Developers Diversified Realty Corp 8-k (events Or Changes Between Quarterly Reports) 2009-02-23

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 23, 2009

DEVELOPERS DIVERSIFIED REALTY CORPORATION (Exact name of registrant as specified in its charter) Ohio (State or other jurisdiction of incorporation)

1-11690 (Commission File Number)

3300 Enterprise Parkway, Beachwood, Ohio (Address of principal executive offices)

34-1723097 (IRS Employer Identification No.) 44122 (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))

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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

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Item 2.02 Results of Operations and Financial Condition. On February 23, 2009, Developers Diversified Realty Corporation (the “Company”) issued a News Release containing financial results of the Company (the “News Release”) and a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the three months and year ended December 31, 2008. Among other things, the News Release reports a net loss of $1.57 and $0.83 per diluted share for the three months and year ended December 31, 2008, respectively, as compared to net income of $0.27 and $1.85 per diluted share for the three months and year ended December 31, 2007, respectively. A copy of the News Release is attached hereto as Exhibit 99.1 and a copy of the Quarterly Financial Supplement is attached hereto as Exhibit 99.2 and are each incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing. Item 7.01 Regulation FD Disclosure. The Company is furnishing a copy of the Company’s Property List as of December 31, 2008, which is attached hereto as Exhibit 99.3 and incorporated herein by reference. This information shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exh ibit No.

De scription

99.1

News release dated as of February 23, 2009.

99.2

Quarterly financial supplement dated as of February 23, 2009.

99.3

Property list as of February 23, 2009.

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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Developers Diversified Realty Corporation (Registrant) Date February 23, 2009

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

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EXHIBIT INDEX Exh ibit No.

De scription

99.1

News release dated as of February 23, 2009.

99.2

Quarterly financial supplement dated as of February 23, 2009.

99.3

Property list as of December 31, 2008.

Exhibit 99.1 DEVELOPERS DIVERSIFIED REALTY CORPORATION For Immediate Release: Contact:

Scott A. Wolstein Chairman and Chief Executive Officer 216-755-5500

Francine Glandt Vice President of Capital Markets and Treasurer 216-755-5500 [email protected]

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER DILUTED SHARE OF $3.29 FOR THE YEAR ENDED DECEMBER 31, 2008 BEFORE NONRECURRING GAINS AND LOSSES CLEVELAND, OHIO, February 23, 2009 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the fourth quarter and year ended December 31, 2008. •

The Company’s fourth quarter operating Funds From Operations (“FFO”) was $0.74 per share after adjusting for the $216.3 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.4 million. FFO and net income for the three-month period ended December 31, 2008, reflected $216.3 million, or $1.78 per share, of net charges, primarily non cash, summarized as follows (in millions):

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

$

79.9 15.8 20.8 107.0 8.5 3.0 (18.7) $ 216.3

•

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

•

The Company’s operating FFO for the year was $3.29 per share after adjusting for the $225.6 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.6 million. FFO and net income for the year ended December 31, 2008, reflected $225.6 million, or $1.86 per share, of net charges, primarily non cash, summarized as follows (in millions):

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

$

79.9 15.8 28.3 107.0 4.6 8.7 (18.7) $ 225.6

•

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

•

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

•

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

•

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

•

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

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “I am pleased to announce this quarter’s operating results, which have proven to be relatively resilient despite the severe economic challenges. We continue to see consumers shift their shopping habits to value-oriented retailers, which make up a large percentage of our portfolio. We are very proud of our leasing team’s ability to execute leases in this challenging environment, reflected by nearly 2 million square feet of executed leases this quarter. While our financial results were lowered by significant impairment charges and certain other non-recurring charges, our core operating results were in line with expectations and continue to display relative stability as we weather these unprecedented economic challenges. We made progress in the fourth quarter, but are extremely focused on further improving our liquidity and lowering leverage.” Financial Results: Net loss applicable to common shareholders was $190.2 million, or $1.57 per share (diluted and basic), for the three-month period ended December 31, 2008, as compared to net income of $32.2 million, or $0.27 per share (diluted and basic), for the prior year comparable period.

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For the three-month period ended December 31, 2008, FFO per share was a loss of $0.95 (diluted and basic) compared to income of $0.82 (diluted and basic) for the prior-year comparable period. FFO applicable to common shareholders was a loss of $114.9 million for the threemonth period ended December 31, 2008, as compared to FFO income of $100.0 million for the three-month period ended December 31, 2007. Net loss applicable to common shareholders was $100.0 million, or $0.83 per share (diluted and basic), for the year ended December 31, 2008, as compared to net income of $225.1 million, or $1.85 per share (diluted) and $1.86 per share (basic), for the previous year. The decrease in net income for the year ended December 31, 2008, is primarily the result of non-cash impairment charges recorded relating to the Company’s consolidated real estate assets as well as its unconsolidated joint venture investments aggregating $169.2 million, net of amounts applicable to minority interests, a non-cash charge of $15.8 million related to the termination of an equity award plan and costs incurred of $28.3 million related to abandoned projects, transaction costs and other non recurring/one time expenses partially offset by a gain on the repurchase of the Company’s senior notes of $11.6 million and lower transactional income earned compared to the same period in 2007 (gains on disposition of real estate of approximately $79 million and promoted income from joint venture interests of approximately $14.3 million in 2007) relating to the transfer of 62 assets to unconsolidated joint venture interests and the sale of 67 assets to third parties. For the years ended December 31, 2008 and 2007, FFO per share was $1.52 (diluted and basic) and $3.79 (diluted) and $3.80 (basic), respectively. FFO applicable to common shareholders was $183.8 million for the year ended December 31, 2008, as compared to $465.0 million for the year ended December 31, 2007. The decrease in FFO for the year ended December 31, 2008, is primarily a result of the same factors impacting net income as described above. FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section. Leasing: The following results from the three-month period ended December 31, 2008 highlight continued strong leasing activity throughout the portfolio: •

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

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•

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

•

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

•

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

Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $32 million ($0.27 per square foot of owned GLA) in 2009 calculated based on 100% of the funding. Dispositions: The Company sold 11 shopping center properties, aggregating 0.4 million square feet for approximately $35.6 million and recognized a net loss of approximately $3.0 million in the fourth quarter of 2008. An additional seven assets were sold in the first quarter of 2009 for approximately $65.8 million of which a portion of the proceeds will be allocable to minority partners. Wholly-Owned and Consolidated Joint Venture Development: The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

Location

Ukiah (Mendocino), California **

O wn e d GLA

228,943 137,527

Expe cte d Ne t C ost ($ Million s)

$

Initial An ch or O pe n ing *

66.9 48.0

2H 11 2H 10

272,610

79.7

2H 08

391,351 431,689

148.8 126.7

2H 06 2H 07

56,343

26.7

2H 09

210,855

54.5

2H 10

350,987

55.0

1H 07

72,830

16.9

2H 09

443,092

77.2

2H 09

Guilford, Connecticut Miami (Homestead), Florida Miami, Florida Boise (Nampa), Idaho Boston (Norwood), Massachusetts Boston, Massachusetts (Seabrook, New Hampshire) Elmira (Horseheads), New York Raleigh (Apex), North Carolina (Promenade) Austin (Kyle), Texas ** Total

2,596,227

$

*

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

**

Consolidated 50% Joint Venture

De scription

Mixed Use Lifestyle Center Community Center Mixed Use Community Center Community Center Community Center Community Center Community Center Community Center

700.4

At December 31, 2008, approximately $472.6 million of costs were incurred in relation to the Company’s 10 wholly-owned and consolidated joint venture development projects under construction. In addition to these current developments, several of which will be phased in, the Company and its joint venture partners intend to commence construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is available, including several international projects. Unconsolidated Joint Venture Development: The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At December 31, 2008, approximately $479.7 million of costs had been incurred in relation to these development projects.

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DDR’s Effe ctive O wn e rship Pe rce n tage

Location

O wn e d GLA

20.0%

158,632

10.0%

Expe cte d Ne t C ost ($ Million s)

$

Initial An ch or O pe n ing*

43.7

TBD

623,782

189.8

TBD

10.0%

797,665

171.2

1H 08

47.4%

477,630

98.2

1H 09

Kansas City (Merriam), Kansas Detroit (Bloomfield Hills), Michigan Dallas (Allen), Texas Manaus, Brazil Total

2,057,709

*

$

De scription

Community Center Lifestyle Center Lifestyle Center Enclosed Mall

502.9

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

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions: The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $106.9 million. At December 31, 2008, approximately $76.6 million of costs had been incurred in relation to these projects. Prope rty

De scription

Miami (Plantation), Florida Chesterfield, Michigan Fayetteville, North Carolina

Redevelop shopping center to include Kohl’s and additional junior tenants Construct 25,400 sf of small shop space and retail space Redevelop 18,000 sf of small shop space and construct an outparcel building

Unconsolidated Joint Venture Redevelopments and Expansions: The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $154.2 million, which includes original acquisition costs related to assets acquired for redevelopment. At December 31, 2008, approximately $116.7 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:

Prope rty

Buena Park, California Los Angeles (Lancaster), California Benton Harbor, Michigan

DDR’s Effe ctive O wn e rship Pe rce n tage

20% 21% 20%

De scription

Large-scale re-development of enclosed mall to open-air format Relocate Wal-Mart and redevelop former Wal-Mart space Construct 89,000 square feet of anchor space and retail shops

Dividends: The Company’s board of directors has approved the payment of DDR’s first quarter dividend in a combination of cash and shares of the Company’s common stock. The Company intends to limit the aggregate amount of cash payable to shareholders in the dividend to 10% of the total dividend paid. This new payout initiative is a part of the Company’s strategy to further enhance liquidity and maximize free cash flow and maintain its REIT status. Financings: The Company’s joint venture in Brazil obtained 8.5% fixed-rate, twelve-year financing of R$112 million for the development in Manaus, Brazil. In addition, during the fourth quarter, the Company refinanced a $19 million development loan for a consolidated joint venture with a new loan of approximately $30 million at an interest rate of LIBOR plus 300 bps, which matures in January 2010. In the fourth quarter of 2008, the Company purchased approximately $66.9 million face amount of its outstanding senior notes at a discount to par resulting in a gain of approximately $11.4 million. Additionally, during January 2009, the Company purchased an additional $10 million of senior notes. In January 2009, the Company repaid in full approximately $227 million of its senior notes upon maturity primarily with borrowings under its revolving credit facility. Equity Issuances: The Company sold approximately 8.6 million of its common shares in December 2008, generating net proceeds of approximately $43 million in the aggregate through its continuous equity program. Substantially, all net proceeds have been used to repay debt.

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Developers Diversified Realty Corporation currently owns and manages over 710 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada, totaling approximately 157 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Francine Glandt, Vice President of Capital Markets and Treasurer, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or on our Web site which is located at http://www.ddr.com. Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of , significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements and the finalization of the financial statements for three-month period and year ended December 31, 2008. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) T hree-Month P eriod Ended December 31, 2008 2007

Revenues: Minimum rents (A) Percentage and overage rents (A) Recoveries from tenants Ancillary and other property income Management, development and other fee income Other (B)

Year Ended December 31, 2008

2007

$ 156,158 4,267 47,269 6,460 15,588 1,457 231,199

$157,870 5,066 51,009 5,505 15,934 161 235,545

$ 628,664 9,414 198,919 22,294 62,890 9,291 931,472

$ 635,415 10,540 203,126 19,518 50,840 13,697 933,136

40,340 27,610 79,864 15,837 20,275 65,085 249,011

37,790 25,617 — — 20,940 53,358 137,705

146,346 110,773 79,864 15,837 81,882 242,032 676,734

131,409 107,428 — — 81,244 214,445 534,526

2,682 (61,790) 11,351 (11,519) (9,273) (68,549)

1,045 (63,789) — — (2,344) (65,088)

5,473 (244,212) 11,552 (12,433) (15,819) (255,439)

8,772 (258,149) — — (3,019) (252,396)

Expenses: Operating and maintenance (C) Real estate taxes Impairment charges (D) Termination of equity award plan (E) General and administrative (E) Depreciation and amortization Other income (expense): Interest income Interest expense Gain on repurchase of senior notes Abandoned projects and transaction costs (D) Other expenses (F) (Loss) income before equity in net (loss) income of joint ventures, minority interests, income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax Equity in net (loss) income of joint ventures (G) Impairment of joint venture investments (D) Minority interests (H) Income tax benefit (expense) of taxable REIT subsidiaries and Franchise taxes (I) (Loss) income from continuing operations (Loss) income from discontinued operations (J) (Loss) income before gain on disposition of real estate Gain on disposition of real estate, net of tax Net (loss) income

(86,361) (4,205) (106,957) 17,053

32,752 9,343 — (2,013)

(701) 17,719 (106,957) 11,188

146, 214 43,229 — (18,218)

2,351 (178,119) (2,117) (180,236) 594 $(179,642)

(633) 39,449 (1,795) 37,654 5,137 $ 42,791

17,434 (61,317) (3,421) (64,738) 6,962 $ (57,776)

14,669 185,894 21,302 207,196 68,851 $ 276,047

Net (loss) income applicable to common shareholders

$(190,209)

$ 32,224

$(100,045)

$ 225,113

Funds From Operations (“FFO”): Net (loss) income applicable to common shareholders Depreciation and amortization of real estate investments Equity in net loss (income) of joint ventures (I) Joint ventures’ FFO (I) Minority interests (OP Units) (J) Loss (gain) on disposition of depreciable real estate FFO applicable to common shareholders Preferred dividends FFO

$(190,209) 63,603 4,205 7,433 — 77 (114,891) 10,567 $(104,324)

$ 32,224 53,577 (9,343) 21,949 569 1,057 100,033 10,567 $110,600

$(100,045) 236,344 (17,719) 68,355 1,145 (4,244) 183,836 42,269 $ 226,105

$ 225,113 214,396 (43,229) 84,423 2,275 (17,956) 465,022 50,934 $ 515,956

$

(1.57)

$

0.27

$

(0.83)

$

1.86

$

(1.57)

$

0.27

$

(0.83)

$

1.85

$

—

$

0.66

$

2.07

$

2.64

Per share data: (Loss) earnings per common share Basic Diluted Dividends Declared

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Funds From Operations — Basic (K)

$

(0.95)

$

0.82

$

1.52

$

3.80

Funds From Operations — Diluted (K)

$

(0.95)

$

0.82

$

1.52

$

3.79

Basic — average shares outstanding

121,019

120,786

119,843

120,879

Diluted — average shares outstanding

121,019

121,103

119,987

121,497

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

(A) Base and percentage rental revenues for the year ended December 31, 2008, as compared to the prior year, decreased $7.9 million, primarily due to the disposition of properties in 2008 and 2007 to joint venture interests and third parties aggregating $29.0 million. Partially offsetting this decrease were the following increases in base and percentage rental revenues: an increase of $3.3 million relating to the core portfolio properties (an increase of 0.6% over the comparable period in 2007), $17.8 million from the acquisition of assets and the merger with IRRETI, $3.8 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the Company’s business centers. Included in rental revenues for the years ended December 31, 2008 and 2007, is approximately $8.0 million and $12.1 million, respectively, of revenue resulting from the recognition of straight-line rents. (B) Other income for the three-month periods and years ended December 31, 2008 and 2007 was comprised of the following (in millions): T hree-Month P eriod Ended December 31, 2008 2007

Acquisition fees Lease termination fees Financing fees Other miscellaneous

$

$

— 0.8 0.1 0.6 1.5

$

$

0.1 0.1 — — 0.2

Year Ended December 31, 2008

$

$

— 6.3 2.0 1.0 9.3

2007

$

$

6.4 5.0 1.5 0.8 13.7

(C) Included in operating and maintenance expenses is bad debt expense aggregating $8.5 million and $2.4 million relating to the three-month periods ended December 31, 2008 and 2007, respectively. Fourth quarter 2008 bad debt expense includes the write off of $4.1 million of straight-line rents relating to Mervyns, of which 50% is allocable to minority interest. For the years ended December 31, 2008 and 2007, bad debt expense was $18.7 million and $9.0 million or 2% and 1% of total revenues, respectively. (D) Due to the continued deterioration of the U.S. capital markets and the lack of liquidity and the related impact on the real estate market and retail industry, during the fourth quarter of 2008, the Company recorded impairment charges on several consolidated real estate investments, including both operating shopping centers and land under development, to the extent the book basis of the asset was in excess of the estimated fair market value. As discussed below, some of these charges are allocable to minority interest thereby providing a partial offset. In addition, the Company determined that several of its unconsolidated joint venture investments suffered an “Other than Temporary Impairment.” The Company recorded approximately $107.0 million of impairment charges associated with certain of its joint venture investments in accordance with Accounting Principles Board Opinion No. 18, “The Equity Method of Accounting for Investment in Common Stock.” The provisions of this opinion require that a loss in value of an investment under the equity method of accounting which is an other than “temporary” decline must be recognized. The Company also wrote off costs related to abandoned development projects as well as costs incurred for transactions that are not expected to close.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) (E) General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the years ended December 31, 2008 and 2007, general and administrative expenses were approximately 5.2% and 4.5%, respectively, of total revenues, including joint venture revenues. For the year ended December 31, 2008, the Company recorded a non-cash charge of approximately $15.8 million related to the termination of a supplemental equity award plan. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the year ended December 31, 2008. For the year ended December 31, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with the Company’s former president’s resignation as an executive officer. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the year ended December 31, 2007. (F) Other expense primarily relates to a reserve associated with a mezzanine notes receivable as well as litigation costs related to a potential liability associated with a legal verdict. The accrual for the legal verdict was established in the third quarter of 2008. (G) The following is a summary of the combined operating results of the Company’s joint ventures: T hree-Month P eriod Ended December 31, 2008 2007

Year Ended December 31, 2008

2007

$231,716

$237,654

$946,340

$812,630

82,682 3,887 65,929 82,572 235,070

84,547 — 57,825 79,543 221,915

328,875 3,887 241,652 307,580 881,994

272,277 — 193,032 269,405 734,714

Income (loss) from operations before tax benefit (expense) and discontinued operations Income tax (expense) benefit (Loss) gain on disposition of real estate (Loss) income from discontinued operations, net of tax Income (loss) on disposition of discontinued operations, net of tax Other expense, net (c) Net (loss) income

(3,354) (3,485) (18) (10) 7,364 (47,791) $ (47,294)

15,739 2,664 1,399 75 (12) — $ 19,865

64,346 (15,479) (67) 105 7,364 (31,318) $ 24,951

77,916 (4,839) 94,386 (784) 2,516 — $169,195

DDR ownership interests (d)

$ (5,482)

$ 10,017

$ 17,335

$ 44,537

Net income Loss (gain) on disposition of real estate, including discontinued operations Depreciation and amortization of real estate investments

$ (47,294)

$ 19,865

$ 24,951

$169,195

(7,364) 65,928 $ 11,270

228 57,919 $ 78,012

(7,350) 241,651 $259,252

(91,111) 193,437 $271,521

DDR ownership interests (d)

$

7,433

$ 21,949

$ 68,355

$ 84,423

DDR joint venture distributions received, net (e)

$ 24,467

$ 17,323

$ 65,957

$ 97,104

Revenues from operations (a) Operating expense Impairment charges (b) Depreciation and amortization of real estate investments Interest expense

FFO from joint ventures are summarized as follows:

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

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

(b)

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

(c)

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

(d)

The Company’s share of joint venture net income was increased by $1.2 million and decreased by $0.6 million for the three-month periods ended December 31, 2008 and 2007, respectively. The Company’s share of joint venture net income was increased by $0.4 million and decreased by $1.2 million for the years ended December 31, 2008 and 2007, respectively. These adjustments relate to basis differences impacting amortization and depreciation and gain on dispositions. During the year ended December 31, 2007, the Company received $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint Venture which is included in the Company’s proportionate share of net income and FFO. At December 31, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 329 and 317 shopping center properties, respectively.

(e)

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

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) (H) Minority interests are comprised of the following: T hree-Month P eriod Ended December 31, 2008 2007

Minority equity interests Operating partnership units Preferred operating partnership units

$ 17,053 — — $ 17,053

$ (1,444) (569) — $ (2,013)

Year Ended December 31, 2008

2007

$ 12,333 (1,145) — $ 11,188

$ (6,253) (2,275) (9,690) $ (18,218)

The $17.1 million and $12.3 million of income from minority interests for the three-month period and year ended December 31, 2008, respectively, is primarily related to asset impairment charges and the write off of straight-line rent relating to the DDR MDT MV LLC (Mervyns), a consolidated joint venture, of which the Company has a 50% interest. The preferred operating partnership units were redeemed in June 2007. In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company. (I) During the third quarter of 2008 and the first quarter of 2007, the Company released to income approximately $16.0 million and $15.0 million, respectively, of previously established valuation allowances against certain deferred tax assets as management had determined, due to several factors, that it is more likely than not that the deferred tax asset will be realized. The release of this reserve in 2008 was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to the recognition of fees, primarily from joint ventures, and other miscellaneous non-real estate related income. (J) The operating results relating to assets classified as discontinued operations are summarized as follows: T hree-Month P eriod Ended December 31, 2008 2007

Year Ended December 31, 2008

2007

Revenues

$ 1,334

$ 3,765

$ 12,182

$ 40,554

Expenses: Operating Interest, net Depreciation Minority interest Total expenses Income (loss) before (loss) gain on disposition of real estate (Loss) gain on disposition of real estate, net Net (loss) income

— 241 210 — 451 883 (3,000) $ (2,117)

780 918 2,718 80 4,496 (731) (1,064) $ (1,795)

3,990 2,331 4,342 110 10,773 1,409 (4,830) $ (3,421)

11,708 10,308 9,929 (434) 31,511 9,043 12,259 $ 21,302

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) (K) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at December 31, 2008 and 2007, respectively, 0.9 million common shares of the Company for the three-month period ended December 31, 2007 (antidilutive at December 31, 2008) and 0.6 million and 0.9 million common shares for the years ended December 31, 2008 and 2007, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 121.5 million and 122.5 million for the three-month periods ended December 31, 2008 and 2007, respectively, and 121.0 million and 122.7 million for the years ended December 31, 2008 and 2007, respectively.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands) Selected Balance Sheet Data:

Assets: Real estate and rental property: Land Buildings Fixtures and tenant improvements

December 31, 2008 (A)

December 31, 2007 (A)

$

$

Less: Accumulated depreciation Construction in progress Assets held for sale Real estate, net Investments in and advances to joint ventures Cash Restricted cash (B) Notes receivable Receivables, including straight-line rent, net Other assets, net $ Liabilities: Indebtedness: Revolving credit facilities Unsecured debt Mortgage and other secured debt

$

Dividends payable Other liabilities Minority interests Shareholders’ equity $

2,073,947 5,890,332 262,809 8,227,088 (1,208,903) 7,018,185 879,547 — 7,897,732 583,767 29,494 111,792 75,781 164,356 155,403 9,018,325

1,027,183 2,452,741 2,437,440 5,917,364 6,967 281,179 6,205,510 128,130 2,684,685 9,018,325

$

$

$

2,142,942 5,933,890 237,117 8,313,949 (1,024,048) 7,289,901 664,926 5,796 7,960,623 638,111 49,547 58,958 18,557 199,354 164,666 9,089,816

709,459 2,622,219 2,259,336 5,591,014 85,851 285,245 5,962,110 128,881 2,998,825 9,089,816

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands)

(A) Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 37 sites formerly occupied by Mervyns, which includes $348.5 and $405.8 million of real estate assets at December 31, 2008 and 2007, respectively, $258.5 million of mortgage debt at December 31, 2008 and 2007, and $70.2 million and $74.6 million of minority equity interest at December 31, 2008 and 2007, respectively. The decrease in real estate assets at MV LLC in 2008 is primarily due to the application of $25.0 million in cash proceeds received under a purchase price rebate letter of credit from the seller of the Mervyns portfolio due to the retailer’s bankruptcy filing during the third quarter and approximately $35.3 million of non-cash impairment charges recorded on these assets in the fourth quarter. (B) Restricted cash includes $64.8 million at MV LLC at December 31, 2008. The MV LLC restricted cash is comprised of $23.9 million received from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter, a $33.0 million net capital contribution by the members of MV LLC, and $7.9 million related to a security deposit letter of credit, all of which are required to be held in escrow by the lender. Also included in restricted cash is $47.0 million and $59.0 million at December 31, 2008 and 2007, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.

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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:

Land Buildings Fixtures and tenant improvements

December 31, 2008

December 31, 2007

$

2,378,033 6,353,985 131,622 8,863,640 (606,530) 8,257,110 412,357 8,669,467 136,410 12,615 315,591 9,134,083

$

5,776,897 64,967 237,363 6,079,227 3,054,856 9,134,083

$

Less: Accumulated depreciation Construction in progress Real estate, net Receivables, including straight-line rent, net Leasehold interests Other assets $ Mortgage debt (a) Notes and accrued interest payable to DDR Other liabilities

$

Accumulated equity $

(a)

$

$

2,384,069 6,253,167 101,115 8,738,351 (412,806) 8,325,545 207,387 8,532,932 124,540 13,927 365,925 9,037,324 5,551,839 8,492 201,083 5,761,414 3,275,910 9,037,324

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

Exhibit 99.2

•

Pr ope r t y

Li s t

I NVE S T OR RE L AT I ONS DE P ART M E NT •

3300

E NT E RP RI S E P ARKW AY BE ACHW OOD,

OHI O 4 4 1 2 2

•

p.

( 216)

755- 5500

f .

( 216)

755- 1500

•

W W W . DDR. COM

For

t he

year

ended

De c e m b e r

31,

2008

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Table of Contents S e ction

Page

Earnings Release & Financial Statements

1.0

Financial Summary Financial Highlights Market Capitalization and Financial Ratios Market Capitalization Summary Significant Accounting Policies Other Real Estate Information Reconciliation of Non-GAAP Financial Measures

2.0 2.1 2.2 2.3 2.4 2.5 2.6

Joint Venture Financial Summary Joint Venture Investment Summary Joint Venture Combining Financial Statements

3.0 3.1 3.2

Investment Summary Capital Transactions Acquisitions Dispositions Development Projects Development Delivery and Funding Schedules Expansion and Redevelopment Projects Summary of Recently Developed Assets Summary of Recently Expanded and Redeveloped Assets

4.0 4.1 4.2 4.2 4.3 4.4 4.5 4.6 4.7

Portfolio Summary

5.0

Debt Summary Consolidated Debt Joint Venture Debt Consolidated and Joint Venture Maturities

6.0 6.1 6.2 6.3

Investor Contact Information

7.0

Property list available online at www.ddr.com Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward- looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2007.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION For Immediate Release: Contact:

Scott A. Wolstein Chairman and Chief Executive Officer 216-755-5500

Francine Glandt Vice President of Capital Markets and Treasurer 216-755-5500 [email protected]

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER DILUTED SHARE OF $3.29 FOR THE YEAR ENDED DECEMBER 31, 2008 BEFORE NONRECURRING GAINS AND LOSSES CLEVELAND, OHIO, February 23, 2009 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the fourth quarter and year ended December 31, 2008. •

The Company’s fourth quarter operating Funds From Operations (“FFO”) was $0.74 per share after adjusting for the $216.3 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.4 million. FFO and net income for the three-month period ended December 31, 2008, reflected $216.3 million, or $1.78 per share, of net charges, primarily non cash, summarized as follows (in millions):

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

$

79.9 15.8 20.8 107.0 8.5 3.0 (18.7) $ 216.3

•

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

•

The Company’s operating FFO for the year was $3.29 per share after adjusting for the $225.6 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.6 million. FFO and net income for the year ended December 31, 2008, reflected $225.6 million, or $1.86 per share, of net charges, primarily non cash, summarized as follows (in millions):

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

$

79.9 15.8 28.3 107.0 4.6 8.7 (18.7) $ 225.6

•

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

•

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

•

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

•

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

•

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

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “I am pleased to announce this quarter’s operating results, which have proven to be relatively resilient despite the severe economic challenges. We continue to see consumers shift their shopping habits to value-oriented retailers, which make up a large percentage of our portfolio. We are very proud of our leasing team’s ability to execute leases in this challenging environment, reflected by nearly 2 million square feet of executed leases this quarter. While our financial results were lowered by significant impairment charges and certain other non-recurring charges, our core operating results were in line with expectations and continue to display relative stability as we weather these unprecedented economic challenges. We made progress in the fourth quarter, but are extremely focused on further improving our liquidity and lowering leverage.” Financial Results: Net loss applicable to common shareholders was $190.2 million, or $1.57 per share (diluted and basic), for the three-month period ended December 31, 2008, as compared to net income of $32.2 million, or $0.27 per share (diluted and basic), for the prior year comparable period.

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For the three-month period ended December 31, 2008, FFO per share was a loss of $0.95 (diluted and basic) compared to income of $0.82 (diluted and basic) for the prior-year comparable period. FFO applicable to common shareholders was a loss of $114.9 million for the threemonth period ended December 31, 2008, as compared to FFO income of $100.0 million for the three-month period ended December 31, 2007. Net loss applicable to common shareholders was $100.0 million, or $0.83 per share (diluted and basic), for the year ended December 31, 2008, as compared to net income of $225.1 million, or $1.85 per share (diluted) and $1.86 per share (basic), for the previous year. The decrease in net income for the year ended December 31, 2008, is primarily the result of non-cash impairment charges recorded relating to the Company’s consolidated real estate assets as well as its unconsolidated joint venture investments aggregating $169.2 million, net of amounts applicable to minority interests, a non-cash charge of $15.8 million related to the termination of an equity award plan and costs incurred of $28.3 million related to abandoned projects, transaction costs and other non recurring/one time expenses partially offset by a gain on the repurchase of the Company’s senior notes of $11.6 million and lower transactional income earned compared to the same period in 2007 (gains on disposition of real estate of approximately $79 million and promoted income from joint venture interests of approximately $14.3 million in 2007) relating to the transfer of 62 assets to unconsolidated joint venture interests and the sale of 67 assets to third parties. For the years ended December 31, 2008 and 2007, FFO per share was $1.52 (diluted and basic) and $3.79 (diluted) and $3.80 (basic), respectively. FFO applicable to common shareholders was $183.8 million for the year ended December 31, 2008, as compared to $465.0 million for the year ended December 31, 2007. The decrease in FFO for the year ended December 31, 2008, is primarily a result of the same factors impacting net income as described above. FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section. Leasing: The following results from the three-month period ended December 31, 2008 highlight continued strong leasing activity throughout the portfolio: •

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

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•

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

•

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

•

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

Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $32 million ($0.27 per square foot of owned GLA) in 2009 calculated based on 100% of the funding. Dispositions: The Company sold 11 shopping center properties, aggregating 0.4 million square feet for approximately $35.6 million and recognized a net loss of approximately $3.0 million in the fourth quarter of 2008. An additional seven assets were sold in the first quarter of 2009 for approximately $65.8 million of which a portion of the proceeds will be allocable to minority partners. Wholly-Owned and Consolidated Joint Venture Development: The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

Location

Ukiah (Mendocino), California **

O wn e d GLA

228,943 137,527

Expe cte d Ne t C ost ($ Million s)

$

Initial An ch or O pe n ing *

66.9 48.0

2H 11 2H 10

272,610

79.7

2H 08

391,351 431,689

148.8 126.7

2H 06 2H 07

56,343

26.7

2H 09

210,855

54.5

2H 10

350,987

55.0

1H 07

72,830

16.9

2H 09

443,092

77.2

2H 09

Guilford, Connecticut Miami (Homestead), Florida Miami, Florida Boise (Nampa), Idaho Boston (Norwood), Massachusetts Boston, Massachusetts (Seabrook, New Hampshire) Elmira (Horseheads), New York Raleigh (Apex), North Carolina (Promenade) Austin (Kyle), Texas ** Total

2,596,227

$

*

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

**

Consolidated 50% Joint Venture

De scription

Mixed Use Lifestyle Center Community Center Mixed Use Community Center Community Center Community Center Community Center Community Center Community Center

700.4

At December 31, 2008, approximately $472.6 million of costs were incurred in relation to the Company’s 10 wholly-owned and consolidated joint venture development projects under construction. In addition to these current developments, several of which will be phased in, the Company and its joint venture partners intend to commence construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is available, including several international projects. Unconsolidated Joint Venture Development: The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At December 31, 2008, approximately $479.7 million of costs had been incurred in relation to these development projects.

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DDR’s Effe ctive O wn e rship Pe rce n tage

Location

O wn e d GLA

20.0%

158,632

10.0%

Expe cte d Ne t C ost ($ Million s)

$

Initial An ch or O pe n ing*

43.7

TBD

623,782

189.8

TBD

10.0%

797,665

171.2

1H 08

47.4%

477,630

98.2

1H 09

Kansas City (Merriam), Kansas Detroit (Bloomfield Hills), Michigan Dallas (Allen), Texas Manaus, Brazil Total

2,057,709

*

$

De scription

Community Center Lifestyle Center Lifestyle Center Enclosed Mall

502.9

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

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions: The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $106.9 million. At December 31, 2008, approximately $76.6 million of costs had been incurred in relation to these projects. Prope rty

De scription

Miami (Plantation), Florida Chesterfield, Michigan Fayetteville, North Carolina

Redevelop shopping center to include Kohl’s and additional junior tenants Construct 25,400 sf of small shop space and retail space Redevelop 18,000 sf of small shop space and construct an outparcel building

Unconsolidated Joint Venture Redevelopments and Expansions: The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $154.2 million, which includes original acquisition costs related to assets acquired for redevelopment. At December 31, 2008, approximately $116.7 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:

Prope rty

Buena Park, California Los Angeles (Lancaster), California Benton Harbor, Michigan

DDR’s Effe ctive O wn e rship Pe rce n tage

20% 21% 20%

De scription

Large-scale re-development of enclosed mall to open-air format Relocate Wal-Mart and redevelop former Wal-Mart space Construct 89,000 square feet of anchor space and retail shops

Dividends: The Company’s board of directors has approved the payment of DDR’s first quarter dividend in a combination of cash and shares of the Company’s common stock. The Company intends to limit the aggregate amount of cash payable to shareholders in the dividend to 10% of the total dividend paid. This new payout initiative is a part of the Company’s strategy to further enhance liquidity and maximize free cash flow and maintain its REIT status. Financings: The Company’s joint venture in Brazil obtained 8.5% fixed-rate, twelve-year financing of R$112 million for the development in Manaus, Brazil. In addition, during the fourth quarter, the Company refinanced a $19 million development loan for a consolidated joint venture with a new loan of approximately $30 million at an interest rate of LIBOR plus 300 bps, which matures in January 2010. In the fourth quarter of 2008, the Company purchased approximately $66.9 million face amount of its outstanding senior notes at a discount to par resulting in a gain of approximately $11.4 million. Additionally, during January 2009, the Company purchased an additional $10 million of senior notes. In January 2009, the Company repaid in full approximately $227 million of its senior notes upon maturity primarily with borrowings under its revolving credit facility. Equity Issuances: The Company sold approximately 8.6 million of its common shares in December 2008, generating net proceeds of approximately $43 million in the aggregate through its continuous equity program. Substantially, all net proceeds have been used to repay debt.

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Developers Diversified Realty Corporation currently owns and manages over 710 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada, totaling approximately 157 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Francine Glandt, Vice President of Capital Markets and Treasurer, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or on our Web site which is located at http://www.ddr.com. Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of , significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements and the finalization of the financial statements for three-month period and year ended December 31, 2008. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) T hree-Month P eriod Ended December 31, 2008 2007

Revenues: Minimum rents (A) Percentage and overage rents (A) Recoveries from tenants Ancillary and other property income Management, development and other fee income Other (B)

Year Ended December 31, 2008

2007

$ 156,158 4,267 47,269 6,460 15,588 1,457 231,199

$157,870 5,066 51,009 5,505 15,934 161 235,545

$ 628,664 9,414 198,919 22,294 62,890 9,291 931,472

$ 635,415 10,540 203,126 19,518 50,840 13,697 933,136

40,340 27,610 79,864 15,837 20,275 65,085 249,011

37,790 25,617 — — 20,940 53,358 137,705

146,346 110,773 79,864 15,837 81,882 242,032 676,734

131,409 107,428 — — 81,244 214,445 534,526

2,682 (61,790) 11,351 (11,519) (9,273) (68,549)

1,045 (63,789) — — (2,344) (65,088)

5,473 (244,212) 11,552 (12,433) (15,819) (255,439)

8,772 (258,149) — — (3,019) (252,396)

Expenses: Operating and maintenance (C) Real estate taxes Impairment charges (D) Termination of equity award plan (E) General and administrative (E) Depreciation and amortization Other income (expense): Interest income Interest expense Gain on repurchase of senior notes Abandoned projects and transaction costs (D) Other expenses (F) (Loss) income before equity in net (loss) income of joint ventures, minority interests, income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax Equity in net (loss) income of joint ventures (G) Impairment of joint venture investments (D) Minority interests (H) Income tax benefit (expense) of taxable REIT subsidiaries and Franchise taxes (I) (Loss) income from continuing operations (Loss) income from discontinued operations (J) (Loss) income before gain on disposition of real estate Gain on disposition of real estate, net of tax Net (loss) income

(86,361) (4,205) (106,957) 17,053

32,752 9,343 — (2,013)

(701) 17,719 (106,957) 11,188

146, 214 43,229 — (18,218)

2,351 (178,119) (2,117) (180,236) 594 $(179,642)

(633) 39,449 (1,795) 37,654 5,137 $ 42,791

17,434 (61,317) (3,421) (64,738) 6,962 $ (57,776)

14,669 185,894 21,302 207,196 68,851 $ 276,047

Net (loss) income applicable to common shareholders

$(190,209)

$ 32,224

$(100,045)

$ 225,113

Funds From Operations (“FFO”): Net (loss) income applicable to common shareholders Depreciation and amortization of real estate investments Equity in net loss (income) of joint ventures (I) Joint ventures’ FFO (I) Minority interests (OP Units) (J) Loss (gain) on disposition of depreciable real estate FFO applicable to common shareholders Preferred dividends FFO

$(190,209) 63,603 4,205 7,433 — 77 (114,891) 10,567 $(104,324)

$ 32,224 53,577 (9,343) 21,949 569 1,057 100,033 10,567 $110,600

$(100,045) 236,344 (17,719) 68,355 1,145 (4,244) 183,836 42,269 $ 226,105

$ 225,113 214,396 (43,229) 84,423 2,275 (17,956) 465,022 50,934 $ 515,956

$

(1.57)

$

0.27

$

(0.83)

$

1.86

$

(1.57)

$

0.27

$

(0.83)

$

1.85

$

—

$

0.66

$

2.07

$

2.64

Per share data: (Loss) earnings per common share Basic Diluted Dividends Declared

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Funds From Operations — Basic (K)

$

(0.95)

$

0.82

$

1.52

$

3.80

Funds From Operations — Diluted (K)

$

(0.95)

$

0.82

$

1.52

$

3.79

Basic — average shares outstanding

121,019

120,786

119,843

120,879

Diluted — average shares outstanding

121,019

121,103

119,987

121,497

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

(A) Base and percentage rental revenues for the year ended December 31, 2008, as compared to the prior year, decreased $7.9 million, primarily due to the disposition of properties in 2008 and 2007 to joint venture interests and third parties aggregating $29.0 million. Partially offsetting this decrease were the following increases in base and percentage rental revenues: an increase of $3.3 million relating to the core portfolio properties (an increase of 0.6% over the comparable period in 2007), $17.8 million from the acquisition of assets and the merger with IRRETI, $3.8 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the Company’s business centers. Included in rental revenues for the years ended December 31, 2008 and 2007, is approximately $8.0 million and $12.1 million, respectively, of revenue resulting from the recognition of straight-line rents. (B) Other income for the three-month periods and years ended December 31, 2008 and 2007 was comprised of the following (in millions): T hree-Month P eriod Ended December 31, 2008 2007

Acquisition fees Lease termination fees Financing fees Other miscellaneous

$

$

— 0.8 0.1 0.6 1.5

$

$

0.1 0.1 — — 0.2

Year Ended December 31, 2008

$

$

— 6.3 2.0 1.0 9.3

2007

$

$

6.4 5.0 1.5 0.8 13.7

(C) Included in operating and maintenance expense is bad debt expense aggregating $8.5 million and $2.4 million relating to the three-month periods ended December 31, 2008 and 2007, respectively. Fourth quarter 2008 bad debt expense includes the write off of $4.1 million of straight-line rents relating to Mervyns, of which 50% is allocable to minority interest. For the years ended December 31, 2008 and 2007, bad debt expense was $18.7 million and $9.0 million or 2% and 1% of total revenues, respectively. (D) Due to the continued deterioration of the U.S. capital markets and the lack of liquidity and the related impact on the real estate market and retail industry, during the fourth quarter of 2008, the Company recorded impairment charges on several consolidated real estate investments, including both operating shopping centers and land under development, to the extent the book basis of the asset was in excess of the estimated fair market value. As discussed below, some of these charges are allocable to minority interest thereby providing a partial offset. In addition, the Company determined that several of its unconsolidated joint venture investments suffered an “Other than Temporary Impairment.” The Company recorded approximately $107.0 million of impairment charges associated with certain of its joint venture investments in accordance with Accounting Principles Board Opinion No. 18, “The Equity Method of Accounting for Investment in Common Stock.” The provisions of this opinion require that a loss in value of an investment under the equity method of accounting which is an other than “temporary” decline must be recognized. The Company also wrote off costs related to abandoned development projects as well as costs incurred for transactions that are not expected to close.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) (E) General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the years ended December 31, 2008 and 2007, general and administrative expenses were approximately 5.2% and 4.5%, respectively, of total revenues, including joint venture revenues. For the year ended December 31, 2008, the Company recorded a non-cash charge of approximately $15.8 million related to the termination of a supplemental equity award plan. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the year ended December 31, 2008. For the year ended December 31, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with the Company’s former president’s resignation as an executive officer. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the year ended December 31, 2007. (F) Other expense primarily relates to a reserve associated with a mezzanine notes receivable as well as litigation costs related to a potential liability associated with a legal verdict. The accrual for the legal verdict was established in the third quarter of 2008. (G) The following is a summary of the combined operating results of the Company’s joint ventures: T hree-Month P eriod Ended December 31, 2008 2007

Year Ended December 31, 2008

2007

$231,716

$237,654

$946,340

$812,630

82,682 3,887 65,929 82,572 235,070

84,547 — 57,825 79,543 221,915

328,875 3,887 241,652 307,580 881,994

272,277 — 193,032 269,405 734,714

Income (loss) from operations before tax benefit (expense) and discontinued operations Income tax (expense) benefit (Loss) gain on disposition of real estate (Loss) income from discontinued operations, net of tax Income (loss) on disposition of discontinued operations, net of tax Other expense, net (c) Net (loss) income

(3,354) (3,485) (18) (10) 7,364 (47,791) $ (47,294)

15,739 2,664 1,399 75 (12) — $ 19,865

64,346 (15,479) (67) 105 7,364 (31,318) $ 24,951

77,916 (4,839) 94,386 (784) 2,516 — $169,195

DDR ownership interests (d)

$ (5,482)

$ 10,017

$ 17,335

$ 44,537

Net income Loss (gain) on disposition of real estate, including discontinued operations Depreciation and amortization of real estate investments

$ (47,294)

$ 19,865

$ 24,951

$169,195

(7,364) 65,928 $ 11,270

228 57,919 $ 78,012

(7,350) 241,651 $259,252

(91,111) 193,437 $271,521

DDR ownership interests (d)

$

7,433

$ 21,949

$ 68,355

$ 84,423

DDR joint venture distributions received, net (e)

$ 24,467

$ 17,323

$ 65,957

$ 97,104

Revenues from operations (a) Operating expense Impairment charges (b) Depreciation and amortization of real estate investments Interest expense

FFO from joint ventures are summarized as follows:

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

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

(b)

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

(c)

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

(d)

The Company’s share of joint venture net income was increased by $1.2 million and decreased by $0.6 million for the three-month periods ended December 31, 2008 and 2007, respectively. The Company’s share of joint venture net income was increased by $0.4 million and decreased by $1.2 million for the years ended December 31, 2008 and 2007, respectively. These adjustments relate to basis differences impacting amortization and depreciation and gain on dispositions. During the year ended December 31, 2007, the Company received $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint Venture which is included in the Company’s proportionate share of net income and FFO. At December 31, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 329 and 317 shopping center properties, respectively.

(e)

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

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) (H) Minority interests are comprised of the following: T hree-Month P eriod Ended December 31, 2008 2007

Minority equity interests Operating partnership units Preferred operating partnership units

$ 17,053 — — $ 17,053

$ (1,444) (569) — $ (2,013)

Year Ended December 31, 2008

2007

$ 12,333 (1,145) — $ 11,188

$ (6,253) (2,275) (9,690) $ (18,218)

The $17.1 million and $12.3 million of income from minority interests for the three-month period and year ended December 31, 2008, respectively, is primarily related to asset impairment charges and the write off of straight-line rent relating to the DDR MDT MV LLC (Mervyns), a consolidated joint venture, of which the Company has a 50% interest. The preferred operating partnership units were redeemed in June 2007. In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company. (I) During the third quarter of 2008 and the first quarter of 2007, the Company released to income approximately $16.0 million and $15.0 million, respectively, of previously established valuation allowances against certain deferred tax assets as management had determined, due to several factors, that it is more likely than not that the deferred tax asset will be realized. The release of this reserve in 2008 was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to the recognition of fees, primarily from joint ventures, and other miscellaneous non-real estate related income. (J) The operating results relating to assets classified as discontinued operations are summarized as follows: T hree-Month P eriod Ended December 31, 2008 2007

Year Ended December 31, 2008

2007

Revenues

$ 1,334

$ 3,765

$ 12,182

$ 40,554

Expenses: Operating Interest, net Depreciation Minority interest Total expenses Income (loss) before (loss) gain on disposition of real estate (Loss) gain on disposition of real estate, net Net (loss) income

— 241 210 — 451 883 (3,000) $ (2,117)

780 918 2,718 80 4,496 (731) (1,064) $ (1,795)

3,990 2,331 4,342 110 10,773 1,409 (4,830) $ (3,421)

11,708 10,308 9,929 (434) 31,511 9,043 12,259 $ 21,302

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands — except per share data) (K) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at December 31, 2008 and 2007, respectively, 0.9 million common shares of the Company for the three-month period ended December 31, 2007 (antidilutive at December 31, 2008) and 0.6 million and 0.9 million common shares for the years ended December 31, 2008 and 2007, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 121.5 million and 122.5 million for the three-month periods ended December 31, 2008 and 2007, respectively, and 121.0 million and 122.7 million for the years ended December 31, 2008 and 2007, respectively.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands) Selected Balance Sheet Data:

Assets: Real estate and rental property: Land Buildings Fixtures and tenant improvements

December 31, 2008 (A)

December 31, 2007 (A)

$

$

Less: Accumulated depreciation Construction in progress Assets held for sale Real estate, net Investments in and advances to joint ventures Cash Restricted cash (B) Notes receivable Receivables, including straight-line rent, net Other assets, net $ Liabilities: Indebtedness: Revolving credit facilities Unsecured debt Mortgage and other secured debt

$

Dividends payable Other liabilities Minority interests Shareholders’ equity $

2,073,947 5,890,332 262,809 8,227,088 (1,208,903) 7,018,185 879,547 — 7,897,732 583,767 29,494 111,792 75,781 164,356 155,403 9,018,325

1,027,183 2,452,741 2,437,440 5,917,364 6,967 281,179 6,205,510 128,130 2,684,685 9,018,325

$

$

$

2,142,942 5,933,890 237,117 8,313,949 (1,024,048) 7,289,901 664,926 5,796 7,960,623 638,111 49,547 58,958 18,557 199,354 164,666 9,089,816

709,459 2,622,219 2,259,336 5,591,014 85,851 285,245 5,962,110 128,881 2,998,825 9,089,816

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DEVELOPERS DIVERSIFIED REALTY CORPORATION Financial Highlights (In thousands)

(A) Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 37 sites formerly occupied by Mervyns, which includes $348.5 and $405.8 million of real estate assets at December 31, 2008 and 2007, respectively, $258.5 million of mortgage debt at December 31, 2008 and 2007, and $70.2 million and $74.6 million of minority equity interest at December 31, 2008 and 2007, respectively. The decrease in real estate assets at MV LLC in 2008 is primarily due to the application of $25.0 million in cash proceeds received under a purchase price rebate letter of credit from the seller of the Mervyns portfolio due to the retailer’s bankruptcy filing during the third quarter and approximately $35.3 million of non-cash impairment charges recorded on these assets in the fourth quarter. (B) Restricted cash includes $64.8 million at MV LLC at December 31, 2008. The MV LLC restricted cash is comprised of $23.9 million received from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter, a $33.0 million net capital contribution by the members of MV LLC, and $7.9 million related to a security deposit letter of credit, all of which are required to be held in escrow by the lender. Also included in restricted cash is $47.0 million and $59.0 million at December 31, 2008 and 2007, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.

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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:

Land Buildings Fixtures and tenant improvements

December 31, 2008

December 31, 2007

$

2,378,033 6,353,985 131,622 8,863,640 (606,530) 8,257,110 412,357 8,669,467 136,410 12,615 315,591 9,134,083

$

5,776,897 64,967 237,363 6,079,227 3,054,856 9,134,083

$

Less: Accumulated depreciation Construction in progress Real estate, net Receivables, including straight-line rent, net Leasehold interests Other assets $ Mortgage debt (a) Notes and accrued interest payable to DDR Other liabilities

$

Accumulated equity $

(a)

$

$

2,384,069 6,253,167 101,115 8,738,351 (412,806) 8,325,545 207,387 8,532,932 124,540 13,927 365,925 9,037,324 5,551,839 8,492 201,083 5,761,414 3,275,910 9,037,324

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

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 FINANCIAL HIGHLIGHTS (In Thousands Except Per Share Information)

2008

FUNDS FROM OPERATIONS: Net (Loss) Income Applicable to Common Shareholders Depreciation and Amortization of Real Estate Investments Equity in Net Income From Joint Ventures Joint Venture Funds From Operations Operating Partnership Minority Equity Interest Expense Cumulative Effect of Adoption of a New Accounting Standard Gain on Disposition of Real Estate FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS PREFERRED DIVIDENDS FUNDS FROM OPERATIONS PER SHARE INFORMATION: Funds From Operations — Diluted Net (Loss) Income — Diluted Cash Dividends

Ye ar En de d De ce m be r 31, 2006

2005

2004

($100,045)(6)

$

225,113(7)

$

198,095

$

227,474

$ 219,056

$

236,344

$

214,396

$

185,449

$

169,117

$ 130,537

$

($17,719) 68,355

$

($43,229) 84,423

$

($30,337) 44,473

$

($34,873) 49,302

$

($40,896) 46,209

$

1,145

$

2,275

$

2,116

$

2,916

$

2,607

$

0 ($4,244)

$

0 ($17,956)

$

0 ($21,987)

$

0 ($58,834)

$

3,001 ($68,179)

$ $ $

183,836 42,269 226,105

$ $ $

465,022 50,934(7) 515,957

$ $ $

377,809 55,169 432,978

$ $ $

355,102 55,169 410,271

$ 292,335 $ 50,706 $ 343,041

$

1.52 ($0.83) 2.07

$ $ $

3.79 1.85 2.64

$ $ $

3.41 1.81 2.36

$ $ $

3.21 2.08 2.16

$

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO TOTAL MARKET CAPITALIZATION (1) DEBT TO TOTAL MARKET CAPITALIZATION (1) DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC. DIVIDEND PAYOUT RATIO (1)

2007

$ $ $

2.95 2.24 1.94

121,030

122,716

110,826

110,700

99,147

$ 7,102,086

$10,755,742

$11,869,415

$ 9,781,900

$8,276,943

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)

83.32%

51.98%

35.80%

39.77%

32.82%

59.34% 63.20%

56.92% 69.55%

54.36% 68.84%

52.67% 66.98%

45.37% 67.28%

4.80%

4.55%

4.94%

5.17%(8)

4.53%(9)

GENERAL AND ADMINISTRATIVE EXPENSES

$

REVENUES: DDR Revenues Joint Venture Revenues TOTAL REVENUES (3)

$ 943,654 $ 946,340 $ 1,889,994

$ 973,690 $ 818,029 $ 1,791,719

$ 824,725 $ 438,885 $ 1,263,610

$ 748,571 $ 438,103 $ 1,186,675

$ 605,246 $ 348,740 $ 953,987

NET OPERATING INCOME: DDR Net Operating Income Joint Venture Net Operating Income

$ $

$ $

$ $

$ $

$ 453,501 $ 228,358

97,719(8)

682,566 617,465

$

81,244(9)

723,196 544,732

$

60,679

615,007 288,699

$

54,048

555,291 280,617

$

47,126

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TOTAL NET OPERATING INCOME (4) REAL ESTATE AT COST: DDR Real Estate at Cost Joint Venture Real Estate at Cost TOTAL REAL ESTATE AT COST (5)

$ 1,300,031

$ 1,267,928

$

$ 9,106,635 $ 9,275,998

$ 8,984,738 $ 8,945,738

$18,382,633

$17,930,476

903,706

$

835,907

$ 681,859

$ 7,450,693 $ 3,939,707

$ 7,029,337 $ 3,470,112

$5,603,424 $3,165,335

$11,390,400

$10,499,449

$8,768,759

(1)

See Market Capitalization and Financial Ratio section for detailed calculation.

(2)

The calculation includes joint venture revenues from discontinued operations.

(3)

Includes revenues from discontinued operations.

(4)

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

(5)

Includes construction in progress (CIP) at December 31, 2008 of $1,291.9 million (includes $412.4 million of CIP included in joint ventures, of which $93.0 million represents the Company’s proportionate share), and at December 31, 2007, 2006, 2005, 2004, CIP aggregated $872.3 million, $611.2 million, $386.2 million and $271.0 million, respectively.

(6)

Includes non-recurring primarily non-cash charges including impairment charges aggregating approximately $186.5 million.

(7)

Amounts were adjusted to include original issuance costs associated with the redemption of preferred stock of $5.4 million for the year ended December 31, 2007.

(8)

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

(9)

The 2007 general and administrative expenses include the former president’s resignation as an executive officer of the Company charge of $4.1 million. Excluding this charge, general and administrative expenses were approximately 4.3% of total revenue for the year ended December 31, 2007. Financial Highlights 2.1

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 MARKET CAPITALIZATION & FINANCIAL RATIOS

2008

DDR RATIO OF DEBT TO TOTAL MARKET CAP: Total Debt Total Market Capitalization *

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION: Total Debt * Total Market Capitalization *

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE INTEREST COVERAGE RATIO: Interest Expense (1) FFO Before Interest and Preferred Dividends *

DEBT SERVICE COVERAGE RATIO: Debt Service * (1) FFO Before Interest and Preferred Dividends *

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO Fixed Charges (1) FFO Before Interest and Preferred Dividends *

DIVIDEND PAYOUT RATIO Common Share Dividends and Operating Partnership Interest FFO exclusive of charge associated with preferred stock redemption

2007

Ye ar En de d De ce m be r 31, 2006

2005

2004

$5,917,365 $7,102,086 83.32%

$ 5,591,014 $10,755,742 51.98%

$ 4,248,812 $11,869,415 35.80%

$ 3,890,709 $ 9,781,900 39.77%

$2,716,426 $8,276,943 32.82%

59.34%

56.92%

54.36%

52.67%

45.37%

$7,133,493 $8,318,215 85.76%

$ 6,625,086 $11,789,814 56.19%

$ 4,774,407 $12,395,010 38.52%

$ 4,401,169 $10,292,361 42.76%

$3,137,184 $8,697,701 36.07%

62.66%

61.01%

57.20%

55.44%

48.67%

$ 241,125

$

261,002

$

215,438

$

184,281

$ 130,447

$ 678,609 2.81(2)

$

776,958 2.98

$

648,416 3.01

$

594,551 3.23

$ 473,488 3.63

$ 268,222

$

291,585

$

247,464

$

217,434

$ 152,927

$ 678,609 2.53(2)

$

776,958 2.66

$

648,416 2.62

$

594,551 2.73

$ 473,488 3.10

$ 310,491

$

337,114

$

302,632

$

272,603

$ 203,633

$ 678,609 2.19(2)

$

776,958 2.30

$

648,416 2.14

$

594,551 2.18

$ 473,488 2.33

$ 249,757

$

327,183

$

260,069

$

237,856

$ 196,685

$ 395,214 0.63(2)

$

470,426 0.70

$

377,809 0.69

$

355,102 0.67

$ 292,335 0.67

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*

See Attached for Detail Calculation

(1)

Amounts have been adjusted to eliminate interest and debt service costs of joint ventures consolidated due to FIN 46 as FFO does not include the joint venture partners’ proportionate share.

(2)

Amounts exclude non-cash charges primarily relating to impairments. Market Capitalization and Financial Ratios 2.2

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

DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding Operating Partnership Units Outstanding Total Share Price at Period End Market Value of Common Shares Preferred Shares at Book Value Total Debt TOTAL MARKET CAPITALIZATION DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT Common Shares Outstanding Operating Partnership Units Outstanding Total Share Price at Period End Market Value of Common Shares Preferred Shares at Book Value Total Debt Proportionate Share of JV Debt TOTAL MARKET CAPITALIZATION

(1)

2008

2007

128,642 399 129,041 $ 4.88 $ 629,722

119,528 862 120,390 $ 38.29 $ 4,609,728

$ 555,000 $5,917,364(1)

As of De ce m be r 31, 2006

2005

2004

108,986 872 109,859 $ 62.95 $ 6,915,603

108,948 1,350 110,298 $ 47.02 $ 5,186,192

108,083 1,350 109,432 $ 44.37 $4,855,516

$ 555,000 $ 5,591,014(1)

$ 705,000 $ 4,248,812(1)

$ 705,000 $ 3,890,709

$ 705,000 $2,716,426

$7,102,086

$10,755,742

$11,869,415

$ 9,781,900

$8,276,943

128,642 399 129,041 $ 4.88 $ 629,722

119,528 862 120,390 $ 38.29 $ 4,609,728

108,986 872 109,859 $ 62.95 $ 6,915,603

108,948 1,350 110,298 $ 47.02 $ 5,186,192

108,083 1,350 109,432 $ 44.37 $4,855,516

$ 555,000 $5,917,364(1) $1,216,129

$ 555,000 $ 5,591,014(1) $ 1,034,072

$ 705,000 $ 4,248,812(1) $ 525,595

$ 705,000 $ 3,890,709 $ 510,460

$ 705,000 $2,716,426 $ 420,758

$8,318,215

$11,789,814

$12,395,010

$10,292,361

$8,697,701

Includes $333.8 million of consolidated joint venture debt at December 31, 2008 (of which $130.1 million represents the joint venture partners’ share) and $327.6 million and $275.2 million at December 31, 2007 and 2006, respectively. Market Capitalization and Financial Ratios 2.2

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

UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE Undepreciated Real Estate Assets Undepreciated Real Estate Intangible Assets Cash and Cash Equivalents Notes Receivable Investments in and Advances to Joint Ventures

DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE Undepreciated Real Estate Assets Undepreciated Real Estate Intangible Assets Cash and Cash Equivalents Notes Receivable or Proportionate Share Thereof Proportionate Share of JV Undepreciated Real Estate Assets

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS FFO Impairments and other non-cash adjustments (1) Interest Expense Adjustment to interest expense for consolidated joint ventures due to FIN 46 Preferred Dividends, Including Preferred Operating Minority Interest & Non-Cash D42 Dividend

DEBT SERVICE Interest Expense Adjustment to interest expense for consolidated joint ventures due to FIN 46 Recurring Principal Amortization

FIXED CHARGES Debt Service Preferred Dividends, Including Preferred Operating Minority Interest and excluding Non-Cash D-42 Dividend

(1)

Ye ar En de d De ce m be r 31, 2006

2008

2007

2005

2004

$ 9,106,635 $ 64,711 $ 141,286 $ 75,781

$ 8,984,738 $ 72,443 $ 108,505 $ 18,557

$7,450,693 $ 27,408 $ 28,378 $ 18,161

$7,029,337 $ 26,345 $ 30,655 $ 24,996

$5,603,424 $ 27,841 $ 49,871 $ 17,823

$ 583,767 $ 9,972,180

$ 638,111 $ 9,822,354

$ 291,685 $7,816,325

$ 275,136 $7,386,469

$ 288,020 $5,986,979

$ 9,106,635 $ 64,711 $ 141,286

$ 8,984,738 $ 72,443 $ 108,505

$7,450,693 $ 27,408 $ 28,378

$7,029,337 $ 26,345 $ 30,655

$5,603,424 $ 27,841 $ 49,871

$

$

$

35,443

$ 116,212

$

141,311

19,487

44,536

$ 1,930,001 $11,383,944

$ 1,673,987 $10,859,160

$ 804,738 $8,346,659

$ 736,109 $7,938,658

$ 719,619 $6,445,290

$

183,836

$

465,021

$ 377,809

$ 355,102

$ 292,335

$ $

211,378 246,560

$ $

0 268,526

$ 0 $ 222,867

$ 0 $ 186,196

$ 0 $ 130,447

($7,524)

($7,429)

($1,915)

($5,434)

$

0

$ $

42,269 678,609

$ $

50,934 776,958

$ 55,169 $ 648,416

$ 55,169 $ 594,551

$ 50,706 $ 473,488

$

246,560

$

268,526

$ 222,867

$ 186,196

$ 130,447

$ $

($5,434) 27,096 268,222

$ $

($7,524) 30,583 291,585

($7,429) $ 32,026 $ 247,464

($1,915) $ 33,154 $ 217,434

$ 0 $ 22,480 $ 152,927

$

268,222

$

291,585

$ 247,464

$ 217,434

$ 152,927

$ $

42,269 310,491

$ $

45,529 337,114

$ 55,169 $ 302,632

$ 55,169 $ 272,603

$ 50,706 $ 203,633

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

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Market Capitalization and Financial Ratios 2.2

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

Total Market Capitalization as of December 31, 2008 (In Millions) (1) (2) (3) (PIE CHART)

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

P ercentage of T otal

Common Shares Equity Perpetual Preferred Stock Senior Convertible Notes Fixed-Rate Unsecured Debt Mortgage Debt Variable-Rate Revolving Credit and Term Debt Fixed-Rate Revolving Credit and Term Debt Construction Financing

$ 629.7 $ 555.0 $ 833.0 $1,619.7 $1,482.7 $1,227.2 $ 600.0 $ 154.8

9% 8% 12% 23% 21% 17% 8% 2%

Total

$7,102.1

100%

Notes: 1.

Market value ($4.88 per share as of December 31, 2008) includes operating partnership units equivalent to approximately 0.4 million of the Company’s common shares.

2.

Does not include proportionate share of unconsolidated joint venture debt aggregating $1,216.1 million.

3.

Consolidated debt includes 100% of consolidated joint venture debt, comprised primarily of debt associated with a joint venture with Macquarie DDR Trust, of which the joint venture partners’ share is $130.1 million. Market Capitalization Summary 2.3

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Significant Accounting Policies Revenues • Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint. • Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provisions of tenants’ leases. • Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash. General and Administrative Expenses • General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred. Deferred Financing Costs • Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations. Real Estate • Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition. • Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Furniture/Fixtures and Tenant Improvements

15 to 31 years Useful lives, which approximate lease terms, where applicable Significant Accounting Policies 2.4

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Significant Accounting Policies (Continued) • Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized. • Construction in progress includes shopping center developments and significant expansions and redevelopments. Capitalization • The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants. • For the years ended December 31, 2008, 2007, 2006, 2005 and 2004, the Company capitalized interest of $39.2 million, $26.9 million, $20.1 million, $12.5 million and $10.0 million, respectively. • In addition, the Company capitalized certain construction administration costs of $13.9 million for the year ended December 31, 2008 and $10.9 million, $10.1 million, $6.2 million and $5.5 million for the years ended December 31, 2007, 2006, 2005, and 2004, respectively. • Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life. Gain on Sales of Real Estate • Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete. Significant Accounting Policies 2.4

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Other Real Estate Information Total Recurring Capital Expenditures • The Company and its joint ventures (at 100%) currently estimate total annual recurring leasing capital expenditures to be approximately $32 million ($0.27 psf of owned GLA) in 2009. Undeveloped Land • Included in land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by the Company. Land held for development is included in the Company’s CIP amount. • At December 31, 2008, the Company estimated the value of this undeveloped land to be approximately $70 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2008. Non-Income Producing Assets • The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and equipment to be approximately $100 million at December 31, 2008. Other Real Estate Information 2.5

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Reconciliation of Supplemental Non-GAAP Financial Measures (In thousands) (Unaudited) Table 1 — Developers Diversified Realty Corporation and the Company’s Joint Ventures Combined Same Store Net Operating Income (NOI) represents shopping center assets owned in comparable periods, excluding those under redevelopment. NOI generally includes revenues and expenses for each comparable asset, but excludes straight-line rent, lease termination income and provisions for uncollectible amounts and/or recoveries thereof. Reconciliation of Same Store NOI to Total Revenues and Certain Expenses is as follows: Year Ended December 31, 2008

931,472 946,340 (146,346) (110,773) (329,560)

2007

Total Revenues DDR Total Revenues — Combined Joint Ventures Operating and Maintenance — DDR Real Estate Taxes — DDR Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures

$

Combined NOI

$1,291,133

$1,234,652

Total Same Store NOI Property NOI from other operating segments

$

$

Combined NOI

$1,291,133

964,142 326,991

$

933,136 812,630 (131,409) (107,428) (272,277)

948,076 286,576

1.7%

$1,234,652

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Reconciliation of Supplemental Non-GAAP Financial Measures (In thousands) (Unaudited) Table 2 — Developers Diversified Realty Corporation Reconciliation of Funds From Operations (FFO): T hree Months Ended December 31, 2008 2007

FUNDS FROM OPERATIONS: Net (Loss) Income Applicable to Common Shareholders Depreciation and Amortization of Real Estate Investments Equity in Net (Loss) Income From Joint Ventures Joint Venture Funds From Operations Minority Equity Interests (OP Units) Loss (Gain) on Sales of Real Estate FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS

Year Ended December 31, 2008

2007

$(190,209) 63,603 4,205 7,433 — 77

$ 32,224 53,577 (9,343) 21,949 569 1,057

$(100,045) 236,344 (17,719) 68,355 1,145 (4,244)

$225,113 214,396 (43,229) 84,423 2,275 (17,956)

$(114,891)

$100,033

$ 183,836

$465,022

Preferred Dividend Charges FUNDS FROM OPERATIONS

10,567 $(104,324)

10,567 $110,600

42,269 $ 226,105

50,934 $515,956

ADDITIONAL SFAS 141 DISCLOSURES: Below Market Rent Amortization Pro Rata Share of JV Below Market Rent Amortization

$

229 41

$

237 55

$

943 51

$

1,324 68

$

916 (7)

$

1,635 (17)

$

4,620 (23)

$

7,502 (5)

Debt Premium Amortization Income Pro Rata Share of JV Debt Premium Amortization Income (Expense)

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Reconciliation of Supplemental Non-GAAP Financial Measures (In thousands) (Unaudited) Table 3 — Developers Diversified Realty Corporation Summary of Consolidated Transactional Income T hree Months Ended December 31, 2008 2007

Transactional Income Included in FFO Consolidated Merchant Building Gains, Net of Tax Loss on Sales from Discontinued Operations Land Sale Gains

Transactional Income NOT Included in FFO Consolidated Gain on Dispositions (Loss) Gain on Sales from Discontinued Operations

Gain on Sales of Real Estate Merchant Building Gains, Net of Tax Land Sale Gains Gain on Dispositions

$

Income Statement Caption

46

$ 1,105

$

404

$ 49,122

(2,892) 517 $ (2,329)

— 4,025 $ 5,130

(8,720) 6,204 $ (2,112)

— 14,032 $ 63,154

$

31

$

$

354

$ 5,697

$

(108) (77)

(1,064) $ (1,057)

3,890 $ 4,244

12,259 $ 17,956

Gain on Disposition of Real Estate (Loss) Gain on Disposition of Discontinued Operations FFO Reconciliation

46 517 31 594

$ 1,105 4,025 7 $ 5,137

$

404 6,204 354 $ 6,962

$ 49,122 14,032 5,697 $ 68,851

Consolidated Income Statement

$ (3,000)

$ (1,064)

$ (4,830)

$ 12,259

Consolidated Income Statement

$

$ Gain on Sales of Real Estate From Discontinued Operations (Loss) Gain on Sales from Discontinued Operations

Year Ended December 31, 2008 2007

7

Gain on Disposition of Real Estate Loss on Disposition of Discontinued Operations Gain on Disposition of Real Estate

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Reconciliation of Supplemental Non-GAAP Financial Measures (In thousands) (Unaudited) Table 4 — Developers Diversified Realty Corporation Summary of Joint Venture Transactional Income T hree Months Ended December 31, 2008 2007

Transactional Income Included in FFO Joint Ventures Gain on Sales from Discontinued Operations

$

—

$

$

(18) (18)

1,550 $ 1,615

(54) $ (54)

4,470 $ 5,791

(5) — (5)

$

788 — 788

$ (12) — $ (12)

$ 1,791 14,323 $16,114

$ 7,364 — $ 7,364

$

(77) (151) $ (228)

$7,364 (13) $7,351

$ 1,195 89,916 $91,111

$

(2)

$

$

(5)

$ 4,669

$ $

(18) — (18)

$ 1,550 (151) $ 1,399

$ (54) (13) $ (67)

$ 4,470 89,916 $94,386

$

—

$

$

—

$ 1,321

(77)

7,364

1,195

(12)

$7,364

$ 2,516

Land Sale (Losses) Gains DDR’s Proportionate Share Promoted Income (a) DDR’s Proportionate Share Transactional Income NOT Included in FFO Joint Ventures (Loss) Gain on Sales from Discontinued Operations (Loss) Gain on Sales DDR’s Proportionate Share Gain on Sales of Real Estate, Net of Tax Land Sale (Losses) Gains (Loss) Gain on Sales

Gain on Sales of Real Estate From Discontinued Operations Gain on Sales from Discontinued Operations included in FFO Gain (Loss) on Sales from Discontinued Operations NOT included in FFO

$ $

7,364 $ 7,364

(a)

$

$

65

Year Ended December 31, 2008 2007

(50)

65

$

—

$ 1,321

Income Statement Caption

Gain on Disposition of Real Estate, Net of Tax (Loss) Gain on Disposition of Real Estate, Net of Tax

(Loss) Gain on Disposition of Real Estate (Loss) Gain on Disposition of Real Estate FFO Reconciliation

(Loss) Gain on Disposition of Real Estate

Gain (Loss) on Disposition of Discontinued Operations

Included in gain on disposition of discontinued operations for the year ended December 30, 2007 is the sale of the KFC I joint venture assets. DDR received promoted income of approximately $13.6 million which is included in DDR’s proportionate share. Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Joint Venture Investment Summary (in millions) as of December 31, 2008

Le gal Nam e

1

DDRTC Core Retail Fund, LLC

2

DDR Domestic Retail Fund I Investments with Macquarie (DDR Macquarie Fund LLC, Management LLC, U.S. Trust Inc. and MDT PS LLC ) DDR MDT MV LLC (Mervyns) (C) Coventry II DDR Bloomfield LLC Coventry II DDR Buena Park LLC Coventry II DDR Fairplain LLC Coventry II DDR Marley Creek LLC Coventry II DDR Merriam Village LLC Coventry II DDR Montgomery Farm LLC Coventry II DDR Phoenix Spectrum LLC Coventry II DDR SM LLC Coventry II DDR Totem Lakes LLC Coventry II DDR Tri County LLC Coventry II DDR Ward Parkway LLC Coventry II DDR Westover LLC RVIP IIIB LP

3

4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Partn e r(s)

TREA Retail Property Portfolio 2006, LLC (TIAA) (85%) DDR Domestic Retail Fund I (80%) Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT) (B)

Macquarie DDR Trust (MDT) (49.98%) Coventry II Fund (80%)

DDR C on solidate d Nu m be r of Gross Book O wn e rship % (Ye s/No) Prope rtie s Value

De bt

Prom ote d Inte re st (Ye s/No)

15.0%

No

66

$ 2,954.2

$ 1,771.0

Yes

20.0% Various

No

63

$ 1,466.6

$

967.8

Yes

No

50

$ 1,880.4

$ 1,236.7

Yes

50.02%

Yes

37

$

380.4

$

258.5

Yes

20.0%

No

1(A)

$

203.6

$

48.0

Yes

20.0%

No

1

$

102.9

$

61.0

Yes

20.0%

No

1

$

32.3

$

16.0

Yes

20.0%

No

1

$

13.2

$

10.8

Yes

20.0%

No

1(A)

$

43.8

$

17.0

Yes

20.0%

No

1

$

157.9

$

112.4

Yes

20.0% 20.0%

No No

1 44

$ $

88.6 148.6

$ $

46.0 117.4

Yes Yes

20.0%

No

1

$

42.0

$

29.5

Yes

20.0%

No

1

$

230.6

$

166.3

Yes

20.0%

No

1

$

64.9

$

35.0

Yes

20.0%

No

1

$

29.6

$

20.9

Yes

25.75%

No

1

$

91.1

$

60.0

Yes

21.0%

No

2

$

124.9

$

72.1

Yes

25.75%

No

1

$

33.6

$

23.4

Yes

10.0%

No

12

$

130.1

$

9.6

No

10.0%

No

3

$

160.2

$

110.0

Yes

50.0%

No

9

$

329.0

$

57.3

No

20.0%

No

29

$

309.3

$

226.2

No

Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%) Coventry II Fund (80%)

Prudential Real Estate Advisors (74.25%) RVIP VII LLC Prudential Real Estate Advisors (79%) RVIP VIII LP Prudential Real Estate Advisors (74.25%) DPG Realty Holdings LLC Prudential Insurance Co. of America (90%) TRT DDR Venture I TRT-DDR Joint Venture I General Partnership Owner LLC (90%) Sonae Sierra Brazil BV Sarl Sonae Sierra, SGPS, SA (50%) DDR-SAU Retail Fund, Special Account — U, L.P. LLC (State of Utah ) (80%)

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24 25 26

27 28 29 30 31 32 33 34

Cole MT Independence Missouri JV LLC DDRA Comm. Ctrs Five, L.P. DDR Markaz II LLC (Kuwait Financial Centre II) Lennox Town Center LTD. Sun Center Limited Dublin Village DOTRS LLC Jefferson County Plaza LLC Sansone Group/ DDRC LLC Shea & Tatum Assoc. LP (Paradise Village) (C) Other Joint Ventures TOTALS

Cole Realty Advisors, Inc. (85.5%) DRA Advisors (50%) Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%) Casto Properties (50%) Casto Properties (20.55%) Casto Properties (36.6%) State Teachers Retirement Board of Ohio (50%) The Sansone Group (50%)

14.5%

No

1

$

61.5

$

34.1

No

50.0%

No

5

$

240.0

$

280.0

No

20.0% 50.0% 79.45% 63.4%

No No No No

13 1 1 —

$ $ $ $

205.4 21.0 25.9 0.1

$ $ $ $

150.5 27.0 18.8 0.0

Yes No No No

50.0%

No

1

$

26.6

$

21.0

No

50.0%

No

1

$

7.0

$

3.7

No

50.0%

No

—

$

0.0

$

0.0

No

67.0% Various

Yes Yes

1 23 375

$ 30.0 $ 74.7 $6,112.5

No Yes

The Sansone Group (50%) Churchill Family Trust (33%) $ 29.6 $ 414.9 $10,049.7

(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

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Joint Ventures (Combining Financial Information) (1) (in millions) Combining Balance Sheets as of December 31, 2008 DDRT C Core Retail Fund LLC

Real estate assets Accumulated depreciation Real estate, net Receivables, net Other assets Disproportionate share of equity

$

DDR Domestic Retail Fund I

Investments with Macquarie

Coventry II DDR Bloomfield LLC

Coventry II DDR Buena P ark LLC

2,954.2 $ (128.8) 2,825.4 25.9 114.7 — 2,966.0 $

1,466.6 $ (54.3) 1,412.3 20.6 44.7 — 1,477.6 $

1,880.4 $ (158.6) 1,721.8 29.6 42.7 — 1,794.1 $

203.6 $ 0.0 203.6 0.1 (0.5) — 203.3 $

$

$

967.8 1.7 12.6 982.1 495.5 — 1,477.6

$

$

1,771.0 0.3 36.1 1,807.4 1,158.6 — 2,966.0

$

1,236.7 0.2 93.8 1,330.7 463.4 — 1,794.1

48.0 58.1 9.5 115.6 87.6 — 203.2

Proportionate share of other assets/liabilities, net $

15.7

$

10.5

$

0.6

0.0

$

0.0

$

0.0

$ Mortgage debt Amounts payable to DDR Other liabilities

$

Accumulated equity (deficit) Disproportionate share of equity

Disproportionate amount payable to DDR

$

$

$

102.9 $ (7.8) 95.1 2.9 0.5 — 98.5 $

Coventry DDR Marl Creek LL

32.3 $ (1.3) 31.0 0.4 0.5 — 31.9 $

13 (0 12 0 0 — 13

$

$

10 0 0 10 2 — 13

$

$

61.0 0.0 1.3 62.3 36.2 — 98.5

$

16.0 0.0 0.3 16.3 15.6 — 31.9

($1.0) $

0.4

$

0.1

$

0

52.3

0.0

$

0.0

$

0

$

$

Coventry II DDR Fairplain P laza LLC

$

Combining Statements of Operations For the year ended December 31, 2008 DDRT C Core Retail Fund LLC

Revenues from operations $ Rental operation expenses Net operating income Depreciation and amortization expense Interest expense Income (loss) before gain on sale of real estate (4) Tax expense Other gain, net Gain (loss) on sale of real estate Discontinued operations Gain on sale of discontinued operations Disproportionate share of income Net income (loss) DDR ownership interest Amortization of basis differential $ Proportionate share of net operating income (5) $

DDR Domestic Retail Fund I

Investments with Macquarie

Coventry II DDR Bloomfield LLC

Coventry II DDR Buena P ark LLC

Coventry II DDR Fairplain P laza LLC

Coventry DDR Marl Creek LL

255.5 $ (81.0) 174.5 (82.2) (94.8)

139.1 $ (51.2) 87.9 (39.8) (55.8)

211.3 $ (71.6) 139.7 (43.8) (70.2)

0.0 $ (0.0) 0.0 0.0 0.0

13.3 $ (6.0) 7.3 (3.5) (2.4)

3.2 $ (1.3) 1.9 (0.5) (0.8)

1 (0 0 (0 (0

(2.5) 0.0 0.0 0.0 0.0 0.0 — ($2.5) 15% ($0.4) 0.7 0.3

(7.7) 0.0 0.0 0.0 0.0 0.0 — ($7.7) $ 20% ($1.5) $ 0.0 ($1.5) $

25.7 (2.7) (29.4) (3.2) 0.0 7.4 — (2.2) *** 0.0 2.1 2.1

(0.0) 0.0 0.0 0.0 0.0 0.0 — ($0.0) $ 20% ($0.0) $ — ($0.0) $

1.4 0.0 0.0 0.0 0.0 0.0 — 1.4 $ 20% 0.3 $ — 0.3 $

0.6 0.0 0.0 0.0 0.0 0.0 — 0.6 20% 0.1 — 0.1

(0 0 0 0 0 0 — ($0

17.6

27.8

($0.0) $

1.5

0.4

26.2

$

$

$

($0 — ($0 $

0

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Proportionate share of interest expense (5)

$

14.2

$

11.2

$

13.3

$

0.0

$

0.5

$

0.2

$

0

Funds From Operations (“FFO”): Net income (loss) Depreciation of real property (Gain) loss on sale of real estate Disproportionate share of income $ DDR ownership interest DDR FFO

$

($2.5) 82.2 0.0 — 79.7 $ 15% 12.0 $

($7.7) $ 39.8 0.0 — 32.1 $ 20% 6.4 $

(2.2) 43.8 (7.4) — 34.2 *** 7.5

($0.0) $ 0.0 0.0 — ($0.0) $ 20% ($0.0) $

1.4 $ 3.5 0.0 — 4.9 $ 20% 1.0 $

0.6 0.5 0.0 — 1.1 $ 20% 0.2 $

($0 0 0 — 0

0

Joint Venture Inves

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Joint Ventures (Combining Financial Information) (1) (in millions) Combining Balance Sheets as of December 31, 2008 Coventry II DDR Montgomery Farm LLC

Real estate assets Accumulated depreciation Real estate, net Receivables, net Other assets Disproportionate share of equity

$

$ Mortgage debt Amounts payable to DDR Other liabilities

$

Accumulated equity (deficit) Disproportionate share of equity $ Proportionate share of other assets/liabilities, net Disproportionate amount payable to DDR

$

Coventry II DDR P hoenix Spectrum LLC

Coventry II Service Holdings LLC

Coventry II DDR T otem Lake LLC

Coventry II DDR T ri-County Mall LLC

Coventry II DDR Ward P arkway LLC

C

157.9 $ (0.9) 157.0 1.1 (3.7) — 154.4 $

88.6 $ (6.0) 82.6 2.9 1.1 — 86.6 $

148.6 $ (6.5) 142.1 8.1 16.6 — 166.8 $

42.0 $ (3.2) 38.8 0.1 0.5 — 39.5 $

230.6 $ (12.5) 218.1 2.2 9.0 — 229.3 $

64.9 $ (5.7) 59.2 2.3 (0.5) — 61.0 $

112.4 0.0 0.7 113.1 41.3 — 154.4

$

$

35.0 0.0 0.6 35.6 25.4 — 61.0

$

$

166.3 0.0 5.3 171.6 57.7 — 229.3

$

$

29.5 0.0 0.4 29.9 9.6 — 39.5

$

$

117.4 0.0 7.1 124.5 42.3 — 166.8

$

$

46.0 0.0 3.2 49.2 37.4 — 86.6

($0.3) $

0.2

$

3.5

$

0.1

$

1.2

$

0.2

$

0.0

$

0.0

$

0.0

$

0.0

$

0.0

$

Coventry II DDR Ward P arkway LLC

C

0.0

$

$

$

Combining Statements of Operations For the year ended December 31, 2008 Coventry II DDR Montgomery Farm LLC

Coventry II DDR P hoenix Spectrum LLC

Coventry II Service Holdings LLC

Coventry II DDR T otem Lake LLC

Revenues from operations $ Rental operation expenses Net operating income Depreciation and amortization expense Interest expense Income (loss) before gain on sale of real estate (4) Tax expense Other gain, net Gain (loss) on sale of real estate Discontinued operations Gain on sale of discontinued operations Disproportionate share of income Net income (loss) $ DDR ownership interest $ Amortization of basis differential $

3.8 $ (2.6) 1.2 (0.9) (0.0)

10.9 $ (4.7) 6.2 (1.5) (1.8)

26.1 $ (11.9) 14.2 (4.0) (9.8)

0.3 0.0 0.0 0.0 0.0 0.0 — 0.3 $ 20% 0.1 $ — 0.1 $

2.9 0.0 0.0 0.0 0.0 0.0 — 2.9 $ 20% 0.6 $ — 0.6 $

0.4 0.0 0.0 (0.0) 0.0 (0.0) — 0.4 $ 20% 0.1 — 0.1

Proportionate share of net operating income (5) $

0.2

1.2

2.9

$

$

$

Coventry II DDR T ri-County Mall LLC

3.1 $ (1.2) 1.9 (0.7) (1.1) 0.1 0.0 0.0 0.0 0.0 0.0 — 0.1 20% ($0.0) — ($0.0) 0.4

$

19.6 $ (8.1) 11.5 (5.2) (10.2)

8.3 $ (3.9) 4.4 (2.1) (2.0)

(3.9) 0.0 0.0 0.0 0.0 0.0 — ($3.9) $ 20% ($0.8) $ — ($0.8) $

0.3 0.0 0.0 0.0 0.0 0.0 — 0.3 $ 20% 0.1 $ — 0.1 $

2.3

$

0.9

$

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Proportionate share of interest expense (5)

$

0.0

$

$

0.3 $ 0.9 0.0 — 1.2 $ 20% 0.2 $

0.4

$

1.9

$

0.3

$

2.0

$

0.4

$

Funds From Operations (“FFO”): Net income (loss) Depreciation of real property (Gain) loss on sale of real estate Disproportionate share of income

$ DDR ownership interest DDR FFO

$

2.9 $ 1.5 0.0 — 4.4 $ 20% 0.9 $

0.5 4.0 0.0 — 4.5 $ 20% 0.9 $

($0.1) 0.7 0.0 — 0.6 $ 20% 0.1 $

($3.9) $ 5.2 0.0 — 1.3 $ 20% 0.3 $

0.3 $ 2.1 0.0 — 2.4 $ 20% 0.5 $

Joint V

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Joint Ventures (Combining Financial Information) (1) (in millions) Combining Balance Sheets as of December 31, 2008

RVIP VII LLC

RVIP VIII T ech Ridge LLC

DP G Realty Holdings LLC

T RT DDR Venture I GP

Sonae Sierra Brazil BV Sarl (2)

DDR-SAU Retail Fund LLC (2)

Cole

DD Ce

Real estate assets Accumulated depreciation Real estate, net Receivables, net Other assets Disproportionate share of equity

$ 124.9 $ (21.4) 103.5 3.1 6.8 — $ 113.4 $

33.6 $ (4.6) 29.0 1.7 0.9 — 31.6 $

130.1 $ (12.7) 117.4 1.4 2.0 — 120.8 $

160.2 $ (7.0) 153.2 1.8 3.0 — 158.0 $

329.0 $ (30.7) 298.3 9.3 30.1 — 337.7 $

309.3 $ 61.5 $ (23.6) (0.0) 285.7 61.5 7.6 0.7 36.8 1.3 — — 330.0 $ 63.5 $

Mortgage debt Amounts payable to DDR Other liabilities

$

$

$

226.2 0.3 5.6 232.1 97.9 — 330.0

$ 34.1 0.0 0.3 34.4 28.9 — $ 63.3

$

$

57.3 0.0 28.9 86.2 251.5 — 337.7

$

$

110.0 0.0 0.4 110.4 47.6 — 158.0

$

$

9.6 0.0 1.5 11.1 109.7 — 120.8

$

$

23.4 0.0 0.4 23.8 7.8 — 31.6

($1.2) $

0.6

$

0.2

$

0.4

$

5.2

$

7.7

$ 0.2

$

0.0

$

0.0

$

0.0

$

0.0

$

0.0

$ 0.0

$

Accumulated equity (deficit) Disproportionate share of equity

72.1 0.0 15.6 87.7 25.7 — $ 113.4

Proportionate share of other assets/liabilities, net Disproportionate amount payable to DDR

$

0.0

$

$

$

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

RVIP VII LLC

Revenues from operations $ Rental operation expenses Net operating income Depreciation and amortization expense Interest expense Income (loss) before gain on sale of real estate (4) Tax expense Other gain, net Gain (loss) on sale of real estate Discontinued operations Gain on sale of discontinued operations Disproportionate share of income Net income (loss) $ DDR ownership interest Amortization of basis differential

Proportionate share of net operating income (5) $

RVIP VIII T ech Ridge LLC

DP G Realty Holdings LLC

T RT DDR Venture I GP

Sonae Sierra Brazil BV Sarl (2)

DDR-SAU Retail Fund LLC (2)

Cole

DD Ce

13.8 $ (4.4) 9.4 (3.1) (3.9)

6.0 $ (2.4) 3.6 (1.1) (1.0)

12.8 $ (3.8) 9.1 (3.1) (0.5)

15.1 $ (5.3) 9.8 (4.5) (6.2)

69.8 $ (19.7) 50.1 (10.9) 0.1

36.3 $ 1.0 $ (11.9) (0.2) 24.4 0.8 (15.0) (0.1) (12.2) (0.1)

2.4 0.0 0.0 0.0 0.0 0.0 — 2.4 $ 21% ($0.4) $ (0.3) ($0.7) $

1.5 0.0 0.0 0.0 0.0 0.0 — 1.5 $ 25.75% 1.7 $ — 1.7 $

5.5 0.0 0.0 (0.7) 0.0 0.0 — 4.8 10% 0.5 0.0 0.5 $

(0.9) 0.0 0.0 0.0 0.0 0.0 — ($0.9) $ 10% ($0.1) $ 0.2 0.1 $

39.3 (12.8) 0.0 0.0 0.0 0.0 — 26.5 50% 13.2 (2.5) 10.7

(2.8) 0.0 0.0 0.0 0.0 0.0 — ($2.8) $ 20% ($0.6) $ (0.2) ($0.8) $

2.0

$

0.9

$

0.9

$

1.0

$

25.1

$

4.9

0.6 0.0 0.0 0.0 0.0 0.0 — 0.6 $ 14.5% 0.1 $ 0.0 0.1 $

$ 0.1

$

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Proportionate share of interest expense (5)

$

0.8

$

$

2.4 $ 3.1 0.0 — 5.5 $ 21% 2.1 $

0.2

$

0.1

$

0.6

$

0.0

$

2.5

$ 0.0

$

Funds From Operations (“FFO”): Net income (loss) Depreciation of real property (Gain) loss on sale of real estate Disproportionate share of income

$ DDR ownership interest DDR FFO

$

1.5 $ 1.1 0.0 — 2.6 $ 26% 1.1 $

4.8 3.1 0.0 — 7.9 $ 10% 0.8 $

($0.9) $ 4.5 0.0 — 3.6 $ 10% 0.4 $

26.5 10.9 0.0 — 37.4 $ 50% 18.9 $

($2.8) $ 0.6 $ 15.0 0.1 0.0 0.0 — — 12.2 $ 0.7 $ 20% 14.52% 2.4 $ 0.1 $

Joint Ven

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Joint Ventures (Combining Financial Information) (1) (in millions) Combining Balance Sheets as of December 31, 2008 Lennox T own Center Limited (2)

Real estate assets Accumulated depreciation Real estate, net Receivables, net Other assets Disproportionate share of equity

$

$ Mortgage debt Amounts payable to DDR Other liabilities

$

Accumulated equity (deficit) Disproportionate share of equity $ Proportionate share of other assets/liabilities, net

Sun Center Limited (2)

Dublin Village (3)

DOT RS LLC

21.0 $ (5.2) 15.8 1.8 0.8 — 18.5 $

26.0 $ (8.4) 17.6 0.9 1.0 — 19.5 $

0.1 0.0 0.1 0.0 0.0 — 0.1

27.0 $ 0.0 1.2 28.2 (9.7) — 18.5 $

18.8 $ 0.0 0.8 19.6 (0.1) — 19.5 $

0.0 $ 21.0 0.1 0.0 (0.1) 0.7 0.0 21.7 0.1 0.9 — — 0.1 $ 22.6

$

0.7

$

0.9

Disproportionate amount payable to DDR $

0.0

$

0.0

$ 26.6 $ (5.9) 20.7 0.8 1.1 — $ 22.6 $

($0.0) $ $

0.0

Jefferson County P laza LLC

$

Sansone Group/ DDRC LLC

Sold/Acquired and Other JVs (6)

T otal

7.0 $ (1.1) 5.9 0.1 0.3 — 6.3 $

0.0 0.0 0.0 0.0 3.4 — 3.4

$

0.0 0.0 0.8 0.8 2.6 — 3.4

$

$

3.7 $ 4.0 0.1 7.8 (1.5) — 6.3 $

$

27.5 0.0 2.2 29.7 17.0 — 46.7

0.6

$

0.1

$

1.3

$

0.1

$

53.2

0.0

$

2.0

$

0.0

$

0.0

$

54.3

$

$

D P ropo S

51.0 $9,276.0 $ (6.9) (606.7) 44.1 8,669.3 0.6 136.5 2.0 328.3 — — 46.7 $9,134.1 $ $5,776.9 65.0 237.4 6,079.3 3,054.8 — $9,134.1

$

$

Combining Statements of Operations For the year ended December 31, 2008 Lennox T own Center Limited (2)

Revenues from operations Rental operation expenses Net operating income Depreciation and amortization expense Interest expense Income (loss) before gain on sale of real estate (4) Tax expense Other gain, net Gain (loss) on sale of real estate Discontinued operations Gain on sale of discontinued operations Disproportionate share of income Net income (loss) DDR ownership interest

$

$ $

Amortization of basis differential $

Sun Center Limited (2)

Dublin Village (3)

5.0 $ (1.6) 3.4 (0.4) (1.6)

4.8 $ (1.3) 3.5 (0.6) (1.6)

1.4 0.0 0.0 0.0 0.0 0.0 — 1.4 $ 50% 0.7 $ — 0.7 $

1.3 0.0 0.0 0.0 0.0 0.0 — 1.3 $ 79% 1.1 (0.2) 0.9 $

DOT RS LLC

Jefferson County P laza LLC

0.0 $ 4.2 $ (0.0) (1.2) 0.0 3.0 0.0 (0.8) (0.0) (1.3) (0.0) 0.0 0.0 0.0 0.0 0.0 — 0.0 $ 63% ($0.0) $ — 0.0 $

0.9 0.0 0.0 0.0 0.0 0.0 — 0.9 50% 0.5 0.1 0.6

Sansone Group/ DDRC LLC

0.9 $ (0.5) 0.4 (0.2) (0.5) (0.3) 0.0 0.0 0.0 0.0 0.0 — ($0.3) $ 50% ($0.2) $ — ($0.2) $

Sold/Acquired and Other JVs (6)

3.1 $ (1.8) 1.3 0.0 (0.1) 1.2 0.0 0.0 0.0 0.0 0.0 — 1.2 50% 1.0 (0.3) 0.7

T otal

D P ropo S

2.7 $ 946.3 $ (2.4) (325.7) 0.3 620.7 (0.7) (241.6) (0.8) (307.6) (1.2) 71.5 0.0 (15.5) (1.9) (31.3) (0.0) (4.0) 0.1 0.1 0.0 7.4 — — ($3.0) $ 28.2 $ *** *** ($1.1) $ 17.3 $ 0.2 0.4 ($0.9) $ 17.7 $

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Proportionate share of net operating income (5)

$

1.7

$

2.8

($0.0) $

Proportionate share of interest expense (5) $

0.8

$

1.2

$

$

1.3 0.6 0.0 — 1.9

$

$

1.4 0.4 0.0 — 1.8

$

50% 0.9 $

1.5

$

0.2

$

0.6

$

0.2

$ 141.3

$

0.7

$

0.3

$

0.0

$

0.2

$

0.0 $ 0.0 0.0 — ($0.0) $

0.9 0.8 0.0 — 1.7

($0.3) $ 0.2 0.0 — ($0.1) $

1.2 0.0 0.0 — 1.2

($3.0) $ 28.2 0.7 241.6 0.0 0.0 — — ($2.3) $ 262.4

63% ($0.0) $

50% 0.9

50% ($0.0) $

50% 1.0

*** ($0.6) $

0.0

62.3

Funds From Operations (“FFO”): Net income (loss) Depreciation of real property (Gain) loss on sale of real estate Disproportionate share of income DDR ownership interest DDR FFO

$

$

79% 1.6

$

$

*** 68.3

Joint Venture Investment S

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 (1)

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

(2)

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

(3)

Represents undeveloped land.

(4)

Consists of impairment charges on two assets.

(5)

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

(6)

Represents residual joint venture interests sold in 2007 and other small joint venture investments and land developments. To the extent that DDR is entitled to receive promoted income, DDR’s share of income could exceed the total income recorded by certain joint ventures as assets continue to be liquidated.

(7)

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

(8)

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

(9)

Adjustments associated with Coventry’s promoted interests primarily at RVIP IIIB, RVIP VII and RVIP VIII joint ventures as well as investments with Macquarie and additional promoted interest from joint venture investments sold in 2007.

***

See Section 3.1- Joint Venture Investment Summary, disclosing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect. Joint Venture Investment Summary 3.2

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Wholly-Owned and Consolidated Capital Transactions (In Millions)

Acquisitions/Transfers Completed Expansions Incremental Development Cost Developments & Construction in Progress Recurring Tenant Improvements & Third Party Leasing Commissions Furniture, Fixtures & Equipment Foreign Currency Adjustments

Year Ended December 31, 2008

Year Ended December 31, 2007

Year Ended December 31, 2006

$

10.9 27.8 419.5 11.6 6.3 (41.3) 434.8 (312.9)(1)

$

3,048.7(2) 32.7 428.5 12.5 13.0 0.0 3,535.4 (2,001.3)(3)

$

370.2 73.1 246.0 11.7 10.2 0.0 711.2 (289.8)

$

121.9

$

1,534.1

$

421.4

Less: Real Estate Sales & Joint Venture Transfers Net Additions (1)

In addition to asset sales disclosed on Schedule 4.2, this balance includes the sale of seven outparcels.

(2)

Includes acquisition of the IRRETI portfolio ($3,018 million), a property in Terrell, TX ($17 million), an additional interest in a San Francisco property, and the redemption of OP units.

(3)

In addition to asset sales ($610 million), this balance includes the following sales to joint ventures: Dividend Capital Total Realty Trust ($99 million), DDR Domestic Retail Fund I Joint Venture ($1,229 million), Macquarie DDR Trust ($50 million); and 11 outparcel sales. Summary of Joint Venture Capital Transactions (In Millions)

Acquisitions/Transfers Completed Expansions Incremental Development Cost Developments & Construction in Progress Recurring Tenant Improvements & Third Party Leasing Commissions Foreign Currency Adjustments

Year Ended December 31, 2008

Year Ended December 31, 2007

Year Ended December 31, 2006

$

111.4(1) 52.8 315.8 18.4 (106.2) 392.2 ($61.9)(1)

$

4,987.4(2) 21.9 142.7 9.8 48.5 5,210.3 ($204.3)(3)

$

330.3

$

5,006.0

$

$ Less: Real Estate Sales and Dispositions Net Additions

$

$

$

729.9 0.0 139.6 9.1 0.0 878.6 ($409.0) 469.6

(1)

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

(2)

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

(3)

Includes the sale of seven shopping centers ($168 million), which were previously owned by a joint venture with Kuwait Financial Centre, to the DDR Domestic Retail Fund I and the sale of vacant land in TX and CO. Summary of Wholly Owned and Joint Venture Capital Transactions 4.1

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Operating Property Acquisitions There were no significant third party acquisitions for the year ended December 31, 2008. Operating Property Dispositions

Disposition Date

Location

Consolidated 1/10/2008 Brandon, FL

3/7/2008

Gadsden, AL

6/12/2008

Hutchinson, MN Charlotte, NC

6/23/2008

8/5/2008 8/5/2008 8/5/2008 8/5/2008 8/11/2008 8/21/2008 8/12/2008

Daytona Beach, FL Alpharetta, GA Chattanooga, TN Fredericksburg, VA S. Anderson, SC Daytona Beach, FL Chelmsford, MA

DDR’s Effective P roperty Name Ownership

JV P artner T otal GLA

P urchase P rice (Millions)

Major T enants

Albertsons at Bloomingdale Hills East Side Plaza Hutchinson Mall BJ’S Wholesale Club PetsMart

100%

N/A

78,686 $

6.4

Albertson’s

100%

N/A

85,196 $

1.6

Fred’s, Food World (Not Owned)

100%

N/A

121,001 $

2.5

J.C. Penney, Hennen’s Furniture (Not Owned)

100%

N/A

99,792 $

16.6

100%

N/A

26,194 $

5.3

PetsMart

PetsMart PetsMart

100% 100%

N/A N/A

38,418 $ 26,040 $

6.4 4.8

PetsMart PetsMart

PetsMart

100%

N/A

26,067 $

5.2

PetsMart

Crossroads Plaza KB Homes

100%

N/A

163,809 $

3.1

—

100%

N/A

22,255 $

2.8

KB Homes

USAA

291,424 $

20.7 (1) —

100%

N/A

162,533 $

24.6

100%

N/A

10,908 $

2.9

CVS Pharmacy

100% 100%

N/A N/A

80,713 $ 9,504 $

13.2 2.5

Stop N Shop CVS Pharmacy

100%

N/A

9,504 $

2.1

CVS Pharmacy

100%

N/A

9,504 $

1.8

CVS Pharmacy

100%

N/A

10,560 $

2.4

CVS Pharmacy

100%

N/A

10,908 $

2.8

CVS Pharmacy

100%

N/A

9,504 $

2.0

CVS Pharmacy

100%

N/A

9,504 $

1.9

CVS Pharmacy

100%

N/A

9,504 $

2.1

CVS Pharmacy

100% 100%

N/A N/A

25,840 $ 185,658 $

1.0 1.8

Caribbean Cinemas J.C. Penney

Apollo Drive Office Building 9/12/2008 Jersey City, NJ 440 Commons 12/9/2008 Plano,TX CVS Pharmacy 12/18/2008 Seekonk, MA Stop N Shop 12/23/2008 Kissimmee, FL CVS Pharmacy 12/23/2008 Carrollton, TX CVS Pharmacy 12/23/2008 Lake Worth, CVS TX Pharmacy 12/23/2008 Richardson, CVS TX Pharmacy 12/23/2008 River Oaks, TX CVS Pharmacy 12/23/2008 The Colony, CVS TX Pharmacy 12/23/2008 Wichita Falls, CVS TX Pharmacy 12/23/2008 Wichita Falls, CVS TX Pharmacy 12/26/2008 Cayey, PR Plaza Cayey 12/30/2008 Worthington, Northland MN Mall Total Dispositions

55.84%

1,523,026 $ 136.5

BJ’s Wholesale Club

Home Depot, Raymour & Flanigan

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(1) DDR received 100% of the disposition proceeds. Joint Venture There were no significant third party acquisitions or dispositions for the year ended December 31, 2008, except for the acquisition of Independence, MO by a joint venture with Cole Real Estate Investments for a purchase price of $62.0 million. The property was previously owned by Macquaire DDR Trust. DDR’s effective ownership did not change. Wholly Owned and Joint Venture Acquisitions and Dispositions 4.2

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Wholly-Owned and Consolidated Development Projects

Location

Cost Assets Estimated Estimated Incurred P laced in Initial Net Cost T o Date Service Anchor (Millions) (Millions) (Millions) Opening

T otal GLA

Owned GLA

758,900 144,592 394,916

228,943 $ 137,527 $ 272,610 $

14.0 $ 14.5 $ 78.6 $

0.0 0.0 18.7

635,665

391,351 $ 148.8 $ 134.5 $

104.2

921,162

431,689 $ 126.7 $

75.2 $

10.0

72,243 446,055 689,395

56,343 $ 210,855 $ 350,987 $

17.7 $ 33.8 $ 45.0 $

0.0 0.0 24.2

78,830 72,830 $ 16.9 $ 8.5 $ 805,618 443,092 $ 77.2 $ 50.8 $ 4,947,376 2,596,227 $ 700.4 $ 472.6 $

0.0 0.0 157.1

P roject Name

Projects in Process Ukiah (Mendocino), CA (1) Mendocino Crossings New Haven (Guilford), CT Guilford Commons Homestead Pavilion Homestead, FL Shops at Midtown

66.9 $ 48.0 $ 79.7 $

Miami, FL Nampa Gateway Center Boise (Nampa), ID Boston (Norwood), MA The Shoppes at Elmway Farms Boston, MA (Seabrook, NH) Seabrook Town Center Southern Tier Crossings Elmira (Horseheads), NY Raleigh (Apex), NC Apex Promenade Austin (Kyle), TX (1) Kyle Marketplace

(1)

26.7 $ 54.5 $ 55.0 $

Major Anchors

2H11 2H10 Coldwater Creek, Joseph B 2H08 Kohl’s, Sports Authority, for Less, Michaels, Staple 2H06 Target, Marshalls, West E Loehmann’s, Ross Dress f PetsMart 2H07 JCPenney, Macy’s, The S Authority, Idaho Athletic 2H09 2H10 Target (Phase I) 1H07 Kohl’s, Wal-Mart, Dick’s, Ulta, Mens Warehouse 2H09 HH Gregg, Outback Steak 2H09 Target, Kohl’s, City Light

Consolidated joint venture. DDR has a 50% interest. Wholly-Owned and Consolidated Land Held for Development DDR’s Effective Ownership

Location

Tampa (Brandon), FL Tampa (Wesley Chapel), FL Atlanta (Douglasville), GA Atlanta (Union City), GA Chicago (Grayslake), IL Gulfport, MS Raleigh (Apex), NC San Antonio (Schertz), TX Isabela, Puerto Rico Oconomowoc, WI Toronto (Brampton), CAN Toronto (East Gwillinbury — Bayview/Greenlane), CAN Toronto (East Gwillinbury — Hwy 404/Greenlane East), CAN Toronto (East Gwillinbury — Hwy 404/Greenlane West), CAN Toronto (Richmond Hill), CAN Togliatti, Russia Yaroslavl, Russia Other Misc. Land (13 sites) Wholly-Owned & Consolidated Total Net Cost

(2)

$

100% 100% 100% 100% 50% 100% 100% 50% 80% 50% 50% 50% 50% 50% 50% 75% 75% 100% 226.1(2)

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

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Wholly Owned and Consolidated Dev

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Joint Venture Development Projects

Location Projects in Progress Kansas City (Merriam), KS

DDR’s Effective Ownership P ercentage

Joint Venture P artner

Estimated Cost Assets DDR’s Estimated Net Incurred P laced in P roportionate Initial Cost T o Date Service Cost Anchor (Millions) (Millions) (Millions) (Millions) Opening Major A

T otal GLA

Owned GLA

Merriam Village

245,182

158,632

20.0% Coventry II $

43.7 $

43.8 $

0.0 $

8.7

T BD

Bloomfield P ark

762,915

623,782

10.0% Coventry $ II/BP I, LLC

189.8 $

203.6 $

0.0 $

19.0

T BD

Barnes a Noble, T P ark T h

Watters Creek

831,413

797,665

10.0% Coventry $ II/ T rademark P roperty Company

171.2 $

157.9 $

59.5 $

17.1

1H08

Market S United, B DSW ShoeWa T he Che Factory

Manauara

477,630

477,630

47.4%

$

98.2 $

74.4 $

0.0 $

46.5

1H09

Riachuel Renner, Marisa

$

502.9 $

479.7 $

59.5 $

91.3

P roject

Detroit (Bloomfield Hills), MI

Dallas (Allen), T X Sonae Sierra

Manaus, Brazil (1) 2,317,140 2,057,709

(1)

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

Joint Venture Developm

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Development Assets Placed in Service (In Millions)

C on solidate d Asse ts

Date

As of December 31, 2008 Projected 2009 Projected Thereafter

$ $ $ $

157.1 141.4 401.9 700.4

Un con solidate d JV Asse ts DDR’s P roportionate T otal Share

$ 59.5 $ 167.0 $ 276.4 $ 502.9

$ $ $ $

5.9 53.4 32.0 91.3

Development Funding Schedule (In Millions)

C on solidate d Fu n ding

Funded as of December 31, 2008 Projected Net Funding 2009 Projected Net Funding Thereafter

$ $ $ $

472.6 46.1 181.7 700.4

DDR P roportionate Share

$

$

70.8 13.7 (10.0) 74.5

Un con solidate d Join t Ve n ture Fu n ding JV P artners’ P roceeds from P roportionate Construction Share Loans

$

$

173.4 28.9 (40.2) 162.1

$

$

235.5 21.2 9.6 266.3

T otal JV Funding

$ $

479.7 63.8 ($40.6) $ 502.9

Wholly Owned and Joint Venture Development Delivery and Funding Schedules 4.4

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Significant Wholly-Owned and Consolidated Redevelopment or Expansion Projects DDR’s Ownership P ercentage

Joint Venture P artner

Wal-Mart Plaza

100%

N/A

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

Akron (Stow), OH

Stow Community

100%

N/A

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

North Heights Plaza

100%

N/A

Dayton (Huber Hts.), OH

Expansion of the shopping center to construct a 45,000 sf Dick’s (opened 4/08).

Location

P roperty Name

P roject Description

Projects Completed

Olean, NY

Total Net Cost (Millions) Projects in Progress Miami (Plantation), FL

$ 41.2

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. (1)

Total Net Cost (Millions)

$ 106.9

(1) At December 31, 2008, approximately $76.6 million of costs had been incurred in relation to the projects in progress. Summary of Significant Joint Venture Redevelopment or Expansion Projects

Location

P roperty Name

DDR’s Ownership P ercentage

Joint Venture P artner

P roject Description

Projects Completed Chicago (Deer Park), IL

Deer Park Town Center

25.75%

Prudential Real state Investors

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

Kansas City, MO

Ward Parkway

20.0%

Coventry II

Redevelopment of the lower level of the mall to include Staples (opened 5/08), other tenants that have opened and other retail tenants to be announced.

Cincinnati, OH

Tri-County Mall

20.0%

Coventry II / Thor Equities

Redevelopment of the former JCPenney store to include Krazy City and Ethan Allen (opened 4Q07), and several other new retail tenants and restaurants to be announced.

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Total Net Cost (Millions) DDR’s Proportionate Share (Millions)

$ 295.5

(1)

$ 59.3

Projects in Progress Buena Park, CA

Buena Park Mall & Entertainment

20.0%

Coventry II

Los Angeles (Lancaster), CA

Valley Central Discount

21.0%

Prudential Real Estate Investors

Benton Harbor, MI

Fairplain Plaza

20.0%

Coventry II

Total Net Cost (Millions) DDR’s Proportionate Share (Millions)

$ 154.2

Redevelopment of the lower level of the mall to include John’s Incredible Pizza. 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. 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. (1) (2)

$ 31.1

(1)

Total cost includes the acquisition costs for the Coventry II redevelopments.

(2)

At December 31, 2008, approximately $116.7million of costs had been incurred in relation to the projects in progress and DDR’s pro-rata share was $23.5 million. Wholly Owned and Joint Venture Expansions and Redevelopments 4.5

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Developers Diversified Realty Quarterly Financial Supplement For the twelve months ended December 31, 2008 Summary of Recently Developed Assets

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

Location

Related P roject

San Diego (Oceanside), CA Denver (Littleton, CO) Fort Collins, CO Lakeland, FL Miami (Homestead), FL Miami, FL Macon, GA Chicago (Deer Park), IL Chicago (McHenry), IL Salisbury, MD Boston (Everett), MA Minneapolis (Coon Rapids), MN St. Louis (Arnold), MO Freehold, NJ Princeton, NJ Trenton (Hamilton), NJ Elmira (Horseheads), NY Raleigh (Apex), NC Raleigh (Apex), NC Cleveland (Aurora), OH Allentown, PA Johnson City, TN Austin, TX San Antonio, TX San Antonio, TX San Antonio, TX Milwaukee (Brookfield), WI Manaus, Brazil Total

Oceanside Place Cinemas Aspen Grove Mulberry and Lemay Crossing Lakeland Marketplace Homestead Pavilion The Shops at Midtown Miami Eisenhower Annex Deer Park Town Center The Shoppes at Fox River The Commons Gateway Center Riverdale Village Jefferson County Plaza Freehold Marketplace Nassau Park Pavilion Hamilton Marketplace Southern Tier Crossing Apex Promenade Beaver Creek Crossings (Phase 1 - South) Barrington Town Square West Valley Marketplace Johnson City Marketplace Shoppes @Tech Ridge Bandera Point Village at Stone Oak Westover Marketplace Shoppers World of Brookfield Manauara Shopping Center

Owned GLA

79,884 231,450 18,988 77,582 275,839 400,685 55,505 292,139 224,552 126,135 222,236 8,856 42,091 23,454 598,737 468,240 350,987 81,780 268,333 102,683 259,239 11,749 282,798 416,721 305,824 216,737 15,070 477,630 5,935,924

DDR’s Effective Ownership

100% 100% 100% 100% 100% 100% 100% 24.8% 100% 100% 100% 100% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100% 24.8% 100% 100% 20% 100% 47.4%

Summary of Recently Developed Assets 4.6

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Developers Diversified Realty Quarterly Financial Supplement For the twelve months ended December 31, 2008 Summary of Recently Expanded and Redeveloped Assets

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Location

Related P roject

Owned GLA

Birmingham, AL Phoenix, AZ N. Little Rock, AR Los Angeles (Buena Park), CA Denver, CO Lakeland, FL Ocala, FL Tallahassee, FL Tampa (Bayonet Point), FL Tampa (Brandon), FL Ottumwa, IA Benton Harbor, MI Chesterfield, MI Gaylord, MI Starkville, MS Kansas City, MO Kansas City (Leawood), KS Buffalo (Amherst), NY

Brook Highland Plaza Christown Spectrum Mall McCain Plaza Buena Park Downtown Centennial Promenade Lakeland Burlington Coat Factory Ocala West Capital West Point Plaza Kmart Shopping Center Quincy Place Mall Fairplain Plaza Chesterfield Marketplace Pine Ridge Square Starkville Crossings Ward Parkway Town Center Plaza Boulevard Consumer Square

424,341 441,406 295,013 724,143 408,337 81,921 105,276 79,451 209,714 161,900 241,427 222,739 281,320 150,203 133,691 388,387 309,423 441,603

DDR’s Effective Ownership

100% 20% 100% 20% 100% 100% 100% 100% 100% 100% 100% 20% 100% 100% 100% 20% 100% 100%

Summary of Recently Expanded and Redeveloped Assets 4.7

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Developers Diversified Realty Quarterly Financial Supplement For the twelve months ended December 31, 2008 Summary of Recently Expanded and Redeveloped Assets

19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Location

Related P roject

Owned GLA

Olean, NY Rome, NY Charlotte (Mooresville), NC Durham, NC Fayetteville, NC Wilmington, NC Akron (Stow), OH Cincinnati, OH Dayton (Huber Hts), OH Tiffin, OH San Juan (Bayamon), PR San Juan (Ron Piedras), PR Chattanooga, TN Salt Lake City (Midvale), UT Salt Lake City (Riverdale), UT Salt Lake City (Taylorsville), UT Seattle (Kirkland), WA Total

Wal-Mart Plaza Freedom Plaza Mooresville Consumer Square Oxford Commons Cross Pointe Center University Centre Stow Community Shopping Center Tri County Mall North Heights Plaza Tiffin Mall Rio Hondo Seniorial Plaza Overlook at Hamilton Place Family Center at Fort Union Family Center at Riverdale Family Center at Taylorsville Totem Lakes Malls

285,400 194,467 472,182 207,864 204,563 411,887 404,483 758,031 182,749 170,868 466,499 168,664 207,244 641,957 593,398 697,630 253,867 6,971,718

DDR’s Effective Ownership

100% 100% 100% 100% 100% 100% 100% 18% 100% 100% 100% 100% 100% 100% 100% 100% 20%

=

Summary of Recently Expanded and Redeveloped Assets 4.7

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Company Features 713 45

Shopping Centers and Interests in Retail Assets States (Plus Puerto Rico, Brazil, Russia and Canada)

119

Million Sq. Ft. Owned (1)

157

Million Sq. Ft. Owned and Managed (1) (2)

92.2%

Core Portfolio % Leased

(1)

Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments and redevelopments in process and scheduled to commence in 2009, total owned GLA was 67.5 million square feet.

(2)

Includes unowned anchors at Company-owned operating and development retail properties. Portfolio Summary 5.0

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

National portfolio creates efficiencies and strengthens tenant relationships (MAP)

Portfolio Summary 5.0

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Average Annualized Base Rental Rates PSF

Pe riod En ding

Nu m be r of Prope rtie s

Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006 Dec. 31, 2005 Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2002 Dec. 31, 2001 Dec. 31, 2000 Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993 Dec. 31, 1992

649 657 409 380 373 274 189 192 190 186 159 123 112 106 84 69 53

(1)

Total Ann u aliz e d Base Re n t / S .F. Total S h op Space

$ 12.43 $ 12.33 $ 11.74 $ 11.30 $ 11.13 $ 10.82 $ 10.58 $ 10.03 $ 9.66 $ 9.20 $ 8.99 $ 8.49 $ 7.85 $ 7.60 $ 5.89 $ 5.60 $ 5.37

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

18.43 18.14 17.46 16.62 16.14 15.55 15.18 14.02 13.66 12.69 12.39 11.69 10.87 10.54 9.02 8.56 8.37

Figures exclude Brazilian portfolio, Service Merchandise portfolio, development properties and managed properties. Portfolio Summary 5.0

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Lease Expirations by Year as of December 31, 2008

Year

Leases

An ch or Base Re n t Revenues ($M) Avg. P SF

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 - 2018 Subtotal Total Rent Roll

68 121 148 156 149 151 103 93 89 68 1,146 1,403

$ 19.9 $ 39.2 $ 51.2 $ 55.5 $ 50.3 $ 56.1 $ 47.6 $ 44.1 $ 46.2 $ 33.0 $443.1 $618.7

$ 6.89 $ 8.48 $10.11 $ 8.57 $ 8.48 $ 9.53 $ 9.58 $ 9.75 $10.14 $ 9.90 $ 9.18 $ 9.42

% of Revenue

3.2% 6.3% 8.3% 9.0% 8.1% 9.1% 7.7% 7.1% 7.5% 5.3% 71.6% 100.0%

Leases

S h op Space Base Re n t Revenues ($M) Avg. P SF

1595 1445 1492 1208 1166 366 215 195 192 239 8,113 8,356

$ 77.2 $ 80.2 $ 92.7 $ 80.4 $ 80.0 $ 29.2 $ 20.7 $ 20.0 $ 21.6 $ 29.3 $531.3 $569.2

$16.88 $17.48 $18.52 $19.15 $18.02 $17.55 $18.61 $20.63 $19.82 $17.79 $18.14 $18.23

% of Revenue

13.6% 14.1% 16.3% 14.1% 14.1% 5.1% 3.6% 3.5% 3.8% 5.1% 93.3% 100.0%

Portfolio Summary 5.0

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Largest Tenants by Owned and Managed GLA

1. Wal-Mart / Sam’s Club 2. Target 3. Lowe’s Home Improvement 4. Home Depot 5. Kohl’s 6. T.J. Maxx / Marshalls 7. Kmart / Sears 8. Publix Supermarkets 9. Mervyns 10. PetSmart

Total Un its

Total GLA (m sf)

O wn e d Un its

O wn e d GLA (m sf)

Un own e d Un its

Un own e d GLA (m sf)

103 66 41 40 44 100 38 56 31 102

16.4 8.4 5.3 4.3 3.9 3.3 3.2 2.5 2.4 2.3

44 11 21 12 37 100 37 56 30 101

6.7 1.4 2.7 1.2 3.3 3.3 3.0 2.5 2.3 2.2

59 55 20 28 7 0 1 0 1 1

9.7 7.0 2.6 3.1 0.6 0.0 0.2 0.0 0.1 0.1 Portfolio Summary 5.0

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Largest Tenants by GLA and Base Rental Revenues (1)

Major Te n an t (u n its)

O wn e d GLA

% of Total GLA

1. Wal-Mart / Sam’s Club (44)

4.9

7.3%

2. Lowe’s Home Improvement (21) 3. Kmart / Sears (37)

2.2 2.0

3.2% 3.0%

4. T.J. Maxx / Marshall’s (100) 5. Kohl’s (36) 6. Mervyn’s (30)

1.6 1.4 1.2

2.5% 2.1% 1.8%

7. Target (11) 8. PetSmart (101) 9. Kroger (41) 10. Bed, Bath, & Beyond (60) Subtotal 1-10 Total Portfolio

1.1 1.0 1.0 1.0 17.4 66.5

1.7% 1.6% 1.6% 1.5% 26.2% 100.0%

Major Te n an t (u n its)

Base Re n tal Re v. ($M)

% of Total Base Re n t

1. Wal-Mart / Sam’s Club (44)

$ 31.3

4.4%

2. T.J. Maxx / Marshalls (100) 3. Mervyn’s (30)

$ 14.9 $ 13.9

2.1% 2.0%

4. Lowe’s Home Improvement (21) 5. Petsmart (101) 6. Bed Bath & Beyond (60) 7. Circuit City (39) 8. Kohl’s (36) 9. Michael’s (75) 10. Rite Aid (41) Subtotal 1-10 Total Portfolio

$ 13.8 $ 13.6 $ 11.9 $ 11.6 $ 9.9 $ 9.9 $ 9.8 $ 140.6 $ 707.1

2.0% 1.9% 1.7% 1.6% 1.4% 1.4% 1.4% 19.9% 100.0%

(1)

C re dit Ratings (S&P/Moody’s)

AA / Aa2 A+ / A1 BB- / Ba1 A/ A3 BBB+ / Baa1 NR / NR A+ / A2 BB / NR BBB- / Baa2 BBB / NR

C re dit Ratings (S&P/Moody’s)

AA / Aa2 A/ A3 NR / NR A+ / A1 BB / NR BBB / NR NR / NR BBB+ / Baa1 B- / Caa1 B- / Caa3

Based on pro rata ownership of joint venture properties. Portfolio Summary 5.0

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Consolidated Debt as of December 31, 2008 Loan Balan ce (000’s)

SENIOR DEBT: Unsecured Credit Facilities: $1.25 Billion Revolving Credit Facility $75 Million Revolving Credit Facility Secured Credit Facility: $800 Million Term Loan

$

Total Term and Credit Facility Debt PUBLIC DEBT: Medium Term Notes Medium Term Notes Medium Term Notes Medium Term Notes Convertible Notes Convertible Notes Medium Term Notes Medium Term Notes Medium Term Notes

Inte re st Rate (1)

975,434 51,750

06/10 06/10

Libor + 60 Libor + 60

800,000

02/11

Libor + 70

01/09 05/10 08/10 04/11 08/11 03/12 10/12 05/15 07/18

3.875 5.000 4.625 5.250 3.500 3.000 5.375 5.500 7.500

02/09 02/09 02/09 03/09 05/09 06/09 07/09 07/09 08/09 10/09 12/09 01/10 01/10 05/10 06/10 06/10 06/10 07/10 07/10 07/10 08/10 09/10

7.330 4.531 Libor + 150 6.285 7.000 4.222 7.310 4.758 4.652 Libor + 72 8.460 Libor + 300 Libor + 225 4.700 4.375 4.390 4.685 4.440 4.685 4.685 4.290 8.010

1,827,184

F F F F F F F F F

Total Public Debt MORTGAGE DEBT: Tech Center 29, Silver Springs, MD Middletown Village, Middletown, RI Terrell Plaza, Terrell, TX Abernathy Square, Atlanta, GA Orlando, FL Shoppes at Wendover Village, Greensboro, NC Town Center Plaza, Leawood, KS Mill Pond Village, Cary, NC Adams Farm, Greensboro, NC DDR MDT MV, LLC Liberty Fair Mall, Martinsville, VA Kyle Crossing, Kyle, TX Cibolo Creek Center, Schertz, TX Plant City Crossing, Plant City, FL Brick Ctr Plaza, Brick, NJ Windsor Court SC, Windsor, CT Edgewater Town Ctr, Edgewater, NJ Valley Park Commons, Hagerstown, MD East Hanover Plaza, East Hanover, NJ Sony Theatre, East Hanover, NJ Oakley Plaza, Asheville, NC Deer Valley Town Center, Phoenix, AZ

Maturity Date

226,987 199,492 298,389 249,651 250,000(2) 583,000(3) 345,675 199,547 100,000 2,452,741

F F V F F F F F F V F V V F F F F F F F F F

6,173 10,000 12,774(4) 13,392 17,477 5,450 46,435 8,500 6,700 45,923(5) 18,936 26,057(4)(6) 6,480(4) 5,900 10,300 8,015 14,000 6,770 9,280 6,445 5,175 16,733

Summary of Consolidated Debt 6.1

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Consolidated Debt as of December 31, 2008 (con’t) Loan Balan ce (000’s)

Capital Crossing, Raleigh, NC Downtown Short Pump, Richmond, VA DDR MDT MV, LLC Tequesta Shops Plaza, Tequesta, FL Shops on the Circle, Dothan, AL Big Flats Consumer Square I, Big Flats, NY Plattsburgh Consumer Square, Plattsburgh, NY Denbigh Village, Newport News, VA Camfield Corners, Charlotte, NC Homestead Pavilion, Homestead, FL Peach Street Square I, Erie, PA Peach Street Square II, Erie, PA Southland Crossings, Boardman, OH Plaza at Sunset Hills, St. Louis, MO The Promenade at Brentwood, St. Louis, MO Centennial Promenade, Denver, CO DDRC Headquarters, Beachwood, OH Southern Tier Crossing, Horseheads, NY Union Town Center, Indian Train, NC Westgate Plaza, Gates, NY Ashtabula Commons, Ashtabula, OH Paradise Village Gateway, Phoenix, AZ Gravois Village Plaza, St. Louis, MO University Hills, Denver, CO N. Charleston Center, N. Charleston, SC Cortez Plaza, Bradenton, FL Duvall Village, Bowie, MD Walgreen’s, Rockford, IL Walgreen’s, Dearborn Hts, MI Walgreen’s, Livonia, MI Mooresville Consumer Square, Mooresville, NC Big Flats Consumer Square IV, Big Flats, NY Big Flats Consumer Square II, Big Flats, NY Delaware Consumer Square, Buffalo, NY Walgreen’s, Oshkosh, WI Walgreen’s, Westland, MI Paseo Colorado, Pasadena, CA Family Center at Meridian, Meridian, ID Meridian Crossroads, Meridian, ID University Center, Wilmington, NC Aspen Grove, Littleton, CO Plaza Escorial, Carolina, PR Plaza Rio Hondo, Bayamon, PR Victor Square, Victor, NY

F F F F F F F F F V F F F F F F V V F F F F F F F F F F F F F F F F F F F F F F F F F F

$

5,478 18,480 212,550(5) 5,200 11,409 4,567 4,458 11,457 5,150 58,929 24,382 2,813 25,320 32,822 24,382 36,573 19,958 30,618 6,634 23,783 6,608 30,000(7) 448 26,545 10,027 12,198 8,424 3,223 3,550 2,477 22,869 823 2,899 715 2,817 2,625 79,100 7,440 29,760 24,500 42,200 57,500 109,500 6,297

Maturity Date

09/10 09/10 10/10 10/10 11/10 12/10 12/10 12/10 12/10 03/11 04/11 04/11 04/11 04/11 04/11 04/11 04/11 09/11 10/11 10/11 12/11 03/12 06/12 07/12 07/12 07/12 10/12 11/12 11/12 11/12 12/12 01/13 01/13 01/13 02/13 03/13 04/13 04/13 04/13 04/13 04/13 04/13 04/13 04/13

Inte re st Rate (1)

4.300 4.900 5.211 5.300 7.920 8.011 8.000 4.940 5.040 Libor + 120 6.884 6.884 6.884 6.884 6.884 6.884 Libor + 110 Libor + 150 7.000 7.240 7.000 5.385 8.625 7.300 7.370 7.150 7.040 4.863 4.863 4.863 6.930 7.600 8.010 6.960 4.863 4.863 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.800

Summary of Consolidated Debt 6.1

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Consolidated Debt as of December 31, 2008 (con’t) Loan Balan ce (000’s)

Wrangleboro Consumer Sq. I & II, Mays Landing, NJ Monmouth Consumer Sq., W. Long Branch, NJ Rotonda Plaza, Englewood, FL Reno Riverside, Reno, NV Wal-Mart Plaza, Olean, NY Hamilton Commons, Mays Landing, NJ Consumer Square West, Columbus, OH Boulevard Consumer Square (Kmart), Amherst, NY Tops Plaza, Lockport, NY Merriam Town Center, Merriam, KS (TIF) Freedom Plaza, Rome, NY Transit Commons, Amherst, NY Thruway Plaza (Wal-Mart), Cheektowaga, NY Tops Plaza, Ithaca, NY Boulevard Consumer Square, Amherst, NY Mohawk Commons, Niskayuna, NY Lowes, Henderson, TN Mariner Square, Spring Hill, FL Northland Square, Cedar Rapids, IA Connecticut Commons, Plainville, CT West Valley Marketplace, Allentown, PA Gulfport Promenade, Gulfport, MS

F F F V F F F F F F F F F F F F F F F F F V

$

Total Mortgage Debt Total Consolidated Debt

43,475 9,597 1,352 3,296(8) 3,662 11,349 12,544 9,681 10,124 4,775 3,571 4,204 4,060 15,933 11,195 20,804 7,691 4,521 8,609 6,675 15,899 60,000

Maturity Date

05/13 07/13 07/13 02/15 07/15 09/15 11/15 11/15 01/16 02/16 09/16 12/16 10/17 01/18 07/18 12/18 01/19 09/19 01/20 04/21 07/21 12/37

6.990 8.570 5.800 Prime + 170 8.995 4.700 10.188 7.850 8.000 6.900 7.850 7.680 6.780 7.050 5.670 5.750 7.660 9.750 9.375 7.125 6.950 SIFMA + 5

1,637,440 $

5,917,363 Wtd. Avg. Maturity

Fixed Rate Variable Rate

Inte re st Rate (1)

$ $ $

4,426,146 1,491,218 5,917,363

2.94 years 2.68 years 2.87 years

Wtd. Avg. Interest Rate

5.1% 1.7% 4.2%

Summary of Consolidated Debt 6.1

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Consolidated Debt as of December 31, 2008 (con’t) C UMULATIVE REDEEMABLE PREFERRED S HARES

Outstanding Amount(000’s)

Class G — 8.0% Class H — 7.375% Class I — 7.5%

$ $ $

First Call Date

180,000 205,000 170,000

March 28, 2008 July 28, 2008 May 7, 2009

Fixed Rate

T ermination Date

4.933%

October 18, 2009

4.965%

October 18, 2009

4.964%

October 18, 2009

5.149%

June 28, 2010

4.942%

September 29, 2010

4.815%

February 21, 2012

DERIVATIVE INSTRUMENTS Notional Amount(000’s)

Underlying Debt Hedged

Interest Rate Swap

$

100,000

Secured Credit Facility

Interest Rate Swap

$

50,000

Secured Credit Facility

Interest Rate Swap

$

50,000

Secured Credit Facility

Interest Rate Swap

$

200,000

Secured Credit Facility

Interest Rate Swap

$

100,000

$1.25 Billion Revolving Credit Facility

Interest Rate Swap

$

100,000

Secured Credit Facility

Rate Hedged

1 mo. LIBOR 1 mo. LIBOR 1 mo. LIBOR 3 mo. LIBOR 1 mo. LIBOR 1 mo. LIBOR

Notes: F — Fixed-Rate Debt

V — Variable-Rate Debt

1.

Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Deferred finance cost amortization of approximately $9.8 million net, is offset by approximately $4.6 million of fair market value adjustments in 2008.

2.

The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.23 per share, however, this conversion price has been increased to $65.17 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash.

3.

The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.56 per share, however, this conversion price has been increased to $82.71 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash.

4.

The Company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.

5.

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

6.

This loan has a LIBOR floor of 2.00%.

7.

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

8.

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

Amounts may differ slightly from actual results, due to rounding. Summary of Consolidated Debt 6.1

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Joint Venture Debt as of December 31, 2008 Mortgage Balance (000’s)

P roperty/Entity

DDRTC Core Retail Fund, LLC DDRTC Holdings Pool 1, LLC (25 assets) DDRTC Holdings Pool 3, LLC (17 assets) DDRTC Holdings Pool 5, LLC (12 assets) DDRTC Holdings Pool 6, LLC Walks at Highwood Preserve I & II Aiken Exchange Oak Summit Wytheville Commons Heritage Pavilion Columbiana Station Warwick Center Fayette Pavilion I & II North Hill Commons Cox Creek Shopping Center Cypress Trace Waterfront Marketplace Waterfront Town Center Creeks at Virginia Center Willoughby Hills Shopping Center DDR Domestic Retail Fund I Paradise Promenade, Davie, FL Village Ctr, Racine, WI West Falls Plaza, West Patterson, NJ Southampton Village, Tyrone, GA Village Center Outlot, Racine, WI Center Pointe Plaza, Easley, SC Shoppes on the Ridge, Lake Wales, FL Publix Brooker Creek, Palm Harbor, FL Watercolor Crossing, Santa Rosa, FL Heather Island Plaza, Ocala, FL Hilliard Rome, Columbus, OH Boynton Beach, FL (Meadows Square) DDR Domestic Retail Fund I (25 assets) DDR Macquarie (1)(2) $305 Million Revolving Credit Facility (10 assets)

Secured Portfolio Financing (7 assets) Secured Portfolio Financing (8 assets) BJ’s Clarence Joann Transit New Hartford Consumer Square Birmingham, AL (Riverchase) DDR Macquarie Longhorn Holdings (4 assets) DDR Macquarie Longhorn Holdings II (7 assets)

Maturity Date

Interest Rate

736,559 555,034 197,300

03/17 03/12 02/10

5.4475 5.480 Libor + 65

F F F F F F F F F F F F F F F

3,700 7,350 8,200 5,590 21,500 25,900 16,939 53,250 2,475 14,210 16,000 28,990 38,193 25,777 14,057

05/09 05/09 06/09 06/09 07/09 06/10 06/10 07/10 11/10 03/12 04/12 08/12 08/12 08/12 07/18

4.372 4.372 4.272 4.302 4.460 4.040 4.130 5.620 5.240 7.090 5.000 6.350 6.350 6.370 6.980

F F F F F F F F F F F F F

6,400 13,200 11,075 6,700 2,070 4,250 9,628 5,000 4,355 6,155 11,033 2,918 885,000

06/09 04/10 06/10 05/11 07/11 08/11 12/11 12/11 01/12 12/12 01/13 07/13 07/17

4.322 4.440 4.685 4.663 5.170 5.320 4.740 4.610 4.760 5.001 5.870 6.720 5.600

V F F F V F V F F F F F F V

237,800 9,100 20,000 268,000 65,320 165,250 7,660 4,337 2,177 30,073 7,493 85,000 157,250 3,570

04/10 04/10 04/10 09/15 09/11 06/09 06/09 03/22 08/13 11/18 01/13 01/12 04/10 04/10

Libor + 40 3.938 4.360 6.400 Libor + 240 4.180 Libor + 84 7.070 6.250 5.750 5.500 4.910 4.822 Libor + 85

F F V

$

Summary of Joint Venture Debt 6.2

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Joint Venture Debt as of December 31, 2008 (con’t) Mortgage Balance (000’s)

P roperty/Entity

Maturity Date

Interest Rate

39,300

04/10

5.098

DDR Macquarie (1)(2) DDR Macquarie Longhorn Holdings III (3 assets)

F

Macquarie DDR US Trust Credit Facility

V

48,365

03/10

Libor + 100

DDR MDT PS, LLC (7 assets)

F

86,000

07/13

6.004

Coventry II DDR Bloomfield

V

48,000

12/08

Libor + 250

Coventry II DDR Buena Park

V

61,000

03/10

Libor + 115

Coventry II DDR Fairplain

V

16,000

09/09

Libor + 275

Coventry II DDR Marley Creek

V

10,750

07/10

Libor + 125

Coventry II DDR Merriam Village (3)

V

17,039

10/09

Libor + 300

Coventry II DDR Montgomery Farm (4)

V

112,368

07/10

Libor + 300

Coventry II DDR Phoenix Spectrum

V

46,000

01/10

Libor + 70

Coventry II DDR SM

V

84,725

01/10

Libor + 80

V

32,695

01/10

Libor + 223.65

Coventry II DDR Totem Lakes

V

29,500

09/09

Libor + 275

Coventry II DDR Tri County

F

154,587

02/15

5.655

F

11,741

02/15

10.304

Coventry II DDR Ward Parkway

V

35,000

11/09

Libor + 350

Coventry II DDR Westover Marketplace

V

20,856

07/09

Libor + 125

RVIP III B Deer Park, IL

F

60,000

10/11

5.590

RVIP VII (2 assets)

V

72,120

04/10

Libor + 125

RVIP VIII

V

23,356

01/10

Libor + 100

DPG Realty Holdings, LLC Tonawanda, NY Tonawanda, NY

F F

4,984 4,635

05/17 06/21

7.630 7.660

TRT DDR Holdings I LLC (3 assets)

F

110,000

05/17

5.510

Inland SAU Retail Fund, LLC Blockbuster Cascade Crossing Hickory Flat Village Flat Shoals Crossing Deshon Plaza

F F F F F

993 4,954 8,689 6,063 6,038

10/10 10/10 10/10 10/10 10/10

4.890 4.890 4.890 4.760 4.760

$

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Shops at John’s Creek Waynesboro Commons Brookhaven Lewandowski Commons South Square North Hampton Market (Phase I & II) Oakland Market Place

F F F F F F F

2,762 3,178 10,397 12,465 12,597 10,501 3,560

10/10 10/10 12/10 03/11 10/12 10/12 10/12

4.890 4.890 4.890 5.770 5.060 5.080 5.040

Summary of Joint Venture Debt 6.2

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Joint Venture Debt as of December 31, 2008 (con’t) Mortgage Balance (000’s)

P roperty/Entity

Maturity Date

Interest Rate

14,382 4,869 3,979 9,404 8,234 11,048 2,161 4,797 6,662 3,827 1,806 6,998 15,800 10,350 14,203 5,129 20,338

10/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 03/13 04/13 04/13 05/13 08/13 12/13

5.060 5.310 5.420 5.410 5.440 5.440 5.490 5.440 5.440 5.440 5.440 5.410 5.640 5.790 5.970 5.920 5.670

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 Columbus, OH

F F

1,000 26,000

06/17 06/17

6.440 5.640

Sun Center Limited Columbus, OH

F F

5,898 12,886

05/11 04/11

5.420 8.480

DOTRS LLC Macedonia, OH

F

21,000

08/11

6.050

Jefferson County Plaza, LLC Arnold, MO

V

3,680

08/12

Libor + 200

Sonae Sierra Brazil Limitadas

V F

18,848 38,436

02/09 12/20

CDI + 45 8.500

Central Park Solon LLC

V

3,354

05/09

Libor + 225

RO & SW Realty LLC

F

24,176

06/11

5.960

Wtd. Avg.

Wtd. Avg. Interest Rate

Inland SAU Retail Fund, LLC Shoppes at Wendover II Crossroads Square Cascade Corners Hilander Village Glenlake Plaza Broadmoor Plaza Milan Plaza West Towne Commons American Way Kroger Junction Kroger Plaza Willowbrook Commons The Point Harper Hill Commons Plaza at Carolina Forest Alexander Pointe Patterson Place

F F F F F F F F F F F F F F F F F

Cole DDR MT Independence

Total

Total Joint Venture Debt: Total Joint Venture Debt: Fixed Rate Variable Rate

$

$

5,776,897

Maturity $ $

4,581,591 1,195,306

5.34 years 1.15 years

5.5% 2.2%

$

5,776,897

4.47 years

4.8%

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DDR’s Proportionate Share: Fixed Rate Variable Rate

$ $ $

982,274 233,854 1,216,129 Summary of Joint Venture Debt 6.2

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 DERIVATIVE INSTRUMENTS (5) Notional Amount(000’s)

Interest Rate Swap

$

20,000

Interest Rate Swap Forward Interest Rate Swap Forward Interest Rate Swap Forward Interest Rate Swap

$

50,000

$

157,250

$ $

Underlying Capital Hedged

MDT Revolving Credit Facility MDT Revolving Credit Facility

Rate Hedged

Fixed Rate

T ermination Date

1 mo. LIBOR

3.960%

June 1, 2009

3 mo. LIBOR

5.105%

November 17, 2010

MDT Mortgage Debt

1 mo. LIBOR

5.250%

March 9, 2012

75,000

MDT Mortgage Debt

1 mo. LIBOR

5.223%

June 1, 2014

75,000

MDT Mortgage Debt

1 mo. LIBOR

4.900%

June 2, 2014

Notes: (1) The company’s 50% joint venture associated with the Mervyns Portfolio is not reflected as it is consolidated within DDR’s accounts pursuant to FIN 46. (2)

MDT has entered into a series of swaps to fix the interest rate on floating rate debt in MDT’s revolving credit facility. MDT has also entered into a series of forward swaps in expectation of obtaining fixed rate financing in the future.

(3)

This loan has a LIBOR floor of 2.00%.

(4)

This loan has a LIBOR floor of 1.50%.

(5)

Does not include interest rate caps.

Amounts may differ slightly from actual results, due to rounding. Summary of Joint Venture Debt 6.2

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Developers Diversified Realty Corporation Quarterly Financial Supplement For the year ended December 31, 2008 Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities and Joint Venture Debt Payments and Maturities (1) as of December 31, 2008 (000’s) 2009 2010 P ayments P ayments

2011 P ayments

2012 2013 2014 2015 2016 2017 2018 P ayments P ayments P ayments P ayments P ayments P ayments P ayments T hereafter

CONSOLIDATED DEBT Property Mortgages $159,924 $ 426,287 $ 199,985 $ 112,854 $432,347 $ 16,593 $ 26,595 $ 16,032 $ Construction Loans 12,774 32,537 30,618 0 78,888 0 0 0 Public Debt 226,987 497,881 499,651 928,675 0 0 199,547 0 Subtotal 399,685 956,705 730,255 1,041,529 511,235 16,593 226,142 16,032 Revolving Credit Facilities & Term Loan (2) 0 0 1,027,183 800,000 0 0 0 0 Total Consolidated Debt $399,685 $ 956,705 $1,757,437 $1,841,529 $511,235 $ 16,593 $226,142 $ 16,032 $

T otal

10,559 $ 7,901 $ 73,548 $1,482,623 0 0 0 100,000 10,559 107,901

0

0

0 154,817 0 2,452,741 73,548 4,090,181

0 1,827,184

10,559 $107,901 $ 73,548 $5,917,363

JOINT VENTURE DEBT Total JV Debt $359,010 $1,400,072 $ 485,633 $ 854,887 $250,785 $159,910 $425,981 $ 7,369 $1,765,944 $ 6,335 $ 60,970 $5,776,897 DDR’s Proportionate Share 80,384 356,912 118,455 143,928 47,098 31,946 98,522 1,428 313,456 1,321 22,679 1,216,129 Total Consolidated Debt & Proportionate Share JV Debt $480,069 $1,313,616 $1,875,893 $1,985,457 $558,332 $ 48,539 $324,664 $ 17,460 $ 324,015 $109,221 $ 96,226 $7,133,492

Notes: (1)

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

(2)

Balance at December 31, 2008 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012. The $75 million National City Bank facility has one one-year extension option to 2011.

Amounts may differ slightly from actual results, due to rounding. Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 Corporate Headquarters 3300 Enterprise Parkway Beachwood, Ohio 44122 Main: (216) 755-5500 Website: www.ddr.com

Investor Relations Francine J. Glandt Toll Free: (800) 258-7289 Direct: (216) 755-5827 Cell: (216) 225-4089 Email: [email protected]

Research Coverage Citigroup Michael Bilerman Quentin Velleley

[email protected] [email protected]

(212) 816-1383 (212) 816-6981

Deutsche Bank Securities Lou Taylor

[email protected]

(212) 250-4912

Goldman Sachs Jay Habermann Jehan Mahmood

[email protected] [email protected]

(917) 343-4260 (212) 902-2646

Green Street Advisors Jim Sullivan Nick Vedder

[email protected] [email protected]

(949) 640-8780 (949) 640-8780

Hilliard Lyons Carol Kemple

[email protected]

(502) 588-1142

Macquarie David Wigginton

[email protected]

(212) 231-6380

Merrill Lynch Steve Sakwa Craig Schmidt

[email protected] [email protected]

(212) 449-0335 (212) 449-1944

JP Morgan Michael Mueller Joe Dazio

[email protected] [email protected]

(212) 622-6689 (212) 622-6416

RBC Capital Markets Rich Moore Wes Golladay

[email protected] [email protected]

(216) 378-7625 (440) 715-2650

UBS Jeff Spector Lindsay Schroll

[email protected] [email protected]

(212) 713-6144 (212) 713-3402

Wachovia Securities Jeff Donnelly Robert Laquaglia

[email protected] [email protected]

(617) 603-4262 (617) 603-4280 Investor Contact Information 7.0

Exhibit 99.3

•

Pr ope r t y

Li s t

I NVE S T OR RE L AT I ONS DE P ART M E NT •

3300

E NT E RP RI S E P ARKW AY BE ACHW OOD,

OHI O 4 4 1 2 2

•

p.

( 216)

755- 5500

f .

( 216)

755- 1500

•

W W W . DDR. COM

For

t he

year

ended

De c e m b e r

31,

2008

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

ALABAMA BIRMINGHAM, AL BROOK HIGHLAND (BROOK) PLAZA 5291 HWY 280 SOUTH

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT

ANCHOR TENANTS(LEA

BIRMINGHAM

1994/2003

1994

100.00%

424,360

551,277

BIRMINGHAM

1989/1999

1995

100.00%

300,280

463,560

BIRMINGHAM

2001

2007

15.00%

172,304

349,804

BIRMINGHAM

1989

2002

14.50%

120,108

228,416

CULLMAN

1998

2007

100.00%

101,287

101,287

DOTHAN

2004

2007

100.00%

33,906

33,906

DOTHAN

2000

2007

100.00%

149,085

149,085

1,655,277 OLD NAVY(2010), T.J. MAXX(2

FLORENCE

2001

2007

15.00%

173,989

304,870

1,494,727 BEST BUY(2017), MICHAEL’S SPORTING GOODS(2017), TAR

HUNTSVILLE

2002

2007

15.00%

476,146

665,377

PEPPERELL CORNERS (I) OPELIKA 1995 2300-2600 PEPPERELL PARKWAY OP SCOTTSBORO, AL SCOTTSBORO SCOTTSBORO 1999 MARKETPLACE 24833 JOHN P REID PARKWAY TUSCALOOSA, AL MCFARLAND PLAZA TUSCALOOSA 1999 2600 MCFARLAND BLD E ARIZONA AHWATUKEE, AZ AHWATUKEE PHOENIX 1996/1997/1999 FOOTHILLS TC (II) 4711 EAST RAY ROAD

2003

100.00%

306,224

306,224

4,960,461 BABIES R US(2012), MARSHA BEYOND(2012), MICHAEL’S(2 DICK’S SPORTING GOODS(20 ROSS DRESS FOR LESS(2013), 673,349 GOODY’S(2011)

2003

100.00%

40,560

223,750

460,176 GOODY’S(2011), WAL-MART(N

2007

15.00%

229,323

229,323

1,177,104 STEIN MART(2009), OFFICE M US(2011)

1997

50.00%

647,883

686,414

CHANDLER, AZ

10,487,530 JO-ANN STORES(2010), BEST THEATRE(2021), BASSETT FU ASHLEY FURNITURE HOMES NOBLE(2012), BABIES R US(2 MART(2011), ROSS DRESS FOR MAX(2012) 700,397 MERVYN’S (2020)

BIRMINGHAM, AL EASTWOOD FESTIVAL (EASTWOOD) CENTRE 7001 CRESTWOOD BLVD BIRMINGHAM, AL RIVER RIDGE (RIVER RIDGE) US HIGHWAY 280 BIRMINGHAM, RIVERCHASE AL(RIVERCHASE) PROMENADE (I) MONTGOMERY HIGHWAY CULLMAN, AL LOWE’S HOME IMPROVEMENT 1717 CHEROKEE AVE SW DOTHAN, AL CIRCUIT CITY (CIRCUIT CITY) 2821 MONTGOMERY HWY DOTHAN, SHOPS ON THE CIRCLE AL(SHOPS) 3500 ROSS CLARK CIRCLE FLORENCE, AL COX CREEK SHOPPING CENTER 374-398 COX CREEK PARKWAY HUNTSVILLE, AL WESTSIDE CENTRE (WEST) 6275 UNIVERSITY DR

OPELIKA, AL

MESA, AZ (SUPERS)

CHANDLER 2992 NORTH ALMA SCHOOL ROAD SUPERSTITION SPRINGS 6505 E SOUTHERN AVENUE

PHOENIX

1985

2005

50.00%

74,862

74,862

PHOENIX

1990

2005

50.00%

86,858

86,858

4,349,367 DICK’S SPORTING GOODS(20 STEIN MART(2011), OFFICE M MICHAEL’S(2014), HOMEGOO MILLION(2010), ROSS DRESS 1,120,592 DOLLAR TREE(2013), BURLIN FACTORY(2013), WESTERN SU (NOT OWNED), HOME DEPOT( 2,180,854 STAPLES(2016), BEST BUY(201 TARGET(NOT OWNED) 1,687,973 MARSHALLS(2009), TOY’S R U GOODY’S(NOT OWNED)

682,500 LOWE’S(2015)

567,926 CIRCUIT CITY(2020)

1,198,104 MERVYN’S (2020)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION PHOENIX, AZ (DV)

CENTER NAME/ADDRESS

MSA

YEAR DEVELOPED/ REDEVELOPED

DDR OWNED/ TOTAL YEAR OWNERSHIP UNOWNED ANNUALIZED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE

DEER VALLEY 4255 W. THUNDERBIRD ROAD ARROWHEAD CROSSINGS 7553 WEST BELL ROAD

PHOENIX

1979

2005

50.00%

81,009

81,009

852,150

PHOENIX

1995

1996

50.00%

346,428

416,606

3,834,009

SILVER CREEK PLAZA 4710 E. RAY ROAD CHRISTOWN SPECTRUM MALL 1703 W BETHANY HOME RD

PHOENIX

1994

2005

50.00%

76,214

76,214

0

PHOENIX

1961

2004

20.00%

452,065

1,030,323

7,145,771

PHOENIX, AZ DEER VALLEY TOWNE PHOENIX 1996 (DEER VALLEY) CENTER 2805 WEST AQUA FRIA FREEWAY PHOENIX, PARADISE VILLAGE PHOENIX 1997/2004 AZ(PARADISE) GATEWAY TATUM & SHEA BLVDS TUCSON, AZ SANTA CRUZ PLAZA TUCSON 1982 3660 SOUTH 16TH AVENUE ARKANSAS FAYETTEVILLE, SPRING CREEK CENTRE FAYETTEVILLE 1997/1999/2000/2001 AR 464 E. JOYCE BOULEVARD

1999

100.00%

194,009

459,939

3,056,451

2003

67.00%

223,658

295,317

4,542,351

2005

50.00%

76,126

76,126

533,788

1997

14.50%

262,827

590,161

2,553,698

FAYETTEVILLE, STEELE CROSSING FAYETTEVILLE AR(STEELE) 3533-3595 N. SHILOH DR NORTH LITTLE MCCAIN PLAZA LITTLE ROCK ROCK, AR 4124 EAST MCCAIN BOULEVARD

2003

2003

14.50%

50,314

261,665

1,025,935

1991/2004

1994

100.00%

295,013

295,013

2,024,129

RUSSELLVILLE

1992

1994

100.00%

266,539

266,539

1,576,540

LOS ANGELES

1992

2005

50.00%

77,883

77,883

1,354,101

SACRAMENTO

1970

2005

50.00%

75,339

75,339

0

LOS ANGELES

1965

2004

20.00%

735,130

1,142,793

9,589,000

PHOENIX, AZ (PEORIA)

PHOENIX, AZ (SILVER) PHOENIX, AZ (SPE)

RUSSELLVILLE, VALLEY PARK CENTRE AR 3093 EAST MAIN STREET CALIFORNIA ANAHEIM, CA ANAHEIM HILLS FESTIVAL 8100 E SANTA CANYON ROAD ANTIOCH, CA SOMERSVILLE TOWNE CENTER 2602 SOMERSVILLE ROAD BUENA PARK, BUENA PARK CA DOWNTOWN (MALL & ENT) (ENTRTNMT) 100 BUENA PARK

MERVYN’S (2020)

STAPLES(2009), HOMEGOO FRUGAL’S(2010), BARNES NOBLE(2011), T.J. MAXX(20 WAREHOUSE(2017), BASSE FURNITURE(2009), FRY’S(N

WAL-MART(2023), COSTCO WHOLESALE(2020), ROSS D LESS(2013), PETSMART(201 PENNEY(2037), HARKINS THEATRE(2022), TARGET ( ROSS DRESS FOR LESS(201 MAX(2013), PETSMART(201 MICHAEL’S(2014), AMC TH OWNED), TARGET(NOT OW BED BATH & BEYOND(2011 FOR LESS(2012), PETSMAR STAPLES(2010), ALBERTSO MERVYN’S (2020)

T.J. MAXX(2011), BEST BUY NAVY(2010), BED BATH & B WAL-MART SUPER CENTE OWNED), HOME DEPOT(NO KOHL’S(2022), TARGET(NO

BED BATH & BEYOND(201 MAXX(2012), CINEMARK(2 BURLINGTON COAT FACT MICHAEL’S(2014) HOBBY LOBBY(2016), STA PENNEY(2012), BELK(2021 MERVYN’S (2020)

CIRCUIT CITY(2018), DSW WAREHOUSE(2013), ROSS LESS(2015), BED BATH & B 24 HOUR FITNESS(2022), K KRIKORIAN PREMIER TH MICHAEL’S(2014), SEARS(N WALMART(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

BURBANK, CA BURBANK TOWN LOS ANGELES CENTER 245 E MAGNOLIA BLVD CHINO, CA CHINO TOWN SQUARE LOS ANGELES SC 5517 PHILADELPHIA CLOVIS, CA SIERRA VISTA MALL FRESNO 1000 SHAW AVENUE CULVER CITY, CIRCUIT CITY LOS ANGELES CA 5660 SEPULVEDA BLVD EL CAJON, CA WESTFIELD PARKWAY SAN DIEGO 565 FLETCHER PARKWAY FAIRFIELD, WESTFIELD SOLANO SAN FRANCISCO CA 1451 GATEWAY BLVD. FOLSOM, CA FOLSOM SQUARE SACRAMENTO 1010 E. BIDWELL STREET FOOTHILL FOOTHILL RANCH TC LOS ANGELES RANCH, CA 26732 PORTOLA PARKWAY GARDEN GARDEN GROVE LOS ANGELES GROVE, CA CENTER 13092 HARBOR BLVD. LANCASTER, VALLEY CENTRAL LOS ANGELES CA (DISCOUNT) (DISCOUNT) 44707-44765 VALLEY CENTRAL WAY LOMPAC, CA MISSION PLAZA LOS ANGELES 1600 N H STREET LONG BEACH, THE PIKE AT RAINBOW LOS ANGELES CA (PIKE) HARBOR 95 SOUTH PINE AVE MADERA, CA MADERA FRESNO 1467 COUNTRY CLUB DRIVE NORTH CROSSROADS SC LOS ANGELES FULLERTON, 200 IMPERIAL HIGHWAY CA NORTHRIDGE, NORTHRIDGE PLAZA LOS ANGELES CA 8800 CORBIN AVE OCEANSIDE, OCEAN PLACE CINEMAS SAN DIEGO CA. 401-409 MISSION AVENUE

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP 1991

2005

50.00%

89,182

89,182

1,657,357

MERVYN’S (2020)

1986

2005

50.00%

81,282

81,282

905,210

MERVYN’S (2020)

1988

2005

50.00%

75,088

75,088

742,846

MERVYN’S (2020)

1998

2007

100.00%

32,873

32,873

680,062

CIRCUIT CITY(2018)

1989

2005

50.00%

85,744

85,744

1,304,225

1981

2005

50.00%

89,223

89,223

0

2003

2005

50.00%

79,080

79,080

1,201,287

1993

2005

50.00%

77,934

77,934

0

1982

2005

50.00%

83,746

83,746

783,171

1990

2001

21.00%

353,483

483,787

3,075,684

1992

2005

50.00%

62,523

62,523

365,056

100.00%

281,535

315,074

5,810,300

2005

1*

MERVYN’S (2020)

MERVYN’S (2020)

MERVYN’S (2020)

MARSHALL’S(2012), STAPLES(2 CINEMARK(2017), 99 CENTS ON MICHAELS (2018), COSTCO(NOT MERVYN’S (2020)

CINEMARK(2017), BORDERS(20 V2O(2019), GAMEWORKS (2017)

1990

2005

50.00%

59,720

59,720

209,050

MERVYN’S (2020)

1991

2005

50.00%

76,360

76,360

803,334

MERVYN’S (2020)

1980

2005

50.00%

75,326

75,326

564,563

MERVYN’S (2020)

2000

2000

100.00%

79,884

79,884

1,330,878

REGAL CINEMAS(2014)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

PALMDALE, CA

ANTELOPE VALLEY MALL 1305 W RANCHO VISTA BLVD. PASADENA, CA PASEO COLORADO 280 E COLORADO BLVD

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP

LOS ANGELES

1992

2005

50.00%

76,550

76,550

LOS ANGELES

2001

2003

100.00%

556,271

556,271

DOWNTOWN PLEASANT SAN FRANCISCO HILL 1401 WILLOW PASS ROAD

1999/2000

2001

20.00%

345,930

345,930

PORTERVILLE, PORTERVILLE MARKET BAKERSFIELD CA PLACE 1275 WEST HENDERSON AVENUE REDDING, CA SHASTA CENTER SAN FRANCISCO 1755 HILLTOP DRIVE RICHMOND, HILLTOP PLAZA SAN FRANCISCO CA(HILLTOP) 3401 BLUME DRIVE

1991

2005

50.00%

76,378

76,378

1984

2005

50.00%

61,363

61,363

1996/2000

2002

20.00%

245,774

245,774

SAN DIEGO

1982

2005

50.00%

75,207

75,207

SAN DIEGO

1991

2005

50.00%

73,872

73,872

SAN FRANCISCO

1998

2002

100.00%

123,755

123,755

LOS ANGELES

1988

2005

50.00%

84,886

84,886

793,784 MERVYN’S (2020)

SAN FRANCISCO

1981

2005

50.00%

90,348

90,348

1,588,628 MERVYN’S (2020)

SAN FRANCISCO

2002

2005

50.00%

78,819

78,819

1,381,693 MERVYN’S (2020)

SAN FRANCISCO

1993

2005

50.00%

62,214

62,214

763,009 MERVYN’S (2020)

FRESNO

1991

2005

50.00%

62,947

62,947

588,970 MERVYN’S (2020)

SAN FRANCISCO

1990

2005

50.00%

58,841

58,841

343,831 MERVYN’S (2020)

PLEASANT HILL, CA.

SAN DIEGO, SOUTHLAND PLAZA SC CA 575 SATURN BLVD. SAN DIEGO, COLLEGE GROVE SC CA (COLLEGE) 3450 COLLEGE AVENUE SAN VAN NESS PLAZA FRANCISCO, 1000 VAN NESS AVENUE CA (RETAILS) SANTA TOWN CENTER WEST SC MARIA, CA 201 TOWN CENTER WEST SANTA ROSA, SANTA ROSA PLAZA CA 600 SANTA ROSA PLAZA SLATTEN SLATTEN RANCH SC RANCH, CA 5849 LONE TREE WAY SONORA, CA SONORA CROSSROADS 1151 SANGUINETTI ROAD TULARE, CA TULARE PAVILION SC 1675 HILLMAN STREET UKIAH, CA PEAR TREE CENTER 437 NORTH ORCHARD AVENUE

862,762 MERVYN’S (2020)

11,519,938 GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX MACY’S(2010), PACIFIC THEAT EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011) 6,431,048 LUCKY SUPERMARKET(2020), MICHAEL’S(2010), BORDERS(20 DRESS FOR LESS(2010), BED BA BEYOND(2010), CENTURY THEATRE(2016) 535,910 MERVYN’S (2020)

645,214 MERVYN’S (2020)

3,858,794 .99 CENTS ONLY STORES(2011), PETSMART(2012), ROSS DRESS F LESS(2013), BARNES & NOBLE( CENTURY THEATRE(2016) 1,054,841 MERVYN’S (2020) 880,775 MERVYN’S (2021)

3,971,743 AMC THEATRE(2030), CRUNCH FITNESS(2009)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

VALENCIA, CA RIVER OAKS SC 24235 MAGIC MOUNTAIN PKWY WEST COVINA, WESTFIELD EASTLAND CA SC 2753 E. EASTLAND CTR DR COLORADO AURORA, CO PIONEER HILLS 5400-5820 SOUTH PARKER BROOMFIELD, FLATIRON CO (FLATIRON MARKETPLACE GARD) (GARDEN) 1 WEST FLATIRON CIRCLE DENVER, CO CENTENNIAL (CENTENNIAL) PROMENADE 9555 E COUNTY LINE ROAD

MSA LOS ANGELES

1986

2006

100.00%

75,590

75,590

989,420

MERVYN’S (2035)

LOS ANGELES

1979

2005

50.00%

79,800

79,800

1,607,730

MERVYN’S (2020)

DENVER

2003

2003

14.50%

127,215

479,541

2,321,316

DENVER

2001

2003

100.00%

252,035

421,447

4,085,632

BED BATH & BEYOND(2012), OFF DEPOT(2017), WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED) NORDSTROM RACK(2011), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(N OWNED)

DENVER

1997/2002

1997

100.00%

408,337

529,488

7,004,611

1976

2001

100.00%

183,611

196,411

1,902,467

1997

2003

100.00%

244,383

244,383

3,792,744

2004

2003

100.00%

18,988

316,420

393,944

1998

2007

100.00%

43,480

43,480

443,625

100.00%

231,450

255,184

6,028,977

DENVER, CO (TAMARAC) DENVER, CO (UNIVERSITY)

TAMARAC SQUARE DENVER 7777 E. HAMPDEN UNIVERSITY HILLS DENVER 2730 SOUTH COLORADO BOULEVARD FORT COLLINS, MULBERRY AND LEMAY FORT COLLINS CO CROSSING MULBERRY ST. & S. LEMAY AVE. HIGHLAND CIRCUIT CITY DENVER RANCH, CO 8575 SOUTH QUEBEC ST LITTLETON, ASPEN GROVE DENVER CO 7301 SOUTH SANTA FE PARKER, CO FLATACRES DENVER (FLATACRES) MARKETCENTER (I) SOUTH PARKER ROAD PARKER, CO PARKER PAVILIONS DENVER (PAVILIONS) 11153-11183 SOUTH PARKER ROAD CONNECTICUT MANCHESTER, MANCHESTER BROAD HARTFORD CT STREET 286 BROAD STREET PLAINVILLE, CONNECTICUT HARTFORD CT COMMONS I-84 & RTE 9

WATERBURY, NAUGATUCK VALLEY CT SC 950 WOLCOTT STREET WINDSOR, CT WINDSOR COURT SHOPPING CENTER 1095 KENNEDY ROAD

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPI

2002

1*

GOLFSMITH GOLF CENTER(201 SOUNDTRACK(2017), ROSS DRES LESS(2013), OFFICE MAX(2012), MICHAEL’S(2012), TOYS R US(20 BORDERS(2017), LOEHMANN’S(2 RECREATIONAL EQUIPMENT(N OWNED), HOME DEPOT(NOT OW REGENCY THEATRES TAMARA SQ.(2008) PIER 1 IMPORTS(2014), OFFICE MAX(2012), KING SOOPERS(2017) WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED) CIRCUIT CITY(2018)

2003

2003

14.50%

116,644

221,520

2,084,091

2003

2003

14.50%

89,631

409,897

1,447,663

1995/2003

2007

100.00%

68,509

68,509

1,075,480

STOP & SHOP(2028)

14.50%

463,338

566,481

5,983,672

LOWE’S(2019), LOEW’S CINEMA KOHL’S(2022), DSW SHOE WAREHOUSE(2015), DICK’S SPO GOODS(2020), PETSMART(2015), MOORE(2014), OLD NAVY(2011), MARSHALLS(2018) WAL-MART(2027), BOB’S STORE STOP & SHOP(2021), STAPLES(201

1999/2001

1*

HARTFORD

2003

2007

15.00%

232,085

383,332

3,775,480

HARTFORD

1993

2007

100.00%

78,480

78,480

1,401,225

BED BATH & BEYOND(2014), GA SPORTS(2014), MICHAEL’S(2013) KOHL’S(NOT OWNED) OFFICE DEPOT(2016), HOME DEP OWNED), WAL-MART(NOT OWNED)

STOP & SHOP(2013)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION DELAWARE DOVER, DE

CENTER NAME/ADDRESS

MSA

KMART SHOPPING CENTER 515 N DUPONT HIGHWAY

DOVER

1973

2008

25.25%

84,180

88,980

301,000

ORLANDO

2004

2007

14.50%

148,075

210,075

1,081,245

BEALL’S(2019), ALBERTSON’S(N OWNED)

100.00%

209,714

209,714

1,386,913

PUBLIX SUPER MARKETS(2010) BEALL’S(2014), T.J. MAXX(2010) PUBLIX SUPER MARKETS(2011)

FLORIDA APOPKA, FL

PIEDMONT PLAZA 2302-2444 E SEMORAN BLVD BAYONET POINT, POINT PLAZA FL US 19 & SR 52 BOYNTON MEADOWS SQUARE BEACH, FL HYPOLUXO RD N. CONGRESS AVE. BOYNTON BOYNTON COMMONS BEACH, FL 333-399 CONGRESS AVE (COMMONS) BOYNTON BEACH, FL(ABERDEEN) BOYNTON BEACH, FL(VILLAGE)

ABERDEEN SQUARE 4966 LE CHALET BLVD

BRANDON, FL (PLAZA) BRANDON, FL (VILLAGE)

CASSELBERRY, FL

KMART SHOPPING CENTER 1602 BRANDON BL LAKE BRANDON PLAZA CAUSEWAY BOULEVARD LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD CASSELBERRY COMMONS 1455 S. SEMORAN BLVD

1/2 *

K MART(2009)

TAMPA

1985/2003

MIAMI

1986

2004

20.00%

106,224

106,224

1,251,109

MIAMI

1998

2007

15.00%

210,488

210,488

3,160,798

MIAMI

1990

2007

20.00%

70,555

70,555

694,723

1983/2002

2007

20.00%

126,486

131,466

1,736,796

PUBLIX SUPER MARKETS(2013)

2001

2007

20.00%

69,484

69,484

946,301

PUBLIX SUPER MARKETS(2021)

1966/1988

2007

100.00%

288,540

288,540

3,068,998

2001

2007

20.00%

180,746

284,085

2,078,415

100.00%

161,900

228,022

801,248

VILLAGE SQUARE AT MIAMI GOLF 3775 W WOOLBRIGHT RD BRADENTON, FL LAKEWOOD RANCH BRADENTON (LAKEWOOD) PLAZA 1755 LAKEWOOD RANCH BLVD BRADENTON, CORTEZ PLAZA BRADENTON FL(CORTEZ) CORTEZ ROAD WEST AND US HIGHWAY 41 BRADENTON, CREEKWOOD CROSSING BRADENTON FL(CREEKWOOD) 7395 52ND PLACE EAST

BRANDON, FL (KMART)

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP

TAMPA

1972/1997/2003

2*

TAMPA

1999

2003

14.50%

148,267

196,801

1,932,929

TAMPA

1997/2004

2003

14.50%

113,986

243,641

1,121,612

ORLANDO

1973/1998

2007

20.00%

228,967

243,967

2,071,019

BARNES & NOBLE(2013), PETSMART(2014), SPORTS AUTHORITY(2013), BED BATH & BEYOND(2014) PUBLIX SUPER MARKETS(2010)

PUBLIX SUPER MARKETS(2010) BURLINGTON COAT FACTORY PETSMART(2012), CIRCUIT CIT BEALL’S(2016), BEALL’S OUTLE LIFESTYLE FAMILY FITNESS(20 MACYS FURNITURE & MATRES CLEARANCE CNTR(2009) K MART(2012), KANE FURNITUR

COMPUSA(2017), JO-ANN STORE BABIES R US(2013), PUBLIX SUPER MARK SPORTS AUTHORITY(2018), PETSMART(2020), LOWE’S(NOT O

PUBLIX SUPER MARKETS(2012), DRESS FOR LESS(2013), STEIN MART(2015)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

CLEARWATER, CLEARWATER TAMPA FL COLLECTION 21688-21800 US HWY19 NORTH CRYSTAL CRYSTAL SPRINGS OCALA RIVER, FL 6760 W GULF TO LAKE CRYSTAL CRYSTAL RIVER PLAZA OCALA RIVER, FL 420 SUN COAST HWY (RIVER) DANIA BEACH, BASS PRO OUTDOOR MIAMI FL WORLD 200 GULF STREAM WAY DANIA, FL SHERIDAN SQUARE MIAMI 401-435 E. SHERIDAN STREET DAVIE, FL PARADISE PROMENADE MIAMI 5949-6029 STIRLING ROAD DAYTONA VOLUSIA POINT DAYTONA BEACH BEACH, FL SHOPPING CENTER 1808 W. INTERNATIONAL SPEEDWAY DEERFIELD HILLSBORO SQUARE MIAMI BEACH, FL HILLSBORO BLVD & HIGHWAY ONE ENGLEWOOD, ROTONDA PLAZA SARASOTA FL 5855 PLACIDA ROAD FORT MEYERS, MARKET SQUARE FT. MEYERS FL 13300 SOUTH CLEVELAND AVENUE

FORT MEYERS, CYPRESS TRACE FL (CYPRESS) CYPRESS LAKE DRIVE & US 41 FORT WALTON SHOPPES AT PARADISE BEACH, FL POINTE US HWY 98 AND PERRY AVE GULF BREEZE, GULF BREEZE FL MARKETPLACE 3749-3767 GULF BREEZE PARKWAY HERNANDO, FL SHOPPES OF CITRUS HILLS 2601 FOREST RIDGE BLVD HIALEAH, FL PARAISO PLAZA 3300-3350 W. 80TH ST

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EX 1995/2005

2007

100.00%

132,023

132,023

1,483,948

2001

2007

20.00%

66,986

66,986

688,817

PUBLIX SUPER MARKETS(202

100.00%

169,101

169,101

867,967

BEALL’S(2012), BEALL’S OUT

1986/2001

1/2 *

LA FITNESS INTERNATIONAL FLOOR & DECOR(2017)

1999

2007

100.00%

165,000

165,000

1,600,000

BASS PRO OUTDOOR WORLD

1991

2007

20.00%

67,475

67,475

643,004

PUBLIX SUPER MARKETS(201

2004

2007

20.00%

74,493

74,493

1,154,841

PUBLIX SUPER MARKETS(202

1984

2001

100.00%

76,087

76,087

838,139

1978/2002

2007

15.00%

145,329

154,089

2,238,273

1991

2004

100.00%

46,835

46,835

438,152

2004

2007

15.00%

107,179

243,945

1,708,296

2004

2007

15.00%

276,288

276,288

2,755,151

1987/2000

2007

20.00%

83,936

83,936

994,286

1998

2003

100.00%

29,827

333,654

494,236

WAL-MART(NOT OWNED), LO OWNED)

OCALA

1994/2003

2007

20.00%

68,927

68,927

717,255

PUBLIX SUPER MARKETS(201

MIAMI

1997

2007

20.00%

60,712

60,712

766,537

PUBLIX SUPER MARKETS(201

FT. MEYERS

DESTIN

PENSACOLA

MARSHALLS(2010)

PUBLIX SUPER MARKETS(202 DEPOT(2023) KASH N KARRY(2011)

AMERICAN SIGNATURE(2014 WINE & MORE(2016), DSW SHOE WAREHOUSE(2016), TARGET(NOT OWNED) BEALL’S(2010), STEIN MART( BEALL’S OUTLET(2010), ROSS FOR LESS(2012) PUBLIX SUPER MARKETS(202

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

JACKSONVILLE, JACKSONVILLE JACKSONVILLE FL REGIONAL 3000 DUNN AVENUE JACKSONVILLE, ARLINGTON PLAZA JACKSONVILLE FL(ARLINGTON 926 ARLINGTON ROAD RD) LAKE MARY, FL SHOPPES OF LAKE MARY ORLANDO 4155 WEST LAKE MARY BLVD LAKE WALES, FL SHOPPES ON THE RIDGE ORLANDO HIGHWAY 27 & CHALET SUZANNE ROAD LAKELAND, FL HIGHLANDS PLAZA LAKELAND (HIGHLANDS) 2228 LAKELANDS HIGHLAND ROAD LAKELAND, FL LAKELAND LAKELAND (MARKETPLACE) MARKETPLACE FL LAKELAND LARGO, FL BARDMOOR TAMPA PROMENADE 10801 STARKEY ROAD LARGO, KMART SHOPPING TAMPA FL(KMART) CENTER 1000 MISSOURI AVENUE LAUDERHILL, FL UNIVERSAL PLAZA MIAMI 7730 WEST COMMERCIAL MELBOURNE, FL MELBOURNE SHOPPING MELBOURNE CENTER 1301-1441 S BABCOCK MIAMI, FL THE SHOPS AT MIDTOWN MIAMI MIAMI 3401 N. MIAMI AVENUE MIAMI, FL(PARAISO) MIRAMAR, FL

NAPLES, FL

NAPLES, FL (COUNTRY) NEWPORT RICHEY, FL

PLAZA DEL PARAISO 12100 SW 127TH AVE RIVER RUN MIRAMAR PARKWAY AND PALM AVENUE CARILLON PLACE 5010 AIRPORT ROAD NORTH COUNTRYSIDE SHOPPES 4025 SANTA BARBARA SHOPPES AT GOLDEN ACRES 9750 LITTLE ROAD

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EX 1988

1995

100.00%

219,735

295,752

1,333,820

1990/1999

2004

100.00%

182,098

182,098

601,727

2001

2007

15.00%

73,343

74,331

1,531,899

STAPLES(2015)

2003

2007

20.00%

115,671

115,671

1,198,314

PUBLIX SUPER MARKETS(202

1990

2004

100.00%

102,572

102,572

858,358

2006

2003

100.00%

77,582

77,582

581,865

1991

2007

20.00%

152,667

165,607

1,865,873

1969

2008

25.25%

116,805

116,805

214,921

2002

2007

15.00%

49,505

174,505

1,048,954

TARGET(NOT OWNED)

1960/1999

2007

20.00%

204,202

229,102

1,351,620

BIG LOTS(2014), PUBLIX SUPE MARKETS(2019)

100.00%

247,599

388,713

5,047,817

CIRCUIT CITY(2022), LOEHMANN’S(2018), MARSHA ROSS DRESS FOR LESS(2018), TARGET(2027), WEST ELM(201 PUBLIX SUPER MARKETS(202

2006

1*

J.C. PENNEY(2012), WINN DIXI STORES(2014) FOOD LION(2010)

WINN DIXIE STORES(2017)

PUBLIX SUPER MARKETS(201

K MART(2012)

MIAMI

2003

2007

20.00%

82,441

82,441

1,162,796

MIAMI

1989

2007

20.00%

93,643

106,828

971,424

PUBLIX SUPER MARKETS(201

NAPLES

1994

1995

14.50%

267,796

283,196

3,157,833

NAPLES

1997

2007

20.00%

73,986

73,986

851,713

WAL-MART(2014), T.J. MAXX(2 CIRCUIT CITY(2015), ROSS DR LESS(2010), BEALL’S(2015), OF MAX(2010) SWEETBAY SUPERMARKETS(

TAMPA

2002

2007

20.00%

130,643

130,643

1,276,767

PUBLIX SUPER MARKETS(202

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

OCALA, FL

HEATHER ISLAND OCALA 7878 SE MARICAMP OCALA, STEEPLECHASE PLAZA OCALA FL(STEEPLECHASE) 8585 STATE ROAD 200 OCALA, FL(WEST) OCALA WEST OCALA 2400 SW COLLEGE ROAD OCOEE, FL WEST OAKS TOWN ORLANDO (WEST OAKS) CENTER 9537-49 W. COLONIAL ORANGE PARK, FL THE VILLAGE SHOPPING JACKSONVILLE (THE VILLAGE) CENTER 950 BLANDING BOULEVARD ORLANDO, FL CHICKASAW TRAIL ORLANDO (CHICKASAW) 2300 S. CHICKASAW TR ORLANDO, FL CIRCUIT CITY PLAZA ORLANDO (CIRCUIT) GOOD HOMES ROAD AND COLONIAL DRIVE ORLANDO, CONWAY PLAZA ORLANDO FL(CONWAY) 4400 CURRY FORD ROAD ORLANDO, SAND LAKE CORNERS ORLANDO FL(SAND) 8111-8481 JOHN YOUNG PARKWAY ORLANDO, SKYVIEW PLAZA ORLANDO FL(SKYVIEW) 7801 ORANGE BLOSSOM TRAIL ORMOND BEACH, ORMOND TOWNE DAYTONA BEACH FL SQUARE 1458 WEST GRANADA BLVD OVIEDO, FL OVIEDO PARK ORLANDO CROSSING RTE 417 & RED BUG LAKE ROAD PALM BEACH NORTHLAKE COMMONS MIAMI GARDEN, FL NORTHLAKE BLVD PALM HARBOR, FL THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD PALM HARBOR, FL BROOKER CREEK (BROOKER) 36301 E.LAKE ROAD PEMBROKE PINES, FLAMINGO FALLS FL 2000-2216 N.FLAMINGO ROAD

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEAS 2005

2007

20.00%

70,970

70,970

736,383

PUBLIX SUPER MARKETS

1993

2007

100.00%

92,180

92,180

937,612

PUBLIX SUPER MARKETS

1991

2003

100.00%

105,276

105,276

830,208

2000

2007

20.00%

66,539

111,623

1,128,641

SPORTS AUTHORITY(201 LOBBY(2016) MICHAEL’S(2010)

1993/2000

2004

100.00%

72,511

135,453

697,556

BEALL’S(2014), ALBERTS OWNED)

1994

2007

20.00%

75,492

76,067

807,906

PUBLIX SUPER MARKETS

1999

2007

15.00%

78,625

78,625

994,110

STAPLES(2015)

1985/1999

2007

20.00%

117,723

117,723

1,002,974

PUBLIX SUPER MARKETS

1998/2000

2007

15.00%

197,716

397,716

2,350,965

1994/1998

2007

20.00%

281,260

281,260

2,580,758

1993

1994

100.00%

234,042

234,042

2,017,796

BEALL’S (2014), PETSMAR STAPLES (2014), WALMAR OWNED), LOWES(NOT OW PUBLIX SUPER MARKETS DEPOT(2008), K MART(20 CITY(2013) BEALL’S(2018), ROSS DRE LESS(2016), PUBLIX SUPE MARKETS(2013)

20.00%

186,212

321,249

1,682,591

OFFICE MAX(2014), ROSS LESS(2010), MICHAEL’S(2 MAXX(2010), LOWE’S(NOT

ROSS DRESS FOR LESS(20 DIRECT (2018), HOME DEPOT(NOT ALBERTSON’S(NOT OWN TARGET(NOT OWNED)

1999

1*

1987/2003

2007

20.00%

146,825

264,667

2,002,632

TAMPA

1990

1995

100.00%

52,395

229,188

957,541

TAMPA

1994

2007

20.00%

77,596

77,596

907,609

MIAMI

2001

2007

20.00%

108,565

108,565

2,432,870

PUBLIX SUPER MARKETS

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

PENSACOLA, FL

PALAFOX SQUARE PENSACOLA 8934 PENSACOLA BLVD PLANT CITY, FL PLANT CITY CROSSING TAMPA SWC OF INTERSTATE 4 & THONOTOSASSA ROAD PLANT CITY, FL(LAKE) LAKE WALDEN SQUARE TAMPA 105-240 W ALEXANDER PLANTATION, FL THE FOUNTAINS MIAMI (FOUNTAINS) 801 SOUTH UNIVERSITY DRIVE PLANTATION, FL VISION WORKS MIAMI (VISION) 801 SOUTH UNIVERSITY DRIVE SANTA ROSA BEACH, FL WATERCOLOR PENSACOLA CROSSING 110 WATERCOLOR WAY SARASOTA, FL SARASOTA PAVILION SARASOTA 6511 TAMAIMI TRAIL

SPRING HILL, FL ST. PETERSBURG, FL

ST. PETERSBURG, FL (GATEWAY)

TALLAHASSEE, FL

TALLAHASSEE, FL (KILLEARN)

TALLAHASSEE, FL (SOUTHWOOD) TAMARAC, FL

TAMPA, FL

TAMPA, FL (DALE)

MARINER SQUARE 13050 CORTEZ BLVD. KMART PLAZA 3951 34TH STREET SOUTH GATEWAY MALL 7751-8299 9TH ST N

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LE 1988/1997/1999

1/2 *

100.00%

17,150

236,892

252,813

WALMART(NOT OWNE

2001

2007

100.00%

85,252

85,252

1,009,421

PUBLIX SUPER MARKE

1992

2007

14.50%

158,347

161,347

1,358,162

1989

2007

100.00%

223,281

295,500

2,555,512

KASH N KARRY(2012), P CINEMAS (2013) MARSHALLS(2014), KO OWNED)

1989

2007

100.00%

6,891

6,891

159,170

2003

2007

20.00%

43,207

43,207

674,060

PUBLIX SUPER MARKE

1999

2007

15.00%

324,985

336,951

3,905,623

100.00%

188,347

392,423

1,553,721

STEIN MART(2009), PUB MARKETS(2010), MICH NAVY(2010), MARSHAL BATH & BEYOND(2015) LESS(2012), BOOKS-A-M BEALL’S(2011), ROSS D LESS(2014), WALMART K MART(2013)

TAMPA

1988/1997

TAMPA

1973

2008

25.25%

94,500

94,500

277,400

TAMPA

2000

2007

15.00%

231,106

353,106

2,045,678

1994/2004

2003

100.00%

79,451

252,100

646,711

1980

2007

20.00%

95,229

95,229

1,023,285

PUBLIX SUPER MARKE

2003

2007

20.00%

62,840

62,840

758,374

PUBLIX SUPER MARKE

1985

2007

20.00%

227,209

227,209

2,808,731

2005

2007

100.00%

10,000

10,000

336,221

20.00%

104,460

222,388

1,300,345

CAPITAL WEST TALLAHASSEE 4330 WEST TENNESSEE STREET KILLEARN SHOPPING TALLAHASSEE CENTER 3479-99 THOMASVILLE ROAD SOUTHWOOD VILLAGE TALLAHASSEE NWC CAPITAL CIRCLE & BLAIRSTONE ROAD MIDWAY PLAZA MIAMI UNIVERSITY DR & COMMERCIAL BLVD NEW TAMPA COMMONS TAMPA BRUCE B DOWNS & DONNA MICHELLE NORTH POINTE PLAZA TAMPA 15001-15233 NORTH DALE MABRY

1990

1/2 *

1/2 *

T.J. MAXX(2014), PUBLI MARKETS(2019), BEAL PETSMART(2013), OFFI TARGET(NOT OWNED) BEALL’S OUTLET(2009) (2017), WAL-MART(NOT

ROSS DRESS FOR LESS SUPER MARKETS(2011)

PUBLIX SUPER MARKE WALMART(NOT OWNE

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION TAMPA, FL (WALKS) TAMPA, FL (WATERS) TARPON SPRINGS, FL TEQUESTA, FL

CENTER NAME/ADDRESS

MSA

WALKS AT HIGHWOOD PRESERVE(I) TAMPA 18001 HIGHWOODS PRESERVE PARKWAY TOWN N’ COUNTRY PROMENADE 7021TAMPA 7091 WEST WATERS AVENUE TARPON SQUARE TAMPA 41232 U.S. 19, NORTH TEQUESTA SHOPPES MIAMI 105 N US HWY 1 VALRICO, FL BRANDON BOULEVARD SHOPPES TAMPA 1930 SR 60 E. VALRICO, FL SHOPPES AT LITHIA TAMPA (LITHIA) 3461 LITHIA PINECRES T ROAD VENICE, FL JACARANDA PLAZA SARASOTA 1687 SOUTH BYPASS VERO BEACH, CIRCUIT CITY VERO BEACH FL 6560 20TH STREET WESLEY SHOPPES OF NEW TAMPA TAMPA CHAPEL, FL 1920 CR 581 WEST PALM PARADISE PLACE MIAMI BEACH, FL 4075 N. HAVERHILL RD WINTER PARK, WINTER PARK PALMS ORLANDO FL 4270 ALOMA AVENUE (GOLDENROD) GEORGIA ATHENS, GA ATHENS EAST ATLANTA 4375 LEXINGTON ROAD ATLANTA, GA BROOKHAVEN PLAZA ATLANTA (BROOKHAVEN) 3974 PEACHTREE RD NE ATLANTA, GA CASCADE CORNERS ATLANTA (CORNERS) 3425 CASCADE ROAD ATLANTA, GA PLEASANT HILL PLAZA ATLANTA (DULUTH) 1630 PLEASANT HILL ROAD ATLANTA, GA PERIMETER POINTE ATLANTA (PERIMETER) 1155 MT. VERNON HIGHWAY

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENAN 2001

2007

15.00%

169,081

178,981

2,831,210

MICHAEL’S(2012

1990

1/2 *

100.00%

134,463

249,844

1,211,206

1986

2007

100.00%

109,760

109,760

1,093,688

KASH N KARRY( (2014), WALMART K MART(2009), B STAPLES(2013) STEIN MART(201

1974/1998

1/2 *

100.00%

198,797

199,447

1,451,420

1994

2007

100.00%

85,377

85,377

922,113

PUBLIX SUPER M

2003

2007

20.00%

71,430

71,430

1,045,200

PUBLIX SUPER M

1974

2008

25.25%

84,180

84,180

256,500

2001

2007

100.00%

33,243

33,243

530,000

2002

2007

20.00%

158,602

158,602

1,972,649

2003

2007

15.00%

89,120

89,120

909,707

PUBLIX SUPER M BEALL’S(2017) PUBLIX SUPER M

1990

2007

14.50%

112,292

112,292

887,733

PUBLIX SUPER M

2000

2003

100.00%

24,000

218,879

323,904

WAL MART(NOT

1993

2007

20.00%

65,320

71,320

1,186,135

KROGER(2018)

1993

2007

20.00%

66,844

66,844

475,836

KROGER(2020)

1990

1994

100.00%

99,025

219,025

674,769

WAL-MART(NOT

1995/2002

1995

14.50%

343,155

352,755

5,464,451

K MART(2009)

STEIN MART(201 SPORTS AUTHOR FITNESS(2016), O HOMEGOODS (20 THEATRE(2015)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

ATLANTA, ABERNATHY SQUARE GA(ABERNATHY) 6500 ROSWELL RD ATLANTA, CASCADE CROSSING GA(CROSSING) 3695 CASCADE RD SW AUGUSTA, GA GOODY’S SHOPPING (GOODY’S) CENTER 2360 GEORGETOWN ROAD AUSTELL, GA BURLINGTON PLAZA 3753-3823 AUSTELL ROAD SW BUFORD, GA MARKETPLACE AT (MILLCREEK) MILLCREEK (I) MALL OF GEORGIA BLVD CANTON, GA

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIR

ATLANTA

1983/1994

2007

100.00%

127,616

131,516

2,223,604

PUBLIX SUPER MARKETS(2014)

ATLANTA

1994

2007

20.00%

63,346

63,346

605,375

PUBLIX SUPER MARKETS(2014)

ATLANTA

1999

2007

15.00%

22,560

232,560

0

ATLANTA

1973

2008

25.25%

146,950

146,950

487,041

ATLANTA

2003

2007

15.00%

403,106

403,106

4,552,852

2000

2007

20.00%

74,020

74,020

962,939

1998

2007

20.00%

302,131

331,820

3,538,948

1995

2007

15.00%

375,067

375,067

2,450,678

1976

2003

100.00%

147,016

147,016

668,716

1999

2003

100.00%

119,786

242,786

1,339,143

GOODY’S(2011), PETSMART(2015), MICHAEL’S(2009), TARGET(NOT OWNED)

2001

2007

20.00%

98,301

101,301

1,109,793

KROGER(2021)

1997/1999

2003

100.00%

308,557

652,642

3,344,883

LOWE’S(2019), MICHAEL’S(2010), O MAX(2013), WAL MART(NOT OWN HOME DEPOT(NOT OWNED)

1994

2007

20.00%

69,699

69,699

711,118

HICKORY FLAT ATLANTA VILLAGE 6175 HICKORY FLAT HY CANTON, GA RIVERSTONE PLAZA ATLANTA (RIVER) 1451 RIVERSTONE PARKWAY CARTERSVILLE, BARTOW ATLANTA GA MARKETPLACE 215 MARKETPLACE BLVD CHAMBLEE, GA CHAMBLEE PLAZA ATLANTA PEACHTREE INDUSTRIAL BOULEVARD COLUMBUS, GA BRADLEY PARK COLUMBUS CROSSING 1591 BRADLEY PARK DRIVE COLUMB CUMMING, GA SHARON GREEN ATLANTA 1595 PEACHTREE PKWY CUMMING, GA CUMMING ATLANTA (MARKETPLACE) MARKETPLACE MARKETPLACE BOULEVARD DECATUR, GA FLAT SHOALS ATLANTA (FLAT SHOALS) CROSSING 3649 FLAKES MILL RD

SUPER WALMART(NOT OWNED)

BURLINGTON COAT FACTORY(2

TOYS R US(2015), R.E.I.(2013), BORDERS(2020), OFFICE MAX(201 PETSMART(2015), MICHAEL’S(201 SHOE WAREHOUSE(2013), ROSS D FOR LESS(2013), MARSHALLS(2012 PUBLIX SUPER MARKETS(2020)

GOODY’S(2010), MICHAEL’S(2012) DRESS FOR LESS(2012), BELK(2017 PUBLIX SUPER MARKETS(2018) WAL-MART(2015), LOWE’S(2015)

PUBLIX SUPER MARKETS(2013)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION DECATUR, GA(HAIRSTON) DOUGLASVILLE, GA

DOUGLASVILLE, GA (PAVILION)

CENTER NAME/ADDRESS

MSA

HAIRSTON CROSSING ATLANTA 2075 S HAIRSTON ROAD DOUGLASVILLE ATLANTA MARKETPLACE 6875 DOUGLAS BOULEVARD DOUGLASVILLE ATLANTA PAVILION 2900 CHAPEL HILL RD

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIR 2002

2007

20.00%

57,884

57,884

701,163 PUBLIX SUPER MARKETS(2022)

1999

2003

100.00%

86,158

261,353

1,461,499 BEST BUY(2015), BABIES R US(201 LOWES(NOT OWNED)

1998

2007

15.00%

267,010

370,010

2,980,628 PETSMART(2014), OFFICE MAX(20 MARSHALLS(2014), GOODY’S(2013 DRESS FOR LESS(2012), HUDSON’S FURNITURE SHOWROOM(2014), T (NOT OWNED) 1,413,068 OFFICE DEPOT(2013)

DOUGLASVILLE, GA(MARKET) DULUTH, GA (VENTURE)

MARKET SQUARE 9503-9579 HIGHWAY 5 VENTURE POINTE (I) 2050 W. LIDDELL RD.

ATLANTA

1974/1990

2007

20.00%

121,766

128,266

ATLANTA

1996

2007

15.00%

335,420

645,420

DULUTH, GA(SOFA)

SOFA EXPRESS 3480 STEVE REYNOLDS BLVD PLEASANT HILL SQUARE 2205 PLEASANT HILL

ATLANTA

2004

2007

100.00%

20,000

20,000

ATLANTA

1997/2000

2007

15.00%

282,137

282,137

ELLENWOOD, GA SHOPPES OF ATLANTA ELLENWOOD EAST ATLANTA ROAD & FAIRVIEW ROAD FAYETTEVILLE, FAYETTE PAVILION (I) ATLANTA GA (PAVILION) NEW HOPE ROAD & GA HWY 85

2003

2007

20.00%

67,721

67,721

1995/2002

2007

15.00%

1,279,810

1,528,307

ATLANTA

2003

2007

20.00%

90,566

90,566

ATLANTA

1997

2007

100.00%

10,594

10,594

ATLANTA

2002

2007

15.00%

363,695

568,715

ATLANTA

1998

2007

15.00%

439,784

585,184

TOWN CENTER ATLANTA COMMONS 725 EARNEST BARRETT PARKWAY LAWRENCEVILLE, FIVE FORKS VILLAGE ATLANTA GA 850 DOGWOOD ROAD LAWRENCEVILLE, RITE AID ATLANTA GA (RITE AID) 1545 LAWRENCEVILLE HIGHWAY

1998

2007

100.00%

72,108

159,758

1990

2003

10.00%

89,064

89,064

447,152

1997

2007

100.00%

9,504

9,504

184,328

DULUTH, GA, GA(PLEASANT)

FLOWERY BRANCH, GA

CLEARWATER CROSSING 7380 SPOUT SPRINGS ROAD GAINESVILLE, GA RITE AID 599 S. ENOTA DRIVE HIRAM, GA HIRAM PAVILION (I) 5220 JIMMY LEE SMITH PARKWAY KENNESAW, GA BARRETT PAVILION (I) (BARRETT) 740 BARRETT PARKWAY

KENNESAW, GA(TOWN)

2,408,764 HOBBY LOBBY(2011), BABIES R US(2014), ASHLEY FURNITURE HOMESTORE(2012), GOLFSMITH G CENTER(2012), KOHL’S(2022), COSTCO(NOT OWNED), SUPER TARGET(NOT OWNED) 0

3,591,471 BARNES & NOBLE(2012), TOYS R US(2013), JO-ANN STORES(2011), STAPLES(2014), J.C. PENNEY(2012), NAVY(2009) 778,235 PUBLIX SUPER MARKETS(2023)

11,310,519 H.H. GREGG APPLIANCES(2018), W MART(2016), BED BATH & BEYON SPORTS AUTHORITY(2012), T.J. MAXX(2009), PUBLIX SUPER MARKETS(2016), BELK(2015), BES BUY(2013), HUDSON’S FURNITURE SHOWROOM(2016), OLD NAVY(201 ROSS DRESS FOR LESS(2012), TOYS US(2010), CINEMARK(2018), MARSHALLS(2011), PETSMART(20 KOHL’S(2022), JO-ANN STORES(20 DICK’S SPORTING GOODS(2016), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED) 1,082,925 KROGER(2023)

178,016

2,825,070 ROSS DRESS FOR LESS(2012), MICHAEL’S(2012), MARSHALLS(2 KOHL’S(2022), TARGET (NOT OWN 6,593,189 AMC THEATRE(2019), HOMEGOODS(2013), SCHOOL BOX THE(2010), GOLFSMITH GOLF CENTER(2013), H.H. GREGG APPLIANCES(2018), JO-ANN STORES(2011), OLD NAVY (2010), R (2018), TOTAL WINE & MORE(2017 TARGET(NOT OWNED) 986,345 J.C. PENNEY(2013), DICK’S(NOT OW

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION LAWRENCEVILLE, GA(SPRINGFIELD) LILBURN, GA (FIVE FORKS) LITHONIA, GA

LITHONIA, GA (THE SHOPS AT TURNER HILL) LOGANVILLE, GA MACON, GA

MACON, GA (DAVID’S)

MACON, GA (EISENHOWER)

MACON, GA(KMART) MARIETTA, GA

CENTER NAME/ADDRESS SPRINGFIELD PARK 665 DULUTH HIGHWAY FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD STONECREST MARKETPLACE TURNER HILL ROAD AND MALL PARKWAY

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIR

ATLANTA

1992/2000

2007

100.00%

105,321

105,321

933,601

HOBBY LOBBY(2011)

ATLANTA

2000/2001

2003

10.00%

73,910

73,910

717,812

KROGER(2012)

ATLANTA

2002

2007

15.00%

264,584

264,584

2,942,984

SHOPS AT TURNER HILL ATLANTA 8200 MALL PARKWAY

2004

2003

14.50%

113,675

293,670

1,560,075

MIDWAY PLAZA 910 ATHENS HWY EISENHOWER ANNEX 4685 PRESIDENTIAL PARKWAY DAVID’S BRIDAL CENTER 4685 PRESIDENTIAL PARKWAY EISENHOWER CROSSING (I) 4685 PRESIDENTIAL PARKWAY

ATLANTA

1995

2003

20.00%

91,196

91,196

1,044,574

MACON

2002

2007

100.00%

55,505

55,505

688,453

MACON

2004

2007

15.00%

14,000

14,000

247,665

MACON

2002

2007

15.00%

400,556

536,672

4,311,437

2000

2007

100.00%

102,098

102,098

0

1995/2002

1995

14.50%

316,786

326,683

4,041,430

K-MART MACON 1901 PAUL WALSH DR. TOWNE CENTER PRADO ATLANTA 2609 BELLS FERRY ROAD

STAPLES(2017), BABIES R US(2018 SHOE WAREHOUSE(2013), ROSS DRESS LESS(2013), MARSHALLS(2012) BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(2012), S CLUB(NOT OWNED) KROGER(2016) H.H. GREGG APPLIANCES(2036)

KROGER(2022), STAPLES(2016), MICHAEL’S(2011), ROSS DRESS FO LESS(2012), BED BATH & BEYOND OLD NAVY(2011), MARSHALLS(20 DICK’S SPORTING GOODS(2017), TARGET(NOT OWNED)

STEIN MART(2012), ROSS DRESS F LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)

MARIETTA, GA RITE AID (RITE AID) 731 WHITLOCK AVE MARIETTA, BLOCKBUSTER GA(BLOCKBUSTER) 1748 POWDER SPRINGS MCDONOUGH, GA MCDONOUGH MARKETPLACE NE CORNER 175 & HIGHWAY 20 MCDONOUGH, SHOPPES AT LAKE DOW GA(DOW) 900-938 HIGHWAY 81 E MORROW, GA SOUTHLAKE PAVILION (SOUTHLAKE) (II & III) 1912 MT ZION ROAD

ATLANTA

1997

2007

100.00%

10,880

10,880

183,507

ATLANTA

1994

2007

20.00%

6,500

6,500

128,960

ATLANTA

2003

2003

14.50%

53,158

360,729

831,109

OFFICE DEPOT(2016), LOWES(NO OWNED), WALMART(NOT OWNED)

ATLANTA

2002

2007

20.00%

73,145

73,145

870,478

PUBLIX SUPER MARKETS(2022)

ATLANTA

1996/2001

2007

15.00%

530,066

644,614

4,476,109

NEWNAN, GA

ATLANTA

1995

2003

100.00%

156,497

426,723

1,283,643

NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA

ROSS DRESS FOR LESS(2012), BAR NOBLE(2013), ASHLEY FURNITUR HOMESTORE(2012), L.A. FITNESS STAPLES(2015), OLD NAVY(2011), GREGG APPLIANCES(2018), SEARS(2012), TARGET(NOT OWN LOWE’S(2015), BELK(NOT OWNED MART(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION NEWNAN, GA (PAVILION)

CENTER NAME/ADDRESS NEWNAN PAVILION 1074 BULLSBORO DR

ATLANTA

1998

2007

15.00%

263,705

459,578

3,353,273

ATLANTA

1999

2007

100.00%

83,363

83,363

857,412

OFFICE MAX(2013), PETSMART(2015), HOME DEPOT(2019), ROSS DRESS FOR LESS(2012), KOHL’S(2022) INGLES(2019)

ROME

2001

2007

100.00%

33,056

33,056

420,000

CIRCUIT CITY(2021)

ATLANTA

1978/1995

2007

100.00%

177,599

177,599

1,435,004

KROGER(2010), STEIN MART(2009)

ATLANTA

2002

2007

15.00%

160,104

162,832

1,707,168

KOHL’S(2022)

ATLANTA

1995

2007

15.00%

262,971

262,971

3,105,106

PETSMART(2016), ROSS DRESS FOR LESS(2016), AMERICAN SIGNATURE(2018), T.J. MAXX(2010), MARSHALLS(2011)

RITE AID ATLANTA 3295 CENTERVILLE HWY

1997

2007

100.00%

10,594

10,594

199,601

ATLANTA

2000

2007

100.00%

371,586

371,586

3,864,584

ATLANTA

1994

2007

20.00%

64,055

64,055

706,838

JO-ANN STORES(2014), KROGER(201 STEIN MART(2013), HOME DEPOT(2023) PUBLIX SUPER MARKETS(2014)

ATLANTA

2002

2007

15.00%

69,600

279,600

733,165

SUPER WALMART(NOT OWNED)

ATLANTA

2001/2004

2003

100.00%

285,336

285,336

3,735,980

ATLANTA

1997

2007

20.00%

18,200

18,200

359,504

ATLANTA

2002

2007

100.00%

36,000

36,000

378,000

BI-LO(2023)

ATLANTA

1998/2003

2003

20.00%

130,832

279,020

835,781

KROGER(2019), WALMART(NOT OWN

ATLANTA

2003

2007

20.00%

77,956

77,956

923,248

PUBLIX SUPER MARKETS(2023)

ATLANTA

1986

2003

100.00%

100,002

181,954

528,588

WAL-MART(NOT OWNED)

NORCROSS, GA JONES BRIDGE SQUARE 5075 PEACHTREE PKWY ROME, GA CIRCUIT CITY 2700 MARTHA BERRY HIGHWAY NE ROSWELL, GA SANDY PLAINS VILLAGE (SANDY) (I) GEORGIA HWY 92 AND SANDY PLAINS ROAD ROSWELL, GA STONEBRIDGE SQUARE (STONEBRIDGE) 610-20 CROSSVILLE RD SMYRNA, GA HERITAGE PAVILION 2540 CUMBERLAND BLVD SNELLVILLE, GA (RITE AID) SNELLVILLE, GA(COMMONS)

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRAT

PRESIDENTIAL COMMONS 1630-1708 SCENIC HWY STONE DESHON PLAZA MOUNTAIN, GA 380 N. DESHON ROAD (DESHON) SUWANEE, GA SUWANEE CROSSROADS (CROSS) LAWRENCEVILLE ROAD & SATELLITE BLVD SUWANEE, GA JOHNS CREEK TOWN (JOHNS) CENTER 3630 PEACHTREE PARKWAY SUWANEE SUWANEE, GA SHOPS AT JOHNS CREEK (SHOPS) 4090 JOHNS CREEK PKY SYLVANIA, GA BI-LO 1129 W OGEECHEE ST TUCKER, GA COFER CROSSING 4349-4375 LAWRENCEVILLE HWY TYRONE, GA SOUTHAMPTON VILLAGE NWC OF HIGHWAY 74 & SWANSON ROAD UNION CITY, SHANNON SQUARE GA 4720 JONESBORO ROAD

BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

WARNER ROBINS, GA WARNER ROBINS WARNER ROBINS PLACE 2724 WATSON BOULEVARD WARNER ROBINS, GA CITY CROSSING WARNER ROBINS (CITY) WATSON BLVD & CARL VINSON PKWY WARNER ROBINS, GA LOWE’S HOME WARNER ROBINS (LOWE’S) IMPROVEMENT 2704 WATSON BLVD. WOODSTOCK, GA WOODSTOCK PLACE ATLANTA 10029 HIGHWAY 928 WOODSTOCK, GA WOODSTOCK SQUARE ATLANTA (SQUARE) 120-142 WOODSTOCK SQ IDAHO IDAHO FALLS, ID (DDRC) MERIDIAN, ID

NAMPA, ID

ILLINOIS DEER PARK, IL

MCHENRY, IL

MOUNT VERNON, IL ORLAND PARK, IL

COUNTRY CLUB MALL 1515 NORTHGATE MILE MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD

NAMPA GATEWAY CENTER 1200 N. HAPPY VALLEY RD.

IDAHO FALLS

YEAR DEVELOPED/ REDEVELOPED

DDR OWNED/ TOTAL YEAR OWNERSHIP UNOWNED ANNUALIZED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENAN

1997

2003

100.00%

107,941

459,700

1,348,764

T.J. MAXX(2010), MART(NOT OWN OWNED)

2001

2007

15.00%

190,433

305,433

1,659,423

2000

2007

100.00%

131,575

131,575

910,000

MICHAEL’S(2011 LESS(2012), OLD DEPOT(NOT OW LOWE’S(2017)

1995

2003

100.00%

44,691

44,691

388,950

2001

2007

15.00%

218,859

392,859

2,878,003

OFFICE MAX(20 KOHL’S(2022), SU OWNED)

1976/1992/1997

1998

100.00%

148,593

306,201

830,546

OFFICE MAX(20 FRED MEYER, IN BED BATH & BE NAVY(2010), SHO DEPOT(2010), RO LESS(2012), MAR SPORTSMAN’S W BABIES R US(20 WAREHOUSE(20 OWNED) J.C. PENNEY(202

BOISE

1999/2001/2002/2003/ 2004

1*

100.00%

461,023

731,482

6,600,607

BOISE

2008

1*

100.00%

103,109

103,109

92,500

2000/2004

1*

25.75%

292,139

396,334

8,960,205

2006

1*

100.00%

224,552

224,552

2,713,999

DEER PARK TOWN CHICAGO CENTER (I) 20530 NORTH RAND RD SUITE 133 THE SHOPS AT FOX CHICAGO RIVER 3340 SHOPPERS DRIVE TIMES SQUARE MALL MOUNT VERNON 42ND AND BROADWAY MARLEY CREEK CHICAGO SQUARE 179TH ST. & WOLF ROAD

1974/1998/2000

1993

100.00%

269,328

269,328

1,013,957

2006

2006

50.00%

57,927

62,827

778,029

GAP(2010), CRAT CENTURY THEATRE(2019), OWNED) DICK’S SPORTIN PETSMART(2017 BEYOND(2017), B SEARS(2013), GO PENNEY(2012)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

ORLAND PARK, HOME DEPOT CENTER IL (HOME 15800 HARLEM AVENUE DEPOT) ROCKFORD, IL WALGREENS 2525 S. ALPINE ROAD ROSCOE, IL HILANDER VILLAGE 4860 HONONEGAH ROAD SCHAUMBURG, WOODFIELD VILLAGE IL GREEN 1430 EAST GOLF ROAD

SKOKIE, IL

INDIANA BEDFORD, IN

VILLAGE CROSSING 5507 W. TOUHY AVE

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP

CHICAGO

1987/1993

2004

100.00%

149,498

149,498

1,469,735

ROCKFORD

1998/1999

2007

100.00%

14,725

14,725

350,000

CHICAGO

1994

2007

20.00%

125,623

125,623

1,030,131

KROGER(2020)

CHICAGO

1993/1998/2002

1995

14.50%

508,673

674,362

8,591,760

CHICAGO

1989

2007

15.00%

434,973

440,963

7,564,780

CIRCUIT CITY(2009), OFF 5TH(2 PETSMART(2014), HOMEGOODS OFFICE MAX(2010), CONTAINER STORE(2011), FILENE’S BASEM MARSHALLS(2014), NORDSTRO RACK(2014), BORDERS(2010), EX DESIGN CENTER(2019), COSTCO OWNED) MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(20 BUY(2014), CROWN THEATRES BARNES & NOBLE(2012), PETSM (2019)

100.00%

223,431

223,431

1,153,104

2007

100.00%

159,682

159,682

2,128,800

1996

20.00%

312,546

524,410

3,158,223

2007

20.00%

102,549

102,549

784,890

KROGER(2020)

2003

100.00%

35,100

243,850

279,107

WAL MART(NOT OWNED)

2007

20.00%

114,968

114,968

1,274,309

KROGER(2020)

1998

100.00%

187,068

207,405

1,885,609

T.J. MAXX(2010), OFFICE MAX(2 BARNES & NOBLE(2010), KOHL

100.00%

241,427

426,599

1,275,295

HERBERGER’S(2010), J.C. PENN GOODY’S(2014), TARGET(NOT O

100.00%

309,423

491,794

8,209,005

BARNES & NOBLE(2016), MACY

14.50%

351,244

473,750

4,199,393

CINEMARK(2018), OFFICE MAX PETSMART(2019), HEN HOUSE(2 MARSHALLS(2014), DICK’S SPO GOODS(2016), HOME DEPOT #22 OWNED)

TOWN FAIR CENTER BEDFORD 1993/1997 1320 JAMES AVENUE EVANSVILLE, EAST LLOYD COMMONS EVANSVILLE 2005 IN(EAST) 6300 E. LLOYD EXPWY HIGHLAND, IN HIGHLAND GROVE CHICAGO 1995/2001 SHOPPING CENTER HIGHWAY 41 & MAIN STREET INDIANAPOLIS, GLENLAKE PLAZA INDIANAPOLIS 1980 IN 2629 E. 65TH STREET LAFAYETTE, IN PARK EAST LAFAYETTE 2000 MARKETPLACE 4205 - 4315 COMMERCE DRIVE SOUTH BEND, BROADMOOR PLAZA SOUTH BEND 1987 IN 1217 E. IRELAND ROAD IOWA CEDAR RAPIDS, NORTHLAND SQUARE CEDAR RAPIDS 1984 IA 303 -367 COLLINS ROAD, NE OTTUMWA, IA QUINCY PLACE MALL (I) OTTUMWA 1990/1999/2002 1110 QUINCY AVENUE KANSAS LEAWOOD, KS TOWN CENTER PLAZA KANSAS CITY 1996/2002 5000 W 119TH STREET MERRIAM, KS MERRIAM TOWN KANSAS CITY 1998/2004 CENTER 5700 ANTIOCH RD

2*

1/2 *

1998 1*

HOME DEPOT(2012)

K MART(2018), GOODY’S(2013), PENNEY(2013) GORDMAN’S(2015), MICHAEL’S BEST BUY(2016) MARSHALLS(2011), KOHL’S(201 OFFICE MAX(2012), JEWEL(NOT TARGET(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION OVERLAND PARK, KS(POINTE)

CENTER NAME/ADDRESS

MSA

2001/2004

2003

14.50%

42,632

361,759

886,738

BABIES R US(2015), HOME DE OWNED), SAM’S CLUB(NOT O

1955

2002

100.00%

205,114

300,492

1,958,102

BURLINGTON COAT FACTO OFFICE MAX(2010), T.J. MAXX BARNES & NOBLE(2012), TOY OWNED)

NORTH PARK LEXINGTON 1998 MARKETPLACE 524 WEST NEW CIRCLE LEXINGTON, SOUTH FARM LEXINGTON 1998 KY (SOUTH) MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL LOUISVILLE, OUTER LOOP PLAZA LOUISVILLE 1973/1989/1998 KY 7505 OUTER LOOP (OUTER LOOP) HIGHWAY RICHMOND, KY CARRIAGE GATE LEXINGTON 1992 833-847 EASTERN BYPASS LOUISIANA COVINGTON, COVINGTON CORNERS NEW ORLEANS 1999 LA 782 NORTH HGHWY 190 MAINE BRUNSWICK, COOK’S CORNERS AUGUSTA 1965 ME 172 BATH ROAD MARYLAND BOWIE, MD DUVALL VILLAGE WASHINGTON, DC 1998 4825 GLENN DALE ROAD GLEN BURNIE, HARUNDALE PLAZA WASHINGTON, DC 1999 MD 7440 RITCHIE HIGHWAY

2003

100.00%

46,647

228,878

687,946

STAPLES(2016), WAL MART(N

2003

100.00%

27,643

344,280

621,548

LOWE’S(NOT OWNED), WAL OWNED)

2004

100.00%

120,777

120,777

621,982

VALU DISCOUNT(2009)

2003

100.00%

147,929

219,201

618,660

OFFICE DEPOT(2016), HOBBY (2018), DUNHAM’S SPORTING (2015), BALLARD’S(NOT OWN

2007

100.00%

15,590

15,590

249,440

1997

100.00%

301,853

310,090

2,269,139

HOYTS CINEMAS(2010), BIG T.J. MAXX(2010), SEARS(2012

2007

100.00%

88,022

88,022

1,452,226

SUPER FRESH(2020)

2007

20.00%

217,619

217,619

2,738,388

HAGERSTOWN, VALLEY PARK MD COMMONS 1520 WESEL BLVD. SALISBURY, THE COMMONS (I) MD E. NORTH POINT DRIVE

1993/2006

2007

100.00%

86,190

86,190

1,114,255

A & P COMPANY(2019), A.J. WRIGHT(2009), BURLINGTO FACTORY(2018) OFFICE DEPOT(2016)

2000

2006

100.00%

126,135

350,012

1,812,894

1991

2007

20.00%

260,797

277,634

3,754,170

1987/1992

2007

15.00%

187,331

250,311

1,654,093

WICHITA, KS (EASTGATE)

OVERLAND POINTE MARKETPLACE INTER 135 & ANTIOCH ROAD EASTGATE PLAZA SOUTH ROCK ROAD

KANSAS CITY

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE E

WICHITA

KENTUCKY LEXINGTON, KY (NORTH)

UPPER MARLBORO, MD WHITE MARSH, MD

HAGERSTOWN

SALISBURY

LARGO TOWNE CENTER WASHINGTON, DC 950 LARGO CENTER DR COSTCO PLAZA 9919 PULASKI HWY

WASHINGTON, DC

BEST BUY(2013), MICHAEL’S HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) SHOPPERS FOOD WAREHOU MARSHALLS(2011), REGENC FURNITURE(2017) COSTCO WHOLESALE(2011), PETSMART(2010), PEP BOYS( SPORTS AUTHORITY(2011), H DEPOT(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION MASSACHUSETTS EVERETT, MA

FRAMINGHAM, MA

CENTER NAME/ADDRESS

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LE

GATEWAY CENTER 1 MYSTIC VIEW ROAD

BOSTON

2001

SHOPPERS WORLD 1 WORCESTER ROAD

BOSTON

1994

1*

100.00%

222,236

639,756

1995

14.50%

769,276

778,701

4,738,699 HOME DEPOT(2031), BE BEYOND(2011), OLD NA MAX(2020), BABIES R U MICHAEL’S(2012), COS OWNED), TARGET #122 14,682,596 TOYS R US(2020), MACY MAXX(2010), BABIES R SHOE WAREHOUSE(20 MOORE(2012), MARSH STORES(2011), SPORTS AUTHORITY(2015), PET BEST BUY(2014), BARN NOBLE(2011), AMC TH KOHL’S(2010) 3,407,088 KOHL’S(2024), STOP &

WEST SPRINGFIELD, MA RIVERDALE SHOPS 935 RIVERDALE STREET WORCESTER, MA SAM’S CLUB 301 BARBER AVE MICHIGAN BAD AXE, MI HURON CREST PLAZA 850 NORTH VAN DYKE ROAD BENTON HARBOR, MI FAIRPLAIN PLAZA 1000 NAPIER AVE

SPRINGFIELD

1985/2003

2007

20.00%

273,532

273,532

WORCESTER

1998

2007

100.00%

107,929

107,929

BAD AXE

1991

1993

100.00%

63,415

134,574

144,425 WAL-MART(NOT OWN

BENTON HARBOR

1998

2006

20.00%

260,166

450,826

CHEBOYGAN, MI

CHEBOYGAN

1988

1994

100.00%

70,076

70,076

2,267,059 OFFICE DEPOT(2008), T PETSMART (2018), TAR OWNED), KOHL’S(NOT 261,399 K MART(2010)

DETROIT

1998/1999

2007

100.00%

13,905

13,905

DETROIT

1989/2002

1998

100.00%

343,619

445,349

GAYLORD

1991/2004

1993

100.00%

188,386

188,386

1989

1995

100.00%

133,538

303,447

1991/1995

2004

100.00%

91,749

91,749

2003

2003

14.50%

201,726

352,098

2,283,003 CIRCUIT CITY(2017), G MOUNTAIN(2016), OFF LOWE’S(NOT OWNED)

100.00%

257,863

257,863

462,000 J.C. PENNEY(2010), OFF

1,511,475 ELDER-BEERMAN(2011 SPORTING GOODS(201 MAX(2017), T.J. MAXX( 1,443,522 MICHAEL’S(2011), GAN MOUNTAIN(2015), STA PETSMART(2016), WAL OWNED), LOWE’S(NOT

DEARBORN HEIGHTS, MI DETROIT, MI

KMART SHOPPING PLAZA 1109 EAST STATE WALGREENS 8706 N. TELEGRAPH RD BEL AIR CENTRE 8400 E. EIGHT MILE ROAD

GAYLORD, MI

PINE RIDGE SQUARE 1401 WEST MAIN STREET

GRAND RAPIDS, MI

GREEN RIDGE SQUARE GRAND RAPIDS (I) 3390-B ALPINE AVE NW GREEN RIDGE SQUARE HOUGHTON (II) 3410 ALPINE AVENUE GRANDVILLE HOWELL MARKETPLACE INTERSECTN 44TH ST & CANAL AVE COPPER COUNTRY LANSING MALL HIGHWAY M26 GRAND RIVER PLAZA DETROIT 3599 EAST GRAND RIVER MARKETPLACE AT DETROIT DELTA TOWNSHIP 8305 WEST SAGINAW HWY 196 RAMP

GRAND RAPIDS, MI (ALPINE AVE) GRANDVILLE, MI

HOUGHTON, MI

HOWELL, MI

LANSING, MI

1981/1999

1/2 *

1991

1993

100.00%

214,501

214,501

2000/2001

2003

100.00%

135,697

489,104

1,116,581 SAM’S CLUB(2013)

385,510

1,857,951 PHOENIX THEATERS(2 US(2013), FORMAN MILLS(2012), OWNED) 595,323 DUNHAM’S SPORTING LOTS(2010), BOSMANS (2018) 1,614,065 T.J. MAXX(2011), OFFIC TARGET(NOT OWNED) OWNED) 1,002,669 CIRCUIT CITY(2010), B BEYOND(2015)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

LIVONIA, MI

WALGREENS 29200 6 MILE ROAD MILAN, MI MILAN PLAZA 531 W. MAIN STREET MT. PLEASANT, INDIAN HILLS PLAZA MI 4208 E BLUE GRASS ROAD PORT HURON, WALGREENS MI NWC 10TH STREET & OAK STREET SAULT ST. CASCADE CROSSING MARIE, MI 4516 I-75 BUSINESS SPUR

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIR

MT. PLEASANT DETROIT

1998/1999

2007

100.00%

13,905

13,905

269,061

1955

2007

20.00%

65,764

68,964

305,268

KROGER(2020)

SAULT ST. MARIE

1990

100.00%

249,680

249,680

813,197

T.J. MAXX(2014), KROGER(2011)

GRAND RAPIDS

2000

2007

100.00%

15,120

15,120

359,856

GRAND RAPIDS

1993/1998

1994

100.00%

270,761

270,761

1,700,474

2005

2007

100.00%

13,905

13,905

285,053

WESTLAND, MI WALGREENS DETROIT 7210 N. MIDDLEBELT MINNESOTA BEMIDJI, MN PAUL BUNYAN MALL BEMIDJI 1201 PAUL BUNYAN DRIVE BRAINERD, WESTGATE MALL BRAINERD MN 14136 BAXTER DRIVE COON RAPIDS, RIVERDALE VILLAGE MINNEAPOLIS MN 12921 RIVERDALE DRIVE

2*

1977/1998

2*

100.00%

297,803

297,803

1,654,150

K MART(2012), HERBERGER’S(20 PENNEY(2013)

1985/1998

1/2 *

100.00%

260,319

260,319

1,477,039

HERBERGER’S(2013), MOVIES 10

2003

1*

14.50%

551,867

940,371

9,181,673

KOHL’S(2020), JO-ANN STORES(20 BORDERS(2023), OLD NAVY(2012) SEARS(2017), SPORTSMAN’S WAREHOUSE(2017), BEST BUY(20 PENNEY(2024), DSW SHOE WAREHOUSE(2016), COSTCO(NOT OWNED) BYERLY’S(2016), PETSMART(2018 BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2013), BED B BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED) KOHL’S(2016), BARNES & NOBLE GANDER MOUNTAIN(2011), MICHAEL’S(2012), BED BATH & BEYOND(2012), CUB FOODS(NOT O WAL-MART(2022), CUB FOODS(20 PETSMART(2011), LA FITNESS INTERNATIONAL(2023), BORDER BOOKS AND MUSIC(NOT OWNED HERBERGER’S(NOT OWNED)

EAGAN, MN

EAGAN PROMENADE MINNEAPOLIS 1299 PROMENADE PLACE

1997/2001

1997

50.00%

278,211

342,014

3,778,749

MAPLE GROVE, MN

MAPLE GROVE MINNEAPOLIS CROSSING WEAVER LAKE ROAD & I-94 MIDWAY MARKETPLACE ST. PAUL 1450 UNIVERSITY AVENUE WEST

1995/2002

1996

50.00%

265,957

354,321

3,059,883

1995

1997

14.50%

324,354

473,596

2,698,033

GULFPORT

1999

2003

100.00%

423,507

545,820

5,617,321

JACKSON

1996

2003

100.00%

107,780

326,319

1,153,778

OXFORD

2000

2003

20.00%

13,200

71,866

325,604

ST. PAUL, MN

MISSISSIPPI GULFPORT, MS CROSSROADS CENTER CROSSROADS PARKWAY

JACKSON, THE JUNCTION MS(JUNCTION) 6351 I-55 NORTH3 OXFORD, MS

OXFORD PLACE 2015-2035 UNIVERSITY AVE

WAL-MART(2012), J.C. PENNEY(20 DUNHAM’S SPORTING GOODS(20 GLEN’S MARKET(2013)

ACADEMY SPORTS(2015), BED BA BEYOND(2014), ROSS DRESS FOR LESS(2015), GOODY’S(2011), T.J. MAXX(2009), CINEMARK(2019), OF DEPOT(2014), BELK(2024), BARNE NOBLE(2015) PETSMART(2012), OFFICE DEPOT( TARGET(NOT OWNED), HOME DEPOT(NOT OWNED) KROGER(2020)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPI

STARKVILLE, MS STARKVILLE STARKVILLE CROSSINGS 882 HIGHWAY 12 WEST TUPELO, MS BIG OAKS CROSSING TUPELO 3850 N GLOSTER ST MISSOURI ARNOLD, MO JEFFERSON COUNTY ST. LOUIS PLAZA VOGEL ROAD BRENTWOOD,MO THE PROMENADE AT KANSAS BRENTWOOD CITY 1 BRENTWOOD PROMENADE COURT DES PERES, MO OLYMPIC OAKS ST. LOUIS VILLAGE 12109 MANCHESTER ROAD FENTON, MO FENTON PLAZA KANSAS GRAVOIS & HIGHWAY CITY 141 HIGH RIDGE, MO GRAVOIS VILLAGE ST. LOUIS PLAZA 4523 GRAVOIS VILLAGE PLAZA INDEPENDENCE, INDEPENDENCE ST. LOUIS MO COMMONS 900 EAST 39TH STREET

1999/2004

1994

100.00%

133,691

268,254

927,006

J.C. PENNEY(2010), KROGER(204 LOWE’S(NOT OWNED)

1992

1994

100.00%

348,236

348,236

2,048,219

SAM’S CLUB(2012), GOODY’S(201 MART(2012)

50.00%

42,091

290,147

542,534

KANSAS CITY, MO (WARD PARKWAY)

2002

1*

1998

1998

100.00%

299,584

299,584

4,148,608

1985

1998

100.00%

92,372

92,372

1,483,022

100.00%

93,420

100,420

979,021

1970/1997

1/2 *

HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) TARGET(2023), BED BATH & BEYOND(2014), PETSMART(2014), LANE HOME FURNISHINGS(2013) T.J. MAXX(2011)

1983

1998

100.00%

114,992

114,992

552,934

1995/1999

1995

14.50%

386,066

403,166

5,037,447

ST. LOUIS

1959/2004

2003

20.00%

388,387

711,892

5,702,959

SPRINGFIELD,MO MORRIS CORNERS (MORRIS) 1425 EAST BATTLEFIELD ST. JOHN, MO ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA ST. LOUIS, MO PLAZA AT SUNSET HILLS (PLZ SUNSET) 10980 SUNSET PLAZA

ST. LOUIS

1989

1998

100.00%

56,033

56,033

451,660

ST. LOUIS

2003

2003

100.00%

88,450

93,513

1,051,698

SHOP ‘N SAVE(2022)

ST. LOUIS

1997

1998

100.00%

415,435

450,938

5,455,080

ST. LOUIS, MO SOUTHTOWNE CENTRE (SOUTHTOWNE) KINGS HIGHWAY & CHIPPEWA NEVADA CARSON CITY, EAGLE STATION NV 3871 S CARSON STREET

ST. LOUIS

2004

1998

100.00%

86,764

86,764

1,346,438

TOYS R US(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPO PETSMART(2012), BORDERS(201 OFFICE MAX(2014)

RENO

1983

2005

50.00%

60,494

60,494

0

WARD PARKWAY CENTER 8600 WARD PARKWAY

K MART(2013)

KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(201 BUY(2016), BARNES & NOBLE(20 THEATRE(2015) DICK’S SPORTING GOODS(2016) HOUR FITNESS(2023), PETSMAR STAPLES(2018), TARGET(2023), A THEATRE(2011), OFF BROADWA SHOES(2015), T.J. MAXX(2013), DILLARD’S(2014) TOYS R US(2013)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPI

CENTER NAME/ADDRESS

MSA

LOMA VISTA SHOPPING CTR 4700 MEADOWS LANE NELLIS CROSSING 1300 S NELLIS BLVD. SIERRA TOWN CENTER 6895 SIERRA CENTER PARKWAY RENO RIVERSIDE EAST FIRST STREET AND SIERRA GRAND CANYON PARKWAY 4265 S. GRAND CANYON DRIVE

LAS VEGAS

1979

2005

50.00%

75,687

75,687

795,906

MERVYN’S (2020)

LAS VEGAS

1986

2005

50.00%

76,016

76,016

711,009

MERVYN’S (2020)

RENO

2002

2005

50.00%

79,239

79,239

0

RENO

2000

2000

100.00%

52,474

52,474

698,335

LAS VEGAS

2003

2005

50.00%

79,294

79,294

0

NEW YORK CITY

1999

2007

100.00%

114,028

114,028

1,809,059

BEST BUY(2015), BED BATH & BEYOND(2010)

NEW YORK CITY NEW YORK CITY

1994

2007

100.00%

97,500

97,500

1,764,383

1993

2007

100.00%

20,737

43,404

1,029,642

BRANCH BROOK POOL & PATIO SPORTS AUTHORITY(2012) LOEWS EAST HANOVER CINEMA

NEW YORK CITY

2000

2007

100.00%

77,508

77,508

1,680,307

WHOLE FOODS(2020)

FREEHOLD

2005

100.00%

0

23,454

570,000

TRENTON

2004

2003

100.00%

468,240

956,920

8,590,135

LUMBERTON, NJ CROSSROADS PLAZA PHILADELPHIA 1520 ROUTE 38 LYNDHURST, NJ LEWANDOWSKI NEW YORK COMMONS CITY 434 LEWANDOWSKI STREET MAYS LANDING, HAMILTON COMMONS MAYS NJ (HAMILTON) 4215 BLACK HORSE PIKE LANDING

2003

2007

20.00%

89,627

204,627

1,597,144

STAPLES(2015), KOHL’S(2023), LI THINGS(2014), MICHAEL’S(2014) DRESS FOR LESS(2014), SHOPRIT BARNES & NOBLE(2014), BJ’S WHOLESALE(NOT OWNED), LOW OWNED), WALMART(NOT OWNE SHOPRITE(2024), LOWE’S(NOT OW

1998

2007

20.00%

78,097

78,097

1,687,116

STOP & SHOP(2020)

2001

2004

100.00%

398,910

398,910

6,139,343

MAYS LANDING, WRANGLEBORO CONS NJ SQ (I & II) (WRANGLEBORO) 2300 WRANGLEBORO ROAD

1997

2004

100.00%

843,019

843,019

9,126,887

REGAL CINEMAS(2021), ROSS DR FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(201 SPORTS AUTHORITY(2015), CIRC CITY(2020) BORDERS(2017), BEST BUY(2017) KOHL’S(2018), STAPLES(2012), BA US(2013), BJ’S WHOLESALE CLU DICK’S SPORTING GOODS(2013), MICHAEL’S(2013), TARGET(2023 PETSMART(2013)

LAS VEGAS, NV (LOMA) LAS VEGAS, NV (NELLIS) RENO, NV (SIERRA) RENO, NV.

SW LAS VEGAS, NV

NEW JERSEY BRICK, NJ

BRICK CENTER PLAZA 51 CHAMBERS BRIDGE ROAD EAST HANOVER, EAST HANOVER PLAZA NJ(PLAZA) 154 STATE ROUTE 10 EAST HANOVER, LOEWS THEATRE NJ(SONY) COMPLEX 145 STATE ROUTE 10 EDGEWATER, NJ EDGEWATER TOWN CENTER (I) 905 RIVER ROAD FREEHOLD, NJ FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537) HAMILTON, NJ HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD

MAYS LANDING

1*

CENTURY THEATRE(2014)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MOUNT LAUREL, NJ

CENTERTON SQUARE CENTERTON ROAD & MARTER AVE

PRINCETON, NJ

PRINCETON, NJ (PAVILION)

UNION, NJ

MSA

YEAR DEVELOPED/ REDEVELOPED

PHILADELPHIA

2005

NASSAU PARK PAVILION ROUTE 1 & QUAKER BRIDGE ROAD

TRENTON

1995

NASSAU PARK PAVILION (I) ROUTE 1 AND QUAKER BRIDGE ROAD

TRENTON

1999/2004

ROUTE 22 RETAIL CENTER NEW YORK 1997 2700 US HWY 22 E CITY WEST LONG BRANCH, MONMOUTH CONSUMER WEST LONG 1993 NJ(MONMOUTH) SQUARE BRANCH 310 STATE HIGHWAY #36 WEST PATERSON, NJ WEST FALLS PLAZA NEW YORK 1995 1730 ROUTE 46 CITY NEW MEXICO LOS ALAMOS, NM MARI-MAC VILLAGE LOS ALAMOS 1978/1997 800 TRINITY DRIVE NEW YORK AMHERST, NY 7370 TRANSIT ROAD BUFFALO 1992 (BARNES) 7370 TRANSIT ROAD AMHERST, NY BOULEVARD CONSUMER BUFFALO 1998/2001/2003 (BOULEVAR) SQ (KMART) 1641-1703 NIAGARA FALLS BLVD AMHERST, NY BURLINGTON PLAZA BUFFALO 1978/1982/1990/1998 (BURLINGTON/JOANN) 1551 NIAGARA FALLS BOULEVARD AMHERST, NY SHERIDAN / HARLEM BUFFALO 1960/1973/1982/1988/ (SHERIDAN/HARLEM) PLAZA 2003 4990 HARLEM ROAD AMHERST, NY (TOPS TOPS PLAZA (TOPS) BUFFALO 1986 ROBINSON) 3035 NIAGARA FALLS BLVD AMHERST, NY (TOPS) TRANSIT COMMONS (TOPS) BUFFALO 1998 9660 TRANSIT ROAD AMHERST, NY(RITE RITE AID BUFFALO 2000 AID) 2545 MILLERSPORT HWY ARCADE, NY (TOPS) TOPS PLAZA (TOPS) BUFFALO 1995 ROUTE 39

DDR OWNED/ TOTAL YEAR OWNERSHIP UNOWNED ANNUALIZED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENAN 1*

10.00%

280,067

709,863

6,698,119

100.00%

289,375

798,184

5,255,194

100.00%

202,622

436,387

3,997,878

2007

100.00%

103,453

228,453

1,508,206

2004

100.00%

292,999

292,999

4,101,372

2007

20.00%

81,261

88,913

1,917,571

100.00%

93,021

93,021

681,141

2004

14.50%

16,030

16,030

0

2004

100.00%

547,403

682,565

7,652,324

2004

100.00%

199,504

199,504

2,096,108

2004

100.00%

58,413

58,413

593,043

2004

20.00%

145,192

145,192

1,153,249

TOPS MARKETS(

2004

100.00%

114,177

114,177

1,151,118

TOPS MARKETS(

2007

100.00%

10,908

10,908

250,489

2004

10.00%

65,915

65,915

668,504

1997

1*

1/2 *

WEGMAN’S FOOD BATH & BEYOND DSW SHOE WARE STORES(2015), T.J AUTHORITY(201 OWNED), COSTCO BORDERS(2011), LINENS ‘N THING PETSMART(2011) TARGET(NOT OW CLUB(NOT OWNE OWNED), WALMA DICK’S SPORTIN MICHAEL’S(2009) MARKETS(2024), (NOT OWNED) CIRCUIT CITY(2 TARGET(NOT OW SPORTS AUTHOR NOBLE(2010), PET DEPOT(2013) A & P COMPANY(

SMITH’S FOOD &

TARGET(2019), B BARNES & NOBL BUY(2016), BED B A.C. MOORE(2013 BURLINGTON CO JO-ANN STORES

TOPS MARKETS(

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

AVON, NY (TOPS) TOPS PLAZA (TOPS) 270 E. MAIN STREET BATAVIA, NY BJ’S PLAZA (BJS) 8326 LEWISTON ROAD BATAVIA, NY BATAVIA COMMONS (COMMONS) 419 WEST MAIN ST BATAVIA, NY TOPS PLAZA (MARTIN’S 8351 LEWISTON ROAD PLAZA) BIG FLATS, NY BIG FLATS CONSUMER (BIG FLATS I) SQ (I) 830 COUNTY ROUTE 64

BUFFALO, NY (ELMWOOD)

MSA

YEAR DEVELOPED/ REDEVELOPED

DDR OWNED/ TOTAL YEAR OWNERSHIP UNOWNED ANNUALIZED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EX

ROCHESTER

1997/2002

2004

10.00%

63,288

63,288

479,857

TOPS MARKETS(2017)

ROCHESTER

1996

2004

14.50%

95,846

95,846

847,004

BJ’S WHOLESALE CLUB(2016

ROCHESTER

1990

2004

14.50%

49,431

49,431

410,389

ROCHESTER

1994

2004

14.50%

37,140

115,161

496,328

1993/2001

2004

100.00%

641,264

641,264

5,268,023

ELMIRA

ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE BUFFALO, NY MARSHALLS PLAZA (MARSHALLS) 2150 DELAWARE AVENUE BUFFALO, NY RITE AID (RITE AID) 1625 BROADWAY STREET BUFFALO, DELAWARE CONSUMER NY(DELAWARE- SQUARE (I) TARGET) 2636-2658 DELAWARE AVENUE CHEEKTOWAGA, BORDERS BOOKS NY (BORDERS) (WALDEN) 2015 WALDEN AVENUE CHEEKTOWAGA, UNION ROAD PLAZA NY (DICKS) 3637 UNION ROAD CHEEKTOWAGA, RITE AID NY (RITE AID) 2401 GENNESEE STREET CHEEKTOWAGA, THRUWAY PLAZA NY (THRUWAY) 2195 HARLEM ROAD

BUFFALO

1997

2004

100.00%

133,940

133,940

1,674,783

BUFFALO

1960/1975/1983/1995

2004

100.00%

82,196

82,196

860,369

BUFFALO

2000

2007

100.00%

12,739

12,739

280,861

BUFFALO

1995

2004

100.00%

238,531

238,531

2,074,503

BUFFALO

1994

2004

14.50%

26,500

26,500

609,500

BUFFALO

1979/1982/1997/2003

2004

14.50%

174,438

174,438

1,113,927

BUFFALO

2000

2007

100.00%

10,908

10,908

335,592

BUFFALO

1965/1995/1997/2004

2004

100.00%

371,512

503,844

2,762,120

CHEEKTOWAGA, TOPS PLAZA NY (TOPS UNION) 3825-3875 UNION ROAD CHEEKTOWAGA, UNION CONSUMER NY (UNION SQUARE (I) 3733 - 3735 CONS) UNION ROAD

BUFFALO

1978/1989/1995/2004

2004

20.00%

151,357

151,357

1,527,156

BUFFALO

1989/1998/2004

2004

14.50%

386,548

386,548

4,635,635

CHEEKTOWAGA, WALDEN PLACE NY (WALDEN 2130-2190 WALDEN PLACE) AVENUE

BUFFALO

1994/1999

2004

14.50%

68,002

68,002

653,083

MARTIN’S(NOT OWNED)

WAL-MART(2013), SAM’S CLU TOPS MARKETS(2013), BED BA BEYOND(2014), MICHAEL’S(20 NAVY(2009), STAPLES(2011), B NOBLE(2011), T.J. MAXX(2013 REGAL CINEMAS(2017), OFFI DEPOT(2012)

MARSHALLS(2009)

A.J. WRIGHT(2012), OFFICE M TARGET(2015)

BORDERS(2015)

DICK’S SPORTING GOODS(20

WAL-MART(2017), MOVIELAN THEATRES(2019), TOPS MARK A.J. WRIGHT(2015), VALUE CI FURNITURE(2014), M & T BAN HOME DEPOT(NOT OWNED) TOPS MARKETS(2013)

MARSHALLS(2009), OFFICE M SAM’S CLUB(2024), CIRCUIT JO-ANN STORES(2015), BED B BEYOND(2018) OLLIE’S BARGAIN OUTLET(

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

CHEEKTOWAGA, WALDEN CONSUMER NY (WALDEN) SQUARE 1700 — 1750 WALDEN AVENUE CHILI, NY KMART PLAZA (KMART) 800 PAUL ROAD CLARENCE, NY EASTGATE PLAZA (EASTGATE) TRANSIT & GREINER ROADS CLARENCE, NY JO-ANN PLAZA (JOANN) 4101 TRANSIT ROAD DANSVILLE, NY (TOPS) DEWITT, NY (DEWITT COMMONS)

DEWITT, NY (MICHAELS) DUNKIRK, NY

MSA BUFFALO

YEAR DEVELOPED/ REDEVELOPED

DDR OWNED/ TOTAL YEAR OWNERSHIP UNOWNED ANNUALIZED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEAS

1997/1999/2004

2004

14.50%

255,964

255,964

1,965,003

1998

2004

100.00%

116,868

120,016

753,623

BUFFALO

1995/1997/1999/2001/2004

2004

14.50%

520,876

520,876

3,901,820

BUFFALO

1994

2004

14.50%

92,720

202,720

743,588

2001

2004

100.00%

71,640

71,640

659,869

2001/2003

2004

100.00%

306,177

306,177

3,157,257

2002

2004

100.00%

38,413

38,413

480,166

2000

2007

100.00%

10,908

10,908

210,569

1997

2004

10.00%

98,330

98,330

1,111,325

TOPS MARKETS(2017)

1998

2004

100.00%

334,752

334,752

3,252,271

WAL-MART(2021), STAPL

1993/1999

2004

100.00%

75,916

75,916

820,315

PETSMART(2010), JO-ANN

1990/1997

2004

100.00%

175,965

175,965

1,771,563

2001

2004

100.00%

128,944

128,944

1,543,651

OFFICE MAX(2010), BJ’S W CLUB(2010) DICK’S SPORTING GOOD HOME STORE(2009)

1999/2000

2004

100.00%

139,413

139,413

1,353,228

HOME DEPOT(2012)

1999

2004

100.00%

106,774

106,774

1,350,521

OLD NAVY(2010), JO-ANN

ROCHESTER

TOPS PLAZA DANSVILLE 23-65 FRANKLIN STREET DEWITT COMMONS SYRACUSE 3401 ERIE BOULEVARD EAST

MICHAELS SYRACUSE 3133 ERIE BOULEVARD RITE AID DUNKIRK 1166 CENTRAL AVENUE ELIMIRA, NY TOPS PLAZA (TOPS) ELMIRA (TOPS) HUDSON STREET GATES, NY (WAL- WESTGATE PLAZA ROCHESTER MART) 2000 CHILI AVENUE GREECE, NY JO-ANN/PETSMART ROCHESTER PLAZA 3042 WEST RIDGE ROAD HAMBURG, NY BJ’S PLAZA 4408 BUFFALO (BJS) MILESTRIP ROAD HAMBURG, NY MCKINLEY MALL OP BUFFALO (DICKS-PIER 1) (PIER 1) 3701 MCKINLEY PARKWAY HAMBURG, NY MCKINLEY MILESTRIP BUFFALO (HOME DEPOT) (HOMEDEPOT) 4405 MILESTRIP ROAD HAMBURG, NY MCKINLEY MILESTRIP BUFFALO (MILESTRIP) 3540 MCKINLEY PARKWAY

OFFICE DEPOT(2009), MIC TARGET(2015)

SEARS(2019)

BJ’S WHOLESALE CLUB( SPORTING GOODS(2011), MICHAEL’S(2010), WAL-M OFFICE MAX(2009), JO-AN STORES(2015), BIG LOTS( DEPOT(NOT OWNED) TOPS MARKETS(2021)

TOYS R US(2018), OLD NA MARSHALLS(2019), BED B BEYOND(2018), A.C. MOO SYRACUSE ORTHOPEDIC SPECIALIST(2017) MICHAEL’S(2010)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION HAMBURG, NY (TOPS)

HAMLIN, NY (TOPS) HORSEHEADS, NY

IRONDEQUOIT, NY (CULVER RIDGE) ITHACA, NY (TOPS)

CENTER NAME/ADDRESS

MSA

TOPS PLAZA BUFFALO 6150 SOUTH PARK AVENUE TOPS PLAZA (TOPS) ROCHESTER 1800 LAKE ROAD SOUTHERN TIER ELMIRA CROSSING ANN PAGE ROAD & I86 CULVER RIDGE PLAZA ROCHESTER 2255 RIDGE ROAD EAST TOPS PLAZA (TOPS) 614 ITHACA 722 SOUTH MEADOW

YEAR DEVELOPED/ REDEVELOPED

DDR OWNED/ TOTAL YEAR OWNERSHIP UNOWNED ANNUALIZED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANT

1990/1992

2004

10.00%

84,000

84,000

730,500

TOPS MARKETS(2

1997

2004

10.00%

60,488

60,488

431,055

TOPS MARKETS(2

100.00%

118,958

415,735

1,658,198

2008

1*

CIRCUIT CITY(20 GOODS (2019), WA KOHLS(NOT OWN REGAL CINEMAS WRIGHT(2014) OFFICE DEPOT(20 MARKETS(2022), M BARNES & NOBLE TOPS MARKETS(2

1972/1984/1997

2004

20.00%

226,768

226,768

2,229,599

1990/1999/2003

2004

100.00%

229,320

229,320

3,745,409

TOPS PLAZA JAMESTOWN 1997 (OUTBUILDING) 75 WASHINGTON ST LANCASTER, NY (REGAL) TRANSIT WEHRLE BUFFALO 1997 RETAIL CENTER 6703-6733 TRANSIT ROAD LEROY, NY (TOPS) TOPS PLAZA (TOPS) ROCHESTER 1997 128 WEST MAIN STREET LOCKPORT, NY TOPS PLAZA BUFFALO 1993 5789 & 5839 TRANSIT RD. & HAMM N. TONAWANDA, NY (SEARS) MID-CITY PLAZA BUFFALO 1997/1960/1976/1980/ 955-987 PAYNE AVENUE 1995/2004 NEW HARTFORD, NY NEW HARTFORD UTICA 2002 CONSUMER SQUARE 4725 - 4829 COMMERCIAL DRIVE NEW HARTFORD, NY (TOPS) HANNAFORD PLAZA UTICA 1998 40 KELLOGG ROAD NIAGARA FALLS, NY REGAL CINEMAS BUFFALO 1994/2000 (REGAL CINE) 720 & 750 BUILDERS WAY NISKAYUNA, NY MOHAWK COMMONS 402 ALBANY 2002 - 442 BALLTOWN ROAD

2004

20.00%

98,001

98,001

926,450

2004

14.50%

105,249

112,949

1,029,761

REGAL CINEMAS

2004

20.00%

62,747

62,747

556,364

TOPS MARKETS(2

2004

100.00%

296,582

296,582

2,742,291

WAL-MART(2015) SEARS(2011)

2004

100.00%

224,949

224,949

2,142,688

TOPS MARKETS(2

2004

14.50%

514,717

514,717

6,348,225

2004

100.00%

127,777

127,777

1,185,530

BARNES & NOBLE BEYOND(2018), BE STAPLES(2018), M MART(2022), T.J. M HANNAFORD BRO

2004

100.00%

43,170

43,170

577,615

REGAL CINEMAS

2004

100.00%

399,901

530,375

4,709,348

NORWICH, NY (TOPS)

1997

2004

10.00%

85,453

85,453

1,133,385

PRICE CHOPPER( MARSHALLS(2012 NOBLE(2014), BED BEYOND(2019), TA TOPS MARKETS(2

1993/2004

2004

100.00%

363,509

479,515

2,364,278

JAMESTOWN, NY (PROGRESSIVE)

OLEAN, NY (WAL-MART)

P & C PLAZA 54 EAST MAIN STREET WAL-MART PLAZA 3142 WEST STATE STREET

NORWICH OLEAN

WAL-MART(2023) THEATRES(2014), CLUB(2014), HOME

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

ONTARIO, NY TOPS PLAZA (TOPS6254-6272 FURNACE RD BLOCKBUSTER) ORCHARD PARK, CROSSROADS CENTRE NY 3245 SOUTHWESTERN (BLOCKBUSTER) BLVD PLATTSBURGH, NY PLATTSBURGH CONSUMER SQUARE RT. 3 - CORNELIA ROAD ROCHESTER, NY PANORAMA PLAZA (PANORAMA) 1601 PENFIELD RD ROME, NY FREEDOM PLAZA (FREEDOM) 205-211 ERIE BOULEVARD WEST TONAWANDA, NY YOUNGMANN PLAZA (BIG LOTS) (BIGLOTS) 750 YOUNG STREET TONAWANDA, NY OFFICE DEPOT PLAZA (OFFICE DEPOT) 2309 EGGERT ROAD TONAWANDA, NY SHERIDAN DELAWARE (SHER/DELAWARE) PLAZA 1692-1752 SHERIDAN DRIVE TONAWANDA, NY TOPS PLAZA (TOPS) (TOPS) 150 NIAGARA STREET VICTOR, NY VICTOR SQUARE 2-10 COMMERCE DRIVE WARSAW, NY TOPS PLAZA (TOPS) (TOPS) 2382 ROUTE 19 WEST SENECA, NY HOME DEPOT PLAZA (HOME DEPOT) 1881 RIDGE ROAD WEST SENECA, NY SENECA RIDGE PLAZA (SENECA RIDGE) 3531 SENECA STREET WILLIAMSVILLE, WILLIAMSVILLE PLACE NY 5395 SHERIDAN DRIVE WILLIAMSVILLE, PREMIER PLACE 7864 NY (PREMIER) 8020 TRANSIT ROAD

MSA

YEAR DEVELOPED/ REDEVELOPED

DDR OWNED/ TOTAL YEAR OWNERSHIP UNOWNED ANNUALIZED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEA

ROCHESTER

1998

2004

20.00%

77,040

77,040

698,613

BUFFALO

2000

2004

20.00%

167,805

167,805

1,878,226

TOPS MARKETS(2022), ST

1993/2004

2004

100.00%

491,513

491,513

3,374,096

1959/1965/1972/1980/ 1986/1994 1978/2000/2001

2004

20.00%

279,219

279,219

3,173,430

SAM’S CLUB(2013), WALMAXX(2013), PETSMART( MICHAEL’S(2011) TOPS MARKETS(2014), ST

2004

100.00%

194,467

197,397

1,228,712

STAPLES(2015), J.C. PENN MARKETS(2021), MARSH

BUFFALO

1985/2003

2004

10.00%

306,421

318,166

2,354,329

BUFFALO

1976/1985/1996

2004

100.00%

121,846

121,846

1,013,514

BUFFALO

1950/1965/1975/1986/ 2000

2004

100.00%

188,200

188,200

1,362,021

BJ’S WHOLESALE CLUB LOTS(2012), GANDER MO TOPS MARKETS(2021) BEST FITNESS(2025), OFF DEPOT(2011) BON TON HOME STORE( HOME STORE(2010), TOP MARKETS(2020)

BUFFALO

1997

2004

10.00%

97,014

97,014

1,058,970

ROCHESTER

2000

2004

100.00%

56,134

56,134

617,176

WARSAW

1998

2004

20.00%

74,105

74,105

547,564

BUFFALO

1975/1983/1987/1995

2004

100.00%

139,453

139,453

1,393,933

BUFFALO

1980/1996/2004

2004

100.00%

62,403

62,403

255,692

BUFFALO

1986/1995/2003

2004

100.00%

102,917

102,917

1,179,435

BUFFALO

1986/1994/1998

2004

14.50%

141,639

141,639

1,214,298

PLATTSBURGH

ROCHESTER ROME

TOPS MARKETS(2019)

TOPS MARKETS(2017)

TOPS MARKETS(2015) HOME DEPOT(2016) OFFICE DEPOT (2018)

PREMIER LIQUORS(2010 MART(2013)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

NORTH CAROLINA APEX, NC (SOUTH) BEAVER CREEK CROSSINGS (SOUTH) 1335 W WILLIAMS STREET APEX, BEAVER CREEK NC(COMMONS) COMMONS 1335 W WILLIAMS STREET ASHEVILLE, OAKLEY PLAZA NC(OAKLEY) FAIRVIEW RD AT INTERSTATE 240 ASHEVILLE, RIVER HILLS NC(RIVER) 299 SWANNANOA RIVER ROADD CARY, NC(CIRCUIT CITY) CARY, NC(MILL POND)

CIRCUIT CITY 1401 PINEY PLAINS RD MILL POND VILLAGE 3434-3490 KILDAIRE FARM ROAD CHAPEL HILL, NC MEADOWMONT VILLAGE W. BARBEE CHAPEL RD CHARLOTTE, CAMFIELD CORNERS NC(CAMFIELD) 8620 CAMFIELD STREET CLAYTON, NC CLAYTON CORNERS US HIGHWAY 70 WEST CONCORD, RITE AID NC(RITE AID) HIGHWAY #29 @ PITTS SCHOOL CORNELIUS, NC THE SHOPS AT THE FRESH MARKET 20601 TORRENCE CHAPEL ROAD DURHAM, NC PATTERSON PLACE 3616 WITHERSPOON BLVD. DURHAM, OXFORD COMMONS NC(OXFORD) 3500 OXFORD ROAD

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP

RALEIGH

2006

1*

100.00%

283,266

295,506

4,607,160

RALEIGH

2005

1*

10.00%

110,429

453,600

2,159,927

ASHEVILLE

1988

2007

100.00%

118,699

118,699

934,539

BABIES R US(2011), BI-LO(2016

ASHEVILLE

1996

2003

14.50%

190,970

190,970

1,886,432

RALEIGH

2000

2007

100.00%

27,891

27,891

526,500

CARMIKE CINEMAS(2017), CIR CITY(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2013) MAX(2011) CIRCUIT CITY(2022)

RALEIGH

2004

2007

100.00%

84,364

149,051

1,219,090

LOWE’S FOODS(2021)

DURHAM

2002

2007

20.00%

132,745

132,745

2,456,909

HARRIS TEETER SUPERMARK

CHARLOTTE

1994

2007

100.00%

69,910

69,910

869,351

RALEIGH

1999

2007

20.00%

125,653

125,653

1,387,987

CHARLOTTE

2002

2007

100.00%

10,908

10,908

227,814

CHARLOTTE

2001

2007

100.00%

131,242

131,242

1,044,213

STEIN MART(2013)

DURHAM

2004

2007

20.00%

161,017

161,017

2,091,493

DURHAM

1990/2001

100.00%

208,014

326,280

1,366,288

DSW SHOE WAREHOUSE(2016), MOORE(2014), BED BATH & BEYOND(2020) FOOD LION(2010), BURLINGTO FACTORY(2012), WAL-MART(NO OWNED) OFFICE DEPOT(2010), ROSS DRE LESS(2015), TARGET (NOT OWN T.J. MAXX(2011), BED BATH & BEYOND(2014)

DURHAM, SOUTH SQUARE DURHAM NC(SOUTH) 4001 DURHAM CHAPEL FAYETTEVILLE, NC CROSS POINTE CENTER FAYETTEVILLE 5075 MORGANTON ROAD

1/2 *

2005

2007

20.00%

107,812

288,934

1,612,970

1985/2003

2003

100.00%

226,089

226,089

1,913,392

DICK’S SPORTING GOODS(2017 CONSOLIDATED THEATRES(20 MAXX(2016), CIRCUIT CITY(202 BORDERS(2022) OFFICE MAX(2014), LOWES(NOT TARGET (NOT OWNED)

BI-LO(2014) LOWE’S FOODS(2019)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

FAYETTEVILLE, FAYETTEVILLE NC(PAVILION) PAVILION 2061 SKIBO ROAD

MSA

1998/2001

2007

20.00%

272,385

272,385

2,713,492

RALEIGH

2002

2007

20.00%

49,097

49,097

777,531

DICK’S SPORTING GOODS(2017) PETSMART(2016), CREATIVE BA EXPRESSIONS(2020), MARSHALL MICHAEL’S(2014) HARRIS TEETER SUPERMARKE

GREENSBORO

2004

2007

100.00%

112,010

112,010

906,328

HARRIS TEETER SUPERMARKE

GREENSBORO

1962/2002

2007

100.00%

153,113

153,113

1,137,872

GREENSBORO

2004

2007

100.00%

35,895

170,895

947,003

HARRIS TEETER SUPERMARKE STAPLES(2016), FOOD LION(2012 COSTCO(NOT OWNED)

GREENSBORO

2004

2007

20.00%

135,004

135,004

1,745,841

A.C. MOORE(2014), CIRCUIT CIT

BIRKDALE VILLAGE CHARLOTTE (RETAIL) 8712 LINDHOLM DR., SUITE 206 HUNTERSVILLE, ROSEDALE SHOPPING CHARLOTTE NC(ROSEDALE) CENTER 9911 ROSE COMMONS DR INDIAN TRAIL, UNION TOWN CENTER INDIAN TRAIL NC INDEPENDENCE & FAITH CHURCH RD JACKSONVILLE, GATEWAY PLAZA JACKSONVILLE NC(GATEWAY) SEC WESTERN BLVD AND GATEWAY SOUTH MATTHEWS, NC SYCAMORE COMMONS CHARLOTTE MATTHEWS TWNSHP PWY & NORTHEAST PWY

2003

2007

15.00%

301,045

302,842

6,577,959

BARNES & NOBLE(2013), DICK’S SPORTING GOODS(2018)

2000

2007

20.00%

119,197

119,197

1,960,458

HARRIS TEETER SUPERMARKE

1999

2004

100.00%

96,160

96,160

710,064

2001

2007

15.00%

101,413

301,954

1,154,275

2002

2007

15.00%

265,535

555,210

4,571,779

MOORESVILLE, NC

CHARLOTTE

1999

2004

100.00%

472,182

472,182

4,109,097

CHARLOTTE

2003

2007

15.00%

255,798

429,798

3,152,594

100.00%

68,130

200,228

636,063

15.00%

188,254

398,254

2,562,094

FUQUAY VARINA, NC GREENSBORO, NC(ADAMS) GREENSBORO, NC(GOLDEN) GREENSBORO, NC(WENDOVER I) GREENSBORO, NC(WENDOVER II) HUNTERSVILLE, NC

SEXTON COMMONS 1420 N MAIN ST ADAM’S FARM 5710 HIGH POINT ROAD GOLDEN GATE EAST CORNWALLIS DR WENDOVER VILLAGE (I) 4203-4205 WEST WENDOVER AVENUE WENDOVER VILLAGE (II) WEST WENDOVER AVE

MOORESVILLE CONSUMER SQ (I) 355 WEST PLAZA DRIVE MOORESVILLE, WINSLOW BAY NC(WINSLOW) COMMONS BLUEFIELD ROAD AND HIGHWAY 150 NEW BERN, NC RIVERTOWNE SQUARE 3003 CLAREDON BLVD RALEIGH, ALEXANDER PLACE NC(ALEXANDER) GLENWOOD AVE & BRIER CREEK PKWY

FAYETTEVILLE

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPI

NEW BERN RALEIGH

1989/1999 2004

1/2 * 2007

FOOD LION(2020)

BED BATH & BEYOND(2013), ROS FOR LESS(2013), LOWES(NOT OW TARGET(NOT OWNED) MICHAEL’S(2012), BED BATH & BEYOND(2012), DICK’S SPORTIN GOODS(2017), OLD NAVY(2011), C CITY(2023), COSTCO(NOT OWNE LOWE’S(NOT OWNED) WAL-MART(2019), GANDER MOUNTAIN(2021)

ROSS DRESS FOR LESS(2014), DIC SPORTING GOODS(2019), T.J. MAXX(2013), MICHAEL’S(2013), S TARGET(NOT OWNED) GOODY’S(2012), WAL-MART(NOT OWNED) KOHL’S(2025), H.H. GREGG APPLIANCES(2022), SUPER WALMART(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

RALEIGH, NC(CAPITAL)

CAPITAL CROSSING RALEIGH 2900-2950 EAST MILL BROOK ROAD RALEIGH, RITE AID RALEIGH NC(RITE AID) US HIGHWAY 401 AND PERRY CREEK ROAD RALEIGH, WAKEFIELD CROSSING RALEIGH NC(WAKEFIELD) WAKEFIELD PINES DR & NEW FALLS OF NEUSE SALISBURY, NC ALEXANDER POINTE SALISBURY 850 JAKE ALEXANDER BLVD SILER CITY, NC CHATHAM CROSSING DURHAM US HIGHWAY 64 WEST SOUTHERN SOUTHERN PINES SOUTHERN PINES, NC MARKETPLACE PINES US HWY 15-501 WAKE FOREST, CAPITAL PLAZA RALEIGH NC 11825 RETAIL DRIVE WASHINGTON, PAMLICO PLAZA WASHINGTON NC 536 PAMLICO PLAZA WILMINGTON, UNIVERSITY CENTRE WILMINGTON NC S. COLLEGE RD & NEW CENTRE DR.

WILMINGTON, OLEANDER SHOPPING WILMINGTON NC(OLEANDER) CENTER 3804 OLEANDER DRIVE WILSON, NC FOREST HILLS CENTRE WILSON 1700 RALEIGH RD NW WINSTON HARPER HILL WINSTON SALEM, COMMONS SALEM NC(HARPER) 5049 COUNTRY CLUB RD WINSTON OAK SUMMIT WINSTON SALEM, EAST HANES MILL ROAD SALEM NC(OAK) WINSTON SHOPS AT OLIVER WINSTON SALEM, CROSSING SALEM NC(OLIVER) PETERS CREEK PKWY OLIVER CROSSING WINSTON WAL-MART WINSTON SALEM, SUPERCENTER SALEM NC(WAL-MART) 4550 KESTER MILL RD

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRA 1995

2007

100.00%

83,248

83,248

888,670

LOWE’S FOODS(2015), STAPLES(201

2003

2007

100.00%

10,908

10,908

284,571

2001

2007

100.00%

75,927

75,927

889,181

FOOD LION(2022)

1997

2007

20.00%

57,710

57,710

640,344

HARRIS TEETER SUPERMARKETS

2002

2007

15.00%

31,979

266,979

400,460

SUPER WAL-MART(NOT OWNED)

2002

2007

15.00%

57,404

57,404

440,216

STEIN MART(2016)

2004

2007

15.00%

46,793

336,793

587,448

1989

2007

100.00%

51,888

51,888

578,191

SUPER TARGET(NOT OWNED), HOM DEPOT(NOT OWNED) GOODY’S(2009), OFFICE DEPOT(201 WAL-MART(NOT OWNED) LOWE’S(2014), OLD NAVY(2011), BE BATH & BEYOND(2012), ROSS DRES LESS(2012), STEVE & BARRY’S(2014 BADCOCK HOME FURNITURE & MORE(2009), SAM’S(NOT OWNED) LOWE’S FOODS(2015)

1989

2007

100.00%

73,280

73,280

586,231

HARRIS TEETER SUPERMARKETS

2004

2007

20.00%

55,394

96,914

1,122,896

HARRIS TEETER SUPERMARKETS

2003

2007

15.00%

142,394

352,394

1,788,169

2003

2007

20.00%

76,512

76,512

856,512

GOODY’S(2016), STAPLES(2016), PETSMART(2020), SUPER WALMAR OWNED) LOWE’S FOODS(2023)

1998

2007

100.00%

204,931

204,931

1,403,777

1990/1999

1/2 *

100.00%

80,269

265,053

559,503

1989/2001

1/2 *

100.00%

411,887

518,735

3,625,630

WAL-MART(2017)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

NORTH DAKOTA DICKINSON, PRAIRIE HILLS MALL DICKINSON ND 1681 THIRD AVENUE OHIO ALLIANCE, OH WAL-MART CANTON SUPERCENTER 2700 WEST STATE ST ASHTABULA, ASHTABULA COMMONS ASHTABULA OH (TOPS) 1144 WEST PROSPECT ROAD AURORA, OH BARRINGTON TOWN CLEVELAND CENTER 70-130 BARRINGTON TOWN SQUARE BOARDMAN, SOUTHLAND CROSSINGs YOUNGSTOWN OH I-680 & US ROUTE 224

CANTON, OH (PHASE I & II)

BELDEN PARK CROSSINGS (I) 5496 DRESSLER ROAD

CHILLICOTHE, CHILLICOTHE PLACE OH 867 N BRIDGE ST CHILLICOTHE, CHILLICOTHE PLACE OH(LOWES) (LOWES) 867 N BRIDGE STREET CINCINNATI, GLENWAY CROSSING OH 5100 GLENCROSSING WAY CINCINNATI, KROGER OH(KROGER) 6401 COLERAIN AVE CINCINNATI, TRI-COUNTY MALL OH(TRI 11700 PRINCETON PIKE COUNTY) CLEVELAND, KMART PLAZA OH 14901-14651 LORAIN AVE COLUMBUS, CONSUMER SQUARE OH WEST 3630 SOLDANO (CONSUMER BLVD. SQUARE) COLUMBUS, EASTON MARKET OH (EASTON 3740 EASTON MARKET MARKET)

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRA

1978

1/2 *

100.00%

267,506

267,506

1,054,601

K MART(2013), HERBERGER’S(2010 PENNEY(2013) WAL-MART(2017)

1998

2007

100.00%

200,084

200,084

1,190,500

2000

2004

100.00%

57,874

57,874

895,720

TOPS MARKETS(2021)

CINEMARK(2011), HEINEN’S(NOT OWNED)

1996/2004

1*

100.00%

102,683

159,982

968,002

1997

1*

100.00%

506,254

511,654

4,233,095

1995/2001/2003

1*

14.50%

478,106

593,610

5,243,937

CHILLICOTHE

1974/1998

1/2 *

20.00%

106,262

106,262

1,046,216

CHILLICOTHE

1998

1981

100.00%

130,497

130,497

822,132

CINCINNATI

1990

1993

100.00%

235,433

235,433

1,637,759

CINCINNATI

1998

2007

100.00%

56,634

56,634

556,486

CINCINNATI 1960/1990/1992

2005

18.00%

758,031

1,270,511

11,868,101

CLEVELAND

1982

2008

25.25%

109,350

109,350

737,545

COLUMBUS

1989/2003

2004

100.00%

356,515

356,515

2,102,676

KROGER(2014), TARGET(2011)

COLUMBUS

1998

1998

100.00%

509,611

509,611

5,874,783

STAPLES(2013), PETSMART(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S(2013), DICK’S SPORTIN GOODS(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOM FURNISHINGS(2012), BED BATH & BEYOND(2014), T.J. MAXX(2014)

CANTON

LOWE’S(2016), BABIES R US(2014), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL-MART(2017), PETSMART(2013), GIANT EAGLE(2 VALUE CITY FURNITURE(2011), H.H GREGG APPLIANCES(2011), JO-AN STORES(2013), PETSMART(2013), DI SPORTING GOODS(2010), DSW SHO WAREHOUSE(2012), KOHL’S(2016), TARGET(NOT OWNED) KROGER(2041), OFFICE MAX(2013) LOWE’S(2015)

STEVE & BARRY’S(2014), MICHAEL’S(2011) KROGER(2015)

DILLARD’S(2018), SEARS(2019), KRA CITY (2023), MACY’S(NOT OWNED) K MART(2012)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

COLUMBUS, OH LENNOX TOWN CENTER (LENNOX) 1647 OLENTANGY RIVER ROAD COLUMBUS, OH SUN CENTER (SUN) 3622-3860 DUBLIN GRANVILLE RD

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EX

COLUMBUS

1997

1998

50.00%

352,913

352,913

3,586,126

TARGET(2016), BARNES & NO STAPLES(2011), AMC THEATR

COLUMBUS

1995

1998

79.45%

305,428

305,428

3,654,396

COLUMBUS, HILLIARD ROME COMMONS COLUMBUS OH(HILLIARD) 1710-60 HILLIARD ROME ROAD DUBLIN, OH DUBLIN VILLAGE CENTER COLUMBUS (DUBLIN 6561-6815 DUBLIN CENTER VILLAGE) DRIVE DUBLIN, OH PERIMETER CENTER COLUMBUS (PERIMETER 6644-6804 PERIMETER LOOP CENTER) ROAD ELYRIA, OH ELYRIA SHOPPING CENTER CLEVELAND 841 CLEVELAND GALLIPOLIS, GALLIPOLIS MARKETPLACE GALLIPOLIS OH 2145 EASTERN AVENUE GROVE CITY, DERBY SQUARE COLUMBUS OH(DERBY 2161-2263 STRINGTOWN SQUARE) ROAD HUBER HTS., OH NORTH HEIGHTS PLAZA DAYTON 8280 OLD TROY PIKE

2001

2007

20.00%

110,871

110,871

1,454,153

BABIES R US(2011), MICHAEL ASHLEY FURNITURE HOMEST STEIN MART(2012), WHOLE FO STAPLES(2010) GIANT EAGLE(2022)

1987

1998

100.00%

213,162

322,243

516,729

1996

1998

100.00%

137,556

137,556

1,605,599

GIANT EAGLE(2014)

100.00%

92,125

92,125

601,720

GIANT EAGLE(2010) WAL MART(NOT OWNED)

LEBANON, OH MACEDONIA, OH MACEDONIA, OH (PHASE II) NORTH OLMSTED, OH

COUNTRYSIDE PLACE 1879 DEERFIELD ROAD MACEDONIA COMMONS (I) MACEDONIA COMMONS BLVD MACEDONIA COMMONS (II) 8210 MACEDONIA COMMONS GREAT NORTHERN PLAZA (NORTH) 2589-26437 GREAT NORTHERN

1977

2*

AMC THEATRE(2009), B.J.’S WH CLUB(NOT OWNED)

1998

2003

100.00%

25,950

205,908

357,858

1992

1998

20.00%

128,250

128,250

1,156,351

GIANT EAGLE(2016)

1990

1993

100.00%

182,749

297,306

1,696,124

1990/2002

1993

100.00%

17,000

110,480

0

CLEVELAND

1994

1994

50.00%

236,682

375,849

3,179,832

CLEVELAND

1999

100.00%

169,481

169,481

1,601,734

H.H. GREGG APPLIANCES(202 SPORTING GOODS (2019), WAL MART(NOT OWNED) ERB LUMBER(NOT OWNED), W #1407(NOT OWNED) TOPS MARKETS(2019), KOHL’S WAL-MART(NOT OWNED) CINEMARK(2019), HOME DEPO

14.50%

625,835

666,735

7,475,794

100.00%

183,255

183,255

2,896,581

LEBANON

CLEVELAND

1998

SOLON, KMART PLAZA CLEVELAND OH(KMART) 6221 SOM CENTER STEUBENVILLE, LOWE’S HOME PITTSBURGH OH IMPROVEMENT 4115 MALL DRIVE STOW, OH STOW COMMUNITY CENTER AKRON (I) KENT ROAD

1977

2008

25.25%

84,180

84,180

299,819

DSW SHOE WAREHOUSE(2015) BUY(2010), BED BATH & BEYO PETSMART(2018), HOME DEPO & G MENSWEAR(2013), JO-ANN STORES(2009), MARC’S(2012), REMINGTON COLLEGE(NOT O MUSTARD SEED MARKET & C BED BATH & BEYOND(2009), BORDERS(2019) K MART(2013)

1998

2007

100.00%

130,497

130,497

871,236

LOWE’S(2016)

100.00%

362,057

464,140

3,677,589

SOLON, OH

UPTOWN SOLON KRUSE DRIVE

CLEVELAND 1958/1998/2003

1/2 *

1997/2000

1997

1*

1*

BED BATH & BEYOND(2011), G EAGLE(2017), KOHL’S(2019), O MAX(2011), HOBBY LOBBY (20 TARGET(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRAT

TIFFIN, OH

TIFFIN MALL TIFFIN 1980/2004 870 WEST MARKET STREET TOLEDO, OH SPRINGFIELD COMMONS TOLEDO 1999 S. HOLLAND-SYLVANIA ROAD TOLEDO, OH DICK’S SPORTING TOLEDO 1995 (DICKS) GOODS 851 W. ALEXIS ROAD WEST KROGER CINCINNATI 1998 CHESTER, OH 7172 CINCINNATIDAYTON ROAD WESTLAKE, OH WEST BAY PLAZA CLEVELAND 1974/1997/2000 30100 DETROIT ROAD WILLOUGHBY SHOPPES AT CLEVELAND 1985 HILLS, OH WILLOUGHBY HILLS CHARDON ROAD XENIA, OH WEST PARK SQUARE XENIA 1994/1997/2001 1700 WEST PARK SQUARE ZANESVILLE, KMART SHOPPING SANDUSKY 1973 OH CENTER 3515 N. MAPLE AVENUE OKLAHOMA ENID, OK KMART PLAZA ENID 1983 4010 WEST OWEN GARRIOT RD OKLAHOMA CVS PHARMACY OKLAHOMA 1997 CITY, OK 2323 NORTH MARTIN CITY LUTHER KING BLVD OREGON PORTLAND, OR TANASBOURNE TOWN PORTLAND 1995/2001 CENTER (I) NW EVERGREEN PKWY & NW RING RD

PENNSYLVANIA ALLENTOWN, BJ’S WHOLESALE CLUB ALLENTOWN PA (BJS) 1785 AIRPORT ROAD SOUTH ALLENTOWN, WEST VALLEY ALLENTOWN PA(WEST) MARKETPLACE 1091 MILL CREEK ROAD

1/2 *

100.00%

170,868

170,868

538,043

1*

20.00%

241,129

271,729

2,799,159

2004

100.00%

80,160

80,160

501,000

KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2010), OLD NAVY(2010) DICK’S SPORTING GOODS(2016)

2007

100.00%

56,634

56,634

349,154

KROGER(2018)

100.00%

162,330

162,330

1,372,560

MARC’S(2009), K MART(2009)

15.00%

373,318

382,849

3,122,852

100.00%

112,361

203,282

613,860

GIANT EAGLE(2019), CINEMARK(20 A.J. WRIGHT(2011), OFFICE MAX(20 SAM’S CLUB(2014) KROGER(2019), WAL-MART(NOT OWNED)

2008

25.25%

84,180

84,180

223,160

K MART(2009)

2008

25.25%

84,000

114,000

188,160

K MART(2013), UNITED SUPERMARKETS(NOT OWNED)

2007

100.00%

9,504

9,504

159,358

1996

50.00%

309,617

566,457

4,986,626

1991

2004

100.00%

112,230

112,230

863,266

2001/2004

2003

100.00%

259,239

259,239

2,745,843

1/2 * 2007

1*

CINEMARK(2011), J.C. PENNEY(2010

ROSS DRESS FOR LESS(2013), MICHAEL’S(2014), BARNES & NOBLE(2011), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NO OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED) BJ’S WHOLESALE CLUB(2011)

WAL-MART(2021)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP

CAMP HILL, PA CAMP HILL CENTER HARRISBURG 1978/2002 3414 SIMPSON FERRY ROAD CARLISLE, PA CARLISLE COMMONS HARRISBURG 2001 SHOPPING CTR RIDGE STREET & NOBLE BLVD CHESWICK, PA RITE AID 1200 PITTSBURGH 2000 PITTSBURGH ST. CONNELSVILLE, RITE AID PITTSBURGH 1999 PA 100 MEMORIAL BLVD E. NORRITON, KMART PLAZA PHILADELPHIA 1975/1997 PA 2692 DEKALB PIKE ERIE, PA PEACH STREET SQUARE (I) ERIE 1995/1998/2003 (PEACH) 1902 KEYSTONE DRIVE

2007

100.00%

62,888

62,888

288,000

2007

15.00%

393,033

393,033

3,132,539

2007

100.00%

10,908

10,908

248,609

2007

100.00%

10,908

10,908

312,181

1/2 *

100.00%

173,876

179,376

1,223,372

K MART(2010), BIG LOTS(2010)

1*

100.00%

557,769

679,074

4,997,713

LOWE’S(2015), PETSMART(2015 CIRCUIT CITY(2020), KOHL’S(2 WAL-MART(2015), CINEMARK( ERIE SPORTS (2018), HOME DEP OWNED)

ERIE, PA(BUFFALO RD) ERIE, PA(EAST 26TH ST) ERIE, PA(EAST 6TH) ERIE, PA(MARKET)

RITE AID (BUFFALO ROAD) 4145 BUFFALO ROAD

ERIE

1999

2007

100.00%

10,908

10,908

230,486

RITE AID (EAST 26TH ST) 404 EAST 26TH STREET RITE AID (EAST 6TH ST) 353 EAST 6TH STREET ERIE MARKETPLACE 6660-6750 PEACH STREET

ERIE

1999

2007

100.00%

10,908

10,908

260,047

ERIE

1999

2007

100.00%

10,908

10,908

266,969

ERIE

2003

2003

14.50%

107,537

238,387

1,076,117

ERIE, PA(PEACH RITE AID (PEACH ST) 5440 ST) PEACH ST. ERIE, PA(RITE RITE AID (WEST 26TH ST) AID) 2923 WEST 26TH ST. ERIE, PA(WEST RITE AID (WEST 12TH ST) 12TH) 2184 WEST 12TH ST HOMESTEAD, PA WATERFRONT MARKET AMITY 149 W. BRIDGE STREET

ERIE

2000

2007

100.00%

10,908

10,908

336,691

ERIE

1999

2007

100.00%

10,908

10,908

332,311

ERIE

1999

2007

100.00%

10,908

10,908

373,661

PITTSBURGH

2003

2007

15.00%

764,824

969,824

11,701,972

PITTSBURGH

1999

2007

100.00%

10,908

10,908

262,741

IRWIN, PA

RITE AID 3550 ROUTE 130

MICHAEL’S(2013)

WAL-MART(2022), T.J. MAXX(20 DRESS FOR LESS(2014), REGAL CINEMAS(2010)

MARSHALLS(2013), BED BATH & BEYOND(2013), BABIES R US(20 TARGET(NOT OWNED)

LOEW’S CINEMA (2020), DICK’S SPORTING GOODS (2012), BEST (2013), MICHAEL’S (2011), FILEN BASEMENT (2012), OFFICE DEPO (2017),T.J. MAXX (2011), OLD NA DSW WAREHOUSE (2015), MARS (2010), BARNES AND NOBLE (20 AND BUSTERS (2020), MACY’S(N OWNED), TARGET(NOT OWNED

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EX

KING OF PRUSSIA, PA

OVERLOOK AT KING OF PHILADELPHIA 2002 PRUSSIA 301 GODDARD BLVD MONACA, PA TOWNSHIP MARKETPLACE PITTSBURGH 1999/2004 115 WAGNER ROAD MONROEVILLE, RITE AID (WM PENN HWY) PITTSBURGH 1998 PA 4111 WILLIAM PENN HWY MONROEVILLE, RITE AID (MONROEVILLE PITTSBURGH 1999 PA(RITE AID) BLVD) 2604 MONROEVILLE BLVD MT. NEBO, PA MT. NEBO POINTE PITTSBURGH 2005 MT NEBO ROAD & LOWRIES RUN ROAD NEW CASTLE, RITE AID NEW CASTLE 1999 PA 31 NORTH JEFFERSON STREET PITTSBURGH, RITE AID (GOLDEN MILE PITTSBURGH 1999 PA HWY) 1804 GOLDEN MILE HWY PITTSBURGH, RITE AID (SAW MILL RUN PITTSBURGH 1999 PA BLVD) (SAW MILL) 2501 SAW MILL RUN BLVD POTTSTOWN, KMART SHOPPING CENTER PITTSBURGH 1973 PA 2200 EAST HIGH STREET WILLOW KMART SHOPPING CENTER PHILADELPHIA 1973 GROVE, PA 2620 MORELAND ROAD PUERTO RICO ARECIBO, PR PLAZA DEL ATLANTICO PR ARECIBO 1980/1993 (ATLANTICO) # KM 80.3 BAYAMON, PR PLAZA DEL SOL SAN JUAN 1998/2003/2004 (PLAZA DEL RD PR#29 & PR#167, HATO SOL) TEJAS

2007

15.00%

105,615

186,980

4,855,050

2003

14.50%

298,589

298,589

3,059,159

2007

100.00%

12,738

12,738

484,028

2007

100.00%

10,908

10,908

295,339

10.00%

99,447

362,832

1,257,103

2007

100.00%

10,908

10,908

261,740

2007

100.00%

10,908

10,908

326,940

2007

100.00%

10,908

10,908

342,233

2008

25.25%

84,180

84,180

275,000

K MART(2009)

2008

25.25%

94,500

94,500

341,125

K MART(2009)

2005

100.00%

215,451

224,950

3,242,974

2005

100.00%

526,397

675,618

17,012,196

BAYAMON, PR (REXVILLE PLAZA) BAYAMON, PR (RIO HONDO)

1*

REXVILLE PLAZA PR #167, KM 18.8

SAN JUAN

1980/2002

2005

100.00%

126,023

132,309

1,592,167

PLAZA RIO HONDO PR#22, PR#167

SAN JUAN

1982/2001

2005

100.00%

481,499

546,801

13,074,490

SAN JUAN

1997

2005

100.00%

420,462

636,332

7,793,068

CAROLINA, PR PLAZA ESCORIAL (PLAZA CARRETERA #3, KM 6.1 ESCORIAL)

UNITED ARTISTS THEATRE(2 NORDSTROM RACK(2012), BE BUY(2017) LOWE’S(2017), MICHAEL’S(20 CINEMARK(2019)

SPORTSMAN’S WAREHOUSE( SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)

K MART(2013), CAPRI DEL ATLANTICO(2013) WAL-MART(2022), SCIENCE P CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT( OWNED) PUEBLO XTRA(2009), TIENDA CAPRI(2013)

TIENDAS CAPRI(2009), BEST K MART(2013), PUEBLO XTRA(2012), RIO HONDO CIN MARSHALLS(2015) OFFICE MAX(2015), WAL-MAR PLAZA ESCORIAL CINEMAS( CLUB(2024), HOME DEPOT(NO

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

CAYEY, PR PLAZA CAYEY CAYEY (PLAZA STATE ROAD #1 & PR CAYEY) #735 FAJARDO, PR PLAZA FAJARDO FAJARDO (PLAZA ROAD PR #3 INT PR #940 FAJARDO) GUAYAMA, PR PLAZA WAL-MART ROAD GUAYAMA (PLAZA WAL- PR #3 KM 135.0 MART) HATILLO, PR PLAZA DEL NORTE ARECIBO (PLAZA DEL ROAD#2 KM 81.9 NORTE) HUMACAO, PR PLAZA PALMA REAL HUMACAO (PALMA REAL) STATE ROAD #3, KM 78.20

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRAT 1999/2004

2005

100.00%

261,126

339,840

3,073,186

WAL-MART(2021), PLAZA CAYEY CENTRO CINEMA(2018)

1992

2005

100.00%

245,319

251,319

4,140,297

WAL-MART(2012), PUEBLO XTRA(20

1994

2005

100.00%

163,598

163,598

1,689,989

WAL-MART(2018)

1992

2005

100.00%

510,979

673,213

10,002,125

1995

2005

100.00%

345,489

441,495

6,679,674

ISABELA, PR PLAZA ISABELA ISABELA 1994 (PLAZA STATE ROAD #2 & # 454 ISABELA) SAN GERMAN, CAMINO REAL SAN 1991 PR (CAMINO STATE ROAD PR #122 GERMAN REAL) SAN GERMAN, PLAZA DEL OESTE SAN 1991 PR (DEL ROAD PR #2 INT PR #122 GERMAN OESTE) SAN JUAN, PR SENORIAL PLAZA SAN JUAN 1978/Mutiple (SENORIAL PR #53 & PR #177 PLAZA) VEGA BAJA, PLAZA VEGA BAJA VEGA BAJA 1990 PR (PLZ VEGA ROAD PR #2 INT PR #155 BAJA) RHODE ISLAND MIDDLETOWN, MIDDLETOWN VILLAGE PROVIDENCE 2003 RI 1315 WEST MAIN ST WARWICK, RI WARWICK CENTER PROVIDENCE 2004 1324 BALD HILL ROAD

2005

100.00%

238,410

259,016

3,537,575

2005

100.00%

22,356

49,172

339,950

2005

100.00%

174,172

184,746

2,360,667

K MART(2016), PUEBLO XTRA(2011)

2005

100.00%

168,664

209,124

2,444,990

K MART(2010), PUEBLO XTRA(2015)

2005

100.00%

180,488

184,938

1,923,689

K MART(2015), PUEBLO XTRA(2010)

2007

100.00%

98,161

98,161

1,201,704

2007

15.00%

159,958

159,958

2,136,965

BARNES & NOBLE(2019), MICHAEL’S(2018) DICK’S SPORTING GOODS(2018), BARNES & NOBLE(2018), DSW SHOE WAREHOUSE(2014)

2004

2007

15.00%

101,558

226,558

334,898

1999

2007

15.00%

223,211

223,211

1,415,807

2000

2007

15.00%

43,149

168,149

431,962

SOUTH CAROLINA AIKEN, SC AIKEN EXCHANGE GREENVILLE (EXCHANGE) WHISKEY ROAD & BROOK HAVEN DRIVE ANDERSON, ANDERSON CENTRAL GREENVILLE SC (CENTRAL) 651 HWY 28 BYPASS ANDERSON, NORTH HILL COMMONS GREENVILLE SC (NORTH 3521 CLEMSON BLVD HILL)

SEARS(2014), TOYS R US(2018), J.C. PENNEY(2012), WAL-MART(2012), CIRCUIT CITY (2019) PEP BOYS(2015), J.C. PENNEY(2019), CAPRI STORES(2011), WAL-MART(20 OFFICE MAX (2018) COOP(2014), WAL-MART(2019)

PEP BOYS(2015)

PETSMART(2019), TARGET(NOT OWN

WAL-MART(2019) MICHAEL’S(2013), TARGET(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

CAMDEN, SC

SPRINGDALE PLAZA CAMDEN 1671 SPRINGDALE DRIVE CHARLESTON, ASHLEY CROSSING (I) CHARLESTON SC 2245 ASHLEY CROSSING DRIVE COLUMBIA, SC COLUMBIANA STATION COLUMBIA (STATION) OEA HARBISON BLVD & BOWE R PARKWAY COLUMBIA, SC TARGET SUPER CENTER (I) COLUMBIA (TARGET) 10204 TWO NOTCH RD. COLUMBIA, HARBISON COURT COLUMBIA SC(HARBISON) HARBISON BLVD

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIR 1990/2000

1993

100.00%

180,127

363,405

1,069,522

1991

2003

100.00%

188,883

196,048

736,846

1999

2007

15.00%

379,733

562,500

4,637,604

2002

2007

15.00%

83,400

208,400

187,275

1991

2002

14.50%

236,765

296,254

2,914,126

MYRTLE BEACH GREENVILLE

2002

2007

100.00%

62,428

62,428

598,782

2004

2007

20.00%

72,287

187,287

646,147

GAFFNEY

2002

2007

100.00%

13,824

13,824

309,853

GREENVILLE

2003

2007

100.00%

13,818

13,818

291,984

GREENVILLE

2001

2007

100.00%

10,908

10,908

283,423

GREENVILLE

1998

2007

100.00%

200,084

200,084

1,272,534

WAL-MART(2018)

THE POINT GREENVILLE 1140 WOODRUFF ROAD NORTHSIDE PLAZA GREENWOOD (BI-LO) US HIGHWAY 25 & NORTHSIDE DRIVE LEXINGTON, LEXINGTON PLACE COLUMBIA SC US HWY 378 AND OLD CHEROKEE ROAD MT. PLEASANT, WANDO CROSSING CHARLESTON SC 1500 HIGHWAY 17 NORTH

2005

2007

20.00%

104,641

104,641

1,775,747

1999

2007

100.00%

41,581

41,581

334,437

WHOLE FOODS(2026), CIRCUIT CITY(2021) BI-LO(2019)

2003

2007

100.00%

83,167

215,167

864,796

1992/2000

1995

100.00%

209,810

325,907

2,526,139

2002

2007

100.00%

64,368

64,368

920,894

1999

2007

20.00%

116,657

116,657

1,644,197

CONWAY, SC EASLEY, SC

FORT MILL, SC GAFFNEY, SC

GREENVILLE, SC (RITE AID) GREENVILLE, SC(SUPER WAL-MART) GREENVILLE, SC(THE POINT) GREENWOOD, SC

GATEWAY PLAZA 2701 CHURCH STREET CENTER POINTE PLAZA (II) CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD RITE AID 2907 W HWY 160 RITE AID 1320 W FLOYD BAKER BLVD RITE AID 3679 AUGUSTA ROAD WAL-MART SUPERCENTER 1451 WOODRUFF ROAD

MT. PLEASANT, BI-LO AT SHELMORE CHARLESTON SC (BI-LO) 672 HWY 17 BY-PASS MYRTLE THE PLAZA AT CAROLINA MYRTLE BEACH, SC FOREST BEACH 3735 RENEE DRIVE

BELK(2015), WAL-MART SUPER CENTER(NOT OWNED) FOOD LION(2011)

CIRCUIT CITY(2020), DICK’S SPO GOODS(2016), MICHAEL’S(2010), PETSMART(2015), H.H. GREGG APPLIANCES(2015) MICHAEL’S(2012), TARGET(NOT OWNED) BARNES & NOBLE(2011), ROSS DR FOR LESS(2014), MARSHALLS(201 OFFICE DEPOT(2011), BABIES ‘R’ #8890(NOT OWNED) GOODY’S(2017)

PUBLIX SUPER MARKETS(2023), H DEPOT(NOT OWNED)

ROSS DRESS FOR LESS(2014), T.J. MAXX(2013), PUBLIX(NOT OWNED KOHL’S(NOT OWNED) CIRCUIT CITY(2018), OFFICE DEPOT(2010), T.J. MAXX(2013), MARSHALLS(2011), WAL-MART(N OWNED) BI-LO(2023) KROGER(2010)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

N. CHARLESTON, NORTH POINTE PLAZA SC 7400 RIVERS AVENUE N. CHARLESTON, NORTH CHARLESTON SC(N CHARL CENTER CTR) 5900 RIVERS AVE ORANGEBURG, NORTH ROAD PLAZA SC 2795 NORTH ROAD PIEDMONT, SC RITE AID 915 ANDERSON STREET SIMPSONVILLE, FAIRVIEW STATION SC 621 FAIRVIEW ROAD SPARTANBURG, RITE AID (W O EZELL SC BLVD) (BLACKSTOCK) 1510 W.O. EZELL BLVD SPARTANBURG, NORTHPOINT SC MARKETPLACE (NORTHPOINT) 8642-8760 ASHEVILLE HIGHWAY SPARTANBURG, RITE AID (N PINE ST) SC (RITE AID) 780 N. PINE STREET TAYLORS, SC NORTH HAMPTON MARKET 6019 WADE HAMPTON (AKA GREER, SC) TAYLORS, SC HAMPTON POINT (HAMPTON) 3033 WADE HAMPTON BL WOODRUFF, SC RITE AID 121 N MAIN STREET SOUTH DAKOTA WATERTOWN, WATERTOWN MALL SD 1300 9TH AVENUE TENNESSEE BRENTWOOD, TN

COOL SPRINGS POINTE I-65 AND MOORE’S LANE

MSA

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP

CHARLESTON

1989/2001

CHARLESTON

1980/1993

COLUMBIA

100.00%

294,471

344,471

2,048,906

WAL-MART(2009), OFFICE MAX

2004

100.00%

235,501

235,501

1,243,210

NORTHERN TOOL(2016), BIG L HOME DECOR LIQUIDATORS (

1994/1999

1995

100.00%

50,760

247,434

568,393

GREENVILLE

2000

2007

100.00%

10,908

10,908

181,052

GREENVILLE

1990

1994

100.00%

142,086

142,086

885,125

SPARTANBURG

2001

2007

100.00%

10,908

10,908

271,599

SPARTANBURG

2001

2007

100.00%

102,252

102,252

632,624

SPARTANBURG

2002

2007

100.00%

10,908

10,908

283,656

GREENVILLE

2004

2007

20.00%

114,935

171,545

1,100,896

GREENVILLE

1993

2007

100.00%

58,316

58,316

458,027

CHARLESTON

2002

2007

100.00%

13,824

13,824

288,178

SPARTANBURG

1977

100.00%

240,262

282,262

1,322,851

DUNHAM’S SPORTING GOODS( HERBERGER’S(2014), J.C. PENN HY VEE SUPERMARKET(NOT O

BEST BUY(2014), ROSS DRESS F LESS(2015), DSW SHOE WAREHOUSE(2009) BEST BUY(2014), HOBBY LOBB FRESH MARKET(2014)

BRENTWOOD

CHATTANOOGA, OVERLOOK AT CHATTANOOGA TN HAMILTON PLACE 2288 GUNBARREL ROAD COLUMBIA, TN COLUMBIA SQUARE COLUMBIA 845 NASHVILLE HWY

2*

1/2 *

1999/2004

2000

14.50%

201,414

201,414

2,208,987

1992/2004

2003

100.00%

207,244

207,244

1,805,781

1993

2003

10.00%

68,948

68,948

458,900

GOODY’S(2013), Wal-Mart(NOT O

INGLES(2011), KOHL’S(2015)

INGLES(2021)

HOBBY LOBBY(2019), TARGET OWNED)

BI-LO(2018)

KROGER(2022)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

FARRAGUT, TN

FARRAGUT POINTE KNOXVILLE 11132 KINGSTON PIKE GOODLETTSVILLE, NORTHCREEK NASHVILLE TN COMMONS 101-139 NORTHCREEK BLVD HENDERSONVILLE, LOWE’S HOME NASHVILLE TN IMPROVEMENT CENTER TN HENDERSONVILLE JACKSON, TN WEST TOWNE COMMONS JACKSON 41 STONEBROOK PLACE JOHNSON CITY, TN JOHNSON CITY JOSHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS KNOXVILLE, TN PAVILION OF TURKEY KNOXVILLE CREEK (I) 10936 PARKSIDE DRIVE KNOXVILLE, TN (TOWN)

1991

2003

10.00%

71,311

71,311

470,938

FOOD CITY(2011)

1987

2003

20.00%

84,441

84,441

733,139

KROGER(2012)

1999

2003

100.00%

133,144

133,144

1,222,439

1992

2007

20.00%

62,925

62,925

579,341

KROGER(2020)

2005

2003

100.00%

11,749

99,997

531,918

KOHL’S(2026)

2001

2007

15.00%

280,776

478,814

3,169,800

1985/1997

2007

15.00%

638,437

638,437

6,180,411

MEMPHIS

1988

2007

20.00%

121,222

121,222

899,534

ROSS DRESS FOR LESS(2014), MAX(2017), OLD NAVY(2011), GOODY’S(2015), TARGET(NO WAL-MART(NOT OWNED) GOODY’S(2013), JO-ANN STO CIRCUIT CITY(2014), STAPL BEST BUY(2019), FOOD CITY LOWE’S(2017), CARMIKE CINEMAS(2020), DICK’S SPO GOODS(2017) KROGER(2020)

MORRISTOWN

2004

2007

20.00%

68,500

70,000

610,500

T.J. MAXX(2014)

MURFREESBORO

1998

2003

14.50%

108,023

390,645

1,367,278

WILLOWBROOK COMMONS 61 EAST THOMPSON LN BELLEVUE PLACE 7625 HIGHWAY 70 S

NASHVILLE

2005

2007

20.00%

93,600

93,600

719,155

NASHVILLE

2003

2007

15.00%

77,180

192,180

859,950

THE MARKETPLACE CHARLOTTE PIKE OAKLAND MARKET PLACE 7265 US HWY 64

NASHVILLE

1998

2003

14.50%

167,795

367,879

1,672,820

MEMPHIS

2004

2007

20.00%

64,600

64,600

420,847

TOWN & COUNTRY COMMONS (I) NORTH PETERS ROAD & TOWN & COUNTRY CIRCL

MEMPHIS, AMERICAN WAY TN(AMERICAN) 4075 AMERICAN WAY MORRISTOWN, TN CROSSROADS SQUARE 130 TERRACE LANE MURFREESBORO, TOWNE CENTRE TN(TOWNE) OLD FORT PARKWAY

NASHVILLE, TN

NASHVILLE, TN (BELLEVUE) NASHVILLE, TN (MARKET) OAKLAND, TN

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE E

KNOXVILLE

LOWE’S(2019)

T.J. MAXX(2010), BOOKS-AMILLION(2009), TOYS R US(N LOWE’S(NOT OWNED), TARG OWNED) KROGER(2029)

MICHAEL’S(2012), BED BATH BEYOND(2012), HOME DEPOT OWNED) LOWE’S(2019), WAL MART(N KROGER(2028)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

TEXAS ALLEN, TX

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRAT

WATTERS CREEK DALLAS BETHANY ROAD AUSTIN, TX THE SHOPS AT TECH AUSTIN (TECH RIDGE) RIDGE CENTER RIDGE DRIVE BAYTOWN, TX LOWE’S HOME HOUSTON (LOWE’S) IMPROVEMENT 5002 GARTH ROAD FORT WORTH, TX CVS PHARMACY DALLAS (CVS 6794) (JACKSBORO HWY) 2706 JACKSBORO HWY FORT WORTH, TX CVS PHARMACY DALLAS (CVS 7785) (SYCAMORE SCHOOL) 4551 SYCAMORE SCHOOL ROAD FRISCO, TX FRISCO MARKETPLACE DALLAS 7010 PRESTON ROAD GARLAND, TX GARLAND PLAZA DALLAS 3265 BROADWAY BLVD GRAND PRAIRIE, KROGER DALLAS TX 2525 WEST INTERSTATE 20 HOUSTON, TX LOWE’S HOME DALLAS IMPROVEMENT 19935 KATY FREEWAY IRVING, TX MACARTHUR DALLAS MARKETPLACE MARKET PLACE BOULEVARD LEWISVILLE, LAKEPOINTE CROSSINGS HOUSTON TX(LAKEPOINTE) S STEMMONS FREEWAY

2008

MCKINNEY, TX

MESQUITE, TX

NORTH RICHLAND HILLS, TX PASADENA, TX RICHARDSON, TX (CVS 6974)

1*

10.00%

244,911

255,321

5,806,978

UNITED MARKET STREET(2028), BORDERS (2018) ROSS DRESS FOR LESS(2014), TOYS R US(2014), HOBBY LOBBY(2018), BEST BUY(2017), SUPER TARGET(NOT OW LOWE’S(2015)

2003

2003

25.75%

282,798

530,434

3,444,656

1998

2007

100.00%

125,357

125,357

873,828

1997

2007

100.00%

10,908

10,908

239,784

1997

2007

100.00%

9,504

9,504

149,248

2003

2003

14.50%

20,959

107,543

752,050

1994

2007

100.00%

70,576

70,576

0

1998

2007

100.00%

60,835

60,835

433,615

KROGER(2018)

1998

2007

100.00%

131,644

131,644

917,000

LOWE’S(2017)

2004

2003

14.50%

146,941

598,651

2,107,168

1991

2002

14.50%

315,008

572,271

2,840,134

MCKINNEY DALLAS MARKETPLACE US HWY 75 & EL DORADO PKWY MARKETPLACE AT DALLAS TOWNE CENTER SOUTHBOUND FRONTAGE RD I 635 CVS PHARMACY DALLAS 4808 DAVIS BLVD.

2000

2003

14.50%

118,967

183,810

1,239,848

2001

2003

14.50%

170,625

378,775

2,215,973

1997

2007

100.00%

10,908

10,908

237,324

KROGER JUNCTION 2619 RED BLUFF ROAD CVS PHARMACY (ARAPAHO BLVD) 2090 ARAPAHOE BLVD.

DALLAS

1984

2007

20.00%

80,753

80,753

446,479

DALLAS

1997

2007

100.00%

10,560

10,560

206,585

KOHL’S(2023)

KOHL’S(2021), HOLLYWOOD THEATERS(2016), OFFICE MAX(2014 SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED) 99 CENTS ONLY STORE(2009), PETSMART(2009), BEST BUY(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), CON APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED), TOYS R’ US(NO OWNED) KOHL’S(2021), ALBERTSON’S(NOT OWNED)

PETSMART(2017), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED)

KROGER(2020)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

ROWLETT, TX

ROWLETT PLAZA 8800 LAKEVIEW PKWY SAN ANTONIO, INGRAM PARK TX (INGRAM) 6157 NW LOOP 410 SAN ANTONIO, BANDERA POINTE TX (N. (NORTH) BANDERA) STATE LOOP 1604/BANDERA ROAD

MSA DALLAS SAN ANTONIO SAN ANTONIO

SAN ANTONIO, VILLAGE AT STONE OAK SAN TX (STONE OAK) 22610 US HWY 281 ANTONIO NORTH SAN ANTONIO, WESTOVER SAN TX (WESTOVER) MARKETPLACE ANTONIO SH 151 @ LOOP 410 SAN ANTONIO, TERRELL PLAZA TX(TERRELL) 1201 AUSTIN HWY TYLER, TX CVS PHARMACY 1710 W. GENTRY PKWY UTAH MIDVALE, UT FC AT FORT UNION (I & (FT. UNION I & II) II) 900 EAST FT UNION BLVD

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRATIO 1995/2001

2007

100.00%

63,117

63,117

0

1985

2005

50.00%

76,597

76,597

0

2001/2002

2002

100.00%

278,815

888,005

4,285,314

2007

1*

100.00%

300,834

483,621

4,946,638

2005

1*

10.00%

218,257

524,457

3,195,057

SAN ANTONIO TYLER

1958/1986

2007

50.00%

170,333

170,333

1,164,162

1997

2007

100.00%

9,504

9,504

134,773

SALT LAKE CITY

1973/2000

1998

100.00%

641,957

641,957

8,022,197

FC AT OGDEN 5-POINTS 21-129 HARRISVILLE ROAD FC AT OREM 1300 SOUTH STREET

SALT LAKE CITY SALT LAKE CITY

1977

1998

100.00%

162,316

162,316

797,109

1991

1998

100.00%

150,667

281,931

1,677,708

RIVERDALE, UT FC AT RIVERDALE (NORTH) (NORTH) 1050 WEST RIVERDALE ROAD RIVERDALE, UT FC AT RIVERDALE (WEBER) (EAST) 1050 WEST RIVERDALE ROAD SALT LAKE THE FAMILY PLACE AT CITY, UT (33RD) 3300 SOUTH 3300 SOUTH STREET TAYLORSVILLE, FC AT TAYLORSVILLE UT (NORTH) (NORTH) 5600 SOUTH REDWOOD

SALT LAKE CITY

1995/2003

1998

100.00%

593,398

596,198

5,001,984

SALT LAKE CITY

2005

100.00%

46,597

397,360

476,421

SALT LAKE CITY SALT LAKE CITY

1978

1998

100.00%

34,209

34,209

216,409

1982/2003

1998

100.00%

697,630

772,130

6,367,218

OGDEN, UT

OREM, UT

1*

LOWE’S(2020), T.J. MAXX(2011), OLD NAVY(2011), ROSS DRESS FOR LESS(201 BARNES & NOBLE(2011), KOHL’S(NOT OWNED), RAQUETBALL & FITNESS(NO OWNED), CREDIT UNION(NOT OWNED) CHUCK E CHEESE(NOT OWNED), TARGET(NOT OWNED) HOBBY LOBBY (2022), TJ MAXX (2017)

PETSMART(2016), SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), TARGET(NOT OWNED), LOWES(NOT OWNED) ALAMO WORKFORCE(2008), BIG LOTS(2010)

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) HARMONS(2012)

TOYS R US(2011), MEDIA PLAY(2015), OFFICE DEPOT(2008), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED) MACY’S(2011), OFFICE MAX(2010), GAR SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET(2017), MEDIA PLAY(2009), CIRCUIT CITY(2016 JO-ANN STORES(2015), SUPER WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)

SHOPKO(2014), JO-ANN STORES(2015), GART SPORTS(2017), 24 HOUR FITNESS(2017), PETSMART(2018), BED BATH & BEYOND(2015), ROSS DRESS FO LESS(2014), MEDIA PLAY(2009), HARMONS SUPERSTORE(NOT OWNED)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION VERMONT BERLIN, VT

VIRGINIA CHESTER, VA

FAIRFAX, VA

GLEN ALLEN, VA

LYNCHBURG, VA (CANDLERS) LYNCHBURG, VA (WARDS CROSSING)

CENTER NAME/ADDRESS BERLIN MALL 282 BERLIN MALL RD., UNIT #28 BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER CREEKS AT VIRGINIA CENTER 9830-9992 BROOK ROAD CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD WARD’S CROSSING WARDS ROAD AND WARDS FERRY ROAD

MSA BERLIN

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE E 1986/1999

2*

100.00%

174,624

174,624

1,508,464

WAL-MART(2014), J.C. PENNE

RICHMOND

1978

2003

100.00%

114,589

116,339

1,457,608

UKROP’S(2013)

FAIRFAX

1994

1995

14.50%

253,298

253,298

4,167,839

SAFEWAY(2019), T.J. MAXX(20 BATH & BEYOND(2010), UNIT THEATRE(2014)

RICHMOND

2002

2007

15.00%

266,308

266,308

3,899,001

LYNCHBURG

1990

2003

100.00%

270,765

337,765

1,739,225

BARNES & NOBLE(2011), CIR CITY(2022), BED BATH & BEY MICHAEL’S(2011), DICK’S SPO GOODS(2017) CINEMARK(2015), STAPLES(2 MAXX(2011) TOYS R US (NOT O

LYNCHBURG

2001

2007

15.00%

80,937

265,937

1,161,822

50.00%

435,057

479,256

2,748,239

MARTINSVILLE, VA LIBERTY FAIR MALL MARTINSVILLE 240 COMMONWEALTH BOULEVARD MIDLOTHIAN, VA CHESTERFIELD MIDLOTHIAN (CHESTERFIELD) CROSSINGS HIGHWAY 360 & WARBRO ROAD MIDLOTHIAN, VA COMMONWEALTH RICHMOND (COMMONWEALTH) CENTER 4600-5000 COMMONWEALTH CENTER PARKWAY NEWPORT NEWS, DENBIGH VILLAGE NORFOLK VA (DENBIGH) WARWICK BLVD AND DENBIGH BLVD NEWPORT NEWS, JEFFERSON PLAZA NORFOLK VA (JEFFERSON) 121 JEFFERSON AVENUE RICHMOND, DOWNTOWN SHORT RICHMOND VA(DOWNTOWN) PUMP 11500-900 WEST BROAD STREET SPRINGFIELD, LOISDALE CENTER WASHINGTON VA(LOISDALE) 6646 LOISDALE ROAD

1989/1997

SPRINGFIELD, SPRING MALL CENTER VA(SPRING MALL) 6717 SPRING MALL RD STERLING, VA CASCADE MARKETPLACE NEC OF CASCADES PKWY & ROUTE 7 VIRGINIA BEACH, KROGER PLAZA VA 1800 REPUBLIC DRIVE

1/2 *

BED BATH & BEYOND(2013), MICHAEL’S(2011), TARGET(N OWNED), DICK’S(NOT OWNED PETSMART(NOT OWNED) GOODY’S(2011), BELK(2012), J PENNEY(2009), SEARS(2009), O MAX(2012), KROGER(2017) BEN FRANKLIN CRAFTS(2015 MART(NOT OWNED)

2000

2007

15.00%

79,802

319,802

1,126,797

2002

2007

15.00%

165,413

165,413

2,227,617

STEIN MART(2011), MICHAEL BARNES & NOBLE(2012)

1998/2006

2007

100.00%

324,450

340,950

2,513,298

BURLINGTON COAT FACTO KROGER(2017)

1999

2007

15.00%

47,341

182,341

320,486

2000

2007

100.00%

126,055

239,873

2,475,280

BARNES & NOBLE(2011), REG CINEMAS(2021)

1999

2007

100.00%

120,742

120,742

2,469,392

WASHINGTON

1995/2001

2007

100.00%

56,511

56,511

998,611

BARNES & NOBLE(2015), DSW WAREHOUSE(2015), BED BAT BEYOND(2015), CIRCUIT CIT MICHAEL’S(2010), THE TILE S

WASHINGTON

1998

2007

100.00%

101,606

101,606

1,547,669

NORFOLK

1997

2007

20.00%

63,324

81,574

240,788

COSTCO(NOT OWNED)

STAPLES(2013), SPORTS AUTHORITY(2016)

KROGER(2020)

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION WAYNESBORO, VA

CENTER NAME/ADDRESS

MSA

WAYNESBORO LYNCHBURG COMMONS 109 LEE DEWITT BLVD WINCHESTER, VA APPLE BLOSSOM WINCHESTER CORNERS 2190 S. PLEASANT VALLEY WYTHEVILLE, VA WYTHEVILLE COMMONS WYTHEVILLE 215-295 COMMONWEALTH DRIVE WASHINGTON KIRKLAND, WA TOTEM LAKE MALLS SEATTLE (TOTEM LKS (UPPER) UPPER) TOTEM LAKES BOULEVARD OLYMPIA, WA CIRCUIT CITY OLYMPIA 2815 CAPITAL MALL DR SW WEST VIRGINIA BARBOURSVILLE, BARBOURSVILLE HUNTINGTON WV CENTER 5-13 MALL ROAD MORGANTOWN, GLENMARK CENTER MORGANTOWN WV INTERSTATE 68 AND PIERPONT ROAD WEIRTON, WV RITE AID PITTSBURGH 1360 COVE ROAD WISCONSIN BROOKFIELD, WI SHOPPERS WORLD MILWAUKEE (SW) BROOKFIELD (I) NORTH 124TH STREET AND WEST CA BROWN DEER, WI BROWN DEER CENTER MILWAUKEE (CENTER) NORTH GREEN BAY ROAD BROWN DEER, WI MARKETPLACE OF MILWAUKEE (MARKET) BROWN DEER NORTH GREEN BAY ROAD MILWAUKEE, WI POINT LOOMIS MILWAUKEE SOUTH 27TH STREET OSHKOSH, WI WALGREENS APPLETON 950 S. KOEHLER ST RACINE, WI VILLAGE CENTER (OP) RACINE WASHINGTON AVE. VILLAGE CENTER DR. WEST ALLIS, WEST ALLIS CENTER MILWAUKEE WI(WEST) WEST CLEVELAND AVE. AND S. 108

YEAR DDR OWNED/ TOTAL DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EX 1993

1990/1997

2007

2*

20.00%

52,415

52,415

388,310

KROGER(2018)

20.00%

240,560

242,686

2,470,504

MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(20 BOOKS-A-MILLION(2013)

2004

2007

15.00%

90,239

415,239

1,078,914

GOODY’S(2016), LOWES(NOT O SUPER WALMART(NOT OWNE

1999/2004

2004

20.00%

253,867

279,221

2,232,000

GUITAR CENTER(2009), ROSS FOR LESS(2015)

1998

2007

100.00%

35,776

35,776

443,929

CIRCUIT CITY(2018)

1985

1998

100.00%

70,900

133,396

198,950

DISCOUNT EMPORIUM(2006), V CITY(NOT OWNED)

1999/2000

2007

100.00%

111,278

383,725

1,222,729

SHOP ‘N SAVE(2009), MICHAEL

2000

2007

100.00%

10,908

10,908

221,870

1967

2003

14.50%

182,722

190,142

1,445,801

T.J. MAXX(2010), MARSHALLS M STORE(2009), OFFICE MAX(201 BURLINGTON COAT FACTOR

1967

2003

14.50%

266,716

266,716

2,034,560

1989

2003

14.50%

143,372

143,372

1,184,414

KOHL’S(2023), MICHAEL’S(201 MAX(2010), T.J. MAXX(2012), OL NAVY(2012) MARSHALLS MEGA STORE(20 ‘N SAVE(2010)

1962

2003

100.00%

160,533

160,533

707,569

2005

2007

100.00%

13,905

13,905

305,910

2003

2007

20.00%

227,887

227,887

2,461,641

JEWEL(2022), KOHL’S(2023)

1968

2003

100.00%

246,081

259,981

1,463,410

KOHL’S(2018), MARSHALLS ME STORE(2009), PICK ‘N SAVE(20

KOHL’S(2012), PICK ‘N SAVE(2

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Developers Diversified Realty Quarterly Financial Supplement For the year ended December 31, 2008 4Q08 PROPERTY LIST

LOCATION

CENTER NAME/ADDRESS

MSA

BRAZIL BRASILIA(FEDERAL PATIO BRASIL BRASILIA DISTRICT) SHOPPING SCS QUADRA 07 BL A CAMPINAS (SAO PARQUE DOM PEDRO AV. CAMPINAS PAULO) GUILHERME CAMPOS, 500

FRANCA

YEAR DEVELOPED/ REDEVELOPED

YEAR ACQUIRED

DDR OWNED/ TOTAL OWNERSHIP UNOWNED ANNUALIZED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE E

1997/2001

2006

5.00%

331,300

363,484

2001

2006

48.70%

1,324,565

1,354,089

1993

2006

30.60%

198,480

198,480

FRANCA(SAO PAULO)

FRANCA SHOPPING AV. RIO NEGRO, 1100

SAO BERNARDO DO CAMPO (SAO PAU(METROP) SAO PAULO BOAVISTA (SAO PAULO) SAO PAULO CAMPO LIMPO (SAO PAULO)

SHOPPING METROPOLE PRACA SAMUEL SABATINE, 200 BOAVISTA SHOPPING RUA BORBA GATO, 59

SAO PAULO

1980/95/97

2006

39.40%

290,597

290,597

SAO PAULO

2004

2006

47.40%

275,270

275,270

CAMPO LIMPO SHOPPING ESTRADA DO CAMPO LIMPO 459 SAO PAULO PENHA SHOPPING PENHA (SAO PAULO) RUA DR JOAO RIBEIRO, 304

SAO PAULO

2005

2006

9.50%

280,839

280,839

SAO PAULO

1992/2004

2006

34.70%

325,183

325,183

SAO PAULO PLAZA SUL PLAZA(SAO PAULO) PRACA LEONOR KAUPA

SAO PAULO

1994

2006

14.20%

248,988

295,280

SAO PAULO TIVOLI TIVOLI SHOPPING AV. (SAO PAULO) SANTA BARBARA, 777

SAO PAULO

1993/2006

2006

14.20%

234,392

234,392

GRAND TOTAL

* 1. Property Developed by the Company * 2. Original IPO Property Does Not Include Service Merchandise Interests

11,839,094 LOJAS AMERICANAS(2999), OTOCH(2009), RIACHUELO(2 RENNER(2011), CENTAURO( 21,647,480 LOJAS AMERICANAS(2014), C BAHIA(2011), CENTAURO(201 CENTER MARGINAL(2010), MARISA(2016), STAR BOWLI BIG(2017), ETNA(2015), ALPIN VEICULOS(2012), PERNAMBUCANAS(2012), FO ACADEMIA(2014), RIACHUEL ZARA(2014), RENNER(2014), F MULTIPLEX P.D.PEDRO(2012) 1,661,938 C&A(2016), CASAS BAHIA(20 MAGAZINE LUIZA(2010), LOJ AMERICANAS(2014), C&C(20 7,202,827 RENNER(2009), LOJAS AMERICANAS(2018)

2,709,237 C&A(2014), MARISA & FAMIL AMERICANAS EXPRESS(2017 SONDA(2999) 3,189,699 C&A(2016), MARISA(2016), CO BEM(2012), CASAS BAHIA(20

5,495,500 MARISA(2017), MAGAZINE L SONDA(2014), LOJAS AMERICANAS(2013), KALUN C&A(2014) 8,295,412 LOJAS AMERICANAS(2011), BERTOLLI(2009), CAMICADO MONDAY ACADEMIA(2009), RENNER(2010) 2,842,171 LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE L C&A(2016), C&C(2011), PAUL

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