FORM 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, V8V9rCmej2IV3w2BnzftIXT2Jg+xXuPdyy3lVT+oLTKE2sUwjL6Zsv71Xusodh9T YSBH1famgXfadrhxGUMo6g== 0000950152-09-004104.txt : 20090424 0000950152-09-004104.hdr.sgml : 20090424 20090423210913 ACCESSION NUMBER: 0000950152-09-004104 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20090423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090424 DATE AS OF CHANGE: 20090423 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: 09767781 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 l36172ae8vk.htm FORM 8-K FORM 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) April 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 April 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 ended March 31, 2009. Among other things, the News Release reports a net income of $0.59 per diluted share for the three months ended March 31, 2009, as compared to net income of $0.25 per diluted share for the three months ended March 31, 2008, 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 March 31, 2009, 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 April 23, 2009.

99.2		Quarterly financial supplement dated as of March 31, 2009.

99.3		Property list as of March 31, 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 April 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 April 23, 2009.

99.2		Quarterly financial supplement dated as of March 31, 2009.

99.3		Property list as of March 31, 2009.

EX-99.1 2 l36172aexv99w1.htm EX-99.1 EX-99.1

Exhibit 99.1

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


Contact:	Scott A. Wolstein	Thomas Morabito
	Chairman and Chief Executive Officer	Senior Director of Investor Relations
	216-755-5500	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $1.08 FOR THE QUARTER
ENDED MARCH 31, 2009

CLEVELAND, OHIO, April 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 first quarter ended March 31, 2009.

	•		FFO applicable to common shareholders for the three-month period ended March 31, 2009 was $140.0 million or $1.08 per diluted share which compares to restated FFO of $96.3 million or $0.80 per diluted share for the prior-year comparable period. Net income applicable to common shareholders for the three-month period ended March 31, 2009 was $76.8 million or $0.59 per diluted share which compares to restated net income of $29.6 million or $0.25 per diluted share for the prior-year comparable period. The 2008 amounts have been restated to reflect the change in accounting relating to convertible debt which is discussed in more detail later in this release.

	•		After adjusting for the gain on repurchase of unsecured notes and impairment- related charges associated with assets marketed for sale aggregating $55 million, as summarized below (in millions), the Company’s FFO applicable to common shareholders for the three-month period ended March 31, 2009 was $85.0 million or $0.66 per share.


Gain on repurchase of unsecured notes	$	72.6
Consolidated non-cash impairment charges		(10.9	)
Loss on disposition of joint venture investment		(5.8	)
Non-cash impairment charge on equity method investment		(0.9	)

	$	55.0

	•		Executed leases during the first quarter totaled approximately 1.9 million square feet, including 124 new leases and 227 renewals.

	•		On a cash basis, base rental rates decreased 0.6% on new leases, increased 0.9% on renewals and increased 0.6% overall.

	•		Core portfolio leased percentage at March 31, 2009 was 90.7%.

	•		Same store net operating income (“NOI”) for the quarter decreased 2.2% over the prior-year comparable period. The decrease in same store NOI is primarily related

to the bankruptcies and subsequent store closings of Linens 'N Things, Goody’s, Steve & Barry’s and Circuit City.

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “Despite the challenging macro environment, we are pleased with our first quarter 2009 operating results which came in as expected. We executed nearly 2 million square feet of leases, and are making headway in leasing space that we have recently recaptured from retailer bankruptcies.”

“Lowering leverage and enhancing liquidity continue to be our key areas of focus. With overwhelming shareholder approval of the equity investment by the Otto family, we look forward to closing that transaction in the coming weeks, and aggressively moving forward with our other leverage reducing initiatives. ”

Financial Results:

Net income applicable to common shareholders was $76.8 million, or $0.59 per share (diluted and basic), for the three-month period ended March 31, 2009, as compared to restated net income of $29.6 million, or $0.25 per share (diluted and basic), for the prior-year comparable period.

For the three-month period ended March 31, 2009, FFO per share was $1.08 (diluted and basic) compared to restated FFO of $0.80 (diluted and basic) for the prior-year comparable period. FFO applicable to common shareholders was $140.0 million for the three-month period ended March 31, 2009, as compared to restated FFO of $96.3 million for the three-month period ended March 31, 2008.

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 for the three-month period ended March 31, 2009 highlight continued strong leasing activity throughout the portfolio despite the current economic environment:

	•		Executed 124 new leases aggregating approximately 0.6 million square feet and 227 renewals aggregating approximately 1.3 million square feet.

	•		On a cash basis, rental rates on new leases decreased 0.6% and rental rates on renewals increased 0.9%. Overall, rental rates for new leases and renewals increased 0.6%.

	•		Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of March 31, 2009 was $12.45, as compared to $12.38 at March 31, 2008.

	•		Core portfolio leased rate was 90.7% as of March 31, 2009, as compared to 95.6% at March 31, 2008.

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.

Strategic Transactions:

On February 23, 2009, the Company entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Mr. Alexander Otto (the “Investor”) to issue and sell 30 million common shares for aggregate gross proceeds of approximately $112.5 million. In addition, the Company will issue warrants to purchase up to 10 million common shares with an exercise price of $6.00 per share to the Investor and certain members of his family (collectively with the Investor, the “Otto Family”). In April 2009, the Company’s shareholders approved the sale of the common shares and warrants to the Investor. The transaction is expected to occur in two closings each consisting of 15 million common shares and warrants to purchase up to 5 million common shares, the first of which is expected to occur in the next several weeks upon the satisfaction of certain closing conditions and will generate estimated gross equity proceeds of approximately $52.5 million.

In March 2009, the Company entered into a secured bridge loan agreement with an affiliate of the Investor for $60 million (the “Bridge Loan”). The Bridge Loan bears interest at a rate of 10.0% per annum for a term maturing of the earlier of the initial closing date of the common share issuance to the Investor, the 90th day after the termination of the Stock Purchase Agreement or September 15, 2009. It is expected that the Bridge Loan will be repaid with proceeds from a $60 million five-year secured loan, which will bear a 9.0% interest rate, and obtained from an affiliate of the Investor concurrent with the first closing of the common shares and warrants discussed above.

Dispositions:

The Company and its joint ventures sold seven properties, aggregating 0.7 million square feet in the first quarter of 2009 generating gross proceeds of $67.4 million.

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

Miami (Homestead), Florida

272,610

79.7

2H 08

Community Center

Boise (Nampa), Idaho

431,689

126.7

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

26.7

1H 10

Community Center

Elmira (Horseheads), New York

350,987

56.0

1H 07

Community Center

Raleigh (Apex), North Carolina (Promenade)

72,830

16.9

1H 09

Community Center

Austin (Kyle), Texas **

443,092

77.2

2H 09

Community Center

Total

1,627,551

383.2


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

**		Consolidated 50% Joint Venture

At March 31, 2009, approximately $287.0 million of costs were incurred in relation to the above 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 March 31, 2009, approximately $303.2 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

Dallas (Allen), Texas

10.0%

797,665

171.2

1H 08

Lifestyle Center

Manaus, Brazil

47.4%

502,529

114.0

1H 09

Enclosed Mall

Total

1,458,826

328.9


*		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 March 31, 2009, approximately $78.7 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 $154.3 million, which includes original

acquisition costs related to assets acquired for redevelopment. At March 31, 2009, approximately $117.5 million of costs had been incurred in relation to these projects.


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

Dividends:

The Company’s first quarter dividend was paid in a combination of cash and the Company’s common shares. The aggregate amount of cash paid to shareholders on April 21, 2009, was limited to 10% of the total dividend paid. The Company issued 8.3 million common shares based on volume weighted average trading prices of $2.80 per share and paid $2.6 million in cash. This new payout initiative is a part of the Company’s strategy to further enhance liquidity and maximize free cash flow while continuing to maintain its REIT status.

Financings:

In the first quarter of 2009, the Company purchased approximately $163.5 million face amount of its outstanding senior notes at a discount to par resulting in a gross gain of approximately $80.1 million. This gain was reduced by approximately $7.5 million due to the adoption of FSP APB 14-1, “Accounting for Convertible Debt That May Be Settled in Cash Upon Conversion” (“Convertible Debt Restatement”), in the first quarter of 2009. This standard requires that debt issuers separately recognize the liability and equity components of convertible instruments that may be settled in cash upon conversion. As a result of the adoption, the initial debt proceeds from the offering of the Company’s $250 million 3.5% convertible notes, due in 2011, and $600 million 3.0% convertible notes, due in 2012, were required to be allocated between a liability and equity component. This allocation was based upon what the assumed interest rate would have been if the Company had issued traditional senior unsecured notes. Accordingly, the debt balances on the Company’s balance sheet relating to the convertible debt were reduced such that non-cash interest expense would be recognized with a corresponding increase to the convertible debt balance to reflect the higher interest rate referred to above.

As discussed under Strategic Transactions, the Company entered into a $60 million secured Bridge Loan with an affiliate of the Otto Family. As indicated in our April 14, 2009 press release, we currently expect the first tranche of 15 million common shares to be sold to the Otto Family within the next several weeks which will be concurrent with our closing on more than $120 million of new debt financing separate and apart from the secured term loan obtained from the Investor affiliate. The Company has obtained commitments for new loans well in excess of the $112.5 million required as a condition of the first equity closing.

The Company also extended three mortgage loans for an additional term ranging between six and twelve months at the existing rates aggregating approximately $30 million.

Developers Diversified Realty Corporation currently owns and manages over 700 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada, totaling approximately 153 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 our results 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; our ability to complete in a timely manner or at all, the new debt financings required to consummate the sale of common shares to the Otto Family; our ability to satisfy various other conditions to consummate the sale of common shares to the Otto Family; and the finalization of the financial statements for three-month period ended March 31, 2009. 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, 2008. 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
	Ended March 31,
	2009			2008(E)
Revenues:
Minimum rents (A)	$	145,212		$	156,312
Percentage and overage rents (A)		2,743			3,005
Recoveries from tenants		49,050			52,388
Ancillary and other property income		5,050			4,617
Management, development and other fee income		14,461			16,287
Other (B)		3,250			3,487

		219,766			236,096

Expenses:
Operating and maintenance		36,232			35,708
Real estate taxes		29,136			26,985
Impairment charges (C)		10,905			—
General and administrative (D)		19,171			20,715
Depreciation and amortization		62,941			55,462

		158,385			138,870

Other income (expense):
Interest income		3,029			574
Interest expense (E)		(60,834	)		(64,405	)
Gain on repurchase of senior notes		72,578			—
Other expenses (F)		(3,662	)		(497	)

		11,111			(64,328	)

Income before equity in net income of joint ventures, impairment of joint venture investment, income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax		72,492			32,898
Equity in net income of joint ventures (G)		351			7,388
Impairment of joint venture investment (C)		(875	)		—
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes		1,025			(1,037	)

Income from continuing operations		72,993			39,249
Income from discontinued operations (H)		11,338			909

Income before gain on disposition of real estate		84,331			40,158
Gain on disposition of real estate, net of tax		445			2,367

Net income		84,776			42,525
Loss (income) attributable to non-controlling interests (I)		2,625			(2,365	)

Net income attributable to DDR	$	87,401		$	40,160

Net income applicable to common shareholders	$	76,834		$	29,593

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	76,834		$	29,593
Depreciation and amortization of real estate investments		61,036			54,362
Equity in net income of joint ventures (G)		(778	)		(7,388	)
Joint ventures’ FFO (G)		15,159			19,181
Non-controlling interests (OP Units) (I)		79			595
Gain on disposition of depreciable real estate		(12,334	)		(19	)

FFO applicable to common shareholders		139,996			96,324
Preferred dividends		10,567			10,567

FFO	$	150,563		$	106,891

Per share data:
Earnings per common share
Basic	$	0.59		$	0.25

Diluted	$	0.59		$	0.25

Dividends Declared	$	0.20		$	0.69

Funds From Operations — Basic (J)	$	1.08		$	0.80

Funds From Operations — Diluted (J)	$	1.08		$	0.80

Basic — average shares outstanding		128,485			119,148

Diluted — average shares outstanding		129,684			119,300

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

(A)		Base and percentage rental revenues for the three-month period ended March 31, 2009, as compared to the prior-year comparable period, decreased $10.1 million due to store closings related to tenant bankruptcies, the most significant of which relates to Mervyns which is 50% owned by the Company through a consolidated joint venture. Included in rental revenues for the three-month periods ended March 31, 2009 and 2008, is approximately $1.0 million and $2.8 million, respectively, of revenue resulting from the recognition of straight-line rents.

(B)		Other income for the three-month periods ended March 31, 2009 and 2008 was comprised of the following (in millions):


	Three-Month Period
	Ended March 31,
	2009		2008
Lease termination fees	$	1.5	$	3.3
Financing fees		0.3		—
Other miscellaneous		1.5		0.2

	$	3.3	$	3.5

(C)		The Company recorded impairment charges on two wholly-owned operating shopping centers being marketed for sale as the book basis of the assets was in excess of the estimated fair market value. In addition, the Company recorded an approximate $0.9 million impairment charge associated with a joint venture investment in accordance with Accounting Principles Board Opinion No. 18, “The Equity Method of Accounting for Investment in Common Stock.”

(D)		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 three-month periods ended March 31, 2009 and 2008, general and administrative expenses were approximately 4.3% of total revenues, including joint venture revenues.

(E)		In 2009, the Company adopted FSP APB 14-1 resulting in the Convertible Debt Restatement. The adoption of this standard required the Company to restate its interest expense and record a non-cash interest-related charge of $3.3 million, net of capitalized interest, for the three months ended March 31, 2008. The Company recorded non-cash interest expense of approximately $3.9 million for the three months ended March 31, 2009 in accordance with this new accounting standard.

(F)		Includes litigation related expenditures as well as the write off costs related to abandoned development projects and costs incurred for transactions that are not expected to close.

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


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


	Three-Month Period Ended March 31,
	2009			2008
Revenues from operations (a)	$	231,500		$	237,959


Operating expense		87,997			80,863
Depreciation and amortization of real estate investments		64,042			56,545
Interest expense		70,906			77,295

		222,945			214,703


Income from operations before tax expense and discontinued operations		8,555			23,256
Income tax expense		(1,990	)		(3,780	)
Income from discontinued operations, net of tax		45			114
Loss on disposition of discontinued operations, net of tax		(29	)		(2	)
Loss on disposition of assets (b)		(26,741	)		—
Other, net (c)		11,678			6,439

Net (loss) income	$	(8,482	)	$	26,027

DDR ownership interests (d)	$	791		$	7,489

FFO from joint ventures are summarized as follows:


Net (loss) income	$	(8,482	)	$	26,027
Loss on disposition of real estate, including discontinued operations		—			2
Depreciation and amortization of real estate investments		64,041			56,604

	$	55,559		$	82,633

DDR ownership interests (d)	$	15,159		$	19,181

DDR joint venture distributions received, net	$	8,675		$	13,700


(a)		Revenues for the three-month periods ended March 31, 2009 and 2008 included approximately $0.7 million and $2.3 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was not material and $0.3 million, respectively.

(b)		An unconsolidated joint venture disposed of a property in March 2009 resulting in a loss of $26.7 million of which the Company’s proportionate share was $5.8 million.

(c)		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 $11.7 million of income for the three-month period ended March 31, 2009, of which the Company’s share was approximately $1.5 million.

(d)		The Company’s share of joint venture net income was decreased by $0.1 million for the three-month period ended March 31, 2008. This adjustment relates to basis differences impacting amortization and depreciation and gain on dispositions.

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

At March 31, 2009 and 2008, the Company owned joint venture interests, excluding consolidated joint ventures, in 327 and 317 shopping center properties, respectively.


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


	Three Month Period
	Ended March 31,
	2009			2008
Revenues	$	141		$	5,919


Expenses:
Operating		212			1,993
Interest, net		62			1,075
Depreciation		138			1,745
Non-controlling interest		—			6

Total expenses		412			4,819

(Loss) income before gain (loss) on disposition of real estate		(271	)		1,100
Gain (loss) on disposition of real estate, net		11,609			(191	)

Net income	$	11,338		$	909


(I)		Non-controlling interests are comprised of the following:


	Three-Month Period
	Ended March 31,
	2009			2008
Loss (income) attributable to non-controlling interests	$	2,704		$	(1,770	)
Operating partnership units		(79	)		(595	)

	$	2,625		$	(2,365	)


		In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company.

(J)		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 March 31, 2009 and 2008, respectively, into 0.4 million and 0.9 million common shares for the three-month periods ended March 31, 2009 and 2008, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO were approximately 129.7 million and 120.6 million for the three-month periods ended March 31, 2009 and 2008, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data (A):


	March 31, 2009			December 31, 2008 (B)
Assets:
Real estate and rental property:
Land	$	2,058,254		$	2,073,947
Buildings		5,871,679			5,890,332
Fixtures and tenant improvements		270,854			262,809

		8,200,787			8,227,088
Less: Accumulated depreciation		(1,252,769	)		(1,208,903	)

		6,948,018			7,018,185
Construction in progress		887,459			882,478
Assets held for sale		1,442			—

Real estate, net		7,836,919			7,900,663

Investments in and advances to joint ventures		587,543			583,767
Cash		36,323			29,494
Restricted cash (C)		110,621			111,792
Notes receivable		81,041			75,781
Receivables, including straight-line rent, net		158,464			164,356
Other assets, net		144,404			154,369

	$	8,955,315		$	9,020,222


Liabilities:
Indebtedness:
Revolving credit facilities	$	1,251,131		$	1,027,183
Unsecured debt		2,023,074			2,402,032
Mortgage and other secured debt		2,476,415			2,437,440

		5,750,620			5,866,655
Dividends payable		32,842			6,967
Other liabilities		238,650			281,179

		6,022,112			6,154,801
Redeemable operating partnership units		627			627
Shareholders’ equity		2,932,576			2,864,794

	$	8,955,315		$	9,020,222

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 32 sites formerly occupied by Mervyns at March 31, 2009, which includes $318.0 and $348.5 million of net real estate assets at March 31, 2009 and December 31, 2008, respectively, $237.5 million and $258.5 million of mortgage debt at March 31, 2009 and December 31, 2008, respectively, and $67.1 million and $70.2 million of non-controlling interest at March 31, 2009 and December 31, 2008, respectively.

(B)		The December 31, 2008 selected balance sheet data was restated to reflect the adoption of two accounting standards in the first quarter of 2009.

	-		The Company adopted the provisions of FSP APB 14-1 resulting in the Convertible Debt Restatement. The Company increased real estate assets by $2.9 million and shareholders’ equity by $52.6 million and decreased unsecured debt by $50.7 and deferred charges by $1.0 million.

	-		The Company adopted the provisions of SFAS No. 160, “Non-controlling Interests in Consolidated Financial Statements — an Amendment of ARB No. 51,” which impacted the accounting for transactions with non-controlling shareholders. The Company no longer has a line item in its balance sheet referred to as Minority Interests. Shareholders’ equity at December 31, 2008 has been restated to include $120.1 million attributable to non-controlling interests. Shareholders’ equity at March 31, 2009 includes $133.5 million attributable to non-controlling interests.


(C)		Restricted cash includes $64.1 million and $64.8 million at MV LLC at March 31, 2009 and December 31, 2008, respectively. At March 31, 2009, 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 2008, a $33.0 million net capital contribution by the members of MV LLC, and $7.2 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 $46.5 million and $47.0 million at March 31, 2009 and December 31, 2008, 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:


	March 31, 2009			December 31, 2008
Land	$	2,360,887		$	2,378,033
Buildings		6,334,138			6,353,985
Fixtures and tenant improvements		134,135			131,622

		8,829,160			8,863,640
Less: Accumulated depreciation		(651,318	)		(606,530	)

		8,177,842			8,257,110
Construction in progress		426,770			412,357

Real estate, net		8,604,612			8,669,467
Receivables, including straight-line rent, net		143,537			136,410
Leasehold interests		12,325			12,615
Other assets		329,897			315,591

	$	9,090,371		$	9,134,083


Mortgage debt (a)	$	5,760,277		$	5,776,897
Notes and accrued interest payable to DDR		70,224			64,967
Other liabilities		232,761			237,363

		6,063,262			6,079,227
Accumulated equity		3,027,109			3,054,856

	$	9,090,371		$	9,134,083


(a)		The Company’s proportionate share of joint venture debt aggregated approximately $1,215.6 million and $1,216.1 million at March 31, 2009 and December 31, 2008, respectively.

EX-99.2 3 l36172aexv99w2.htm EX-99.2 EX-99.2

Exhibit 99.2

• Quarterly Financial Supplement INVESTOR RELATIONS DEPARTMENT • 3300 ENTERPRISE PARKWAY BEACHWOOD, OHIO 44122 • p. (216) 755-5500 f. (216) 755-1500 • WWW.DDR.COM For the three months ended March 31, 2009

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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	Thomas Morabito
	Chairman and Chief Executive Officer	Senior Director of Investor Relations
	216-755-5500	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $1.08 FOR THE QUARTER
ENDED MARCH 31, 2009

	•		FFO applicable to common shareholders for the three-month period ended March 31, 2009 was $140.0 million or $1.08 per diluted share which compares to restated FFO of $96.3 million or $0.80 per diluted share for the prior-year comparable period. Net income applicable to common shareholders for the three-month period ended March 31, 2009 was $76.8 million or $0.59 per diluted share which compares to restated net income of $29.6 million or $0.25 per diluted share for the prior-year comparable period. The 2008 amounts have been restated to reflect the change in accounting relating to convertible debt which is discussed in more detail later in this release.

	•		After adjusting for the gain on repurchase of unsecured notes and impairment- related charges associated with assets marketed for sale aggregating $55 million, as summarized below (in millions), the Company’s FFO applicable to common shareholders for the three-month period ended March 31, 2009 was $85.0 million or $0.66 per share.


Gain on repurchase of unsecured notes	$	72.6
Consolidated non-cash impairment charges		(10.9	)
Loss on disposition of joint venture investment		(5.8	)
Non-cash impairment charge on equity method investment		(0.9	)

	$	55.0

	•		Executed leases during the first quarter totaled approximately 1.9 million square feet, including 124 new leases and 227 renewals.

	•		On a cash basis, base rental rates decreased 0.6% on new leases, increased 0.9% on renewals and increased 0.6% overall.

	•		Core portfolio leased percentage at March 31, 2009 was 90.7%.

	•		Same store net operating income (“NOI”) for the quarter decreased 2.2% over the prior-year comparable period. The decrease in same store NOI is primarily related

to the bankruptcies and subsequent store closings of Linens 'N Things, Goody’s, Steve & Barry’s and Circuit City.

Financial Results:

Leasing:

The following results for the three-month period ended March 31, 2009 highlight continued strong leasing activity throughout the portfolio despite the current economic environment:

	•		Executed 124 new leases aggregating approximately 0.6 million square feet and 227 renewals aggregating approximately 1.3 million square feet.

	•		On a cash basis, rental rates on new leases decreased 0.6% and rental rates on renewals increased 0.9%. Overall, rental rates for new leases and renewals increased 0.6%.

	•		Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of March 31, 2009 was $12.45, as compared to $12.38 at March 31, 2008.

	•		Core portfolio leased rate was 90.7% as of March 31, 2009, as compared to 95.6% at March 31, 2008.

Strategic Transactions:

Dispositions:

The Company and its joint ventures sold seven properties, aggregating 0.7 million square feet in the first quarter of 2009 generating gross proceeds of $67.4 million.

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

Miami (Homestead), Florida

272,610

79.7

2H 08

Community Center

Boise (Nampa), Idaho

431,689

126.7

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

26.7

1H 10

Community Center

Elmira (Horseheads), New York

350,987

56.0

1H 07

Community Center

Raleigh (Apex), North Carolina (Promenade)

72,830

16.9

1H 09

Community Center

Austin (Kyle), Texas **

443,092

77.2

2H 09

Community Center

Total

1,627,551

383.2


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

**		Consolidated 50% Joint Venture

At March 31, 2009, approximately $287.0 million of costs were incurred in relation to the above 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

Dallas (Allen), Texas

10.0%

797,665

171.2

1H 08

Lifestyle Center

Manaus, Brazil

47.4%

502,529

114.0

1H 09

Enclosed Mall

Total

1,458,826

328.9


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

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:


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 $154.3 million, which includes original

acquisition costs related to assets acquired for redevelopment. At March 31, 2009, approximately $117.5 million of costs had been incurred in relation to these projects.


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

Dividends:

Financings:

The Company also extended three mortgage loans for an additional term ranging between six and twelve months at the existing rates aggregating approximately $30 million.

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


	Three-Month Period
	Ended March 31,
	2009			2008(E)
Revenues:
Minimum rents (A)	$	145,212		$	156,312
Percentage and overage rents (A)		2,743			3,005
Recoveries from tenants		49,050			52,388
Ancillary and other property income		5,050			4,617
Management, development and other fee income		14,461			16,287
Other (B)		3,250			3,487

		219,766			236,096

Expenses:
Operating and maintenance		36,232			35,708
Real estate taxes		29,136			26,985
Impairment charges (C)		10,905			—
General and administrative (D)		19,171			20,715
Depreciation and amortization		62,941			55,462

		158,385			138,870

Other income (expense):
Interest income		3,029			574
Interest expense (E)		(60,834	)		(64,405	)
Gain on repurchase of senior notes		72,578			—
Other expenses (F)		(3,662	)		(497	)

		11,111			(64,328	)

Income before equity in net income of joint ventures, impairment of joint venture investment, income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax		72,492			32,898
Equity in net income of joint ventures (G)		351			7,388
Impairment of joint venture investment (C)		(875	)		—
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes		1,025			(1,037	)

Income from continuing operations		72,993			39,249
Income from discontinued operations (H)		11,338			909

Income before gain on disposition of real estate		84,331			40,158
Gain on disposition of real estate, net of tax		445			2,367

Net income		84,776			42,525
Loss (income) attributable to non-controlling interests (I)		2,625			(2,365	)

Net income attributable to DDR	$	87,401		$	40,160

Net income applicable to common shareholders	$	76,834		$	29,593

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	76,834		$	29,593
Depreciation and amortization of real estate investments		61,036			54,362
Equity in net income of joint ventures (G)		(778	)		(7,388	)
Joint ventures’ FFO (G)		15,159			19,181
Non-controlling interests (OP Units) (I)		79			595
Gain on disposition of depreciable real estate		(12,334	)		(19	)

FFO applicable to common shareholders		139,996			96,324
Preferred dividends		10,567			10,567

FFO	$	150,563		$	106,891

Per share data:
Earnings per common share
Basic	$	0.59		$	0.25

Diluted	$	0.59		$	0.25

Dividends Declared	$	0.20		$	0.69

Funds From Operations — Basic (J)	$	1.08		$	0.80

Funds From Operations — Diluted (J)	$	1.08		$	0.80

Basic — average shares outstanding		128,485			119,148

Diluted — average shares outstanding		129,684			119,300

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

(A)		Base and percentage rental revenues for the three-month period ended March 31, 2009, as compared to the prior-year comparable period, decreased $10.1 million due to store closings related to tenant bankruptcies, the most significant of which relates to Mervyns which is 50% owned by the Company through a consolidated joint venture. Included in rental revenues for the three-month periods ended March 31, 2009 and 2008, is approximately $1.0 million and $2.8 million, respectively, of revenue resulting from the recognition of straight-line rents.

(B)		Other income for the three-month periods ended March 31, 2009 and 2008 was comprised of the following (in millions):


	Three-Month Period
	Ended March 31,
	2009		2008
Lease termination fees	$	1.5	$	3.3
Financing fees		0.3		—
Other miscellaneous		1.5		0.2

	$	3.3	$	3.5

(C)		The Company recorded impairment charges on two wholly-owned operating shopping centers being marketed for sale as the book basis of the assets was in excess of the estimated fair market value. In addition, the Company recorded an approximate $0.9 million impairment charge associated with a joint venture investment in accordance with Accounting Principles Board Opinion No. 18, “The Equity Method of Accounting for Investment in Common Stock.”

(D)		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 three-month periods ended March 31, 2009 and 2008, general and administrative expenses were approximately 4.3% of total revenues, including joint venture revenues.

(E)		In 2009, the Company adopted FSP APB 14-1 resulting in the Convertible Debt Restatement. The adoption of this standard required the Company to restate its interest expense and record a non-cash interest-related charge of $3.3 million, net of capitalized interest, for the three months ended March 31, 2008. The Company recorded non-cash interest expense of approximately $3.9 million for the three months ended March 31, 2009 in accordance with this new accounting standard.

(F)		Includes litigation related expenditures as well as the write off costs related to abandoned development projects and costs incurred for transactions that are not expected to close.

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


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


	Three-Month Period Ended March 31,
	2009			2008
Revenues from operations (a)	$	231,500		$	237,959


Operating expense		87,997			80,863
Depreciation and amortization of real estate investments		64,042			56,545
Interest expense		70,906			77,295

		222,945			214,703


Income from operations before tax expense and discontinued operations		8,555			23,256
Income tax expense		(1,990	)		(3,780	)
Income from discontinued operations, net of tax		45			114
Loss on disposition of discontinued operations, net of tax		(29	)		(2	)
Loss on disposition of assets (b)		(26,741	)		—
Other, net (c)		11,678			6,439

Net (loss) income	$	(8,482	)	$	26,027

DDR ownership interests (d)	$	791		$	7,489

FFO from joint ventures are summarized as follows:


Net (loss) income	$	(8,482	)	$	26,027
Loss on disposition of real estate, including discontinued operations		—			2
Depreciation and amortization of real estate investments		64,041			56,604

	$	55,559		$	82,633

DDR ownership interests (d)	$	15,159		$	19,181

DDR joint venture distributions received, net	$	8,675		$	13,700


(a)		Revenues for the three-month periods ended March 31, 2009 and 2008 included approximately $0.7 million and $2.3 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was not material and $0.3 million, respectively.

(b)		An unconsolidated joint venture disposed of a property in March 2009 resulting in a loss of $26.7 million of which the Company’s proportionate share was $5.8 million.

(c)		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 $11.7 million of income for the three-month period ended March 31, 2009, of which the Company’s share was approximately $1.5 million.

(d)		The Company’s share of joint venture net income was decreased by $0.1 million for the three-month period ended March 31, 2008. This adjustment relates to basis differences impacting amortization and depreciation and gain on dispositions.

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

At March 31, 2009 and 2008, the Company owned joint venture interests, excluding consolidated joint ventures, in 327 and 317 shopping center properties, respectively.


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


	Three Month Period
	Ended March 31,
	2009			2008
Revenues	$	141		$	5,919


Expenses:
Operating		212			1,993
Interest, net		62			1,075
Depreciation		138			1,745
Non-controlling interest		—			6

Total expenses		412			4,819

(Loss) income before gain (loss) on disposition of real estate		(271	)		1,100
Gain (loss) on disposition of real estate, net		11,609			(191	)

Net income	$	11,338		$	909


(I)		Non-controlling interests are comprised of the following:


	Three-Month Period
	Ended March 31,
	2009			2008
Loss (income) attributable to non-controlling interests	$	2,704		$	(1,770	)
Operating partnership units		(79	)		(595	)

	$	2,625		$	(2,365	)


		In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company.

(J)		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 March 31, 2009 and 2008, respectively, into 0.4 million and 0.9 million common shares for the three-month periods ended March 31, 2009 and 2008, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO were approximately 129.7 million and 120.6 million for the three-month periods ended March 31, 2009 and 2008, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data (A):


	March 31, 2009			December 31, 2008 (B)
Assets:
Real estate and rental property:
Land	$	2,058,254		$	2,073,947
Buildings		5,871,679			5,890,332
Fixtures and tenant improvements		270,854			262,809

		8,200,787			8,227,088
Less: Accumulated depreciation		(1,252,769	)		(1,208,903	)

		6,948,018			7,018,185
Construction in progress		887,459			882,478
Assets held for sale		1,442			—

Real estate, net		7,836,919			7,900,663

Investments in and advances to joint ventures		587,543			583,767
Cash		36,323			29,494
Restricted cash (C)		110,621			111,792
Notes receivable		81,041			75,781
Receivables, including straight-line rent, net		158,464			164,356
Other assets, net		144,404			154,369

	$	8,955,315		$	9,020,222


Liabilities:
Indebtedness:
Revolving credit facilities	$	1,251,131		$	1,027,183
Unsecured debt		2,023,074			2,402,032
Mortgage and other secured debt		2,476,415			2,437,440

		5,750,620			5,866,655
Dividends payable		32,842			6,967
Other liabilities		238,650			281,179

		6,022,112			6,154,801
Redeemable operating partnership units		627			627
Shareholders’ equity		2,932,576			2,864,794

	$	8,955,315		$	9,020,222

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 32 sites formerly occupied by Mervyns at March 31, 2009, which includes $318.0 and $348.5 million of net real estate assets at March 31, 2009 and December 31, 2008, respectively, $237.5 million and $258.5 million of mortgage debt at March 31, 2009 and December 31, 2008, respectively, and $67.1 million and $70.2 million of non-controlling interest at March 31, 2009 and December 31, 2008, respectively.

(B)		The December 31, 2008 selected balance sheet data was restated to reflect the adoption of two accounting standards in the first quarter of 2009.

	-		The Company adopted the provisions of FSP APB 14-1 resulting in the Convertible Debt Restatement. The Company increased real estate assets by $2.9 million and shareholders’ equity by $52.6 million and decreased unsecured debt by $50.7 and deferred charges by $1.0 million.

	-		The Company adopted the provisions of SFAS No. 160, “Non-controlling Interests in Consolidated Financial Statements — an Amendment of ARB No. 51,” which impacted the accounting for transactions with non-controlling shareholders. The Company no longer has a line item in its balance sheet referred to as Minority Interests. Shareholders’ equity at December 31, 2008 has been restated to include $120.1 million attributable to non-controlling interests. Shareholders’ equity at March 31, 2009 includes $133.5 million attributable to non-controlling interests.


(C)		Restricted cash includes $64.1 million and $64.8 million at MV LLC at March 31, 2009 and December 31, 2008, respectively. At March 31, 2009, 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 2008, a $33.0 million net capital contribution by the members of MV LLC, and $7.2 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 $46.5 million and $47.0 million at March 31, 2009 and December 31, 2008, 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:


	March 31, 2009			December 31, 2008
Land	$	2,360,887		$	2,378,033
Buildings		6,334,138			6,353,985
Fixtures and tenant improvements		134,135			131,622

		8,829,160			8,863,640
Less: Accumulated depreciation		(651,318	)		(606,530	)

		8,177,842			8,257,110
Construction in progress		426,770			412,357

Real estate, net		8,604,612			8,669,467
Receivables, including straight-line rent, net		143,537			136,410
Leasehold interests		12,325			12,615
Other assets		329,897			315,591

	$	9,090,371		$	9,134,083


Mortgage debt (a)	$	5,760,277		$	5,776,897
Notes and accrued interest payable to DDR		70,224			64,967
Other liabilities		232,761			237,363

		6,063,262			6,079,227
Accumulated equity		3,027,109			3,054,856

	$	9,090,371		$	9,134,083


(a)		The Company’s proportionate share of joint venture debt aggregated approximately $1,215.6 million and $1,216.1 million at March 31, 2009 and December 31, 2008, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009


		Three-Month				Three-Month
		Period Ended				Period Ended
FINANCIAL HIGHLIGHTS		March 31,				March 31,				Year Ended December 31,
(In Thousands Except Per Share Information)		2009				2008				2008				2007				2006				2005
FUNDS FROM OPERATIONS:
Net Income (Loss) Applicable to Common Shareholders		$	76,834			$	29,593		(	$	114,199	) (6)		$	214,008	(7)		$	196,789			$	227,474
Depreciation and Amortization of Real Estate Investments		$	61,036			$	54,362			$	236,344			$	214,396			$	185,449			$	169,117
Equity in Net Income From Joint Ventures	(	$	778	)	(	$	7,388	)	(	$	17,719	)	(	$	43,229	)	(	$	30,337	)	(	$	34,873	)
Joint Venture Funds From Operations		$	15,159			$	19,181			$	68,355			$	84,423			$	44,473			$	49,302
Non-Controlling Interests (OP Units)		$	79			$	595			$	1,145			$	2,275			$	2,116			$	2,916
Gain on Disposition of Real Estate	(	$	12,334	)	(	$	19	)	(	$	4,244	)	(	$	17,956	)	(	$	21,987	)	(	$	58,834	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS		$	139,996			$	96,324			$	169,682			$	453,918			$	376,504			$	355,102
PREFERRED DIVIDENDS		$	10,567			$	10,567			$	42,269			$	50,934	(7)		$	55,169			$	55,169

FUNDS FROM OPERATIONS		$	150,563			$	106,891			$	211,952			$	504,852			$	431,673			$	410,271


PER SHARE INFORMATION:
Funds From Operations — Diluted		$	1.08			$	0.80			$	1.40			$	3.70			$	3.40			$	3.21
Net Income (Loss) — Diluted		$	0.59			$	0.25		(	$	0.95	)		$	1.76			$	1.80			$	2.08
Dividends		$	0.20			$	0.69			$	2.07			$	2.64			$	2.36			$	2.16

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO			129,684				120,626				121,030				122,716				110,826				110,700

TOTAL MARKET CAPITALIZATION (1)		$	6,582,013			$	11,316,805			$	7,051,377			$	10,755,742			$	11,869,415			$	9,781,900
DEBT TO TOTAL MARKET CAPITALIZATION (1)			87.37	%			50.45	%			83.20	%			51.98	%			35.80	%			39.77	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.			57.71	%			57.45	%			58.81	%			56.92	%			54.36	%			52.67	%
DIVIDEND PAYOUT RATIO (1)			16.47	%			83.58	%			68.59	%			71.23	%			69.07	%			66.98	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)			4.25	%			4.31	%			5.17	% (8)			4.53	% (9)			4.80	%			4.55	%

GENERAL AND ADMINISTRATIVE EXPENSES		$	19,171			$	20,715			$	97,719	(8)		$	81,244	(9)		$	60,679			$	54,048

REVENUES:
DDR Revenues		$	219,906			$	242,015			$	943,654			$	973,690			$	824,725			$	748,571
Joint Venture Revenues		$	231,632			$	238,197			$	946,340			$	818,029			$	438,885			$	438,103

TOTAL REVENUES (3)		$	451,538			$	480,212			$	1,889,994			$	1,791,719			$	1,263,610			$	1,186,675


NET OPERATING INCOME:
DDR Net Operating Income		$	154,331			$	177,339			$	682,566			$	723,196			$	615,007			$	555,291
Joint Venture Net Operating Income		$	143,588			$	157,269			$	617,465			$	544,732			$	288,699			$	280,617

TOTAL NET OPERATING INCOME (4)		$	297,919			$	334,608			$	1,300,031			$	1,267,928			$	903,706			$	835,907


REAL ESTATE AT COST:
DDR Real Estate at Cost		$	9,089,781			$	9,077,937			$	9,109,565			$	8,984,738			$	7,450,693			$	7,029,337
Joint Venture Real Estate at Cost		$	9,255,930			$	9,030,785			$	9,275,998			$	8,945,738			$	3,939,707			$	3,470,112

TOTAL REAL ESTATE AT COST (5)		$	18,345,711			$	18,108,722			$	18,385,564			$	17,930,476			$	11,390,400			$	10,499,449


(1)		See Market Capitalization and Financial Ratio section for detailed calculation (2.2.a - 2.2.c).

(2)		The calculation includes all revenues from discontinued operations as well as joint venture revenues.

(3)		Includes revenues from discontinued operations.

(4)		Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions.

(5)		Includes construction in progress (CIP) at March 31, 2009 of $1,314.2 million (includes $426.8 million of CIP included in joint ventures, of which $104.8 million represents the Company’s proportionate share), and at December 31, 2008, 2007, 2006, 2005, CIP aggregated $1,291.9 million, $872.3 million, $611.2 million and $386.2 million, respectively.

(6)		Includes non-recurring non-cash charges primarily related to impairment aggregating approximately $186.5 million for the year ended December 31, 2008.

(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 the termination of an equity award plan. Excluding this charge, general and administrative expenses were approximately 4.3% of total revenue for the year ended December 31, 2008.

(9)		Includes 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 three months ended March 31, 2009


	Three-Month
	Period Ended
	March 31,			Year Ended December 31,
MARKET CAPITALIZATION & FINANCIAL RATIOS	2009			2008			2007			2006			2005
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	5,750,620		$	5,866,657		$	5,591,014		$	4,248,812		$	3,890,709
Total Market Capitalization (1)	$	6,582,013		$	7,051,377		$	10,755,742		$	11,869,415		$	9,781,900

		87.37	%		83.20	%		51.98	%		35.80	%		39.77	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		57.71	%		58.81	%		56.92	%		54.36	%		52.67	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt (1)	$	6,966,216		$	7,082,784		$	6,625,086		$	4,774,407		$	4,401,169
Total Market Capitalization (1)	$	7,797,609		$	8,267,507		$	11,789,814		$	12,395,010		$	10,292,361

		89.34	%		85.67	%		56.19	%		38.52	%		42.76	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		61.28	%		62.20	%		61.01	%		57.20	%		55.44	%

INTEREST COVERAGE RATIO:
Interest Expense (2)	$	55,814		$	267,240		$	283,211		$	218,049		$	184,281
FFO Before Interest and Preferred Dividends (2)	$	155,209		$	650,112		$	776,958		$	648,416		$	594,551

		2.78			2.43			2.74			2.97			3.23
DEBT SERVICE COVERAGE RATIO:
Debt Service (2)	$	62,920		$	268,222		$	291,585		$	247,464		$	217,434
FFO Before Interest and Preferred Dividends (2)	$	155,209		$	650,112		$	776,958		$	648,416		$	594,551

		2.47			2.42			2.66			2.62			2.73
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO:
Fixed Charges (2)	$	73,487		$	310,491		$	337,114		$	302,632		$	272,603
FFO Before Interest and Preferred Dividends (2)	$	155,209		$	650,112		$	776,958		$	648,416		$	594,551

		2.11			2.09			2.30			2.14			2.18
DIVIDEND PAYOUT RATIO:
Common Share Dividends and Operating Partnership Interest	$	25,954		$	249,757		$	327,183		$	260,069		$	237,856
FFO exclusive of charge associated with preferred stock redemption	$	157,551		$	364,115		$	459,322		$	376,504		$	355,102

		0.16			0.69			0.71			0.69			0.67


(1)		See page 2.2.b for detailed calculation.

(2)		See page 2.2.c for detailed calculation.

Market Capitalization and Financial Ratios 2.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009


	Three-Month
	Period Ended
	March 31,			As of December 31,
	2009			2008			2007			2006		2005
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		129,363			128,642			119,528			108,986		108,948
Non-Controlling Interests (OP Units)		399			399			862			872		1,350

Total		129,762			129,041			120,390			109,859		110,298
Share Price at Period End	$	2.13		$	4.88		$	38.29		$	62.95	$	47.02

Market Value of Common Shares	$	276,393		$	629,722		$	4,609,728		$	6,915,603	$	5,186,192

Preferred Shares at Book Value	$	555,000		$	555,000		$	555,000		$	705,000	$	705,000
Total Debt	$	5,750,620	(1)	$	5,866,656	(1)	$	5,591,014	(1)	$	4,248,812	$	3,890,709

TOTAL MARKET CAPITALIZATION	$	6,582,013		$	7,051,377		$	10,755,742		$	11,869,415	$	9,781,900


DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		129,363			128,642			119,528			108,986		108,948
Non-Controlling Interests (OP Units)		399			399			862			872		1,350

Total		129,762			129,041			120,390			109,859		110,298
Share Price at Period End	$	2.13		$	4.88		$	38.29		$	62.95	$	47.02

Market Value of Common Shares	$	276,393		$	629,722		$	4,609,728		$	6,915,603	$	5,186,192

Preferred Shares at Book Value	$	555,000		$	555,000		$	555,000		$	705,000	$	705,000
Total Debt	$	5,750,620	(1)	$	5,866,656	(1)	$	5,591,014	(1)	$	4,248,812	$	3,890,709
Proportionate Share of JV Debt	$	1,215,596		$	1,216,129		$	1,034,072		$	525,595	$	510,460

TOTAL MARKET CAPITALIZATION	$	7,797,609		$	8,267,507		$	11,789,814		$	12,395,010	$	10,292,361


(1)		Includes $313.7 million of consolidated joint venture debt at March 31, 2009 (of which $137.2 million represents the joint venture partners’ share) and $333.8 million and $327.6 million at December 31, 2008 and 2007, respectively.

Market Capitalization and Financial Ratios 2.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009


		Three-Month
		Period Ended
		March 31,				Year Ended December 31,
		2009				2008				2007				2006				2005
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets		$	9,089,781			$	9,109,565			$	8,984,738			$	7,450,693			$	7,029,337
Undepreciated Real Estate Intangible Assets		$	60,177			$	64,711			$	72,443			$	27,408			$	26,345
Cash and Cash Equivalents		$	146,944			$	141,286			$	108,505			$	28,378			$	30,655
Notes Receivable		$	81,041			$	75,781			$	18,557			$	18,161			$	24,996
Investments in and Advances to Joint Ventures		$	587,543			$	583,767			$	638,111			$	291,685			$	275,136

		$	9,965,486			$	9,975,110			$	9,822,354			$	7,816,325			$	7,386,469

DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets		$	9,089,781			$	9,109,565			$	8,984,738			$	7,450,693			$	7,029,337
Undepreciated Real Estate Intangible Assets		$	60,177			$	64,711			$	72,443			$	27,408			$	26,345
Cash and Cash Equivalents		$	146,944			$	141,286			$	108,505			$	28,378			$	30,655
Notes Receivable or Proportionate Share Thereof		$	135,502			$	141,311			$	19,487			$	35,443			$	116,212
Proportionate Share of JV Undepreciated Real Estate Assets		$	1,935,412			$	1,930,001			$	1,673,987			$	804,738			$	736,109

		$	11,367,816			$	11,386,875			$	10,859,160			$	8,346,659			$	7,938,658

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO		$	139,996			$	169,682			$	453,917			$	376,504			$	355,102
Impairments and Other Non-Cash Adjustments		$	17,555	(1)		$	194,433	(3)		$	0			$	0			$	0
Interest Expense		$	60,884			$	259,617			$	279,630			$	224,172			$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures	(	$	1,215	)	(	$	5,434	)	(	$	7,524	)	(	$	7,429	)	(	$	1,915	)
Adjustment for Impact of Gains on Early Extinguishment of Debt	(	$	72,579	)	(	$	10,455	)		$	0			$	0			$	0
Preferred Dividends, Including Preferred Non-Controlling Interests (OP Units) & Non-Cash D-42 Dividend		$	10,567			$	42,269			$	50,934			$	55,169			$	55,169

		$	155,209			$	650,112			$	776,958			$	648,416			$	594,551

DEBT SERVICE
Interest Expense		$	60,884			$	259,617			$	279,630			$	224,172			$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures	(	$	1,215	)	(	$	5,434	)	(	$	7,524	)	(	$	7,429	)	(	$	1,915	)
Adjustment to Interest Expense due to Adoption of New Accounting Standard for Convertible Debt	(	$	3,855	) (2)	(	$	13,057	) (2)	(	$	11,104	) (2)	(	$	1,305	) (2)		$	0
Recurring Principal Amortization		$	7,106			$	27,096			$	30,583			$	32,026			$	33,154

		$	62,920			$	268,222			$	291,585			$	247,464			$	217,434

FIXED CHARGES
Debt Service		$	62,920			$	268,222			$	291,585			$	247,464			$	217,434
Preferred Dividends, Including Preferred Non-controlling Interests (OP Units) and excluding Non-Cash		$	10,567			$	42,269			$	45,529			$	55,169			$	55,169

D-42 Dividend		$	73,487			$	310,491			$	337,114			$	302,632			$	272,603


(1)		Adjusted to eliminate non-cash charges related to impairment of consolidated investments ($10.9 million), impairment of joint venture investment ($0.9 million) and loss on sale of joint venture investment ($5.8 million).

(2)		Adjusted to eliminate the impact of the change in accounting of the convertible debt pursuant to the retrospective adoption of FSP APB 14-1.

(3)		Adjusted to eliminate non-cash charges related to impairment of consolidated investments net of minority interest ($63.0 million), impairments of joint venture investments ($106.9 million), termination of supplemental equity award plan ($15.8 million) and loss on sale of assets ($8.7 million).

Market Capitalization and Financial Ratios 2.2.c

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Total Market Capitalization as of March 31, 2009 (In Millions) ^{(1) (2) (3)}

Total Market Capitalization as of March 31, 2009 (In Millions) ^{(1) (2) (3)}


			Percentage of
	Amount		Total

Common Shares Equity	$	276.4		4	%
Perpetual Preferred Stock	$	555.0		8	%
Senior Convertible Notes	$	735.6		11	%
Fixed-Rate Unsecured Debt	$	1,287.5		20	%
Mortgage Debt	$	1,514.5		23	%
Variable-Rate Revolving Credit and Term Debt	$	1,451.1		22	%
Fixed-Rate Revolving Credit and Term Debt	$	600.0		9	%
Construction Financing	$	161.9		2	%


Total	$	6,582.0		100	%

Notes:

1.		Market value ($2.13 per share as of March 31, 2009) 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 $1,215.6 million.

3.		Consolidated debt includes 100% of consolidated joint venture debt, comprised primarily of debt associated with a joint venture with Macquarie DDR Trust, of which the joint venture partners’ share is $137.2 million.

Market Capitalization Summary 2.3

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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.a

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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 three-month period ended March 31, 2009 and for the years ended December 31, 2008, 2007, 2006 and 2005, the Company capitalized interest of $5.8 million $41.1 million, $28.8 million, $20.1 million and $12.5 million, respectively, as adjusted for the retroactive adoption of FSP APB 14-1.

•		In addition, the Company capitalized certain construction administration costs of $3.1 million for the three-month period ended March 31, 2009 and $13.9 million, $10.9 million, $10.1 million and $6.2 million for the years ended December 31, 2008, 2007, 2006, and 2005, 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.b

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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 March 31, 2009.

Other Real Estate Information 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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:


	Three-Months Ended
	March 31,
	2009			2008
Total Revenues DDR	$	219,766		$	236,096
Total Revenues — Combined Joint Ventures		231,500			237,959
Operating and Maintenance — DDR		(36,232	)		(35,708	)
Real Estate Taxes — DDR		(29,136	)		(26,925	)
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures		(87,997	)		(80,863	)


Combined NOI	$	297,901		$	330,559


Total Same Store NOI	$	256,443		$	262,249		(2.2	%)
Property NOI from other operating segments		41,458			68,310


Combined NOI	$	297,901		$	330,559

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.a

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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
	March 31,
	2009			2008
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	76,834		$	29,593
Depreciation and Amortization of Real Estate Investments		61,036			54,362
Equity in Net Income From Joint Ventures		(778	)		(7,388	)
Joint Venture Funds From Operations		15,159			19,181
Non-Controlling Interests (OP Units)		79			595
Loss on Sales of Real Estate		(12,334	)		(19	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	139,996		$	96,324


Preferred Dividend Charges		10,567			10,567

FUNDS FROM OPERATIONS	$	150,563		$	106,891


ADDITIONAL SFAS 141 DISCLOSURES:
Below Market Rent Amortization	$	187		$	237
Pro Rata Share of JV Below Market Rent Amortization		36			32

Debt Premium Amortization Income	$	961		$	1,536
Pro Rata Share of JV Debt Premium Amortization Income (Expense)		(23	)		(7	)

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.b

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Reconciliation of Supplemental
Non-GAAP Financial Measures
(In thousands)
(Unaudited)

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income


	Three Months Ended
	March 31,
	2009			2008			Income Statement Caption
Transactional Income Included in FFO
Consolidated
Merchant Building Gains, Net of Tax	$	76		$	50		Gain on Disposition of Real Estate
Loss on Sales from Discontinued Operations		(345	)		—		Loss on Disposition of Discontinued Operations
Land Sale (Loss) Gain		(11	)		2,107		(Loss) Gain on Disposition of Real Estate

	$	(280	)	$	2,157

Transactional Income NOT Included in FFO
Consolidated
Gain on Dispositions	$	380		$	210		Gain on Disposition of Real Estate

Gain (Loss) on Sales from Discontinued Operations		11,954			(191	)	Gain (Loss) on Disposition of Discontinued Operations

	$	12,334		$	19		FFO Reconciliation


Gain on Sales of Real Estate
Merchant Building Gains, Net of Tax	$	76		$	—
Land Sale (Loss) Gain		(11	)		2,107
Gain on Dispositions		380			210

	$	445		$	2,317		Consolidated Income Statement


Gain on Sales of Real Estate From Discontinued Operations
Gain (Loss) on Sales from Discontinued Operations	$	11,609		$	(191	)	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.c

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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
	March 31,
	2009			2008		Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—		$	—	Gain on Disposition of Real Estate, Net of Tax
						Gain and Loss on Disposition of Real Estate,
Land Sale Gains and Loss on Disposition of Real Estate		(26,770	)		—	Net of Tax

	$	(26,770	)	$	—

DDR’s Proportionate Share	$	(5,351	)	$	—


Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—		$	—	Gain on Disposition of Real Estate
Gain on Sales						Gain on Disposition of Real Estate

	$	—		$	—	FFO Reconciliation

DDR’s Proportionate Share				$	—


Gain on Sales of Real Estate, Net of Tax

Land Sale Gains and Loss on Disposition of Real Estate	$	(26,770	)	$	—
Gain on Sales		—			—

	$	(26,770	)	$	—	Gain on Disposition of Real Estate


Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations included in FFO	$	—		$	—
Gain on Sales from Discontinued Operations NOT included in FFO		—			—

	$	—		$	—	Gain on Disposition of Discontinued Operations

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.d

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Joint Venture Investment Summary
(in millions)
as of March 31, 2009


														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		$	2,956.6	$	1,770.3	Yes
2	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,457.8	$	967.6	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		$	1,881.3	$	1,236.9	Yes
4	DDR MDT MV LLC (Mervyns) (C)	Macquarie DDR Trust (MDT) (50%)		50.0	%	Yes		37		$	380.4	$	258.5	Yes
5	Coventry II DDR Bloomfield LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	212.0	$	48.0	Yes
6	Coventry II DDR Buena Park LLC	Coventry II Fund (80%)		20.0	%	No		1		$	104.6	$	61.0	Yes
7	Coventry II DDR Fairplain LLC	Coventry II Fund (80%)		20.0	%	No		1		$	32.4	$	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)	$	45.5	$	17.0	Yes
10	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1		$	167.2	$	120.4	Yes
11	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	89.6	$	46.0	Yes
12	Coventry II DDR SM LLC	Coventry II Fund (80%)		20.0	%	No		44		$	148.8	$	117.4	Yes
13	Coventry II DDR Totem Lakes LLC	Coventry II Fund (80%)		20.0	%	No		1		$	42.1	$	29.5	Yes
14	Coventry II DDR Tri County LLC	Coventry II Fund (80%)		20.0	%	No		1		$	230.9	$	165.8	Yes
15	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.7	$	20.9	Yes
16	RVIP IIIB LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	91.6	$	60.0	Yes
17	RVIP VII LLC	Prudential Real Estate Advisors (79%)		21.0	%	No		2		$	125.4	$	72.1	Yes
18	RVIP VIII LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	33.6	$	23.4	Yes
19	DPG Realty Holdings LLC	Prudential Insurance Co. of America (90%)		10.0	%	No		11		$	121.4	$	9.5	No
20	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	160.2	$	110.0	Yes
21	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		9		$	364.5	$	69.4	No
22	DDR-SAU Retail Fund, LLC	Special Account — U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	309.4	$	226.2	No
23	Cole MT Independence Missouri JV LLC	Cole Realty Advisors, Inc. (85.5%)		14.5	%	No		1		$	61.4	$	34.1	No
24	DDRA Comm. Ctrs Five, L.P.	DRA Advisors (50%)		50.0	%	No		5		$	240.0	$	280.0	No
25	DDR Markaz II LLC (Kuwait Financial Centre II)	Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%)		20.0	%	No		13		$	205.7	$	150.5	Yes
26	Lennox Town Center LTD.	Casto Properties (50%)		50.0	%	No		1		$	21.0	$	27.0	No
27	Sun Center Limited	Casto Properties (20.55%)		79.45	%	No		1		$	25.4	$	18.6	No
28	Dublin Village	Casto Properties (36.6%)		63.4	%	No		—		$	0.1	$	0.0	No
29	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.6	$	21.0	No
30	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	7.0	$	3.7	No
31	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.0	$	0.0	No
32	Shea & Tatum Assoc. LP (Paradise Village) (C)	Churchill Family Trust (33%)		67.0	%	Yes		1		$	29.6	$	30.0	No
33	Other Joint Ventures		Various			Yes/No		23		$	431.9	$	75.5	Yes

	TOTALS							373		$	10,046.7	$	6,097.0

(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 three months ended March 31, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2009


	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	$	2,956.6		$	1,457.8		$	1,881.3		$	212.0		$	104.6		$	32.4		$	13.2		$	45.5
Accumulated depreciation		(146.5	)		(62.1	)		(167.8	)		0.0			(8.3	)		(1.4	)		(0.6	)		0.0

Real estate, net		2,810.1			1,395.7			1,713.5			212.0			96.3			31.0			12.6			45.5

Receivables, net		25.8			21.2			29.6			0.1			2.8			0.5			0.1			0.0
Other assets		106.3			58.7			52.1			0.2			1.3			0.3			0.3			(0.3	)
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	2,942.2		$	1,475.6		$	1,795.2		$	212.3		$	100.4		$	31.8		$	13.0		$	45.2


Mortgage debt	$	1,770.3		$	967.6		$	1,236.9		$	48.0		$	61.0		$	16.0		$	10.8		$	17.0
Amounts payable to DDR		1.3			1.3			1.0			61.8			0.0			0.0			0.0			0.0
Other liabilities		33.0			16.5			67.8			17.4			1.9			0.2			0.1			2.1

		1,804.6			985.4			1,305.7			127.2			62.9			16.2			10.9			19.1
Accumulated equity (deficit)		1,137.6			490.2			489.5			85.1			37.5			15.6			2.1			26.1
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	2,942.2		$	1,475.6		$	1,795.2		$	212.3		$	100.4		$	31.8		$	13.0		$	45.2


Proportionate share of other assets/liabilities, net	$	14.9		$	12.7		$	6.9			($1.7	)	$	0.4		$	0.1		$	0.0			($0.5	)

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	55.6		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
For the three months ended March 31, 2009


	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	$	60.6		$	33.8		$	53.1			($0.0	)	$	3.3		$	0.9		$	0.3		$	0.0
Rental operation expenses		(22.5	)		(13.5	)		(19.2	)		(0.1	)		(1.7	)		(0.4	)		(0.2	)		(0.0	)

Net operating income		38.1			20.3			33.9			(0.1	)		1.6			0.5			0.1			(0.0	)
Depreciation and amortization expense		(21.2	)		(12.5	)		(10.9	)		0.0			(0.5	)		(0.2	)		(0.1	)		0.0
Interest expense		(22.2	)		(13.8	)		(11.2	)		(2.4	)		(0.2	)		(0.2	)		(0.1	)		(0.1	)

Income (loss) before gain on sale of real estate		(5.3	)		(6.0	)		11.8			(2.5	)		0.9			0.1			(0.1	)		(0.1	)
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			11.7			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)		($5.3	)		($6.0	)	$	23.5			($2.5	)	$	0.9		$	0.1			($0.1	)		($0.1	)
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%

		($0.8	)		($1.2	)	$	4.7			($0.5	)	$	0.2		$	0.0			($0.0	)		($0.0	)
Amortization of basis differential		0.4			0.2			0.3			—			—			—			—			—

		($0.4	)		($1.0	)	$	5.0			($0.5	)	$	0.2		$	0.0			($0.0	)		($0.0	)


Proportionate share of net operating income (4)	$	5.7		$	4.1		$	8.9			($0.0	)	$	0.3		$	0.1		$	0.0		$	0.0

Proportionate share of interest expense (4)	$	3.3		$	2.8		$	2.7		$	0.5		$	0.0		$	0.0		$	0.0		$	0.0


Funds From Operations (“FFO”):

Net income (loss)		($5.3	)		($6.0	)	$	23.5			($2.5	)	$	0.9		$	0.1			($0.1	)		($0.1	)
Depreciation of real property		21.2			12.5			10.9			0.0			0.5			0.2			0.1			0.0
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

	$	15.9		$	6.5		$	34.4			($2.5	)	$	1.4		$	0.3		$	0.0			($0.1	)
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%

DDR FFO	$	2.4		$	1.3		$	7.4			($0.5	)	$	0.3		$	0.1		$	0.0			($0.0	)

Joint Venture Financial Summary 3.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2009


	Coventry II DDR Montgomery			Coventry II DDR Phoenix			Coventry II Service			Coventry II DDR Totem			Coventry II DDR Tri-County			Coventry II DDR Ward			RVIP IIIB LP
	Farm LLC			Spectrum LLC			Holdings LLC			Lake LLC			Mall LLC			Westover LLC			Deer Park, IL			RVIP VII LLC
Real estate assets	$	167.1		$	89.6		$	148.8		$	42.1		$	230.9		$	29.6		$	91.6		$	125.4
Accumulated depreciation		(1.4	)		(6.4	)		($7.1	)		(3.4	)		(13.9	)		(1.7	)		(17.9	)		(22.1	)

Real estate, net		165.7			83.2			141.7			38.7			217.0			27.9			73.7			103.3

Receivables, net		5.3			3.2			7.6			0.2			2.4			0.9			2.7			2.8
Other assets		(2.7	)		1.4			17.1			0.3			7.0			0.5			0.9			7.2
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	168.3		$	87.8		$	166.4		$	39.2		$	226.4		$	29.3		$	77.3		$	113.3


Mortgage debt	$	120.4		$	46.0		$	117.4		$	29.5		$	165.8		$	20.9		$	60.0		$	72.1
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		5.4			3.4			6.6			0.5			4.4			0.3			3.3			15.7

		125.8			49.4			124.0			30.0			170.2			21.2			63.3			87.8
Accumulated equity (deficit)		42.5			38.4			42.4			9.2			56.2			8.1			14.0			25.5
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	168.3		$	87.8		$	166.4		$	39.2		$	226.4		$	29.3		$	77.3		$	113.3


Proportionate share of other assets/liabilities, net		($0.3	)	$	0.2		$	3.6		$	0.0		$	1.0		$	0.2		$	0.1			($1.2	)

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 three months ended March 31, 2009

	Coventry II DDR Montgomery			Coventry II DDR Phoenix			Coventry II Service			Coventry II DDR Totem			Coventry II DDR Tri-County			Coventry II DDR Ward			RVIP IIIB LP
	Farm LLC			Spectrum LLC			Holdings LLC			Lake LLC			Mall LLC			Westover LLC			Deer Park, IL			RVIP VII LLC
Revenues from operations	$	2.2		$	2.8		$	6.4		$	0.6		$	4.8		$	0.9		$	3.6		$	3.2
Rental operation expenses		(1.4	)		(1.3	)		(3.1	)		(0.3	)		(2.3	)		(0.5	)		(1.2	)		(1.1	)

Net operating income		0.8			1.5			3.3			0.3			2.5			0.4			2.4			2.1
Depreciation and amortization expense		(0.5	)		(0.4	)		(1.0	)		(0.2	)		(1.4	)		(0.1	)		(0.7	)		(0.8	)
Interest expense		(0.9	)		(0.1	)		(1.5	)		0.0			(2.5	)		0.0			(0.9	)		(0.5	)

Income (loss) before gain on sale of real estate		(0.6	)		1.0			0.8			0.1			(1.4	)		0.3			0.8			0.8
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)		($0.6	)	$	1.0		$	0.8		$	0.1			($1.4	)	$	0.3		$	0.8		$	0.8
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		*	**		21	%

		($0.1	)	$	0.2		$	0.2			($0.0	)		($0.3	)	$	0.0		$	0.1		$	0.3

Amortization of basis differential		—			—			—			—			—			—			—			(0.1	)

		($0.1	)	$	0.2		$	0.2			($0.0	)		($0.3	)	$	0.0		$	0.1		$	0.2


Proportionate share of net operating income (4)	$	0.2		$	0.3		$	0.7		$	0.1		$	0.5		$	0.1		$	0.6		$	0.4

Proportionate share of interest expense (4)	$	0.2		$	0.0		$	0.3		$	0.1		$	0.5		$	0.0		$	0.2		$	0.1


Funds From Operations (“FFO”):

Net income (loss)		($0.6	)	$	1.0		$	0.8			($0.1	)		($1.4	)	$	0.3		$	0.8		$	0.8
Depreciation of real property		0.5			0.4			1.0			0.2			1.4			0.1			0.7			0.8
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

		($0.1	)	$	1.4		$	1.8		$	0.1			($0.0	)	$	0.4		$	1.5		$	1.6
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		*	**		21	%

DDR FFO		($0.0	)	$	0.3		$	0.4		$	0.0			($0.0	)	$	0.1		$	0.8		$	0.6

Joint Venture Financial Summary 3.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2009


										Sonae Sierra															Lennox Town
	RVIP VIII			DPG Realty			TRT DDR			Brazil			DDR-SAU Retail						DDRA Community			DDR Markaz			Center
	Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			II LLC			Limited (2)
Real estate assets	$	33.6		$	121.4		$	160.2		$	364.5		$	309.4		$	61.4		$	239.9		$	205.6		$	21.0
Accumulated depreciation		(4.8	)		(12.4	)		(8.0	)		(34.5	)		(25.8	)		(0.3	)		(53.9	)		(22.9	)		(5.3	)

Real estate, net		28.8			109.0			152.2			330.0			283.6			61.1			186.0			182.7			15.7

Receivables, net		1.0			1.2			2.1			16.0			7.7			0.3			5.2			0.9			1.9
Other assets		0.7			1.6			3.6			27.3			35.0			1.6			7.3			6.2			0.8
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	30.5		$	111.8		$	157.9		$	373.3		$	326.3		$	63.0		$	198.5		$	189.8		$	18.4


Mortgage debt	$	23.4		$	9.5		$	110.0		$	69.4		$	226.2		$	34.1		$	280.0		$	150.5		$	27.0
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.4			0.0			0.0			0.3			0.0
Other liabilities		0.7			1.3			0.4			36.4			5.4			0.5			4.5			(0.5	)		1.2

		24.1			10.8			110.4			105.8			232.0			34.6			284.5			150.4			28.2
Accumulated equity (deficit)		6.4			101.0			47.5			267.5			94.3			28.4			(86.0	)		39.4			(9.8	)
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	30.5		$	111.8		$	157.9		$	373.3		$	326.3		$	63.0		$	198.5		$	189.8		$	18.4


Proportionate share of other assets/liabilities, net	$	0.3		$	0.1		$	0.5		$	3.4		$	7.5		$	0.2		$	4.0		$	1.5		$	0.8

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

Combining Statements of Operations
For the three months ended March 31, 2009


										Sonae Sierra															Lennox Town
	RVIP VIII			DPG Realty			TRT DDR			Brazil			DDR-SAU Retail						DDRA Community			DDR Markaz			Center
	Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			II LLC			Limited (2)
Revenues from operations	$	1.2		$	2.9		$	3.9		$	15.0		$	8.6		$	1.8		$	9.2		$	5.3		$	1.2
Rental operation expenses		(0.7	)		(0.9	)		(1.3	)		(4.7	)		(3.1	)		(0.5	)		(3.0	)		(1.9	)		(0.4	)

Net operating income		0.5			2.0			2.6			10.3			5.5			1.3			6.2			3.4			0.8
Depreciation and amortization expense		(0.3	)		(0.7	)		(1.1	)		(2.4	)		(4.5	)		(0.3	)		(1.5	)		(1.4	)		(0.1	)
Interest expense		(0.1	)		(0.0	)		(1.4	)		(0.8	)		(3.1	)		(0.5	)		(3.9	)		(2.1	)		(0.4	)

Income (loss) before gain on sale of real estate		0.1			1.3			0.1			7.1			(2.1	)		0.5			0.8			(0.1	)		0.3
Tax expense		0.0			0.0			0.0			(2.0	)		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			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			(0.0	)		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—

Net income (loss)	$	0.1		$	1.3		$	0.1		$	5.1			($2.1	)	$	0.5		$	0.8			($0.1	)	$	0.3
DDR ownership interest		25.75	%		10	%		10	%		50	%		20	%		14.5	%		50	%		20	%		50	%

	$	0.3		$	0.1			($0.0	)	$	2.5			($0.4	)	$	0.1		$	0.4			($0.0	)	$	0.2
Amortization of basis differential		—			—			—			(0.6	)		—			—			0.1			—			—

	$	0.3		$	0.1			($0.0	)	$	1.9			($0.4	)	$	0.1		$	0.5			($0.0	)	$	0.2


Proportionate share of net operating income (4)	$	0.1		$	0.2		$	0.2		$	5.1		$	1.1		$	0.2		$	3.1		$	0.7		$	0.4

Proportionate share of interest expense (4)	$	0.0		$	0.0		$	0.2		$	0.4		$	0.6		$	0.1		$	1.9		$	0.4		$	0.2


Funds From Operations (“FFO”):

Net income (loss)	$	0.1		$	1.3		$	0.0		$	5.1			($2.1	)	$	0.5		$	0.8			($0.1	)	$	0.3
Depreciation of real property		0.3			0.7			1.1			2.4			4.5			0.3			1.5			1.4			0.1
(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		$	2.0		$	1.1		$	7.5		$	2.4		$	0.8		$	2.3		$	1.3		$	0.4
DDR ownership interest		26	%		10	%		10	%		50	%		20	%		14.52	%		50	%		20	%		50	%

DDR FFO	$	0.2		$	0.2		$	0.1		$	3.9		$	0.5		$	0.1		$	1.2		$	0.3		$	0.2

Joint Venture Financial Summary 3.2.c

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2009



										Jefferson			Sansone		Sold/Acquired						DDR’s
	Sun Center Limited (2)			Dublin Village (3)			DOTRS LLC			County Plaza LLC			Group/ DDRC LLC		and Other JVs (5)			Total			Proportionate Share
Real estate assets	$	25.4		$	0.1		$	26.6		$	7.0		$	0.0	$	51.1		$	9,255.9		$	1,935.4
Accumulated depreciation		(8.2	)		0.0			(6.0	)		(1.1	)		0.0		(7.3	)		(651.3	)		(165.2	)

Real estate, net		17.2			0.1			20.6			5.9			0.0		43.8			8,604.6			1,770.2

Receivables, net		0.8			0.0			0.9			0.1			0.0		0.4			143.5			35.7
Other assets		1.1			0.0			1.2			0.3			3.4		1.6			342.3			78.5
Disproportionate share of equity		—			—			—			—			—		—			—			18.9	(6)

	$	19.1		$	0.1		$	22.7		$	6.3		$	3.4	$	45.8		$	9,090.4		$	1,903.3


Mortgage debt	$	18.6		$	0.0		$	21.0		$	3.7		$	0.0	$	27.3		$	5,760.3		$	1,215.6
Amounts payable to DDR		0.0			0.1			0.0			4.1			0.0		0.0			70.2			9.1
Other liabilities		0.7			(0.1	)		0.6			0.1			0.8		2.1			232.8			56.4

		19.3			0.0			21.6			7.9			0.8		29.4			6,063.3			1,281.1
Accumulated equity (deficit)		(0.2	)		0.1			1.1			(1.6	)		2.6		16.4			3,027.1			603.3
Disproportionate share of equity		—			—			—			—			—		—			—			18.9	(6)

	$	19.1		$	0.1		$	22.7		$	6.3		$	3.4	$	45.8		$	9,090.4		$	1,903.3


Proportionate share of other assets/liabilities, net	$	0.9			($0.0	)	$	0.7		$	0.2		$	1.3	$	0.0		$	57.7

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	2.1		$	0.0	$	0.0		$	57.7

Combining Statements of Operations
For the three months ended March 31, 2009



										Jefferson			Sansone			Sold/Acquired						DDR’s
	Sun Center Limited (2)			Dublin Village (3)			DOTRS LLC			County Plaza LLC			Group/ DDRC LLC			and Other JVs (5)			Total			Proportionate Share
Revenues from operations	$	1.2		$	0.0		$	1.1		$	0.2		$	0.2		$	3.1		$	231.5		$	54.9
Rental operation expenses		(0.3	)		(0.0	)		(0.4	)		(0.1	)		0.1			(1.5	)		(88.0	)		(20.3	)

Net operating income		0.9			0.0			0.7			0.1			0.3			1.5			143.5			34.6
Depreciation and amortization expense		(0.4	)		0.0			(0.1	)		(0.1	)		0.0			(0.7	)		(64.1	)		(13.8	)
Interest expense		(0.5	)		0.0			(0.3	)		(0.1	)		(0.1	)		(0.9	)		(70.9	)		(15.3	)

Income (loss) before gain on sale of real estate		(0.0	)		(0.0	)		0.3			(0.1	)		0.2			(0.1	)		8.5			5.5
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			(2.0	)		(1.0	)
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			11.7			1.4
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			(26.7	)		(26.7	)		(5.3	)
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		—			—			—			—			—			—			—			0.3	(7)

Net income (loss)	$	0.0		$	0.0		$	0.3			($0.1	)	$	0.2			($26.8	)		($8.5	)	$	0.9
DDR ownership interest		79	%		63	%		50	%		50	%		50	%		*	**		*	**		*	**

	$	0.1			($0.0	)	$	0.1			($0.0	)	$	0.1			($5.4	)	$	0.8		$	0.9
Amortization of basis differential		—			—			—			—			(0.1	)		—			(0.5	)		(0.5	)

	$	0.1		$	0.0		$	0.1			($0.0	)		($0.0	)		($5.4	)	$	0.3		$	0.4


Proportionate share of net operating income (4)	$	0.7			($0.0	)	$	0.3		$	0.1		$	0.1		$	0.3		$	34.6

Proportionate share of interest expense (4)	$	0.3		$	0.0		$	0.2		$	0.1		$	0.0		$	0.2		$	15.3


Funds From Operations (“FFO”):

Net income (loss)		($0.0	)	$	0.0		$	0.3			($0.1	)	$	0.2			($26.8	)		($8.5	)	$	0.9
Depreciation of real property		0.4			0.0			0.1			0.1			0.0			0.7			64.0			13.8
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			0.4	(8)

	$	0.4			($0.0	)	$	0.4			($0.0	)	$	0.2			($26.1	)	$	55.5		$	15.1

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

DDR FFO	$	0.4			($0.0	)	$	0.2			($0.0	)	$	0.1			($5.2	)	$	15.1

Joint Venture Financial Summary 3.2.d

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009


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

(2)		Asset values reflect historical cost basis due to acquisition of partnership interest (i.e., does not reflect step-up in basis).

(3)		Represents undeveloped land.

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

(5)		Represents residual joint venture interests sold in 2009 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.

(6)		Adjustments represent the effect of promoted equity structures and minority interests. These adjustments are primarily at the RVIP IIIB, RVIP VII, RVIP VIII, Coventry II DDR Bloomfield, Coventry II DDR Marley Creek, Coventry II Merriam Village, Coventry II DDR Montgomery Farm and Coventry II DDR Tri-County Mall joint ventures as well as investments with Macquarie.

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

(8)		Adjustments associated with Coventry’s promoted interests primarily at RVIP IIIB, RVIP VII and RVIP VIII joint ventures as well as investments with Macquarie.

***		See Section 3.1- Joint Venture Investment Summary, disclosing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financial Summary 3.2.e

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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


	Three Months
	Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers	$	0.0		$	10.9		$	3,048.7	(2)
Completed Expansions Incremental Development Cost		0.0			27.8			32.7
Developments & Construction in Progress		52.5			419.5			428.5
Recurring Tenant Improvements & Third Party Leasing Commissions		4.1			11.6			12.5
Furniture, Fixtures & Equipment		1.0			6.3			13.0
Foreign Currency Adjustments		(8.2	)		(41.3	)		0.0

		49.4			434.8			3,535.4
Less: Real Estate Sales & Joint Venture Transfers		(66.3	)		(312.9	)(1)		(2,001.3	)(3)



Net (Deductions)/Additions		($16.9	)	$	121.9		$	1,534.1


(1)		In addition to asset sales ($136.5 million), 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 ($1,229 million), Macquarie DDR Trust ($50 million); and 11 outparcel sales.

Summary of Joint Venture Capital Transactions
(In Millions)


	Three Months
	Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers		($10.0	)(1)	$	111.4	(3)	$	4,987.4	(4)
Completed Expansions Incremental Development Cost		0.0			52.8			21.9
Developments & Construction in Progress		45.4			315.8			142.7
Recurring Tenant Improvements & Third Party Leasing Commissions		2.8			18.4			9.8
Foreign Currency Adjustments		16.1			(106.2	)		48.5

	$	54.3		$	392.2		$	5,210.3
Less: Real Estate Sales and Dispositions		($74.3	)(2)		($61.9	)(3)		($204.3	)(5)



Net (Deductions)/Additions		($20.0	)	$	330.3		$	5,006.0


(1)		This is a FAS 141 purchase price reclassification adjustment for a prior acquisition.

(2)		Represents the disposition of the Ward Parkway shopping center located in Kansas City, MO and the sale of Five Forks Crossings shopping center located in Liburn, GA.

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

(4)		Includes the acquisition of assets from DDR by DDR Domestic Retail Fund I ($1,463 million), Dividend Capital Total Realty Trust ($160 million) and Macquarie DDR Trust ($50 million). Also includes the formation of DDRTC Core Retail Fund ($2,942 million), the acquisition of the DDR SAU Retail Fund ($309 million), and the acquisition of an additional property interest by Sonae Sierra Brazil BV Sarl.

(5)		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 three months ended March 31, 2009

Operating Property Acquisitions

There were no significant third party acquisitions for the three month period ended March 31, 2009.

Operating Property Dispositions

The asset sales for the three months ended March 31, 2009 included the sale of a shopping center located in Ormond Beach, FL and five former Mervyns locations.

Joint Venture Acquisitions

There were no significant third party acquisitions for the three month period ended March 31, 2009.

Joint Venture Dispositions

The asset dispositions for the three months ended March 31, 2009 include the disposition of the Ward Parkway shopping center located in Kansas City, MO and the sale of a shopping center located in Liburn, GA.

Wholly-Owned and Joint Venture Acquisitions and Dispositions 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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
Homestead, FL	Homestead Pavilion		394,916		272,610	$	79.7	$	80.7	$	25.4	2H08	Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples, Bed, Bath & Beyond
Boise (Nampa), ID	Nampa Gateway Center		921,162		431,689	$	126.7	$	79.3	$	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	$	18.6	$	0.0	1H10
Elmira (Horseheads), NY	Southern Tier Crossings		697,795		350,987	$	56.0	$	45.2	$	24.2	1H07	Kohl’s, Wal-Mart, Dick’s, PetsMart, Ulta, Mens Warehouse
Raleigh (Apex), NC	Apex Promenade		78,830		72,830	$	16.9	$	11.2	$	0.0	1H09	HH Gregg, Outback Steakhouse
Austin (Kyle), TX (1)	Kyle Marketplace		805,618		443,092	$	77.2	$	52.0	$	0.0	2H09	Target, Kohl’s, City Lights Theater

			2,970,564		1,627,551	$	383.2	$	287.0	$	59.6


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

Land and Construction Related Projects Primarily on Hold (2)


	DDR’s
	Effective			Total
Location	Ownership			Acreage

Ukiah (Mendocino), CA		50	%		75.7
New Haven (Guilford), CT		100	%		26.0
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
Boston, MA (Seabrook, NH)		100	%		50.9
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 Gwillimbury — Bayview/Greenlane), CAN		50	%		39.0
Toronto (East Gwillimbury — Hwy 404/Greenlane East), CAN		50	%		44.0
Toronto (East Gwillimbury — 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

					1,062.8


(2)		The costs incurred for these land and construction related projects as of March 31, 2009 were $553.2 million, which includes our partners’ ownership interest of $133.4 million.

Wholly-Owned and Consolidated Developments 4.3 a

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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	$	45.5	$	0.0	$	8.7	TBD

Dallas (Allen), TX	Watters Creek		831,413		797,665		10.0	%	Coventry II/ Trademark Property Company	$	171.2	$	165.7	$	90.7	$	17.1	1H08	Market Street United, Borders, DSW ShoeWarehouse, The Cheesecake Factory

Manaus, Brazil (1)	Manauara		502,529		502,529		47.4	%	Sonae Sierra	$	114.0	$	92.0	$	0.0	$	54.0	1H09	C & A, Riachuelo, Marisa, Renner, Saraiva Megastore, Bemol, Dinamica, Hitech Import


			1,579,124		1,458,826					$	328.9	$	303.2	$	90.7	$	79.8

Joint Venture Developments 4.3 b

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Development Assets Placed in Service
(In Millions)


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

As of March 31, 2009	$	59.6	$	90.7	$	9.1
Projected 2009	$	127.2	$	135.8	$	57.7
Projected Thereafter	$	196.4	$	102.4	$	13.0

	$	383.2	$	328.9	$	79.8

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 March 31, 2009	$	287.0		$	61.9		$	103.9		$	137.4	$	303.2
Projected Net Funding 2009	$	32.0	(1)		11.1			14.3			20.0	$	45.4
Projected Net Funding Thereafter	$	64.2			(6.3	)		(13.4	)		0.0		($19.7	)

	$	383.2		$	66.7		$	104.8		$	157.4	$	328.9


(1)		In addition to this Projected Net Funding amount the company may spend up to $70 million for additional development, including expansions and redevelopment projects, tenant coordination work and the corporate headquarters.

Wholly-Owned and Joint Venture Development Delivery and
Funding Schedules 4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Significant Wholly-Owned and Consolidated
Redevelopment or Expansion Projects

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

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 March 31, 2009, approximately $78.7 million of costs had been incurred in relation to the projects in progress.

Summary of Significant Joint Venture Redevelopment or Expansion Projects

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

Projects in Progress

Buena Park, CA

Buena Park Mall & Entertainment

20.0%

Coventry II

Redevelopment of the lower level of the mall to include John’s Incredible Pizza.

Los Angeles
(Lancaster), CA

Valley Central Discount

21.0%

Prudential Real
Estate Investors

Relocate existing Wal-Mart to the area previously occupied by 99 Cent Store (relocated), House to Home and Costco (which were demolished) for development of a Wal-Mart Supercenter (opened 7/07). Recaptured and redemise the former Wal-Mart for Michael’s (opened 9/08) and three additional junior anchors and three outparcels.

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)

154.3

(1) (2)

DDR’s Proportionate Share (Millions)

31.1


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

(2)		At March 31, 2009, approximately $117.5 million of costs had been incurred in relation to the projects in progress and DDR’s pro-rata share was $23.6 million.

Wholly-Owned and Joint Venture Expansions and Redevelopments 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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 three months ended March 31, 2009

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 (Leawood), KS	Town Center Plaza		309,423		100	%
17	Buffalo (Amherst), NY	Boulevard Consumer Square		441,603		100	%
18	Olean, NY	Wal-Mart Plaza		285,400		100	%
19	Rome, NY	Freedom Plaza		194,467		100	%
20	Charlotte (Mooresville), NC	Mooresville Consumer Square		472,182		100	%
21	Durham, NC	Oxford Commons		207,864		100	%
22	Fayetteville, NC	Cross Pointe Center		204,563		100	%
23	Wilmington, NC	University Centre		411,887		100	%
24	Akron (Stow), OH	Stow Community Shopping Center		404,483		100	%
25	Cincinnati, OH	Tri County Mall		758,031		18	%
26	Dayton (Huber Hts), OH	North Heights Plaza		182,749		100	%
27	Tiffin, OH	Tiffin Mall		170,868		100	%
28	San Juan (Bayamon), PR	Rio Hondo		466,499		100	%
29	San Juan (Ron Piedras), PR	Seniorial Plaza		168,664		100	%
30	Chattanooga, TN	Overlook at Hamilton Place		207,244		100	%
31	Salt Lake City (Midvale), UT	Family Center at Fort Union		641,957		100	%
32	Salt Lake City (Riverdale), UT	Family Center at Riverdale		593,398		100	%
33	Salt Lake City (Taylorsville), UT	Family Center at Taylorsville		697,630		100	%
34	Seattle (Kirkland), WA	Totem Lakes Malls		253,867		20	%

	Total			11,033,661

Summary of Recently Expanded and Redeveloped Assets 4.7

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Company Features


701		Shopping Centers and Interests in Retail Assets

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

117		Million Sq. Ft. Owned ⁽¹⁾

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

88.4	%	Portfolio % Leased Including Former Mervyn’s Assets

90.7	%	Portfolio % Leased Excluding Former Mervyn’s Assets


(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 67.1 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 three months ended March 31, 2009

National portfolio creates efficiencies and strengthens tenant relationships

Portfolio Summary 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Average Annualized Base Rental Rates PSF


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

Mar. 31, 2009		641	$	12.45	$	18.46
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 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Lease Expirations by Year as of March 31, 2009


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

2009		45	$	12.8	$	6.49		2.3	%		1,216	$	56.6	$	16.80		10.2	%
2010		116	$	36.7	$	8.19		6.5	%		1,449	$	80.1	$	17.27		14.4	%
2011		143	$	48.7	$	9.95		8.6	%		1,502	$	92.3	$	18.38		16.6	%
2012		154	$	55.0	$	8.60		9.8	%		1,225	$	80.5	$	18.90		14.4	%
2013		143	$	48.7	$	8.48		8.6	%		1,173	$	80.3	$	18.12		14.4	%
2014		156	$	59.0	$	9.58		10.5	%		526	$	38.8	$	17.77		7.0	%
2015		104	$	48.0	$	9.66		8.5	%		218	$	20.8	$	18.82		3.7	%
2016		84	$	40.1	$	9.58		7.1	%		196	$	20.6	$	20.72		3.7	%
2017		84	$	43.5	$	9.89		7.7	%		193	$	21.6	$	19.91		3.9	%
2018		61	$	28.8	$	9.48		5.1	%		238	$	28.3	$	17.70		5.1	%

2009 - 2018 Subtotal		1,090	$	421.3	$	8.99		74.8	%		7,936	$	519.9	$	18.44		93.3	%
Total Rent Roll		1,303	$	563.3	$	9.23		100.0	%		8,185	$	557.5	$	18.22		100.0	%

Portfolio Summary 5.3

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

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		16.5		44		6.7		59		9.8
2. Target		63		8.1		9		1.2		54		6.9
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		43		3.8		36		3.2		7		0.6
6. T.J. Maxx / Marshalls		98		3.3		98		3.3		0		0.0
7. Kmart / Sears		38		3.2		37		3.0		1		0.2
8. Publix Supermarkets		56		2.6		55		2.5		1		0.1
9. PetSmart		101		2.3		100		2.2		1		0.1
10. Kroger		39		2.1		39		2.1		0		0.0

Portfolio Summary 5.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009

Largest Tenants by GLA and Base Rental Revenues ⁽¹⁾


			% of
	Owned		Total			Credit Ratings
Major Tenant (units)	GLA		GLA			(S&P/Moody’s)
1. Wal-Mart / Sam’s Club (44)		4.9		7.4	%	AA / Aa2
2. Lowe’s Home Improvement (21)		2.2		3.3	%		A+ / A2
3. Kmart / Sears (37)		2.0		3.0	%	BB- / Ba2
4. T.J. Maxx / Marshall’s (98)		1.6		2.5	%		A / A3
5. Kohl’s (36)		1.4		2.1	%	BBB+ / Baa1
6. PetSmart (100)		1.0		1.5	%	BB / NR
7. Kroger (39)		1.0		1.5	%	BBB- / Baa2
8. Target (9)		1.0		1.5	%		A+ / A2
9. Bed, Bath, & Beyond (60)		1.0		1.6	%	BBB / NR
10. Home Depot (12)		0.9		1.4	%	BBB+ / Baa1
11. J.C. Penney (22)		0.9		1.4	%	BB / Ba1
12. Michael’s (74)		0.8		1.2	%	B- / Caa2
13. Toys R Us (35)		0.8		1.2	%		B / B2
14. Tops Markets (27)		0.8		1.2	%	NR / Ba3
15. Dick’s Sporting Goods (35)		0.8		1.2	%	NR / NR
16. Office Max (54)		0.7		1.1	%	B / Ba2
17. Publix Supermarkets (55)		0.7		1.1	%	NR / NR
18. Ross Stores (54)		0.7		1.1	%	BBB / NR
19. GAP / Banana Republic / Old Navy (64)		0.6		0.9	%	BB+ / Ba2
20. Burlington Coat Factory (11)		0.6		0.9	%	B- / Caa1

Subtotal 1-20		24.3		37.0	%
Total Portfolio		65.8		100.0	%


	Base		% of
	Rental		Total
	Rev.		Base			Credit Ratings
Major Tenant (units)	($M)		Rent			(S&P/Moody’s)
1. Wal-Mart / Sam’s Club (44)	$	31.3		4.7	%	AA / Aa2
2. T.J. Maxx / Marshalls (98)	$	13.8		2.1	%		A / A3
3. Lowe’s Home Improvement (21)	$	13.8		2.1	%		A+ / A2
4. Petsmart (100)	$	13.3		2.0	%	BB / NR
5. Bed Bath & Beyond (60)	$	12.1		1.8	%	BBB / NR
6. Kohl’s (36)	$	10.0		1.5	%	BBB+ / Baa1
7. Michael’s (74)	$	9.8		1.5	%	B- / Caa2
8. Rite Aid (40)	$	9.7		1.4	%	B- / Ca
9. Tops Markets (27)	$	9.5		1.4	%	NR / Ba3
10. GAP / Banana Republic / Old Navy (64)	$	9.1		1.4	%	BB+ / Ba2
11. Dick’s Sporting Goods (35)	$	8.8		1.3	%	NR / NR
12. Best Buy (30)	$	8.6		1.3	%	BBB- / Baa2
13. Office Max (54)	$	8.4		1.3	%	B / Ba2
14. Barnes and Noble (38)	$	8.3		1.2	%	NR / Ba2
15. Kroger (39)	$	7.8		1.2	%	BBB- / Baa2
16. Sears (37)	$	7.7		1.2	%	BB- / Ba2
17. Home Depot (12)	$	7.2		1.1	%	BBB+ / Baa1
18. Ross Stores (54)	$	7.1		1.1	%	BBB / NR
19. Staples (41)	$	6.7		1.0	%	BBB / Baa2
20. Cinemark Theatre (14)	$	6.1		0.9	%		B / B1

Subtotal 1-20	$	209.1		31.2	%
Total Portfolio	$	669.4		100.0	%


(1)		Based on pro rata ownership of joint venture properties.

Portfolio Summary 5.5

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Consolidated Debt
as of March 31, 2009

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

SENIOR DEBT:

Unsecured Credit Facilities:

$1.25 Billion Revolving Credit Facility

1,213,131

06/10

Libor + 75

$75 Million Revolving Credit Facility

38,000

06/10

Libor + 75

Secured Credit Facility:

$800 Million Term Loan

800,000

02/11

Libor + 87.5

Total Term and Credit Facility Debt

2,051,131

PUBLIC DEBT:

Medium Term Notes

194,513

05/10

5.000

Medium Term Notes

284,170

08/10

4.625

Medium Term Notes

242,250

04/11

5.250

Convertible Notes

192,167

(2)

08/11

3.500

Convertible Notes

464,674

(3)

03/12

3.000

Medium Term Notes

345,735

10/12

5.375

Medium Term Notes

199,564

05/15

5.500

Medium Term Notes

100,000

07/18

7.500

Total Public Debt

2,023,074

MORTGAGE DEBT:

Lee Vista, 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

46,072

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

Abernathy Square, Atlanta, GA

13,392

09/09

6.285

Otto Bridge Loan

60,000

09/09

10.000

DDR MDT MV, LLC

14,007

(5)

10/09

Libor + 72

Liberty Fair Mall, Martinsville, VA

18,862

12/09

8.460

Kyle Crossing, Kyle, TX

13,486

(4)(6)

01/10

5.000

Cibolo Creek Center, Schertz, TX

3,240

(4)

01/10

Libor + 225

Tech Center 29, Silver Springs, MD

6,120

02/10

7.330

Middletown Village, Middletown, RI

10,000

02/10

4.531

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

16,667

09/10

8.010

Summary of Consolidated Debt 6.1.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Consolidated Debt
as of March 31, 2009 (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

119,315

(5)

10/10

5.211

Tequesta Shops Plaza, Tequesta, FL

5,200

10/10

5.300

Shops on the Circle, Dothan, AL

11,364

11/10

7.920

Terrell Plaza, Terrell, TX

6,387

(4)

11/10

5.000

Big Flats Consumer Square I, Big Flats, NY

4,035

12/10

8.011

Plattsburgh Consumer Square, Plattsburgh, NY

3,939

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

62,540

03/11

Libor + 120

Peach Street Square I, Erie, PA

24,288

04/11

6.884

Peach Street Square II, Erie, PA

2,803

04/11

6.884

Southland Crossings, Boardman, OH

25,222

04/11

6.884

Plaza at Sunset Hills, St. Louis, MO

32,696

04/11

6.884

The Promenade at Brentwood, St. Louis, MO

24,288

04/11

6.884

Centennial Promenade, Denver, CO

36,432

04/11

6.884

DDRC Headquarters, Beachwood, OH

22,484

04/11

Libor + 110

Southern Tier Crossing, Horseheads, NY

30,618

09/11

Libor + 150

Union Town Center, Indian Train, NC

6,606

10/11

7.000

Westgate Plaza, Gates, NY

23,686

10/11

7.240

Ashtabula Commons, Ashtabula, OH

6,580

12/11

7.000

Paradise Village Gateway, Phoenix, AZ

20,100

(7)

03/12

5.385

Gravois Village Plaza, St. Louis, MO

420

06/12

8.625

University Hills, Denver, CO

26,375

07/12

7.300

N. Charleston Center, N. Charleston, SC

9,965

07/12

7.370

Cortez Plaza, Bradenton, FL

12,071

07/12

7.150

Duvall Village, Bowie, MD

8,370

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

22,779

12/12

6.930

Big Flats Consumer Square IV, Big Flats, NY

803

01/13

7.600

Big Flats Consumer Square II, Big Flats, NY

2,756

01/13

8.010

Delaware Consumer Square, Buffalo, NY

677

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

Summary of Consolidated Debt 6.1.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Consolidated Debt
as of March 31, 2009 (con’t)


		Loan			Maturity		Interest
		Balance(000’s)			Date		Rate(1)

Victor Square, Victor, NY	F	$	6,268			04/13		5.800
Wrangleboro Consumer Sq. I & II, Mays Landing, NJ	F		42,846			05/13		6.990
Monmouth Consumer Sq., W. Long Branch, NJ	F		9,165			07/13		8.570
Rotonda Plaza, Englewood, FL	F		1,287			07/13		5.800
Reno Riverside, Reno, NV	V		3,264	(8)		02/15		5.950
Wal-Mart Plaza, Olean, NY	F		3,559			07/15		8.995
Hamilton Commons, Mays Landing, NJ	F		10,990			09/15		4.700
Consumer Square West, Columbus, OH	F		12,407			11/15		10.188
Boulevard Consumer Square (Kmart), Amherst, NY	F		9,414			11/15		7.850
Tops Plaza, Lockport, NY	F		9,856			01/16		8.000
Merriam Town Center, Merriam, KS (TIF)	F		4,775			02/16		6.900
Freedom Plaza, Rome, NY	F		3,488			09/16		7.850
Transit Commons, Amherst, NY	F		4,108			12/16		7.680
Thruway Plaza (Wal-Mart), Cheektowaga, NY	F		3,976			10/17		6.780
Tops Plaza, Ithaca, NY	F		15,617			01/18		7.050
Boulevard Consumer Square, Amherst, NY	F		10,973			07/18		5.670
Mohawk Commons, Niskayuna, NY	F		20,416			12/18		5.750
Lowes, Henderson, TN	F		7,568			01/19		7.660
Mariner Square, Spring Hill, FL	F		4,461			09/19		9.750
Northland Square, Cedar Rapids, IA	F		8,498			01/20		9.375
Connecticut Commons, Plainville, CT (TIF)	F		6,675			04/21		7.125
West Valley Marketplace, Allentown, PA	F		15,700			07/21		6.950
Gulfport Promenade, Gulfport, MS	V		60,000			12/37	SIFMA + 5



Total Mortgage Debt			1,539,222


Consolidated Debt		$	5,613,427

Add: Joint Venture Partner Share of Consilidated Debt		$	137,193


Total Consolidated Debt Including Joint Venture Share		$	5,750,620


					Wtd. Avg.		Wtd. Avg.
					Maturity		Interest Rate
Fixed Rate		$	4,049,405		2.84 years			5.3	%
Variable Rate		$	1,701,215		2.30 years			1.4	%

		$	5,750,620		2.68 years			4.2	%

Summary of Consolidated Debt 6.1.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Consolidated Debt
as of March 31, 2009 (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 $10.5 million net, is offset by approximately $3.8 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. Included in this amount is $9.7 million recorded at March 31, 2009 for the accretion of the convertible debt to comply with accounting standards.

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. Included in this amount is $29.7 million recorded at March 31, 2009 for the accretion of the convertible debt to comply with accounting standards.

4.		The Company’s joint venture with David Berndt Interests is consolidated within DDR’s accounts. DDR owns 50% of the debt.

5.		The Company’s joint venture with MDT is consolidated within DDR’s accounts. DDR owns 56.135% of the debt.

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

7.		The Company’s joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts. DDR owns 67% of the debt.

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.d

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Joint Venture Debt
as of March 31, 2009

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

14,152

03/12

7.090

Cypress Trace

16,000

04/12

5.000

Waterfront Marketplace

28,861

08/12

6.350

Waterfront Town Center

38,023

08/12

6.350

Creeks at Virginia Center

25,663

08/12

6.370

Willoughby Hills Shopping Center

13,796

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

10,981

01/13

5.870

Boynton Beach, FL (Meadows Square)

2,781

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)

247,900

04/10

Libor + 40

20,000

04/10

4.360

Secured Portfolio Financing (6 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

4,287

03/22

7.070

Joann Transit

2,075

08/13

6.250

New Hartford Consumer Square

29,506

11/18

5.750

Birmingham, AL (Riverchase)

7,456

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.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Joint Venture Debt
as of March 31, 2009 (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

01/09

5.000

Coventry II DDR Montgomery Farm (4)

115,907

07/10

4.500

4,476

07/10

Libor + 600

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

154,058

02/15

5.655

11,701

02/15

10.304

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 + 400

RVIP VIII

23,356

01/10

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

4,877

05/17

7.630

Tonawanda, NY

4,579

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.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Joint Venture Debt
as of March 31, 2009 (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		5,821		05/11		5.420
Columbus, OH	F		12,787		04/11		8.480

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

Jefferson County Plaza, LLC
Arnold, MO	V		3,664		08/12	Libor + 200

Sonae Sierra Brazil Limitadas	V		4,036		08/09	CDI + 500
	V		2,319		09/09	CDI + 700
	V		22,267		02/10	CDI + 500
	F		40,823		12/20		8.500

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

RO & SW Realty LLC	F		23,978		06/11		5.960


Total		$	5,760,277


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

Fixed Rate		$	4,572,099	0.92 years			5.5	%
Variable Rate		$	1,188,178	5.08 years			2.5	%


		$	5,760,277	4.22 years			4.9	%


DDR’s Proportionate Share:
Fixed Rate		$	980,538
Variable Rate		$	235,058

		$	1,215,596

Summary of Joint Venture Debt 6.2.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

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 joint venture associated with the Mervyns Portfolio is not reflected as it is consolidated within DDR’s accounts.

(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.d

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2009

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities (1)
as of March 31, 2009
(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	$	183,254	$	330,701	$	199,985	$	102,954	$	432,347	$	16,593	$	26,595	$	16,032	$	10,559	$	7,901	$	73,548	$	1,400,467
Construction Loans		0		23,113		30,618		0		85,024		0		0		0		0		0		0		138,755
Public Debt		0		478,683		434,417		810,410		0		0		199,564		0		0		100,000		0		2,023,074

Subtotal		183,254		832,497		665,020		913,364		517,371		16,593		226,160		16,032		10,559		107,901		73,548		3,562,296
Revolving Credit Facilities & Term Loan ⁽²⁾		0		0		1,251,131		800,000		0		0		0		0		0		0		0		2,051,132

Consolidated Debt	$	183,254	$	832,497	$	1,916,151	$	1,713,364	$	517,371	$	16,593	$	226,160	$	16,032	$	10,559	$	107,901	$	73,548	$	5,613,428
Add: JV Partner Shared Consolidated Debt	$	0	$	127,293	$	0	$	9,900	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	137,193

Total Consolidated Debt Including JV Share	$	183,254	$	959,790	$	1,916,151	$	1,723,264	$	517,371	$	16,593	$	226,160	$	16,032	$	10,559	$	107,901	$	73,548	$	5,750,620


JOINT VENTURE DEBT
Total JV Debt	$	308,721	$	1,431,354	$	485,633	$	854,887	$	250,785	$	159,910	$	425,981	$	7,369	$	1,765,944	$	6,335	$	63,358	$	5,760,277
DDR’s Proportionate Share		66,473		369,097		118,455		143,928		47,098		31,946		98,522		1,428		313,456		1,321		23,872		1,215,596

Total Consolidated Debt & Proportionate Share JV Debt	$	249,727	$	1,328,887	$	2,034,607	$	1,867,192	$	564,468	$	48,539	$	324,682	$	17,460	$	324,015	$	109,221	$	97,420	$	6,966,216



Notes:

(1)		In situations where options to extend the maturity of a loan exist, the maturity of the extension period(s) has been assumed for this schedule.

(2)		Balance at March 31, 2009 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.a

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2009


Corporate Headquarters		Investor Relations
3300 Enterprise Parkway		Thomas C. Morabito
Beachwood, Ohio 44122		Toll Free: (877) 225-5337
Main: (216) 755-5500		Direct: (216) 755-5842
Website: www.ddr.com		Email: tmorabito@ddr.com


Research Coverage
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Michael Bilerman	michael.bilerman@citi.com	(212) 816-1383
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Deutsche Bank Securities
John Perry	john.perry@db.com	44-20-7547-0560
Vincent Chao	vincent.chao@db.com	(212) 250-8811

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
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 l36172aexv99w3.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 three months ended March 31, 2009

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year				DDR							Total
			Developed/				Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired		Interest			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		4,362,335	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		1,071,397	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		2,228,844	STAPLES(2016), BEST BUY(2017), SUPER TARGET(NOT OWNED)
BIRMINGHAM, AL(RIVERCHASE)	RIVERCHASE PROMENADE (I) MONTGOMERY HIGHWAY	BIRMINGHAM		1989		2006		14.50	%		120,108		228,416		1,583,157	TOY’S R US(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	2821 MONTGOMERY HWY	DOTHAN		2004		2007		100.00	%		33,906		33,906		0
DOTHAN, AL(SHOPS)	SHOPS ON THE CIRCLE 3500 ROSS CLARK CIRCLE	DOTHAN		2000		2007		100.00	%		149,085		149,085		1,641,227	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		1,522,283	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		4,465,461	BABIES R US(2012), MARSHALLS(2011), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017), STEIN MART(2011), ROSS DRESS FOR LESS(2013), TARGET(NOT OWNED)
OPELIKA, AL	PEPPERELL CORNERS (I) 2300-2600 PEPPERELL PARKWAY OP	OPELIKA		1995		2003		100.00	%		306,224		306,224		524,849
SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY	SCOTTSBORO		1999		2003		100.00	%		40,560		223,750		202,560	WAL-MART(NOT OWNED)
TUSCALOOSA, AL	MCFARLAND PLAZA 2600 MCFARLAND BLD E	TUSCALOOSA		1999		2007		15.00	%		229,323		229,323		1,178,304	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		10,350,215	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	2992 NORTH ALMA SCHOOL ROAD	PHOENIX		1985		2005		50.00	%		74,862		74,862		0
MESA, AZ	SUPERSTITION SPRINGS 6505 E SOUTHERN AVENUE	PHOENIX		1990		2005		50.00	%		86,858		86,858		0
PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD	PHOENIX		1979		2005		50.00	%		81,009		81,009		0
PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD	PHOENIX		1995		1996		50.00	%		346,428		416,606		3,581,827	STAPLES(2009), HOMEGOODS(2013), MAC FRUGAL’S(2010), BARNES & NOBLE(2011), T.J. MAXX(2011), DSW SHOE WAREHOUSE(2017), BASSETT FURNITURE(2010), FRY’S(NOT OWNED)
PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD	PHOENIX		1994		2005		50.00	%		76,006		76,006		0
PHOENIX, AZ (SPE)	CHRISTOWN SPECTRUM MALL 1703 W BETHANY HOME RD	PHOENIX		1961		2004		20.00	%		452,865		1,031,123		7,280,754	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		3,217,921	ROSS DRESS FOR LESS(2014), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2014), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year				DDR							Total
			Developed/				Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired		Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
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		0

Arkansas
FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD	FAYETTEVILLE		1997/1999/2000/2001		1997		14.50	%		262,827		590,161		2,495,442	T.J. MAXX(2011), BEST BUY(2017), OLD NAVY(2010), BED BATH & BEYOND(2014), HOME DEPOT(NOT OWNED), WAL-MART SUPER CENTER(NOT OWNED)
FAYETTEVILLE, AR(STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR	FAYETTEVILLE		2003		2003		14.50	%		50,314		261,665		1,028,623	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		2,027,489	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		1,578,285	HOBBY LOBBY(2016), STAGE(2010), J.C. PENNEY(2012), BELK(2021)

Brazil
BRASILIA (FEDERAL DISTRICT)	PATIO BRASIL SHOPPING SCS QUADRA 07 BL A	BRASILIA		1997/2001		2006		5.00	%		331,300		363,484		10,438,351	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		21,359,802	LOJAS AMERICANAS(2014), CASAS BAHIA(2011), CENTAURO(2012), PET CENTER MARGINAL(2010), MARISA(2016), STAR BOWLING(2009), WAL-MART SUPERCENTER(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		30.70	%		198,400		198,400		1,608,120	C&A(2016), CASAS BAHIA(2009), MAGAZINE LUIZA(2010), LOJAS AMERICANAS(2014), C&C(2011)
SAO BERNARDO DO CAMPO (SAO PAULO)	SHOPPING METROPOLE PRACA SAMUEL SABATINE, 200	SAO PAULO		1980/95/97		2006		39.40	%		290,596		290,596		6,869,835	RENNER(2009), LOJAS AMERICANAS(2018)
SAO PAULO BOAVISTA (SAO PAULO)	BOAVISTA SHOPPING RUA BORBA GATO, 59	SAO PAULO		2004		2006		47.50	%		275,270		275,270		2,616,607	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		3,179,085	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		34.80	%		324,167		324,167		5,299,456	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		14.25	%		248,575		291,013		7,687,625	LOJAS AMERICANAS(2011), LUIGI BERTOLLI(2013), CAMICADO(2010), MONDAY ACADEMIA(2009), RENNER(2010)
SAO PAULO TIVOLI (SAO PAULO)	TIVOLI SHOPPING AV. SANTA BARBARA, 777	SAO PAULO		1993/2006		2006		14.25	%		237,869		237,869		2,833,057	LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2013), C&A(2016), C&C(2011), PAULISTAO(2016)

California
ANAHEIM, CA	ANAHEIM HILLS FESTIVAL 8100 E SANTA CANYON ROAD	LOS ANGELES		1992		2005		50.00	%		77,883		77,883		0
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		9,020,321	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)
BURBANK, CA	BURBANK TOWN CENTER 245 E MAGNOLIA BLVD	LOS ANGELES		1991		2005		50.00	%		89,182		89,182		0
CHINO, CA	CHINO TOWN SQUARE SC 5517 PHILADELPHIA	LOS ANGELES		1986		2005		50.00	%		81,282		81,282		0

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVENUE	FRESNO		1988		2005			50.00	%		75,088		75,088		0
CULVER CITY, CA	5660 SEPULVEDA BLVD	LOS ANGELES		1998		2007			100.00	%		32,873		32,873		0
EL CAJON, CA	WESTFIELD PARKWAY 565 FLETCHER PARKWAY	SAN DIEGO		1989		2005			50.00	%		85,744		85,744		0
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		0
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		0
LANCASTER, CA (DISCOUNT)	VALLEY CENTRAL (DISCOUNT) 44707-44765 VALLEY CENTRAL WAY	LOS ANGELES		1990		2001			21.00	%		353,512		483,816		3,083,339	MARSHALL’S(2012), STAPLES(2013), CINEMARK(2017), 99 CENTS ONLY(2014), COSTCO(NOT OWNED)
LOMPAC, CA	MISSION PLAZA 1600 N H STREET	LOS ANGELES		1992		2005			50.00	%		62,523		62,523		0
LONG BEACH, CA (PIKE)	THE PIKE AT RAINBOW HARBOR 95 SOUTH PINE AVE	LOS ANGELES		2005		1	*		100.00	%		281,535		315,074		5,911,467	CINEMARK(2017), BORDERS(2016), CLUB V2O(2019), GAMEWORKS (2017)
MADERA, CA	1467 COUNTRY CLUB DRIVE	FRESNO		1990		2005			50.00	%		59,720		59,720		0
NORTH FULLERTON, CA	CROSSROADS SC 200 IMPERIAL HIGHWAY	LOS ANGELES		1991		2005			50.00	%		76,360		76,360		0
OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE	SAN DIEGO		2000		2000			100.00	%		79,884		79,884		1,337,832	REGAL CINEMAS(2014)
PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W RANCHO VISTA BLVD.	LOS ANGELES		1992		2005			50.00	%		76,550		76,550		0
PASADENA, CA	PASEO COLORADO 280 E COLORADO BLVD	LOS ANGELES		2001		2003			100.00	%		556,271		556,271		10,889,718	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 55 CRESCENT DRIVE	SAN FRANCISCO		1999/2000		2001			20.00	%		345,930		345,930		6,548,184	LUCKY SUPERMARKET(2020), MICHAEL’S(2010), BORDERS(2015), ROSS DRESS FOR LESS(2015), 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		0
REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE	SAN FRANCISCO		1984		2005			50.00	%		61,363		61,363		0
RICHMOND, CA(HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE	SAN FRANCISCO		1996/2000		2002			20.00	%		245,774		245,774		3,320,999	.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		0
SAN FRANCISCO, CA (RETAILS)	VAN NESS PLAZA 1000 VAN NESS AVENUE	SAN FRANCISCO		1998		2002			100.00	%		123,755		123,755		3,370,747	AMC THEATRE(2030)
SANTA MARIA, CA	TOWN CENTER WEST SC 201 TOWN CENTER WEST	LOS ANGELES		1988		2005			50.00	%		84,886		84,886		0
SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA	SAN FRANCISCO		1981		2005			50.00	%		90,348		90,348		0
SLATTEN RANCH, CA	SLATTEN RANCH SC 5849 LONE TREE WAY	SAN FRANCISCO		2002		2005			50.00	%		78,819		78,819		0

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
SONORA, CA	SONORA CROSSROADS 1151 SANGUINETTI ROAD	SAN FRANCISCO		1993		2005			50.00	%		62,214		62,214		0
TULARE, CA	TULARE PAVILION SC 1675 HILLMAN STREET	FRESNO		1991		2005			50.00	%		62,947		62,947		0
VALENCIA, CA	RIVER OAKS SC 24235 MAGIC MOUNTAIN PKWY	LOS ANGELES		1986		2006			100.00	%		75,590		75,590		0
WEST COVINA, CA	WESTFIELD EASTLAND SC 2753 E. EASTLAND CTR DR	LOS ANGELES		1979		2005			50.00	%		79,800		79,800		0

Colorado
AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER	DENVER		2003		2003			14.50	%		127,215		479,541		2,331,858	BED BATH & BEYOND(2012), OFFICE DEPOT(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
BROOMFIELD, CO (FLATIRON GARD)	FLATIRON MARKETPLACE (GARDEN) 1 WEST FLATIRON CIRCLE	DENVER		2001		2003			100.00	%		252,035		421,447		4,097,990	NORDSTROM RACK(2011), BEST BUY(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		6,851,972	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		1,834,970	REGENCY THEATRES TAMARAC SQ.(2009)
DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD	DENVER		1997		2003			100.00	%		244,383		244,383		3,793,906	PIER 1 IMPORTS(2014), OFFICE MAX(2012), 24 HOUR FITNESS(2021), 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		399,256	HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
HIGHLAND RANCH, CO	8575 SOUTH QUEBEC ST	DENVER		1998		2007			100.00	%		43,480		43,480		0
LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE	DENVER		2002		1	*		100.00	%		231,450		255,184		5,899,062
PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER (I) SOUTH PARKER ROAD	DENVER		2003		2003			14.50	%		116,644		221,520		2,107,681	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		1,452,569	OFFICE DEPOT(2016), WAL-MART(NOT OWNED), HOME DEPOT(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		3,781,410	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)

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		1,108,101	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)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD N. CONGRESS AVE.	MIAMI		1986		2004			20.00	%		106,224		106,224		1,193,462	PUBLIX SUPER MARKETS(2011)
BOYNTON BEACH, FL (COMMONS)	BOYNTON COMMONS 333-399 CONGRESS AVE	MIAMI		1998		2007			15.00	%		210,488		210,488		3,184,041	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		677,877	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		1,768,788	PUBLIX SUPER MARKETS(2013)
BRADENTON, FL (LAKEWOOD)	LAKEWOOD RANCH PLAZA 1755 LAKEWOOD RANCH BLVD	BRADENTON		2001		2007			20.00	%		69,484		69,484		949,844	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		2,670,732	PUBLIX SUPER MARKETS(2010), BURLINGTON COAT FACTORY(2013), PETSMART(2012)
BRADENTON, FL(CREEKWOOD)	CREEKWOOD CROSSING 7395 52ND PLACE EAST	BRADENTON		2001		2007			20.00	%		180,746		284,085		1,927,851	BEALL’S(2016), BEALL’S OUTLET(2014), LIFESTYLE FAMILY FITNESS(2014), MACYS FURNITURE & MATRESS CLEARANCE CNTR(2012)
BRANDON, FL (KMART)	KMART SHOPPING CENTER 1602 BRANDON BL	TAMPA		1972/1997/2003		2	*		100.00	%		161,900		228,022		802,834	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		1,117,832	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		1,939,958	PUBLIX SUPER MARKETS(2012), ROSS DRESS FOR LESS(2013), STEIN MART(2015)
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		870,558	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		645,273	PUBLIX SUPER MARKETS(2010)
DAVIE, FL	PARADISE PROMENADE 5949-6029 STIRLING ROAD	MIAMI		2004		2007			20.00	%		74,493		74,493		1,160,513	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		2,251,720	PUBLIX SUPER MARKETS(2022), OFFICE DEPOT(2023)
ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD	SARASOTA		1991		2004			100.00	%		46,835		46,835		443,081
FORT MEYERS, FL	MARKET SQUARE 13300 SOUTH CLEVELAND AVENUE	FT. MEYERS		2004		2007			15.00	%		107,179		243,945		1,708,979	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		2,723,328	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		965,800	PUBLIX SUPER MARKETS(2021)
GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY	PENSACOLA		1998		2003			100.00	%		29,827		333,654		496,004	WAL-MART(NOT OWNED), LOWE’S(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
HERNANDO, FL	SHOPPES OF CITRUS HILLS 2601 FOREST RIDGE BLVD	OCALA		1994/2003		2007			20.00	%		68,927		68,927		717,918	PUBLIX SUPER MARKETS(2014)
HIALEAH, FL	PARAISO PLAZA 3300-3350 W. 80TH ST	MIAMI		1997		2007			20.00	%		60,712		60,712		768,128	PUBLIX SUPER MARKETS(2017)
JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE	JACKSONVILLE		1988		1995			100.00	%		219,735		295,752		1,242,490	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		581,447	FOOD LION(2010)
LAKE MARY, FL	SHOPPES OF LAKE MARY 4155 WEST LAKE MARY BLVD	ORLANDO		2001		2007			15.00	%		73,343		74,331		1,534,335	STAPLES(2015)
LAKE WALES, FL	SHOPPES ON THE RIDGE HIGHWAY 27 & CHALET SUZANNE ROAD	ORLANDO		2003		2007			20.00	%		115,671		115,671		1,089,167	PUBLIX SUPER MARKETS(2023)
LAKELAND, FL	LAKELAND MARKETPLACE FL LAKELAND	LAKELAND		2006		2003			100.00	%		77,582		77,582		581,865
LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA 2228 LAKELANDS HIGHLAND ROAD	LAKELAND		1990		2004			100.00	%		102,572		102,572		858,358	WINN DIXIE STORES(2017)
LARGO, FL	BARDMOOR PROMENADE 10801 STARKEY ROAD	TAMPA		1991		2007			20.00	%		152,667		165,607		1,896,659	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		1,052,741	TARGET(NOT OWNED)
MELBOURNE, FL	MELBOURNE SHOPPING CENTER 1301-1441 S BABCOCK	MELBOURNE		1960/1999		2007			20.00	%		204,202		229,102		1,376,690	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		3,244,665	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		1,164,098	PUBLIX SUPER MARKETS(2023)
MIRAMAR, FL	RIVER RUN MIRAMAR PARKWAY AND PALM AVENUE	MIAMI		1989		2007			20.00	%		93,643		106,828		972,664	PUBLIX SUPER MARKETS(2014)
NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH	NAPLES		1994		1995			14.50	%		267,796		283,196		2,879,787	WAL-MART(2014), T.J. MAXX(2014), ROSS DRESS FOR LESS(2012), BEALL’S(2015), OFFICE MAX(2010)
NAPLES, FL (COUNTRY)	COUNTRYSIDE SHOPPES 4025 SANTA BARBARA	NAPLES		1997		2007			20.00	%		73,986		73,986		857,359	SWEETBAY SUPERMARKETS(2017)
NEWPORT RICHEY, FL	SHOPPES AT GOLDEN ACRES 9750 LITTLE ROAD	TAMPA		2002		2007			20.00	%		130,643		130,643		1,296,924	PUBLIX SUPER MARKETS(2022)
OCALA, FL	HEATHER ISLAND 7878 SE MARICAMP	OCALA		2005		2007			20.00	%		70,970		70,970		715,616	PUBLIX SUPER MARKETS(2020)
OCALA, FL(STEEPLECHASE)	STEEPLECHASE PLAZA 8585 STATE ROAD 200	OCALA		1993		2007			100.00	%		92,180		92,180		918,970	PUBLIX SUPER MARKETS(2013)
OCALA, FL(WEST)	OCALA WEST 2400 SW COLLEGE ROAD	OCALA		1991		2003			100.00	%		105,276		105,276		820,548	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		1,096,259	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		665,220	BEALL’S(2014), PUBLIX(NOT OWNED)
ORLANDO, FL (CHICKASAW)	CHICKASAW TRAIL 2300 S. CHICKASAW TR	ORLANDO		1994		2007			20.00	%		75,492		76,067		788,916	PUBLIX SUPER MARKETS(2014)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
ORLANDO, FL (GOOD HOMES)	GOOD HOMES PLAZA GOOD HOMES ROAD AND COLONIAL DRIVE	ORLANDO		1999		2007			15.00	%		78,625		78,625		514,396	STAPLES(2015)
ORLANDO, FL(CONWAY)	CONWAY PLAZA 4400 CURRY FORD ROAD	ORLANDO		1985/1999		2007			20.00	%		117,723		117,723		962,964	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		2,375,514	BEALL’S(2014), PETSMART(2014), STAPLES(2014), LOWES(NOT OWNED), WALMART(NOT OWNED)
ORLANDO, FL(SKYVIEW)	SKYVIEW PLAZA 7801 ORANGE BLOSSOM TRAIL	ORLANDO		1994/1998		2007			20.00	%		281,260		281,260		2,038,260	PUBLIX SUPER MARKETS(2013), OFFICE DEPOT(2008), K MART(2014)
OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD	ORLANDO		1999		1	*		20.00	%		186,212		321,249		1,640,590	OFFICE MAX(2014), ROSS DRESS FOR LESS(2015), 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		2,030,115	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		963,933	TARGET(NOT OWNED), PUBLIX(NOT OWNED)
PALM HARBOR, FL (BROOKER)	BROOKER CREEK 36301 E.LAKE ROAD	TAMPA		1994		2007			20.00	%		77,596		77,596		909,140	PUBLIX SUPER MARKETS(2014)
PEMBROKE PINES, FL	FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD	MIAMI		2001		2007			20.00	%		108,565		108,565		2,415,147
PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD	PENSACOLA		1988/1997/1999		1/2	*		100.00	%		17,150		236,892		253,731	WALMART(NOT OWNED)
PLANT CITY, FL	PLANT CITY CROSSING SWC OF INTERSTATE 4 & THONOTOSASSA ROAD	TAMPA		2001		2007			100.00	%		85,252		85,252		1,017,324	PUBLIX SUPER MARKETS(2021)
PLANT CITY, FL(LAKE)	LAKE WALDEN SQUARE 105-240 W ALEXANDER	TAMPA		1992		2007			14.50	%		158,347		161,347		1,360,602	KASH N KARRY(2012), PREMIERE CINEMAS (2013)
PLANTATION, FL (FOUNTAINS)	THE FOUNTAINS 801 SOUTH UNIVERSITY DRIVE	MIAMI		1989		2007			100.00	%		223,447		295,666		2,622,013	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		675,123	PUBLIX SUPER MARKETS(2024)
SARASOTA, FL	SARASOTA PAVILION 6511 TAMAIMI TRAIL	SARASOTA		1999		2007			15.00	%		324,985		336,951		3,843,571	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		1,573,447	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		2,060,678	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(2014), WAL-MART(NOT OWNED)
TALLAHASSEE, FL (KILLEARN)	KILLEARN SHOPPING CENTER 3479-99 THOMASVILLE ROAD	TALLAHASSEE		1980		2007			20.00	%		95,229		95,229		950,219	PUBLIX SUPER MARKETS(2011)
TALLAHASSEE, FL (SOUTHWOOD)	SOUTHWOOD VILLAGE NWC CAPITAL CIRCLE & BLAIRSTONE ROAD	TALLAHASSEE		2003		2007			20.00	%		62,840		62,840		718,624	PUBLIX SUPER MARKETS(2023)
TAMARAC, FL	MIDWAY PLAZA UNIVERSITY DR & COMMERCIAL BLVD	MIAMI		1985		2007			20.00	%		227,209		227,209		2,767,947	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

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY	TAMPA		1990		1/2	*		20.00	%		104,460		222,388		1,194,550	PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)
TAMPA, FL (WALKS)	WALK AT HIGHWOOD PRESERVE(I) 18001 HIGHWOODS PRESERVE PARKWAY	TAMPA		2001		2007			15.00	%		169,081		178,981		2,139,613	MICHAEL’S(2012)
TAMPA, FL (WATERS)	TOWN N’ COUNTRY PROMENADE 7021-7091 WEST WATERS AVENUE	TAMPA		1990		1/2	*		100.00	%		134,463		249,844		1,213,756	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		1,355,130	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		1,087,917	STEIN MART(2017)
VALRICO, FL	BRANDON BOULEVARD SHOPPES 1930 SR 60 E.	TAMPA		1994		2007			100.00	%		85,377		85,377		924,325	PUBLIX SUPER MARKETS(2014)
VALRICO, FL (LITHIA)	SHOPPES AT LITHIA 3461 LITHIA PINECRES T ROAD	TAMPA		2003		2007			20.00	%		71,430		71,430		1,050,741	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	6560 20TH STREET	VERO BEACH		2001		2007			100.00	%		33,243		33,243		0
WESLEY CHAPEL, FL	SHOPPES OF NEW TAMPA 1920 CR 581	TAMPA		2002		2007			20.00	%		158,602		158,602		1,868,694	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		910,687	PUBLIX SUPER MARKETS(2023)
WINTER PARK, FL (GOLDENROD)	WINTER PARK PALMS 4270 ALOMA AVENUE	ORLANDO		1985/1998		2007			14.50	%		112,292		112,292		798,838	PUBLIX SUPER MARKETS(2010)

Georgia
ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD	ATLANTA		2000		2003			100.00	%		24,000		218,879		367,032	WAL MART(NOT OWNED)
ATLANTA, GA (BROOKHAVEN)	BROOKHAVEN PLAZA 3974 PEACHTREE RD NE	ATLANTA		1993		2007			20.00	%		65,320		71,320		1,187,755	KROGER(2018)
ATLANTA, GA (CORNERS)	CASCADE CORNERS 3425 CASCADE ROAD	ATLANTA		1993		2007			20.00	%		66,844		66,844		462,362	KROGER(2020)
ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD	ATLANTA		1990		1994			100.00	%		99,025		219,025		692,769	WAL-MART(NOT OWNED)
ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY	ATLANTA		1995/2002		1995			14.50	%		343,155		352,755		5,466,736	STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015)
ATLANTA, GA(ABERNATHY)	ABERNATHY SQUARE 6500 ROSWELL RD	ATLANTA		1983/1994		2007			100.00	%		127,616		131,516		2,228,433	PUBLIX SUPER MARKETS(2014)
ATLANTA, GA(CROSSING)	CASCADE CROSSING 3695 CASCADE RD SW	ATLANTA		1994		2007			20.00	%		63,346		63,346		607,522	PUBLIX SUPER MARKETS(2014)
AUGUSTA, GA	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		487,921	BURLINGTON COAT FACTORY(2014)
BUFORD, GA (MILLCREEK)	MARKETPLACE AT MILLCREEK (I) MALL OF GEORGIA BLVD	ATLANTA		2003		2007			15.00	%		403,031		403,031		4,564,453	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		933,067	PUBLIX SUPER MARKETS(2020)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year				DDR							Total
			Developed/				Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired		Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
CANTON, GA (RIVER)	RIVERSTONE PLAZA 1451 RIVERSTONE PARKWAY	ATLANTA		1998		2007		20.00	%		302,131		331,820		3,256,802	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		2,422,725	WAL-MART(2015), LOWE’S(2015)
CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD	ATLANTA		1976		2003		100.00	%		147,016		147,016		669,076
COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB	COLUMBUS		1999		2003		100.00	%		119,786		242,786		968,643	PETSMART(2015), MICHAEL’S(2014), TARGET(NOT OWNED)
CUMMING, GA	SHARON GREENS 1595 PEACHTREE PKWY	ATLANTA		2001		2007		20.00	%		98,301		101,301		1,079,584	KROGER(2021)
CUMMING, GA (MARKETPLACE)	CUMMING MARKETPLACE MARKETPLACE BOULEVARD	ATLANTA		1997/1999		2003		100.00	%		308,557		652,642		3,402,949	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		713,277	PUBLIX SUPER MARKETS(2013)
DECATUR, GA(HAIRSTON)	HAIRSTON CROSSING 2075 S HAIRSTON ROAD	ATLANTA		2002		2007		20.00	%		57,884		57,884		706,811	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		2,735,613	PETSMART(2014), OFFICE MAX(2013), MARSHALLS(2014), ROSS DRESS FOR LESS(2012), TARGET (NOT OWNED)
DOUGLASVILLE, GA(MARKET)	MARKET SQUARE 9503-9579 HIGHWAY 5	ATLANTA		1974/1990		2007		20.00	%		121,766		128,266		1,419,088	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), SUPER TARGET(NOT OWNED), COSTCO(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		3,600,811	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		774,560	PUBLIX SUPER MARKETS(2023)
FAYETTEVILLE, GA (PAVILION)	FAYETTE PAVILION (I) NEW HOPE ROAD & GA HWY 85	ATLANTA		1995/2002		2007		15.00	%		1,258,551		1,507,048		11,294,479	H.H. GREGG APPLIANCES(2018), WAL-MART(2016), BED BATH & BEYOND(2013), SPORTS AUTHORITY(2012), T.J. MAXX(2010), PUBLIX SUPER MARKETS(2016), BELK(2015), BEST BUY(2013), HUDSON’S FURNITURE SHOWROOM(2016), OLD NAVY(2010), ROSS DRESS FOR LESS(2012), TOYS R US(2010), CINEMARK(2018), MARSHALLS(2011), PETSMART(2016), KOHL’S(2022), JO-ANN STORES(2012), DICK’S SPORTING GOODS(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
FLOWERY BRANCH, GA	CLEARWATER CROSSING 7380 SPOUT SPRINGS ROAD	ATLANTA		2003		2007		20.00	%		90,566		90,566		1,100,775	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		2,792,070	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), TOTAL WINE & MORE(2017), REI(2018), OLD NAVY (2010), TARGET(NOT OWNED)
KENNESAW, GA(TOWN)	TOWN CENTER COMMONS 725 EARNEST BARRETT PARKWAY	ATLANTA		1998		2007		100.00	%		72,108		159,758		989,415	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		451,212

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year				DDR							Total
			Developed/				Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired		Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
LAWRENCEVILLE, GA (RITE AID)	RITE AID 1545 LAWRENCEVILLE HIGHWAY	ATLANTA		1997		2007		100.00	%		9,504		9,504		184,328
LAWRENCEVILLE, GA(SPRINGFIELD)	SPRINGFIELD PARK 665 DULUTH HIGHWAY	ATLANTA		1992/2000		2007		100.00	%		105,321		105,321		910,709	HOBBY LOBBY(2011)
LITHONIA, GA	STONECREST MARKETPLACE TURNER HILL ROAD AND MALL PARKWAY	ATLANTA		2002		2007		15.00	%		264,584		264,584		2,968,605	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		1,536,939	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		1,027,874	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), PETSMART(2017)
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	%		400,653		536,769		4,394,250	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		4,042,791	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		803,963	OFFICE DEPOT(2016), WALMART(NOT OWNED), LOWES(NOT OWNED)
MCDONOUGH, GA(DOW)	SHOPPES AT LAKE DOW 900-938 HIGHWAY 81 E	ATLANTA		2002		2007		20.00	%		72,727		72,727		874,378	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		4,223,328	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		1,236,393	LOWE’S(2015), WAL-MART(NOT OWNED)
NEWNAN, GA (PAVILION)	NEWNAN PAVILION 1074 BULLSBORO DR	ATLANTA		1998		2007		15.00	%		263,635		459,508		2,872,814	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		864,833	INGLES(2019)
ROME, GA	2700 MARTHA BERRY HIGHWAY	ROME		2001		2007		100.00	%		33,056		33,056		0
ROSWELL, GA (SANDY)	SANDY PLAINS VILLAGE (I) GEORGIA HWY 92 AND SANDY PLAINS ROAD	ATLANTA		1978/1995		2007		100.00	%		177,529		177,529		1,459,931	KROGER(2010)
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		3,230,431	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		3,868,502	JO-ANN STORES(2014), KROGER(2018), STEIN MART(2013), HOME DEPOT(2023)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
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		761,849	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		3,743,526	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		357,501
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		878,987	KROGER(2019), WALMART(NOT OWNED)
TYRONE, GA	SOUTHAMPTON VILLAGE NWC OF HIGHWAY 74 & SWANSON ROAD	ATLANTA		2003		2007			20.00	%		77,956		77,956		898,678	PUBLIX SUPER MARKETS(2023)
UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD	ATLANTA		1986		2003			100.00	%		100,002		181,954		545,961	WAL-MART(NOT OWNED)
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), LOWES(NOT OWNED), WAL-MART(NOT OWNED)
WARNER ROBINS, GA (CITY)	CITY CROSSING WATSON BLVD & CARL VINSON PKWY	WARNER ROBINS		2001		2007			15.00	%		190,433		305,433		1,608,405	MICHAEL’S(2011), ROSS DRESS FOR LESS(2012), 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		404,006
WOODSTOCK, GA (SQUARE)	WOODSTOCK SQUARE 120-142 WOODSTOCK SQ	ATLANTA		2001		2007			15.00	%		218,859		392,859		2,856,186	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		6,572,165	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		185,000	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		8,912,105	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	%		226,552		233,951		2,751,914	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		901,793	SEARS(2013), J.C. PENNEY(2012)
ORLAND PARK, IL	MARLEY CREEK SQUARE 179TH ST. & WOLF ROAD	CHICAGO		2006		2006			50.00	%		57,679		62,579		717,999
ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE	CHICAGO		1987/1993		2004			100.00	%		149,498		149,498		1,471,963	HOME DEPOT(2012)
ROCKFORD, IL	WALGREENS 2525 S. ALPINE ROAD	ROCKFORD		1998/1999		2007			100.00	%		14,725		14,725		350,000

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
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		8,227,627	OFF 5TH(2011), PETSMART(2014), HOMEGOODS(2014), OFFICE MAX(2010), CONTAINER STORE(2011), 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		7,621,251	MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(2015), BEST BUY(2014), CROWN THEATRES(2021), BARNES & NOBLE(2012)

Indiana
BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE	BEDFORD		1993/1997		2	*		100.00	%		223,431		223,431		1,003,519	K MART(2018), 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		796,316	KROGER(2020)
LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE	LAFAYETTE		2000		2003			100.00	%		35,100		243,850		216,057	WAL MART(NOT OWNED)
SOUTH BEND, IN	BROADMOOR PLAZA 1217 E. IRELAND ROAD	SOUTH BEND		1987		2007			20.00	%		114,968		114,968		1,264,462	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		1,185,032	HERBERGER’S(2010), J.C. PENNEY(2010), TARGET(NOT OWNED)

Kansas
LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119TH STREET	KANSAS CITY		1996/2002		1998			100.00	%		309,423		491,794		8,188,320	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		4,070,658	CINEMARK(2018), OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2014), DICK’S SPORTING GOODS(2016), HOME DEPOT (NOT OWNED)
OVERLAND PARK, KS(POINTE)	OVERLAND POINTE MARKETPLACE INTER 135 & ANTIOCH ROAD	KANSAS CITY		2001/2004		2003			14.50	%		42,632		361,759		888,936	BABIES R US(2015), SAM’S CLUB(NOT OWNED), HOME DEPOT(NOT OWNED)
WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD	WICHITA		1955		2002			100.00	%		205,114		300,492		1,959,979	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	WAL MART(NOT OWNED), LOWE’S(NOT OWNED)
LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY	LOUISVILLE		1973/1989/1998		2004			100.00	%		120,777		120,777		623,382	VALU DISCOUNT(2009)
RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS	LEXINGTON		1992		2003			100.00	%		147,929		219,201		640,260	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

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
Maine
BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD	AUGUSTA		1965		1997			100.00	%		301,853		310,090		2,270,449	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
GLEN BURNIE, MD	HARUNDALE PLAZA 7440 RITCHIE HIGHWAY	WASHINGTON, DC		1999		2007			20.00	%		217,619		217,619		2,740,928	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	%		88,921		88,921		1,124,745
SALISBURY, MD	THE COMMONS (I) E. NORTH POINT DRIVE	SALISBURY		1999		1	*		100.00	%		126,135		350,012		1,818,879	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		3,762,205	SHOPPERS FOOD WAREHOUSE(2016), 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)

Massachusetts
EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD	BOSTON		2001		1	*		100.00	%		222,236		639,756		4,744,699	HOME DEPOT(2031), BED BATH & BEYOND(2011), OLD NAVY(2011), OFFICE MAX(2020), BABIES R US(2013), MICHAEL’S(2012), COSTCO(NOT OWNED), TARGET (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		3,369,750	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	BAX 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		2,223,591	OFFICE DEPOT(2009), T.J. MAXX(2014), TARGET(NOT OWNED), KOHL’S(NOT OWNED)
CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE	CHEBOYGAN		1988		1994			100.00	%		70,076		70,076		283,389	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		343,619		1,661,606	PHOENIX THEATERS(2013), KIDS R US(2013), FORMAN MILLS(2012)
GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET	GAYLORD		1991/2004		1993			100.00	%		188,386		188,386		596,073	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BOSMAN MERCANTILE (2018)
GRAND RAPIDS, MI	GREEN RIDGE SQUARE (I) 3390-B ALPINE AVE NW	GRAND RAPIDS		1989		1995			100.00	%		133,538		303,447		1,540,595	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	GRAND RAPIDS		1991/1995		2004			100.00	%		85,254		85,254		481,831	BED BATH & BEYOND(2015)
GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECTN 44TH ST & CANAL AVE	GRAND RAPIDS		2003		2003			14.50	%		201,622		351,994		1,837,500	GANDER MOUNTAIN(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26	HOUGHTON		1981/1999		1/2	*		100.00	%		257,863		257,863		331,020	J.C. PENNEY(2010), OFFICE MAX(2014)
HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER	HOWELL		1991		1993			100.00	%		214,501		214,501		1,450,479	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	LANSING		2000/2001		2003			100.00	%		135,697		489,104		1,508,664	MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
LIVONIA, MI	WALGREENS 29200 6 MILE ROAD	DETROIT		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		307,785	KROGER(2020)
MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD	MT. PLEASANT		1990		2	*		100.00	%		249,680		249,680		789,197	T.J. MAXX(2014), KROGER(2011)
PORT HURON, MI	WALGREENS NWC 10TH STREET & OAK STREET	DETROIT		2000		2007			100.00	%		15,120		15,120		359,856
SAULT ST. MARIE, MI	CASCADE CROSSING 4516 I-75 BUSINESS SPUR	SAULT ST. MARIE		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		1,667,765	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		1,301,375	HERBERGER’S(2013), MOVIES 10(2011)
COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE	MINNEAPOLIS		2003		1	*		14.50	%		551,867		940,371		9,159,658	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		3,779,648	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		2,706,624	WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), LA FITNESS INTERNATIONAL(2023), HERBERGER’S(NOT OWNED), BORDERS BOOKS AND MUSIC(NOT OWNED)

Mississippi
GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARKWAY	GULFPORT		1999		2003			100.00	%		423,507		545,820		5,177,508	ACADEMY SPORTS(2015), BED BATH & BEYOND(2014), ROSS DRESS FOR LESS(2015), T.J. MAXX(2014), 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		1,214,978	PETSMART(2012), OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVE	OXFORD		2000		2003			20.00	%		13,200		71,866		345,620	KROGER(2020)
STARKVILLE, MS	STARKVILLE CROSSINGS 882 HIGHWAY 12 WEST	STARKVILLE		1999/2004		1994			100.00	%		133,691		268,254		931,109	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		1,873,519	SAM’S CLUB(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)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
BRENTWOOD,MO	THE PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT	KANSAS CITY		1998		1998			100.00	%		299,584		299,584		4,235,881	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		1,492,019	T.J. MAXX(2011)
FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141	KANSAS CITY		1970/1997		1/2	*		100.00	%		93,420		100,420		948,773
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		5,038,100	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)
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		1,059,258	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		5,377,634	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
LAS VEGAS, NV (LOMA)	LOMA VISTA SHOPPING CTR 4700 MEADOWS LANE	LAS VEGAS		1979		2005			50.00	%		75,687		75,687		0
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		693,845	CENTURY THEATRE(2014)

New Jersey
BRICK, NJ	BRICK CENTER PLAZA 51 CHAMBERS BRIDGE ROAD	NEW YORK CITY		1999		2007			100.00	%		114,028		114,028		1,784,287	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		1,031,082	LOEWS EAST HANOVER CINEMAS(2022)
EDGEWATER, NJ	EDGEWATER TOWNE CENTER (I) 905 RIVER ROAD	NEW YORK CITY		2000		2007			100.00	%		77,508		77,508		1,762,432	WHOLE FOODS(2020)
FREEHOLD, NJ	FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537)	FREEHOLD		2005		1	*		100.00	%		23,454		36,578		430,000
HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD	TRENTON		2004		2003			100.00	%		468,240		956,920		8,125,737	STAPLES(2015), KOHL’S(2023), MICHAEL’S(2014), ROSS DRESS FOR LESS(2014), SHOPRITE(2028), BARNES & NOBLE(2014), WALMART(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), LOWE’S(NOT OWNED)
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		1,688,595	STOP & SHOP(2020)
MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE	MAYS LANDING		2001		2004			100.00	%		398,910		398,910		5,573,393	REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
MAYS LANDING, NJ (WRANGLEBORO)	WRANGLEBORO CONS SQ (I & II) 2300 WRANGLEBORO ROAD	MAYS LANDING		1997		2004			100.00	%		843,019		843,019		9,325,848	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)
MOUNT LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE	PHILADELPHIA		2005		1	*		10.00	%		280,067		709,863		6,636,919	WEGMAN’S FOOD MARKETS(2024), BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO-ANN STORES(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), COSTCO(NOT OWNED), TARGET(NOT OWNED)
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), PETSMART(2011), BABIES R US(2016), TARGET(NOT OWNED), WALMART(NOT OWNED), HOME DEPOT(NOT OWNED), SAM’S CLUB(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		4,059,966	DICK’S SPORTING GOODS(2015), MICHAEL’S(2014), 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	%		86,348		211,348		597,268	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		4,106,352	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	LAS ALAMOS		1978/1997		1/2	*		100.00	%		93,021		93,021		688,291	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		2003		2004			100.00	%		530,510		672,622		7,723,861	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		2,157,208	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		1,154,449	TOPS MARKETS(2010)
AMHERST, NY (TOPS)	TRANSIT COMMONS (TOPS) 9660 TRANSIT ROAD	BUFFALO		1995/1998		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)
AVON, NY (TOPS)	TOPS PLAZA (TOPS) 270 E. MAIN STREET	ROCHESTER		1997/2002		2004			10.00	%		63,288		63,288		480,689	TOPS MARKETS(2017)
BATAVIA, NY (BJS)	BJ’S PLAZA 8326 LEWISTON ROAD	ROCHESTER		1996		2004			14.50	%		95,846		95,846		848,924	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		5,181,367	WAL-MART(2013), SAM’S CLUB(2013), TOPS MARKETS(2013), BED BATH & BEYOND(2014), MICHAEL’S(2015), OLD NAVY(2009), STAPLES(2011), BARNES & NOBLE(2011), T.J. MAXX(2013)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year				DDR							Total
			Developed/				Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired		Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
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		862,372	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		2,008,671	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		1,115,884	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		1997		2004		100.00	%		371,512		503,844		2,773,004	WAL-MART(2017), MOVIELAND 8 THEATRES(2019), TOPS MARKETS(2019), A.J. WRIGHT(2015), VALUE CITY FURNITURE(2014), 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		1,535,156	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		3,758,550	MARSHALLS(2009), OFFICE MAX(2010), SAM’S CLUB(2024), 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
CHEEKTOWAGA, NY (WALDEN)	WALDEN CONSUMER SQUARE 1700 — 1750 WALDEN AVENUE	BUFFALO		1997/1999/2004		2004		14.50	%		255,964		255,964		1,942,002	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		2004		14.50	%		520,876		520,876		3,901,820	BJ’S WHOLESALE CLUB(2021), DICK’S SPORTING GOODS(2011), MICHAEL’S(2015), 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		3,160,476	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(2015)
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	%		330,312		330,312		3,252,909	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		1,773,085	OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
HAMBURG, NY (DICKS-PIER 1)	MCKINLEY MALL OP (PIER 1) 3701 MCKINLEY PARKWAY	BUFFALO		2001		2004			100.00	%		128,944		128,944		1,579,683	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		1,307,728	HOME DEPOT(2012)
HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP 3540 MCKINLEY PARKWAY	BUFFALO		1999		2004			100.00	%		106,774		106,774		1,301,445	OLD NAVY(2010), JO-ANN STORES(2015)
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		1,177,233	WALMART(NOT OWNED), DICK’S SPORTING GOODS (2019), 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		2,159,505	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		3,683,525	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		1,030,560	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		2,747,541	WAL-MART(2015), TOPS MARKETS(2021), SEARS(2011)
N. TONAWANDA, NY (SEARS)	MID-CITY PLAZA 955-987 PAYNE AVENUE	BUFFALO		1960/1976/1980/1995/ 2004		2004			100.00	%		222,107		222,107		2,297,728	TOPS MARKETS(2024)
NEW HARTFORD, NY	NEW HARTFORD CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE	UTICA		2002		2004			14.50	%		514,717		514,717		6,368,935	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		1,118,030	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		4,755,914	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		1,090,210	TOPS MARKETS(2018)
OLEAN, NY (WAL-MART)	WAL-MART PLAZA 3142 WEST STATE STREET	OLEAN		1993/2004		2004			100.00	%		353,459		469,465		2,371,978	WAL-MART(2023), EASTWYNN THEATRES(2014), BJ’S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)
ONTARIO, NY (TOPS-BLOCKBUSTER)	TOPS PLAZA 6254-6272 FURNACE RD	ROCHESTER		1998		2004			20.00	%		77,040		77,040		662,613	TOPS MARKETS(2019)
ORCHARD PARK, NY (BLOCKBUSTER)	CROSSROADS CENTRE 3245 SOUTHWESTERN BLVD	BUFFALO		2000		2004			20.00	%		167,805		167,805		1,844,086	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		3,358,120	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		3,414,587	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)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
TONAWANDA, NY (BIG LOTS)	YOUNGMANN PLAZA (BIGLOTS) 750 YOUNG STREET	BUFFALO		1985/2003		2004			10.00	%		306,421		318,166		2,398,950	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		1,362,621	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		549,060	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		1,380,733	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
WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE	BUFFALO		1986/1995/2003		2004			100.00	%		102,917		102,917		1,195,333
WILLIAMSVILLE, NY (PREMIER)	PREMIER PLACE 7864 — 8020 TRANSIT ROAD	BUFFALO		1986/1994/1998		2004			14.50	%		141,639		141,639		1,251,881	PREMIER LIQUORS(2010), STEIN MART(2013)

North Carolina
APEX, NC (SOUTH)	BEAVER CREEK CROSSINGS (SOUTH) 1335 W WILLIAMS STREET	RALEIGH		2006		1	*		100.00	%		282,492		294,732		4,339,288	DICK’S SPORTING GOODS(2017), CONSOLIDATED THEATRES(2026), T.J. MAXX(2016), 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		937,131	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		1,493,121	CARMIKE CINEMAS(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2013), OFFICE MAX(2011)
CARY, NC	1401 PINEY PLAINS RD	RALEIGH		2000		2007			100.00	%		27,891		27,891		0
CARY, NC(MILL POND)	MILL POND VILLAGE 3434-3490 KILDAIRE FARM ROAD	RALEIGH		2004		2007			100.00	%		84,364		149,051		1,207,702	LOWE’S FOODS(2021)
CHAPEL HILL, NC	MEADOWMONT VILLAGE W. BARBEE CHAPEL RD	DURHAM		2002		2007			20.00	%		132,745		132,745		2,432,249	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		1,370,209	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 CHAPE L ROAD	CHARLOTTE		2001		2007			100.00	%		131,242		131,242		1,035,073	STEIN MART(2013), FRESH MARKET(2018)
DURHAM, NC	PATTERSON PLACE 3616 WITHERSPOON BLVD.	DURHAM		2004		2007			20.00	%		161,017		161,017		2,092,987	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		1,366,928	FOOD LION(2010), BURLINGTON COAT FACTORY(2012), WAL-MART(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
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		1,913,992	T.J. MAXX(2011), BED BATH & BEYOND(2014)
FAYETTEVILLE, NC(PAVILION)	FAYETTEVILLE PAVILION 2061 SKIBO ROAD	FAYETTEVILLE		1998/2001		2007			20.00	%		272,385		272,385		2,746,372	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		924,455	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		940,747	COSTCO(NOT OWNED)
GREENSBORO, NC(WENDOVER II)	WENDOVER VILLAGE (II) WEST WENDOVER AVE	GREENSBORO		2004		2007			20.00	%		135,004		135,004		1,498,263	A.C. MOORE(2014), KLAUSSNER FURNITURE(2014)
HUNTERSVILLE, NC	BIRKDALE VILLAGE (RETAIL) 8712 LINDHOLM DR., SUITE 206	CHARLOTTE		2003		2007			15.00	%		301,045		302,842		6,454,132	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		1,879,295	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		1,154,975	BED BATH & BEYOND(2013), ROSS DRESS FOR LESS(2013), TARGET(NOT OWNED), LOWES(NOT OWNED)
MATTHEWS, NC	SYCAMORE COMMONS MATTHEWS TWNSHP PWY & NORTHEAST PWY	CHARLOTTE		2002		2007			15.00	%		265,535		555,210		3,838,197	MICHAEL’S(2012), BED BATH & BEYOND(2012), DICK’S SPORTING GOODS(2017), OLD NAVY(2011), 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		3,829,722	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		3,252,461	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		252,130		424,691	WAL-MART(NOT OWNED)
RALEIGH, NC(ALEXANDER)	ALEXANDER PLACE GLENWOOD AVE & BRIER CREEK PKWY	RALEIGH		2004		2007			15.00	%		188,254		398,254		2,665,270	KOHL’S(2025), H.H. GREGG APPLIANCES(2022), SUPER WALMART(NOT OWNED)
RALEIGH, NC(CAPITAL)	CAPITAL CROSSING 2900-2950 EAST MILL BROOK ROAD	RALEIGH		1995		2007			100.00	%		83,248		83,248		913,920	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		864,704	FOOD LION(2022)
SALISBURY, NC	ALEXANDER POINTE 850 JAKE ALEXANDER BLVD	SALISBURY		1997		2007			20.00	%		57,710		57,710		642,844	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		350,400	STEIN MART(2016)
WAKE FOREST, NC	CAPITAL PLAZA 11825 RETAIL DRIVE	RALEIGH		2004		2007			15.00	%		46,793		336,793		603,833	HOME DEPOT(NOT OWNED), SUPER TARGET(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA	WASHINGTON		1990/1999		1/2	*		100.00	%		80,269		265,053		397,088	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		3,194,976	LOWE’S(2014), OLD NAVY(2011), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), 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		1,123,300	HARRIS TEETER SUPERMARKETS(2024)
WINSTON SALEM, NC(OAK)	OAK SUMMIT EAST HANES MILL ROAD	WINSTON SALEM		2003		2007			15.00	%		142,394		352,394		1,474,989	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		858,752	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)

North Dakota
DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE	DICKINSON		1978		1/2	*		100.00	%		267,506		267,506		1,021,080	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		1,111,109	CINEMARK(2011), HEINEN’S(NOT OWNED)
BOARDMAN, OH	SOUTHLAND CROSSINGs I-680 & US ROUTE 224	YOUNGSTOWN		1997		1	*		100.00	%		506,254		511,654		4,275,595	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		5,327,312	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		1,331,981	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		10,818,432	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		742,100	K MART(2012)
COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST 3630 SOLDANO BLVD.	COLUMBUS		1989/2003		2004			100.00	%		356,515		356,515		2,174,728	KROGER(2014), TARGET(2011)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET	COLUMBUS		1998		1998			100.00	%		509,611		509,611		6,219,948	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), BUY BUY BABY (2020)
COLUMBUS, OH (LENNOX)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD	COLUMBUS		1997		1998			50.00	%		352,913		352,913		3,631,126	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		3,616,671	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	%		219,562		328,643		579,143	AMC THEATRE(2009), MANNINO’S GRAND SLAM (2010), 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		1,561,519	GIANT EAGLE(2014)
ELYRIA, OH	ELYRIA SHOPPING CENTER 841 CLEVELAND	CLEVELAND		1977		2	*		100.00	%		92,125		92,125		603,720	GIANT EAGLE(2010)
GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE	GALLIPOLIS		1998		2003			100.00	%		25,950		205,908		363,356	WAL MART(NOT OWNED)
GROVE CITY, OH(DERBY SQUARE)	DERBY SQUARE 2161-2263 STRINGTOWN ROAD	COLUMBUS		1992		1998			20.00	%		128,250		128,250		1,146,751	GIANT EAGLE(2016)
HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE	DAYTON		1990		1993			100.00	%		182,749		297,306		1,644,824	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	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)
MACEDONIA, OH	MACEDONIA COMMONS (I) MACEDONIA COMMONS BLVD	CLEVELAND		1994		1994			50.00	%		236,556		375,723		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		1,659,392	CINEMARK(2019), HOME DEPOT(2020)
NORTH OLMSTED, OH	GREAT NORTHERN PLAZA (NORTH) 2589-26437 GREAT NORTHERN	CLEVELAND		1958/1998/2003		2003			14.50	%		625,835		666,735		7,523,628	DSW SHOE WAREHOUSE(2015), BEST BUY(2010), BED BATH & BEYOND(2012), PETSMART(2018), HOME DEPOT(2019), K & G MENSWEAR(2013), JO-ANN STORES(2014), MARC’S(2012), REMINGTON COLLEGE(NOT OWNED)
SOLON, OH	UPTOWN SOLON KRUSE DRIVE	CLEVELAND		1998		1	*		100.00	%		183,255		183,255		2,946,301	MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2014), BORDERS(2019)
SOLON, OH(SEARS)	SEARS SOLON 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		2	*		100.00	%		371,057		473,140		3,641,861	BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), HOBBY LOBBY (2018), TARGET(NOT OWNED)
TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET	TIFFIN		1980/2004		1/2	*		100.00	%		170,868		170,868		539,656	CINEMARK(2011), J.C. PENNEY(2010)
TOLEDO, OH	SPRINGFIELD COMMONS S. HOLLAND-SYLVANIA ROAD	TOLEDO		1999		1	*		20.00	%		241,129		271,729		2,848,563	KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2010), OLD NAVY(2010)
TOLEDO, OH (DICKS)	NORTH TOWNE COMMONS (DICK’S) 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)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
WILLOUGHBY HILLS, OH	SHOPPES AT WILLOUGHBY HILLS CHARDON ROAD	CLEVELAND		1985		2007			15.00	%		376,977		381,508		3,198,754	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		596,360	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		4,575,174	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		2,695,847	WAL-MART(2021)
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		3,178,741	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
CONNELLSVILLE, 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		1,183,372	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		4,545,806	LOWE’S(2015), PETSMART(2015), 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		1,081,747	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

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
HOMESTEAD, PA	WATERFRONT MARKET AMITY 149 W. BRIDGE STREET	PITTSBURGH		2003		2007			15.00	%		764,824		969,824		11,796,304	DICK’S SPORTING GOODS(2012), LOEW’S CINEMA(2020), BEST BUY(2013), FILENE’S BASEMENT(2012), MICHAEL’S(2011), PIER 1 IMPORTS(2050), OFFICE DEPOT(2017), T.J. MAXX(2011), OLD NAVY(2011), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2011), MARSHALLS(2010), BARNES & NOBLE(2012), DAVE & BUSTER’S(2020), MACY’S(NOT OWNED), TARGET(NOT OWNED)
IRWIN, PA	RITE AID 3550 ROUTE 130	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		262,741
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		2,727,485	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		1,305,110	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(2014)

Puerto Rico
ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR # KM 80.3	ARECIBO		1980/1993		2005			100.00	%		215,451		224,950		3,256,881	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		16,705,110	WAL-MART(2022), OLD NAVY(2011), 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		1,618,567	PUEBLO XTRA(2019), 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		12,837,522	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		7,794,729	OFFICE MAX(2015), WAL-MART(2024), PLAZA ESCORIAL CINEMAS(2019), BORDERS(2017), OLD NAVY(2009), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED)
CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE ROAD #1 & PR #735	CAYEY		1999/2004		2005			100.00	%		261,126		339,840		2,924,933	WAL-MART(2021), CAYEY CINEMA CORP.(NOT OWNED)
FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940	FAJARDO		1992		2005			100.00	%		245,319		251,319		4,156,677	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		1,719,158	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		9,410,522	SEARS(2014), TOYS R US(2018), J.C. PENNEY(2012), WAL-MART(2012)
HUMACAO, PR (PALMA REAL)	PLAZA PALMA REAL STATE ROAD #3, KM 78.20	HUMACAO		1995		2005			100.00	%		345,489		441,495		6,670,406	PEP BOYS(2015), J.C. PENNEY(2019), CAPRI STORES(2011), WAL-MART(2020), OFFICE MAX (2018)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year				DDR							Total
			Developed/				Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired		Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE ROAD #2 & # 454	ISABELA		1994		2005		100.00	%		238,410		259,016		3,539,830	COOP(2019), WAL-MART(2019)
SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE ROAD PR #122	SAN GERMAN		1991		2005		100.00	%		0		49,172		339,950
SAN GERMAN, PR (DEL OESTE)	PLAZA DEL OESTE ROAD PR #2 INT PR #122	SAN GERMAN		1991		2005		100.00	%		174,172		184,746		2,367,002	K MART(2016), PUEBLO XTRA(2011)
SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177	SAN JUAN	1978/Mutiple			2005		100.00	%		156,864		197,324		2,371,019	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		1,871,835	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		2,161,965	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		1,420,589	WAL-MART(2019)
ANDERSON, SC (NORTH HILL)	NORTH HILL COMMONS 3521 CLEMSON BLVD	GREENVILLE		2000		2007		15.00	%		43,149		168,149		441,619	MICHAEL’S(2013), TARGET(NOT OWNED)
CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE	CAMDEN		1990/2000		1993		100.00	%		180,127		363,405		924,822	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		739,294	FOOD LION(2011)
COLUMBIA, SC (STATION)	COLUMBIANA STATION OEA HARBISON BLVD & BOWE R PARKWAY	COLUMBIA		2003		2007		15.00	%		379,733		562,500		4,269,671	DICK’S SPORTING GOODS(2016), MICHAEL’S(2010), PETSMART(2015), H.H. GREGG APPLIANCES(2015)
COLUMBIA, SC (TARGET)	TARGET CENTER (I) 10204 TWO NOTCH RD.	COLUMBIA		2002		2007		15.00	%		83,400		208,400		137,275	MICHAEL’S(2012), TARGET(NOT OWNED)
COLUMBIA, SC(HARBISON)	HARBISON COURT HARBISON BLVD	COLUMBIA		1991		2002		14.50	%		236,765		296,254		2,904,077	BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE DEPOT(2011), BABIES ‘R’ US (NOT OWNED)
CONWAY, SC	GATEWAY PLAZA 2701 CHURCH STREET	MYRTLE BEACH		2002		2007		100.00	%		62,428		62,428		435,222
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		1,267,754	WHOLE FOODS(2026)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
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		841,131	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		2,094,388	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		1,646,717	KROGER(2010)
N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE	CHARLESTON		1989/2001		2	*		100.00	%		294,471		344,471		2,077,849	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		1,297,691	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		372,121	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		868,360	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		600,780	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	WATERTOWN		1977		1/2	*		100.00	%		240,262		282,262		1,338,564	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		2,231,713	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		1,777,251	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		441,299	KROGER(2022)
FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE	KNOXVILLE		1991		2003			10.00	%		71,311		71,311		483,119	FOOD CITY(2011)
GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BLVD	NASHVILLE		1987		2003			20.00	%		84,441		84,441		691,807	KROGER(2012)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
HENDERSONVILLE, TN	LOWES HOME IMPROVEMENT 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		583,120	KROGER(2020)
JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS	JOHNSON 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		2,674,602	ROSS DRESS FOR LESS(2014), OFFICE MAX(2017), OLD NAVY(2011), 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	%		638,380		638,380		5,740,514	JO-ANN STORES(2013), 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		860,586	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		1,215,348	T.J. MAXX(2010), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)
NASHVILLE, TN	WILLOWBROOK COMMONS 61 EAST THOMPSON LN	NASHVILLE		2005		2007			20.00	%		93,600		93,600		721,955	KROGER(2029)
NASHVILLE, TN (BELLEVUE)	BELLEVUE PLACE 7625 HIGHWAY 70 S	NASHVILLE		2003		2007			15.00	%		77,180		192,180		860,910	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		1,678,580	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)

Texas
ALLEN, TX	WATTERS CREEK BETHANY ROAD	DALLAS		2008		1	*		10.00	%		252,762		263,172		5,419,126	UNITED MARKET STREET(2028), BORDERS (2018)
AUSTIN, TX (TECH RIDGE)	THE SHOPS AT TECH RIDGE CENTER RIDGE DRIVE	AUSTIN		2003		2003			24.75	%		282,790		530,426		3,322,540	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	HOUSTON		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	%		150,441		598,651		2,048,181	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	DALLAS		1991		2002			14.50	%		315,008		572,271		2,843,495	99 CENTS ONLY STORE(2010), PETSMART(2009), BEST BUY(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), GARDEN RIDGE(NOT OWNED), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY	DALLAS		2000		2003			14.50	%		118,967		183,810		1,241,348	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), KOHL’S(NOT OWNED), HOME DEPOT(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		387,554	KROGER(2020)
RICHARDSON, TX (CVS 6974)	CVS PHARMACY (ARAPAHO BLVD) 2090 ARAPAHOE BLVD.	DALLAS		1997		2007			100.00	%		10,560		10,560		206,585
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		3,711,240	LOWE’S(2020), T.J. MAXX(2011), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2011), RAQUETBALL & FITNESS(NOT OWNED), CHUCK E CHEESE(NOT OWNED), KOHL’S(NOT OWNED), CREDIT UNION(NOT OWNED), TARGET(NOT OWNED)
SAN ANTONIO, TX (STONE OAK)	VILLAGE AT STONE OAK 22610 US HWY 281 NORTH, SUITE 211	SAN ANTONIO		2007		1	*		100.00	%		317,111		499,898		5,370,335	HOBBY LOBBY (2022), T.J. MAXX (2017)
SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151 @ LOOP 410	SAN ANTONIO		2005		1	*		10.00	%		218,257		524,457		2,926,221	PETSMART(2016), OFFICE DEPOT(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, SUITE 139	SAN ANTONIO		1958/1986		2007			50.00	%		171,083		171,083		1,021,087	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		7,981,831	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		4,194,516	MACY’S(2011), OFFICE MAX(2010), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET(2017), MEDIA PLAY(2010)
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), SAM’S CLUB(NOT OWNED), SUPER WALMART(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		6,377,956	SHOPKO(2014), JO-ANN STORES(2015), GART SPORTS(2017), 24 HOUR FITNESS(2017), PETSMART(2018), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2014), MEDIA PLAY(2009), HARMONS SUPERSTORE(NOT OWNED)

Vermont
BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28	BERLIN		1986/1999		2	*		100.00	%		174,624		174,624		1,474,777	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		1,465,648	UKROP’S(2013)

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year					DDR							Total
			Developed/					Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired			Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER	FAIRFAX		1994		1995			14.50	%		253,298		253,298		4,213,073	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		3,425,001	BARNES & NOBLE(2011), 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		1,752,370	CINEMARK(2015), STAPLES(2013), T.J. MAXX(2011)
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		435,057		2,504,634	BELK(2012), J.C. PENNEY(2014), SEARS(2014), 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		2,183,805	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		2,410,176	BURLINGTON COAT FACTORY(2013), KROGER(2017)
NEWPORT NEWS, VA (JEFFERSON)	JEFFERSON PLAZA 121 JEFFERSON AVENUE	NORFOLK		1999		2007			15.00	%		47,341		182,341		318,555	COSTCO(NOT OWNED)
RICHMOND, VA(DOWNTOWN)	DOWNTOWN SHORT PUMP 11500-900 WEST BROAD STREET	RICHMOND		2000		2007			100.00	%		126,055		239,873		2,481,050	BARNES & NOBLE(2011), REGAL CINEMAS(2021)
SPRINGFIELD, VA(LOISDALE)	LOISDALE CENTER 6646 LOISDALE ROAD	WASHINGTON		1999		2007			100.00	%		120,742		120,742		1,794,322	BARNES & NOBLE(2015), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2015)
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)
STERLING, VA	CASCADE MARKETPLACE NEC OF CASCADES PKWY & ROUTE 7	WASHINGTON		1998		2007			100.00	%		101,606		101,606		1,539,836	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)
WAYNESBORO, VA	WAYNESBORO COMMONS 109 LEE DEWITT BLVD	LYNCHBURG		1993		2007			20.00	%		52,415		52,415		389,786	KROGER(2018)
WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY	WINCHESTER		1990/1997		2	*		20.00	%		240,560		242,686		2,476,186	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		862,734	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		2,142,396	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2015)
OLYMPIA, WA	2815 CAPITAL MALL DR SW	OLYMPIA		1998		2007			100.00	%		35,776		35,776		0

West Virginia
BARBOURSVILLE, WV	BARBOURSVILLE CENTER 5-13 MALL ROAD	HUNTINGTON		1985		1998			100.00	%		70,900		133,396		184,950	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		1,234,653	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

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2009

1Q09 Property List


			Year				DDR							Total
			Developed/				Ownership			Owned		Owned/Unowned		Annualized
Location	Center Name/Address	MSA	Redeveloped		Year Acquired		Interest			GLA		GLA		Base Rent		Anchor Tenants(Lease Expiration)
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		2,478,317	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		1,464,823	KOHL’S(2018), MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2013)
					Grand Total:						108,395,564		143,351,936		1,209,782,225

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