2017)
351
  BATAVIA, NY (BJS)   BJ’S PLAZA
8326 LEWISTON ROAD
  ROCHESTER     1996       2004       14.5 %     95,846       95,846     $ 847,004     BJ’S WHOLESALE CLUB(2016)
352
  BATAVIA, NY (COMMONS)   BATAVIA COMMONS
419 WEST MAIN ST
  ROCHESTER     1990       2004       14.5 %     49,431       49,431     $ 392,119      
353
  BATAVIA, NY (MARTIN’S PLAZA)   TOPS PLAZA
8351 LEWISTON ROAD
  ROCHESTER     1994       2004       14.5 %     37,140       115,161     $ 496,328     MARTIN’S(NOT OWNED)
354
  BIG FLATS, NY (BIG FLATS I)   BIG FLATS CONSUMER SQ (I)
830 COUNTY ROUTE 64
  ELMIRA     1993/2001       2004       100.0 %     641,264       641,264     $ 5,335,777     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       100.0 %     133,940       133,940     $ 1,635,138     REGAL CINEMAS(2017), OFFICE DEPOT(2012)
356
  BUFFALO, NY (MARSHALLS)   MARSHALLS PLAZA
2150 DELAWARE AVENUE
  BUFFALO     1960/1975/1983/1995       2004       100.0 %     82,196       82,196     $ 854,364     MARSHALLS(2009)
357
  BUFFALO, NY (RITE AID)   RITE AID
1625 BROADWAY STREET
  BUFFALO     2000       2007       100.0 %     12,739       12,739     $ 280,861      
358
  BUFFALO, NY(DELAWARE-TARGET)   DELAWARE CONSUMER SQUARE (I)
2636-2658 DELAWARE AVENUE
  BUFFALO     1995       2004       100.0 %     238,531       238,531     $ 2,108,703     A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)
359
  CHEEKTOWAGA, NY (BORDERS)   BORDERS BOOKS (WALDEN)
2015 WALDEN AVENUE
  BUFFALO     1994       2004       14.5 %     26,500       26,500     $ 609,500     BORDERS(2015)

Page 29 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
360
  CHEEKTOWAGA, NY (DICKS)   UNION ROAD PLAZA
3637 UNION ROAD
  BUFFALO     1979/1982/1997/2003       2004       14.5 %     174,438       174,438     $ 1,113,927     DICK’S SPORTING GOODS(2015)
361
  CHEEKTOWAGA, NY (RITE AID)   RITE AID
2401 GENNESEE STREET
  BUFFALO     2000       2007       100.0 %     10,908       10,908     $ 335,592      
362
  CHEEKTOWAGA, NY (THRUWAY)   THRUWAY PLAZA
2195 HARLEM ROAD
  BUFFALO     1997       2004       100.0 %     371,512       503,844     $ 2,762,120     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)
363
  CHEEKTOWAGA, NY (TOPS UNION)   TOPS PLAZA
3825-3875 UNION ROAD
  BUFFALO     1978/1989/1995/2004       2004       20.0 %     151,357       151,357     $ 1,534,786     TOPS MARKETS(2013)
364
  CHEEKTOWAGA, NY (UNION CONS)   UNION CONSUMER SQUARE (I)
3733 — 3735 UNION ROAD
  BUFFALO     1989       2004       14.5 %     386,548       386,548     $ 4,635,635     MARSHALLS(2009), OFFICE MAX(2010), SAM’S CLUB(2024), CIRCUIT CITY(2016), JO-ANN STORES(2015), BED BATH & BEYOND(2018)
365
  CHEEKTOWAGA, NY (WALDEN PLACE)   WALDEN PLACE
2130-2190 WALDEN AVENUE
  BUFFALO     1994/1999       2004       14.5 %     68,002       68,002     $ 653,083     OLLIES BARGAIN OUTLET(2012)
366
  CHEEKTOWAGA, NY (WALDEN)   WALDEN CONSUMER SQUARE
1700 — 1750 WALDEN AVENUE
  BUFFALO     1997/1999/2004       2004       14.5 %     255,964       255,964     $ 2,447,853     OFFICE DEPOT(2009), LINENS ‘N THINGS(2015), MICHAEL’S(2013), TARGET(2015)
367
  CHILI, NY (KMART)   KMART PLAZA
800 PAUL ROAD
  ROCHESTER     1998       2004       100.0 %     116,868       120,016     $ 753,623     SEARS(2019)
368
  CLARENCE, NY (EASTGATE)   EASTGATE PLAZA
TRANSIT & GREINER ROADS
  BUFFALO     1995       2004       14.5 %     520,876       520,876     $ 4,282,602     BJ’S WHOLESALE CLUB(2021), DICK’S SPORTING GOODS(2011), LINENS ‘N THINGS(2015), MICHAEL’S(2010), WAL-MART(2019)
369
  CLARENCE, NY (JOANN)   JO-ANN PLAZA
4101 TRANSIT ROAD
  BUFFALO     1994       2004       14.5 %     92,720       202,720     $ 743,588     OFFICE MAX(2009), JO-ANN STORES(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)
370
  DANSVILLE, NY (TOPS)   TOPS PLAZA
23-65 FRANKLIN STREET
  DANSVILLE     2001       2004       100.0 %     71,640       71,640     $ 659,869     TOPS MARKETS(2021)

Page 30 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
371
  DEWITT, NY (DEWITT COMMONS)   DEWITT COMMONS
3401 ERIE BOULEVARD EAST
  SYRACUSE     2001/2003       2004       100.0 %     306,177       306,177     $ 3,165,231     TOYS R US(2018), OLD NAVY(2011), MARSHALLS(2019), BED BATH & BEYOND(2018), A.C. MOORE(2014), SYRACUSE ORTHOPEDIC SPECIALIST(2017)
372
  DEWITT, NY (MICHAELS)   MICHAELS
3133 ERIE BOULEVARD
  SYRACUSE     2002       2004       100.0 %     38,413       38,413     $ 480,166     MICHAEL’S(2010)
373
  DUNKIRK, NY   RITE AID
1166 CENTRAL AVENUE
  DUNKIRK     2000       2007       100.0 %     10,908       10,908     $ 210,569      
374
  ELIMIRA, NY (TOPS)   TOPS PLAZA (TOPS)
HUDSON STREET
  ELMIRA     1997       2004       10.0 %     98,330       98,330     $ 1,111,325     TOPS MARKETS(2017)
375
  GATES, NY (WAL-MART)   WESTGATE PLAZA
2000 CHILI AVENUE
  ROCHESTER     1998       2004       100.0 %     334,752       334,752     $ 3,103,692     WAL-MART(2021), STAPLES(2015)
376
  GREECE, NY   JO-ANN/PETSMART PLAZA
3042 WEST RIDGE ROAD
  ROCHESTER     1993/1999       2004       100.0 %     75,916       75,916     $ 804,287     PETSMART(2010), JO-ANN STORES(2015)
377
  HAMBURG, NY (BJS)   BJ’S PLAZA
4408 MILESTRIP ROAD
  BUFFALO     1990/1997       2004       100.0 %     175,965       175,965     $ 1,771,563     OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)
378
  HAMBURG, NY (DICKS-PIER 1)   MCKINLEY MALL OP (PIER 1)
3701 MCKINLEY PARKWAY
  BUFFALO     2001       2004       100.0 %     128,944       128,944     $ 1,543,651     DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2009)
379
  HAMBURG, NY (HOME DEPOT)   MCKINLEY MILESTRIP (HOMEDEPOT)
4405 MILESTRIP ROAD
  BUFFALO     1999/2000       2004       100.0 %     139,413       139,413     $ 1,233,698     HOME DEPOT(2012)
380
  HAMBURG, NY (MILESTRIP)   MCKINLEY MILESTRIP
3540 MCKINLEY PARKWAY
  BUFFALO     1999       2004       100.0 %     106,774       106,774     $ 1,480,614     OLD NAVY(2010), JO-ANN STORES(2015)
381
  HAMBURG, NY (TOPS)   TOPS PLAZA
6150 SOUTH PARK AVENUE
  BUFFALO     1990/1992       2004       10.0 %     84,000       84,000     $ 730,500     TOPS MARKETS(2015)
382
  HAMLIN, NY (TOPS)   TOPS PLAZA (TOPS)
1800 LAKE ROAD
  ROCHESTER     1997       2004       10.0 %     60,488       60,488     $ 431,055     TOPS MARKETS(2017)
383
  HORSEHEADS, NY   SOUTHERN TIER CROSSING
ANN PAGE ROAD & I86
  ELMIRA     2008       1       100.0 %     68,958       365,735     $ 854,064     CIRCUIT CITY(2018), WALMART(NOT OWNED), KOHLS(NOT OWNED)
384
  IRONDEQUOIT, NY (CULVER RIDGE)   CULVER RIDGE PLAZA
2255 RIDGE ROAD EAST
  ROCHESTER     1972/1984/1997       2004       20.0 %     226,812       226,812     $ 2,369,166     REGAL CINEMAS(2022), A.J. WRIGHT(2014)

Page 31 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
385
  ITHACA, NY (TOPS)   TOPS PLAZA (TOPS) 614 — 722 SOUTH MEADOW   ITHACA     1990/1999/2003       2004       100.0 %     229,320       229,320     $ 3,743,887     OFFICE DEPOT(2014), TOPS MARKETS(2022), MICHAEL’S(2013), BARNES & NOBLE(2018)
386
  JAMESTOWN, NY (PROGRESSIVE)   TOPS PLAZA (OUTBUILDING)
75 WASHINGTON ST
  JAMESTOWN     1997       2004       20.0 %     98,001       98,001     $ 945,575     TOPS MARKETS(2018)
387
  LANCASTER, NY (REGAL)   TRANSIT WEHRLE RETAIL CENTER
6703-6733 TRANSIT ROAD
  BUFFALO     1997       2004       14.5 %     112,949       112,949     $ 919,761     REGAL CINEMAS(2017)
388
  LEROY, NY (TOPS)   TOPS PLAZA (TOPS)
128 WEST MAIN STREET
  ROCHESTER     1997       2004       20.0 %     62,747       62,747     $ 551,203     TOPS MARKETS(2017)
389
  LOCKPORT, NY   TOPS PLAZA
5789 & 5839 TRANSIT RD. & HAMM
  BUFFALO     1993       2004       100.0 %     296,582       296,582     $ 2,742,291     WAL-MART(2015), TOPS MARKETS(2021), SEARS(2011)
390
  N. TONAWANDA, NY (SEARS)   MID-CITY PLAZA
955-987 PAYNE AVENUE
  BUFFALO  
1997/1960/1976/1980/
1995/2004

    2004       100.0 %     224,949       224,949     $ 2,136,758     TOPS MARKETS(2024)
391
  NEW HARTFORD, NY   NEW HARTFORD CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE   UTICA     2002       2004       14.5 %     514,717       514,717     $ 6,302,592     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)   HANNAFORD PLAZA
40 KELLOGG ROAD
  UTICA     1998       2004       100.0 %     127,777       127,777     $ 1,185,530     HANNAFORD BROTHERS(2018)
393
  NIAGARA FALLS, NY (REGAL CINE)   REGAL CINEMAS
720 & 750 BUILDERS WAY
  BUFFALO     1994/2000       2004       100.0 %     43,170       43,170     $ 577,615     REGAL CINEMAS(2019)
394
  NISKAYUNA, NY   MOHAWK COMMONS 402 — 442 BALLTOWN ROAD   ALBANY     2002       2004       100.0 %     399,901       530,375     $ 4,679,573     PRICE CHOPPER(2022), LOWE’S(2022), MARSHALLS(2012), BARNES & NOBLE(2014), BED BATH & BEYOND(2019), TARGET(NOT OWNED)
395
  NORWICH, NY (TOPS)   P & C PLAZA
54 EAST MAIN STREET
  NORWICH     1997       2004       10.0 %     85,453       85,453     $ 1,133,385     TOPS MARKETS(2018)
396
  OLEAN, NY (WAL-MART)   WAL-MART PLAZA
3142 WEST STATE STREET
  OLEAN     1993/2004       2004       100.0 %     285,400       401,406     $ 2,259,798     WAL-MART(2014), EASTWYNN THEATRES(2014), BJ’S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)
397
  ONTARIO, NY (TOPS-BLOCKBUSTER)   TOPS PLAZA
6254-6272 FURNACE RD
  ROCHESTER     1998       2004       20.0 %     77,040       77,040     $ 698,613     TOPS MARKETS(2019)

Page 32 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
398
  ORCHARD PARK, NY (BLOCKBUSTER)   CROSSROADS CENTRE
3245 SOUTHWESTERN BLVD
  BUFFALO     2000       2004       20.0 %     167,805       167,805     $ 1,867,179     TOPS MARKETS(2022), STEIN MART(2012)
399
  PLATTSBURGH, NY   PLATTSBURGH CONSUMER SQUARE RT. 3 — CORNELIA ROAD   PLATTSBURGH     1993/2004       2004       100.0 %     491,513       491,513     $ 3,368,896     SAM’S CLUB(2013), WAL-MART(2020), T.J. MAXX(2013), PETSMART(2014), MICHAEL’S(2011)
400
  ROCHESTER, NY (PANORAMA)   PANORAMA PLAZA
1601 PENFIELD RD
  ROCHESTER  
1959/1965/1972/1980/
1986/1994

    2004       20.0 %     279,219       279,219     $ 3,430,947     LINENS ‘N THINGS(2013), TOPS MARKETS(2014), STAPLES (2018)
401
  ROME, NY (FREEDOM)   FREEDOM PLAZA
205-211 ERIE BOULEVARD WEST
  ROME     1978/2000/2001       2004       100.0 %     194,467       197,397     $ 1,228,712     STAPLES(2015), J.C. PENNEY(2017), TOPS MARKETS(2021), MARSHALLS(2016)
402
  TONAWANDA, NY (BIG LOTS)   YOUNGMANN PLAZA (BIGLOTS)
750 YOUNG STREET
  BUFFALO     1985/2003       2004       10.0 %     306,421       318,166     $ 2,352,129     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       100.0 %     121,846       121,846     $ 997,040     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       100.0 %     188,200       188,200     $ 1,362,021     BON TON HOME STORE(2010), BON TON HOME STORE(2010), TOPS MARKETS(2020)
405
  TONAWANDA, NY (TOPS)   TOPS PLAZA (TOPS)
150 NIAGARA STREET
  BUFFALO     1997       2004       10.0 %     97,014       97,014     $ 1,059,710     TOPS MARKETS(2017)
406
  VICTOR, NY   VICTOR SQUARE
2-10 COMMERCE DRIVE
  ROCHESTER     2000       2004       100.0 %     56,134       56,134     $ 807,176      
407
  WARSAW, NY (TOPS)   TOPS PLAZA (TOPS)
2382 ROUTE 19
  WARSAW     1998       2004       20.0 %     74,105       74,105     $ 531,955     TOPS MARKETS(2015)
408
  WEST SENECA, NY (HOME DEPOT)   HOME DEPOT PLAZA
1881 RIDGE ROAD
  BUFFALO     1975/1983/1987/1995       2004       100.0 %     139,453       139,453     $ 1,377,313     HOME DEPOT(2016)
409
  WEST SENECA, NY (SENECA RIDGE)   SENECA RIDGE PLAZA
3531 SENECA STREET
  BUFFALO     1980/1996/2004       2004       100.0 %     62,403       62,403     $ 255,692     OFFICE DEPOT (2018)
410
  WILLIAMSVILLE, NY   WILLIAMSVILLE PLACE
5395 SHERIDAN DRIVE
  BUFFALO     1986/1995/2003       2004       100.0 %     102,917       102,917     $ 1,160,848      

Page 33 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
411
  WILLIAMSVILLE, NY (PREMIER)   PREMIER PLACE 7864 — 8020 TRANSIT ROAD   BUFFALO     1986/1994/1998       2004       14.5 %     141,639       141,639     $ 1,244,271     PREMIER LIQUORS(2010), STEIN MART(2008)
 
  NORTH CAROLINA                                                            
412
  APEX, NC (SOUTH)   BEAVER CREEK CROSSINGS (SOUTH)
1335 W WILLIAMS STREET
  RALEIGH     2006       1       100.0 %     268,333       280,573     $ 4,348,525     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       10.0 %     110,429       453,600     $ 2,459,927     LINENS ‘N THINGS(2016), OFFICE MAX(2014), LOWES(NOT OWNED)
414
  ASHEVILLE, NC(OAKLEY)   OAKLEY PLAZA
FAIRVIEW RD AT INTERSTATE 240
  ASHEVILLE     1988       2007       100.0 %     118,699       118,699     $ 932,280     BABIES R US(2011), BI-LO(2016)
415
  ASHEVILLE, NC(RIVER)   RIVER HILLS
299 SWANNANOA RIVER ROADD
  ASHEVILLE     1996       2003       14.5 %     190,970       190,970     $ 1,886,432     CARMIKE CINEMAS(2017), CIRCUIT CITY(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2013), OFFICE MAX(2011)
416
  CARY, NC(CIRCUIT CITY)   CIRCUIT CITY
1401 PINEY PLAINS RD
  RALEIGH     2000       2007       100.0 %     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       100.0 %     84,364       149,051     $ 1,274,798     LOWE’S FOODS(2021)
418
  CHAPEL HILL, NC   MEADOWMONT VILLAGE W. BARBEE CHAPEL RD   DURHAM     2002       2007       20.0 %     132,745       132,745     $ 2,452,826     HARRIS TEETER SUPERMARKETS(2022)
419
  CHARLOTTE, NC(CAMFIELD)   CAMFIELD CORNERS
8620 CAMFIELD STREET
  CHARLOTTE     1994       2007       100.0 %     69,910       69,910     $ 866,814     BI-LO(2014)
420
  CLAYTON, NC   CLAYTON CORNERS
US HIGHWAY 70 WEST
  RALEIGH     1999       2007       20.0 %     125,653       125,653     $ 1,362,523     LOWE’S FOODS(2019)
421
  CONCORD, NC(RITE AID)   RITE AID
HIGHWAY #29 @ PITTS SCHOOL
  CHARLOTTE     2002       2007       100.0 %     10,908       10,908     $ 227,814      
422
  CORNELIUS, NC   SOUTHLAKE SHOPPING CENTER
20601 TORRENCE CHAPE L ROAD
  CHARLOTTE     2001       2007       100.0 %     131,242       131,242     $ 809,944     STEIN MART(2013)

Page 34 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
423
  DURHAM, NC   PATTERSON PLACE 3616 WITHERSPOON BLVD.   DURHAM     2004       2007       20.0 %     161,017       161,017     $ 2,089,074     DSW SHOE WAREHOUSE(2016), A.C. MOORE(2014), BED BATH & BEYOND(2020)
424
  DURHAM, NC(OXFORD)   OXFORD COMMONS
3500 OXFORD ROAD
  DURHAM     1990/2001       1/2       100.0 %     207,864       326,130     $ 1,369,076     FOOD LION(2010), BURLINGTON COAT FACTORY(2012), WAL-MART(NOT OWNED)
425
  DURHAM, NC(SOUTH)   SOUTH SQUARE
4001 DURHAM CHAPEL
  DURHAM     2005       2007       20.0 %     107,812       288,934     $ 1,609,264     OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2015)
426
  FAYETTEVILLE, NC   CROSS POINTE CENTER
5075 MORGANTON ROAD
  FAYETTEVILLE     1985/2003       2003       100.0 %     204,563       204,563     $ 1,773,701     T.J. MAXX(2011), BED BATH & BEYOND(2014)
427
  FAYETTEVILLE, NC(PAVILION)   FAYETTEVILLE PAVILION
2061 SKIBO ROAD
  FAYETTEVILLE     1998/2001       2007       20.0 %     272,385       272,385     $ 3,090,242     DICK’S SPORTING GOODS(2017), LINENS ‘N THINGS(2016), PETSMART(2016), CREATIVE BASKET EXPRESSIONS(2020), MARSHALLS(2014), MICHAEL’S(2014)
428
  FUQUAY VARINA, NC   SEXTON COMMONS
1420 N MAIN ST
  RALEIGH     2002       2007       20.0 %     49,097       49,097     $ 776,031     HARRIS TEETER SUPERMARKETS(2021)
429
  GREENSBORO, NC(ADAMS)   ADAM’S FARM 5710 HIGH POINT ROAD   GREENSBORO     2004       2007       100.0 %     112,010       112,010     $ 955,568     HARRIS TEETER SUPERMARKETS(2013)
430
  GREENSBORO, NC(GOLDEN)   GOLDEN GATE
EAST CORNWALLIS DR
  GREENSBORO     1962/2002       2007       100.0 %     153,113       153,113     $ 1,135,441     HARRIS TEETER SUPERMARKETS(2011), STAPLES(2016), FOOD LION(2012)
431
  GREENSBORO, NC(WENDOVER I)   WENDOVER VILLAGE (I)
4203-4205 WEST WENDOVER AVENUE
  GREENSBORO     2004       2007       100.0 %     35,895       170,895     $ 918,405     COSTCO(NOT OWNED)
432
  GREENSBORO, NC(WENDOVER II)   WENDOVER VILLAGE (II)
WEST WENDOVER AVE
  GREENSBORO     2004       2007       20.0 %     135,004       135,004     $ 1,744,500     A.C. MOORE(2014), CIRCUIT CITY(2020)
433
  HUNTERSVILLE, NC   BIRKDALE VILLAGE (RETAIL) 8712 LINDHOLM DR., SUITE 206   CHARLOTTE     2003       2007       15.0 %     301,102       302,899     $ 6,347,468     BARNES & NOBLE(2013), DICK’S SPORTING GOODS(2018)
434
  HUNTERSVILLE, NC(ROSEDALE)   ROSEDALE SHOPPING CENTER
9911 ROSE COMMONS DR
  CHARLOTTE     2000       2007       20.0 %     119,197       119,197     $ 1,957,642     HARRIS TEETER SUPERMARKETS(2020)
435
  INDIAN TRAIL, NC   UNION TOWN CENTER
INDEPENDENCE & FAITH CHURCH RD
  INDIAN TRAIL     1999       2004       100.0 %     96,160       96,160     $ 735,864     FOOD LION(2020)

Page 35 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
436
  JACKSONVILLE, NC(GATEWAY)   GATEWAY PLAZA
SEC WESTERN BLVD AND GATEWAY SOUTH
  JACKSONVILLE     2001       2007       15.0 %     101,413       301,954     $ 1,154,275     BED BATH & BEYOND(2013), ROSS DRESS FOR LESS(2013), TARGET(NOT OWNED), LOWES(NOT OWNED)
437
  MATTHEWS, NC   SYCAMORE COMMONS
MATTHEWS TWNSHP PWY & NORTHEAST PWY
  CHARLOTTE     2002       2007       15.0 %     265,535       555,210     $ 4,590,194     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)
438
  MOORESVILLE, NC   MOORESVILLE CONSUMER SQ (I)
355 WEST PLAZA DRIVE
  CHARLOTTE     1999/2006       2006       100.0 %     472,182       472,182     $ 4,100,748     WAL-MART(2019), GANDER MOUNTAIN(2021)
439
  MOORESVILLE, NC(WINSLOW)   WINSLOW BAY COMMONS
BLUEFIELD ROAD AND HIGHWAY 150
  CHARLOTTE     2003       2007       15.0 %     255,798       429,798     $ 3,535,869     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)
440
  NEW BERN, NC   RIVERTOWNE SQUARE
3003 CLAREDON BLVD
  NEW BERN     1989/1999       1/2       100.0 %     68,130       200,228     $ 665,115     GOODY’S(2012), WAL-MART(NOT OWNED)
441
  RALEIGH, NC(ALEXANDER)   ALEXANDER PLACE
GLENWOOD AVE & BRIER CREEK PKWY
  RALEIGH     2004       2007       15.0 %     188,254       398,254     $ 2,542,030     KOHL’S(2025), H.H. GREGG APPLIANCES(2022), SUPER WALMART(NOT OWNED)
442
  RALEIGH, NC(CAPITAL)   CAPITAL CROSSING
2900-2950 EAST MILL BROOK ROAD
  RALEIGH     1995       2007       100.0 %     83,248       83,248     $ 888,670     LOWE’S FOODS(2015), STAPLES(2011)
443
  RALEIGH, NC(RITE AID)   RITE AID
US HIGHWAY 401 AND PERRY CREEK ROAD
  RALEIGH     2003       2007       100.0 %     10,908       10,908     $ 284,571      
444
  RALEIGH, NC(WAKEFIELD)   WAKEFIELD CROSSING
WAKEFIELD PINES DR & NEW FALLS OF NEUSE
  RALEIGH     2001       2007       100.0 %     75,927       75,927     $ 887,669     FOOD LION(2022)
445
  SALISBURY, NC   ALEXANDER POINTE
850 JAKE ALEXANDER BLVD
  SALISBURY     1997       2007       20.0 %     57,710       57,710     $ 639,644     HARRIS TEETER SUPERMARKETS(2017)
446
  SILER CITY, NC   CHATHAM CROSSING
US HIGHWAY 64 WEST
  DURHAM     2002       2007       15.0 %     31,979       266,979     $ 399,024     SUPER WAL-MART(NOT OWNED)
447
  SOUTHERN PINES, NC   SOUTHERN PINES MARKETPLACE
US HWY 15-501
  SOUTHERN PINES     2002       2007       15.0 %     57,404       57,404     $ 443,512     STEIN MART(2016)

Page 36 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
448
  WAKE FOREST, NC   CAPITAL PLAZA
11825 RETAIL DRIVE
  RALEIGH     2004       2007       15.0 %     46,793       336,793     $ 587,448     HOME DEPOT(NOT OWNED), SUPER TARGET(NOT OWNED)
449
  WASHINGTON, NC   PAMLICO PLAZA
536 PAMLICO PLAZA
  WASHINGTON     1990/1999       1/2       100.0 %     80,269       265,053     $ 558,332     GOODY’S(2009), OFFICE DEPOT(2009), WAL-MART(NOT OWNED)
450
  WILMINGTON, NC   UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.   WILMINGTON     1989/2001       1/2       100.0 %     411,887       518,735     $ 3,663,246     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)
451
  WILMINGTON, NC(OLEANDER)   OLEANDER SHOPPING CENTER
3804 OLEANDER DRIVE
  WILMINGTON     1989       2007       100.0 %     51,888       51,888     $ 578,191     LOWE’S FOODS(2015)
452
  WILSON, NC   FOREST HILLS CENTRE
1700 RALEIGH RD NW
  WILSON     1989       2007       100.0 %     73,280       73,280     $ 610,784     HARRIS TEETER SUPERMARKETS(2010)
453
  WINSTON SALEM, NC(HARPER)   HARPER HILL COMMONS
5049 COUNTRY CLUB RD
  WINSTON SALEM     2004       2007       20.0 %     55,394       96,914     $ 1,199,335     HARRIS TEETER SUPERMARKETS(2024)
454
  WINSTON SALEM, NC(OAK)   OAK SUMMIT
EAST HANES MILL ROAD
  WINSTON SALEM     2003       2007       15.0 %     142,394       352,394     $ 1,783,977     GOODY’S(2016), STAPLES(2016), PETSMART(2020), SUPER WALMART(NOT OWNED)
455
  WINSTON SALEM, NC(OLIVER)   SHOPS AT OLIVER CROSSING
PETERS CREEK PKWY OLIVER CROSSING
  WINSTON SALEM     2003       2007       20.0 %     76,512       76,512     $ 897,672     LOWE’S FOODS(2023)
456
  WINSTON SALEM, NC(WAL-MART)   WAL-MART SUPERCENTER
4550 KESTER MILL RD
  WINSTON SALEM     1998       2007       100.0 %     204,931       204,931     $ 1,403,777     WAL-MART(2017)
 
  NORTH DAKOTA                                                            
457
  DICKINSON, ND   PRAIRIE HILLS MALL
1681 THIRD AVENUE
  DICKINSON     1978       1/2       100.0 %     267,506       267,506     $ 1,046,086     K MART(2013), HERBERGER’S(2010), J.C. PENNEY(2013)
 
  OHIO                                                            
458
  ALLIANCE, OH   WAL-MART SUPERCENTER
2700 WEST STATE ST
  CANTON     1998       2007       100.0 %     200,084       200,084     $ 1,190,500     WAL-MART(2017)
459
  ASHTABULA, OH (TOPS)   ASHTABULA COMMONS
1144 WEST PROSPECT ROAD
  ASHTABULA     2000       2004       100.0 %     57,874       57,874     $ 895,720     TOPS MARKETS(2021)
460
  AURORA, OH   BARRINGTON TOWN CENTER
70-130 BARRINGTON TOWN SQUARE
  CLEVELAND     1996/2004       1       100.0 %     102,683       159,982     $ 953,338     CINEMARK(2011), HEINEN’S(NOT OWNED)

Page 37 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
461
  BOARDMAN, OH   SOUTHLAND CROSSINGs
I-680 & US ROUTE 224
  YOUNGSTOWN     1997       1       100.0 %     506,254       511,654     $ 4,227,595     LOWE’S(2016), BABIES R US(2014), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL-MART(2017), PETSMART(2013), GIANT EAGLE(2018)
462
  CANTON, OH (PHASE I & II)   BELDEN PARK CROSSINGS (I)
5496 DRESSLER ROAD
  CANTON     1995/2001/2003       1       14.5 %     478,106       593,610     $ 5,242,083     VALUE CITY FURNITURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES(2013), PETSMART(2013), DICK’S SPORTING GOODS(2010), DSW SHOE WAREHOUSE(2012), KOHL’S(2016), TARGET(NOT OWNED)
463
  CHILLICOTHE, OH   CHILLICOTHE PLACE
867 N BRIDGE ST
  CHILLICOTHE     1974/1998       1/2       20.0 %     106,262       106,262     $ 1,046,216     KROGER(2041), OFFICE MAX(2013)
464
  CHILLICOTHE, OH(LOWES)   CHILLICOTHE PLACE (LOWES)
867 N BRIDGE STREET
  CHILLICOTHE     1998       1981       100.0 %     130,497       130,497     $ 822,132     LOWE’S(2015)
465
  CINCINNATI, OH   GLENWAY CROSSING
5100 GLENCROSSING WAY
  CINCINNATI     1990       1993       100.0 %     235,433       235,433     $ 2,006,301     STEVE & BARRY’S(2014), MICHAEL’S(2011)
466
  CINCINNATI, OH(KROGER)   KROGER
6401 COLERAIN AVE
  CINCINNATI     1998       2007       100.0 %     56,634       56,634     $ 556,486     KROGER(2015)
467
  CINCINNATI, OH(TRI COUNTY)   TRI-COUNTY MALL
11700 PRINCETON PIKE
  CINCINNATI     1960/1990/1992       2005       18.0 %     758,031       1,270,511     $ 11,853,297     DILLARD’S(2018), SEARS(2019), MACY’S(NOT OWNED), KRAZY CITY (2023)
468
  CLEVELAND, OH   KMART PLAZA
14901-14651 LORAIN AVE
  CLEVELAND     1982       2008       25.3 %     109,350       109,350     $ 737,545     K MART(2012)
469
  COLUMBUS, OH (CONSUMER SQUARE)   CONSUMER SQUARE WEST 3630 SOLDANO BLVD.   COLUMBUS     1989/2003       2004       100.0 %     356,515       356,515     $ 2,134,676     KROGER(2014), TARGET(2011)
470
  COLUMBUS, OH (EASTON MARKET)   EASTON MARKET
3740 EASTON MARKET
  COLUMBUS     1998       1998       100.0 %     509,611       509,611     $ 5,786,333     STAPLES(2013), PETSMART(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S(2013), DICK’S SPORTING GOODS(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND(2014), T.J. MAXX(2014)
471
  COLUMBUS, OH (LENNOX)   LENNOX TOWN CENTER
1647 OLENTANGY RIVER ROAD
  COLUMBUS     1997       1998       50.0 %     352,913       352,913     $ 3,586,126     TARGET(2016), BARNES & NOBLE(2012), STAPLES(2011), AMC THEATRE(2021)
472
  COLUMBUS, OH (SUN)   SUN CENTER
3622-3860 DUBLIN GRANVILLE RD
  COLUMBUS     1995       1998       79.5 %     305,428       305,428     $ 3,722,871     BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2012), WHOLE FOODS(2016), STAPLES(2010)

Page 38 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
473
  COLUMBUS, OH(HILLIARD)   HILLIARD ROME COMMONS
1710-60 HILLIARD ROME ROAD
  COLUMBUS     2001       2007       20.0 %     110,871       110,871     $ 1,459,778     GIANT EAGLE(2022)
474
  DUBLIN, OH (DUBLIN VILLAGE)   DUBLIN VILLAGE CENTER
6561-6815 DUBLIN CENTER DRIVE
  COLUMBUS     1987       1998       100.0 %     184,092       293,173     $ 1,582,382     AMC THEATRE(2008), MAX SPORTS CENTER(2007), B.J.’S WHOLESALE CLUB(NOT OWNED)
475
  DUBLIN, OH (PERIMETER CENTER)   PERIMETER CENTER
6644-6804 PERIMETER LOOP ROAD
  COLUMBUS     1996       1998       100.0 %     137,556       137,556     $ 1,602,291     GIANT EAGLE(2014)
476
  ELYRIA, OH   ELYRIA SHOPPING CENTER
841 CLEVELAND
  CLEVELAND     1977       2       100.0 %     92,125       92,125     $ 601,720     GIANT EAGLE(2010)
477
  GALLIPOLIS, OH   GALLIPOLIS MARKETPLACE
2145 EASTERN AVENUE
  GALLIPOLIS     1998       2003       100.0 %     25,950       205,908     $ 355,398     WAL MART(NOT OWNED)
478
  GROVE CITY, OH(DERBY SQUARE)   DERBY SQUARE
2161-2263 STRINGTOWN ROAD
  COLUMBUS     1992       1998       20.0 %     128,250       128,250     $ 1,153,822     GIANT EAGLE(2016)
479
  HUBER HTS., OH   NORTH HEIGHTS PLAZA
8280 OLD TROY PIKE
  DAYTON     1990       1993       100.0 %     182,749       297,306     $ 1,690,330     H.H. GREGG APPLIANCES(2023), DICK’S SPORTING GOODS (2019), WAL-MART(NOT OWNED)
480
  LEBANON, OH   COUNTRYSIDE PLACE
1879 DEERFIELD ROAD
  LEBANON     1990/2002       1993       100.0 %     17,000       110,480     $ 25,168     WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)
481
  MACEDONIA, OH   MACEDONIA COMMONS (I)
MACEDONIA COMMONS BLVD
  CLEVELAND     1994       1994       50.0 %     236,682       375,849     $ 3,179,832     TOPS MARKETS(2019), KOHL’S(2016), WAL-MART(NOT OWNED)
482
  MACEDONIA, OH (PHASE II)   MACEDONIA COMMONS (II)
8210 MACEDONIA COMMONS
  CLEVELAND     1999       1/2       100.0 %     169,481       169,481     $ 1,601,734     CINEMARK(2019), HOME DEPOT(2020)
483
  NORTH OLMSTED, OH   GREAT NORTHERN PLAZA (NORTH)
2589-26437 GREAT NORTHERN
  CLEVELAND     1958/1998/2003       1997       14.5 %     625,835       666,735     $ 7,758,833     DSW SHOE WAREHOUSE(2015), BEST BUY(2010), BED BATH & BEYOND(2012), PETSMART(2018), STEVE & BARRY’S(2014), HOME DEPOT(2019), K & G MENSWEAR(2013), JO-ANN STORES(2009), MARC’S(2012), REMINGTON COLLEGE(NOT OWNED)

Page 39 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
484
  SOLON, OH   UPTOWN SOLON
KRUSE DRIVE
  CLEVELAND     1998       1       100.0 %     183,255       183,255     $ 2,862,474     MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2009), BORDERS(2019)
485
  SOLON, OH(KMART)   KMART PLAZA
6221 SOM CENTER
  CLEVELAND     1977       2008       25.3 %     84,180       84,180     $ 299,819     K MART(2013)
486
  STEUBENVILLE, OH   LOWE’S HOME IMPROVEMENT 4115 MALL DRIVE   PITTSBURGH     1998       2007       100.0 %     130,497       130,497     $ 871,236     LOWE’S(2016)
487
  STOW, OH   STOW COMMUNITY CENTER (I)
KENT ROAD
  AKRON     1997/2000       1       100.0 %     306,715       408,798     $ 3,357,726     BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), HOBBY LOBBY (2010), TARGET(NOT OWNED)
488
  TIFFIN, OH   TIFFIN MALL
870 WEST MARKET STREET
  TIFFIN     1980/2004       1/2       100.0 %     170,868       170,868     $ 538,043     CINEMARK(2011), J.C. PENNEY(2010)
489
  TOLEDO, OH   SPRINGFIELD COMMONS S. HOLLAND-SYLVANIA ROAD   TOLEDO     1999       1       20.0 %     241,129       271,729     $ 2,799,159     KOHL’S(2019), GANDER MOUNTAIN(2014), BABIES R US (2010), BED BATH & BEYOND(2010), OLD NAVY(2010)
490
  TOLEDO, OH (DICKS)   DICK’S SPORTING GOODS 851 W. ALEXIS ROAD   TOLEDO     1995       2004       100.0 %     80,160       80,160     $ 501,000     DICK’S SPORTING GOODS(2016)
491
  WEST CHESTER, OH   KROGER
7172 CINCINNATI-DAYTON ROAD
  CINCINNATI     1998       2007       100.0 %     56,634       56,634     $ 349,154     KROGER(2018)
492
  WESTLAKE, OH   WEST BAY PLAZA
30100 DETROIT ROAD
  CLEVELAND     1974/1997/2000       1/2       100.0 %     162,330       162,330     $ 1,372,560     MARC’S(2009), K MART(2009)
493
  WILLOUGHBY HILLS, OH   SHOPPES AT WILLOUGHBY HILLS
CHARDON ROAD
  CLEVELAND     1985       2007       15.0 %     373,318       377,849     $ 3,122,852     GIANT EAGLE(2019), CINEMARK(2010), A.J. WRIGHT(2011), OFFICE MAX(2009), SAM’S CLUB(2014)
494
  XENIA, OH   WEST PARK SQUARE
1700 WEST PARK SQUARE
  XENIA     1994/1997/2001       1       100.0 %     112,361       203,282     $ 656,260     KROGER(2019), WAL-MART(NOT OWNED)
495
  ZANESVILLE, OH   KMART SHOPPING CENTER 3515 N. MAPLE AVENUE   SANDUSKY     1973       2008       25.3 %     84,180       84,180     $ 223,160     K MART(2009)
 
  OKLAHOMA                                                            
496
  ENID, OK   KMART PLAZA
4010 WEST OWEN GARRIOT RD
  ENID     1983       2008       25.3 %     84,000       114,000     $ 188,160     K MART(2013), UNITED SUPERMARKETS(NOT OWNED)
497
  OKLAHOMA CITY, OK   CVS PHARMACY
2323 NORTH MARTIN LUTHER KING BLVD
  OKLAHOMA CITY     1997       2007       100.0 %     9,504       9,504     $ 159,358      

Page 40 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
 
  OREGON                                                            
498
  PORTLAND, OR   TANASBOURNE TOWN CENTER (I)
NW EVERGREEN PKWY & NW RING RD
  PORTLAND     1995/2001       1996       50.0 %     309,617       566,457     $ 4,964,126     ROSS DRESS FOR LESS(2013), MICHAEL’S(2014), BARNES & NOBLE(2011), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED)
 
  PENNSYLVANIA                                                            
499
  ALLENTOWN, PA (BJS)   BJ’S WHOLESALE CLUB 1785 AIRPORT ROAD SOUTH   ALLENTOWN     1991       2004       100.0 %     112,230       112,230     $ 863,266     BJ’S WHOLESALE CLUB(2011)
500
  ALLENTOWN, PA(WEST)   WEST VALLEY MARKETPLACE
1091 MILL CREEK ROAD
  ALLENTOWN     2001/2004       2003       100.0 %     259,239       259,239     $ 2,697,443     WAL-MART(2021)
501
  CAMP HILL, PA   CAMP HILL CENTER
3414 SIMPSON FERRY ROAD
  HARRISBURG     1978/2002       2007       100.0 %     62,888       62,888     $ 732,340     LINENS ‘N THINGS(2013), MICHAEL’S(2013)
502
  CARLISLE, PA   CARLISLE COMMONS SHOPPING CTR
RIDGE STREET & NOBLE BLVD
  HARRISBURG     2001       2007       15.0 %     393,033       393,033     $ 3,146,539     WAL-MART(2022), T.J. MAXX(2012), ROSS DRESS FOR LESS(2014), REGAL CINEMAS(2010)
503
  CHESWICK, PA   RITE AID 1200 PITTSBURGH ST.   PITTSBURGH     2000       2007       100.0 %     10,908       10,908     $ 248,609      
504
  CONNELSVILLE, PA   RITE AID
100 MEMORIAL BLVD
  PITTSBURGH     1999       2007       100.0 %     10,908       10,908     $ 312,181      
505
  E. NORRITON, PA   KMART PLAZA
2692 DEKALB PIKE
  PHILADELPHIA     1975/1997       1/2       100.0 %     173,876       179,376     $ 1,243,864     K MART(2010), BIG LOTS(2010)
506
  ERIE, PA (PEACH)   PEACH STREET SQUARE (I)
1902 KEYSTONE DRIVE
  ERIE     1995/1998/2003       1       100.0 %     557,769       679,074     $ 4,901,748     LOWE’S(2015), PETSMART(2015), CIRCUIT CITY(2020), KOHL’S(2016), WAL-MART(2015), CINEMARK(2011), HOME DEPOT(NOT OWNED)
507
  ERIE, PA(BUFFALO RD)   RITE AID (BUFFALO ROAD)
4145 BUFFALO ROAD
  ERIE     1999       2007       100.0 %     10,908       10,908     $ 230,486      
508
  ERIE, PA(EAST 26TH ST)   RITE AID (EAST 26TH ST)
404 EAST 26TH STREET
  ERIE     1999       2007       100.0 %     10,908       10,908     $ 260,047      
509
  ERIE, PA(EAST 6TH)   RITE AID (EAST 6TH ST)
353 EAST 6TH STREET
  ERIE     1999       2007       100.0 %     10,908       10,908     $ 266,969      
510
  ERIE, PA(MARKET)   ERIE MARKETPLACE
6660-6750 PEACH STREET
  ERIE     2003       2003       14.5 %     107,537       238,387     $ 1,090,395     MARSHALLS(2013), BED BATH & BEYOND(2013), BABIES R US(2014), TARGET(NOT OWNED)

Page 41 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
511
  ERIE, PA(PEACH ST)   RITE AID (PEACH ST) 5440 PEACH ST.   ERIE     2000       2007       100.0 %     10,908       10,908     $ 336,691      
512
  ERIE, PA(RITE AID)   RITE AID (WEST 26TH ST) 2923 WEST 26TH ST.   ERIE     1999       2007       100.0 %     10,908       10,908     $ 332,311      
513
  ERIE, PA(WEST 12TH)   RITE AID (WEST 12TH ST)
2184 WEST 12TH ST
  ERIE     1999       2007       100.0 %     10,908       10,908     $ 373,661      
514
  HOMESTEAD, PA   WATERFRONT MARKET AMITY / 149 W. BRIDGE STREET   PITTSBURGH     2003       2007       15.0 %     764,824       969,824     $ 11,582,557     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)
515
  IRWIN, PA   RITE AID
3550 ROUTE 130
  PITTSBURGH     1999       2007       100.0 %     10,908       10,908     $ 262,741      
516
  KING OF PRUSSIA, PA   OVERLOOK AT KING OF PRUSSIA
301 GODDARD BLVD
  PHILADELPHIA     2002       2007       15.0 %     105,615       186,980     $ 4,855,050     UNITED ARTISTS THEATRE(2025), NORDSTROM RACK(2012), BEST BUY(2017)
517
  MONACA, PA   TOWNSHIP MARKETPLACE
115 WAGNER ROAD
  PITTSBURGH     1999/2004       2003       14.5 %     298,589       298,589     $ 2,825,671     LOWE’S(2017), CINEMARK(2019), CIRCUIT CITY (2019)
518
  MONROEVILLE, PA   RITE AID (WM PENN HWY)
4111 WILLIAM PENN HWY
  PITTSBURGH     1998       2007       100.0 %     12,738       12,738     $ 484,028      
519
  MONROEVILLE, PA(RITE AID)   RITE AID (MONROEVILLE BLVD)
2604 MONROEVILLE BLVD
  PITTSBURGH     1999       2007       100.0 %     10,908       10,908     $ 295,339      
520
  MT. NEBO, PA   MT. NEBO POINTE MT NEBO ROAD & LOWRIES RUN ROAD   PITTSBURGH     2005       1       10.0 %     99,447       362,832     $ 1,674,277     SPORTSMAN’S WAREHOUSE(2020), SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)
521
  NEW CASTLE, PA   RITE AID
31 NORTH JEFFERSON STREET
  NEW CASTLE     1999       2007       100.0 %     10,908       10,908     $ 261,740      
522
  PITTSBURGH, PA   RITE AID (GOLDEN MILE HWY)
1804 GOLDEN MILE HWY
  PITTSBURGH     1999       2007       100.0 %     10,908       10,908     $ 326,940      
523
  PITTSBURGH, PA (SAW MILL)   RITE AID (SAW MILL RUN BLVD)
2501 SAW MILL RUN BLVD
  PITTSBURGH     1999       2007       100.0 %     10,908       10,908     $ 342,233      

Page 42 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
524
  POTTSTOWN, PA   KMART SHOPPING CENTER
2200 EAST HIGH STREET
  PITTSBURGH     1973       2008       25.3 %     84,180       84,180     $ 275,000     K MART(2009)
525
  WILLOW GROVE, PA   KMART SHOPPING CENTER
2620 MORELAND ROAD
  PHILADELPHIA     1973       2008       25.3 %     94,500       94,500     $ 341,125     K MART(2009)
 
  PUERTO RICO                                                            
526
  ARECIBO, PR (ATLANTICO)   PLAZA DEL ATLANTICO PR # KM 80.3   ARECIBO     1980/1993       2005       100.0 %     215,451       224,950     $ 3,349,300     K MART(2013), CAPRI DEL ATLANTICO(2013)
527
  BAYAMON, PR (PLAZA DEL SOL)   PLAZA DEL SOL
RD PR#29 & PR#167, HATO TEJAS
  SAN JUAN     1998/2003/2004       2005       100.0 %     526,397       675,618     $ 16,775,363     WAL-MART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)
528
  BAYAMON, PR (REXVILLE PLAZA)   REXVILLE PLAZA PR #167, KM 18.8   SAN JUAN     1980/2002       2005       100.0 %     126,023       132,309     $ 1,582,759     PUEBLO XTRA(2009), TIENDAS CAPRI(2013)
529
  BAYAMON, PR (RIO HONDO)   PLAZA RIO HONDO
PR#22, PR#167
  SAN JUAN     1982/2001       2005       100.0 %     466,499       531,801     $ 12,538,308     TIENDAS CAPRI(2009), BEST BUY(2021), K MART(2013), PUEBLO XTRA(2012), RIO HONDO CINEMAS(2023), MARSHALLS(2015)
530
  CAROLINA, PR (PLAZA ESCORIAL)   PLAZA ESCORIAL CARRETERA #3, KM 6.1   SAN JUAN     1997       2005       100.0 %     420,462       636,332     $ 7,727,368     OFFICE MAX(2015), WAL-MART(2024), PLAZA ESCORIAL CINEMAS(2019), BORDERS(2017), OLD NAVY(2009), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED)
531
  CAYEY, PR (PLAZA CAYEY)   PLAZA CAYEY
STATE ROAD #1 & PR #735
  CAYEY     1999/2004       2005       100.0 %     261,126       339,840     $ 3,129,639     WAL-MART(2021), PLAZA CAYEY CENTRO CINEMA(2018)
532
  FAJARDO, PR (PLAZA FAJARDO)   PLAZA FAJARDO
ROAD PR #3 INT PR #940
  FAJARDO     1992       2005       100.0 %     245,319       251,319     $ 4,138,990     WAL-MART(2012), PUEBLO XTRA (2012)
533
  GUAYAMA, PR (PLAZA WAL-MART)   PLAZA WAL-MART ROAD PR #3 KM 135.0   GUAYAMA     1994       2005       100.0 %     163,598       163,598     $ 1,689,989     WAL-MART(2018)
534
  HATILLO, PR (PLAZA DEL NORTE)   PLAZA DEL NORTE ROAD#2 KM 81.9   ARECIBO     1992       2005       100.0 %     509,049       671,283     $ 9,485,526     SEARS(2014), TOYS R US(2018), J.C. PENNEY(2012), WAL-MART(2012)
535
  HUMACAO, PR (PALMA REAL)   PLAZA PALMA REAL STATE ROAD #3, KM 78.20   HUMACAO     1995       2005       100.0 %     340,608       436,614     $ 6,602,793     PEP BOYS(2015), J.C. PENNEY(2019), CAPRI STORES(2011), WAL-MART(2020), OFFICE MAX (2018)
536
  ISABELA, PR (PLAZA ISABELA)   PLAZA ISABELA
STATE ROAD #2 & # 454
  ISABELA     1994       2005       100.0 %     238,410       259,016     $ 3,648,537     COOP(2014), WAL-MART(2019)

Page 43 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
537
  SAN GERMAN, PR (CAMINO REAL)   CAMINO REAL
STATE ROAD PR #122
  SAN GERMAN     1991       2005       100.0 %     22,356       49,172     $ 339,950     PEP BOYS(2015)
538
  SAN GERMAN, PR (DEL OESTE)   PLAZA DEL OESTE
ROAD PR #2 INT PR #122
  SAN GERMAN     1991       2005       100.0 %     174,172       184,746     $ 2,393,899     K MART(2016), PUEBLO XTRA(2011)
539
  SAN JUAN, PR (SENORIAL PLAZA)   SENORIAL PLAZA
PR #53 & PR #177
  SAN JUAN   1978/Mutiple     2005       100.0 %     168,664       209,124     $ 2,514,573     K MART(2010), PUEBLO XTRA(2015)
540
  VEGA BAJA, PR (PLZ VEGA BAJA)   PLAZA VEGA BAJA
ROAD PR #2 INT PR #155
  VEGA BAJA     1990       2005       100.0 %     180,488       184,938     $ 1,827,410     K MART(2015), PUEBLO XTRA(2010)
 
  RHODE ISLAND                                                            
541
  MIDDLETOWN, RI   MIDDLETOWN VILLAGE
1315 WEST MAIN ST
  PROVIDENCE     2003       2007       100.0 %     98,161       98,161     $ 1,170,198     BARNES & NOBLE(2019), MICHAEL’S(2018)
542
  WARWICK, RI   WARWICK CENTER
1324 BALD HILL ROAD
  PROVIDENCE     2004       2007       15.0 %     159,958       159,958     $ 2,596,165     DICK’S SPORTING GOODS(2018), LINENS ‘N THINGS(2014), BARNES & NOBLE(2018), DSW SHOE WAREHOUSE(2014)
 
  SOUTH CAROLINA                                                            
543
  AIKEN, SC (EXCHANGE)   AIKEN EXCHANGE
WHISKEY ROAD & BROOK HAVEN DRIVE
  GREENVILLE     2004       2007       15.0 %     101,558       226,558     $ 334,334     PETSMART(2019), TARGET(NOT OWNED)
544
  ANDERSON, SC (CENTRAL)   ANDERSON CENTRAL
651 HWY 28 BYPASS
  GREENVILLE     1999       2007       15.0 %     223,211       223,211     $ 1,415,807     WAL-MART(2019)
545
  ANDERSON, SC (NORTH HILL)   NORTH HILL COMMONS
3521 CLEMSON BLVD
  GREENVILLE     2000       2007       15.0 %     43,149       168,149     $ 431,962     MICHAEL’S(2013), TARGET(NOT OWNED)
546
  CAMDEN, SC   SPRINGDALE PLAZA
1671 SPRINGDALE DRIVE
  CAMDEN     1990/2000       1993       100.0 %     180,127       363,405     $ 1,325,890     STEVE & BARRY’S(2014), BELK(2015), WAL-MART SUPER CENTER(NOT OWNED)
547
  CHARLESTON, SC   ASHLEY CROSSING (I)
2245 ASHLEY CROSSING DRIVE
  CHARLESTON     1991       2003       100.0 %     188,883       196,048     $ 718,772     FOOD LION(2011)
548
  COLUMBIA, SC (STATION)   COLUMBIANA STATION OEA
HARBISON BLVD & BOWE R PARKWAY
  COLUMBIA     1999       2007       15.0 %     375,998       558,765     $ 4,390,781     CIRCUIT CITY(2020), DICK’S SPORTING GOODS(2016), MICHAEL’S(2010), PETSMART(2015), H.H. GREGG APPLIANCES(2015)
549
  COLUMBIA, SC (TARGET)   TARGET SUPER CENTER (I) 10204 TWO NOTCH RD.   COLUMBIA     2002       2007       15.0 %     83,400       208,400     $ 507,275     MICHAEL’S(2012), LINENS ‘N THINGS(2012), TARGET(NOT OWNED)

Page 44 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
550
  COLUMBIA, SC(HARBISON)   HARBISON COURT
HARBISON BLVD
  COLUMBIA     1991       2002       14.5 %     236,765       296,254     $ 2,867,638     BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE DEPOT(2011), BABIES ‘R’ US #8890(NOT OWNED)
551
  CONWAY, SC   GATEWAY PLAZA
2701 CHURCH STREET
  MYRTLE BEACH     2002       2007       100.0 %     62,428       62,428     $ 603,147     GOODY’S(2017)
552
  EASLEY, SC   CENTER POINTE PLAZA (II)
CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD
  GREENVILLE     2004       2007       20.0 %     72,287       187,287     $ 646,147     PUBLIX SUPER MARKETS(2023), HOME DEPOT(NOT OWNED)
553
  FORT MILL, SC   RITE AID
2907 W HWY 160
  GAFFNEY     2002       2007       100.0 %     13,824       13,824     $ 309,853      
554
  GAFFNEY, SC   RITE AID
1320 W FLOYD BAKER BLVD
  GREENVILLE     2003       2007       100.0 %     13,818       13,818     $ 291,984      
555
  GREENVILLE, SC (RITE AID)   RITE AID
3679 AUGUSTA ROAD
  GREENVILLE     2001       2007       100.0 %     10,908       10,908     $ 283,423      
556
  GREENVILLE, SC(SUPER WAL-MART)   WAL-MART SUPERCENTER
1451 WOODRUFF ROAD
  GREENVILLE     1998       2007       100.0 %     200,084       200,084     $ 1,272,534     WAL-MART(2018)
557
  GREENVILLE, SC(THE POINT)   THE POINT
1140 WOODRUFF ROAD
  GREENVILLE     2005       2007       20.0 %     104,641       104,641     $ 1,740,547     WHOLE FOODS(2026), CIRCUIT CITY(2021)
558
  GREENWOOD, SC   NORTHSIDE PLAZA (BI-LO)
US HIGHWAY 25 & NORTHSIDE DRIVE
  GREENWOOD     1999       2007       100.0 %     41,581       41,581     $ 334,437     BI-LO(2019)
559
  LEXINGTON, SC   LEXINGTON PLACE
US HWY 378 AND OLD CHEROKEE ROAD
  COLUMBIA     2003       2007       100.0 %     83,167       215,167     $ 860,236     ROSS DRESS FOR LESS(2014), T.J. MAXX(2013), PUBLIX(NOT OWNED), KOHL’S(NOT OWNED)
560
  MT. PLEASANT, SC   WANDO CROSSING
1500 HIGHWAY 17 NORTH
  CHARLESTON     1992/2000       1995       100.0 %     209,720       325,817     $ 2,252,759     CIRCUIT CITY(2018), OFFICE DEPOT(2010), T.J. MAXX(2013), MARSHALLS(2011), WAL-MART(NOT OWNED)
561
  MT. PLEASANT, SC (BI-LO)   BI-LO AT SHELMORE
672 HWY 17 BY-PASS
  CHARLESTON     2002       2007       100.0 %     64,368       64,368     $ 920,894     BI-LO(2023)
562
  MYRTLE BEACH, SC   THE PLAZA AT CAROLINA FOREST
3735 RENEE DRIVE
  MYRTLE BEACH     1999       2007       20.0 %     116,657       116,657     $ 1,635,597     KROGER(2010)
563
  N. CHARLESTON, SC   NORTH POINTE PLAZA
7400 RIVERS AVENUE
  CHARLESTON     1989/2001       2       100.0 %     294,471       344,471     $ 2,045,156     WAL-MART(2009), OFFICE MAX(2009)

Page 45 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
564
  N. CHARLESTON, SC(N CHARL CTR)   NORTH CHARLESTON CENTER
5900 RIVERS AVE
  CHARLESTON     1980/1993       2004       100.0 %     235,501       235,501     $ 1,176,869     NORTHERN TOOL(2016), BIG LOTS(2009), HOME DECOR LIQUIDATORS (2012)
565
  ORANGEBURG, SC   NORTH ROAD PLAZA
2795 NORTH ROAD
  COLUMBIA     1994/1999       1995       100.0 %     50,760       247,434     $ 557,113     GOODY’S(2013), WAL-MART(NOT OWNED)
566
  PIEDMONT, SC   RITE AID
915 ANDERSON STREET
  GREENVILLE     2000       2007       100.0 %     10,908       10,908     $ 181,052      
567
  SIMPSONVILLE, SC   FAIRVIEW STATION
621 FAIRVIEW ROAD
  GREENVILLE     1990       1994       100.0 %     142,086       142,086     $ 884,511     INGLES(2011), KOHL’S(2015)
568
  SPARTANBURG, SC (BLACKSTOCK)   RITE AID (W O EZELL BLVD) 1510 W.O. EZELL BLVD   SPARTANBURG     2001       2007       100.0 %     10,908       10,908     $ 271,599      
569
  SPARTANBURG, SC (NORTHPOINT)   NORTHPOINT MARKETPLACE
8642-8760 ASHEVILLE HIGHWAY
  SPARTANBURG     2001       2007       100.0 %     102,252       102,252     $ 632,252     INGLES(2021)
570
  SPARTANBURG, SC (RITE AID)   RITE AID (N PINE ST) 780 N. PINE STREET   SPARTANBURG     2002       2007       100.0 %     10,908       10,908     $ 283,656      
571
  TAYLORS, SC   NORTH HAMPTON MARKET
6019 WADE HAMPTON (AKA GREER, SC)
  GREENVILLE     2004       2007       20.0 %     114,935       171,545     $ 1,136,896     HOBBY LOBBY(2019), TARGET(NOT OWNED)
572
  TAYLORS, SC (HAMPTON)   HAMPTON POINT
3033 WADE HAMPTON BL
  GREENVILLE     1993       2007       100.0 %     58,316       58,316     $ 452,337     BI-LO(2018)
573
  WOODRUFF, SC   RITE AID
121 N MAIN STREET
  CHARLESTON     2002       2007       100.0 %     13,824       13,824     $ 288,178      
 
  SOUTH DAKOTA                                                            
574
  WATERTOWN, SD   WATERTOWN MALL
1300 9TH AVENUE
  SPARTANBURG     1977       1/2       100.0 %     240,262       282,262     $ 1,359,451     DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2014), J.C. PENNEY(2013), HY VEE SUPERMARKET(NOT OWNED)
 
  TENNESSEE                                                            
575
  BRENTWOOD, TN   COOL SPRINGS POINTE I-65 AND MOORE’S LANE   BRENTWOOD     1999/2004       2000       14.5 %     201,414       201,414     $ 2,596,494     BEST BUY(2014), ROSS DRESS FOR LESS(2015), LINENS ‘N THINGS(2014), DSW SHOE WAREHOUSE(2009)
576
  CHATTANOOGA, TN   OVERLOOK AT HAMILTON PLACE
2288 GUNBARREL ROAD
  CHATTANOOGA     1992/2004       2003       100.0 %     207,244       207,244     $ 1,783,269     BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)

Page 46 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
577
  COLUMBIA, TN   COLUMBIA SQUARE
845 NASHVILLE HWY
  COLUMBIA     1993       2003       10.0 %     68,948       68,948     $ 458,900     KROGER(2022)
578
  FARRAGUT, TN   FARRAGUT POINTE
11132 KINGSTON PIKE
  KNOXVILLE     1991       2003       10.0 %     71,311       71,311     $ 470,938     FOOD CITY(2011)
579
  GOODLETTSVILLE, TN   NORTHCREEK COMMONS
101-139 NORTHCREEK BLVD
  NASHVILLE     1987       2003       20.0 %     84,441       84,441     $ 731,093     KROGER(2012)
580
  HENDERSONVILLE, TN   LOWE’S HOME IMPROVEMENT CENTER TN HENDERSONVILLE   NASHVILLE     1999       2003       100.0 %     133,144       133,144     $ 1,222,439     LOWE’S(2019)
581
  JACKSON, TN   WEST TOWNE COMMONS
41 STONEBROOK PLACE
  JACKSON     1992       2007       20.0 %     62,925       62,925     $ 579,341     KROGER(2020)
582
  JOSHNSON CITY, TN   JOSHNSON CITY MARKETPLACE
FRANKLIN & KNOB CREEK ROADS
  JOSHNSON CITY     2005       2003       100.0 %     11,749       99,997     $ 531,918     KOHL’S(2026)
583
  KNOXVILLE, TN   PAVILION OF TURKEY CREEK (I)
10936 PARKSIDE DRIVE
  KNOXVILLE     2001       2007       15.0 %     280,776       478,814     $ 3,554,727     ROSS DRESS FOR LESS(2014), OFFICE MAX(2017), LINENS ‘N THINGS(2017), OLD NAVY(2011), GOODY’S(2015), TARGET(NOT OWNED), WAL-MART(NOT OWNED)
584
  KNOXVILLE, TN (TOWN)   TOWN & COUNTRY COMMONS (I)
NORTH PETERS ROAD & TOWN & COUNTRY CIRCL
  KNOXVILLE     1985/1997       2007       15.0 %     637,537       637,537     $ 6,268,660     GOODY’S(2013), JO-ANN STORES(2013), CIRCUIT CITY(2014), STAPLES(2019), BEST BUY(2019), FOOD CITY(2026), LOWE’S(2017), CARMIKE CINEMAS(2020), DICK’S SPORTING GOODS(2017)
585
  MEMPHIS, TN(AMERICAN)   AMERICAN WAY
4075 AMERICAN WAY
  MEMPHIS     1988       2007       20.0 %     121,222       121,222     $ 898,648     KROGER(2020)
586
  MORRISTOWN, TN   CROSSROADS SQUARE
130 TERRACE LANE
  MORRISTOWN     2004       2007       20.0 %     65,000       70,000     $ 610,500     T.J. MAXX(2014)
587
  MURFREESBORO, TN(TOWNE)   TOWNE CENTRE
OLD FORT PARKWAY
  MURFREESBORO     1998       2003       14.5 %     108,023       390,645     $ 1,367,278     T.J. MAXX(2010), BOOKS-A-MILLION(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)
588
  NASHVILLE, TN   WILLOWBROOK COMMONS
61 EAST THOMPSON LN
  NASHVILLE     2005       2007       20.0 %     93,600       93,600     $ 773,755     KROGER(2029)
589
  NASHVILLE, TN (BELLEVUE)   BELLEVUE PLACE
7625 HIGHWAY 70 S
  NASHVILLE     2003       2007       15.0 %     77,180       192,180     $ 859,950     MICHAEL’S(2012), BED BATH & BEYOND(2012), HOME DEPOT(NOT OWNED)
590
  NASHVILLE, TN (MARKET)   THE MARKETPLACE
CHARLOTTE PIKE
  NASHVILLE     1998       2003       14.5 %     167,795       367,879     $ 1,647,480     LOWE’S(2019), WAL MART(NOT OWNED)

Page 47 of 54


 

     
Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
591
  OAKLAND, TN   OAKLAND MARKET PLACE
7265 US HWY 64
  MEMPHIS     2004       2007       20.0 %     64,600       64,600     $ 420,847     KROGER(2028)
 
  TEXAS                                                            
592
  ALLEN, TX   WATTERS CREEK
BETHANY ROAD
  DALLAS     2008       1       10.0 %     195,777       199,807     $ 3,740,922     UNITED MARKET STREET(2028), BORDERS (2018)
593
  AUSTIN, TX (TECH RIDGE)   THE SHOPS AT TECH RIDGE
CENTER RIDGE DRIVE
  AUSTIN     2003       2003       25.8 %     282,798       530,434     $ 3,576,347     ROSS DRESS FOR LESS(2014), TOYS R US(2014), HOBBY LOBBY(2018), BEST BUY(2017), SUPER TARGET(NOT OWNED)
594
  BAYTOWN, TX (LOWE’S)   LOWE’S HOME IMPROVEMENT 5002 GARTH ROAD   HOUSTON     1998       2007       100.0 %     125,357       125,357     $ 873,828     LOWE’S(2015)
595
  CARROLTON, TX (CVS 7440)   CVS PHARMACY
TRINITY MILLS AND MARSH RD
  DALLAS     1997       2007       100.0 %     9,504       9,504     $ 185,188      
596
  COLONY, TX (CVS 6982)   CVS PHARMACY
6749 MAIN STREET
  DALLAS     1997       2007       100.0 %     9,504       9,504     $ 171,576      
597
  FORT WORTH, TX (CVS 6794)   CVS PHARMACY (JACKSBORO HWY)
2706 JACKSBORO HWY
  DALLAS     1997       2007       100.0 %     10,908       10,908     $ 239,783      
598
  FORT WORTH, TX (CVS 7785)   CVS PHARMACY (SYCAMORE SCHOOL)
4551 SYCAMORE SCHOOL ROAD
  DALLAS     1997       2007       100.0 %     9,504       9,504     $ 149,248      
599
  FRISCO, TX   FRISCO MARKETPLACE
7010 PRESTON ROAD
  DALLAS     2003       2003       14.5 %     20,959       107,543     $ 747,220     KOHL’S(2023)
600
  GARLAND, TX   GARLAND PLAZA
3265 BROADWAY BLVD
  DALLAS     1994       2007       100.0 %     70,576       70,576     $ 0      
601
  GRAND PRAIRIE, TX   KROGER
2525 WEST INTERSTATE 20
  DALLAS     1998       2007       100.0 %     60,835       60,835     $ 433,615     KROGER(2018)
602
  HOUSTON, TX   LOWE’S HOME IMPROVEMENT 19935 KATY FREEWAY   HOUSTON     1998       2007       100.0 %     131,644       131,644     $ 917,000     LOWE’S(2017)
603
  IRVING, TX   MACARTHUR MARKETPLACE
MARKET PLACE BOULEVARD
  DALLAS     2004       2003       14.5 %     146,941       598,651     $ 2,099,919     KOHL’S(2021), HOLLYWOOD THEATERS(2016), OFFICE MAX(2014), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)

Page 48 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
604
  LAKE WORTH, TX   CVS PHARMACY
6640 LAKE WORTH BLVD
  DALLAS     1997       2007       100.0 %     9,504       9,504     $ 161,809      
605
  LEWISVILLE, TX(LAKEPOINTE)   LAKEPOINTE CROSSINGS
S STEMMONS FREEWAY
  DALLAS     1991       2002       14.5 %     314,639       571,902     $ 2,818,954     99 CENTS ONLY STORE(2009), PETSMART(2009), BEST BUY(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), GARDEN RIDGE(NOT OWNED), TOYS R’ US(NOT OWNED)
606
  MCKINNEY, TX   MCKINNEY MARKETPLACE
US HWY 75 & EL DORADO PKWY
  DALLAS     2000       2003       14.5 %     118,967       183,810     $ 1,168,953     KOHL’S(2021), ALBERTSON’S(NOT OWNED)
607
  MESQUITE, TX   MARKETPLACE AT TOWNE CENTER
SOUTHBOUND FRONTAGE RD I 635
  DALLAS     2001       2003       14.5 %     170,625       378,775     $ 2,191,134     PETSMART(2017), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), KOHL’S(NOT OWNED), HOME DEPOT(NOT OWNED)
608
  NORTH RICHLAND HILLS, TX   CVS PHARMACY 4808 DAVIS BLVD.   DALLAS     1997       2007       100.0 %     10,908       10,908     $ 237,324      
609
  PASADENA, TX   KROGER JUNCTION
2619 RED BLUFF ROAD
  HOUSTON     1984       2007       20.0 %     80,753       80,753     $ 445,279     KROGER(2020)
610
  PLANO, TX   CVS PHARMACY 6401 W. PARKER RD.   DALLAS     1997       2007       100.0 %     10,908       10,908     $ 226,188      
611
  RICHARDSON, TX (CVS 6967)   CVS PHARMACY (E BUCKINGHAM RD) 1425 E. BUCKINGHAM ROAD   DALLAS     1997       2007       100.0 %     10,560       10,560     $ 210,210      
612
  RICHARDSON, TX (CVS 6974)   CVS PHARMACY (ARAPAHO BLVD) 2090 ARAPAHOE BLVD.   DALLAS     1997       2007       100.0 %     10,560       10,560     $ 206,585      
613
  RIVER OAKS, TX   CVS PHARMACY 531 RIVER OAKS BLVD.   DALLAS     1997       2007       100.0 %     10,908       10,908     $ 240,972      
614
  ROWLETT, TX   ROWLETT PLAZA
8800 LAKEVIEW PKWY
  DALLAS     1995/2001       2007       100.0 %     63,117       63,117     $ 0      
615
  SAN ANTONIO, TX (INGRAM)   INGRAM PARK (MERVYNS)
6157 NW LOOP 410
  SAN ANTONIO     1985       2005       50.0 %     76,597       76,597     $ 447,830     MERVYN’S(2020)
616
  SAN ANTONIO, TX (N. BANDERA)   BANDERA POINTE (NORTH)
STATE LOOP 1604/BANDERA ROAD
  SAN ANTONIO     2001/2002       1       100.0 %     278,815       888,005     $ 4,535,232     LOWE’S(2020), T.J. MAXX(2011), LINENS ‘N THINGS, #594(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), CREDIT UNION(NOT OWNED), CHUCK E CHEESE(NOT OWNED), TARGET(NOT OWNED)

Page 49 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
617
  SAN ANTONIO, TX (STONE OAK)   VILLAGE AT STONE OAK
22610 US HWY 281 NORTH
  SAN ANTONIO     2007       1       100.0 %     305,824       480,824     $ 4,505,554     HOBBY LOBBY (2022), T.J. MAXX (2017), TARGET (NOT OWNED)
618
  SAN ANTONIO, TX (WESTOVER)   WESTOVER MARKETPLACE
SH 151 @ LOOP 410
  SAN ANTONIO     2005       1       10.0 %     216,737       522,937     $ 3,234,597     PETSMART(2016), OFFICE DEPOT(2016), SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), TARGET(NOT OWNED), LOWES(NOT OWNED)
619
  SAN ANTONIO, TX(TERRELL)   TERRELL PLAZA
1201 AUSTIN HWY
  SAN ANTONIO     1958/1986       2007       50.0 %     167,613       167,613     $ 1,140,754     ALAMO WORKFORCE(2008), BIG LOTS(2010)
620
  TYLER, TX   CVS PHARMACY 1710 W. GENTRY PKWY   TYLER     1997       2007       100.0 %     9,504       9,504     $ 134,773      
621
  WICHITA FALLS, TX (CVS 6841)   CVS PHARMACY (SOUTHWEST PKWY)
3601 OLD JACKSBORO HIGHWAY
  WICHITA FALLS     1997       2007       100.0 %     9,504       9,504     $ 188,502      
622
  WICHITA FALLS, TX (CVS 6978)   CVS PHARMACY (OLD JACKSBORO)
4600 SOUTHWEST PKWY
  WICHITA FALLS     1997       2007       100.0 %     9,504       9,504     $ 164,568      
 
  UTAH                                                            
623
  MIDVALE, UT (FT. UNION I & II)   FC AT FORT UNION (I & II)
900 EAST FT UNION BLVD
  SALT LAKE CITY     1973/2000       1998       100.0 %     641,957       641,957     $ 7,993,056     BABIES R US(2014), OFFICE MAX(2012), SMITH’S FOOD & DRUG(2024), MEDIA PLAY(2016), BED BATH & BEYOND(2014), WAL-MART(2015), ROSS DRESS FOR LESS(2016), MICHAEL’S(2017)
624
  OGDEN, UT   FC AT OGDEN 5-POINTS
21-129 HARRISVILLE ROAD
  SALT LAKE CITY     1977       1998       100.0 %     162,316       162,316     $ 715,654     HARMONS(2012)
625
  OREM, UT   FC AT OREM
1300 SOUTH STREET
  SALT LAKE CITY     1991       1998       100.0 %     150,667       281,931     $ 1,677,708     TOYS R US(2011), MEDIA PLAY(2015), OFFICE DEPOT(2008), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED)
626
  RIVERDALE, UT (NORTH)   FC AT RIVERDALE (NORTH)
1050 WEST RIVERDALE ROAD
  SALT LAKE CITY     1995/2003       1998       100.0 %     593,398       596,198     $ 4,995,099     MACY’S(2011), OFFICE MAX(2010), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET(2017), MEDIA PLAY(2009), CIRCUIT CITY(2016)
627
  RIVERDALE, UT (WEBER)   FC AT RIVERDALE (EAST)
1050 WEST RIVERDALE ROAD
  SALT LAKE CITY     2005       1       100.0 %     46,597       397,360     $ 476,421     JO-ANN STORES(2015), SAM’S CLUB(NOT OWNED), SUPER WALMART(NOT OWNED)
628
  SALT LAKE CITY, UT (33RD)   THE FAMILY PLACE AT 3300 SOUTH
3300 SOUTH STREET
  SALT LAKE CITY     1978       1998       100.0 %     34,209       34,209     $ 216,409      

Page 50 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
629
  TAYLORSVILLE, UT (NORTH)   FC AT TAYLORSVILLE (NORTH)
5600 SOUTH REDWOOD
  SALT LAKE CITY     1982/2003       1998       100.0 %     697,630       772,130     $ 6,291,794     SHOPKO(2014), JO-ANN STORES(2015), GART SPORTS(2017), 24 HOUR FITNESS(2017), PETSMART(2018), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2014), MEDIA PLAY(2009), HARMONS SUPERSTORE(NOT OWNED)
 
  VERMONT                                                            
630
  BERLIN, VT   BERLIN MALL 282 BERLIN MALL RD., UNIT #28   BERLIN     1986/1999       2       100.0 %     174,624       174,624     $ 1,508,464     WAL-MART(2014), J.C. PENNEY(2009)
 
  VIRGINIA                                                            
631
  CHESTER, VA   BERMUDA SQUARE
12607-12649 JEFFERSON DAVIS
  RICHMOND     1978       2003       100.0 %     116,310       116,310     $ 1,386,934     UKROP’S(2008)
632
  FAIRFAX, VA   FAIRFAX TOWNE CENTER
12210 FAIRFAX TOWNE CENTER
  FAIRFAX     1994       1995       14.5 %     253,298       253,298     $ 4,152,355     SAFEWAY(2019), T.J. MAXX(2009), BED BATH & BEYOND(2010), UNITED ARTISTS THEATRE(2014)
633
  GLEN ALLEN, VA   CREEKS AT VIRGINIA CENTER
9830-9992 BROOK ROAD
  RICHMOND     2002       2007       15.0 %     266,308       266,308     $ 3,887,814     BARNES & NOBLE(2011), CIRCUIT CITY(2022), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017)
634
  LYNCHBURG, VA (CANDLERS)   CANDLERS STATION
3700 CANDLERS MOUNTAIN ROAD
  LYNCHBURG     1990       2003       100.0 %     270,765       337,765     $ 2,115,733     CINEMARK(2015), CIRCUIT CITY(2009), STAPLES(2013), T.J. MAXX(2011), STEVE & BARRY’S(2014), TOYS R US (NOT OWNED)
635
  LYNCHBURG, VA (WARDS CROSSING)   WARD’S CROSSING WARDS ROAD AND WARDS FERRY ROAD   LYNCHBURG     2001       2007       15.0 %     80,937       265,937     $ 1,161,822     BED BATH & BEYOND(2013), MICHAEL’S(2011), TARGET(NOT OWNED), DICK’S(NOT OWNED), PETSMART(NOT OWNED)
636
  MARTINSVILLE, VA   LIBERTY FAIR MALL
240 COMMONWEALTH BOULEVARD
  MARTINSVILLE     1989/1997       1/2       50.0 %     435,057       479,256     $ 2,816,092     GOODY’S(2008), BELK(2012), J.C. PENNEY(2009), SEARS(2009), OFFICE MAX(2012), KROGER(2017)
637
  MIDLOTHIAN, VA (CHESTERFIELD)   CHESTERFIELD CROSSINGS
HIGHWAY 360 & WARBRO ROAD
  MIDLOTHIAN     2000       2007       15.0 %     79,802       319,802     $ 1,115,922     BEN FRANKLIN CRAFTS(2015), WAL-MART(NOT OWNED)
638
  MIDLOTHIAN, VA (COMMONWEALTH)   COMMONWEALTH CENTER
4600-5000 COMMONWEALTH CENTER PARKWAY
  RICHMOND     2002       2007       15.0 %     165,413       165,413     $ 2,223,830     STEIN MART(2011), MICHAEL’S(2011), BARNES & NOBLE(2012)
639
  NEWPORT NEWS, VA (DENBIGH)   DENBIGH VILLAGE
WARWICK BLVD AND DENBIGH BLVD
  NORFOLK     1998/2006       2007       100.0 %     324,450       340,950     $ 2,566,421     BURLINGTON COAT FACTORY(2013), KROGER(2017)

Page 51 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
640
  NEWPORT NEWS, VA (JEFFERSON)   JEFFERSON PLAZA
121 JEFFERSON AVENUE
  NORFOLK     1999       2007       15.0 %     47,341       182,341     $ 320,486     COSTCO(NOT OWNED)
641
  RICHMOND, VA(DOWNTOWN)   DOWNTOWN SHORT PUMP
11500-900 WEST BROAD STREET
  RICHMOND     2000       2007       100.0 %     126,055       239,873     $ 2,566,596     BARNES & NOBLE(2011), REGAL CINEMAS(2021)
642
  SPRINGFIELD, VA(LOISDALE)   LOISDALE CENTER
6646 LOISDALE ROAD
  WASHINGTON     1999       2007       100.0 %     120,742       120,742     $ 2,469,392     BARNES & NOBLE(2015), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2015), CIRCUIT CITY(2020)
643
  SPRINGFIELD, VA(SPRING MALL)   SPRING MALL CENTER
6717 SPRING MALL RD
  WASHINGTON     1995/2001       2007       100.0 %     56,511       56,511     $ 998,611     MICHAEL’S(2010), TILE SHOP (2018)
644
  STERLING, VA   CASCADE MARKETPLACE
NEC OF CASCADES PKWY & ROUTE 7
  WASHINGTON     1998       2007       100.0 %     101,606       101,606     $ 1,525,945     STAPLES(2008), SPORTS AUTHORITY(2016)
645
  VIRGINIA BEACH, VA   KROGER PLAZA
1800 REPUBLIC DRIVE
  NORFOLK     1997       2007       20.0 %     63,324       81,574     $ 237,488     KROGER(2020)
646
  WAYNESBORO, VA   WAYNESBORO COMMONS
109 LEE DEWITT BLVD
  LYNCHBURG     1993       2007       20.0 %     52,415       52,415     $ 386,910     KROGER(2018)
647
  WINCHESTER, VA   APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY   WINCHESTER     1990/1997       2       20.0 %     240,560       242,686     $ 2,463,124     MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2013)
648
  WYTHEVILLE, VA   WYTHEVILLE COMMONS
215-295 COMMONWEALTH DRIVE
  WYTHEVILLE     2004       2007       15.0 %     90,239       415,239     $ 1,039,010     GOODY’S(2016), LOWES(NOT OWNED), SUPER WALMART(NOT OWNED)
 
  WASHINGTON                                                            
649
  KIRKLAND, WA (TOTEM LKS UPPER)   TOTEM LAKE MALLS (UPPER)
TOTEM LAKES BOULEVARD
  SEATTLE     1999/2004       2004       20.0 %     253,867       279,221     $ 2,232,000     GUITAR CENTER(2009), ROSS DRESS FOR LESS(2015)
650
  OLYMPIA, WA   CIRCUIT CITY
2815 CAPITAL MALL DR SW
  OLYMPIA     1998       2007       100.0 %     35,776       35,776     $ 443,929     CIRCUIT CITY(2018)
 
  WEST VIRGINIA                                                            
651
  BARBOURSVILLE, WV   BARBOURSVILLE CENTER
5-13 MALL ROAD
  HUNTINGTON     1985       1998       100.0 %     70,900       133,396     $ 198,950     DISCOUNT EMPORIUM(2006), VALUE CITY(NOT OWNED)
652
  MORGANTOWN, WV   GLENMARK CENTER
INTERSTATE 68 AND PIERPONT ROAD
  MORGANTOWN     1999/2000       2007       100.0 %     111,278       383,725     $ 1,221,290     SHOP ‘N SAVE(2009), MICHAEL’S(2011)

Page 52 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
653
  WEIRTON, WV   RITE AID
1360 COVE ROAD
  PITTSBURGH     2000       2007       100.0 %     10,908       10,908     $ 221,870      
 
  WISCONSIN                                                            
654
  BROOKFIELD, WI (SW)   SHOPPERS WORLD BROOKFIELD (I)
NORTH 124TH STREET AND WEST CA
  MILWAUKEE     1967       2003       14.5 %     182,722       190,142     $ 1,441,665     T.J. MAXX(2010), MARSHALLS MEGA STORE(2009), OFFICE MAX(2010), BURLINGTON COAT FACTORY(2012)
655
  BROWN DEER, WI (CENTER)   BROWN DEER CENTER
NORTH GREEN BAY ROAD
  MILWAUKEE     1967       2003       14.5 %     266,716       266,716     $ 2,033,559     KOHL’S(2023), MICHAEL’S(2012), OFFICE MAX(2010), T.J. MAXX(2012), OLD NAVY(2012)
656
  BROWN DEER, WI (MARKET)   MARKETPLACE OF BROWN DEER
NORTH GREEN BAY ROAD
  MILWAUKEE     1989       2003       14.5 %     143,372       143,372     $ 1,184,414     MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2010)
657
  MILWAUKEE, WI   POINT LOOMIS
SOUTH 27TH STREET
  MILWAUKEE     1962       2003       100.0 %     160,533       160,533     $ 707,569     KOHL’S(2012), PICK ‘N SAVE(2012)
658
  OSHKOSH, WI   WALGREENS 950 S. KOEHLER ST   APPLETON     2005       2007       100.0 %     13,905       13,905     $ 305,910      
659
  RACINE, WI   VILLAGE CENTER (OP) WASHINGTON AVE. VILLAGE CENTER DR.   RACINE     2003       2007       20.0 %     227,887       227,887     $ 2,463,787     JEWEL(2022), KOHL’S(2023)
660
  WEST ALLIS, WI(WEST)   WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108   MILWAUKEE     1968       2003       100.0 %     246,081       259,981     $ 1,463,410     KOHL’S(2018), MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2013)
 
  BRAZIL                                                            
661
  BRASILIA(FEDERAL DISTRICT)   PATIO BRASIL SHOPPING
SCS QUADRA 07 BL A
  BRASILIA     1997/2001       2006       5.0 %     397,082       429,267     $ 14,900,237     LOJAS AMERICANAS(2999), OTOCH(2008), RIACHUELO(2017), RENNER(2011), CENTAURO(2008)
662
  CAMPINAS (SAO PAULO)   PARQUE DOM PEDRO / AV. GUILHERME CAMPOS, 500   CAMPINAS     2001       2006       48.7 %     1,328,332       1,357,855     $ 30,908,589     LOJAS AMERICANAS(2014), CASAS BAHIA(2011), CENTAURO(2012), PET CENTER MARGINAL(2010), MARISA(2016), STAR BOWLING(2008), BIG(2017), ETNA(2015), ALPINI VEICULOS(2012), VENTUNO MULTIMARCAS(2008), PERNAMBUCANAS(2012), FORMULA ACADEMIA(2014), RIACHUELO(2012), ZARA(2014), RENNER(2014), FNAC(2012), MULTIPLEX P.D.PEDRO(2012)
663
  FRANCA(SAO PAULO)   FRANCA SHOPPING AV. RIO NEGRO, 1100   SAO PAULO     1993       2006       30.6 %     198,987       198,987     $ 2,178,509     C&A(2016), CASAS BAHIA(2009), MAGAZINE LUIZA(2010), LOJAS AMERICANAS(2014), C&C(2011)

Page 53 of 54


 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2008
PROPERTY LIST
                                                                 
                YEAR           DDR’S           OWNED &   TOTAL    
                DEVELOPED/   YEAR   EFFECTIVE           MANAGED   ANNUALIZED    
    LOCATION   CENTER NAME/ADDRESS   MSA   REDEVELOPED   ACQUIRED   INTEREST   OWNED GLA   GLA   BASE RENT   ANCHOR TENANTS (LEASE EXPIRATION)
 
664
  SAO BERNARDO DO CAMPO (SAO PAU(METROP)   SHOPPING METROPOLE
PRACA SAMUEL SABATINE, 200
  FRANCA     1980/95/97       2006       39.4 %     288,116       288,116     $ 9,630,406     LOJAS AMERICANAS(2008), RENNER(2008)
665
  SAO PAULO BOAVISTA (SAO PAULO)   BOAVISTA SHOPPING
RUA BORBA GATO, 59
  SAO PAULO     2004       2006       47.4 %     279,146       279,146     $ 3,962,927     C&A(2014), MARISA & FAMILIA(2014), AMERICANAS EXPRESS(2017), SONDA(2999)
666
  SAO PAULO CAMPO LIMPO (SAO PAULO)   CAMPO LIMPO SHOPPING
ESTRADA DO CAMPO LIMPO 459
  SAO PAULO     2005       2006       9.5 %     280,904       280,904     $ 4,260,522     C&A(2016), MARISA(2016), COMPRE BEM(2012), CASAS BAHIA(2011)
667
  SAO PAULO PENHA (SAO PAULO)   SHOPPING PENHA
RUA DR JOAO RIBEIRO, 304
  SAO PAULO     1992/2004       2006       34.7 %     327,167       327,167     $ 7,390,785     MARISA(2017), MAGAZINE LUIZA(2013), SONDA(2014), LOJAS AMERICANAS(2013), KALUNGA(2010), C&A(2014)
668
  SAO PAULO PLAZA (SAO PAULO)   PLAZA SUL
PRACA LEONOR KAUPA
  SAO PAULO     1994       2006       14.2 %     249,265       295,557     $ 10,647,180     LOJAS AMERICANAS(2011), LUIGI BERTOLLI(2008), CAMICADO(2010), MONDAY ACADEMIA(2009), RENNER(2010)
669
  SAO PAULO TIVOLI (SAO PAULO)   TIVOLI SHOPPING AV. SANTA BARBARA, 777   SAO PAULO     1993/2006       2006       14.2 %     268,331       268,331     $ 3,875,121     LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2013), C&A(2016), C&C(2011), PAULISTAO(2016)
 
  NOTES:           GRAND TOTALS                     109,398,475       144,842,664     $ 1,321,167,980      
    PROPERTY LIST DOES NOT INCLUDE SERVICE MERCHANDISE INTERESTS.                                                        
    PR0PERTIES DEVELOPED BY THE COMPANY ARE DENOTED WITH A “1.”                                                        
    PR0PERTIES INCLUDED IN THE COMPANY’S IPO ARE DENOTED WITH A “2.”                                                        

Page 54 of 54

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