8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GuuFB7VSF9P0E7sC9L/BBRyBE04cVSwXUiwGscR3Egq3c5VhpZaa5lnVJWoV+Nxb 8fJfxIhuUDrr1Atn3QNG2A== 0000950152-09-001649.txt : 20090223 0000950152-09-001649.hdr.sgml : 20090223 20090223090824 ACCESSION NUMBER: 0000950152-09-001649 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20090223 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090223 DATE AS OF CHANGE: 20090223 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: 09626698 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 l35486ae8vk.htm 8-K 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) February 23, 2009

DEVELOPERS DIVERSIFIED REALTY CORPORATION

(Exact name of registrant as specified in its charter)


Ohio	1-11690	34-1723097

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


3300 Enterprise Parkway, Beachwood, Ohio		44122

(Address of principal executive offices)		(Zip Code)

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

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

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

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

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

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

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

TABLE OF CONTENTS


Item 2.02 Results of Operations and Financial Condition
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

Item 2.02 Results of Operations and Financial Condition.

On February 23, 2009, 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 months and year ended December 31, 2008. Among other things, the News Release reports a net loss of $1.57 and $0.83 per diluted share for the three months and year ended December 31, 2008, respectively, as compared to net income of $0.27 and $1.85 per diluted share for the three months and year ended December 31, 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 December 31, 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 February 23, 2009.

99.2		Quarterly financial supplement dated as of February 23, 2009.

99.3		Property list as of February 23, 2009.

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 February 23, 2009		/S/ Christa A. Vesy

		Christa A. Vesy
		Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX


Exhibit
No.		Description
99.1		News release dated as of February 23, 2009.

99.2		Quarterly financial supplement dated as of February 23, 2009.

99.3		Property list as of December 31, 2008.

EX-99.1 2 l35486aexv99w1.htm EX-99.1 EX-99.1

Exhibit 99.1

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


Contact:	Scott A. Wolstein	Francine Glandt
	Chairman and	Vice President of Capital Markets and Treasurer
	Chief Executive Officer	216-755-5500
	216-755-5500	FGlandt@ddr.com

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $3.29 FOR THE YEAR ENDED DECEMBER 31, 2008 BEFORE NON-
RECURRING GAINS AND LOSSES

CLEVELAND, OHIO, February 23, 2009 - 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 fourth quarter and year ended December 31, 2008.

	•		The Company’s fourth quarter operating Funds From Operations (“FFO”) was $0.74 per share after adjusting for the $216.3 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.4 million.

			FFO and net income for the three-month period ended December 31, 2008, reflected $216.3 million, or $1.78 per share, of net charges, primarily non cash, summarized as follows (in millions):


Consolidated non-cash impairment charges	$	79.9
Non-cash termination of an equity award plan		15.8
Abandoned projects, transaction costs and other expenses		20.8
Non-cash impairment charges on equity investments		107.0
Impairment charges and other expense recorded in equity income (loss) from joint ventures		8.5
Loss on sale of discontinued operations		3.0
Effect of above charges allocated to minority interest		(18.7	)

	$	216.3

	•		FFO applicable to common shareholders for the three-month period ended December 31, 2008 was a loss of $114.9 million or a loss of $0.95 per diluted share which compares to FFO income of $100.0 million or $0.82 per diluted share for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended December 31, 2008 was $190.2 million or a loss of $1.57 per diluted share which compares to net income of $32.2 million or $0.27 per diluted share for the prior-year comparable period.

	•		The Company’s operating FFO for the year was $3.29 per share after adjusting for the $225.6 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.6 million.

			FFO and net income for the year ended December 31, 2008, reflected $225.6 million, or $1.86 per share, of net charges, primarily non cash, summarized as follows (in millions):


Consolidated non-cash impairment charges	$	79.9
Non-cash termination of an equity award plan		15.8
Abandoned projects, transaction costs and other expenses		28.3
Non-cash impairment charges on equity investments		107.0
Impairment charges and other expense recorded in equity income (loss) from joint ventures		4.6
Loss on sale of discontinued operations		8.7
Effect of above charges allocated to minority interest		(18.7	)

	$	225.6

	•		FFO applicable to common shareholders for the year ended December 31, 2008 was $183.8 million, or $1.52 per diluted share which compares to $465.0 million or $3.79 per diluted share in 2007. For the year ended December 31, 2008, net loss applicable to common shareholders was $100.0 million or $0.83 per diluted share which compares to net income of $225.1 million or $1.85 per diluted share in 2007. The decrease in FFO and net income per share for the year ended December 31, 2008, is primarily related to the charges described above for the three-month period and a reduction in the amount of transactional income recognized in 2008, primarily related to gains on disposition of real estate that occurred in 2007, as described below.

	•		Executed leases during the fourth quarter totaled approximately 1.9 million square feet, including 105 new leases and 204 renewals.

	•		On a cash basis, base rental rates increased 10.0% on new leases, 2.7% on renewals and 4.0% overall.

	•		Core portfolio leased percentage at December 31, 2008 was 92.2%.

	•		Same store net operating income (“NOI”) for the year increased 1.7% over the prior-year comparable period.

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “I am pleased to announce this quarter’s operating results, which have proven to be relatively resilient despite the severe economic challenges. We continue to see consumers shift their shopping habits to value-oriented retailers, which make up a large percentage of our portfolio. We are very proud of our leasing team’s ability to execute leases in this challenging environment, reflected by nearly 2 million square feet of executed leases this quarter.

While our financial results were lowered by significant impairment charges and certain other non-recurring charges, our core operating results were in line with expectations and continue to display relative stability as we weather these unprecedented economic challenges. We made progress in the fourth quarter, but are extremely focused on further improving our liquidity and lowering leverage.”

Financial Results:

Net loss applicable to common shareholders was $190.2 million, or $1.57 per share (diluted and basic), for the three-month period ended December 31, 2008, as compared to net income of $32.2 million, or $0.27 per share (diluted and basic), for the prior year comparable period.

For the three-month period ended December 31, 2008, FFO per share was a loss of $0.95 (diluted and basic) compared to income of $0.82 (diluted and basic) for the prior-year comparable period. FFO applicable to common shareholders was a loss of $114.9 million for the three-month period ended December 31, 2008, as compared to FFO income of $100.0 million for the three-month period ended December 31, 2007.

Net loss applicable to common shareholders was $100.0 million, or $0.83 per share (diluted and basic), for the year ended December 31, 2008, as compared to net income of $225.1 million, or $1.85 per share (diluted) and $1.86 per share (basic), for the previous year. The decrease in net income for the year ended December 31, 2008, is primarily the result of non-cash impairment charges recorded relating to the Company’s consolidated real estate assets as well as its unconsolidated joint venture investments aggregating $169.2 million, net of amounts applicable to minority interests, a non-cash charge of $15.8 million related to the termination of an equity award plan and costs incurred of $28.3 million related to abandoned projects, transaction costs and other non recurring/one time expenses partially offset by a gain on the repurchase of the Company’s senior notes of $11.6 million and lower transactional income earned compared to the same period in 2007 (gains on disposition of real estate of approximately $79 million and promoted income from joint venture interests of approximately $14.3 million in 2007) relating to the transfer of 62 assets to unconsolidated joint venture interests and the sale of 67 assets to third parties.

For the years ended December 31, 2008 and 2007, FFO per share was $1.52 (diluted and basic) and $3.79 (diluted) and $3.80 (basic), respectively. FFO applicable to common shareholders was $183.8 million for the year ended December 31, 2008, as compared to $465.0 million for the year ended December 31, 2007. The decrease in FFO for the year ended December 31, 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 three-month period ended December 31, 2008 highlight continued strong leasing activity throughout the portfolio:

•

Executed 105 new leases aggregating approximately 0.5 million square feet and 204 renewals aggregating approximately 1.4 million square feet.

	•		On a cash basis, rental rates on new leases increased 10.0% and rental rates on renewals increased 2.7%. Overall, rental rates for new leases and renewals increased 4.0%.

	•		Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of December 31, 2008 was $12.43, as compared to $12.33 at December 31, 2007.

	•		Core portfolio leased rate was 92.2% as of December 31, 2008, as compared to 96.0% at December 31, 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:

The Company sold 11 shopping center properties, aggregating 0.4 million square feet for approximately $35.6 million and recognized a net loss of approximately $3.0 million in the fourth quarter of 2008. An additional seven assets were sold in the first quarter of 2009 for approximately $65.8 million of which a portion of the proceeds will be allocable to minority partners.

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

Owned

Net Cost

Initial Anchor

Location

GLA

($ Millions)

Opening *

Description

Ukiah (Mendocino), California **

228,943

66.9

2H 11

Mixed Use

Guilford, Connecticut

137,527

48.0

2H 10

Lifestyle Center

Miami (Homestead), Florida

272,610

79.7

2H 08

Community Center

Miami, Florida

391,351

148.8

2H 06

Mixed Use

Boise (Nampa), Idaho

431,689

126.7

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

26.7

2H 09

Community Center

Boston, Massachusetts (Seabrook, New Hampshire)

210,855

54.5

2H 10

Community Center

Elmira (Horseheads), New York

350,987

55.0

1H 07

Community Center

Raleigh (Apex), North Carolina (Promenade)

72,830

16.9

2H 09

Community Center

Austin (Kyle), Texas **

443,092

77.2

2H 09

Community Center

Total

2,596,227

700.4


*		1H = First Half, 2H = Second Half; either actual or anticipated

**		Consolidated 50% Joint Venture

At December 31, 2008, approximately $472.6 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 venture partners intend to commence construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is available, including several international projects.

Unconsolidated Joint Venture Development:

The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At December 31, 2008, approximately $479.7 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

TBD

Community Center

Detroit (Bloomfield Hills), Michigan

10.0%

623,782

189.8

TBD

Lifestyle Center

Dallas (Allen), Texas

10.0%

797,665

171.2

1H 08

Lifestyle Center

Manaus, Brazil

47.4%

477,630

98.2

1H 09

Enclosed Mall

Total

2,057,709

502.9


*		1H = First Half, 2H = Second Half; either actual or anticipated; TBD= to be determined.

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 $106.9 million. At December 31, 2008, approximately $76.6 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

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 $154.2 million, which includes original acquisition costs related to assets acquired for redevelopment. At December 31, 2008, approximately $116.7 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	%	Large-scale re-development of enclosed mall to open-air format
Los Angeles (Lancaster), California		21	%	Relocate Wal-Mart and redevelop former Wal-Mart space
Benton Harbor, Michigan		20	%	Construct 89,000 square feet of anchor space and retail shops

Dividends:

The Company’s board of directors has approved the payment of DDR’s first quarter dividend in a combination of cash and shares of the Company’s common stock. The Company intends to limit the aggregate amount of cash payable to shareholders in the dividend to 10% of the total dividend paid. This new payout initiative is a part of the Company’s strategy to further enhance liquidity and maximize free cash flow and maintain its REIT status.

Financings:

The Company’s joint venture in Brazil obtained 8.5% fixed-rate, twelve-year financing of R$112 million for the development in Manaus, Brazil. In addition, during the fourth quarter, the Company refinanced a $19 million development loan for a consolidated joint venture with a new loan of approximately $30 million at an interest rate of LIBOR plus 300 bps, which matures in January 2010.

In the fourth quarter of 2008, the Company purchased approximately $66.9 million face amount of its outstanding senior notes at a discount to par resulting in a gain of approximately $11.4 million. Additionally, during January 2009, the Company purchased an additional $10 million of senior notes. In January 2009, the Company repaid in full approximately $227 million of its senior notes upon maturity primarily with borrowings under its revolving credit facility.

Equity Issuances:

The Company sold approximately 8.6 million of its common shares in December 2008, generating net proceeds of approximately $43 million in the aggregate through its continuous equity program. Substantially, all net proceeds have been used to repay debt.

Developers Diversified Realty Corporation currently owns and manages over 710 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada, totaling approximately 157 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 Francine Glandt, Vice President of Capital Markets and Treasurer, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 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 , significant downsizing of or bankruptcy 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-month period and year ended December 31, 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 Period						Year Ended
	Ended December 31,						December 31,
	2008			2007			2008			2007
Revenues:
Minimum rents (A)	$	156,158		$	157,870		$	628,664		$	635,415
Percentage and overage rents (A)		4,267			5,066			9,414			10,540
Recoveries from tenants		47,269			51,009			198,919			203,126
Ancillary and other property income		6,460			5,505			22,294			19,518
Management, development and other fee income		15,588			15,934			62,890			50,840
Other (B)		1,457			161			9,291			13,697

		231,199			235,545			931,472			933,136

Expenses:
Operating and maintenance (C)		40,340			37,790			146,346			131,409
Real estate taxes		27,610			25,617			110,773			107,428
Impairment charges (D)		79,864			—			79,864			—
Termination of equity award plan (E)		15,837			—			15,837			—
General and administrative (E)		20,275			20,940			81,882			81,244
Depreciation and amortization		65,085			53,358			242,032			214,445

		249,011			137,705			676,734			534,526

Other income (expense):
Interest income		2,682			1,045			5,473			8,772
Interest expense		(61,790	)		(63,789	)		(244,212	)		(258,149	)
Gain on repurchase of senior notes		11,351			—			11,552			—
Abandoned projects and transaction costs (D)		(11,519	)		—			(12,433	)		—
Other expenses (F)		(9,273	)		(2,344	)		(15,819	)		(3,019	)

		(68,549	)		(65,088	)		(255,439	)		(252,396	)

(Loss) income before equity in net (loss) 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		(86,361	)		32,752			(701	)		146, 214
Equity in net (loss) income of joint ventures (G)		(4,205	)		9,343			17,719			43,229
Impairment of joint venture investments (D)		(106,957	)		—			(106,957	)		—
Minority interests (H)		17,053			(2,013	)		11,188			(18,218	)
Income tax benefit (expense) of taxable REIT subsidiaries and Franchise taxes (I)		2,351			(633	)		17,434			14,669

(Loss) income from continuing operations		(178,119	)		39,449			(61,317	)		185,894
(Loss) income from discontinued operations (J)		(2,117	)		(1,795	)		(3,421	)		21,302

(Loss) income before gain on disposition of real estate		(180,236	)		37,654			(64,738	)		207,196
Gain on disposition of real estate, net of tax		594			5,137			6,962			68,851

Net (loss) income	$	(179,642	)	$	42,791		$	(57,776	)	$	276,047

Net (loss) income applicable to common shareholders	$	(190,209	)	$	32,224		$	(100,045	)	$	225,113

Funds From Operations (“FFO”):
Net (loss) income applicable to common shareholders	$	(190,209	)	$	32,224		$	(100,045	)	$	225,113
Depreciation and amortization of real estate investments		63,603			53,577			236,344			214,396
Equity in net loss (income) of joint ventures (I)		4,205			(9,343	)		(17,719	)		(43,229	)
Joint ventures’ FFO (I)		7,433			21,949			68,355			84,423
Minority interests (OP Units) (J)		—			569			1,145			2,275
Loss (gain) on disposition of depreciable real estate		77			1,057			(4,244	)		(17,956	)

FFO applicable to common shareholders		(114,891	)		100,033			183,836			465,022
Preferred dividends		10,567			10,567			42,269			50,934

FFO	$	(104,324	)	$	110,600		$	226,105		$	515,956

Per share data:
(Loss) earnings per common share
Basic	$	(1.57	)	$	0.27		$	(0.83	)	$	1.86

Diluted	$	(1.57	)	$	0.27		$	(0.83	)	$	1.85

Dividends Declared	$	—		$	0.66		$	2.07		$	2.64

Funds From Operations — Basic (K)	$	(0.95	)	$	0.82		$	1.52		$	3.80

Funds From Operations — Diluted (K)	$	(0.95	)	$	0.82		$	1.52		$	3.79

Basic — average shares outstanding		121,019			120,786			119,843			120,879

Diluted — average shares outstanding		121,019			121,103			119,987			121,497

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

(A)

Base and percentage rental revenues for the year ended December 31, 2008, as compared to the prior year, decreased $7.9 million, primarily due to the disposition of properties in 2008 and 2007 to joint venture interests and third parties aggregating $29.0 million. Partially offsetting this decrease were the following increases in base and percentage rental revenues: an increase of $3.3 million relating to the core portfolio properties (an increase of 0.6% over the comparable period in 2007), $17.8 million from the acquisition of assets and the merger with IRRETI, $3.8 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the Company’s business centers. Included in rental revenues for the years ended December 31, 2008 and 2007, is approximately $8.0 million and $12.1 million, respectively, of revenue resulting from the recognition of straight-line rents.

(B)

Other income for the three-month periods and years ended December 31, 2008 and 2007 was comprised of the following (in millions):


	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2008		2007		2008		2007
Acquisition fees	$	—	$	0.1	$	—	$	6.4
Lease termination fees		0.8		0.1		6.3		5.0
Financing fees		0.1		—		2.0		1.5
Other miscellaneous		0.6		—		1.0		0.8

	$	1.5	$	0.2	$	9.3	$	13.7

(C)

Included in operating and maintenance expenses is bad debt expense aggregating $8.5 million and $2.4 million relating to the three-month periods ended December 31, 2008 and 2007, respectively. Fourth quarter 2008 bad debt expense includes the write off of $4.1 million of straight-line rents relating to Mervyns, of which 50% is allocable to minority interest. For the years ended December 31, 2008 and 2007, bad debt expense was $18.7 million and $9.0 million or 2% and 1% of total revenues, respectively.

(D)

Due to the continued deterioration of the U.S. capital markets and the lack of liquidity and the related impact on the real estate market and retail industry, during the fourth quarter of 2008, the Company recorded impairment charges on several consolidated real estate investments, including both operating shopping centers and land under development, to the extent the book basis of the asset was in excess of the estimated fair market value. As discussed below, some of these charges are allocable to minority interest thereby providing a partial offset. In addition, the Company determined that several of its unconsolidated joint venture investments suffered an “Other than Temporary Impairment.” The Company recorded approximately $107.0 million of impairment charges associated with certain of its joint venture investments in accordance with Accounting Principles Board Opinion No. 18, “The Equity Method of Accounting for Investment in Common Stock.” The provisions of this opinion require that a loss in value of an investment under the equity method of accounting which is an other than “temporary” decline must be recognized. The Company also wrote off costs related to abandoned development projects as well as costs incurred for transactions that are not expected to close.

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

(E)

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 years ended December 31, 2008 and 2007, general and administrative expenses were approximately 5.2% and 4.5%, respectively, of total revenues, including joint venture revenues. For the year ended December 31, 2008, the Company recorded a non-cash charge of approximately $15.8 million related to the termination of a supplemental equity award plan. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the year ended December 31, 2008. For the year ended December 31, 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 year ended December 31, 2007.

(F)

Other expense primarily relates to a reserve associated with a mezzanine notes receivable as well as litigation costs related to a potential liability associated with a legal verdict. The accrual for the legal verdict was established in the third quarter of 2008.

(G)

The following is a summary of the combined operating results of the Company’s joint ventures:


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2008			2007			2008			2007
Revenues from operations (a)	$	231,716		$	237,654		$	946,340		$	812,630


Operating expense		82,682			84,547			328,875			272,277
Impairment charges (b)		3,887			—			3,887			—
Depreciation and amortization of real estate investments		65,929			57,825			241,652			193,032
Interest expense		82,572			79,543			307,580			269,405

		235,070			221,915			881,994			734,714

Income (loss) from operations before tax benefit (expense) and discontinued operations		(3,354	)		15,739			64,346			77,916
Income tax (expense) benefit		(3,485	)		2,664			(15,479	)		(4,839	)
(Loss) gain on disposition of real estate		(18	)		1,399			(67	)		94,386
(Loss) income from discontinued operations, net of tax		(10	)		75			105			(784	)
Income (loss) on disposition of discontinued operations, net of tax		7,364			(12	)		7,364			2,516
Other expense, net (c)		(47,791	)		—			(31,318	)		—

Net (loss) income	$	(47,294	)	$	19,865		$	24,951		$	169,195

DDR ownership interests (d)	$	(5,482	)	$	10,017		$	17,335		$	44,537


FFO from joint ventures are summarized as follows:

Net income	$	(47,294	)	$	19,865		$	24,951		$	169,195
Loss (gain) on disposition of real estate, including discontinued operations		(7,364	)		228			(7,350	)		(91,111	)
Depreciation and amortization of real estate investments		65,928			57,919			241,651			193,437

	$	11,270		$	78,012		$	259,252		$	271,521

DDR ownership interests (d)	$	7,433		$	21,949		$	68,355		$	84,423

DDR joint venture distributions received, net (e)	$	24,467		$	17,323		$	65,957		$	97,104

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


(a)		Revenues for the three-month periods ended December 31, 2008 and 2007 included approximately $0.7 million and $2.7 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was not material and $0.4 million, respectively. Revenues for the years ended December 31, 2008 and 2007 included approximately $6.3 million and $9.3 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.8 million and $1.4 million, respectively.

(b)		Impairment charges aggregating $3.9 million were recorded at two joint ventures related to assets under contract expected to be sold in the first half of 2009 of which the Company’s share was $0.5 million.

(c)		Includes non-cash impairment charges and loss on sale of assets of which the Company’s share aggregated $2.4 million. Also includes the effects of certain derivative instruments that are marked to market through earnings from the Company’s equity investment in Macquarie DDR Trust aggregating approximately $45.9 million and $29.4 million of loss for the three-month period and year ended December 31, 2008, respectively, of which the Company’s share was approximately $5.6 million and $1.7 million of loss, respectively.

(d)		The Company’s share of joint venture net income was increased by $1.2 million and decreased by $0.6 million for the three-month periods ended December 31, 2008 and 2007, respectively. The Company’s share of joint venture net income was increased by $0.4 million and decreased by $1.2 million for the years ended December 31, 2008 and 2007, respectively. These adjustments relate to basis differences impacting amortization and depreciation and gain on dispositions. During the year ended December 31, 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 December 31, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 329 and 317 shopping center properties, respectively.

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

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

(H) Minority interests are comprised of the following:


	Three-Month Period					Year Ended
	Ended December 31,					December 31,
	2008		2007			2008			2007
Minority equity interests	$	17,053	$	(1,444	)	$	12,333		$	(6,253	)
Operating partnership units		—		(569	)		(1,145	)		(2,275	)
Preferred operating partnership units		—		—			—			(9,690	)

	$	17,053	$	(2,013	)	$	11,188		$	(18,218	)

The $17.1 million and $12.3 million of income from minority interests for the three-month period and year ended December 31, 2008, respectively, is primarily related to asset impairment charges and the write off of straight-line rent relating to the DDR MDT MV LLC (Mervyns), a consolidated joint venture, of which the Company has a 50% interest.

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.

(I)

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.

(J)

The operating results relating to assets classified as discontinued operations are summarized as follows:


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2008			2007			2008			2007
Revenues	$	1,334		$	3,765		$	12,182		$	40,554


Expenses:
Operating		—			780			3,990			11,708
Interest, net		241			918			2,331			10,308
Depreciation		210			2,718			4,342			9,929
Minority interest		—			80			110			(434	)

Total expenses		451			4,496			10,773			31,511

Income (loss) before (loss) gain on disposition of real estate		883			(731	)		1,409			9,043
(Loss) gain on disposition of real estate, net		(3,000	)		(1,064	)		(4,830	)		12,259

Net (loss) income	$	(2,117	)	$	(1,795	)	$	(3,421	)	$	21,302

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

(K)

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 December 31, 2008 and 2007, respectively, 0.9 million common shares of the Company for the three-month period ended December 31, 2007 (antidilutive at December 31, 2008) and 0.6 million and 0.9 million common shares for the years ended December 31, 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 121.5 million and 122.5 million for the three-month periods ended December 31, 2008 and 2007, respectively, and 121.0 million and 122.7 million for the years ended December 31, 2008 and 2007, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	December 31, 2008 (A)			December 31, 2007 (A)
Assets:
Real estate and rental property:
Land	$	2,073,947		$	2,142,942
Buildings		5,890,332			5,933,890
Fixtures and tenant improvements		262,809			237,117

		8,227,088			8,313,949
Less: Accumulated depreciation		(1,208,903	)		(1,024,048	)

		7,018,185			7,289,901
Construction in progress		879,547			664,926
Assets held for sale		—			5,796

Real estate, net		7,897,732			7,960,623

Investments in and advances to joint ventures		583,767			638,111
Cash		29,494			49,547
Restricted cash (B)		111,792			58,958
Notes receivable		75,781			18,557
Receivables, including straight-line rent, net		164,356			199,354
Other assets, net		155,403			164,666

	$	9,018,325		$	9,089,816


Liabilities:
Indebtedness:
Revolving credit facilities	$	1,027,183		$	709,459
Unsecured debt		2,452,741			2,622,219
Mortgage and other secured debt		2,437,440			2,259,336

		5,917,364			5,591,014
Dividends payable		6,967			85,851
Other liabilities		281,179			285,245

		6,205,510			5,962,110
Minority interests		128,130			128,881
Shareholders’ equity		2,684,685			2,998,825

	$	9,018,325		$	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 formerly occupied by Mervyns, which includes $348.5 and $405.8 million of real estate assets at December 31, 2008 and 2007, respectively, $258.5 million of mortgage debt at December 31, 2008 and 2007, and $70.2 million and $74.6 million of minority equity interest at December 31, 2008 and 2007, respectively. The decrease in real estate assets at MV LLC in 2008 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 and approximately $35.3 million of non-cash impairment charges recorded on these assets in the fourth quarter.

(B)

Restricted cash includes $64.8 million at MV LLC at December 31, 2008. The MV LLC restricted cash is comprised of $23.9 million received from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter, a $33.0 million net capital contribution by the members of MV LLC, and $7.9 million related to a security deposit letter of credit, all of which are required to be held in escrow by the lender. Also included in restricted cash is $47.0 million and $59.0 million at December 31, 2008 and 2007, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.

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:


	December 31, 2008			December 31, 2007
Land	$	2,378,033		$	2,384,069
Buildings		6,353,985			6,253,167
Fixtures and tenant improvements		131,622			101,115

		8,863,640			8,738,351
Less: Accumulated depreciation		(606,530	)		(412,806	)

		8,257,110			8,325,545
Construction in progress		412,357			207,387

Real estate, net		8,669,467			8,532,932
Receivables, including straight-line rent, net		136,410			124,540
Leasehold interests		12,615			13,927
Other assets		315,591			365,925

	$	9,134,083		$	9,037,324


Mortgage debt (a)	$	5,776,897		$	5,551,839
Notes and accrued interest payable to DDR		64,967			8,492
Other liabilities		237,363			201,083

		6,079,227			5,761,414
Accumulated equity		3,054,856			3,275,910

	$	9,134,083		$	9,037,324


(a)		The Company’s proportionate share of joint venture debt aggregated approximately $1,216.1 million and $1,034.1 million at December 31, 2008 and 2007, respectively.

EX-99.2 3 l35486aexv99w2.htm EX-99.2 EX-99.2

Exhibit 99.2

• Property List INVESTOR RELATIONS DEPARTMENT • 3300 ENTERPRISE PARKWAY BEACHWOOD, OHIO 44122 • p. (216) 755-5500 f. (216) 755-1500 • WWW.DDR.COM For the year ended December 31, 2008

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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		4.2
Development Projects		4.3
Development Delivery and Funding Schedules		4.4
Expansion and Redevelopment Projects		4.5
Summary of Recently Developed Assets		4.6
Summary of Recently Expanded and Redeveloped Assets		4.7

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

For Immediate Release:


Contact:	Scott A. Wolstein	Francine Glandt
	Chairman and	Vice President of Capital Markets and Treasurer
	Chief Executive Officer	216-755-5500
	216-755-5500	FGlandt@ddr.com

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $3.29 FOR THE YEAR ENDED DECEMBER 31, 2008 BEFORE NON-
RECURRING GAINS AND LOSSES

	•		The Company’s fourth quarter operating Funds From Operations (“FFO”) was $0.74 per share after adjusting for the $216.3 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.4 million.

			FFO and net income for the three-month period ended December 31, 2008, reflected $216.3 million, or $1.78 per share, of net charges, primarily non cash, summarized as follows (in millions):


Consolidated non-cash impairment charges	$	79.9
Non-cash termination of an equity award plan		15.8
Abandoned projects, transaction costs and other expenses		20.8
Non-cash impairment charges on equity investments		107.0
Impairment charges and other expense recorded in equity income (loss) from joint ventures		8.5
Loss on sale of discontinued operations		3.0
Effect of above charges allocated to minority interest		(18.7	)

	$	216.3

	•		FFO applicable to common shareholders for the three-month period ended December 31, 2008 was a loss of $114.9 million or a loss of $0.95 per diluted share which compares to FFO income of $100.0 million or $0.82 per diluted share for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended December 31, 2008 was $190.2 million or a loss of $1.57 per diluted share which compares to net income of $32.2 million or $0.27 per diluted share for the prior-year comparable period.

	•		The Company’s operating FFO for the year was $3.29 per share after adjusting for the $225.6 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.6 million.

			FFO and net income for the year ended December 31, 2008, reflected $225.6 million, or $1.86 per share, of net charges, primarily non cash, summarized as follows (in millions):


Consolidated non-cash impairment charges	$	79.9
Non-cash termination of an equity award plan		15.8
Abandoned projects, transaction costs and other expenses		28.3
Non-cash impairment charges on equity investments		107.0
Impairment charges and other expense recorded in equity income (loss) from joint ventures		4.6
Loss on sale of discontinued operations		8.7
Effect of above charges allocated to minority interest		(18.7	)

	$	225.6

	•		FFO applicable to common shareholders for the year ended December 31, 2008 was $183.8 million, or $1.52 per diluted share which compares to $465.0 million or $3.79 per diluted share in 2007. For the year ended December 31, 2008, net loss applicable to common shareholders was $100.0 million or $0.83 per diluted share which compares to net income of $225.1 million or $1.85 per diluted share in 2007. The decrease in FFO and net income per share for the year ended December 31, 2008, is primarily related to the charges described above for the three-month period and a reduction in the amount of transactional income recognized in 2008, primarily related to gains on disposition of real estate that occurred in 2007, as described below.

	•		Executed leases during the fourth quarter totaled approximately 1.9 million square feet, including 105 new leases and 204 renewals.

	•		On a cash basis, base rental rates increased 10.0% on new leases, 2.7% on renewals and 4.0% overall.

	•		Core portfolio leased percentage at December 31, 2008 was 92.2%.

	•		Same store net operating income (“NOI”) for the year increased 1.7% over the prior-year comparable period.

Financial Results:

Leasing:

The following results from the three-month period ended December 31, 2008 highlight continued strong leasing activity throughout the portfolio:

•

Executed 105 new leases aggregating approximately 0.5 million square feet and 204 renewals aggregating approximately 1.4 million square feet.

	•		On a cash basis, rental rates on new leases increased 10.0% and rental rates on renewals increased 2.7%. Overall, rental rates for new leases and renewals increased 4.0%.

	•		Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of December 31, 2008 was $12.43, as compared to $12.33 at December 31, 2007.

	•		Core portfolio leased rate was 92.2% as of December 31, 2008, as compared to 96.0% at December 31, 2007.

Dispositions:

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

Owned

Net Cost

Initial Anchor

Location

GLA

($ Millions)

Opening *

Description

Ukiah (Mendocino), California **

228,943

66.9

2H 11

Mixed Use

Guilford, Connecticut

137,527

48.0

2H 10

Lifestyle Center

Miami (Homestead), Florida

272,610

79.7

2H 08

Community Center

Miami, Florida

391,351

148.8

2H 06

Mixed Use

Boise (Nampa), Idaho

431,689

126.7

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

26.7

2H 09

Community Center

Boston, Massachusetts (Seabrook, New Hampshire)

210,855

54.5

2H 10

Community Center

Elmira (Horseheads), New York

350,987

55.0

1H 07

Community Center

Raleigh (Apex), North Carolina (Promenade)

72,830

16.9

2H 09

Community Center

Austin (Kyle), Texas **

443,092

77.2

2H 09

Community Center

Total

2,596,227

700.4


*		1H = First Half, 2H = Second Half; either actual or anticipated

**		Consolidated 50% Joint Venture

At December 31, 2008, approximately $472.6 million of costs were incurred in relation to the Company’s 10 wholly-owned and consolidated joint venture development projects under construction.

Unconsolidated Joint Venture Development:

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

TBD

Community Center

Detroit (Bloomfield Hills), Michigan

10.0%

623,782

189.8

TBD

Lifestyle Center

Dallas (Allen), Texas

10.0%

797,665

171.2

1H 08

Lifestyle Center

Manaus, Brazil

47.4%

477,630

98.2

1H 09

Enclosed Mall

Total

2,057,709

502.9


*		1H = First Half, 2H = Second Half; either actual or anticipated; TBD= to be determined.


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

Unconsolidated Joint Venture Redevelopments and Expansions:


	DDR’s
	Effective
	Ownership
Property	Percentage			Description
Buena Park, California		20	%	Large-scale re-development of enclosed mall to open-air format
Los Angeles (Lancaster), California		21	%	Relocate Wal-Mart and redevelop former Wal-Mart space
Benton Harbor, Michigan		20	%	Construct 89,000 square feet of anchor space and retail shops

Dividends:

Financings:

Equity Issuances:

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


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2008			2007			2008			2007
Revenues:
Minimum rents (A)	$	156,158		$	157,870		$	628,664		$	635,415
Percentage and overage rents (A)		4,267			5,066			9,414			10,540
Recoveries from tenants		47,269			51,009			198,919			203,126
Ancillary and other property income		6,460			5,505			22,294			19,518
Management, development and other fee income		15,588			15,934			62,890			50,840
Other (B)		1,457			161			9,291			13,697

		231,199			235,545			931,472			933,136

Expenses:
Operating and maintenance (C)		40,340			37,790			146,346			131,409
Real estate taxes		27,610			25,617			110,773			107,428
Impairment charges (D)		79,864			—			79,864			—
Termination of equity award plan (E)		15,837			—			15,837			—
General and administrative (E)		20,275			20,940			81,882			81,244
Depreciation and amortization		65,085			53,358			242,032			214,445

		249,011			137,705			676,734			534,526

Other income (expense):
Interest income		2,682			1,045			5,473			8,772
Interest expense		(61,790	)		(63,789	)		(244,212	)		(258,149	)
Gain on repurchase of senior notes		11,351			—			11,552			—
Abandoned projects and transaction costs (D)		(11,519	)		—			(12,433	)		—
Other expenses (F)		(9,273	)		(2,344	)		(15,819	)		(3,019	)

		(68,549	)		(65,088	)		(255,439	)		(252,396	)

(Loss) income before equity in net (loss) 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		(86,361	)		32,752			(701	)		146, 214
Equity in net (loss) income of joint ventures (G)		(4,205	)		9,343			17,719			43,229
Impairment of joint venture investments (D)		(106,957	)		—			(106,957	)		—
Minority interests (H)		17,053			(2,013	)		11,188			(18,218	)
Income tax benefit (expense) of taxable REIT subsidiaries and Franchise taxes (I)		2,351			(633	)		17,434			14,669

(Loss) income from continuing operations		(178,119	)		39,449			(61,317	)		185,894
(Loss) income from discontinued operations (J)		(2,117	)		(1,795	)		(3,421	)		21,302

(Loss) income before gain on disposition of real estate		(180,236	)		37,654			(64,738	)		207,196
Gain on disposition of real estate, net of tax		594			5,137			6,962			68,851

Net (loss) income	$	(179,642	)	$	42,791		$	(57,776	)	$	276,047

Net (loss) income applicable to common shareholders	$	(190,209	)	$	32,224		$	(100,045	)	$	225,113

Funds From Operations (“FFO”):
Net (loss) income applicable to common shareholders	$	(190,209	)	$	32,224		$	(100,045	)	$	225,113
Depreciation and amortization of real estate investments		63,603			53,577			236,344			214,396
Equity in net loss (income) of joint ventures (I)		4,205			(9,343	)		(17,719	)		(43,229	)
Joint ventures’ FFO (I)		7,433			21,949			68,355			84,423
Minority interests (OP Units) (J)		—			569			1,145			2,275
Loss (gain) on disposition of depreciable real estate		77			1,057			(4,244	)		(17,956	)

FFO applicable to common shareholders		(114,891	)		100,033			183,836			465,022
Preferred dividends		10,567			10,567			42,269			50,934

FFO	$	(104,324	)	$	110,600		$	226,105		$	515,956

Per share data:
(Loss) earnings per common share
Basic	$	(1.57	)	$	0.27		$	(0.83	)	$	1.86

Diluted	$	(1.57	)	$	0.27		$	(0.83	)	$	1.85

Dividends Declared	$	—		$	0.66		$	2.07		$	2.64

Funds From Operations — Basic (K)	$	(0.95	)	$	0.82		$	1.52		$	3.80

Funds From Operations — Diluted (K)	$	(0.95	)	$	0.82		$	1.52		$	3.79

Basic — average shares outstanding		121,019			120,786			119,843			120,879

Diluted — average shares outstanding		121,019			121,103			119,987			121,497

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

(A)

(B)

Other income for the three-month periods and years ended December 31, 2008 and 2007 was comprised of the following (in millions):


	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2008		2007		2008		2007
Acquisition fees	$	—	$	0.1	$	—	$	6.4
Lease termination fees		0.8		0.1		6.3		5.0
Financing fees		0.1		—		2.0		1.5
Other miscellaneous		0.6		—		1.0		0.8

	$	1.5	$	0.2	$	9.3	$	13.7

(C)

Included in operating and maintenance expense is bad debt expense aggregating $8.5 million and $2.4 million relating to the three-month periods ended December 31, 2008 and 2007, respectively. Fourth quarter 2008 bad debt expense includes the write off of $4.1 million of straight-line rents relating to Mervyns, of which 50% is allocable to minority interest. For the years ended December 31, 2008 and 2007, bad debt expense was $18.7 million and $9.0 million or 2% and 1% of total revenues, respectively.

(D)

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

(E)

(F)

(G)

The following is a summary of the combined operating results of the Company’s joint ventures:


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2008			2007			2008			2007
Revenues from operations (a)	$	231,716		$	237,654		$	946,340		$	812,630


Operating expense		82,682			84,547			328,875			272,277
Impairment charges (b)		3,887			—			3,887			—
Depreciation and amortization of real estate investments		65,929			57,825			241,652			193,032
Interest expense		82,572			79,543			307,580			269,405

		235,070			221,915			881,994			734,714

Income (loss) from operations before tax benefit (expense) and discontinued operations		(3,354	)		15,739			64,346			77,916
Income tax (expense) benefit		(3,485	)		2,664			(15,479	)		(4,839	)
(Loss) gain on disposition of real estate		(18	)		1,399			(67	)		94,386
(Loss) income from discontinued operations, net of tax		(10	)		75			105			(784	)
Income (loss) on disposition of discontinued operations, net of tax		7,364			(12	)		7,364			2,516
Other expense, net (c)		(47,791	)		—			(31,318	)		—

Net (loss) income	$	(47,294	)	$	19,865		$	24,951		$	169,195

DDR ownership interests (d)	$	(5,482	)	$	10,017		$	17,335		$	44,537


FFO from joint ventures are summarized as follows:

Net income	$	(47,294	)	$	19,865		$	24,951		$	169,195
Loss (gain) on disposition of real estate, including discontinued operations		(7,364	)		228			(7,350	)		(91,111	)
Depreciation and amortization of real estate investments		65,928			57,919			241,651			193,437

	$	11,270		$	78,012		$	259,252		$	271,521

DDR ownership interests (d)	$	7,433		$	21,949		$	68,355		$	84,423

DDR joint venture distributions received, net (e)	$	24,467		$	17,323		$	65,957		$	97,104

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


(a)		Revenues for the three-month periods ended December 31, 2008 and 2007 included approximately $0.7 million and $2.7 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was not material and $0.4 million, respectively. Revenues for the years ended December 31, 2008 and 2007 included approximately $6.3 million and $9.3 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.8 million and $1.4 million, respectively.

(b)		Impairment charges aggregating $3.9 million were recorded at two joint ventures related to assets under contract expected to be sold in the first half of 2009 of which the Company’s share was $0.5 million.

(c)		Includes non-cash impairment charges and loss on sale of assets of which the Company’s share aggregated $2.4 million. Also includes the effects of certain derivative instruments that are marked to market through earnings from the Company’s equity investment in Macquarie DDR Trust aggregating approximately $45.9 million and $29.4 million of loss for the three-month period and year ended December 31, 2008, respectively, of which the Company’s share was approximately $5.6 million and $1.7 million of loss, respectively.

(d)		The Company’s share of joint venture net income was increased by $1.2 million and decreased by $0.6 million for the three-month periods ended December 31, 2008 and 2007, respectively. The Company’s share of joint venture net income was increased by $0.4 million and decreased by $1.2 million for the years ended December 31, 2008 and 2007, respectively. These adjustments relate to basis differences impacting amortization and depreciation and gain on dispositions. During the year ended December 31, 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 December 31, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 329 and 317 shopping center properties, respectively.

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

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

(H) Minority interests are comprised of the following:


	Three-Month Period					Year Ended
	Ended December 31,					December 31,
	2008		2007			2008			2007
Minority equity interests	$	17,053	$	(1,444	)	$	12,333		$	(6,253	)
Operating partnership units		—		(569	)		(1,145	)		(2,275	)
Preferred operating partnership units		—		—			—			(9,690	)

	$	17,053	$	(2,013	)	$	11,188		$	(18,218	)

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.

(I)

(J)

The operating results relating to assets classified as discontinued operations are summarized as follows:


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2008			2007			2008			2007
Revenues	$	1,334		$	3,765		$	12,182		$	40,554


Expenses:
Operating		—			780			3,990			11,708
Interest, net		241			918			2,331			10,308
Depreciation		210			2,718			4,342			9,929
Minority interest		—			80			110			(434	)

Total expenses		451			4,496			10,773			31,511

Income (loss) before (loss) gain on disposition of real estate		883			(731	)		1,409			9,043
(Loss) gain on disposition of real estate, net		(3,000	)		(1,064	)		(4,830	)		12,259

Net (loss) income	$	(2,117	)	$	(1,795	)	$	(3,421	)	$	21,302

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

(K)

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	December 31, 2008 (A)			December 31, 2007 (A)
Assets:
Real estate and rental property:
Land	$	2,073,947		$	2,142,942
Buildings		5,890,332			5,933,890
Fixtures and tenant improvements		262,809			237,117

		8,227,088			8,313,949
Less: Accumulated depreciation		(1,208,903	)		(1,024,048	)

		7,018,185			7,289,901
Construction in progress		879,547			664,926
Assets held for sale		—			5,796

Real estate, net		7,897,732			7,960,623

Investments in and advances to joint ventures		583,767			638,111
Cash		29,494			49,547
Restricted cash (B)		111,792			58,958
Notes receivable		75,781			18,557
Receivables, including straight-line rent, net		164,356			199,354
Other assets, net		155,403			164,666

	$	9,018,325		$	9,089,816


Liabilities:
Indebtedness:
Revolving credit facilities	$	1,027,183		$	709,459
Unsecured debt		2,452,741			2,622,219
Mortgage and other secured debt		2,437,440			2,259,336

		5,917,364			5,591,014
Dividends payable		6,967			85,851
Other liabilities		281,179			285,245

		6,205,510			5,962,110
Minority interests		128,130			128,881
Shareholders’ equity		2,684,685			2,998,825

	$	9,018,325		$	9,089,816

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

(A)

(B)

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:


	December 31, 2008			December 31, 2007
Land	$	2,378,033		$	2,384,069
Buildings		6,353,985			6,253,167
Fixtures and tenant improvements		131,622			101,115

		8,863,640			8,738,351
Less: Accumulated depreciation		(606,530	)		(412,806	)

		8,257,110			8,325,545
Construction in progress		412,357			207,387

Real estate, net		8,669,467			8,532,932
Receivables, including straight-line rent, net		136,410			124,540
Leasehold interests		12,615			13,927
Other assets		315,591			365,925

	$	9,134,083		$	9,037,324


Mortgage debt (a)	$	5,776,897		$	5,551,839
Notes and accrued interest payable to DDR		64,967			8,492
Other liabilities		237,363			201,083

		6,079,227			5,761,414
Accumulated equity		3,054,856			3,275,910

	$	9,134,083		$	9,037,324


(a)		The Company’s proportionate share of joint venture debt aggregated approximately $1,216.1 million and $1,034.1 million at December 31, 2008 and 2007, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)


	Year Ended December 31,
	2008			2007			2006			2005			2004

FUNDS FROM OPERATIONS:
Net (Loss) Income Applicable to Common Shareholders		($100,045)	(6)	$	225,113	(7)	$	198,095		$	227,474		$	219,056
Depreciation and Amortization of Real Estate Investments	$	236,344		$	214,396		$	185,449		$	169,117		$	130,537
Equity in Net Income From Joint Ventures		($17,719	)		($43,229	)		($30,337	)		($34,873	)		($40,896	)
Joint Venture Funds From Operations	$	68,355		$	84,423		$	44,473		$	49,302		$	46,209
Operating Partnership Minority Equity Interest Expense	$	1,145		$	2,275		$	2,116		$	2,916		$	2,607
Cumulative Effect of Adoption of a New Accounting Standard	$	0		$	0		$	0		$	0		$	3,001
Gain on Disposition of Real Estate		($4,244	)		($17,956	)		($21,987	)		($58,834	)		($68,179	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	183,836		$	465,022		$	377,809		$	355,102		$	292,335
PREFERRED DIVIDENDS	$	42,269		$	50,934	(7)	$	55,169		$	55,169		$	50,706

FUNDS FROM OPERATIONS	$	226,105		$	515,957		$	432,978		$	410,271		$	343,041


PER SHARE INFORMATION:
Funds From Operations — Diluted	$	1.52		$	3.79		$	3.41		$	3.21		$	2.95
Net (Loss) Income — Diluted		($0.83	)	$	1.85		$	1.81		$	2.08		$	2.24
Cash Dividends	$	2.07		$	2.64		$	2.36		$	2.16		$	1.94

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		121,030			122,716			110,826			110,700			99,147

TOTAL MARKET CAPITALIZATION (1)	$	7,102,086		$	10,755,742		$	11,869,415		$	9,781,900		$	8,276,943
DEBT TO TOTAL MARKET CAPITALIZATION (1)		83.32	%		51.98	%		35.80	%		39.77	%		32.82	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		59.34	%		56.92	%		54.36	%		52.67	%		45.37	%
DIVIDEND PAYOUT RATIO (1)		63.20	%		69.55	%		68.84	%		66.98	%		67.28	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		5.17	%(8)		4.53	%(9)		4.80	%		4.55	%		4.94	%

GENERAL AND ADMINISTRATIVE EXPENSES	$	97,719	(8)	$	81,244	(9)	$	60,679		$	54,048		$	47,126

REVENUES:
DDR Revenues	$	943,654		$	973,690		$	824,725		$	748,571		$	605,246
Joint Venture Revenues	$	946,340		$	818,029		$	438,885		$	438,103		$	348,740

TOTAL REVENUES (3)	$	1,889,994		$	1,791,719		$	1,263,610		$	1,186,675		$	953,987


NET OPERATING INCOME:
DDR Net Operating Income	$	682,566		$	723,196		$	615,007		$	555,291		$	453,501
Joint Venture Net Operating Income	$	617,465		$	544,732		$	288,699		$	280,617		$	228,358

TOTAL NET OPERATING INCOME (4)	$	1,300,031		$	1,267,928		$	903,706		$	835,907		$	681,859


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	9,106,635		$	8,984,738		$	7,450,693		$	7,029,337		$	5,603,424
Joint Venture Real Estate at Cost	$	9,275,998		$	8,945,738		$	3,939,707		$	3,470,112		$	3,165,335

TOTAL REAL ESTATE AT COST (5)	$	18,382,633		$	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 December 31, 2008 of $1,291.9 million (includes $412.4 million of CIP included in joint ventures, of which $93.0 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)		Includes non-recurring primarily non-cash charges including impairment charges aggregating approximately $186.5 million.

(7)		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.

(8)		Includes approximately $15.8 million of a non-cash charge relating to termination of an equity award plan. Excluding this charge, general and adminstrative expenses were approximately 4.3% of total revenue for the year ended December 31, 2008.

(9)		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 year ended December 31, 2007.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

MARKET CAPITALIZATION & FINANCIAL RATIOS


	Year Ended December 31,
	2008			2007			2006			2005			2004

DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	5,917,365		$	5,591,014		$	4,248,812		$	3,890,709		$	2,716,426
Total Market Capitalization *	$	7,102,086		$	10,755,742		$	11,869,415		$	9,781,900		$	8,276,943

		83.32	%		51.98	%		35.80	%		39.77	%		32.82	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		59.34	%		56.92	%		54.36	%		52.67	%		45.37	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	7,133,493		$	6,625,086		$	4,774,407		$	4,401,169		$	3,137,184
Total Market Capitalization *	$	8,318,215		$	11,789,814		$	12,395,010		$	10,292,361		$	8,697,701

		85.76	%		56.19	%		38.52	%		42.76	%		36.07	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		62.66	%		61.01	%		57.20	%		55.44	%		48.67	%

INTEREST COVERAGE RATIO:
Interest Expense (1)	$	241,125		$	261,002		$	215,438		$	184,281		$	130,447
FFO Before Interest and Preferred Dividends *	$	678,609		$	776,958		$	648,416		$	594,551		$	473,488

		2.81	(2)		2.98			3.01			3.23			3.63

DEBT SERVICE COVERAGE RATIO:
Debt Service * (1)	$	268,222		$	291,585		$	247,464		$	217,434		$	152,927
FFO Before Interest and Preferred Dividends *	$	678,609		$	776,958		$	648,416		$	594,551		$	473,488

		2.53	(2)		2.66			2.62			2.73			3.10

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges (1)	$	310,491		$	337,114		$	302,632		$	272,603		$	203,633
FFO Before Interest and Preferred Dividends *	$	678,609		$	776,958		$	648,416		$	594,551		$	473,488

		2.19	(2)		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	$	395,214		$	470,426		$	377,809		$	355,102		$	292,335

		0.63	(2)		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.

(2)		Amounts exclude non-cash charges primarily relating to impairments.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008


	As of December 31,
	2008			2007			2006			2005		2004

DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		128,642			119,528			108,986			108,948		108,083
Operating Partnership Units Outstanding		399			862			872			1,350		1,350

Total		129,041			120,390			109,859			110,298		109,432
Share Price at Period End	$	4.88		$	38.29		$	62.95		$	47.02	$	44.37

Market Value of Common Shares	$	629,722		$	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	$	5,917,364	(1)	$	5,591,014	(1)	$	4,248,812	(1)	$	3,890,709	$	2,716,426

TOTAL MARKET CAPITALIZATION	$	7,102,086		$	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		128,642			119,528			108,986			108,948		108,083
Operating Partnership Units Outstanding		399			862			872			1,350		1,350

Total		129,041			120,390			109,859			110,298		109,432
Share Price at Period End	$	4.88		$	38.29		$	62.95		$	47.02	$	44.37

Market Value of Common Shares	$	629,722		$	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	$	5,917,364	(1)	$	5,591,014	(1)	$	4,248,812	(1)	$	3,890,709	$	2,716,426
Proportionate Share of JV Debt	$	1,216,129		$	1,034,072		$	525,595		$	510,460	$	420,758

TOTAL MARKET CAPITALIZATION	$	8,318,215		$	11,789,814		$	12,395,010		$	10,292,361	$	8,697,701


(1)		Includes $333.8 million of consolidated joint venture debt at December 31, 2008 (of which $130.1 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 year ended December 31, 2008


	Year Ended December 31,
	2008			2007			2006			2005			2004

UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	9,106,635		$	8,984,738		$	7,450,693		$	7,029,337		$	5,603,424
Undepreciated Real Estate Intangible Assets	$	64,711		$	72,443		$	27,408		$	26,345		$	27,841
Cash and Cash Equivalents	$	141,286		$	108,505		$	28,378		$	30,655		$	49,871
Notes Receivable	$	75,781		$	18,557		$	18,161		$	24,996		$	17,823
Investments in and Advances to Joint Ventures	$	583,767		$	638,111		$	291,685		$	275,136		$	288,020

	$	9,972,180		$	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	$	9,106,635		$	8,984,738		$	7,450,693		$	7,029,337		$	5,603,424
Undepreciated Real Estate Intangible Assets	$	64,711		$	72,443		$	27,408		$	26,345		$	27,841
Cash and Cash Equivalents	$	141,286		$	108,505		$	28,378		$	30,655		$	49,871
Notes Receivable or Proportionate Share Thereof	$	141,311		$	19,487		$	35,443		$	116,212		$	44,536
Proportionate Share of JV Undepreciated Real Estate Assets	$	1,930,001		$	1,673,987		$	804,738		$	736,109		$	719,619

	$	11,383,944		$	10,859,160		$	8,346,659		$	7,938,658		$	6,445,290


FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	183,836		$	465,021		$	377,809		$	355,102		$	292,335
Impairments and other non-cash adjustments (1)	$	211,378		$	0		$	0		$	0		$	0
Interest Expense	$	246,560		$	268,526		$	222,867		$	186,196		$	130,447
Adjustment to interest expense for consolidated joint ventures due to FIN 46		($5,434	)		($7,524	)		($7,429	)		($1,915	)	$	0
Preferred Dividends, Including Preferred Operating Minority Interest & Non-Cash D-42 Dividend	$	42,269		$	50,934		$	55,169		$	55,169		$	50,706

	$	678,609		$	776,958		$	648,416		$	594,551		$	473,488


DEBT SERVICE
Interest Expense	$	246,560		$	268,526		$	222,867		$	186,196		$	130,447
Adjustment to interest expense for consolidated joint ventures due to FIN 46		($5,434	)		($7,524	)		($7,429	)		($1,915	)	$	0
Recurring Principal Amortization	$	27,096		$	30,583		$	32,026		$	33,154		$	22,480

	$	268,222		$	291,585		$	247,464		$	217,434		$	152,927


FIXED CHARGES
Debt Service	$	268,222		$	291,585		$	247,464		$	217,434		$	152,927
Preferred Dividends, Including Preferred Operating Minority Interest and excluding Non-Cash	$	42,269		$	45,529		$	55,169		$	55,169		$	50,706

D-42 Dividend	$	310,491		$	337,114		$	302,632		$	272,603		$	203,633


(1)		Adjusted to eliminate non-cash charges related to impairments ($186.8 million), Supplemental equity award plan ($15.8 million) and other ($1.1 million), net of minority interest.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Total Market Capitalization as of December 31, 2008 (In Millions) ^{(1) (2) (3)}

Total Market Capitalization as of December 31, 2008 (In Millions) ^{(1) (2) (3)}


			Percentage of
	Amount		Total

Common Shares Equity	$	629.7		9	%
Perpetual Preferred Stock	$	555.0		8	%
Senior Convertible Notes	$	833.0		12	%
Fixed-Rate Unsecured Debt	$	1,619.7		23	%
Mortgage Debt	$	1,482.7		21	%
Variable-Rate Revolving Credit and Term Debt	$	1,227.2		17	%
Fixed-Rate Revolving Credit and Term Debt	$	600.0		8	%
Construction Financing	$	154.8		2	%


Total	$	7,102.1		100	%

Notes:

1.		Market value ($4.88 per share as of December 31, 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 $1,216.1 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 $130.1 million.

Market Capitalization Summary 2.3

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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		15 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 year ended December 31, 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 years ended December 31, 2008, 2007, 2006, 2005 and 2004, the Company capitalized interest of $39.2 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 $13.9 million for the year ended December 31, 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 year ended December 31, 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 2009.

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, 2008, the Company estimated the value of this undeveloped land to be approximately $70 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2008.

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 December 31, 2008.

Other Real Estate Information 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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:


	Year Ended
	December 31,
	2008			2007

Total Revenues DDR	$	931,472		$	933,136
Total Revenues — Combined Joint Ventures		946,340			812,630
Operating and Maintenance — DDR		(146,346	)		(131,409	)
Real Estate Taxes — DDR		(110,773	)		(107,428	)
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures		(329,560	)		(272,277	)


Combined NOI	$	1,291,133		$	1,234,652


Total Same Store NOI	$	964,142		$	948,076		1.7	%
Property NOI from other operating segments		326,991			286,576


Combined NOI	$	1,291,133		$	1,234,652

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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						Year Ended
	December 31,						December 31,
	2008			2007			2008			2007

FUNDS FROM OPERATIONS:
Net (Loss) Income Applicable to Common Shareholders	$	(190,209	)	$	32,224		$	(100,045	)	$	225,113
Depreciation and Amortization of Real Estate Investments		63,603			53,577			236,344			214,396
Equity in Net (Loss) Income From Joint Ventures		4,205			(9,343	)		(17,719	)		(43,229	)
Joint Venture Funds From Operations		7,433			21,949			68,355			84,423
Minority Equity Interests (OP Units)		—			569			1,145			2,275
Loss (Gain) on Sales of Real Estate		77			1,057			(4,244	)		(17,956	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	(114,891	)	$	100,033		$	183,836		$	465,022


Preferred Dividend Charges		10,567			10,567			42,269			50,934

FUNDS FROM OPERATIONS	$	(104,324	)	$	110,600		$	226,105		$	515,956


ADDITIONAL SFAS 141 DISCLOSURES:
Below Market Rent Amortization	$	229		$	237		$	943		$	1,324
Pro Rata Share of JV Below Market Rent Amortization		41			55			51			68

Debt Premium Amortization Income	$	916		$	1,635		$	4,620		$	7,502
Pro Rata Share of JV Debt Premium Amortization Income (Expense)		(7	)		(17	)		(23	)		(5	)

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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						Year Ended
	December 31,						December 31,
	2008			2007			2008			2007		Income Statement Caption

Transactional Income Included in FFO
Consolidated
Merchant Building Gains, Net of Tax	$	46		$	1,105		$	404		$	49,122	Gain on Disposition of Real Estate
Loss on Sales from Discontinued Operations		(2,892	)		—			(8,720	)		—	Loss on Disposition of Discontinued Operations
Land Sale Gains		517			4,025			6,204			14,032	Gain on Disposition of Real Estate

	$	(2,329	)	$	5,130		$	(2,112	)	$	63,154


Transactional Income NOT Included in FFO
Consolidated
Gain on Dispositions	$	31		$	7		$	354		$	5,697	Gain on Disposition of Real Estate
(Loss) Gain on Sales from Discontinued Operations		(108	)		(1,064	)		3,890			12,259	(Loss) Gain on Disposition of Discontinued Operations

	$	(77	)	$	(1,057	)	$	4,244		$	17,956	FFO Reconciliation


Gain on Sales of Real Estate
Merchant Building Gains, Net of Tax	$	46		$	1,105		$	404		$	49,122
Land Sale Gains		517			4,025			6,204			14,032
Gain on Dispositions		31			7			354			5,697

	$	594		$	5,137		$	6,962		$	68,851	Consolidated Income Statement


Gain on Sales of Real Estate From Discontinued Operations
(Loss) Gain on Sales from Discontinued Operations	$	(3,000	)	$	(1,064	)	$	(4,830	)	$	12,259	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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						Year Ended
	December 31,						December 31,
	2008			2007			2008			2007		Income Statement Caption

Transactional Income Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—		$	65		$	—		$	1,321	Gain on Disposition of Real Estate, Net of Tax
Land Sale (Losses) Gains		(18	)		1,550			(54	)		4,470	(Loss) Gain on Disposition of Real Estate, Net of Tax

	$	(18	)	$	1,615		$	(54	)	$	5,791

DDR’s Proportionate Share	$	(5	)	$	788		$	(12	)	$	1,791
Promoted Income (a)		—			—			—			14,323

DDR’s Proportionate Share	$	(5	)	$	788		$	(12	)	$	16,114


Transactional Income NOT Included in FFO
Joint Ventures
(Loss) Gain on Sales from Discontinued Operations	$	7,364		$	(77	)	$	7,364		$	1,195	(Loss) Gain on Disposition of Real Estate
(Loss) Gain on Sales		—			(151	)		(13	)		89,916	(Loss) Gain on Disposition of Real Estate

	$	7,364		$	(228	)	$	7,351		$	91,111	FFO Reconciliation

DDR’s Proportionate Share	$	(2	)	$	(50	)	$	(5	)	$	4,669


Gain on Sales of Real Estate, Net of Tax
Land Sale (Losses) Gains	$	(18	)	$	1,550		$	(54	)	$	4,470
(Loss) Gain on Sales		—			(151	)		(13	)		89,916

	$	(18	)	$	1,399		$	(67	)	$	94,386	(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	$	—		$	65		$	—		$	1,321
Gain (Loss) on Sales from Discontinued Operations NOT included in FFO		7,364			(77	)		7,364			1,195

	$	7,364		$	(12	)	$	7,364		$	2,516	Gain (Loss) on Disposition of Discontinued Operations


(a)		Included in gain on disposition of discontinued operations for the year ended December 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 year ended December 31, 2008

Joint Venture Investment Summary
(in millions)
as of December 31, 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		$	2,954.2	$	1,771.0	Yes
2	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,466.6	$	967.8	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		50		$	1,880.4	$	1,236.7	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)	$	203.6	$	48.0	Yes
6	Coventry II DDR Buena Park LLC	Coventry II Fund (80%)		20.0	%	No		1		$	102.9	$	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)	$	43.8	$	17.0	Yes
10	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1		$	157.9	$	112.4	Yes
11	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	88.6	$	46.0	Yes
12	Coventry II DDR SM LLC	Coventry II Fund (80%)		20.0	%	No		44		$	148.6	$	117.4	Yes
13	Coventry II DDR Totem Lakes LLC	Coventry II Fund (80%)		20.0	%	No		1		$	42.0	$	29.5	Yes
14	Coventry II DDR Tri County LLC	Coventry II Fund (80%)		20.0	%	No		1		$	230.6	$	166.3	Yes
15	Coventry II DDR Ward Parkway LLC	Coventry II Fund (80%)		20.0	%	No		1		$	64.9	$	35.0	Yes
16	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.6	$	20.9	Yes
17	RVIP IIIB LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	91.1	$	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		$	130.1	$	9.6	No
21	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	160.2	$	110.0	Yes
22	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		9		$	329.0	$	57.3	No
23	DDR-SAU Retail Fund, LLC	Special Account — U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	309.3	$	226.2	No
24	Cole MT Independence Missouri JV LLC	Cole Realty Advisors, Inc. (85.5%)		14.5	%	No		1		$	61.5	$	34.1	No
25	DDRA Comm. Ctrs Five, L.P.	DRA Advisors (50%)		50.0	%	No		5		$	240.0	$	280.0	No
26	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		$	205.4	$	150.5	Yes
27	Lennox Town Center LTD.	Casto Properties (50%)		50.0	%	No		1		$	21.0	$	27.0	No
28	Sun Center Limited	Casto Properties (20.55%)		79.45	%	No		1		$	25.9	$	18.8	No
29	Dublin Village	Casto Properties (36.6%)		63.4	%	No		—		$	0.1	$	0.0	No
30	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.6	$	21.0	No
31	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	7.0	$	3.7	No
32	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.0	$	0.0	No
33	Shea & Tatum Assoc. LP (Paradise Village) (C)	Churchill Family Trust (33%)		67.0	%	Yes		1		$	29.6	$	30.0	No
34	Other Joint Ventures		Various			Yes		23		$	414.9	$	74.7	Yes

	TOTALS							375		$	10,049.7	$	6,112.5


(A)		Property is under development

(B)		The Company owns an effective ownership of 25.0% in DDR Macquarie Fund LLC, 12.3% in Macquarie DDR Trust and 12.3% 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 year ended December 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2008


	DDRTC Core Retail			DDR Domestic Retail			Investments with			Coventry II DDR			Coventry II DDR Buena			Coventry II DDR Fairplain			Coventry II DDR Marley			Coventry II DDR Merriam
	Fund LLC			Fund I			Macquarie			Bloomfield LLC			Park LLC			Plaza LLC			Creek LLC			Village LLC
Real estate assets	$	2,954.2		$	1,466.6		$	1,880.4		$	203.6		$	102.9		$	32.3		$	13.2		$	43.8
Accumulated depreciation		(128.8	)		(54.3	)		(158.6	)		0.0			(7.8	)		(1.3	)		(0.5	)		0.0

Real estate, net		2,825.4			1,412.3			1,721.8			203.6			95.1			31.0			12.7			43.8

Receivables, net		25.9			20.6			29.6			0.1			2.9			0.4			0.0			0.0
Other assets		114.7			44.7			42.7			(0.5	)		0.5			0.5			0.4			(0.1	)
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	2,966.0		$	1,477.6		$	1,794.1		$	203.3		$	98.5		$	31.9		$	13.1		$	43.7


Mortgage debt	$	1,771.0		$	967.8		$	1,236.7		$	48.0		$	61.0		$	16.0		$	10.8		$	17.0
Amounts payable to DDR		0.3			1.7			0.2			58.1			0.0			0.0			0.0			0.0
Other liabilities		36.1			12.6			93.8			9.5			1.3			0.3			0.0			0.5

		1,807.4			982.1			1,330.7			115.6			62.3			16.3			10.8			17.5
Accumulated equity (deficit)		1,158.6			495.5			463.4			87.6			36.2			15.6			2.3			26.2
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	2,966.0		$	1,477.6		$	1,794.1		$	203.2		$	98.5		$	31.9		$	13.1		$	43.7


Proportionate share of other assets/liabilities, net	$	15.7		$	10.5		$	0.6			($1.0	)	$	0.4		$	0.1		$	0.0			($0.1	)

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	52.3		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations For the year ended December 31, 2008

	DDRTC Core Retail			DDR Domestic Retail			Investments with			Coventry II DDR			Coventry II DDR Buena			Coventry II DDR Fairplain			Coventry II DDR Marley			Coventry II DDR Merriam
	Fund LLC			Fund I			Macquarie			Bloomfield LLC			Park LLC			Plaza LLC			Creek LLC			Village LLC
Revenues from operations	$	255.5		$	139.1		$	211.3		$	0.0		$	13.3		$	3.2		$	1.1		$	0.0
Rental operation expenses		(81.0	)		(51.2	)		(71.6	)		(0.0	)		(6.0	)		(1.3	)		(0.5	)		(0.0	)

Net operating income		174.5			87.9			139.7			0.0			7.3			1.9			0.6			(0.0	)
Depreciation and amortization expense		(82.2	)		(39.8	)		(43.8	)		0.0			(3.5	)		(0.5	)		(0.3	)		0.0
Interest expense		(94.8	)		(55.8	)		(70.2	)		0.0			(2.4	)		(0.8	)		(0.5	)		0.0

Income (loss) before gain on sale of real estate (4)		(2.5	)		(7.7	)		25.7			(0.0	)		1.4			0.6			(0.2	)		(0.0	)
Tax expense		0.0			0.0			(2.7	)		0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			(29.4	)		0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			(3.2	)		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			7.4			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

Net income (loss)		($2.5	)		($7.7	)	$	(2.2	)		($0.0	)	$	1.4		$	0.6			($0.2	)		($0.0	)
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%

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

	$	0.3			($1.5	)	$	2.1			($0.0	)	$	0.3		$	0.1			($0.0	)		($0.0	)


Proportionate share of net operating income (5)	$	26.2		$	17.6		$	27.8			($0.0	)	$	1.5		$	0.4		$	0.1			($0.0	)

Proportionate share of interest expense (5)	$	14.2		$	11.2		$	13.3		$	0.0		$	0.5		$	0.2		$	0.1		$	0.0


Funds From Operations (“FFO”):

Net income (loss)		($2.5	)		($7.7	)	$	(2.2	)		($0.0	)	$	1.4		$	0.6			($0.2	)		($0.0	)
Depreciation of real property		82.2			39.8			43.8			0.0			3.5			0.5			0.3			0.0
(Gain) loss on sale of real estate		0.0			0.0			(7.4	)		0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

	$	79.7		$	32.1		$	34.2			($0.0	)	$	4.9		$	1.1		$	0.1			($0.0	)
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%

DDR FFO	$	12.0		$	6.4		$	7.5			($0.0	)	$	1.0		$	0.2		$	0.0			($0.0	)

Joint Venture Investment Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2008


	Coventry II DDR Montgomery			Coventry II DDR Phoenix			Coventry II Service			Coventry II DDR Totem			Coventry II DDR Tri-County			Coventry II DDR Ward			Coventry II Ward			RVIP IIIB LP
	Farm LLC			Spectrum LLC			Holdings LLC			Lake LLC			Mall LLC			Parkway LLC			Westover LLC			Deer Park, IL
Real estate assets	$	157.9		$	88.6		$	148.6		$	42.0		$	230.6		$	64.9		$	29.6		$	91.1
Accumulated depreciation		(0.9	)		(6.0	)		(6.5	)		(3.2	)		(12.5	)		(5.7	)		(1.6	)		(17.2	)

Real estate, net		157.0			82.6			142.1			38.8			218.1			59.2			28.0			73.9

Receivables, net		1.1			2.9			8.1			0.1			2.2			2.3			1.1			2.9
Other assets		(3.7	)		1.1			16.6			0.5			9.0			(0.5	)		1.4			1.5
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	154.4		$	86.6		$	166.8		$	39.5		$	229.3		$	61.0		$	30.5		$	78.3


Mortgage debt	$	112.4		$	46.0		$	117.4		$	29.5		$	166.3		$	35.0		$	20.9		$	60.0
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.7			3.2			7.1			0.4			5.3			0.6			1.0			3.1

		113.1			49.2			124.5			29.9			171.6			35.6			21.9			63.1
Accumulated equity (deficit)		41.3			37.4			42.3			9.6			57.7			25.4			8.6			15.2
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	154.4		$	86.6		$	166.8		$	39.5		$	229.3		$	61.0		$	30.5		$	78.3


Proportionate share of other assets/liabilities, net		($0.3	)	$	0.2		$	3.5		$	0.1		$	1.2		$	0.2		$	0.3		$	0.3

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 year ended December 31, 2008

	Coventry II DDR Montgomery			Coventry II DDR Phoenix			Coventry II Service			Coventry II DDR Totem			Coventry II DDR Tri-County			Coventry II DDR Ward			Coventry II Ward			RVIP IIIB LP
	Farm LLC			Spectrum LLC			Holdings LLC			Lake LLC			Mall LLC			Parkway LLC			Westover LLC			Deer Park, IL
Revenues from operations	$	3.8		$	10.9		$	26.1		$	3.1		$	19.6		$	8.3		$	4.6		$	13.7
Rental operation expenses		(2.6	)		(4.7	)		(11.9	)		(1.2	)		(8.1	)		(3.9	)		(1.8	)		(4.9	)

Net operating income		1.2			6.2			14.2			1.9			11.5			4.4			2.8			8.8
Depreciation and amortization expense		(0.9	)		(1.5	)		(4.0	)		(0.7	)		(5.2	)		(2.1	)		(0.6	)		(3.4	)
Interest expense		(0.0	)		(1.8	)		(9.8	)		(1.1	)		(10.2	)		(2.0	)		(0.8	)		(3.4	)

Income (loss) before gain on sale of real estate (4)		0.3			2.9			0.4			0.1			(3.9	)		0.3			1.4			2.0
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)	$	0.3		$	2.9		$	0.4		$	0.1			($3.9	)	$	0.3		$	1.4		$	2.0
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		*	**

	$	0.1		$	0.6		$	0.1			($0.0	)		($0.8	)	$	0.1		$	0.3		$	1.1
Amortization of basis differential		—			—			—			—			—			—			—			—

	$	0.1		$	0.6		$	0.1			($0.0	)		($0.8	)	$	0.1		$	0.3		$	1.1


Proportionate share of net operating income (5)	$	0.2		$	1.2		$	2.9		$	0.4		$	2.3		$	0.9		$	0.6		$	2.3

Proportionate share of interest expense (5)	$	0.0		$	0.4		$	1.9		$	0.3		$	2.0		$	0.4		$	0.2		$	0.9


Funds From Operations (“FFO”):

Net income (loss)	$	0.3		$	2.9		$	0.5			($0.1	)		($3.9	)	$	0.3		$	1.4		$	2.0
Depreciation of real property		0.9			1.5			4.0			0.7			5.2			2.1			0.6			3.4
(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		—			—			—			—			—			—			—			—

	$	1.2		$	4.4		$	4.5		$	0.6		$	1.3		$	2.4		$	2.0		$	5.4
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		*	**

DDR FFO	$	0.2		$	0.9		$	0.9		$	0.1		$	0.3		$	0.5		$	0.4		$	2.6

Joint Venture Investment Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2008


													Sonae Sierra
	RVIP VII			RVIP VIII			DPG Realty			TRT DDR			Brazil			DDR-SAU Retail						DDRA Community			DDR Markaz
	LLC			Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			II LLC
Real estate assets	$	124.9		$	33.6		$	130.1		$	160.2		$	329.0		$	309.3		$	61.5		$	240.0		$	205.4
Accumulated depreciation		(21.4	)		(4.6	)		(12.7	)		(7.0	)		(30.7	)		(23.6	)		(0.0	)		(52.6	)		(21.6	)

Real estate, net		103.5			29.0			117.4			153.2			298.3			285.7			61.5			187.4			183.8

Receivables, net		3.1			1.7			1.4			1.8			9.3			7.6			0.7			5.5			1.1
Other assets		6.8			0.9			2.0			3.0			30.1			36.8			1.3			3.9			6.1
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	113.4		$	31.6		$	120.8		$	158.0		$	337.7		$	330.0		$	63.5		$	196.8		$	191.0


Mortgage debt	$	72.1		$	23.4		$	9.6		$	110.0		$	57.3		$	226.2		$	34.1		$	280.0		$	150.5
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.3			0.0			0.0			0.3
Other liabilities		15.6			0.4			1.5			0.4			28.9			5.6			0.3			3.0			0.3

		87.7			23.8			11.1			110.4			86.2			232.1			34.4			283.0			151.1
Accumulated equity (deficit)		25.7			7.8			109.7			47.6			251.5			97.9			28.9			(86.2	)		39.9
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	113.4		$	31.6		$	120.8		$	158.0		$	337.7		$	330.0		$	63.3		$	196.8		$	191.0


Proportionate share of other assets/liabilities, net		($1.2	)	$	0.6		$	0.2		$	0.4		$	5.2		$	7.7		$	0.2		$	3.2		$	1.4

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

Combining Statements of Operations For the year ended December 31, 2008

													Sonae Sierra
	RVIP VII			RVIP VIII			DPG Realty			TRT DDR			Brazil			DDR-SAU Retail						DDRA Community			DDR Markaz
	LLC			Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			II LLC
Revenues from operations	$	13.8		$	6.0		$	12.8		$	15.1		$	69.8		$	36.3		$	1.0		$	35.9		$	21.2
Rental operation expenses		(4.4	)		(2.4	)		(3.8	)		(5.3	)		(19.7	)		(11.9	)		(0.2	)		(10.8	)		(7.8	)

Net operating income		9.4			3.6			9.1			9.8			50.1			24.4			0.8			25.1			13.4
Depreciation and amortization expense		(3.1	)		(1.1	)		(3.1	)		(4.5	)		(10.9	)		(15.0	)		(0.1	)		(7.1	)		(5.5	)
Interest expense		(3.9	)		(1.0	)		(0.5	)		(6.2	)		0.1			(12.2	)		(0.1	)		(15.7	)		(8.1	)

Income (loss) before gain on sale of real estate (4)		2.4			1.5			5.5			(0.9	)		39.3			(2.8	)		0.6			2.3			(0.2	)
Tax expense		0.0			0.0			0.0			0.0			(12.8	)		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			0.0
Gain (loss) on sale of real estate		0.0			0.0			(0.7	)		0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—

Net income (loss)	$	2.4		$	1.5		$	4.8			($0.9	)	$	26.5			($2.8	)	$	0.6		$	2.3			($0.2	)
DDR ownership interest		21	%		25.75	%		10	%		10	%		50	%		20	%		14.5	%		50	%		20	%

		($0.4	)	$	1.7		$	0.5			($0.1	)	$	13.2			($0.6	)	$	0.1		$	1.2			($0.0	)
Amortization of basis differential		(0.3	)		—			0.0			0.2			(2.5	)		(0.2	)		0.0			0.4			0.2

		($0.7	)	$	1.7		$	0.5		$	0.1		$	10.7			($0.8	)	$	0.1		$	1.6		$	0.2


Proportionate share of net operating income (5)	$	2.0		$	0.9		$	0.9		$	1.0		$	25.1		$	4.9		$	0.1		$	12.6		$	2.7

Proportionate share of interest expense (5)	$	0.8		$	0.2		$	0.1		$	0.6		$	0.0		$	2.5		$	0.0		$	7.9		$	1.6


Funds From Operations (“FFO”):

Net income (loss)	$	2.4		$	1.5		$	4.8			($0.9	)	$	26.5			($2.8	)	$	0.6		$	2.3			($0.2	)
Depreciation of real property		3.1			1.1			3.1			4.5			10.9			15.0			0.1			7.1			5.5
(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		—			—			—			—			—			—			—			—			—

	$	5.5		$	2.6		$	7.9		$	3.6		$	37.4		$	12.2		$	0.7		$	9.4		$	5.3
DDR ownership interest		21	%		26	%		10	%		10	%		50	%		20	%		14.52	%		50	%		20	%

DDR FFO	$	2.1		$	1.1		$	0.8		$	0.4		$	18.9		$	2.4		$	0.1		$	4.7		$	1.3

Joint Venture Investment Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2008


	Lennox Town			Sun Center									Jefferson			Sansone			Sold/Acquired						DDR’s
	Center			Limited			Dublin			DOTRS			County			Group/			and						Proportionate
	Limited (2)			(2)			Village (3)			LLC			Plaza LLC			DDRC LLC			Other JVs (6)			Total			Share
Real estate assets	$	21.0		$	26.0		$	0.1		$	26.6		$	7.0		$	0.0		$	51.0		$	9,276.0		$	1,930.0
Accumulated depreciation		(5.2	)		(8.4	)		0.0			(5.9	)		(1.1	)		0.0			(6.9	)		(606.7	)		(155.3	)

Real estate, net		15.8			17.6			0.1			20.7			5.9			0.0			44.1			8,669.3			1,774.7

Receivables, net		1.8			0.9			0.0			0.8			0.1			0.0			0.6			136.5			32.7
Other assets		0.8			1.0			0.0			1.1			0.3			3.4			2.0			328.3			75.1
Disproportionate share of equity		—			—			—			—			—			—			—			—			19.2	(7)

	$	18.5		$	19.5		$	0.1		$	22.6		$	6.3		$	3.4		$	46.7		$	9,134.1		$	1,901.7


Mortgage debt	$	27.0		$	18.8		$	0.0		$	21.0		$	3.7		$	0.0		$	27.5		$	5,776.9		$	1,216.1
Amounts payable to DDR		0.0			0.0			0.1			0.0			4.0			0.0			0.0			65.0			8.4
Other liabilities		1.2			0.8			(0.1	)		0.7			0.1			0.8			2.2			237.4			54.6

		28.2			19.6			0.0			21.7			7.8			0.8			29.7			6,079.3			1,279.1
Accumulated equity (deficit)		(9.7	)		(0.1	)		0.1			0.9			(1.5	)		2.6			17.0			3,054.8			603.4
Disproportionate share of equity		—			—			—			—			—			—			—			—			19.2	(7)

	$	18.5		$	19.5		$	0.1		$	22.6		$	6.3		$	3.4		$	46.7		$	9,134.1		$	1,901.7


Proportionate share of other assets/liabilities, net	$	0.7		$	0.9			($0.0	)	$	0.6		$	0.1		$	1.3		$	0.1		$	53.2

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	2.0		$	0.0		$	0.0		$	54.3



Combining Statements of Operations For the year ended December 31, 2008

	Lennox Town			Sun Center									Jefferson			Sansone			Sold/Acquired						DDR’s
	Center			Limited			Dublin			DOTRS			County			Group/			and						Proportionate
	Limited (2)			(2)			Village (3)			LLC			Plaza LLC			DDRC LLC			Other JVs (6)			Total			Share
Revenues from operations	$	5.0		$	4.8		$	0.0		$	4.2		$	0.9		$	3.1		$	2.7		$	946.3		$	212.9
Rental operation expenses		(1.6	)		(1.3	)		(0.0	)		(1.2	)		(0.5	)		(1.8	)		(2.4	)		(325.7	)		(71.6	)

Net operating income		3.4			3.5			0.0			3.0			0.4			1.3			0.3			620.7			141.3
Depreciation and amortization expense		(0.4	)		(0.6	)		0.0			(0.8	)		(0.2	)		0.0			(0.7	)		(241.6	)		(49.9	)
Interest expense		(1.6	)		(1.6	)		(0.0	)		(1.3	)		(0.5	)		(0.1	)		(0.8	)		(307.6	)		(62.3	)

Income (loss) before gain on sale of real estate (4)		1.4			1.3			(0.0	)		0.9			(0.3	)		1.2			(1.2	)		71.5			29.1
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(15.5	)		(6.5	)
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			(1.9	)		(31.3	)		(2.7	)
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			(0.0	)		(4.0	)		(0.7	)
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			7.4			(0.0	)
Disproportionate share of income		—			—			—			—			—			—			—			—			(1.8	)(8)

Net income (loss)	$	1.4		$	1.3		$	0.0		$	0.9			($0.3	)	$	1.2			($3.0	)	$	28.2		$	17.3
DDR ownership interest		50	%		79	%		63	%		50	%		50	%		50	%		*	**		*	**		*	**

	$	0.7		$	1.1			($0.0	)	$	0.5			($0.2	)	$	1.0			($1.1	)	$	17.3		$	17.3
Amortization of basis differential		—			(0.2	)		—			0.1			—			(0.3	)		0.2			0.4			0.4

	$	0.7		$	0.9		$	0.0		$	0.6			($0.2	)	$	0.7			($0.9	)	$	17.7		$	17.7


Proportionate share of net operating income (5)	$	1.7		$	2.8			($0.0	)	$	1.5		$	0.2		$	0.6		$	0.2		$	141.3

Proportionate share of interest expense (5)	$	0.8		$	1.2		$	0.0		$	0.7		$	0.3		$	0.0		$	0.2		$	62.3


Funds From Operations (“FFO”):

Net income (loss)	$	1.4		$	1.3		$	0.0		$	0.9			($0.3	)	$	1.2			($3.0	)	$	28.2		$	17.3
Depreciation of real property		0.4			0.6			0.0			0.8			0.2			0.0			0.7			241.6			49.9
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			0.4	(9)

	$	1.8		$	1.9			($0.0	)	$	1.7			($0.1	)	$	1.2			($2.3	)	$	262.4		$	67.6

DDR ownership interest		50	%		79	%		63	%		50	%		50	%		50	%		*	**		*	**

DDR FFO	$	0.9		$	1.6			($0.0	)	$	0.9			($0.0	)	$	1.0			($0.6	)	$	68.3

Joint Venture Investment Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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)		Consists of impairment charges on two assets.

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

(6)		Represents residual joint venture interests sold in 2007 and other small joint venture investments and land developments. 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.

(7)		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.

(8)		Adjustments represent the effect of promoted equity structures on DDR’s share of the income primarily from an asset management promote from RVIP IIIB, RVIP VII, and RVIP VIII and investments with Macquarie.

(9)		Adjustments associated with Coventry’s promoted interests primarily at RVIP IIIB, RVIP VII and RVIP VIII 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 Investment Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Summary of Wholly-Owned and Consolidated Capital Transactions
(In Millions)


	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2008			2007			2006
Acquisitions/Transfers	$	10.9		$	3,048.7	(2)	$	370.2
Completed Expansions Incremental Development Cost		27.8			32.7			73.1
Developments & Construction in Progress		419.5			428.5			246.0
Recurring Tenant Improvements & Third Party Leasing Commissions		11.6			12.5			11.7
Furniture, Fixtures & Equipment		6.3			13.0			10.2
Foreign Currency Adjustments		(41.3	)		0.0			0.0

		434.8			3,535.4			711.2
Less: Real Estate Sales & Joint Venture Transfers		(312.9	)(1)		(2,001.3	)(3)		(289.8	)



Net Additions	$	121.9		$	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 acquisition 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)


	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2008			2007			2006
Acquisitions/Transfers	$	111.4	(1)	$	4,987.4	(2)	$	729.9
Completed Expansions Incremental Development Cost		52.8			21.9			0.0
Developments & Construction in Progress		315.8			142.7			139.6
Recurring Tenant Improvements & Third Party Leasing Commissions		18.4			9.8			9.1
Foreign Currency Adjustments		(106.2	)		48.5			0.0

	$	392.2		$	5,210.3		$	878.6
Less: Real Estate Sales and Dispositions		($61.9	)(1)		($204.3	)(3)		($409.0	)



Net Additions	$	330.3		$	5,006.0		$	469.6


(1)		Includes the acquisition of a shopping center located in Independence, MO from the Macquarie DDR Trust, which is also reflected as a disposition.

(2)		Includes the acquisition of assets from DDR by DDR Domestic Retail Fund ($1,463 million), Dividend Capital Total Realty Trust ($160 million) and DDR Macquarie 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.

(3)		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 year ended December 31, 2008

Operating Property Acquisitions

There were no significant third party acquisitions for the year ended December 31, 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	(1)	—
9/12/2008	Jersey City, NJ	440 Commons		100	%	N/A		162,533	$	24.6		Home Depot, Raymour & Flanigan
12/9/2008	Plano,TX	CVS Pharmacy		100	%	N/A		10,908	$	2.9		CVS Pharmacy
12/18/2008	Seekonk, MA	Stop N Shop		100	%	N/A		80,713	$	13.2		Stop N Shop
12/23/2008	Kissimmee, FL	CVS Pharmacy		100	%	N/A		9,504	$	2.5		CVS Pharmacy
12/23/2008	Carrollton, TX	CVS Pharmacy		100	%	N/A		9,504	$	2.1		CVS Pharmacy
12/23/2008	Lake Worth, TX	CVS Pharmacy		100	%	N/A		9,504	$	1.8		CVS Pharmacy
12/23/2008	Richardson, TX	CVS Pharmacy		100	%	N/A		10,560	$	2.4		CVS Pharmacy
12/23/2008	River Oaks, TX	CVS Pharmacy		100	%	N/A		10,908	$	2.8		CVS Pharmacy
12/23/2008	The Colony, TX	CVS Pharmacy		100	%	N/A		9,504	$	2.0		CVS Pharmacy
12/23/2008	Wichita Falls, TX	CVS Pharmacy		100	%	N/A		9,504	$	1.9		CVS Pharmacy
12/23/2008	Wichita Falls, TX	CVS Pharmacy		100	%	N/A		9,504	$	2.1		CVS Pharmacy
12/26/2008	Cayey, PR	Plaza Cayey		100	%	N/A		25,840	$	1.0		Caribbean Cinemas
12/30/2008	Worthington, MN	Northland Mall		100	%	N/A		185,658	$	1.8		J.C. Penney

Total Dispositions								1,523,026	$	136.5

(1) DDR received 100% of the disposition proceeds.

Joint Venture

There were no significant third party acquisitions or dispositions for the year ended December 31, 2008, except for the acquisition of Independence, MO by a joint venture with Cole Real Estate Investments for a purchase price of $62.0 million. The property was previously owned by Macquaire DDR Trust. DDR’s effective ownership did not change.

Wholly Owned and Joint Venture Acquisitions and Dispositions 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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		758,900		228,943	$	66.9	$	14.0	$	0.0	2H11
New Haven (Guilford), CT	Guilford Commons		144,592		137,527	$	48.0	$	14.5	$	0.0	2H10	Coldwater Creek, Joseph Banks, J.Crew
Homestead, FL	Homestead Pavilion		394,916		272,610	$	79.7	$	78.6	$	18.7	2H08	Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples
Miami, FL	Shops at Midtown		635,665		391,351	$	148.8	$	134.5	$	104.2	2H06	Target, Marshalls, West Elm, Loehmann’s, Ross Dress for Less, PetsMart
Boise (Nampa), ID	Nampa Gateway Center		921,162		431,689	$	126.7	$	75.2	$	10.0	2H07	JCPenney, Macy’s, The Sports Authority, Idaho Athletic Club
Boston (Norwood), MA	The Shoppes at Elmway Farms		72,243		56,343	$	26.7	$	17.7	$	0.0	2H09
Boston, MA (Seabrook, NH)	Seabrook Town Center		446,055		210,855	$	54.5	$	33.8	$	0.0	2H10	Target (Phase I)
Elmira (Horseheads), NY	Southern Tier Crossings		689,395		350,987	$	55.0	$	45.0	$	24.2	1H07	Kohl’s, Wal-Mart, Dick’s, PetsMart, Ulta, Mens Warehouse
Raleigh (Apex), NC	Apex Promenade		78,830		72,830	$	16.9	$	8.5	$	0.0	2H09	HH Gregg, Outback Steakhouse
Austin (Kyle), TX (1)	Kyle Marketplace		805,618		443,092	$	77.2	$	50.8	$	0.0	2H09	Target, Kohl’s, City Lights Theater

			4,947,376		2,596,227	$	700.4	$	472.6	$	157.1


(1)		Consolidated joint venture. DDR has a 50% interest.

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	$	226.1	(2)		910.2


(2)		Amount excludes partner’s ownership interest, which was $103.9 million as of December 31, 2008 and was reflected on the Company’s balance sheet in construction in progress.

Wholly Owned and Consolidated Development 4.3

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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	$	43.8	$	0.0	$	8.7	TBD

Detroit (Bloomfield Hills), MI	Bloomfield Park		762,915		623,782		10.0	%	Coventry II/BP I, LLC	$	189.8	$	203.6	$	0.0	$	19.0	TBD	Barnes and Noble, The Park Theater

Dallas (Allen), TX	Watters Creek		831,413		797,665		10.0	%	Coventry II/ Trademark Property Company	$	171.2	$	157.9	$	59.5	$	17.1	1H08	Market Street United, Borders, DSW ShoeWarehouse, The Cheesecake Factory

Manaus, Brazil (1)	Manauara		477,630		477,630		47.4	%	Sonae Sierra	$	98.2	$	74.4	$	0.0	$	46.5	1H09	Riachuelo, Renner, Bemol, Marisa


			2,317,140		2,057,709					$	502.9	$	479.7	$	59.5	$	91.3


(1)		The majority of the increase in the estimated net cost is due to foreign currency translation rates.

Joint Venture Development 4.3

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Development Assets Placed in Service
(In Millions)


			Unconsolidated JV Assets
					DDR’s
	Consolidated				Proportionate
Date	Assets		Total		Share

As of December 31, 2008	$	157.1	$	59.5	$	5.9
Projected 2009	$	141.4	$	167.0	$	53.4
Projected Thereafter	$	401.9	$	276.4	$	32.0

	$	700.4	$	502.9	$	91.3

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 December 31, 2008	$	472.6	$	70.8		$	173.4		$	235.5	$	479.7
Projected Net Funding 2009	$	46.1		13.7			28.9			21.2	$	63.8
Projected Net Funding Thereafter	$	181.7		(10.0	)		(40.2	)		9.6		($40.6	)

	$	700.4	$	74.5		$	162.1		$	266.3	$	502.9

Wholly Owned and Joint Venture Development Delivery and
Funding Schedules 4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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.

Akron (Stow), OH

Stow Community

100%

N/A

Recapture 116,000 sf Kmart and release to Hobby Lobby (opened 10/08), Dollar Tree and additional retail space. Create outparcels for Panera, Chipolte, Great Clips, AT&T, and Scottrade.

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)

41.2

Projects in Progress

Miami (Plantation), FL

The Fountains

100%

N/A

Redevelopment of shopping center to include Kohl’s (will open Fall 2009) 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 to include Ulta (opened 7/08). Construct multi-tenant outparcel building.

Total Net Cost (Millions)

106.9

(1)

(1) At December 31, 2008, approximately $76.6 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 Completed

Chicago (Deer Park), IL

Deer Park Town Center

25.75%

Prudential Real
state Investors

Construction of a 13,500 sf multi-tenant outparcel building.

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

20.0%

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)

295.5

(1)

DDR’s Proportionate Share (Millions)

59.3

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.

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 (opened 10/08), and additional retail tenants to be announced.

Total Net Cost (Millions)

154.2

(1) (2)

DDR’s Proportionate Share (Millions)

31.1


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

(2)		At December 31, 2008, approximately $116.7million of costs had been incurred in relation to the projects in progress and DDR’s pro-rata share was $23.5 million.

Wholly Owned and Joint Venture Expansions and Redevelopments 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 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 4.6

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 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	Town Center Plaza		309,423		100	%
18	Buffalo (Amherst), NY	Boulevard Consumer Square		441,603		100	%

Summary of Recently Expanded and Redeveloped Assets 4.7

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2008

Summary of Recently Expanded and Redeveloped Assets


					DDR’s Effective
	Location	Related Project	Owned 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 4.7

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Company Features


713		Shopping Centers and Interests in Retail Assets

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

119		Million Sq. Ft. Owned ⁽¹⁾

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

92.2	%	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 2009, total owned GLA was 67.5 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 year ended December 31, 2008

National portfolio creates efficiencies and strengthens tenant relationships

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

Average Annualized Base Rental Rates PSF


	Number of		Total Annualized Base Rent / S.F.
Period Ending	Properties		Total		Shop Space

Dec. 31, 2008		649	$	12.43	$	18.43
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 year ended December 31, 2008

Lease Expirations by Year as of December 31, 2008


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

2009		68	$	19.9	$	6.89		3.2	%		1595	$	77.2	$	16.88		13.6	%
2010		121	$	39.2	$	8.48		6.3	%		1445	$	80.2	$	17.48		14.1	%
2011		148	$	51.2	$	10.11		8.3	%		1492	$	92.7	$	18.52		16.3	%
2012		156	$	55.5	$	8.57		9.0	%		1208	$	80.4	$	19.15		14.1	%
2013		149	$	50.3	$	8.48		8.1	%		1166	$	80.0	$	18.02		14.1	%
2014		151	$	56.1	$	9.53		9.1	%		366	$	29.2	$	17.55		5.1	%
2015		103	$	47.6	$	9.58		7.7	%		215	$	20.7	$	18.61		3.6	%
2016		93	$	44.1	$	9.75		7.1	%		195	$	20.0	$	20.63		3.5	%
2017		89	$	46.2	$	10.14		7.5	%		192	$	21.6	$	19.82		3.8	%
2018		68	$	33.0	$	9.90		5.3	%		239	$	29.3	$	17.79		5.1	%

2009 - 2018 Subtotal		1,146	$	443.1	$	9.18		71.6	%		8,113	$	531.3	$	18.14		93.3	%
Total Rent Roll		1,403	$	618.7	$	9.42		100.0	%		8,356	$	569.2	$	18.23		100.0	%

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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		16.4		44		6.7		59		9.7
2. Target		66		8.4		11		1.4		55		7.0
3. Lowe’s Home Improvement		41		5.3		21		2.7		20		2.6
4. Home Depot		40		4.3		12		1.2		28		3.1
5. Kohl’s		44		3.9		37		3.3		7		0.6
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. Publix Supermarkets		56		2.5		56		2.5		0		0.0
9. Mervyns		31		2.4		30		2.3		1		0.1
10. PetSmart		102		2.3		101		2.2		1		0.1

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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. Kohl’s (36)		1.4		2.1	%	BBB+ / Baa1
6. Mervyn’s (30)		1.2		1.8	%	NR / NR
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		17.4		26.2	%
Total Portfolio		66.5		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)	$	31.3		4.4	%	AA / Aa2
2. T.J. Maxx / Marshalls (100)	$	14.9		2.1	%		A / A3
3. Mervyn’s (30)	$	13.9		2.0	%	NR / NR
4. Lowe’s Home Improvement (21)	$	13.8		2.0	%		A+ / A1
5. Petsmart (101)	$	13.6		1.9	%	BB / NR
6. Bed Bath & Beyond (60)	$	11.9		1.7	%	BBB / NR
7. Circuit City (39)	$	11.6		1.6	%	NR / NR
8. Kohl’s (36)	$	9.9		1.4	%	BBB+ / Baa1
9. Michael’s (75)	$	9.9		1.4	%	B- / Caa1
10. Rite Aid (41)	$	9.8		1.4	%	B- / Caa3

Subtotal 1-10	$	140.6		19.9	%
Total Portfolio	$	707.1		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 year ended December 31, 2008

Summary of Consolidated Debt
as of December 31, 2008

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

SENIOR DEBT:

Unsecured Credit Facilities:

$1.25 Billion Revolving Credit Facility

975,434

06/10

Libor + 60

$75 Million Revolving Credit Facility

51,750

06/10

Libor + 60

Secured Credit Facility:

$800 Million Term Loan

800,000

02/11

Libor + 70

Total Term and Credit Facility Debt

1,827,184

PUBLIC DEBT:

Medium Term Notes

226,987

01/09

3.875

Medium Term Notes

199,492

05/10

5.000

Medium Term Notes

298,389

08/10

4.625

Medium Term Notes

249,651

04/11

5.250

Convertible Notes

250,000

(2)

08/11

3.500

Convertible Notes

583,000

(3)

03/12

3.000

Medium Term Notes

345,675

10/12

5.375

Medium Term Notes

199,547

05/15

5.500

Medium Term Notes

100,000

07/18

7.500

Total Public Debt

2,452,741

MORTGAGE DEBT:

Tech Center 29, Silver Springs, MD

6,173

02/09

7.330

Middletown Village, Middletown, RI

10,000

02/09

4.531

Terrell Plaza, Terrell, TX

12,774

(4)

02/09

Libor + 150

Abernathy Square, Atlanta, GA

13,392

03/09

6.285

Orlando, FL

17,477

05/09

7.000

Shoppes at Wendover Village, Greensboro, NC

5,450

06/09

4.222

Town Center Plaza, Leawood, KS

46,435

07/09

7.310

Mill Pond Village, Cary, NC

8,500

07/09

4.758

Adams Farm, Greensboro, NC

6,700

08/09

4.652

DDR MDT MV, LLC

45,923

(5)

10/09

Libor + 72

Liberty Fair Mall, Martinsville, VA

18,936

12/09

8.460

Kyle Crossing, Kyle, TX

26,057

(4)(6)

01/10

Libor + 300

Cibolo Creek Center, Schertz, TX

6,480

(4)

01/10

Libor + 225

Plant City Crossing, Plant City, FL

5,900

05/10

4.700

Brick Ctr Plaza, Brick, NJ

10,300

06/10

4.375

Windsor Court SC, Windsor, CT

8,015

06/10

4.390

Edgewater Town Ctr, Edgewater, NJ

14,000

06/10

4.685

Valley Park Commons, Hagerstown, MD

6,770

07/10

4.440

East Hanover Plaza, East Hanover, NJ

9,280

07/10

4.685

Sony Theatre, East Hanover, NJ

6,445

07/10

4.685

Oakley Plaza, Asheville, NC

5,175

08/10

4.290

Deer Valley Town Center, Phoenix, AZ

16,733

09/10

8.010

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2008

Summary of Consolidated Debt
as of December 31, 2008 (con’t)

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

Capital Crossing, Raleigh, NC

5,478

09/10

4.300

Downtown Short Pump, Richmond, VA

18,480

09/10

4.900

DDR MDT MV, LLC

212,550

(5)

10/10

5.211

Tequesta Shops Plaza, Tequesta, FL

5,200

10/10

5.300

Shops on the Circle, Dothan, AL

11,409

11/10

7.920

Big Flats Consumer Square I, Big Flats, NY

4,567

12/10

8.011

Plattsburgh Consumer Square, Plattsburgh, NY

4,458

12/10

8.000

Denbigh Village, Newport News, VA

11,457

12/10

4.940

Camfield Corners, Charlotte, NC

5,150

12/10

5.040

Homestead Pavilion, Homestead, FL

58,929

03/11

Libor + 120

Peach Street Square I, Erie, PA

24,382

04/11

6.884

Peach Street Square II, Erie, PA

2,813

04/11

6.884

Southland Crossings, Boardman, OH

25,320

04/11

6.884

Plaza at Sunset Hills, St. Louis, MO

32,822

04/11

6.884

The Promenade at Brentwood, St. Louis, MO

24,382

04/11

6.884

Centennial Promenade, Denver, CO

36,573

04/11

6.884

DDRC Headquarters, Beachwood, OH

19,958

04/11

Libor + 110

Southern Tier Crossing, Horseheads, NY

30,618

09/11

Libor + 150

Union Town Center, Indian Train, NC

6,634

10/11

7.000

Westgate Plaza, Gates, NY

23,783

10/11

7.240

Ashtabula Commons, Ashtabula, OH

6,608

12/11

7.000

Paradise Village Gateway, Phoenix, AZ

30,000

(7)

03/12

5.385

Gravois Village Plaza, St. Louis, MO

448

06/12

8.625

University Hills, Denver, CO

26,545

07/12

7.300

N. Charleston Center, N. Charleston, SC

10,027

07/12

7.370

Cortez Plaza, Bradenton, FL

12,198

07/12

7.150

Duvall Village, Bowie, MD

8,424

10/12

7.040

Walgreen’s, Rockford, IL

3,223

11/12

4.863

Walgreen’s, Dearborn Hts, MI

3,550

11/12

4.863

Walgreen’s, Livonia, MI

2,477

11/12

4.863

Mooresville Consumer Square, Mooresville, NC

22,869

12/12

6.930

Big Flats Consumer Square IV, Big Flats, NY

823

01/13

7.600

Big Flats Consumer Square II, Big Flats, NY

2,899

01/13

8.010

Delaware Consumer Square, Buffalo, NY

715

01/13

6.960

Walgreen’s, Oshkosh, WI

2,817

02/13

4.863

Walgreen’s, Westland, MI

2,625

03/13

4.863

Paseo Colorado, Pasadena, CA

79,100

04/13

5.000

Family Center at Meridian, Meridian, ID

7,440

04/13

5.000

Meridian Crossroads, Meridian, ID

29,760

04/13

5.000

University Center, Wilmington, NC

24,500

04/13

5.000

Aspen Grove, Littleton, CO

42,200

04/13

5.000

Plaza Escorial, Carolina, PR

57,500

04/13

5.000

Plaza Rio Hondo, Bayamon, PR

109,500

04/13

5.000

Victor Square, Victor, NY

6,297

04/13

5.800

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2008

Summary of Consolidated Debt
as of December 31, 2008 (con’t)

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

Wrangleboro Consumer Sq. I & II, Mays Landing, NJ

43,475

05/13

6.990

Monmouth Consumer Sq., W. Long Branch, NJ

9,597

07/13

8.570

Rotonda Plaza, Englewood, FL

1,352

07/13

5.800

Reno Riverside, Reno, NV

3,296

(8)

02/15

Prime + 170

Wal-Mart Plaza, Olean, NY

3,662

07/15

8.995

Hamilton Commons, Mays Landing, NJ

11,349

09/15

4.700

Consumer Square West, Columbus, OH

12,544

11/15

10.188

Boulevard Consumer Square (Kmart), Amherst, NY

9,681

11/15

7.850

Tops Plaza, Lockport, NY

10,124

01/16

8.000

Merriam Town Center, Merriam, KS (TIF)

4,775

02/16

6.900

Freedom Plaza, Rome, NY

3,571

09/16

7.850

Transit Commons, Amherst, NY

4,204

12/16

7.680

Thruway Plaza (Wal-Mart), Cheektowaga, NY

4,060

10/17

6.780

Tops Plaza, Ithaca, NY

15,933

01/18

7.050

Boulevard Consumer Square, Amherst, NY

11,195

07/18

5.670

Mohawk Commons, Niskayuna, NY

20,804

12/18

5.750

Lowes, Henderson, TN

7,691

01/19

7.660

Mariner Square, Spring Hill, FL

4,521

09/19

9.750

Northland Square, Cedar Rapids, IA

8,609

01/20

9.375

Connecticut Commons, Plainville, CT

6,675

04/21

7.125

West Valley Marketplace, Allentown, PA

15,899

07/21

6.950

Gulfport Promenade, Gulfport, MS

60,000

12/37

SIFMA + 5

Total Mortgage Debt

1,637,440

Total Consolidated Debt

5,917,363


			Wtd. Avg.	Wtd. Avg.
			Maturity	Interest Rate
Fixed Rate	$	4,426,146	2.94 years		5.1	%
Variable Rate	$	1,491,218	2.68 years		1.7	%

	$	5,917,363	2.87 years		4.2	%

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2008

Summary of Consolidated Debt
as of December 31, 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. Deferred finance cost amortization of approximately $9.8 million net, is offset by approximately $4.6 million of 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 $65.17 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 $82.71 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 David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.

5.		The Company’s 50% joint venture with DDR MDT MV LLC is consolidated within DDR’s accounts pursuant to FIN 46.

6.		This loan has a LIBOR floor of 2.00%.

7.		The Company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts pursuant to EITF 04-05.

8.		This loan has a floor interest rate of 5.95% and a cap of 9.00%.

Amounts may differ slightly from actual results, due to rounding.

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2008

Summary of Joint Venture Debt
as of December 31, 2008

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDRTC Core Retail Fund, LLC

DDRTC Holdings Pool 1, LLC (25 assets)

736,559

03/17

5.4475

DDRTC Holdings Pool 3, LLC (17 assets)

555,034

03/12

5.480

DDRTC Holdings Pool 5, LLC (12 assets)

197,300

02/10

Libor + 65

DDRTC Holdings Pool 6, LLC

Walks at Highwood Preserve I & II

3,700

05/09

4.372

Aiken Exchange

7,350

05/09

4.372

Oak Summit

8,200

06/09

4.272

Wytheville Commons

5,590

06/09

4.302

Heritage Pavilion

21,500

07/09

4.460

Columbiana Station

25,900

06/10

4.040

Warwick Center

16,939

06/10

4.130

Fayette Pavilion I & II

53,250

07/10

5.620

North Hill Commons

2,475

11/10

5.240

Cox Creek Shopping Center

14,210

03/12

7.090

Cypress Trace

16,000

04/12

5.000

Waterfront Marketplace

28,990

08/12

6.350

Waterfront Town Center

38,193

08/12

6.350

Creeks at Virginia Center

25,777

08/12

6.370

Willoughby Hills Shopping Center

14,057

07/18

6.980

DDR Domestic Retail Fund I

Paradise Promenade, Davie, FL

6,400

06/09

4.322

Village Ctr, Racine, WI

13,200

04/10

4.440

West Falls Plaza, West Patterson, NJ

11,075

06/10

4.685

Southampton Village, Tyrone, GA

6,700

05/11

4.663

Village Center Outlot, Racine, WI

2,070

07/11

5.170

Center Pointe Plaza, Easley, SC

4,250

08/11

5.320

Shoppes on the Ridge, Lake Wales, FL

9,628

12/11

4.740

Publix Brooker Creek, Palm Harbor, FL

5,000

12/11

4.610

Watercolor Crossing, Santa Rosa, FL

4,355

01/12

4.760

Heather Island Plaza, Ocala, FL

6,155

12/12

5.001

Hilliard Rome, Columbus, OH

11,033

01/13

5.870

Boynton Beach, FL (Meadows Square)

2,918

07/13

6.720

DDR Domestic Retail Fund I (25 assets)

885,000

07/17

5.600

DDR Macquarie (1)(2)

$305 Million Revolving Credit Facility (10 assets)

237,800

04/10

Libor + 40

9,100

04/10

3.938

20,000

04/10

4.360

Secured Portfolio Financing (7 assets)

268,000

09/15

6.400

65,320

09/11

Libor + 240

Secured Portfolio Financing (8 assets)

165,250

06/09

4.180

7,660

06/09

Libor + 84

BJ’s Clarence

4,337

03/22

7.070

Joann Transit

2,177

08/13

6.250

New Hartford Consumer Square

30,073

11/18

5.750

Birmingham, AL (Riverchase)

7,493

01/13

5.500

DDR Macquarie Longhorn Holdings (4 assets)

85,000

01/12

4.910

DDR Macquarie Longhorn Holdings II (7 assets)

157,250

04/10

4.822

3,570

04/10

Libor + 85

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2008

Summary of Joint Venture Debt
as of December 31, 2008 (con’t)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDR Macquarie (1)(2)

DDR Macquarie Longhorn Holdings III (3 assets)

39,300

04/10

5.098

Macquarie DDR US Trust Credit Facility

48,365

03/10

Libor + 100

DDR MDT PS, LLC (7 assets)

86,000

07/13

6.004

Coventry II DDR Bloomfield

48,000

12/08

Libor + 250

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

Coventry II DDR Fairplain

16,000

09/09

Libor + 275

Coventry II DDR Marley Creek

10,750

07/10

Libor + 125

Coventry II DDR Merriam Village (3)

17,039

10/09

Libor + 300

Coventry II DDR Montgomery Farm (4)

112,368

07/10

Libor + 300

Coventry II DDR Phoenix Spectrum

46,000

01/10

Libor + 70

Coventry II DDR SM

84,725

01/10

Libor + 80

32,695

01/10

Libor + 223.65

Coventry II DDR Totem Lakes

29,500

09/09

Libor + 275

Coventry II DDR Tri County

154,587

02/15

5.655

11,741

02/15

10.304

Coventry II DDR Ward Parkway

35,000

11/09

Libor + 350

Coventry II DDR Westover Marketplace

20,856

07/09

Libor + 125

RVIP III B

Deer Park, IL

60,000

10/11

5.590

RVIP VII (2 assets)

72,120

04/10

Libor + 125

RVIP VIII

23,356

01/10

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

4,984

05/17

7.630

Tonawanda, NY

4,635

06/21

7.660

TRT DDR Holdings I LLC (3 assets)

110,000

05/17

5.510

Inland SAU Retail Fund, LLC

Blockbuster

993

10/10

4.890

Cascade Crossing

4,954

10/10

4.890

Hickory Flat Village

8,689

10/10

4.890

Flat Shoals Crossing

6,063

10/10

4.760

Deshon Plaza

6,038

10/10

4.760

Shops at John’s Creek

2,762

10/10

4.890

Waynesboro Commons

3,178

10/10

4.890

Brookhaven

10,397

12/10

4.890

Lewandowski Commons

12,465

03/11

5.770

South Square

12,597

10/12

5.060

North Hampton Market (Phase I & II)

10,501

10/12

5.080

Oakland Market Place

3,560

10/12

5.040

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2008

Summary of Joint Venture Debt
as of December 31, 2008 (con’t)


		Mortgage
Property/Entity		Balance (000’s)		Maturity Date		Interest Rate
Inland SAU Retail Fund, LLC
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

Cole DDR MT Independence	F		34,100		01/12		5.950

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		5,898		05/11		5.420
Columbus, OH	F		12,886		04/11		8.480

DOTRS LLC
Macedonia, OH	F		21,000		08/11		6.050

Jefferson County Plaza, LLC
Arnold, MO	V		3,680		08/12	Libor + 200

Sonae Sierra Brazil Limitadas	V		18,848		02/09	CDI + 45
	F		38,436		12/20		8.500

Central Park Solon LLC	V		3,354		05/09	Libor + 225

RO & SW Realty LLC	F		24,176		06/11		5.960


Total		$	5,776,897


				Wtd. Avg.		Wtd. Avg.
Total Joint Venture Debt:				Maturity		Interest Rate

Total Joint Venture Debt:
Fixed Rate		$	4,581,591	5.34 years			5.5	%
Variable Rate		$	1,195,306	1.15 years			2.2	%


		$	5,776,897	4.47 years			4.8	%


DDR’s Proportionate Share:
Fixed Rate		$	982,274
Variable Rate		$	233,854

		$	1,216,129

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2008

DERIVATIVE INSTRUMENTS (5)


	Notional Amount(000’s)		Underlying Capital Hedged	Rate Hedged	Fixed Rate			Termination Date
Interest Rate Swap	$	20,000	MDT Revolving Credit Facility	1 mo. LIBOR		3.960	%	June 1, 2009
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 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. MDT has also entered into a series of forward swaps in expectation of obtaining fixed rate financing in the future.

(3)		This loan has a LIBOR floor of 2.00%.

(4)		This loan has a LIBOR floor of 1.50%.

(5)		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 year ended December 31, 2008

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities (1)
as of December 31, 2008
(000’s)


	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018
	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
CONSOLIDATED DEBT
Property Mortgages	$	159,924	$	426,287	$	199,985	$	112,854	$	432,347	$	16,593	$	26,595	$	16,032	$	10,559	$	7,901	$	73,548	$	1,482,623
Construction Loans		12,774		32,537		30,618		0		78,888		0		0		0		0		0		0		154,817
Public Debt		226,987		497,881		499,651		928,675		0		0		199,547		0		0		100,000		0		2,452,741

Subtotal		399,685		956,705		730,255		1,041,529		511,235		16,593		226,142		16,032		10,559		107,901		73,548		4,090,181
Revolving Credit Facilities & Term Loan ⁽²⁾		0		0		1,027,183		800,000		0		0		0		0		0		0		0		1,827,184

Total Consolidated Debt	$	399,685	$	956,705	$	1,757,437	$	1,841,529	$	511,235	$	16,593	$	226,142	$	16,032	$	10,559	$	107,901	$	73,548	$	5,917,363


JOINT VENTURE DEBT
Total JV Debt	$	359,010	$	1,400,072	$	485,633	$	854,887	$	250,785	$	159,910	$	425,981	$	7,369	$	1,765,944	$	6,335	$	60,970	$	5,776,897
DDR’s Proportionate Share		80,384		356,912		118,455		143,928		47,098		31,946		98,522		1,428		313,456		1,321		22,679		1,216,129

Total Consolidated Debt & Proportionate Share JV Debt	$	480,069	$	1,313,616	$	1,875,893	$	1,985,457	$	558,332	$	48,539	$	324,664	$	17,460	$	324,015	$	109,221	$	96,226	$	7,133,492


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 December 31, 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 year ended December 31, 2008


Corporate Headquarters		Investor Relations
3300 Enterprise Parkway		Francine J. Glandt
Beachwood, Ohio 44122		Toll Free: (800) 258-7289
Main: (216) 755-5500		Direct: (216) 755-5827
Website: www.ddr.com		Cell: (216) 225-4089
		Email: fglandt@ddrc.com


Research Coverage
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

Macquarie
David Wigginton	dave.wigginton@macquarie.com	(212) 231-6380

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 l35486aexv99w3.htm EX-99.3 EX-99.3

Exhibit 99.3

• Property List INVESTOR RELATIONS DEPARTMENT • 3300 ENTERPRISE PARKWAY BEACHWOOD, OHIO 44122 • p. (216) 755-5500 f. (216) 755-1500 • WWW.DDR.COM For the year ended December 31, 2008

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

ALABAMA
BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH	BIRMINGHAM		1994/2003		1994		100.00	%		424,360		551,277		4,349,367	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)
BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTRE 7001 CRESTWOOD BLVD	BIRMINGHAM		1989/1999		1995		100.00	%		300,280		463,560		1,120,592	DOLLAR TREE(2013), BURLINGTON COAT FACTORY(2013), WESTERN SUPERMARKETS (NOT OWNED), HOME DEPOT(NOT OWNED)
BIRMINGHAM, AL (RIVER RIDGE)	RIVER RIDGE US HIGHWAY 280	BIRMINGHAM		2001		2007		15.00	%		172,304		349,804		2,180,854	STAPLES(2016), BEST BUY(2017), SUPER TARGET(NOT OWNED)
BIRMINGHAM, AL(RIVERCHASE)	RIVERCHASE PROMENADE (I) MONTGOMERY HIGHWAY	BIRMINGHAM		1989		2002		14.50	%		120,108		228,416		1,687,973	MARSHALLS(2009), TOY’S R US(NOT OWNED), GOODY’S(NOT OWNED)
CULLMAN, AL	LOWE’S HOME IMPROVEMENT 1717 CHEROKEE AVE SW	CULLMAN		1998		2007		100.00	%		101,287		101,287		682,500	LOWE’S(2015)
DOTHAN, AL (CIRCUIT CITY)	CIRCUIT CITY 2821 MONTGOMERY HWY	DOTHAN		2004		2007		100.00	%		33,906		33,906		567,926	CIRCUIT CITY(2020)
DOTHAN, AL(SHOPS)	SHOPS ON THE CIRCLE 3500 ROSS CLARK CIRCLE	DOTHAN		2000		2007		100.00	%		149,085		149,085		1,655,277	OLD NAVY(2010), T.J. MAXX(2010), OFFICE MAX(2016)
FLORENCE, AL	COX CREEK SHOPPING CENTER 374-398 COX CREEK PARKWAY	FLORENCE		2001		2007		15.00	%		173,989		304,870		1,494,727	BEST BUY(2017), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017), TARGET(NOT OWNED)
HUNTSVILLE, AL (WEST)	WESTSIDE CENTRE 6275 UNIVERSITY DR	HUNTSVILLE		2002		2007		15.00	%		476,146		665,377		4,960,461	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)
OPELIKA, AL	PEPPERELL CORNERS (I)	OPELIKA		1995		2003		100.00	%		306,224		306,224		673,349	GOODY’S(2011)
	2300-2600 PEPPERELL PARKWAY OP
SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY	SCOTTSBORO		1999		2003		100.00	%		40,560		223,750		460,176	GOODY’S(2011), WAL-MART(NOT OWNED)
TUSCALOOSA, AL	MCFARLAND PLAZA 2600 MCFARLAND BLD E	TUSCALOOSA		1999		2007		15.00	%		229,323		229,323		1,177,104	STEIN MART(2009), OFFICE MAX(2015), TOYS R US(2011)
ARIZONA
AHWATUKEE, AZ	AHWATUKEE FOOTHILLS TC (II) 4711 EAST RAY ROAD	PHOENIX		1996/1997/1999		1997		50.00	%		647,883		686,414		10,487,530	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)
CHANDLER, AZ	CHANDLER 2992 NORTH ALMA SCHOOL ROAD	PHOENIX		1985		2005		50.00	%		74,862		74,862		700,397	MERVYN’S (2020)
MESA, AZ (SUPERS)	SUPERSTITION SPRINGS 6505 E SOUTHERN AVENUE	PHOENIX		1990		2005		50.00	%		86,858		86,858		1,198,104	MERVYN’S (2020)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD	PHOENIX		1979		2005		50.00	%		81,009		81,009		852,150	MERVYN’S (2020)
PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSINGS 7553 WEST BELL ROAD	PHOENIX		1995		1996		50.00	%		346,428		416,606		3,834,009	STAPLES(2009), HOMEGOODS(2013), MAC FRUGAL’S(2010), BARNES & NOBLE(2011), T.J. MAXX(2011), DSW SHOE WAREHOUSE(2017), BASSETT FURNITURE(2009), FRY’S(NOT OWNED)
PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD	PHOENIX		1994		2005		50.00	%		76,214		76,214		0
PHOENIX, AZ (SPE)	CHRISTOWN SPECTRUM MALL 1703 W BETHANY HOME RD	PHOENIX		1961		2004		20.00	%		452,065		1,030,323		7,145,771	WAL-MART(2023), COSTCO WHOLESALE(2020), ROSS DRESS FOR LESS(2013), PETSMART(2019), J.C. PENNEY(2037), HARKINS THEATRE(2022), TARGET (NOT OWNED)
PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AQUA FRIA FREEWAY	PHOENIX		1996		1999		100.00	%		194,009		459,939		3,056,451	ROSS DRESS FOR LESS(2014), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2014), AMC THEATRES(NOT OWNED), TARGET(NOT OWNED)
PHOENIX, AZ(PARADISE)	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS	PHOENIX		1997/2004		2003		67.00	%		223,658		295,317		4,542,351	BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2012), PETSMART(2015), STAPLES(2010), ALBERTSON’S(2016)
TUCSON, AZ	SANTA CRUZ PLAZA 3660 SOUTH 16TH AVENUE	TUCSON		1982		2005		50.00	%		76,126		76,126		533,788	MERVYN’S (2020)
ARKANSAS
FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD	FAYETTEVILLE		1997/1999/2000/2001		1997		14.50	%		262,827		590,161		2,553,698	T.J. MAXX(2011), BEST BUY(2017), OLD NAVY(2010), BED BATH & BEYOND(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
FAYETTEVILLE, AR(STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR	FAYETTEVILLE		2003		2003		14.50	%		50,314		261,665		1,025,935	KOHL’S(2022), TARGET(NOT OWNED)
NORTH LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD	LITTLE ROCK		1991/2004		1994		100.00	%		295,013		295,013		2,024,129	BED BATH & BEYOND(2013), T.J. MAXX(2012), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014)
RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET	RUSSELLVILLE		1992		1994		100.00	%		266,539		266,539		1,576,540	HOBBY LOBBY(2016), STAGE(2010), J.C. PENNEY(2012), BELK(2021)
CALIFORNIA
ANAHEIM, CA	ANAHEIM HILLS FESTIVAL 8100 E SANTA CANYON ROAD	LOS ANGELES		1992		2005		50.00	%		77,883		77,883		1,354,101	MERVYN’S (2020)
ANTIOCH, CA	SOMERSVILLE TOWNE CENTER 2602 SOMERSVILLE ROAD	SACRAMENTO		1970		2005		50.00	%		75,339		75,339		0
BUENA PARK, CA (MALL & ENT)	BUENA PARK DOWNTOWN (ENTRTNMT) 100 BUENA PARK	LOS ANGELES		1965		2004		20.00	%		735,130		1,142,793		9,589,000	CIRCUIT CITY(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2015), BED BATH & BEYOND(2011), 24 HOUR FITNESS(2022), KOHL’S(2024), KRIKORIAN PREMIER THEATRES(2023), MICHAEL’S(2014), SEARS(NOT OWNED), WALMART(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

BURBANK, CA	BURBANK TOWN CENTER 245 E MAGNOLIA BLVD	LOS ANGELES		1991		2005			50.00	%		89,182		89,182		1,657,357	MERVYN’S (2020)
CHINO, CA	CHINO TOWN SQUARE SC 5517 PHILADELPHIA	LOS ANGELES		1986		2005			50.00	%		81,282		81,282		905,210	MERVYN’S (2020)
CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVENUE	FRESNO		1988		2005			50.00	%		75,088		75,088		742,846	MERVYN’S (2020)
CULVER CITY, CA	CIRCUIT CITY 5660 SEPULVEDA BLVD	LOS ANGELES		1998		2007			100.00	%		32,873		32,873		680,062	CIRCUIT CITY(2018)
EL CAJON, CA	WESTFIELD PARKWAY 565 FLETCHER PARKWAY	SAN DIEGO		1989		2005			50.00	%		85,744		85,744		1,304,225	MERVYN’S (2020)
FAIRFIELD, CA	WESTFIELD SOLANO 1451 GATEWAY BLVD.	SAN FRANCISCO		1981		2005			50.00	%		89,223		89,223		0
FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET	SACRAMENTO		2003		2005			50.00	%		79,080		79,080		1,201,287	MERVYN’S (2020)
FOOTHILL RANCH, CA	FOOTHILL RANCH TC 26732 PORTOLA PARKWAY	LOS ANGELES		1993		2005			50.00	%		77,934		77,934		0
GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD.	LOS ANGELES		1982		2005			50.00	%		83,746		83,746		783,171	MERVYN’S (2020)
LANCASTER, CA (DISCOUNT)	VALLEY CENTRAL (DISCOUNT) 44707-44765 VALLEY CENTRAL WAY	LOS ANGELES		1990		2001			21.00	%		353,483		483,787		3,075,684	MARSHALL’S(2012), STAPLES(2013), CINEMARK(2017), 99 CENTS ONLY(2014), MICHAELS (2018), COSTCO(NOT OWNED)
LOMPAC, CA	MISSION PLAZA 1600 N H STREET	LOS ANGELES		1992		2005			50.00	%		62,523		62,523		365,056	MERVYN’S (2020)
LONG BEACH, CA (PIKE)	THE PIKE AT RAINBOW HARBOR 95 SOUTH PINE AVE	LOS ANGELES		2005		1	*		100.00	%		281,535		315,074		5,810,300	CINEMARK(2017), BORDERS(2016), CLUB V2O(2019), GAMEWORKS (2017)
MADERA, CA	MADERA 1467 COUNTRY CLUB DRIVE	FRESNO		1990		2005			50.00	%		59,720		59,720		209,050	MERVYN’S (2020)
NORTH FULLERTON, CA	CROSSROADS SC 200 IMPERIAL HIGHWAY	LOS ANGELES		1991		2005			50.00	%		76,360		76,360		803,334	MERVYN’S (2020)
NORTHRIDGE, CA	NORTHRIDGE PLAZA 8800 CORBIN AVE	LOS ANGELES		1980		2005			50.00	%		75,326		75,326		564,563	MERVYN’S (2020)
OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE	SAN DIEGO		2000		2000			100.00	%		79,884		79,884		1,330,878	REGAL CINEMAS(2014)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W RANCHO VISTA BLVD.	LOS ANGELES		1992		2005		50.00	%		76,550		76,550		862,762	MERVYN’S (2020)
PASADENA, CA	PASEO COLORADO 280 E COLORADO BLVD	LOS ANGELES		2001		2003		100.00	%		556,271		556,271		11,519,938	GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011)
PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 1401 WILLOW PASS ROAD	SAN FRANCISCO		1999/2000		2001		20.00	%		345,930		345,930		6,431,048	LUCKY SUPERMARKET(2020), MICHAEL’S(2010), BORDERS(2015), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2010), CENTURY THEATRE(2016)
PORTERVILLE, CA	PORTERVILLE MARKET PLACE 1275 WEST HENDERSON AVENUE	BAKERSFIELD		1991		2005		50.00	%		76,378		76,378		535,910	MERVYN’S (2020)
REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE	SAN FRANCISCO		1984		2005		50.00	%		61,363		61,363		645,214	MERVYN’S (2020)
RICHMOND, CA(HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE	SAN FRANCISCO		1996/2000		2002		20.00	%		245,774		245,774		3,858,794	.99 CENTS ONLY STORES(2011), PETSMART(2012), ROSS DRESS FOR LESS(2013), BARNES & NOBLE(2011), CENTURY THEATRE(2016)
SAN DIEGO, CA	SOUTHLAND PLAZA SC 575 SATURN BLVD.	SAN DIEGO		1982		2005		50.00	%		75,207		75,207		1,054,841	MERVYN’S (2020)
SAN DIEGO, CA (COLLEGE)	COLLEGE GROVE SC 3450 COLLEGE AVENUE	SAN DIEGO		1991		2005		50.00	%		73,872		73,872		880,775	MERVYN’S (2021)
SAN FRANCISCO, CA (RETAILS)	VAN NESS PLAZA 1000 VAN NESS AVENUE	SAN FRANCISCO		1998		2002		100.00	%		123,755		123,755		3,971,743	AMC THEATRE(2030), CRUNCH FITNESS(2009)
SANTA MARIA, CA	TOWN CENTER WEST SC 201 TOWN CENTER WEST	LOS ANGELES		1988		2005		50.00	%		84,886		84,886		793,784	MERVYN’S (2020)
SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA	SAN FRANCISCO		1981		2005		50.00	%		90,348		90,348		1,588,628	MERVYN’S (2020)
SLATTEN RANCH, CA	SLATTEN RANCH SC 5849 LONE TREE WAY	SAN FRANCISCO		2002		2005		50.00	%		78,819		78,819		1,381,693	MERVYN’S (2020)
SONORA, CA	SONORA CROSSROADS 1151 SANGUINETTI ROAD	SAN FRANCISCO		1993		2005		50.00	%		62,214		62,214		763,009	MERVYN’S (2020)
TULARE, CA	TULARE PAVILION SC 1675 HILLMAN STREET	FRESNO		1991		2005		50.00	%		62,947		62,947		588,970	MERVYN’S (2020)
UKIAH, CA	PEAR TREE CENTER 437 NORTH ORCHARD AVENUE	SAN FRANCISCO		1990		2005		50.00	%		58,841		58,841		343,831	MERVYN’S (2020)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

VALENCIA, CA	RIVER OAKS SC 24235 MAGIC MOUNTAIN PKWY	LOS ANGELES		1986		2006			100.00	%		75,590		75,590		989,420	MERVYN’S (2035)
WEST COVINA, CA	WESTFIELD EASTLAND SC 2753 E. EASTLAND CTR DR	LOS ANGELES		1979		2005			50.00	%		79,800		79,800		1,607,730	MERVYN’S (2020)
COLORADO
AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER	DENVER		2003		2003			14.50	%		127,215		479,541		2,321,316	BED BATH & BEYOND(2012), OFFICE DEPOT(2017), WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
BROOMFIELD, CO (FLATIRON GARD)	FLATIRON MARKETPLACE (GARDEN) 1 WEST FLATIRON CIRCLE	DENVER		2001		2003			100.00	%		252,035		421,447		4,085,632	NORDSTROM RACK(2011), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(NOT OWNED)
DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E COUNTY LINE ROAD	DENVER		1997/2002		1997			100.00	%		408,337		529,488		7,004,611	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)
DENVER, CO (TAMARAC)	TAMARAC SQUARE 7777 E. HAMPDEN	DENVER		1976		2001			100.00	%		183,611		196,411		1,902,467	REGENCY THEATRES TAMARAC SQ.(2008)
DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD	DENVER		1997		2003			100.00	%		244,383		244,383		3,792,744	PIER 1 IMPORTS(2014), OFFICE MAX(2012), KING SOOPERS(2017)
FORT COLLINS, CO	MULBERRY AND LEMAY CROSSING MULBERRY ST. & S. LEMAY AVE.	FORT COLLINS		2004		2003			100.00	%		18,988		316,420		393,944	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
HIGHLAND RANCH, CO	CIRCUIT CITY 8575 SOUTH QUEBEC ST	DENVER		1998		2007			100.00	%		43,480		43,480		443,625	CIRCUIT CITY(2018)
LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE	DENVER		2002		1	*		100.00	%		231,450		255,184		6,028,977
PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER (I) SOUTH PARKER ROAD	DENVER		2003		2003			14.50	%		116,644		221,520		2,084,091	BED BATH & BEYOND(2014), GART SPORTS(2014), MICHAEL’S(2013), KOHL’S(NOT OWNED)
PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD	DENVER		2003		2003			14.50	%		89,631		409,897		1,447,663	OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
CONNECTICUT
MANCHESTER, CT	MANCHESTER BROAD STREET 286 BROAD STREET	HARTFORD		1995/2003		2007			100.00	%		68,509		68,509		1,075,480	STOP & SHOP(2028)
PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9	HARTFORD		1999/2001		1	*		14.50	%		463,338		566,481		5,983,672	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)
WATERBURY, CT	NAUGATUCK VALLEY SC 950 WOLCOTT STREET	HARTFORD		2003		2007			15.00	%		232,085		383,332		3,775,480	WAL-MART(2027), BOB’S STORES(2017), STOP & SHOP(2021), STAPLES(2018)
WINDSOR, CT	WINDSOR COURT SHOPPING CENTER 1095 KENNEDY ROAD	HARTFORD		1993		2007			100.00	%		78,480		78,480		1,401,225	STOP & SHOP(2013)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

DELAWARE
DOVER, DE	KMART SHOPPING CENTER 515 N DUPONT HIGHWAY	DOVER		1973		2008			25.25	%		84,180		88,980		301,000	K MART(2009)
FLORIDA
APOPKA, FL	PIEDMONT PLAZA 2302-2444 E SEMORAN BLVD	ORLANDO		2004		2007			14.50	%		148,075		210,075		1,081,245	BEALL’S(2019), ALBERTSON’S(NOT OWNED)
BAYONET POINT, FL	POINT PLAZA US 19 & SR 52	TAMPA		1985/2003		1/2	*		100.00	%		209,714		209,714		1,386,913	PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2010)
BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD N. CONGRESS AVE.	MIAMI		1986		2004			20.00	%		106,224		106,224		1,251,109	PUBLIX SUPER MARKETS(2011)
BOYNTON BEACH, FL (COMMONS)	BOYNTON COMMONS 333-399 CONGRESS AVE	MIAMI		1998		2007			15.00	%		210,488		210,488		3,160,798	BARNES & NOBLE(2013), PETSMART(2014), SPORTS AUTHORITY(2013), BED BATH & BEYOND(2014)
BOYNTON BEACH, FL(ABERDEEN)	ABERDEEN SQUARE 4966 LE CHALET BLVD	MIAMI		1990		2007			20.00	%		70,555		70,555		694,723	PUBLIX SUPER MARKETS(2010)
BOYNTON BEACH, FL(VILLAGE)	VILLAGE SQUARE AT GOLF 3775 W WOOLBRIGHT RD	MIAMI		1983/2002		2007			20.00	%		126,486		131,466		1,736,796	PUBLIX SUPER MARKETS(2013)
BRADENTON, FL (LAKEWOOD)	LAKEWOOD RANCH PLAZA 1755 LAKEWOOD RANCH BLVD	BRADENTON		2001		2007			20.00	%		69,484		69,484		946,301	PUBLIX SUPER MARKETS(2021)
BRADENTON, FL(CORTEZ)	CORTEZ PLAZA CORTEZ ROAD WEST AND US HIGHWAY 41	BRADENTON		1966/1988		2007			100.00	%		288,540		288,540		3,068,998	PUBLIX SUPER MARKETS(2010), BURLINGTON COAT FACTORY(2013), PETSMART(2012), CIRCUIT CITY(2010)
BRADENTON, FL(CREEKWOOD)	CREEKWOOD CROSSING 7395 52ND PLACE EAST	BRADENTON		2001		2007			20.00	%		180,746		284,085		2,078,415	BEALL’S(2016), BEALL’S OUTLET(2014), LIFESTYLE FAMILY FITNESS(2014), MACYS FURNITURE & MATRESS CLEARANCE CNTR(2009)
BRANDON, FL (KMART)	KMART SHOPPING CENTER 1602 BRANDON BL	TAMPA		1972/1997/2003		2	*		100.00	%		161,900		228,022		801,248	K MART(2012), KANE FURNITURE(2022)
BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD	TAMPA		1999		2003			14.50	%		148,267		196,801		1,932,929	COMPUSA(2017), JO-ANN STORES(2017), BABIES R US(2013), PUBLIX SUPER MARKETS(2019)
BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD	TAMPA		1997/2004		2003			14.50	%		113,986		243,641		1,121,612	SPORTS AUTHORITY(2018), PETSMART(2020), LOWE’S(NOT OWNED)
CASSELBERRY, FL	CASSELBERRY COMMONS 1455 S. SEMORAN BLVD	ORLANDO		1973/1998		2007			20.00	%		228,967		243,967		2,071,019	PUBLIX SUPER MARKETS(2012), ROSS DRESS FOR LESS(2013), STEIN MART(2015)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

CLEARWATER, FL	CLEARWATER COLLECTION 21688-21800 US HWY19 NORTH	TAMPA		1995/2005		2007			100.00	%		132,023		132,023		1,483,948	LA FITNESS INTERNATIONAL(2022), FLOOR & DECOR(2017)
CRYSTAL RIVER, FL	CRYSTAL SPRINGS 6760 W GULF TO LAKE	OCALA		2001		2007			20.00	%		66,986		66,986		688,817	PUBLIX SUPER MARKETS(2021)
CRYSTAL RIVER, FL (RIVER)	CRYSTAL RIVER PLAZA 420 SUN COAST HWY	OCALA		1986/2001		1/2	*		100.00	%		169,101		169,101		867,967	BEALL’S(2012), BEALL’S OUTLET(2011)
DANIA BEACH, FL	BASS PRO OUTDOOR WORLD 200 GULF STREAM WAY	MIAMI		1999		2007			100.00	%		165,000		165,000		1,600,000	BASS PRO OUTDOOR WORLD(2014)
DANIA, FL	SHERIDAN SQUARE 401-435 E. SHERIDAN STREET	MIAMI		1991		2007			20.00	%		67,475		67,475		643,004	PUBLIX SUPER MARKETS(2010)
DAVIE, FL	PARADISE PROMENADE 5949-6029 STIRLING ROAD	MIAMI		2004		2007			20.00	%		74,493		74,493		1,154,841	PUBLIX SUPER MARKETS(2023)
DAYTONA BEACH, FL	VOLUSIA POINT SHOPPING CENTER 1808 W. INTERNATIONAL SPEEDWAY	DAYTONA BEACH		1984		2001			100.00	%		76,087		76,087		838,139	MARSHALLS(2010)
DEERFIELD BEACH, FL	HILLSBORO SQUARE HILLSBORO BLVD & HIGHWAY ONE	MIAMI		1978/2002		2007			15.00	%		145,329		154,089		2,238,273	PUBLIX SUPER MARKETS(2022), OFFICE DEPOT(2023)
ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD	SARASOTA		1991		2004			100.00	%		46,835		46,835		438,152	KASH N KARRY(2011)
FORT MEYERS, FL	MARKET SQUARE 13300 SOUTH CLEVELAND AVENUE	FT. MEYERS		2004		2007			15.00	%		107,179		243,945		1,708,296	AMERICAN SIGNATURE(2014), TOTAL WINE & MORE(2016), DSW SHOE WAREHOUSE(2016), TARGET(NOT OWNED)
FORT MEYERS, FL (CYPRESS)	CYPRESS TRACE CYPRESS LAKE DRIVE & US 41	FT. MEYERS		2004		2007			15.00	%		276,288		276,288		2,755,151	BEALL’S(2010), STEIN MART(2013), BEALL’S OUTLET(2010), ROSS DRESS FOR LESS(2012)
FORT WALTON BEACH, FL	SHOPPES AT PARADISE POINTE US HWY 98 AND PERRY AVE	DESTIN		1987/2000		2007			20.00	%		83,936		83,936		994,286	PUBLIX SUPER MARKETS(2021)
GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY	PENSACOLA		1998		2003			100.00	%		29,827		333,654		494,236	WAL-MART(NOT OWNED), LOWE’S(NOT OWNED)
HERNANDO, FL	SHOPPES OF CITRUS HILLS 2601 FOREST RIDGE BLVD	OCALA		1994/2003		2007			20.00	%		68,927		68,927		717,255	PUBLIX SUPER MARKETS(2014)
HIALEAH, FL	PARAISO PLAZA 3300-3350 W. 80TH ST	MIAMI		1997		2007			20.00	%		60,712		60,712		766,537	PUBLIX SUPER MARKETS(2017)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE	JACKSONVILLE		1988		1995			100.00	%		219,735		295,752		1,333,820	J.C. PENNEY(2012), WINN DIXIE STORES(2014)
JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON PLAZA 926 ARLINGTON ROAD	JACKSONVILLE		1990/1999		2004			100.00	%		182,098		182,098		601,727	FOOD LION(2010)
LAKE MARY, FL	SHOPPES OF LAKE MARY 4155 WEST LAKE MARY BLVD	ORLANDO		2001		2007			15.00	%		73,343		74,331		1,531,899	STAPLES(2015)
LAKE WALES, FL	SHOPPES ON THE RIDGE HIGHWAY 27 & CHALET SUZANNE ROAD	ORLANDO		2003		2007			20.00	%		115,671		115,671		1,198,314	PUBLIX SUPER MARKETS(2023)
LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA 2228 LAKELANDS HIGHLAND ROAD	LAKELAND		1990		2004			100.00	%		102,572		102,572		858,358	WINN DIXIE STORES(2017)
LAKELAND, FL (MARKETPLACE)	LAKELAND MARKETPLACE FL LAKELAND	LAKELAND		2006		2003			100.00	%		77,582		77,582		581,865
LARGO, FL	BARDMOOR PROMENADE 10801 STARKEY ROAD	TAMPA		1991		2007			20.00	%		152,667		165,607		1,865,873	PUBLIX SUPER MARKETS(2011)
LARGO, FL(KMART)	KMART SHOPPING CENTER 1000 MISSOURI AVENUE	TAMPA		1969		2008			25.25	%		116,805		116,805		214,921	K MART(2012)
LAUDERHILL, FL	UNIVERSAL PLAZA 7730 WEST COMMERCIAL	MIAMI		2002		2007			15.00	%		49,505		174,505		1,048,954	TARGET(NOT OWNED)
MELBOURNE, FL	MELBOURNE SHOPPING CENTER 1301-1441 S BABCOCK	MELBOURNE		1960/1999		2007			20.00	%		204,202		229,102		1,351,620	BIG LOTS(2014), PUBLIX SUPER MARKETS(2019)
MIAMI, FL	THE SHOPS AT MIDTOWN MIAMI 3401 N. MIAMI AVENUE	MIAMI		2006		1	*		100.00	%		247,599		388,713		5,047,817	CIRCUIT CITY(2022), LOEHMANN’S(2018), MARSHALLS(2017), ROSS DRESS FOR LESS(2018), TARGET(2027), WEST ELM(2019)
MIAMI, FL(PARAISO)	PLAZA DEL PARAISO 12100 SW 127TH AVE	MIAMI		2003		2007			20.00	%		82,441		82,441		1,162,796	PUBLIX SUPER MARKETS(2023)
MIRAMAR, FL	RIVER RUN MIRAMAR PARKWAY AND PALM AVENUE	MIAMI		1989		2007			20.00	%		93,643		106,828		971,424	PUBLIX SUPER MARKETS(2014)
NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH	NAPLES		1994		1995			14.50	%		267,796		283,196		3,157,833	WAL-MART(2014), T.J. MAXX(2014), CIRCUIT CITY(2015), ROSS DRESS FOR LESS(2010), BEALL’S(2015), OFFICE MAX(2010)
NAPLES, FL (COUNTRY)	COUNTRYSIDE SHOPPES 4025 SANTA BARBARA	NAPLES		1997		2007			20.00	%		73,986		73,986		851,713	SWEETBAY SUPERMARKETS(2017)
NEWPORT RICHEY, FL	SHOPPES AT GOLDEN ACRES 9750 LITTLE ROAD	TAMPA		2002		2007			20.00	%		130,643		130,643		1,276,767	PUBLIX SUPER MARKETS(2022)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

OCALA, FL	HEATHER ISLAND 7878 SE MARICAMP	OCALA		2005		2007			20.00	%		70,970		70,970		736,383	PUBLIX SUPER MARKETS(2020)
OCALA, FL(STEEPLECHASE)	STEEPLECHASE PLAZA 8585 STATE ROAD 200	OCALA		1993		2007			100.00	%		92,180		92,180		937,612	PUBLIX SUPER MARKETS(2013)
OCALA, FL(WEST)	OCALA WEST 2400 SW COLLEGE ROAD	OCALA		1991		2003			100.00	%		105,276		105,276		830,208	SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)
OCOEE, FL (WEST OAKS)	WEST OAKS TOWN CENTER 9537-49 W. COLONIAL	ORLANDO		2000		2007			20.00	%		66,539		111,623		1,128,641	MICHAEL’S(2010)
ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BOULEVARD	JACKSONVILLE		1993/2000		2004			100.00	%		72,511		135,453		697,556	BEALL’S(2014), ALBERTSON’S(NOT OWNED)
ORLANDO, FL (CHICKASAW)	CHICKASAW TRAIL 2300 S. CHICKASAW TR	ORLANDO		1994		2007			20.00	%		75,492		76,067		807,906	PUBLIX SUPER MARKETS(2014)
ORLANDO, FL (CIRCUIT)	CIRCUIT CITY PLAZA GOOD HOMES ROAD AND COLONIAL DRIVE	ORLANDO		1999		2007			15.00	%		78,625		78,625		994,110	STAPLES(2015)
ORLANDO, FL(CONWAY)	CONWAY PLAZA 4400 CURRY FORD ROAD	ORLANDO		1985/1999		2007			20.00	%		117,723		117,723		1,002,974	PUBLIX SUPER MARKETS(2019)
ORLANDO, FL(SAND)	SAND LAKE CORNERS 8111-8481 JOHN YOUNG PARKWAY	ORLANDO		1998/2000		2007			15.00	%		197,716		397,716		2,350,965	BEALL’S (2014), PETSMART (2014), STAPLES (2014), WALMART(NOT OWNED), LOWES(NOT OWNED)
ORLANDO, FL(SKYVIEW)	SKYVIEW PLAZA 7801 ORANGE BLOSSOM TRAIL	ORLANDO		1994/1998		2007			20.00	%		281,260		281,260		2,580,758	PUBLIX SUPER MARKETS(2013), OFFICE DEPOT(2008), K MART(2009), CIRCUIT CITY(2013)
ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD	DAYTONA BEACH		1993		1994			100.00	%		234,042		234,042		2,017,796	BEALL’S(2018), ROSS DRESS FOR LESS(2016), PUBLIX SUPER MARKETS(2013)
OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD	ORLANDO		1999		1	*		20.00	%		186,212		321,249		1,682,591	OFFICE MAX(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S(2014), T.J. MAXX(2010), LOWE’S(NOT OWNED)
PALM BEACH GARDEN, FL	NORTHLAKE COMMONS NORTHLAKE BLVD	MIAMI		1987/2003		2007			20.00	%		146,825		264,667		2,002,632	ROSS DRESS FOR LESS(2014), TIGER DIRECT (2018), HOME DEPOT(NOT OWNED)
PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD	TAMPA		1990		1995			100.00	%		52,395		229,188		957,541	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)
PALM HARBOR, FL (BROOKER)	BROOKER CREEK 36301 E.LAKE ROAD	TAMPA		1994		2007			20.00	%		77,596		77,596		907,609	PUBLIX SUPER MARKETS(2014)
PEMBROKE PINES, FL	FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD	MIAMI		2001		2007			20.00	%		108,565		108,565		2,432,870

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD	PENSACOLA		1988/1997/1999		1/2	*		100.00	%		17,150		236,892		252,813	WALMART(NOT OWNED)
PLANT CITY, FL	PLANT CITY CROSSING SWC OF INTERSTATE 4 & THONOTOSASSA ROAD	TAMPA		2001		2007			100.00	%		85,252		85,252		1,009,421	PUBLIX SUPER MARKETS(2021)
PLANT CITY, FL(LAKE)	LAKE WALDEN SQUARE 105-240 W ALEXANDER	TAMPA		1992		2007			14.50	%		158,347		161,347		1,358,162	KASH N KARRY(2012), PREMIERE CINEMAS (2013)
PLANTATION, FL (FOUNTAINS)	THE FOUNTAINS 801 SOUTH UNIVERSITY DRIVE	MIAMI		1989		2007			100.00	%		223,281		295,500		2,555,512	MARSHALLS(2014), KOHL’S (NOT OWNED)
PLANTATION, FL (VISION)	VISION WORKS 801 SOUTH UNIVERSITY DRIVE	MIAMI		1989		2007			100.00	%		6,891		6,891		159,170
SANTA ROSA BEACH, FL	WATERCOLOR CROSSING 110 WATERCOLOR WAY	PENSACOLA		2003		2007			20.00	%		43,207		43,207		674,060	PUBLIX SUPER MARKETS(2024)
SARASOTA, FL	SARASOTA PAVILION 6511 TAMAIMI TRAIL	SARASOTA		1999		2007			15.00	%		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)
SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.	TAMPA		1988/1997		1/2	*		100.00	%		188,347		392,423		1,553,721	BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)
ST. PETERSBURG, FL	KMART PLAZA 3951 34TH STREET SOUTH	TAMPA		1973		2008			25.25	%		94,500		94,500		277,400	K MART(2013)
ST. PETERSBURG, FL (GATEWAY)	GATEWAY MALL 7751-8299 9TH ST N	TAMPA		2000		2007			15.00	%		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)
TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET	TALLAHASSEE		1994/2004		2003			100.00	%		79,451		252,100		646,711	BEALL’S OUTLET(2009), OFFICE DEPOT (2017), WAL-MART(NOT OWNED)
TALLAHASSEE, FL (KILLEARN)	KILLEARN SHOPPING CENTER 3479-99 THOMASVILLE ROAD	TALLAHASSEE		1980		2007			20.00	%		95,229		95,229		1,023,285	PUBLIX SUPER MARKETS(2011)
TALLAHASSEE, FL (SOUTHWOOD)	SOUTHWOOD VILLAGE NWC CAPITAL CIRCLE & BLAIRSTONE ROAD	TALLAHASSEE		2003		2007			20.00	%		62,840		62,840		758,374	PUBLIX SUPER MARKETS(2023)
TAMARAC, FL	MIDWAY PLAZA UNIVERSITY DR & COMMERCIAL BLVD	MIAMI		1985		2007			20.00	%		227,209		227,209		2,808,731	ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2011)
TAMPA, FL	NEW TAMPA COMMONS BRUCE B DOWNS & DONNA MICHELLE	TAMPA		2005		2007			100.00	%		10,000		10,000		336,221
TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY	TAMPA		1990		1/2	*		20.00	%		104,460		222,388		1,300,345	PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

TAMPA, FL (WALKS)	WALKS AT HIGHWOOD PRESERVE(I) 18001 HIGHWOODS PRESERVE PARKWAY	TAMPA		2001		2007			15.00	%		169,081		178,981		2,831,210	MICHAEL’S(2012), CIRCUIT CITY(2017)
TAMPA, FL (WATERS)	TOWN N’ COUNTRY PROMENADE 7021-7091 WEST WATERS AVENUE	TAMPA		1990		1/2	*		100.00	%		134,463		249,844		1,211,206	KASH N KARRY(2010), BEALL’S OUTLET (2014), WALMART(NOT OWNED)
TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH	TAMPA		1974/1998		1/2	*		100.00	%		198,797		199,447		1,451,420	K MART(2009), BIG LOTS(2012), STAPLES(2013)
TEQUESTA, FL	TEQUESTA SHOPPES 105 N US HWY 1	MIAMI		1986		2007			100.00	%		109,760		109,760		1,093,688	STEIN MART(2017)
VALRICO, FL	BRANDON BOULEVARD SHOPPES 1930 SR 60 E.	TAMPA		1994		2007			100.00	%		85,377		85,377		922,113	PUBLIX SUPER MARKETS(2014)
VALRICO, FL (LITHIA)	SHOPPES AT LITHIA 3461 LITHIA PINECRES T ROAD	TAMPA		2003		2007			20.00	%		71,430		71,430		1,045,200	PUBLIX SUPER MARKETS(2023)
VENICE, FL	JACARANDA PLAZA 1687 SOUTH BYPASS	SARASOTA		1974		2008			25.25	%		84,180		84,180		256,500	K MART(2009)
VERO BEACH, FL	CIRCUIT CITY 6560 20TH STREET	VERO BEACH		2001		2007			100.00	%		33,243		33,243		530,000
WESLEY CHAPEL, FL	SHOPPES OF NEW TAMPA 1920 CR 581	TAMPA		2002		2007			20.00	%		158,602		158,602		1,972,649	PUBLIX SUPER MARKETS(2022), BEALL’S(2017)
WEST PALM BEACH, FL	PARADISE PLACE 4075 N. HAVERHILL RD	MIAMI		2003		2007			15.00	%		89,120		89,120		909,707	PUBLIX SUPER MARKETS(2023)
WINTER PARK, FL (GOLDENROD)	WINTER PARK PALMS 4270 ALOMA AVENUE	ORLANDO		1990		2007			14.50	%		112,292		112,292		887,733	PUBLIX SUPER MARKETS(2010)
GEORGIA
ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD	ATLANTA		2000		2003			100.00	%		24,000		218,879		323,904	WAL MART(NOT OWNED)
ATLANTA, GA (BROOKHAVEN)	BROOKHAVEN PLAZA 3974 PEACHTREE RD NE	ATLANTA		1993		2007			20.00	%		65,320		71,320		1,186,135	KROGER(2018)
ATLANTA, GA (CORNERS)	CASCADE CORNERS 3425 CASCADE ROAD	ATLANTA		1993		2007			20.00	%		66,844		66,844		475,836	KROGER(2020)
ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD	ATLANTA		1990		1994			100.00	%		99,025		219,025		674,769	WAL-MART(NOT OWNED)
ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY	ATLANTA		1995/2002		1995			14.50	%		343,155		352,755		5,464,451	STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), HOMEGOODS (2018), UNITED ARTISTS THEATRE(2015)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

ATLANTA, GA(ABERNATHY)	ABERNATHY SQUARE 6500 ROSWELL RD	ATLANTA		1983/1994		2007		100.00	%		127,616		131,516		2,223,604	PUBLIX SUPER MARKETS(2014)
ATLANTA, GA(CROSSING)	CASCADE CROSSING 3695 CASCADE RD SW	ATLANTA		1994		2007		20.00	%		63,346		63,346		605,375	PUBLIX SUPER MARKETS(2014)
AUGUSTA, GA (GOODY’S)	GOODY’S SHOPPING CENTER 2360 GEORGETOWN ROAD	ATLANTA		1999		2007		15.00	%		22,560		232,560		0	SUPER WALMART(NOT OWNED)
AUSTELL, GA	BURLINGTON PLAZA 3753-3823 AUSTELL ROAD SW	ATLANTA		1973		2008		25.25	%		146,950		146,950		487,041	BURLINGTON COAT FACTORY(2014)
BUFORD, GA (MILLCREEK)	MARKETPLACE AT MILLCREEK (I) MALL OF GEORGIA BLVD	ATLANTA		2003		2007		15.00	%		403,106		403,106		4,552,852	TOYS R US(2015), R.E.I.(2013), BORDERS(2020), OFFICE MAX(2014), PETSMART(2015), MICHAEL’S(2010), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012)
CANTON, GA	HICKORY FLAT VILLAGE 6175 HICKORY FLAT HY	ATLANTA		2000		2007		20.00	%		74,020		74,020		962,939	PUBLIX SUPER MARKETS(2020)
CANTON, GA (RIVER)	RIVERSTONE PLAZA 1451 RIVERSTONE PARKWAY	ATLANTA		1998		2007		20.00	%		302,131		331,820		3,538,948	GOODY’S(2010), MICHAEL’S(2012), ROSS DRESS FOR LESS(2012), BELK(2017), PUBLIX SUPER MARKETS(2018)
CARTERSVILLE, GA	BARTOW MARKETPLACE 215 MARKETPLACE BLVD	ATLANTA		1995		2007		15.00	%		375,067		375,067		2,450,678	WAL-MART(2015), LOWE’S(2015)
CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD	ATLANTA		1976		2003		100.00	%		147,016		147,016		668,716
COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB	COLUMBUS		1999		2003		100.00	%		119,786		242,786		1,339,143	GOODY’S(2011), PETSMART(2015), MICHAEL’S(2009), TARGET(NOT OWNED)
CUMMING, GA	SHARON GREEN 1595 PEACHTREE PKWY	ATLANTA		2001		2007		20.00	%		98,301		101,301		1,109,793	KROGER(2021)
CUMMING, GA (MARKETPLACE)	CUMMING MARKETPLACE MARKETPLACE BOULEVARD	ATLANTA		1997/1999		2003		100.00	%		308,557		652,642		3,344,883	LOWE’S(2019), MICHAEL’S(2010), OFFICE MAX(2013), WAL MART(NOT OWNED), HOME DEPOT(NOT OWNED)
DECATUR, GA (FLAT SHOALS)	FLAT SHOALS CROSSING 3649 FLAKES MILL RD	ATLANTA		1994		2007		20.00	%		69,699		69,699		711,118	PUBLIX SUPER MARKETS(2013)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

DECATUR, GA(HAIRSTON)	HAIRSTON CROSSING 2075 S HAIRSTON ROAD	ATLANTA		2002		2007		20.00	%		57,884		57,884		701,163	PUBLIX SUPER MARKETS(2022)
DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD	ATLANTA		1999		2003		100.00	%		86,158		261,353		1,461,499	BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)
DOUGLASVILLE, GA (PAVILION)	DOUGLASVILLE PAVILION 2900 CHAPEL HILL RD	ATLANTA		1998		2007		15.00	%		267,010		370,010		2,980,628	PETSMART(2014), OFFICE MAX(2013), MARSHALLS(2014), GOODY’S(2013), ROSS DRESS FOR LESS(2012), HUDSON’S FURNITURE SHOWROOM(2014), TARGET (NOT OWNED)
DOUGLASVILLE, GA(MARKET)	MARKET SQUARE 9503-9579 HIGHWAY 5	ATLANTA		1974/1990		2007		20.00	%		121,766		128,266		1,413,068	OFFICE DEPOT(2013)
DULUTH, GA (VENTURE)	VENTURE POINTE (I) 2050 W. LIDDELL RD.	ATLANTA		1996		2007		15.00	%		335,420		645,420		2,408,764	HOBBY LOBBY(2011), BABIES R US(2014), ASHLEY FURNITURE HOMESTORE(2012), GOLFSMITH GOLF CENTER(2012), KOHL’S(2022), COSTCO(NOT OWNED), SUPER TARGET(NOT OWNED)
DULUTH, GA(SOFA)	SOFA EXPRESS 3480 STEVE REYNOLDS BLVD	ATLANTA		2004		2007		100.00	%		20,000		20,000		0
DULUTH, GA, GA(PLEASANT)	PLEASANT HILL SQUARE 2205 PLEASANT HILL	ATLANTA		1997/2000		2007		15.00	%		282,137		282,137		3,591,471	BARNES & NOBLE(2012), TOYS R US(2013), JO-ANN STORES(2011), STAPLES(2014), J.C. PENNEY(2012), OLD NAVY(2009)
ELLENWOOD, GA	SHOPPES OF ELLENWOOD EAST ATLANTA ROAD & FAIRVIEW ROAD	ATLANTA		2003		2007		20.00	%		67,721		67,721		778,235	PUBLIX SUPER MARKETS(2023)
FAYETTEVILLE, GA (PAVILION)	FAYETTE PAVILION (I) NEW HOPE ROAD & GA HWY 85	ATLANTA		1995/2002		2007		15.00	%		1,279,810		1,528,307		11,310,519	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), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
FLOWERY BRANCH, GA	CLEARWATER CROSSING 7380 SPOUT SPRINGS ROAD	ATLANTA		2003		2007		20.00	%		90,566		90,566		1,082,925	KROGER(2023)
GAINESVILLE, GA	RITE AID 599 S. ENOTA DRIVE	ATLANTA		1997		2007		100.00	%		10,594		10,594		178,016
HIRAM, GA	HIRAM PAVILION (I) 5220 JIMMY LEE SMITH PARKWAY	ATLANTA		2002		2007		15.00	%		363,695		568,715		2,825,070	ROSS DRESS FOR LESS(2012), MICHAEL’S(2012), MARSHALLS(2011), KOHL’S(2022), TARGET (NOT OWNED)
KENNESAW, GA (BARRETT)	BARRETT PAVILION (I) 740 BARRETT PARKWAY	ATLANTA		1998		2007		15.00	%		439,784		585,184		6,593,189	AMC THEATRE(2019), HOMEGOODS(2013), SCHOOL BOX, THE(2010), GOLFSMITH GOLF CENTER(2013), H.H. GREGG APPLIANCES(2018), JO-ANN STORES(2011), OLD NAVY (2010), REI (2018), TOTAL WINE & MORE(2017), TARGET(NOT OWNED)
KENNESAW, GA(TOWN)	TOWN CENTER COMMONS 725 EARNEST BARRETT PARKWAY	ATLANTA		1998		2007		100.00	%		72,108		159,758		986,345	J.C. PENNEY(2013), DICK’S(NOT OWNED)
LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD	ATLANTA		1990		2003		10.00	%		89,064		89,064		447,152
LAWRENCEVILLE, GA (RITE AID)	RITE AID 1545 LAWRENCEVILLE HIGHWAY	ATLANTA		1997		2007		100.00	%		9,504		9,504		184,328

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

LAWRENCEVILLE, GA(SPRINGFIELD)	SPRINGFIELD PARK 665 DULUTH HIGHWAY	ATLANTA		1992/2000		2007		100.00	%		105,321		105,321		933,601	HOBBY LOBBY(2011)
LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD	ATLANTA		2000/2001		2003		10.00	%		73,910		73,910		717,812	KROGER(2012)
LITHONIA, GA	STONECREST MARKETPLACE TURNER HILL ROAD AND MALL PARKWAY	ATLANTA		2002		2007		15.00	%		264,584		264,584		2,942,984	STAPLES(2017), BABIES R US(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012)
LITHONIA, GA (THE SHOPS AT TURNER HILL)	SHOPS AT TURNER HILL 8200 MALL PARKWAY	ATLANTA		2004		2003		14.50	%		113,675		293,670		1,560,075	BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(2012), SAM’S CLUB(NOT OWNED)
LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY	ATLANTA		1995		2003		20.00	%		91,196		91,196		1,044,574	KROGER(2016)
MACON, GA	EISENHOWER ANNEX 4685 PRESIDENTIAL PARKWAY	MACON		2002		2007		100.00	%		55,505		55,505		688,453	H.H. GREGG APPLIANCES(2036)
MACON, GA (DAVID’S)	DAVID’S BRIDAL CENTER 4685 PRESIDENTIAL PARKWAY	MACON		2004		2007		15.00	%		14,000		14,000		247,665
MACON, GA (EISENHOWER)	EISENHOWER CROSSING (I) 4685 PRESIDENTIAL PARKWAY	MACON		2002		2007		15.00	%		400,556		536,672		4,311,437	KROGER(2022), STAPLES(2016), MICHAEL’S(2011), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2012), OLD NAVY(2011), MARSHALLS(2011), DICK’S SPORTING GOODS(2017), TARGET(NOT OWNED)
MACON, GA(K-MART)	K-MART 1901 PAUL WALSH DR.	MACON		2000		2007		100.00	%		102,098		102,098		0
MARIETTA, GA	TOWNE CENTER PRADO 2609 BELLS FERRY ROAD	ATLANTA		1995/2002		1995		14.50	%		316,786		326,683		4,041,430	STEIN MART(2012), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)
MARIETTA, GA (RITE AID)	RITE AID 731 WHITLOCK AVE	ATLANTA		1997		2007		100.00	%		10,880		10,880		183,507
MARIETTA, GA(BLOCKBUSTER)	BLOCKBUSTER 1748 POWDER SPRINGS	ATLANTA		1994		2007		20.00	%		6,500		6,500		128,960
MCDONOUGH, GA	MCDONOUGH MARKETPLACE NE CORNER 175 & HIGHWAY 20	ATLANTA		2003		2003		14.50	%		53,158		360,729		831,109	OFFICE DEPOT(2016), LOWES(NOT OWNED), WALMART(NOT OWNED)
MCDONOUGH, GA(DOW)	SHOPPES AT LAKE DOW 900-938 HIGHWAY 81 E	ATLANTA		2002		2007		20.00	%		73,145		73,145		870,478	PUBLIX SUPER MARKETS(2022)
MORROW, GA (SOUTHLAKE)	SOUTHLAKE PAVILION (II & III) 1912 MT ZION ROAD	ATLANTA		1996/2001		2007		15.00	%		530,066		644,614		4,476,109	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)
NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA	ATLANTA		1995		2003		100.00	%		156,497		426,723		1,283,643	LOWE’S(2015), BELK(NOT OWNED), WAL-MART(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

NEWNAN, GA (PAVILION)	NEWNAN PAVILION 1074 BULLSBORO DR	ATLANTA		1998		2007		15.00	%		263,705		459,578		3,353,273	OFFICE MAX(2013), PETSMART(2015), HOME DEPOT(2019), ROSS DRESS FOR LESS(2012), KOHL’S(2022)
NORCROSS, GA	JONES BRIDGE SQUARE 5075 PEACHTREE PKWY	ATLANTA		1999		2007		100.00	%		83,363		83,363		857,412	INGLES(2019)
ROME, GA	CIRCUIT CITY 2700 MARTHA BERRY HIGHWAY NE	ROME		2001		2007		100.00	%		33,056		33,056		420,000	CIRCUIT CITY(2021)
ROSWELL, GA (SANDY)	SANDY PLAINS VILLAGE (I) GEORGIA HWY 92 AND SANDY PLAINS ROAD	ATLANTA		1978/1995		2007		100.00	%		177,599		177,599		1,435,004	KROGER(2010), STEIN MART(2009)
ROSWELL, GA (STONEBRIDGE)	STONEBRIDGE SQUARE 610-20 CROSSVILLE RD	ATLANTA		2002		2007		15.00	%		160,104		162,832		1,707,168	KOHL’S(2022)
SMYRNA, GA	HERITAGE PAVILION 2540 CUMBERLAND BLVD	ATLANTA		1995		2007		15.00	%		262,971		262,971		3,105,106	PETSMART(2016), ROSS DRESS FOR LESS(2016), AMERICAN SIGNATURE(2018), T.J. MAXX(2010), MARSHALLS(2011)
SNELLVILLE, GA (RITE AID)	RITE AID 3295 CENTERVILLE HWY	ATLANTA		1997		2007		100.00	%		10,594		10,594		199,601
SNELLVILLE, GA(COMMONS)	PRESIDENTIAL COMMONS 1630-1708 SCENIC HWY	ATLANTA		2000		2007		100.00	%		371,586		371,586		3,864,584	JO-ANN STORES(2014), KROGER(2018), STEIN MART(2013), HOME DEPOT(2023)
STONE MOUNTAIN, GA (DESHON)	DESHON PLAZA 380 N. DESHON ROAD	ATLANTA		1994		2007		20.00	%		64,055		64,055		706,838	PUBLIX SUPER MARKETS(2014)
SUWANEE, GA (CROSS)	SUWANEE CROSSROADS LAWRENCEVILLE ROAD & SATELLITE BLVD	ATLANTA		2002		2007		15.00	%		69,600		279,600		733,165	SUPER WALMART(NOT OWNED)
SUWANEE, GA (JOHNS)	JOHNS CREEK TOWN CENTER 3630 PEACHTREE PARKWAY SUWANEE	ATLANTA		2001/2004		2003		100.00	%		285,336		285,336		3,735,980	BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)
SUWANEE, GA (SHOPS)	SHOPS AT JOHNS CREEK 4090 JOHNS CREEK PKY	ATLANTA		1997		2007		20.00	%		18,200		18,200		359,504
SYLVANIA, GA	BI-LO 1129 W OGEECHEE ST	ATLANTA		2002		2007		100.00	%		36,000		36,000		378,000	BI-LO(2023)
TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY	ATLANTA		1998/2003		2003		20.00	%		130,832		279,020		835,781	KROGER(2019), WALMART(NOT OWNED)
TYRONE, GA	SOUTHAMPTON VILLAGE NWC OF HIGHWAY 74 & SWANSON ROAD	ATLANTA		2003		2007		20.00	%		77,956		77,956		923,248	PUBLIX SUPER MARKETS(2023)
UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD	ATLANTA		1986		2003		100.00	%		100,002		181,954		528,588	WAL-MART(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

WARNER ROBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD	WARNER ROBINS		1997		2003			100.00	%		107,941		459,700		1,348,764	T.J. MAXX(2010), STAPLES(2016), WAL-MART(NOT OWNED), LOWES(NOT OWNED)
WARNER ROBINS, GA (CITY)	CITY CROSSING WATSON BLVD & CARL VINSON PKWY	WARNER ROBINS		2001		2007			15.00	%		190,433		305,433		1,659,423	MICHAEL’S(2011), ROSS DRESS FOR LESS(2012), OLD NAVY (2011), HOME DEPOT(NOT OWNED)
WARNER ROBINS, GA (LOWE’S)	LOWE’S HOME IMPROVEMENT 2704 WATSON BLVD.	WARNER ROBINS		2000		2007			100.00	%		131,575		131,575		910,000	LOWE’S(2017)
WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928	ATLANTA		1995		2003			100.00	%		44,691		44,691		388,950
WOODSTOCK, GA (SQUARE)	WOODSTOCK SQUARE 120-142 WOODSTOCK SQ	ATLANTA		2001		2007			15.00	%		218,859		392,859		2,878,003	OFFICE MAX(2017), OLD NAVY(2012), KOHL’S(2022), SUPER TARGET(NOT OWNED)
IDAHO
IDAHO FALLS, ID (DDRC)	COUNTRY CLUB MALL 1515 NORTHGATE MILE	IDAHO FALLS		1976/1992/1997		1998			100.00	%		148,593		306,201		830,546	OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)
MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD	BOISE		1999/2001/2002/2003/ 2004		1	*		100.00	%		461,023		731,482		6,600,607	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)
NAMPA, ID	NAMPA GATEWAY CENTER 1200 N. HAPPY VALLEY RD.	BOISE		2008		1	*		100.00	%		103,109		103,109		92,500	J.C. PENNEY(2027)
ILLINOIS
DEER PARK, IL	DEER PARK TOWN CENTER (I) 20530 NORTH RAND RD SUITE 133	CHICAGO		2000/2004		1	*		25.75	%		292,139		396,334		8,960,205	GAP(2010), CRATE & BARREL(2018), CENTURY THEATRE(2019), BARNES & NOBLE(NOT OWNED)
MCHENRY, IL	THE SHOPS AT FOX RIVER 3340 SHOPPERS DRIVE	CHICAGO		2006		1	*		100.00	%		224,552		224,552		2,713,999	DICK’S SPORTING GOODS(2018), PETSMART(2017), BED BATH & BEYOND(2017), BEST BUY(2018)
MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY	MOUNT VERNON		1974/1998/2000		1993			100.00	%		269,328		269,328		1,013,957	SEARS(2013), GOODY’S(2015), J.C. PENNEY(2012)
ORLAND PARK, IL	MARLEY CREEK SQUARE 179TH ST. & WOLF ROAD	CHICAGO		2006		2006			50.00	%		57,927		62,827		778,029

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE	CHICAGO		1987/1993		2004			100.00	%		149,498		149,498		1,469,735	HOME DEPOT(2012)
ROCKFORD, IL	WALGREENS 2525 S. ALPINE ROAD	ROCKFORD		1998/1999		2007			100.00	%		14,725		14,725		350,000
ROSCOE, IL	HILANDER VILLAGE 4860 HONONEGAH ROAD	CHICAGO		1994		2007			20.00	%		125,623		125,623		1,030,131	KROGER(2020)
SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD	CHICAGO		1993/1998/2002		1995			14.50	%		508,673		674,362		8,591,760	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)
SKOKIE, IL	VILLAGE CROSSING 5507 W. TOUHY AVE	CHICAGO		1989		2007			15.00	%		434,973		440,963		7,564,780	MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(2015), BEST BUY(2014), CROWN THEATRES(2021), BARNES & NOBLE(2012), PETSMART (2019)
INDIANA
BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE	BEDFORD		1993/1997		2	*		100.00	%		223,431		223,431		1,153,104	K MART(2018), GOODY’S(2013), J.C. PENNEY(2013)
EVANSVILLE, IN(EAST)	EAST LLOYD COMMONS 6300 E. LLOYD EXPWY	EVANSVILLE		2005		2007			100.00	%		159,682		159,682		2,128,800	GORDMAN’S(2015), MICHAEL’S(2015), BEST BUY(2016)
HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET	CHICAGO		1995/2001		1996			20.00	%		312,546		524,410		3,158,223	MARSHALLS(2011), KOHL’S(2016), OFFICE MAX(2012), JEWEL(NOT OWNED), TARGET(NOT OWNED)
INDIANAPOLIS, IN	GLENLAKE PLAZA 2629 E. 65TH STREET	INDIANAPOLIS		1980		2007			20.00	%		102,549		102,549		784,890	KROGER(2020)
LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 - 4315 COMMERCE DRIVE	LAFAYETTE		2000		2003			100.00	%		35,100		243,850		279,107	WAL MART(NOT OWNED)
SOUTH BEND, IN	BROADMOOR PLAZA 1217 E. IRELAND ROAD	SOUTH BEND		1987		2007			20.00	%		114,968		114,968		1,274,309	KROGER(2020)
IOWA
CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE	CEDAR RAPIDS		1984		1998			100.00	%		187,068		207,405		1,885,609	T.J. MAXX(2010), OFFICE MAX(2010), BARNES & NOBLE(2010), KOHL’S(2021)
OTTUMWA, IA	QUINCY PLACE MALL (I) 1110 QUINCY AVENUE	OTTUMWA		1990/1999/2002		1/2	*		100.00	%		241,427		426,599		1,275,295	HERBERGER’S(2010), J.C. PENNEY(2010), GOODY’S(2014), TARGET(NOT OWNED)
KANSAS
LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119TH STREET	KANSAS CITY		1996/2002		1998			100.00	%		309,423		491,794		8,209,005	BARNES & NOBLE(2016), MACY’S(2104)
MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH RD	KANSAS CITY		1998/2004		1	*		14.50	%		351,244		473,750		4,199,393	CINEMARK(2018), OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2014), DICK’S SPORTING GOODS(2016), HOME DEPOT #2202(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

OVERLAND PARK, KS(POINTE)	OVERLAND POINTE MARKETPLACE INTER 135 & ANTIOCH ROAD	KANSAS CITY		2001/2004		2003		14.50	%		42,632		361,759		886,738	BABIES R US(2015), HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED)
WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD	WICHITA		1955		2002		100.00	%		205,114		300,492		1,958,102	BURLINGTON COAT FACTORY(2017), OFFICE MAX(2010), T.J. MAXX(2011), BARNES & NOBLE(2012), TOYS R US(NOT OWNED)
KENTUCKY
LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE	LEXINGTON		1998		2003		100.00	%		46,647		228,878		687,946	STAPLES(2016), WAL MART(NOT OWNED)
LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL	LEXINGTON		1998		2003		100.00	%		27,643		344,280		621,548	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY	LOUISVILLE		1973/1989/1998		2004		100.00	%		120,777		120,777		621,982	VALU DISCOUNT(2009)
RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS	LEXINGTON		1992		2003		100.00	%		147,929		219,201		618,660	OFFICE DEPOT(2016), HOBBY LOBBY (2018), DUNHAM’S SPORTING GOODS (2015), BALLARD’S(NOT OWNED)
LOUISIANA
COVINGTON, LA	COVINGTON CORNERS 782 NORTH HGHWY 190	NEW ORLEANS		1999		2007		100.00	%		15,590		15,590		249,440
MAINE
BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD	AUGUSTA		1965		1997		100.00	%		301,853		310,090		2,269,139	HOYTS CINEMAS(2010), BIG LOTS(2013), T.J. MAXX(2010), SEARS(2012)
MARYLAND
BOWIE, MD	DUVALL VILLAGE 4825 GLENN DALE ROAD	WASHINGTON, DC		1998		2007		100.00	%		88,022		88,022		1,452,226	SUPER FRESH(2020)
GLEN BURNIE, MD	HARUNDALE PLAZA 7440 RITCHIE HIGHWAY	WASHINGTON, DC		1999		2007		20.00	%		217,619		217,619		2,738,388	A & P COMPANY(2019), A.J. WRIGHT(2009), BURLINGTON COAT FACTORY(2018)
HAGERSTOWN, MD	VALLEY PARK COMMONS 1520 WESEL BLVD.	HAGERSTOWN		1993/2006		2007		100.00	%		86,190		86,190		1,114,255	OFFICE DEPOT(2016)
SALISBURY, MD	THE COMMONS (I) E. NORTH POINT DRIVE	SALISBURY		2000		2006		100.00	%		126,135		350,012		1,812,894	BEST BUY(2013), MICHAEL’S(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
UPPER MARLBORO, MD	LARGO TOWNE CENTER 950 LARGO CENTER DR	WASHINGTON, DC		1991		2007		20.00	%		260,797		277,634		3,754,170	SHOPPERS FOOD WAREHOUSE(2009), MARSHALLS(2011), REGENCY FURNITURE(2017)
WHITE MARSH, MD	COSTCO PLAZA 9919 PULASKI HWY	WASHINGTON, DC		1987/1992		2007		15.00	%		187,331		250,311		1,654,093	COSTCO WHOLESALE(2011), PETSMART(2010), PEP BOYS(2012), SPORTS AUTHORITY(2011), HOME DEPOT(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

MASSACHUSETTS
EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD	BOSTON		2001		1	*		100.00	%		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)
FRAMINGHAM, MA	SHOPPERS WORLD 1 WORCESTER ROAD	BOSTON		1994		1995			14.50	%		769,276		778,701		14,682,596	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), SPORTS AUTHORITY(2015), PETSMART(2011), BEST BUY(2014), BARNES & NOBLE(2011), AMC THEATRE(2014), KOHL’S(2010)
WEST SPRINGFIELD, MA	RIVERDALE SHOPS 935 RIVERDALE STREET	SPRINGFIELD		1985/2003		2007			20.00	%		273,532		273,532		3,407,088	KOHL’S(2024), STOP & SHOP(2016)
WORCESTER, MA	SAM’S CLUB 301 BARBER AVE	WORCESTER		1998		2007			100.00	%		107,929		107,929		1,116,581	SAM’S CLUB(2013)
MICHIGAN
BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD	BAD AXE		1991		1993			100.00	%		63,415		134,574		144,425	WAL-MART(NOT OWNED)
BENTON HARBOR, MI	FAIRPLAIN PLAZA 1000 NAPIER AVE	BENTON HARBOR		1998		2006			20.00	%		260,166		450,826		2,267,059	OFFICE DEPOT(2008), T.J. MAXX(2014), PETSMART (2018), TARGET(NOT OWNED), KOHL’S(NOT OWNED)
CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE	CHEBOYGAN		1988		1994			100.00	%		70,076		70,076		261,399	K MART(2010)
DEARBORN HEIGHTS, MI	WALGREENS 8706 N. TELEGRAPH RD	DETROIT		1998/1999		2007			100.00	%		13,905		13,905		385,510
DETROIT, MI	BEL AIR CENTRE 8400 E. EIGHT MILE ROAD	DETROIT		1989/2002		1998			100.00	%		343,619		445,349		1,857,951	PHOENIX THEATERS(2013), KIDS R US(2013), FORMAN MILLS(2012), TARGET (NOT OWNED)
GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET	GAYLORD		1991/2004		1993			100.00	%		188,386		188,386		595,323	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BOSMANS’S MERCANTILE (2018)
GRAND RAPIDS, MI	GREEN RIDGE SQUARE (I) 3390-B ALPINE AVE NW	GRAND RAPIDS		1989		1995			100.00	%		133,538		303,447		1,614,065	T.J. MAXX(2011), OFFICE DEPOT(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED)
GRAND RAPIDS, MI (ALPINE AVE)	GREEN RIDGE SQUARE (II) 3410 ALPINE AVENUE	HOUGHTON		1991/1995		2004			100.00	%		91,749		91,749		1,002,669	CIRCUIT CITY(2010), BED BATH & BEYOND(2015)
GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECTN 44TH ST & CANAL AVE	HOWELL		2003		2003			14.50	%		201,726		352,098		2,283,003	CIRCUIT CITY(2017), GANDER MOUNTAIN(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED)
HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26	LANSING		1981/1999		1/2	*		100.00	%		257,863		257,863		462,000	J.C. PENNEY(2010), OFFICE MAX(2014)
HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER	DETROIT		1991		1993			100.00	%		214,501		214,501		1,511,475	ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011), OFFICE MAX(2017), T.J. MAXX(2017)
LANSING, MI	MARKETPLACE AT DELTA TOWNSHIP 8305 WEST SAGINAW HWY 196 RAMP	DETROIT		2000/2001		2003			100.00	%		135,697		489,104		1,443,522	MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), WAL MART(NOT OWNED), LOWE’S(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

LIVONIA, MI	WALGREENS 29200 6 MILE ROAD	MT. PLEASANT		1998/1999		2007			100.00	%		13,905		13,905		269,061
MILAN, MI	MILAN PLAZA 531 W. MAIN STREET	DETROIT		1955		2007			20.00	%		65,764		68,964		305,268	KROGER(2020)
MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD	SAULT ST. MARIE		1990		2	*		100.00	%		249,680		249,680		813,197	T.J. MAXX(2014), KROGER(2011)
PORT HURON, MI	WALGREENS NWC 10TH STREET & OAK STREET	GRAND RAPIDS		2000		2007			100.00	%		15,120		15,120		359,856
SAULT ST. MARIE, MI	CASCADE CROSSING 4516 I-75 BUSINESS SPUR	GRAND RAPIDS		1993/1998		1994			100.00	%		270,761		270,761		1,700,474	WAL-MART(2012), J.C. PENNEY(2013), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)
WESTLAND, MI	WALGREENS 7210 N. MIDDLEBELT	DETROIT		2005		2007			100.00	%		13,905		13,905		285,053
MINNESOTA
BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE	BEMIDJI		1977/1998		2	*		100.00	%		297,803		297,803		1,654,150	K MART(2012), HERBERGER’S(2010), J.C. PENNEY(2013)
BRAINERD, MN	WESTGATE MALL 14136 BAXTER DRIVE	BRAINERD		1985/1998		1/2	*		100.00	%		260,319		260,319		1,477,039	HERBERGER’S(2013), MOVIES 10(2011)
COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE	MINNEAPOLIS		2003		1	*		14.50	%		551,867		940,371		9,181,673	KOHL’S(2020), JO-ANN STORES(2010), BORDERS(2023), OLD NAVY(2012), SEARS(2017), SPORTSMAN’S WAREHOUSE(2017), BEST BUY(2013), J.C. PENNEY(2024), DSW SHOE WAREHOUSE(2016), COSTCO(NOT OWNED)
EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE	MINNEAPOLIS		1997/2001		1997			50.00	%		278,211		342,014		3,778,749	BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2013), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)
MAPLE GROVE, MN	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94	MINNEAPOLIS		1995/2002		1996			50.00	%		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)
ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST	ST. PAUL		1995		1997			14.50	%		324,354		473,596		2,698,033	WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), LA FITNESS INTERNATIONAL(2023), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)
MISSISSIPPI
GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARKWAY	GULFPORT		1999		2003			100.00	%		423,507		545,820		5,617,321	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)
JACKSON, MS(JUNCTION)	THE JUNCTION 6351 I-55 NORTH3	JACKSON		1996		2003			100.00	%		107,780		326,319		1,153,778	PETSMART(2012), OFFICE DEPOT(2016), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVE	OXFORD		2000		2003			20.00	%		13,200		71,866		325,604	KROGER(2020)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

STARKVILLE, MS	STARKVILLE CROSSINGS 882 HIGHWAY 12 WEST	STARKVILLE		1999/2004		1994			100.00	%		133,691		268,254		927,006	J.C. PENNEY(2010), KROGER(2042), LOWE’S(NOT OWNED)
TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST	TUPELO		1992		1994			100.00	%		348,236		348,236		2,048,219	SAM’S CLUB(2012), GOODY’S(2012), WAL-MART(2012)
MISSOURI
ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD	ST. LOUIS		2002		1	*		50.00	%		42,091		290,147		542,534	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
BRENTWOOD,MO	THE PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT	KANSAS CITY		1998		1998			100.00	%		299,584		299,584		4,148,608	TARGET(2023), BED BATH & BEYOND(2014), PETSMART(2014), LANE HOME FURNISHINGS(2013)
DES PERES, MO	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD	ST. LOUIS		1985		1998			100.00	%		92,372		92,372		1,483,022	T.J. MAXX(2011)
FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141	KANSAS CITY		1970/1997		1/2	*		100.00	%		93,420		100,420		979,021
HIGH RIDGE, MO	GRAVOIS VILLAGE PLAZA 4523 GRAVOIS VILLAGE PLAZA	ST. LOUIS		1983		1998			100.00	%		114,992		114,992		552,934	K MART(2013)
INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET	ST. LOUIS		1995/1999		1995			14.50	%		386,066		403,166		5,037,447	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)
KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY CENTER 8600 WARD PARKWAY	ST. LOUIS		1959/2004		2003			20.00	%		388,387		711,892		5,702,959	DICK’S SPORTING GOODS(2016), 24 HOUR FITNESS(2023), PETSMART(2016), STAPLES(2018), TARGET(2023), AMC THEATRE(2011), OFF BROADWAY SHOES(2015), T.J. MAXX(2013), DILLARD’S(2014)
SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD	ST. LOUIS		1989		1998			100.00	%		56,033		56,033		451,660	TOYS R US(2013)
ST. JOHN, MO	ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA	ST. LOUIS		2003		2003			100.00	%		88,450		93,513		1,051,698	SHOP ‘N SAVE(2022)
ST. LOUIS, MO (PLZ SUNSET)	PLAZA AT SUNSET HILLS 10980 SUNSET PLAZA	ST. LOUIS		1997		1998			100.00	%		415,435		450,938		5,455,080	TOYS R US(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)
ST. LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE CENTRE KINGS HIGHWAY & CHIPPEWA	ST. LOUIS		2004		1998			100.00	%		86,764		86,764		1,346,438	OFFICE MAX(2014)
NEVADA
CARSON CITY, NV	EAGLE STATION 3871 S CARSON STREET	RENO		1983		2005			50.00	%		60,494		60,494		0

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	LAS VEGAS, NV (LOMA)	LOMA VISTA SHOPPING CTR 4700 MEADOWS LANE	LAS VEGAS		1979		2005			50.00	%		75,687		75,687		795,906	MERVYN’S (2020)
	LAS VEGAS, NV (NELLIS)	NELLIS CROSSING 1300 S NELLIS BLVD.	LAS VEGAS		1986		2005			50.00	%		76,016		76,016		711,009	MERVYN’S (2020)
	RENO, NV (SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CENTER PARKWAY	RENO		2002		2005			50.00	%		79,239		79,239		0
	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA	RENO		2000		2000			100.00	%		52,474		52,474		698,335	CENTURY THEATRE(2014)
	SW LAS VEGAS, NV	GRAND CANYON PARKWAY 4265 S. GRAND CANYON DRIVE	LAS VEGAS		2003		2005			50.00	%		79,294		79,294		0
	NEW JERSEY
	BRICK, NJ	BRICK CENTER PLAZA 51 CHAMBERS BRIDGE ROAD	NEW YORK CITY		1999		2007			100.00	%		114,028		114,028		1,809,059	BEST BUY(2015), BED BATH & BEYOND(2010)
	EAST HANOVER, NJ(PLAZA)	EAST HANOVER PLAZA 154 STATE ROUTE 10	NEW YORK CITY		1994		2007			100.00	%		97,500		97,500		1,764,383	BRANCH BROOK POOL & PATIO(2017), SPORTS AUTHORITY(2012)
	EAST HANOVER, NJ(SONY)	LOEWS THEATRE COMPLEX 145 STATE ROUTE 10	NEW YORK CITY		1993		2007			100.00	%		20,737		43,404		1,029,642	LOEWS EAST HANOVER CINEMAS(2022)
	EDGEWATER, NJ	EDGEWATER TOWN CENTER (I) 905 RIVER ROAD	NEW YORK CITY		2000		2007			100.00	%		77,508		77,508		1,680,307	WHOLE FOODS(2020)
	FREEHOLD, NJ	FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537)	FREEHOLD		2005		1	*		100.00	%		0		23,454		570,000
	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD	TRENTON		2004		2003			100.00	%		468,240		956,920		8,590,135	STAPLES(2015), KOHL’S(2023), LINENS ‘N THINGS(2014), MICHAEL’S(2014), ROSS DRESS FOR LESS(2014), SHOPRITE(2028), BARNES & NOBLE(2014), BJ’S WHOLESALE(NOT OWNED), LOWE’S(NOT OWNED), WALMART(NOT OWNED)
	LUMBERTON, NJ	CROSSROADS PLAZA 1520 ROUTE 38	PHILADELPHIA		2003		2007			20.00	%		89,627		204,627		1,597,144	SHOPRITE(2024), LOWE’S(NOT OWNED)
	LYNDHURST, NJ	LEWANDOWSKI COMMONS 434 LEWANDOWSKI STREET	NEW YORK CITY		1998		2007			20.00	%		78,097		78,097		1,687,116	STOP & SHOP(2020)
	MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE	MAYS LANDING		2001		2004			100.00	%		398,910		398,910		6,139,343	REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015), CIRCUIT CITY(2020)
	MAYS LANDING, NJ (WRANGLEBORO)	WRANGLEBORO CONS SQ (I & II) 2300 WRANGLEBORO ROAD	MAYS LANDING		1997		2004			100.00	%		843,019		843,019		9,126,887	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)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	MOUNT LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE	PHILADELPHIA		2005		1	*		10.00	%		280,067		709,863		6,698,119	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), TARGET(NOT OWNED), COSTCO(NOT OWNED)
	PRINCETON, NJ	NASSAU PARK PAVILION ROUTE 1 & QUAKER BRIDGE ROAD	TRENTON		1995		1997			100.00	%		289,375		798,184		5,255,194	BORDERS(2011), BEST BUY(2012), LINENS ‘N THINGS(2011), PETSMART(2011), BABIES R US(2016), TARGET(NOT OWNED), SAM’S CLUB(NOT OWNED), HOME DEPOT(NOT OWNED), WALMART(NOT OWNED)
	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION (I) ROUTE 1 AND QUAKER BRIDGE ROAD	TRENTON		1999/2004		1	*		100.00	%		202,622		436,387		3,997,878	DICK’S SPORTING GOODS(2015), MICHAEL’S(2009), WEGMAN’S FOOD MARKETS(2024), KOHL’S(2019), TARGET (NOT OWNED)
	UNION, NJ	ROUTE 22 RETAIL CENTER 2700 US HWY 22 E	NEW YORK CITY		1997		2007			100.00	%		103,453		228,453		1,508,206	CIRCUIT CITY(2018), BABIES R US(2018), TARGET(NOT OWNED)
	WEST LONG BRANCH, NJ(MONMOUTH)	MONMOUTH CONSUMER SQUARE 310 STATE HIGHWAY #36	WEST LONG BRANCH		1993		2004			100.00	%		292,999		292,999		4,101,372	SPORTS AUTHORITY(2012), BARNES & NOBLE(2010), PETSMART(2014), HOME DEPOT(2013)
	WEST PATERSON, NJ	WEST FALLS PLAZA 1730 ROUTE 46	NEW YORK CITY		1995		2007			20.00	%		81,261		88,913		1,917,571	A & P COMPANY(2021)
	NEW MEXICO
	LOS ALAMOS, NM	MARI-MAC VILLAGE 800 TRINITY DRIVE	LOS ALAMOS		1978/1997		1/2	*		100.00	%		93,021		93,021		681,141	SMITH’S FOOD & DRUG(2012)
	NEW YORK
	AMHERST, NY (BARNES)	7370 TRANSIT ROAD 7370 TRANSIT ROAD	BUFFALO		1992		2004			14.50	%		16,030		16,030		0
	AMHERST, NY (BOULEVAR)	BOULEVARD CONSUMER SQ (KMART) 1641-1703 NIAGARA FALLS BLVD	BUFFALO		1998/2001/2003		2004			100.00	%		547,403		682,565		7,652,324	TARGET(2019), BABIES R US(2015), BARNES & NOBLE(2014), BEST BUY(2016), BED BATH & BEYOND(2018), A.C. MOORE(2013), LOWE’S(2030)
	AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD	BUFFALO		1978/1982/1990/1998		2004			100.00	%		199,504		199,504		2,096,108	BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)
	AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN / HARLEM PLAZA 4990 HARLEM ROAD	BUFFALO		1960/1973/1982/1988/ 2003		2004			100.00	%		58,413		58,413		593,043
	AMHERST, NY (TOPS ROBINSON)	TOPS PLAZA (TOPS) 3035 NIAGARA FALLS BLVD	BUFFALO		1986		2004			20.00	%		145,192		145,192		1,153,249	TOPS MARKETS(2010)
	AMHERST, NY (TOPS)	TRANSIT COMMONS (TOPS) 9660 TRANSIT ROAD	BUFFALO		1998		2004			100.00	%		114,177		114,177		1,151,118	TOPS MARKETS(2016)
	AMHERST, NY(RITE AID)	RITE AID 2545 MILLERSPORT HWY	BUFFALO		2000		2007			100.00	%		10,908		10,908		250,489
	ARCADE, NY (TOPS)	TOPS PLAZA (TOPS) ROUTE 39	BUFFALO		1995		2004			10.00	%		65,915		65,915		668,504	TOPS MARKETS(2015)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR				DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	AVON, NY (TOPS)	TOPS PLAZA (TOPS) 270 E. MAIN STREET	ROCHESTER		1997/2002		2004		10.00	%		63,288		63,288		479,857	TOPS MARKETS(2017)
	BATAVIA, NY (BJS)	BJ’S PLAZA 8326 LEWISTON ROAD	ROCHESTER		1996		2004		14.50	%		95,846		95,846		847,004	BJ’S WHOLESALE CLUB(2016)
	BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN ST	ROCHESTER		1990		2004		14.50	%		49,431		49,431		410,389
	BATAVIA, NY (MARTIN’S PLAZA)	TOPS PLAZA 8351 LEWISTON ROAD	ROCHESTER		1994		2004		14.50	%		37,140		115,161		496,328	MARTIN’S(NOT OWNED)
	BIG FLATS, NY (BIG FLATS I)	BIG FLATS CONSUMER SQ (I) 830 COUNTY ROUTE 64	ELMIRA		1993/2001		2004		100.00	%		641,264		641,264		5,268,023	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)
	BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE	BUFFALO		1997		2004		100.00	%		133,940		133,940		1,674,783	REGAL CINEMAS(2017), OFFICE DEPOT(2012)
	BUFFALO, NY (MARSHALLS)	MARSHALLS PLAZA 2150 DELAWARE AVENUE	BUFFALO		1960/1975/1983/1995		2004		100.00	%		82,196		82,196		860,369	MARSHALLS(2009)
	BUFFALO, NY (RITE AID)	RITE AID 1625 BROADWAY STREET	BUFFALO		2000		2007		100.00	%		12,739		12,739		280,861
	BUFFALO, NY(DELAWARE-TARGET)	DELAWARE CONSUMER SQUARE (I) 2636-2658 DELAWARE AVENUE	BUFFALO		1995		2004		100.00	%		238,531		238,531		2,074,503	A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)
	CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS (WALDEN) 2015 WALDEN AVENUE	BUFFALO		1994		2004		14.50	%		26,500		26,500		609,500	BORDERS(2015)
	CHEEKTOWAGA, NY (DICKS)	UNION ROAD PLAZA 3637 UNION ROAD	BUFFALO		1979/1982/1997/2003		2004		14.50	%		174,438		174,438		1,113,927	DICK’S SPORTING GOODS(2015)
	CHEEKTOWAGA, NY (RITE AID)	RITE AID 2401 GENNESEE STREET	BUFFALO		2000		2007		100.00	%		10,908		10,908		335,592
	CHEEKTOWAGA, NY (THRUWAY)	THRUWAY PLAZA 2195 HARLEM ROAD	BUFFALO		1965/1995/1997/2004		2004		100.00	%		371,512		503,844		2,762,120	WAL-MART(2017), MOVIELAND 8 THEATRES(2019), TOPS MARKETS(2019), A.J. WRIGHT(2015), VALUE CITY FURNITURE(2014), M & T BANK(2017), HOME DEPOT(NOT OWNED)
	CHEEKTOWAGA, NY (TOPS UNION)	TOPS PLAZA 3825-3875 UNION ROAD	BUFFALO		1978/1989/1995/2004		2004		20.00	%		151,357		151,357		1,527,156	TOPS MARKETS(2013)
	CHEEKTOWAGA, NY (UNION CONS)	UNION CONSUMER SQUARE (I) 3733 - 3735 UNION ROAD	BUFFALO		1989/1998/2004		2004		14.50	%		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)
	CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE 2130-2190 WALDEN AVENUE	BUFFALO		1994/1999		2004		14.50	%		68,002		68,002		653,083	OLLIE’S BARGAIN OUTLET(2012)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR				DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	CHEEKTOWAGA, NY (WALDEN)	WALDEN CONSUMER SQUARE 1700 — 1750 WALDEN AVENUE	BUFFALO		1997/1999/2004		2004		14.50	%		255,964		255,964		1,965,003	OFFICE DEPOT(2009), MICHAEL’S(2013), TARGET(2015)
	CHILI, NY (KMART)	KMART PLAZA 800 PAUL ROAD	ROCHESTER		1998		2004		100.00	%		116,868		120,016		753,623	SEARS(2019)
	CLARENCE, NY (EASTGATE)	EASTGATE PLAZA TRANSIT & GREINER ROADS	BUFFALO		1995/1997/1999/2001/2004		2004		14.50	%		520,876		520,876		3,901,820	BJ’S WHOLESALE CLUB(2021), DICK’S SPORTING GOODS(2011), MICHAEL’S(2010), WAL-MART(2019)
	CLARENCE, NY (JOANN)	JO-ANN PLAZA 4101 TRANSIT ROAD	BUFFALO		1994		2004		14.50	%		92,720		202,720		743,588	OFFICE MAX(2009), JO-ANN STORES(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)
	DANSVILLE, NY (TOPS)	TOPS PLAZA 23-65 FRANKLIN STREET	DANSVILLE		2001		2004		100.00	%		71,640		71,640		659,869	TOPS MARKETS(2021)
	DEWITT, NY (DEWITT COMMONS)	DEWITT COMMONS 3401 ERIE BOULEVARD EAST	SYRACUSE		2001/2003		2004		100.00	%		306,177		306,177		3,157,257	TOYS R US(2018), OLD NAVY(2011), MARSHALLS(2019), BED BATH & BEYOND(2018), A.C. MOORE(2014), SYRACUSE ORTHOPEDIC SPECIALIST(2017)
	DEWITT, NY (MICHAELS)	MICHAELS 3133 ERIE BOULEVARD	SYRACUSE		2002		2004		100.00	%		38,413		38,413		480,166	MICHAEL’S(2010)
	DUNKIRK, NY	RITE AID 1166 CENTRAL AVENUE	DUNKIRK		2000		2007		100.00	%		10,908		10,908		210,569
	ELIMIRA, NY (TOPS)	TOPS PLAZA (TOPS) HUDSON STREET	ELMIRA		1997		2004		10.00	%		98,330		98,330		1,111,325	TOPS MARKETS(2017)
	GATES, NY (WAL-MART)	WESTGATE PLAZA 2000 CHILI AVENUE	ROCHESTER		1998		2004		100.00	%		334,752		334,752		3,252,271	WAL-MART(2021), STAPLES(2015)
	GREECE, NY	JO-ANN/PETSMART PLAZA 3042 WEST RIDGE ROAD	ROCHESTER		1993/1999		2004		100.00	%		75,916		75,916		820,315	PETSMART(2010), JO-ANN STORES(2015)
	HAMBURG, NY (BJS)	BJ’S PLAZA 4408 MILESTRIP ROAD	BUFFALO		1990/1997		2004		100.00	%		175,965		175,965		1,771,563	OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)
	HAMBURG, NY (DICKS-PIER 1)	MCKINLEY MALL OP (PIER 1) 3701 MCKINLEY PARKWAY	BUFFALO		2001		2004		100.00	%		128,944		128,944		1,543,651	DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2009)
	HAMBURG, NY (HOME DEPOT)	MCKINLEY MILESTRIP (HOMEDEPOT) 4405 MILESTRIP ROAD	BUFFALO		1999/2000		2004		100.00	%		139,413		139,413		1,353,228	HOME DEPOT(2012)
	HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP 3540 MCKINLEY PARKWAY	BUFFALO		1999		2004		100.00	%		106,774		106,774		1,350,521	OLD NAVY(2010), JO-ANN STORES(2015)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	HAMBURG, NY (TOPS)	TOPS PLAZA 6150 SOUTH PARK AVENUE	BUFFALO		1990/1992		2004			10.00	%		84,000		84,000		730,500	TOPS MARKETS(2015)
	HAMLIN, NY (TOPS)	TOPS PLAZA (TOPS) 1800 LAKE ROAD	ROCHESTER		1997		2004			10.00	%		60,488		60,488		431,055	TOPS MARKETS(2017)
	HORSEHEADS, NY	SOUTHERN TIER CROSSING ANN PAGE ROAD & I86	ELMIRA		2008		1	*		100.00	%		118,958		415,735		1,658,198	CIRCUIT CITY(2018), DICK’S SPORTING GOODS (2019), WALMART(NOT OWNED), KOHLS(NOT OWNED)
	IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST	ROCHESTER		1972/1984/1997		2004			20.00	%		226,768		226,768		2,229,599	REGAL CINEMAS(2022), A.J. WRIGHT(2014)
	ITHACA, NY (TOPS)	TOPS PLAZA (TOPS) 614 - 722 SOUTH MEADOW	ITHACA		1990/1999/2003		2004			100.00	%		229,320		229,320		3,745,409	OFFICE DEPOT(2014), TOPS MARKETS(2022), MICHAEL’S(2013), BARNES & NOBLE(2018)
	JAMESTOWN, NY (PROGRESSIVE)	TOPS PLAZA (OUTBUILDING) 75 WASHINGTON ST	JAMESTOWN		1997		2004			20.00	%		98,001		98,001		926,450	TOPS MARKETS(2018)
	LANCASTER, NY (REGAL)	TRANSIT WEHRLE RETAIL CENTER 6703-6733 TRANSIT ROAD	BUFFALO		1997		2004			14.50	%		105,249		112,949		1,029,761	REGAL CINEMAS(2017)
	LEROY, NY (TOPS)	TOPS PLAZA (TOPS) 128 WEST MAIN STREET	ROCHESTER		1997		2004			20.00	%		62,747		62,747		556,364	TOPS MARKETS(2017)
	LOCKPORT, NY	TOPS PLAZA 5789 & 5839 TRANSIT RD. & HAMM	BUFFALO		1993		2004			100.00	%		296,582		296,582		2,742,291	WAL-MART(2015), TOPS MARKETS(2021), SEARS(2011)
	N. TONAWANDA, NY (SEARS)	MID-CITY PLAZA 955-987 PAYNE AVENUE	BUFFALO		1997/1960/1976/1980/ 1995/2004		2004			100.00	%		224,949		224,949		2,142,688	TOPS MARKETS(2024)
	NEW HARTFORD, NY	NEW HARTFORD CONSUMER SQUARE 4725 - 4829 COMMERCIAL DRIVE	UTICA		2002		2004			14.50	%		514,717		514,717		6,348,225	BARNES & NOBLE(2013), BED BATH & BEYOND(2018), BEST BUY(2013), STAPLES(2018), MICHAEL’S(2013), WAL-MART(2022), T.J. MAXX(2012)
	NEW HARTFORD, NY (TOPS)	HANNAFORD PLAZA 40 KELLOGG ROAD	UTICA		1998		2004			100.00	%		127,777		127,777		1,185,530	HANNAFORD BROTHERS(2018)
	NIAGARA FALLS, NY (REGAL CINE)	REGAL CINEMAS 720 & 750 BUILDERS WAY	BUFFALO		1994/2000		2004			100.00	%		43,170		43,170		577,615	REGAL CINEMAS(2019)
	NISKAYUNA, NY	MOHAWK COMMONS 402 - 442 BALLTOWN ROAD	ALBANY		2002		2004			100.00	%		399,901		530,375		4,709,348	PRICE CHOPPER(2022), LOWE’S(2022), MARSHALLS(2012), BARNES & NOBLE(2014), BED BATH & BEYOND(2019), TARGET(NOT OWNED)
	NORWICH, NY (TOPS)	P & C PLAZA 54 EAST MAIN STREET	NORWICH		1997		2004			10.00	%		85,453		85,453		1,133,385	TOPS MARKETS(2018)
	OLEAN, NY (WAL-MART)	WAL-MART PLAZA 3142 WEST STATE STREET	OLEAN		1993/2004		2004			100.00	%		363,509		479,515		2,364,278	WAL-MART(2023), EASTWYNN THEATRES(2014), BJ’S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR				DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	ONTARIO, NY (TOPS-BLOCKBUSTER)	TOPS PLAZA 6254-6272 FURNACE RD	ROCHESTER		1998		2004		20.00	%		77,040		77,040		698,613	TOPS MARKETS(2019)
	ORCHARD PARK, NY (BLOCKBUSTER)	CROSSROADS CENTRE 3245 SOUTHWESTERN BLVD	BUFFALO		2000		2004		20.00	%		167,805		167,805		1,878,226	TOPS MARKETS(2022), STEIN MART(2012)
	PLATTSBURGH, NY	PLATTSBURGH CONSUMER SQUARE RT. 3 - CORNELIA ROAD	PLATTSBURGH		1993/2004		2004		100.00	%		491,513		491,513		3,374,096	SAM’S CLUB(2013), WAL-MART(2020), T.J. MAXX(2013), PETSMART(2014), MICHAEL’S(2011)
	ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD RD	ROCHESTER		1959/1965/1972/1980/ 1986/1994		2004		20.00	%		279,219		279,219		3,173,430	TOPS MARKETS(2014), STAPLES (2018)
	ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST	ROME		1978/2000/2001		2004		100.00	%		194,467		197,397		1,228,712	STAPLES(2015), J.C. PENNEY(2017), TOPS MARKETS(2021), MARSHALLS(2016)
	TONAWANDA, NY (BIG LOTS)	YOUNGMANN PLAZA (BIGLOTS) 750 YOUNG STREET	BUFFALO		1985/2003		2004		10.00	%		306,421		318,166		2,354,329	BJ’S WHOLESALE CLUB(2010), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKETS(2021)
	TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD	BUFFALO		1976/1985/1996		2004		100.00	%		121,846		121,846		1,013,514	BEST FITNESS(2025), OFFICE DEPOT(2011)
	TONAWANDA, NY (SHER/DELAWARE)	SHERIDAN DELAWARE PLAZA 1692-1752 SHERIDAN DRIVE	BUFFALO		1950/1965/1975/1986/ 2000		2004		100.00	%		188,200		188,200		1,362,021	BON TON HOME STORE(2010), BON TON HOME STORE(2010), TOPS MARKETS(2020)
	TONAWANDA, NY (TOPS)	TOPS PLAZA (TOPS) 150 NIAGARA STREET	BUFFALO		1997		2004		10.00	%		97,014		97,014		1,058,970	TOPS MARKETS(2017)
	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE	ROCHESTER		2000		2004		100.00	%		56,134		56,134		617,176
	WARSAW, NY (TOPS)	TOPS PLAZA (TOPS) 2382 ROUTE 19	WARSAW		1998		2004		20.00	%		74,105		74,105		547,564	TOPS MARKETS(2015)
	WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD	BUFFALO		1975/1983/1987/1995		2004		100.00	%		139,453		139,453		1,393,933	HOME DEPOT(2016)
	WEST SENECA, NY (SENECA RIDGE)	SENECA RIDGE PLAZA 3531 SENECA STREET	BUFFALO		1980/1996/2004		2004		100.00	%		62,403		62,403		255,692	OFFICE DEPOT (2018)
	WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE	BUFFALO		1986/1995/2003		2004		100.00	%		102,917		102,917		1,179,435
	WILLIAMSVILLE, NY (PREMIER)	PREMIER PLACE 7864 - 8020 TRANSIT ROAD	BUFFALO		1986/1994/1998		2004		14.50	%		141,639		141,639		1,214,298	PREMIER LIQUORS(2010), STEIN MART(2013)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	NORTH CAROLINA
	APEX, NC (SOUTH)	BEAVER CREEK CROSSINGS (SOUTH) 1335 W WILLIAMS STREET	RALEIGH		2006		1	*		100.00	%		283,266		295,506		4,607,160	DICK’S SPORTING GOODS(2017), CONSOLIDATED THEATRES(2026), T.J. MAXX(2016), CIRCUIT CITY(2022), BORDERS(2022)
	APEX, NC(COMMONS)	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET	RALEIGH		2005		1	*		10.00	%		110,429		453,600		2,159,927	OFFICE MAX(2014), LOWES(NOT OWNED), TARGET (NOT OWNED)
	ASHEVILLE, NC(OAKLEY)	OAKLEY PLAZA FAIRVIEW RD AT INTERSTATE 240	ASHEVILLE		1988		2007			100.00	%		118,699		118,699		934,539	BABIES R US(2011), BI-LO(2016)
	ASHEVILLE, NC(RIVER)	RIVER HILLS 299 SWANNANOA RIVER ROADD	ASHEVILLE		1996		2003			14.50	%		190,970		190,970		1,886,432	CARMIKE CINEMAS(2017), CIRCUIT CITY(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2013), OFFICE MAX(2011)
	CARY, NC(CIRCUIT CITY)	CIRCUIT CITY 1401 PINEY PLAINS RD	RALEIGH		2000		2007			100.00	%		27,891		27,891		526,500	CIRCUIT CITY(2022)
	CARY, NC(MILL POND)	MILL POND VILLAGE 3434-3490 KILDAIRE FARM ROAD	RALEIGH		2004		2007			100.00	%		84,364		149,051		1,219,090	LOWE’S FOODS(2021)
	CHAPEL HILL, NC	MEADOWMONT VILLAGE W. BARBEE CHAPEL RD	DURHAM		2002		2007			20.00	%		132,745		132,745		2,456,909	HARRIS TEETER SUPERMARKETS(2022)
	CHARLOTTE, NC(CAMFIELD)	CAMFIELD CORNERS 8620 CAMFIELD STREET	CHARLOTTE		1994		2007			100.00	%		69,910		69,910		869,351	BI-LO(2014)
	CLAYTON, NC	CLAYTON CORNERS US HIGHWAY 70 WEST	RALEIGH		1999		2007			20.00	%		125,653		125,653		1,387,987	LOWE’S FOODS(2019)
	CONCORD, NC(RITE AID)	RITE AID HIGHWAY #29 @ PITTS SCHOOL	CHARLOTTE		2002		2007			100.00	%		10,908		10,908		227,814
	CORNELIUS, NC	THE SHOPS AT THE FRESH MARKET 20601 TORRENCE CHAPEL ROAD	CHARLOTTE		2001		2007			100.00	%		131,242		131,242		1,044,213	STEIN MART(2013)
	DURHAM, NC	PATTERSON PLACE 3616 WITHERSPOON BLVD.	DURHAM		2004		2007			20.00	%		161,017		161,017		2,091,493	DSW SHOE WAREHOUSE(2016), A.C. MOORE(2014), BED BATH & BEYOND(2020)
	DURHAM, NC(OXFORD)	OXFORD COMMONS 3500 OXFORD ROAD	DURHAM		1990/2001		1/2	*		100.00	%		208,014		326,280		1,366,288	FOOD LION(2010), BURLINGTON COAT FACTORY(2012), WAL-MART(NOT OWNED)
	DURHAM, NC(SOUTH)	SOUTH SQUARE 4001 DURHAM CHAPEL	DURHAM		2005		2007			20.00	%		107,812		288,934		1,612,970	OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2015), TARGET (NOT OWNED)
	FAYETTEVILLE, NC	CROSS POINTE CENTER 5075 MORGANTON ROAD	FAYETTEVILLE		1985/2003		2003			100.00	%		226,089		226,089		1,913,392	T.J. MAXX(2011), BED BATH & BEYOND(2014)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	FAYETTEVILLE, NC(PAVILION)	FAYETTEVILLE PAVILION 2061 SKIBO ROAD	FAYETTEVILLE		1998/2001		2007			20.00	%		272,385		272,385		2,713,492	DICK’S SPORTING GOODS(2017), PETSMART(2016), CREATIVE BASKET EXPRESSIONS(2020), MARSHALLS(2014), MICHAEL’S(2014)
	FUQUAY VARINA, NC	SEXTON COMMONS 1420 N MAIN ST	RALEIGH		2002		2007			20.00	%		49,097		49,097		777,531	HARRIS TEETER SUPERMARKETS(2021)
	GREENSBORO, NC(ADAMS)	ADAM’S FARM 5710 HIGH POINT ROAD	GREENSBORO		2004		2007			100.00	%		112,010		112,010		906,328	HARRIS TEETER SUPERMARKETS(2013)
	GREENSBORO, NC(GOLDEN)	GOLDEN GATE EAST CORNWALLIS DR	GREENSBORO		1962/2002		2007			100.00	%		153,113		153,113		1,137,872	HARRIS TEETER SUPERMARKETS(2011), STAPLES(2016), FOOD LION(2012)
	GREENSBORO, NC(WENDOVER I)	WENDOVER VILLAGE (I) 4203-4205 WEST WENDOVER AVENUE	GREENSBORO		2004		2007			100.00	%		35,895		170,895		947,003	COSTCO(NOT OWNED)
	GREENSBORO, NC(WENDOVER II)	WENDOVER VILLAGE (II) WEST WENDOVER AVE	GREENSBORO		2004		2007			20.00	%		135,004		135,004		1,745,841	A.C. MOORE(2014), CIRCUIT CITY(2020)
	HUNTERSVILLE, NC	BIRKDALE VILLAGE (RETAIL) 8712 LINDHOLM DR., SUITE 206	CHARLOTTE		2003		2007			15.00	%		301,045		302,842		6,577,959	BARNES & NOBLE(2013), DICK’S SPORTING GOODS(2018)
	HUNTERSVILLE, NC(ROSEDALE)	ROSEDALE SHOPPING CENTER 9911 ROSE COMMONS DR	CHARLOTTE		2000		2007			20.00	%		119,197		119,197		1,960,458	HARRIS TEETER SUPERMARKETS(2020)
	INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD	INDIAN TRAIL		1999		2004			100.00	%		96,160		96,160		710,064	FOOD LION(2020)
	JACKSONVILLE, NC(GATEWAY)	GATEWAY PLAZA SEC WESTERN BLVD AND GATEWAY SOUTH	JACKSONVILLE		2001		2007			15.00	%		101,413		301,954		1,154,275	BED BATH & BEYOND(2013), ROSS DRESS FOR LESS(2013), LOWES(NOT OWNED), TARGET(NOT OWNED)
	MATTHEWS, NC	SYCAMORE COMMONS MATTHEWS TWNSHP PWY & NORTHEAST PWY	CHARLOTTE		2002		2007			15.00	%		265,535		555,210		4,571,779	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)
	MOORESVILLE, NC	MOORESVILLE CONSUMER SQ (I) 355 WEST PLAZA DRIVE	CHARLOTTE		1999		2004			100.00	%		472,182		472,182		4,109,097	WAL-MART(2019), GANDER MOUNTAIN(2021)
	MOORESVILLE, NC(WINSLOW)	WINSLOW BAY COMMONS BLUEFIELD ROAD AND HIGHWAY 150	CHARLOTTE		2003		2007			15.00	%		255,798		429,798		3,152,594	ROSS DRESS FOR LESS(2014), DICK’S SPORTING GOODS(2019), T.J. MAXX(2013), MICHAEL’S(2013), SUPER TARGET(NOT OWNED)
	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD	NEW BERN		1989/1999		1/2	*		100.00	%		68,130		200,228		636,063	GOODY’S(2012), WAL-MART(NOT OWNED)
	RALEIGH, NC(ALEXANDER)	ALEXANDER PLACE GLENWOOD AVE & BRIER CREEK PKWY	RALEIGH		2004		2007			15.00	%		188,254		398,254		2,562,094	KOHL’S(2025), H.H. GREGG APPLIANCES(2022), SUPER WALMART(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	RALEIGH, NC(CAPITAL)	CAPITAL CROSSING 2900-2950 EAST MILL BROOK ROAD	RALEIGH		1995		2007			100.00	%		83,248		83,248		888,670	LOWE’S FOODS(2015), STAPLES(2011)
	RALEIGH, NC(RITE AID)	RITE AID US HIGHWAY 401 AND PERRY CREEK ROAD	RALEIGH		2003		2007			100.00	%		10,908		10,908		284,571
	RALEIGH, NC(WAKEFIELD)	WAKEFIELD CROSSING WAKEFIELD PINES DR & NEW FALLS OF NEUSE	RALEIGH		2001		2007			100.00	%		75,927		75,927		889,181	FOOD LION(2022)
	SALISBURY, NC	ALEXANDER POINTE 850 JAKE ALEXANDER BLVD	SALISBURY		1997		2007			20.00	%		57,710		57,710		640,344	HARRIS TEETER SUPERMARKETS(2017)
	SILER CITY, NC	CHATHAM CROSSING US HIGHWAY 64 WEST	DURHAM		2002		2007			15.00	%		31,979		266,979		400,460	SUPER WAL-MART(NOT OWNED)
	SOUTHERN PINES, NC	SOUTHERN PINES MARKETPLACE US HWY 15-501	SOUTHERN PINES		2002		2007			15.00	%		57,404		57,404		440,216	STEIN MART(2016)
	WAKE FOREST, NC	CAPITAL PLAZA 11825 RETAIL DRIVE	RALEIGH		2004		2007			15.00	%		46,793		336,793		587,448	SUPER TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA	WASHINGTON		1990/1999		1/2	*		100.00	%		80,269		265,053		559,503	GOODY’S(2009), OFFICE DEPOT(2014), WAL-MART(NOT OWNED)
	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.	WILMINGTON		1989/2001		1/2	*		100.00	%		411,887		518,735		3,625,630	LOWE’S(2014), OLD NAVY(2011), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), STEVE & BARRY’S(2014), BADCOCK HOME FURNITURE & MORE(2009), SAM’S(NOT OWNED)
	WILMINGTON, NC(OLEANDER)	OLEANDER SHOPPING CENTER 3804 OLEANDER DRIVE	WILMINGTON		1989		2007			100.00	%		51,888		51,888		578,191	LOWE’S FOODS(2015)
	WILSON, NC	FOREST HILLS CENTRE 1700 RALEIGH RD NW	WILSON		1989		2007			100.00	%		73,280		73,280		586,231	HARRIS TEETER SUPERMARKETS(2010)
	WINSTON SALEM, NC(HARPER)	HARPER HILL COMMONS 5049 COUNTRY CLUB RD	WINSTON SALEM		2004		2007			20.00	%		55,394		96,914		1,122,896	HARRIS TEETER SUPERMARKETS(2024)
	WINSTON SALEM, NC(OAK)	OAK SUMMIT EAST HANES MILL ROAD	WINSTON SALEM		2003		2007			15.00	%		142,394		352,394		1,788,169	GOODY’S(2016), STAPLES(2016), PETSMART(2020), SUPER WALMART(NOT OWNED)
	WINSTON SALEM, NC(OLIVER)	SHOPS AT OLIVER CROSSING PETERS CREEK PKWY OLIVER CROSSING	WINSTON SALEM		2003		2007			20.00	%		76,512		76,512		856,512	LOWE’S FOODS(2023)
	WINSTON SALEM, NC(WAL-MART)	WAL-MART SUPERCENTER 4550 KESTER MILL RD	WINSTON SALEM		1998		2007			100.00	%		204,931		204,931		1,403,777	WAL-MART(2017)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	NORTH DAKOTA
	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE	DICKINSON		1978		1/2	*		100.00	%		267,506		267,506		1,054,601	K MART(2013), HERBERGER’S(2010), J.C. PENNEY(2013)
	OHIO
	ALLIANCE, OH	WAL-MART SUPERCENTER 2700 WEST STATE ST	CANTON		1998		2007			100.00	%		200,084		200,084		1,190,500	WAL-MART(2017)
	ASHTABULA, OH (TOPS)	ASHTABULA COMMONS 1144 WEST PROSPECT ROAD	ASHTABULA		2000		2004			100.00	%		57,874		57,874		895,720	TOPS MARKETS(2021)
	AURORA, OH	BARRINGTON TOWN CENTER 70-130 BARRINGTON TOWN SQUARE	CLEVELAND		1996/2004		1	*		100.00	%		102,683		159,982		968,002	CINEMARK(2011), HEINEN’S(NOT OWNED)
	BOARDMAN, OH	SOUTHLAND CROSSINGs I-680 & US ROUTE 224	YOUNGSTOWN		1997		1	*		100.00	%		506,254		511,654		4,233,095	LOWE’S(2016), BABIES R US(2014), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL-MART(2017), PETSMART(2013), GIANT EAGLE(2018)
	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS (I) 5496 DRESSLER ROAD	CANTON		1995/2001/2003		1	*		14.50	%		478,106		593,610		5,243,937	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)
	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE ST	CHILLICOTHE		1974/1998		1/2	*		20.00	%		106,262		106,262		1,046,216	KROGER(2041), OFFICE MAX(2013)
	CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET	CHILLICOTHE		1998		1981			100.00	%		130,497		130,497		822,132	LOWE’S(2015)
	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY	CINCINNATI		1990		1993			100.00	%		235,433		235,433		1,637,759	STEVE & BARRY’S(2014), MICHAEL’S(2011)
	CINCINNATI, OH(KROGER)	KROGER 6401 COLERAIN AVE	CINCINNATI		1998		2007			100.00	%		56,634		56,634		556,486	KROGER(2015)
	CINCINNATI, OH(TRI COUNTY)	TRI-COUNTY MALL 11700 PRINCETON PIKE	CINCINNATI		1960/1990/1992		2005			18.00	%		758,031		1,270,511		11,868,101	DILLARD’S(2018), SEARS(2019), KRAZY CITY (2023), MACY’S(NOT OWNED)
	CLEVELAND, OH	KMART PLAZA 14901-14651 LORAIN AVE	CLEVELAND		1982		2008			25.25	%		109,350		109,350		737,545	K MART(2012)
	COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST 3630 SOLDANO BLVD.	COLUMBUS		1989/2003		2004			100.00	%		356,515		356,515		2,102,676	KROGER(2014), TARGET(2011)
	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET	COLUMBUS		1998		1998			100.00	%		509,611		509,611		5,874,783	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)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	COLUMBUS, OH (LENNOX)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD	COLUMBUS		1997		1998			50.00	%		352,913		352,913		3,586,126	TARGET(2016), BARNES & NOBLE(2012), STAPLES(2011), AMC THEATRE(2021)
	COLUMBUS, OH (SUN)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD	COLUMBUS		1995		1998			79.45	%		305,428		305,428		3,654,396	BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2012), WHOLE FOODS(2016), STAPLES(2010)
	COLUMBUS, OH(HILLIARD)	HILLIARD ROME COMMONS 1710-60 HILLIARD ROME ROAD	COLUMBUS		2001		2007			20.00	%		110,871		110,871		1,454,153	GIANT EAGLE(2022)
	DUBLIN, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE	COLUMBUS		1987		1998			100.00	%		213,162		322,243		516,729	AMC THEATRE(2009), B.J.’S WHOLESALE CLUB(NOT OWNED)
	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD	COLUMBUS		1996		1998			100.00	%		137,556		137,556		1,605,599	GIANT EAGLE(2014)
	ELYRIA, OH	ELYRIA SHOPPING CENTER 841 CLEVELAND	CLEVELAND		1977		2	*		100.00	%		92,125		92,125		601,720	GIANT EAGLE(2010)
	GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE	GALLIPOLIS		1998		2003			100.00	%		25,950		205,908		357,858	WAL MART(NOT OWNED)
	GROVE CITY, OH(DERBY SQUARE)	DERBY SQUARE 2161-2263 STRINGTOWN ROAD	COLUMBUS		1992		1998			20.00	%		128,250		128,250		1,156,351	GIANT EAGLE(2016)
	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE	DAYTON		1990		1993			100.00	%		182,749		297,306		1,696,124	H.H. GREGG APPLIANCES(2023), DICK’S SPORTING GOODS (2019), WAL-MART(NOT OWNED)
	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD	LEBANON		1990/2002		1993			100.00	%		17,000		110,480		0	ERB LUMBER(NOT OWNED), WALMART #1407(NOT OWNED)
	MACEDONIA, OH	MACEDONIA COMMONS (I) MACEDONIA COMMONS BLVD	CLEVELAND		1994		1994			50.00	%		236,682		375,849		3,179,832	TOPS MARKETS(2019), KOHL’S(2016), WAL-MART(NOT OWNED)
	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (II) 8210 MACEDONIA COMMONS	CLEVELAND		1999		1/2	*		100.00	%		169,481		169,481		1,601,734	CINEMARK(2019), HOME DEPOT(2020)
	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA (NORTH) 2589-26437 GREAT NORTHERN	CLEVELAND		1958/1998/2003		1997			14.50	%		625,835		666,735		7,475,794	DSW SHOE WAREHOUSE(2015), BEST BUY(2010), BED BATH & BEYOND(2012), PETSMART(2018), HOME DEPOT(2019), K & G MENSWEAR(2013), JO-ANN STORES(2009), MARC’S(2012), REMINGTON COLLEGE(NOT OWNED)
	SOLON, OH	UPTOWN SOLON KRUSE DRIVE	CLEVELAND		1998		1	*		100.00	%		183,255		183,255		2,896,581	MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2009), BORDERS(2019)
	SOLON, OH(KMART)	KMART PLAZA 6221 SOM CENTER	CLEVELAND		1977		2008			25.25	%		84,180		84,180		299,819	K MART(2013)
	STEUBENVILLE, OH	LOWE’S HOME IMPROVEMENT 4115 MALL DRIVE	PITTSBURGH		1998		2007			100.00	%		130,497		130,497		871,236	LOWE’S(2016)
	STOW, OH	STOW COMMUNITY CENTER (I) KENT ROAD	AKRON		1997/2000		1	*		100.00	%		362,057		464,140		3,677,589	BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), HOBBY LOBBY (2018), TARGET(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET	TIFFIN		1980/2004		1/2	*		100.00	%		170,868		170,868		538,043	CINEMARK(2011), J.C. PENNEY(2010)
	TOLEDO, OH	SPRINGFIELD COMMONS S. HOLLAND-SYLVANIA ROAD	TOLEDO		1999		1	*		20.00	%		241,129		271,729		2,799,159	KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2010), OLD NAVY(2010)
	TOLEDO, OH (DICKS)	DICK’S SPORTING GOODS 851 W. ALEXIS ROAD	TOLEDO		1995		2004			100.00	%		80,160		80,160		501,000	DICK’S SPORTING GOODS(2016)
	WEST CHESTER, OH	KROGER 7172 CINCINNATI-DAYTON ROAD	CINCINNATI		1998		2007			100.00	%		56,634		56,634		349,154	KROGER(2018)
	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD	CLEVELAND		1974/1997/2000		1/2	*		100.00	%		162,330		162,330		1,372,560	MARC’S(2009), K MART(2009)
	WILLOUGHBY HILLS, OH	SHOPPES AT WILLOUGHBY HILLS CHARDON ROAD	CLEVELAND		1985		2007			15.00	%		373,318		382,849		3,122,852	GIANT EAGLE(2019), CINEMARK(2010), A.J. WRIGHT(2011), OFFICE MAX(2009), SAM’S CLUB(2014)
	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE	XENIA		1994/1997/2001		1	*		100.00	%		112,361		203,282		613,860	KROGER(2019), WAL-MART(NOT OWNED)
	ZANESVILLE, OH	KMART SHOPPING CENTER 3515 N. MAPLE AVENUE	SANDUSKY		1973		2008			25.25	%		84,180		84,180		223,160	K MART(2009)
	OKLAHOMA
	ENID, OK	KMART PLAZA 4010 WEST OWEN GARRIOT RD	ENID		1983		2008			25.25	%		84,000		114,000		188,160	K MART(2013), UNITED SUPERMARKETS(NOT OWNED)
	OKLAHOMA CITY, OK	CVS PHARMACY 2323 NORTH MARTIN LUTHER KING BLVD	OKLAHOMA CITY		1997		2007			100.00	%		9,504		9,504		159,358
	OREGON
	PORTLAND, OR	TANASBOURNE TOWN CENTER (I) NW EVERGREEN PKWY & NW RING RD	PORTLAND		1995/2001		1996			50.00	%		309,617		566,457		4,986,626	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
	ALLENTOWN, PA (BJS)	BJ’S WHOLESALE CLUB 1785 AIRPORT ROAD SOUTH	ALLENTOWN		1991		2004			100.00	%		112,230		112,230		863,266	BJ’S WHOLESALE CLUB(2011)
	ALLENTOWN, PA(WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD	ALLENTOWN		2001/2004		2003			100.00	%		259,239		259,239		2,745,843	WAL-MART(2021)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	CAMP HILL, PA	CAMP HILL CENTER 3414 SIMPSON FERRY ROAD	HARRISBURG		1978/2002		2007			100.00	%		62,888		62,888		288,000	MICHAEL’S(2013)
	CARLISLE, PA	CARLISLE COMMONS SHOPPING CTR RIDGE STREET & NOBLE BLVD	HARRISBURG		2001		2007			15.00	%		393,033		393,033		3,132,539	WAL-MART(2022), T.J. MAXX(2012), ROSS DRESS FOR LESS(2014), REGAL CINEMAS(2010)
	CHESWICK, PA	RITE AID 1200 PITTSBURGH ST.	PITTSBURGH		2000		2007			100.00	%		10,908		10,908		248,609
	CONNELSVILLE, PA	RITE AID 100 MEMORIAL BLVD	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		312,181
	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE	PHILADELPHIA		1975/1997		1/2	*		100.00	%		173,876		179,376		1,223,372	K MART(2010), BIG LOTS(2010)
	ERIE, PA (PEACH)	PEACH STREET SQUARE (I) 1902 KEYSTONE DRIVE	ERIE		1995/1998/2003		1	*		100.00	%		557,769		679,074		4,997,713	LOWE’S(2015), PETSMART(2015), CIRCUIT CITY(2020), KOHL’S(2016), WAL-MART(2015), CINEMARK(2011), ERIE SPORTS (2018), HOME DEPOT(NOT OWNED)
	ERIE, PA(BUFFALO RD)	RITE AID (BUFFALO ROAD) 4145 BUFFALO ROAD	ERIE		1999		2007			100.00	%		10,908		10,908		230,486
	ERIE, PA(EAST 26TH ST)	RITE AID (EAST 26TH ST) 404 EAST 26TH STREET	ERIE		1999		2007			100.00	%		10,908		10,908		260,047
	ERIE, PA(EAST 6TH)	RITE AID (EAST 6TH ST) 353 EAST 6TH STREET	ERIE		1999		2007			100.00	%		10,908		10,908		266,969
	ERIE, PA(MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET	ERIE		2003		2003			14.50	%		107,537		238,387		1,076,117	MARSHALLS(2013), BED BATH & BEYOND(2013), BABIES R US(2014), TARGET(NOT OWNED)
	ERIE, PA(PEACH ST)	RITE AID (PEACH ST) 5440 PEACH ST.	ERIE		2000		2007			100.00	%		10,908		10,908		336,691
	ERIE, PA(RITE AID)	RITE AID (WEST 26TH ST) 2923 WEST 26TH ST.	ERIE		1999		2007			100.00	%		10,908		10,908		332,311
	ERIE, PA(WEST 12TH)	RITE AID (WEST 12TH ST) 2184 WEST 12TH ST	ERIE		1999		2007			100.00	%		10,908		10,908		373,661
	HOMESTEAD, PA	WATERFRONT MARKET AMITY 149 W. BRIDGE STREET	PITTSBURGH		2003		2007			15.00	%		764,824		969,824		11,701,972	LOEW’S CINEMA (2020), DICK’S SPORTING GOODS (2012), BEST BUY (2013), MICHAEL’S (2011), FILENE’S BASEMENT (2012), OFFICE DEPOT (2017),T.J. MAXX (2011), OLD NAVY (2011), DSW WAREHOUSE (2015), MARSHALL’S (2010), BARNES AND NOBLE (2012), DAVE AND BUSTERS (2020), MACY’S(NOT OWNED), TARGET(NOT OWNED)
	IRWIN, PA	RITE AID 3550 ROUTE 130	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		262,741

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR					DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

KING OF PRUSSIA, PA	OVERLOOK AT KING OF PRUSSIA 301 GODDARD BLVD	PHILADELPHIA		2002		2007			15.00	%		105,615		186,980		4,855,050	UNITED ARTISTS THEATRE(2025), NORDSTROM RACK(2012), BEST BUY(2017)
MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD	PITTSBURGH		1999/2004		2003			14.50	%		298,589		298,589		3,059,159	LOWE’S(2017), MICHAEL’S(2018), CINEMARK(2019)
MONROEVILLE, PA	RITE AID (WM PENN HWY) 4111 WILLIAM PENN HWY	PITTSBURGH		1998		2007			100.00	%		12,738		12,738		484,028
MONROEVILLE, PA(RITE AID)	RITE AID (MONROEVILLE BLVD) 2604 MONROEVILLE BLVD	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		295,339
MT. NEBO, PA	MT. NEBO POINTE MT NEBO ROAD & LOWRIES RUN ROAD	PITTSBURGH		2005		1	*		10.00	%		99,447		362,832		1,257,103	SPORTSMAN’S WAREHOUSE(2020), SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)
NEW CASTLE, PA	RITE AID 31 NORTH JEFFERSON STREET	NEW CASTLE		1999		2007			100.00	%		10,908		10,908		261,740
PITTSBURGH, PA	RITE AID (GOLDEN MILE HWY) 1804 GOLDEN MILE HWY	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		326,940
PITTSBURGH, PA (SAW MILL)	RITE AID (SAW MILL RUN BLVD) 2501 SAW MILL RUN BLVD	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		342,233
POTTSTOWN, PA	KMART SHOPPING CENTER 2200 EAST HIGH STREET	PITTSBURGH		1973		2008			25.25	%		84,180		84,180		275,000	K MART(2009)
WILLOW GROVE, PA	KMART SHOPPING CENTER 2620 MORELAND ROAD	PHILADELPHIA		1973		2008			25.25	%		94,500		94,500		341,125	K MART(2009)
PUERTO RICO
ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR # KM 80.3	ARECIBO		1980/1993		2005			100.00	%		215,451		224,950		3,242,974	K MART(2013), CAPRI DEL ATLANTICO(2013)
BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS	SAN JUAN		1998/2003/2004		2005			100.00	%		526,397		675,618		17,012,196	WAL-MART(2022), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)
BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8	SAN JUAN		1980/2002		2005			100.00	%		126,023		132,309		1,592,167	PUEBLO XTRA(2009), TIENDAS CAPRI(2013)
BAYAMON, PR (RIO HONDO)	PLAZA RIO HONDO PR#22, PR#167	SAN JUAN		1982/2001		2005			100.00	%		481,499		546,801		13,074,490	TIENDAS CAPRI(2009), BEST BUY(2021), K MART(2013), PUEBLO XTRA(2012), RIO HONDO CINEMAS(2023), MARSHALLS(2015)
CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1	SAN JUAN		1997		2005			100.00	%		420,462		636,332		7,793,068	OFFICE MAX(2015), WAL-MART(2024), PLAZA ESCORIAL CINEMAS(2019), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


			YEAR				DDR					OWNED/		TOTAL
			DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION	CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE ROAD #1 & PR #735	CAYEY		1999/2004		2005		100.00	%		261,126		339,840		3,073,186	WAL-MART(2021), PLAZA CAYEY CENTRO CINEMA(2018)
FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940	FAJARDO		1992		2005		100.00	%		245,319		251,319		4,140,297	WAL-MART(2012), PUEBLO XTRA(2012)
GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART ROAD PR #3 KM 135.0	GUAYAMA		1994		2005		100.00	%		163,598		163,598		1,689,989	WAL-MART(2018)
HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD#2 KM 81.9	ARECIBO		1992		2005		100.00	%		510,979		673,213		10,002,125	SEARS(2014), TOYS R US(2018), J.C. PENNEY(2012), WAL-MART(2012), CIRCUIT CITY (2019)
HUMACAO, PR (PALMA REAL)	PLAZA PALMA REAL STATE ROAD #3, KM 78.20	HUMACAO		1995		2005		100.00	%		345,489		441,495		6,679,674	PEP BOYS(2015), J.C. PENNEY(2019), CAPRI STORES(2011), WAL-MART(2020), OFFICE MAX (2018)
ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE ROAD #2 & # 454	ISABELA		1994		2005		100.00	%		238,410		259,016		3,537,575	COOP(2014), WAL-MART(2019)
SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE ROAD PR #122	SAN GERMAN		1991		2005		100.00	%		22,356		49,172		339,950	PEP BOYS(2015)
SAN GERMAN, PR (DEL OESTE)	PLAZA DEL OESTE ROAD PR #2 INT PR #122	SAN GERMAN		1991		2005		100.00	%		174,172		184,746		2,360,667	K MART(2016), PUEBLO XTRA(2011)
SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177	SAN JUAN	1978/Mutiple			2005		100.00	%		168,664		209,124		2,444,990	K MART(2010), PUEBLO XTRA(2015)
VEGA BAJA, PR (PLZ VEGA BAJA)	PLAZA VEGA BAJA ROAD PR #2 INT PR #155	VEGA BAJA		1990		2005		100.00	%		180,488		184,938		1,923,689	K MART(2015), PUEBLO XTRA(2010)
RHODE ISLAND
MIDDLETOWN, RI	MIDDLETOWN VILLAGE 1315 WEST MAIN ST	PROVIDENCE		2003		2007		100.00	%		98,161		98,161		1,201,704	BARNES & NOBLE(2019), MICHAEL’S(2018)
WARWICK, RI	WARWICK CENTER 1324 BALD HILL ROAD	PROVIDENCE		2004		2007		15.00	%		159,958		159,958		2,136,965	DICK’S SPORTING GOODS(2018), BARNES & NOBLE(2018), DSW SHOE WAREHOUSE(2014)
SOUTH CAROLINA
AIKEN, SC (EXCHANGE)	AIKEN EXCHANGE WHISKEY ROAD & BROOK HAVEN DRIVE	GREENVILLE		2004		2007		15.00	%		101,558		226,558		334,898	PETSMART(2019), TARGET(NOT OWNED)
ANDERSON, SC (CENTRAL)	ANDERSON CENTRAL 651 HWY 28 BYPASS	GREENVILLE		1999		2007		15.00	%		223,211		223,211		1,415,807	WAL-MART(2019)
ANDERSON, SC (NORTH HILL)	NORTH HILL COMMONS 3521 CLEMSON BLVD	GREENVILLE		2000		2007		15.00	%		43,149		168,149		431,962	MICHAEL’S(2013), TARGET(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR				DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE	CAMDEN		1990/2000		1993		100.00	%		180,127		363,405		1,069,522	BELK(2015), WAL-MART SUPER CENTER(NOT OWNED)
	CHARLESTON, SC	ASHLEY CROSSING (I) 2245 ASHLEY CROSSING DRIVE	CHARLESTON		1991		2003		100.00	%		188,883		196,048		736,846	FOOD LION(2011)
	COLUMBIA, SC (STATION)	COLUMBIANA STATION OEA HARBISON BLVD & BOWE R PARKWAY	COLUMBIA		1999		2007		15.00	%		379,733		562,500		4,637,604	CIRCUIT CITY(2020), DICK’S SPORTING GOODS(2016), MICHAEL’S(2010), PETSMART(2015), H.H. GREGG APPLIANCES(2015)
	COLUMBIA, SC (TARGET)	TARGET SUPER CENTER (I) 10204 TWO NOTCH RD.	COLUMBIA		2002		2007		15.00	%		83,400		208,400		187,275	MICHAEL’S(2012), TARGET(NOT OWNED)
	COLUMBIA, SC(HARBISON)	HARBISON COURT HARBISON BLVD	COLUMBIA		1991		2002		14.50	%		236,765		296,254		2,914,126	BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE DEPOT(2011), BABIES ‘R’ US #8890(NOT OWNED)
	CONWAY, SC	GATEWAY PLAZA 2701 CHURCH STREET	MYRTLE BEACH		2002		2007		100.00	%		62,428		62,428		598,782	GOODY’S(2017)
	EASLEY, SC	CENTER POINTE PLAZA (II) CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD	GREENVILLE		2004		2007		20.00	%		72,287		187,287		646,147	PUBLIX SUPER MARKETS(2023), HOME DEPOT(NOT OWNED)
	FORT MILL, SC	RITE AID 2907 W HWY 160	GAFFNEY		2002		2007		100.00	%		13,824		13,824		309,853
	GAFFNEY, SC	RITE AID 1320 W FLOYD BAKER BLVD	GREENVILLE		2003		2007		100.00	%		13,818		13,818		291,984
	GREENVILLE, SC (RITE AID)	RITE AID 3679 AUGUSTA ROAD	GREENVILLE		2001		2007		100.00	%		10,908		10,908		283,423
	GREENVILLE, SC(SUPER WAL-MART)	WAL-MART SUPERCENTER 1451 WOODRUFF ROAD	GREENVILLE		1998		2007		100.00	%		200,084		200,084		1,272,534	WAL-MART(2018)
	GREENVILLE, SC(THE POINT)	THE POINT 1140 WOODRUFF ROAD	GREENVILLE		2005		2007		20.00	%		104,641		104,641		1,775,747	WHOLE FOODS(2026), CIRCUIT CITY(2021)
	GREENWOOD, SC	NORTHSIDE PLAZA (BI-LO) US HIGHWAY 25 & NORTHSIDE DRIVE	GREENWOOD		1999		2007		100.00	%		41,581		41,581		334,437	BI-LO(2019)
	LEXINGTON, SC	LEXINGTON PLACE US HWY 378 AND OLD CHEROKEE ROAD	COLUMBIA		2003		2007		100.00	%		83,167		215,167		864,796	ROSS DRESS FOR LESS(2014), T.J. MAXX(2013), PUBLIX(NOT OWNED), KOHL’S(NOT OWNED)
	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH	CHARLESTON		1992/2000		1995		100.00	%		209,810		325,907		2,526,139	CIRCUIT CITY(2018), OFFICE DEPOT(2010), T.J. MAXX(2013), MARSHALLS(2011), WAL-MART(NOT OWNED)
	MT. PLEASANT, SC (BI-LO)	BI-LO AT SHELMORE 672 HWY 17 BY-PASS	CHARLESTON		2002		2007		100.00	%		64,368		64,368		920,894	BI-LO(2023)
	MYRTLE BEACH, SC	THE PLAZA AT CAROLINA FOREST 3735 RENEE DRIVE	MYRTLE BEACH		1999		2007		20.00	%		116,657		116,657		1,644,197	KROGER(2010)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE	CHARLESTON		1989/2001		2	*		100.00	%		294,471		344,471		2,048,906	WAL-MART(2009), OFFICE MAX(2014)
	N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVE	CHARLESTON		1980/1993		2004			100.00	%		235,501		235,501		1,243,210	NORTHERN TOOL(2016), BIG LOTS(2011), HOME DECOR LIQUIDATORS (2012)
	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD	COLUMBIA		1994/1999		1995			100.00	%		50,760		247,434		568,393	GOODY’S(2013), Wal-Mart(NOT OWNED)
	PIEDMONT, SC	RITE AID 915 ANDERSON STREET	GREENVILLE		2000		2007			100.00	%		10,908		10,908		181,052
	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD	GREENVILLE		1990		1994			100.00	%		142,086		142,086		885,125	INGLES(2011), KOHL’S(2015)
	SPARTANBURG, SC (BLACKSTOCK)	RITE AID (W O EZELL BLVD) 1510 W.O. EZELL BLVD	SPARTANBURG		2001		2007			100.00	%		10,908		10,908		271,599
	SPARTANBURG, SC (NORTHPOINT)	NORTHPOINT MARKETPLACE 8642-8760 ASHEVILLE HIGHWAY	SPARTANBURG		2001		2007			100.00	%		102,252		102,252		632,624	INGLES(2021)
	SPARTANBURG, SC (RITE AID)	RITE AID (N PINE ST) 780 N. PINE STREET	SPARTANBURG		2002		2007			100.00	%		10,908		10,908		283,656
	TAYLORS, SC	NORTH HAMPTON MARKET 6019 WADE HAMPTON (AKA GREER, SC)	GREENVILLE		2004		2007			20.00	%		114,935		171,545		1,100,896	HOBBY LOBBY(2019), TARGET(NOT OWNED)
	TAYLORS, SC (HAMPTON)	HAMPTON POINT 3033 WADE HAMPTON BL	GREENVILLE		1993		2007			100.00	%		58,316		58,316		458,027	BI-LO(2018)
	WOODRUFF, SC	RITE AID 121 N MAIN STREET	CHARLESTON		2002		2007			100.00	%		13,824		13,824		288,178
	SOUTH DAKOTA
	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE	SPARTANBURG		1977		1/2	*		100.00	%		240,262		282,262		1,322,851	DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2014), J.C. PENNEY(2013), HY VEE SUPERMARKET(NOT OWNED)
	TENNESSEE
	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE	BRENTWOOD		1999/2004		2000			14.50	%		201,414		201,414		2,208,987	BEST BUY(2014), ROSS DRESS FOR LESS(2015), DSW SHOE WAREHOUSE(2009)
	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD	CHATTANOOGA		1992/2004		2003			100.00	%		207,244		207,244		1,805,781	BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)
	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HWY	COLUMBIA		1993		2003			10.00	%		68,948		68,948		458,900	KROGER(2022)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR				DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE	KNOXVILLE		1991		2003		10.00	%		71,311		71,311		470,938	FOOD CITY(2011)
	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BLVD	NASHVILLE		1987		2003		20.00	%		84,441		84,441		733,139	KROGER(2012)
	HENDERSONVILLE, TN	LOWE’S HOME IMPROVEMENT CENTER TN HENDERSONVILLE	NASHVILLE		1999		2003		100.00	%		133,144		133,144		1,222,439	LOWE’S(2019)
	JACKSON, TN	WEST TOWNE COMMONS 41 STONEBROOK PLACE	JACKSON		1992		2007		20.00	%		62,925		62,925		579,341	KROGER(2020)
	JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS	JOSHNSON CITY		2005		2003		100.00	%		11,749		99,997		531,918	KOHL’S(2026)
	KNOXVILLE, TN	PAVILION OF TURKEY CREEK (I) 10936 PARKSIDE DRIVE	KNOXVILLE		2001		2007		15.00	%		280,776		478,814		3,169,800	ROSS DRESS FOR LESS(2014), OFFICE MAX(2017), OLD NAVY(2011), GOODY’S(2015), TARGET(NOT OWNED), WAL-MART(NOT OWNED)
	KNOXVILLE, TN (TOWN)	TOWN & COUNTRY COMMONS (I) NORTH PETERS ROAD & TOWN & COUNTRY CIRCL	KNOXVILLE		1985/1997		2007		15.00	%		638,437		638,437		6,180,411	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)
	MEMPHIS, TN(AMERICAN)	AMERICAN WAY 4075 AMERICAN WAY	MEMPHIS		1988		2007		20.00	%		121,222		121,222		899,534	KROGER(2020)
	MORRISTOWN, TN	CROSSROADS SQUARE 130 TERRACE LANE	MORRISTOWN		2004		2007		20.00	%		68,500		70,000		610,500	T.J. MAXX(2014)
	MURFREESBORO, TN(TOWNE)	TOWNE CENTRE OLD FORT PARKWAY	MURFREESBORO		1998		2003		14.50	%		108,023		390,645		1,367,278	T.J. MAXX(2010), BOOKS-A-MILLION(2009), TOYS R US(NOT OWNED), LOWE’S(NOT OWNED), TARGET(NOT OWNED)
	NASHVILLE, TN	WILLOWBROOK COMMONS 61 EAST THOMPSON LN	NASHVILLE		2005		2007		20.00	%		93,600		93,600		719,155	KROGER(2029)
	NASHVILLE, TN (BELLEVUE)	BELLEVUE PLACE 7625 HIGHWAY 70 S	NASHVILLE		2003		2007		15.00	%		77,180		192,180		859,950	MICHAEL’S(2012), BED BATH & BEYOND(2012), HOME DEPOT(NOT OWNED)
	NASHVILLE, TN (MARKET)	THE MARKETPLACE CHARLOTTE PIKE	NASHVILLE		1998		2003		14.50	%		167,795		367,879		1,672,820	LOWE’S(2019), WAL MART(NOT OWNED)
	OAKLAND, TN	OAKLAND MARKET PLACE 7265 US HWY 64	MEMPHIS		2004		2007		20.00	%		64,600		64,600		420,847	KROGER(2028)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	TEXAS
	ALLEN, TX	WATTERS CREEK BETHANY ROAD	DALLAS		2008		1	*		10.00	%		244,911		255,321		5,806,978	UNITED MARKET STREET(2028), BORDERS (2018)
	AUSTIN, TX (TECH RIDGE)	THE SHOPS AT TECH RIDGE CENTER RIDGE DRIVE	AUSTIN		2003		2003			25.75	%		282,798		530,434		3,444,656	ROSS DRESS FOR LESS(2014), TOYS R US(2014), HOBBY LOBBY(2018), BEST BUY(2017), SUPER TARGET(NOT OWNED)
	BAYTOWN, TX (LOWE’S)	LOWE’S HOME IMPROVEMENT 5002 GARTH ROAD	HOUSTON		1998		2007			100.00	%		125,357		125,357		873,828	LOWE’S(2015)
	FORT WORTH, TX (CVS 6794)	CVS PHARMACY (JACKSBORO HWY) 2706 JACKSBORO HWY	DALLAS		1997		2007			100.00	%		10,908		10,908		239,784
	FORT WORTH, TX (CVS 7785)	CVS PHARMACY (SYCAMORE SCHOOL) 4551 SYCAMORE SCHOOL ROAD	DALLAS		1997		2007			100.00	%		9,504		9,504		149,248
	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD	DALLAS		2003		2003			14.50	%		20,959		107,543		752,050	KOHL’S(2023)
	GARLAND, TX	GARLAND PLAZA 3265 BROADWAY BLVD	DALLAS		1994		2007			100.00	%		70,576		70,576		0
	GRAND PRAIRIE, TX	KROGER 2525 WEST INTERSTATE 20	DALLAS		1998		2007			100.00	%		60,835		60,835		433,615	KROGER(2018)
	HOUSTON, TX	LOWE’S HOME IMPROVEMENT 19935 KATY FREEWAY	DALLAS		1998		2007			100.00	%		131,644		131,644		917,000	LOWE’S(2017)
	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD	DALLAS		2004		2003			14.50	%		146,941		598,651		2,107,168	KOHL’S(2021), HOLLYWOOD THEATERS(2016), OFFICE MAX(2014), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)
	LEWISVILLE, TX(LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY	HOUSTON		1991		2002			14.50	%		315,008		572,271		2,840,134	99 CENTS ONLY STORE(2009), PETSMART(2009), BEST BUY(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED), TOYS R’ US(NOT OWNED)
	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY	DALLAS		2000		2003			14.50	%		118,967		183,810		1,239,848	KOHL’S(2021), ALBERTSON’S(NOT OWNED)
	MESQUITE, TX	MARKETPLACE AT TOWNE CENTER SOUTHBOUND FRONTAGE RD I 635	DALLAS		2001		2003			14.50	%		170,625		378,775		2,215,973	PETSMART(2017), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED)
	NORTH RICHLAND HILLS, TX	CVS PHARMACY 4808 DAVIS BLVD.	DALLAS		1997		2007			100.00	%		10,908		10,908		237,324
	PASADENA, TX	KROGER JUNCTION 2619 RED BLUFF ROAD	DALLAS		1984		2007			20.00	%		80,753		80,753		446,479	KROGER(2020)
	RICHARDSON, TX (CVS 6974)	CVS PHARMACY (ARAPAHO BLVD) 2090 ARAPAHOE BLVD.	DALLAS		1997		2007			100.00	%		10,560		10,560		206,585

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	ROWLETT, TX	ROWLETT PLAZA 8800 LAKEVIEW PKWY	DALLAS		1995/2001		2007			100.00	%		63,117		63,117		0
	SAN ANTONIO, TX (INGRAM)	INGRAM PARK 6157 NW LOOP 410	SAN ANTONIO		1985		2005			50.00	%		76,597		76,597		0
	SAN ANTONIO, TX (N. BANDERA)	BANDERA POINTE (NORTH) STATE LOOP 1604/BANDERA ROAD	SAN ANTONIO		2001/2002		2002			100.00	%		278,815		888,005		4,285,314	LOWE’S(2020), T.J. MAXX(2011), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2011), KOHL’S(NOT OWNED), RAQUETBALL & FITNESS(NOT OWNED), CREDIT UNION(NOT OWNED), CHUCK E CHEESE(NOT OWNED), TARGET(NOT OWNED)
	SAN ANTONIO, TX (STONE OAK)	VILLAGE AT STONE OAK 22610 US HWY 281 NORTH	SAN ANTONIO		2007		1	*		100.00	%		300,834		483,621		4,946,638	HOBBY LOBBY (2022), TJ MAXX (2017)
	SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151 @ LOOP 410	SAN ANTONIO		2005		1	*		10.00	%		218,257		524,457		3,195,057	PETSMART(2016), SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), TARGET(NOT OWNED), LOWES(NOT OWNED)
	SAN ANTONIO, TX(TERRELL)	TERRELL PLAZA 1201 AUSTIN HWY	SAN ANTONIO		1958/1986		2007			50.00	%		170,333		170,333		1,164,162	ALAMO WORKFORCE(2008), BIG LOTS(2010)
	TYLER, TX	CVS PHARMACY 1710 W. GENTRY PKWY	TYLER		1997		2007			100.00	%		9,504		9,504		134,773
	UTAH
	MIDVALE, UT (FT. UNION I & II)	FC AT FORT UNION (I & II) 900 EAST FT UNION BLVD	SALT LAKE CITY		1973/2000		1998			100.00	%		641,957		641,957		8,022,197	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)
	OGDEN, UT	FC AT OGDEN 5-POINTS 21-129 HARRISVILLE ROAD	SALT LAKE CITY		1977		1998			100.00	%		162,316		162,316		797,109	HARMONS(2012)
	OREM, UT	FC AT OREM 1300 SOUTH STREET	SALT LAKE CITY		1991		1998			100.00	%		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)
	RIVERDALE, UT (NORTH)	FC AT RIVERDALE (NORTH) 1050 WEST RIVERDALE ROAD	SALT LAKE CITY		1995/2003		1998			100.00	%		593,398		596,198		5,001,984	MACY’S(2011), OFFICE MAX(2010), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET(2017), MEDIA PLAY(2009), CIRCUIT CITY(2016)
	RIVERDALE, UT (WEBER)	FC AT RIVERDALE (EAST) 1050 WEST RIVERDALE ROAD	SALT LAKE CITY		2005		1	*		100.00	%		46,597		397,360		476,421	JO-ANN STORES(2015), SUPER WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)
	SALT LAKE CITY, UT (33RD)	THE FAMILY PLACE AT 3300 SOUTH 3300 SOUTH STREET	SALT LAKE CITY		1978		1998			100.00	%		34,209		34,209		216,409
	TAYLORSVILLE, UT (NORTH)	FC AT TAYLORSVILLE (NORTH) 5600 SOUTH REDWOOD	SALT LAKE CITY		1982/2003		1998			100.00	%		697,630		772,130		6,367,218	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)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	VERMONT
	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28	BERLIN		1986/1999		2	*		100.00	%		174,624		174,624		1,508,464	WAL-MART(2014), J.C. PENNEY(2009)
	VIRGINIA
	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS	RICHMOND		1978		2003			100.00	%		114,589		116,339		1,457,608	UKROP’S(2013)
	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER	FAIRFAX		1994		1995			14.50	%		253,298		253,298		4,167,839	SAFEWAY(2019), T.J. MAXX(2009), BED BATH & BEYOND(2010), UNITED ARTISTS THEATRE(2014)
	GLEN ALLEN, VA	CREEKS AT VIRGINIA CENTER 9830-9992 BROOK ROAD	RICHMOND		2002		2007			15.00	%		266,308		266,308		3,899,001	BARNES & NOBLE(2011), CIRCUIT CITY(2022), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017)
	LYNCHBURG, VA (CANDLERS)	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD	LYNCHBURG		1990		2003			100.00	%		270,765		337,765		1,739,225	CINEMARK(2015), STAPLES(2013), T.J. MAXX(2011) TOYS R US (NOT OWNED)
	LYNCHBURG, VA (WARDS CROSSING)	WARD’S CROSSING WARDS ROAD AND WARDS FERRY ROAD	LYNCHBURG		2001		2007			15.00	%		80,937		265,937		1,161,822	BED BATH & BEYOND(2013), MICHAEL’S(2011), TARGET(NOT OWNED), DICK’S(NOT OWNED), PETSMART(NOT OWNED)
	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD	MARTINSVILLE		1989/1997		1/2	*		50.00	%		435,057		479,256		2,748,239	GOODY’S(2011), BELK(2012), J.C. PENNEY(2009), SEARS(2009), OFFICE MAX(2012), KROGER(2017)
	MIDLOTHIAN, VA (CHESTERFIELD)	CHESTERFIELD CROSSINGS HIGHWAY 360 & WARBRO ROAD	MIDLOTHIAN		2000		2007			15.00	%		79,802		319,802		1,126,797	BEN FRANKLIN CRAFTS(2015), WAL-MART(NOT OWNED)
	MIDLOTHIAN, VA (COMMONWEALTH)	COMMONWEALTH CENTER 4600-5000 COMMONWEALTH CENTER PARKWAY	RICHMOND		2002		2007			15.00	%		165,413		165,413		2,227,617	STEIN MART(2011), MICHAEL’S(2011), BARNES & NOBLE(2012)
	NEWPORT NEWS, VA (DENBIGH)	DENBIGH VILLAGE WARWICK BLVD AND DENBIGH BLVD	NORFOLK		1998/2006		2007			100.00	%		324,450		340,950		2,513,298	BURLINGTON COAT FACTORY(2013), KROGER(2017)
	NEWPORT NEWS, VA (JEFFERSON)	JEFFERSON PLAZA 121 JEFFERSON AVENUE	NORFOLK		1999		2007			15.00	%		47,341		182,341		320,486	COSTCO(NOT OWNED)
	RICHMOND, VA(DOWNTOWN)	DOWNTOWN SHORT PUMP 11500-900 WEST BROAD STREET	RICHMOND		2000		2007			100.00	%		126,055		239,873		2,475,280	BARNES & NOBLE(2011), REGAL CINEMAS(2021)
	SPRINGFIELD, VA(LOISDALE)	LOISDALE CENTER 6646 LOISDALE ROAD	WASHINGTON		1999		2007			100.00	%		120,742		120,742		2,469,392	BARNES & NOBLE(2015), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2015), CIRCUIT CITY(2020)
	SPRINGFIELD, VA(SPRING MALL)	SPRING MALL CENTER 6717 SPRING MALL RD	WASHINGTON		1995/2001		2007			100.00	%		56,511		56,511		998,611	MICHAEL’S(2010), THE TILE SHOP (2018)
	STERLING, VA	CASCADE MARKETPLACE NEC OF CASCADES PKWY & ROUTE 7	WASHINGTON		1998		2007			100.00	%		101,606		101,606		1,547,669	STAPLES(2013), SPORTS AUTHORITY(2016)
	VIRGINIA BEACH, VA	KROGER PLAZA 1800 REPUBLIC DRIVE	NORFOLK		1997		2007			20.00	%		63,324		81,574		240,788	KROGER(2020)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR					DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR			OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED			INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	WAYNESBORO, VA	WAYNESBORO COMMONS 109 LEE DEWITT BLVD	LYNCHBURG		1993		2007			20.00	%		52,415		52,415		388,310	KROGER(2018)
	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY	WINCHESTER		1990/1997		2	*		20.00	%		240,560		242,686		2,470,504	MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2013)
	WYTHEVILLE, VA	WYTHEVILLE COMMONS 215-295 COMMONWEALTH DRIVE	WYTHEVILLE		2004		2007			15.00	%		90,239		415,239		1,078,914	GOODY’S(2016), LOWES(NOT OWNED), SUPER WALMART(NOT OWNED)
	WASHINGTON
	KIRKLAND, WA (TOTEM LKS UPPER)	TOTEM LAKE MALLS (UPPER) TOTEM LAKES BOULEVARD	SEATTLE		1999/2004		2004			20.00	%		253,867		279,221		2,232,000	GUITAR CENTER(2009), ROSS DRESS FOR LESS(2015)
	OLYMPIA, WA	CIRCUIT CITY 2815 CAPITAL MALL DR SW	OLYMPIA		1998		2007			100.00	%		35,776		35,776		443,929	CIRCUIT CITY(2018)
	WEST VIRGINIA
	BARBOURSVILLE, WV	BARBOURSVILLE CENTER 5-13 MALL ROAD	HUNTINGTON		1985		1998			100.00	%		70,900		133,396		198,950	DISCOUNT EMPORIUM(2006), VALUE CITY(NOT OWNED)
	MORGANTOWN, WV	GLENMARK CENTER INTERSTATE 68 AND PIERPONT ROAD	MORGANTOWN		1999/2000		2007			100.00	%		111,278		383,725		1,222,729	SHOP ‘N SAVE(2009), MICHAEL’S(2011)
	WEIRTON, WV	RITE AID 1360 COVE ROAD	PITTSBURGH		2000		2007			100.00	%		10,908		10,908		221,870
	WISCONSIN
	BROOKFIELD, WI (SW)	SHOPPERS WORLD BROOKFIELD (I) NORTH 124TH STREET AND WEST CA	MILWAUKEE		1967		2003			14.50	%		182,722		190,142		1,445,801	T.J. MAXX(2010), MARSHALLS MEGA STORE(2009), OFFICE MAX(2010), BURLINGTON COAT FACTORY(2012)
	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD	MILWAUKEE		1967		2003			14.50	%		266,716		266,716		2,034,560	KOHL’S(2023), MICHAEL’S(2012), OFFICE MAX(2010), T.J. MAXX(2012), OLD NAVY(2012)
	BROWN DEER, WI (MARKET)	MARKETPLACE OF BROWN DEER NORTH GREEN BAY ROAD	MILWAUKEE		1989		2003			14.50	%		143,372		143,372		1,184,414	MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2010)
	MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET	MILWAUKEE		1962		2003			100.00	%		160,533		160,533		707,569	KOHL’S(2012), PICK ‘N SAVE(2012)
	OSHKOSH, WI	WALGREENS 950 S. KOEHLER ST	APPLETON		2005		2007			100.00	%		13,905		13,905		305,910
	RACINE, WI	VILLAGE CENTER (OP) WASHINGTON AVE. VILLAGE CENTER DR.	RACINE		2003		2007			20.00	%		227,887		227,887		2,461,641	JEWEL(2022), KOHL’S(2023)
	WEST ALLIS, WI(WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108	MILWAUKEE		1968		2003			100.00	%		246,081		259,981		1,463,410	KOHL’S(2018), MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2013)

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2008

4Q08 PROPERTY LIST


				YEAR				DDR					OWNED/		TOTAL
				DEVELOPED/		YEAR		OWNERSHIP					UNOWNED		ANNUALIZED
LOCATION		CENTER NAME/ADDRESS	MSA	REDEVELOPED		ACQUIRED		INTEREST			OWNED GLA		GLA		BASE RENT		ANCHOR TENANTS(LEASE EXPIRATION)

	BRAZIL
	BRASILIA(FEDERAL DISTRICT)	PATIO BRASIL SHOPPING SCS QUADRA 07 BL A	BRASILIA		1997/2001		2006		5.00	%		331,300		363,484		11,839,094	LOJAS AMERICANAS(2999), OTOCH(2009), RIACHUELO(2017), RENNER(2011), CENTAURO(2009)
	CAMPINAS (SAO PAULO)	PARQUE DOM PEDRO AV. GUILHERME CAMPOS, 500	CAMPINAS		2001		2006		48.70	%		1,324,565		1,354,089		21,647,480	LOJAS AMERICANAS(2014), CASAS BAHIA(2011), CENTAURO(2012), PET CENTER MARGINAL(2010), MARISA(2016), STAR BOWLING(2009), BIG(2017), ETNA(2015), ALPINI VEICULOS(2012), PERNAMBUCANAS(2012), FORMULA ACADEMIA(2014), RIACHUELO(2012), ZARA(2014), RENNER(2014), FNAC(2012), MULTIPLEX P.D.PEDRO(2012)
	FRANCA(SAO PAULO)	FRANCA SHOPPING AV. RIO NEGRO, 1100	FRANCA		1993		2006		30.60	%		198,480		198,480		1,661,938	C&A(2016), CASAS BAHIA(2009), MAGAZINE LUIZA(2010), LOJAS AMERICANAS(2014), C&C(2011)
	SAO BERNARDO DO CAMPO (SAO PAU(METROP)	SHOPPING METROPOLE PRACA SAMUEL SABATINE, 200	SAO PAULO		1980/95/97		2006		39.40	%		290,597		290,597		7,202,827	RENNER(2009), LOJAS AMERICANAS(2018)
	SAO PAULO BOAVISTA (SAO PAULO)	BOAVISTA SHOPPING RUA BORBA GATO, 59	SAO PAULO		2004		2006		47.40	%		275,270		275,270		2,709,237	C&A(2014), MARISA & FAMILIA(2014), AMERICANAS EXPRESS(2017), SONDA(2999)
	SAO PAULO CAMPO LIMPO (SAO PAULO)	CAMPO LIMPO SHOPPING ESTRADA DO CAMPO LIMPO 459	SAO PAULO		2005		2006		9.50	%		280,839		280,839		3,189,699	C&A(2016), MARISA(2016), COMPRE BEM(2012), CASAS BAHIA(2011)
	SAO PAULO PENHA (SAO PAULO)	SHOPPING PENHA RUA DR JOAO RIBEIRO, 304	SAO PAULO		1992/2004		2006		34.70	%		325,183		325,183		5,495,500	MARISA(2017), MAGAZINE LUIZA(2013), SONDA(2014), LOJAS AMERICANAS(2013), KALUNGA(2010), C&A(2014)
	SAO PAULO PLAZA(SAO PAULO)	PLAZA SUL PRACA LEONOR KAUPA	SAO PAULO		1994		2006		14.20	%		248,988		295,280		8,295,412	LOJAS AMERICANAS(2011), LUIGI BERTOLLI(2009), CAMICADO(2010), MONDAY ACADEMIA(2009), RENNER(2010)
	SAO PAULO TIVOLI (SAO PAULO)	TIVOLI SHOPPING AV. SANTA BARBARA, 777	SAO PAULO		1993/2006		2006		14.20	%		234,392		234,392		2,842,171	LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2013), C&A(2016), C&C(2011), PAULISTAO(2016)

						GRAND TOTAL						109,491,969		144,851,852		1,280,568,752

* 1. Property Developed by the Company

* 2. Original IPO Property

Does Not Include Service Merchandise Interests

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