Filed by Developers Diversified Realty Corporation
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12 of the
Securities and Exchange Act of 1934

Subject Company: JDN Realty Corporation
Commission File No. 001-12844

 

The following material has been made available on the website of Developers Diversified Realty Corporation:

 

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Quarterly Financial Supplement

For the nine months ended
September 30, 2002

 

Investor Relations Department

 

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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         Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange 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 or the loss of a major tenant and other matters described in the Management’s Discussion and Analysis section of the Company’s Form 10-K for the year ended December 31, 2001.

 

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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TABLE OF CONTENTS

Section			Page
Earnings Release & Financial Statements				2
Financial Summary				11
	• Financial Highlights			12
	• Market Capitalization and Financial Ratios			13
	• Market Capitalization Summary			16
	• Significant Accounting Policies			17
Consolidated and Wholly Owned Financial Operations				19
	• Summary of Capital Transactions			20
	• Acquisitions, Dispositions, Expansions and Developments			21
	• Summary of Consolidated Debt			26
	• Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities			28
Joint Venture Summaries				30
	• Joint Venture Financials			31
	• Joint Venture Partnership Summaries			35
Joint Venture Financial Operations				58
	• Summary of Capital Transactions			59
	• Acquisitions, Dispositions, Expansions and Developments			63
	• Summary of Joint Venture Debt			64
	• Summary of Pro Rata Joint Venture Debt			66
	• Summary of Joint Venture Mortgage Principal Payments			67
Portfolio Statistics				68
Appendix				79
	• Property Listing			80
	• Investor Information			95

 

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Earnings Release & Financial Statements

1

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DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:

Contact:		Scott A. Wolstein Chairman Chief Executive Officer 216-755-5455		Michelle A. Mahue Director of Investor Relations 216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS A 5.7%
INCREASE IN FFO PER SHARE FOR THE NINE MONTH PERIOD ENDED
SEPTEMBER 30, 2002

         CLEVELAND, OHIO, November 1, 2002 - Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that third quarter 2002 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.61 (diluted) and $0.62 (basic) compared to $0.60 (diluted) and $0.61 (basic) per share for the same period in the previous year, an increase of 1.7% diluted and 1.6% basic. FFO reached $40.6 million for the quarter ended September 30, 2002, which compares to $34.2 million for 2001.

         On a per share basis FFO (diluted) was $1.86 and $1.76 for the nine month periods ended September 30, 2002 and 2001, respectively, an increase of 5.7%. FFO for the nine months ended September 30, 2002 was $121.9 million compared to FFO for the nine month period ended September 30, 2001 of $99.8 million.

         Scott A. Wolstein, DDR’s chairman and chief executive officer stated “We are very pleased to report continued strong earnings supported by very positive fundamentals in our core business. Coupled with the dramatic improvement in our financial flexibility evidenced by the positive trends in all of our financial coverage ratios, these strong fundamentals position us for significant earnings growth for the balance of 2002 and through 2003.”

         Net income for the three month period ended September 30, 2002 was $25.2 million, or $0.28 per share (diluted), compared to third quarter 2001 net income of $20.4 million, or $0.24 per share (diluted). Net income for the nine month period ended September 30, 2002 was $72.4 million, or $0.80 per share (diluted), compared to net income of $72.2 million, or $0.93 per share (diluted) for the prior comparable period. The decrease in per share net income for the nine month period ended September 30, 2002 is primarily attributed to a reduction in gain on sale of real estate of approximately $0.23 per share as compared to the nine month period ended September 30, 2001.

Leasing:

         Leasing activity continues to be strong throughout the portfolio. During the third quarter of 2002, the Company executed 79 new leases aggregating approximately 274,000 square feet at an average rental rate of $14.05 per square foot, a 22.8% increase over prior rental rates, and 104 renewals aggregating approximately 470,000 square feet at an average rate of $10.02 per square foot, which represents an increase of 6% over prior rental rates. At September 30, 2002, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $10.47, which compares to $9.85 at September 30, 2001.

         As of September 30, 2002, the portfolio was 95.9% leased, compared to 95.1% at June 30, 2002 and 95.1% at September 30, 2001. Excluding the impact of Kmart leases rejected in June 2002, the portfolio was 96.5% leased. These percentages include tenants for which signed leases have been executed and occupancy

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has not occurred. Based on tenants in place and responsible for paying rent as of September 30, 2002, occupancy increased to 94.2% from 93.5% at June 30, 2002. Occupancy as of September 30, 2001 was 95.0%. Excluding the impact of Kmart leases rejected in June 2002, the portfolio was 95% occupied at September 30, 2002.

         Same store tenant sales performance over the trailing 12 month period within the Company’s portfolio remained strong at approximately $244 per square foot for those tenants required to report. Aggregate base and percentage rental revenues relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2001, excluding properties under redevelopment) increased approximately $3.5 million (or 1.7%) for the nine month period ended September 30, 2002, compared to the same period in 2001. Core portfolio properties’ NOI increased approximately $3.4 million or (1.7%) for the nine month period ended September 30, 2002, compared to the same period in 2001.

Expansions:

         For the nine month period ended September 30, 2002, the Company completed expansions and redevelopments at five shopping centers located in Denver, Colorado; St. Louis, Missouri; Detroit, Michigan; Lebanon, Ohio; and North Olmsted, Ohio at an aggregate cost of approximately $8.0 million. The Company is currently expanding/redeveloping five shopping centers located in Birmingham, Alabama; North Little Rock, Arkansas; Brandon, Florida; North Canton, Ohio; and Taylorsville, Utah at a projected incremental cost of approximately $21.3 million. The Company is also scheduled to commence three additional expansion projects at the shopping centers located in Bayonet Point, Florida; Tiffin, Ohio and Riverdale, Utah.

         For the nine month period ended September 30, 2002, the Company’s joint ventures completed expansions and redevelopments at four shopping centers located in Atlanta, Georgia; Marietta, Georgia; Overland Park, Kansas; and Maple Grove, Minnesota at an aggregate cost of approximately $9.3 million. The Company’s joint ventures are currently expanding/redeveloping five shopping centers located in Schaumburg, Illinois; Leawood, Kansas; Shawnee, Kansas; North Olmsted, Ohio and San Antonio, TX at a projected incremental cost of approximately $9.1 million. The Company’s joint ventures are scheduled to commence two additional expansion projects at the shopping centers located in Deer Park, Illinois and San Ysidro, California.

Development (Consolidated):

The consolidated development projects are as follows:

•		Phase II of the Meridian, Idaho (a suburb of Boise) shopping center is scheduled to commence construction in 2002, with completion scheduled for 2003.
•		The Company commenced construction during 2002 on the central quadrant of the Coon Rapids, Minnesota, Riverdale Village Shopping Center. This development will create an additional 288,000 square feet of retail space.
•		The Company broke ground during 2002 on two shopping center developments located in Riverdale, Utah and Long Beach, California.

Development (Joint Ventures):

         The Company has joint venture development agreements for five shopping center projects. These five projects have an aggregate projected cost of approximately $190.9 million and are currently scheduled for completion during 2002 and 2003. The projects located in Long Beach, California (City Place) and Austin, Texas are being financed through the Prudential/DDR Retail Value Fund. The other three projects are located in Littleton, Colorado; Coon Rapids, Minnesota and St. Louis, Missouri.

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Acquisitions:

         In July 2002, the Company purchased its partners’ 75.25% interest in two shopping center properties, including a 470,000 square foot shopping center located in Plainville, Connecticut for approximately $44.4 million and a 270,000 square foot shopping center located in San Antonio, Texas for approximately $32.1 million.

         Additionally, in July 2002, the Company acquired five shopping centers from a third party for approximately $81.8 million. These properties were acquired through a joint venture in which the Company has a 99% interest and the other 1% is owned by an equity affiliate. These shopping centers aggregate 1.0 million square feet and are located in Fort Worth, Texas; Dallas, Texas; Columbia, South Carolina; Birmingham, Alabama and Wichita, Kansas.

Dispositions:

         In October 2002, the Company sold a 47,000 square foot shopping center in Columbia, South Carolina for approximately $5.3 million and a 63,000 square foot shopping center in Jacksonville, North Carolina for approximately $6.0 million. Additionally, the Company’s Community Center Joint Venture, in which the Company has a 20% interest, sold a 390,000 square foot shopping center in Denver, Colorado for approximately $43 million.

         In September 2002, the Company sold a 9,000 square foot shopping center in St. Louis, Missouri (American Plaza) for approximately $2.0 million.

         In August 2002, the Company sold a 19,000 square foot shopping center in Ocala, Florida for approximately $0.9 million.

Strategic Transactions:

         In October 2002, the Company and JDN Realty Corporation announced entering into a definitive merger agreement pursuant to which JDN shareholders will receive 0.518 shares of DDR in exchange for each share of JDN stock. The transaction values JDN at approximately $1.1 billion, which includes approximately $584 million of assumed debt at the carrying amount and $50 million of preferred stock.

         Following the merger, DDR will own or manage approximately 400 retail properties in 44 states comprising approximately 75 million square feet, which includes approximately 15 million square feet of total GLA attributable to JDN. In addition, DDR will acquire 21 properties comprising approximately 7 million square feet of total GLA currently under development by JDN as well as a development pipeline of 17 properties representing 3 million square feet of total GLA with a total estimated cost of $220 million. Upon completion of the transaction, expected in the first quarter of 2003, DDR will have a total market capitalization of over $5.0 billion (including its pro rata portion of unconsolidated debt).

         In March 2002, the Company announced its participation in a joint venture with Lubert-Adler Funds and Klaff Realty, L.P., which was awarded asset designation rights for all of the retail real estate interests of the bankrupt estate of Service Merchandise Corporation for approximately $236 million. The Company has a 25% interest in the joint venture. In addition, the Company earns fees for the management, leasing, development and disposition of the real estate portfolio. The designation rights enable the joint venture to determine the ultimate use and disposition of the real estate interests held by the bankrupt estate. At September 30, 2002, the portfolio consisted of approximately 117 Service Merchandise retail sites totaling

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approximately 6.7 million square feet. The transaction was approved by the U.S. Bankruptcy Court in Nashville, Tennessee and subsequently the designation rights were transferred to the joint venture.

         During the second and third quarters of 2002, the joint venture sold 42 sites and received gross proceeds of approximately $85.4 million. The Company recognized income, net of tax, of approximately $1.7 million relating to the operations of this investment.

         Developers Diversified Realty Corporation currently owns and manages approximately 315 retail properties in 43 states totaling over 60 million square feet of real estate under management. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

         A copy of the Company’s Quarterly Supplemental Financial/Operational package is available to all interested parties upon written request at our corporate office to Michelle A. Mahue, Director of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122.

         Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2001.

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

				Three Month Period								Nine Month Period
				Ended September 30,								Ended September 30,
				2002				2001				2002				2001
Revenues:
	Minimum rent (A)			$	66,674			$	58,901			$	189,428			$	165,191
	Percentage and overage rents				812				528				2,285				2,208
	Recoveries from tenants				18,580				14,899				51,152				43,739
	Ancillary income				510				373				1,196				1,038
	Other property related income				615				393				1,189				765
	Management fee income				2,427				2,798				7,789				8,816
	Development fees				1,236				698				2,042				1,724
	Interest income				1,496				1,226				4,056				4,724
	Other (B)				159				2,451				4,900				4,898
					92,509				82,267				264,037				233,103
Expenses:
	Operating and maintenance				10,867				8,095				30,135				24,800
	Real estate taxes				11,373				9,332				32,279				25,995
	General and administrative (C)				6,632				5,907				20,012				17,838
	Interest				19,824				20,730				57,984				61,473
	Impairment charge				-				2,895				-				2,895
	Depreciation and amortization				18,617				16,662				57,215				44,647
					67,313				63,621				197,625				177,648
Income before equity in net income of joint ventures and minority equity investment, minority equity interests, gain on sales of real estate and real estate investments and discontinued operations					25,196				18,646				66,412				55,455
Equity in net income of joint ventures (D)					4,781				4,076				22,398				13,431
Equity in net income of minority equity investment (E)					-				-				-				1,550
Minority equity interests (F)					(5,570	)			(5,546	)			(16,770	)			(15,988	)
Gain on sales of real estate and real estate investments					159				3,015				2,988				15,761
Income from continuing operations					24,566				20,191				75,028				70,209
Income (loss) from discontinued operations (G)					611				161				(2,676	)			1,967
Net income				$	25,177			$	20,352			$	72,352			$	72,176
Net income, applicable to common shareholders				$	18,687			$	13,537			$	51,785			$	51,729
Funds From Operations (“FFO”):
	Net income applicable to common shareholders			$	18,687			$	13,537			$	51,785			$	51,729
	Depreciation and amortization of real estate investments				18,029				16,530				56,237				44,340
	Equity in net income of joint ventures				(4,781	)			(4,076	)			(22,398	)			(13,431	)
	Equity in net income of minority equity investment (E)				-				-				-				(1,550	)
	Joint ventures’ FFO (D)				8,794				7,930				32,145				23,964
	Minority equity investment FFO (E)				-				-				-				6,448
	Minority equity interests (OP Units)				342				372				1,104				1,147
	Impairment charge and (gain) loss on sales of depreciable real estate and real estate investments, net, including discontinued operations				(468	)			(3,015	)			3,058				(15,761	)
	Impairment charge				-				2,895				-				2,895
	FFO			$	40,603			$	34,173			$	121,931			$	99,781
	Per share data:
	Earnings per common share
		Basic		$	0.29			$	0.25			$	0.82			$	0.94
		Diluted		$	0.28			$	0.24			$	0.80			$	0.93
	Dividends Declared			$	0.38			$	0.37			$	1.14			$	1.11
	Funds From Operations - Basic (H)			$	0.62			$	0.61			$	1.88			$	1.78
	Funds From Operations - Diluted (H)			$	0.61			$	0.60			$	1.86			$	1.76
	Basic - average shares outstanding (thousands)				64,712				55,131				63.395				54,960
	Diluted - average shares outstanding (thousands)				65,761				56,009				64,451				55,527

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(A)		Increases in shopping center base and percentage rental revenues for the nine month period ended September 30, 2002 as compared to 2001, aggregated $24.8 million consisting of $1.4 million related to leasing of core portfolio properties (an increase of 1.1% from 2001), $12.0 million from the acquisition of eleven shopping centers in 2002, $1.1 million relating to developments and redevelopments and $12.4 million from the AIP properties. These increases were offset by a $2.1 million decrease from the sale/transfer of ten properties in 2002 and 2001. Included in the rental revenues for the nine month period ended September 30, 2002 and 2001 is approximately $3.1 million and $3.6 million, respectively, of revenue resulting from the recognition of straight line rents.
(B)		Other income for the three month period ended September 30, 2002 and 2001 included approximately $0.2 million and $2.3 million, respectively, in lease termination revenue. Other income for the nine month period ended September 30, 2002 and 2001 included approximately $3.0 million and $4.2 million, respectively, in lease termination revenue. In 2001, the Company also recognized $1.3 million of lease termination revenue, which has been reclassified to income from discontinued operations in the 2001 presentation. Also included in other income for the nine month period ended September 30, 2002 was approximately $2.3 million relating to the sale of development rights to the Wilshire project in Los Angeles, California. Offsetting these revenues for the nine months ended September 30, 2002 was a charge of $0.5 million relating to the write-off of abandoned development projects.
(C)		General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the nine month periods September 30, 2002 and 2001, general and administrative expenses were approximately 4.40% and 4.30%, respectively, of total revenues, including joint venture revenues, for each period.
(D)		The following is a summary of the Company’s share of the combined operating results relating to joint ventures (in thousands):

			Three month period								Nine month period
			ended September 30,								ended September 30,
			2002(b)				2001(b)				2002(b)				2001(b)
Revenues from operations (a)				$	63,380			$	57,941			$	188,853			$	170,582
Operating expenses					21,499				19,489				64,624				53,846
Depreciation and amortization of real estate investments					8,673				9,259				26,194				24,888
Interest expense					18,718				18,482				56,321				55,630
					48,890				47,230				147,139				134,364
Income from operations before gain on sale of real estate and real estate investments					14,490				10,711				41,714				36,218
Gain (loss) on sale of real estate and real estate investments,including discontinue operations					2,420				-				13,697				(97	)
Income from discontinued operations					(94	)			776				1,509				2,176
Gain on sale of discontinued operations					-				-				-				-
Net income				$	16,816			$	11,487			$	72,516			$	38,297
DDR Ownership interests (b)				$	4,775			$	4,154			$	24,103			$	14,256
Funds From Operations from joint ventures are summarized as follows:
	Net income			$	16,816			$	11,487			$	72,516			$	38,297
	(Gain) loss on sale of real estate and real estate investments; including discontinued operations				273				-				(15,075	)			97
	Depreciation and amortization of real estate investments				8,537				9,873				26,822				26,620
				$	25,626			$	21,360			$	84,263			$	65,014
	DDRC Ownership interests (b)			$	8,794			$	7,930			$	32,145			$	23,964
	DDRC Partnership distributions received, net			$	9,700			$	7,556			$	47,854			$	16,282

(a)

Revenues for the three month periods ended September 30, 2002 and 2001 included approximately $0.7 million and $1.1 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.4 million, respectively. Revenues for the nine month

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

			periods ended September 30, 2002 and 2001 included approximately $2.5 million and $3.4 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.9 million and $1.2 million, respectively.
	(b)		At September 30, 2002 and 2001, the Company owned joint venture interests relating to 49 and 55 shopping center properties, respectively. The Company’s share of net income has been reduced by $1.9 million and $0.9 million for the nine month periods ended September 30, 2002 and 2001, respectively, to reflect additional basis depreciation and deferred gain on sale.

(E)		Represented the Company’s minority equity investment in AIP which was merged into a wholly owned subsidiary of the Company on May 14, 2001.
(F)		Minority Equity Interests are comprised of the following:

		Three Month Period								Nine Month Period
		Ended September 30,								Ended September 30,
		2002				2001				2002				2001
Minority interests		$	458			$	404			$	1,355			$	530
Preferred Operating Partnership Units			4,770				4,770				14,311				14,311
Operating Partnership Units			342				372				1,104				1,147
		$	5,570			$	5,546			$	16,770			$	15,988

(G)

The operating results relating to assets sold and held for sale are as follows (in thousands):

			Three Month Period								Nine Month Period
			Ended September 30,								Ended September 30,
			2002				2001				2002				2001
Revenues			$	403			$	734			$	1,543			$	3,595
Expenses:
	Operating			195				235				596				623
	Depreciation			9				207				370				611
	Interest			56				131				195				394
				260				573				1,161				1,628
				143				161				382				1,967
Impairment charge and gain on sales of real estate, net				468				-				(3,058	)			-
Income from discontinued operations			$	611			$	161			$	(2,676	)		$	1,967

(H)

For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion, on a weighted average basis, of 0.9 million and 1.0 million Operating Partnership Units (OP Units) outstanding at September 30, 2002 and 2001, respectively, into 0.9 million and 1.0 million common shares of the Company for the three month periods ended September 30, 2002 and 2001, respectively, and 1.0 million common shares of the Company for each of the nine month periods ended September 30, 2002 and 2001. The weighted average diluted shares and OP Units outstanding were 66.9 million and 57.1 million for the three month periods ended September 30, 2002 and 65.6 million and 56.6 million for the nine 2001, respectively, and month periods ended September 30, 2002 and 2001, respectively.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:

				September 30, 2002				December 31, 2001
Assets:
Real estate and rental property:
		Land		$	487,127			$	419,261
		Buildings			2,093,952				1,869,753
		Fixtures and tenant improvements			73,094				60,115
		Land under development			21,354				25,539
		Construction in progress			122,325				118,997
					2,797,852				2,493,665
Less accumulated depreciation					(392,898	)			(351,709	)
Real estate, net					2,404,954				2,141,956
Cash					9,227				19,069
Advances to and investments in joint ventures					253,366				255,565
Notes receivable					11,933				5,221
Receivables, including straight line rent					56,951				51,694
Real estate property held for sale, net					7,095				-
Other assets					31,595				23,702
				$	2,775,121			$	2,497,207
Liabilities:
Indebtedness:
	Revolving credit facilities:
		Variable rate debt		$	324,000			$	201,750
		Fixed rate debt			200,000				200,000
	Variable rate unsecured term debt				22,120				22,120
	Senior unsecured fixed rate debt				307,400				405,827
	Senior unsecured variable rate debt				100,000				-
	Mortgage and other secured debt				546,866				478,604
					1,500,386				1,308,301
	Dividends payable				24,736				22,072
	Other liabilities				88,973				82,419
					1,614,095				1,412,792
Minority interests					248,537				250,401
Shareholders’ equity					912,489				834,014
				$	2,775,121			$	2,497,207

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DEVELOPERS DIVERSIFIED REALTY CORPORATION

Selected Balance Sheet Data (Continued):

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

		September 30,				December 31,
		2002				2001
Land		$	343,216			$	374,531
Buildings			1,166,103				1,272,394
Fixtures and tenant improvements			23,813				18,391
Construction in progress			215,083				111,660
			1,748,215				1,776,976
Accumulated depreciation			(148,374	)			(140,850	)
Real estate, net			1,599,841				1,636,126
Receivables, including straight line rent, net			67,802				51,764
Investment in joint ventures			18,407				21,949
Other assets			71,631				60,778
		$	1,757,681			$	1,770,617
Mortgage debt (a)		$	1,195,537			$	1,168,686
Notes and accrued interest payable to DDRC			83,173				80,515
Other liabilities			43,634				46,236
			1,322,344				1,295,437
Accumulated equity			435,337				475,180
		$	1,757,681			$	1,770,617

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $400.3 million and $401.1 million at September 30, 2002 and December 31, 2001, respectively.

10

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Financial Summary

11

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Developers Diversified Realty

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FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)				Nine Month				Nine Month
				Period Ended				Period Ended				Year Ended December 31
				September 30				September 30
				2002				2001				2001				2000				1999				1998
FUNDS FROM OPERATIONS:
	Net Income Applicable to Common Shareholders				$51,785				$51,729				$65,111				$73,571				$60,135				$57,969
	Depreciation and Amortization of Real Estate Investments				$56,237				$44,339				$63,200				$52,975				$51,497				$42,631
	Equity in Net Income From Joint Ventures				($22,398	)			($13,431	)			($17,010	)			($17,072	)			($20,621	)			($12,888	)
	Equity in Net Income From Minority Equity Investment				$0				($1,550	)			($1,550	)			($6,224	)			($6,453	)			($686	)
	Joint Venture Funds From Operations				$32,145				$23,964				$31,546				$30,512				$32,317				$20,779
	Minority Equity Investment Funds From Operations				$0				$6,448				$6,448				$14,856				$12,965				$1,493
	Operating Partnership Minority Interest Expense				$1,104				$1,147				$1,531				$4,126				$6,541				$3,069
	Non-Recurring & Extraordinary Charges				$0				$2,895				$2,895				$0				$0				$882
	Loss (Gain) on Sales of Real Estate				$3,058				($15,761	)			($16,688	)			($23,440	)			$1,664				($248	)
		FUNDS FROM OPERATIONS			$121,931				$99,781				$135,482				$129,303				$138,044				$113,001
PER SHARE INFORMATION:
	Funds From Operations — Diluted				$1.86				$1.76				$2.38				$2.19				$2.05				$1.86
	Net Income — Diluted				$0.80				$0.93				$1.17				$1.31				$0.95				$0.98
	Cash Dividends				$1.14				$1.11				$1.48				$1.44				$1.40				$1.31
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO					65,548				56,601				56,957				59,037				68,412				62,501
TOTAL MARKET CAPITALIZATION (1)				$	3,461,981			$	2,916,512			$	2,982,461			$	2,490,917			$	2,392,455			$	2,508,424
DEBT TO TOTAL MARKET CAPITALIZATION (1)					43.13	%			47.54	%			43.87	%			49.28	%			48.15	%			39.88	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC					48.41	%			49.95	%			47.18	%			47.82	%			45.78	%			43.71	%
DIVIDEND PAYOUT RATIO (1)					61.41	%			62.57	%			62.53	%			65.19	%			66.45	%			69.73	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)					4.39	%			4.28	%			4.25	%			4.27	%			4.09	%			3.83	%
GENERAL AND ADMINISTRATIVE EXPENSES					$20,012				$17,838				$24,175				$20,449				$17,774				$12,918
REVENUES:
	DDR Revenues				$265,728				$236,699				$324,148				$285,416				$263,932				$227,844
	Joint Venture Revenues				$189,651				$180,272				$244,663				$193,275				$170,714				$109,752
		TOTAL REVENUES (3)			$455,379				$416,971				$568,811				$478,691				$434,646				$337,596
NET OPERATING INCOME:
	DDR Net Operating Income				$185,547				$164,548				$224,889				$204,922				$194,263				$168,670
	Joint Venture Net Operating Income				$124,062				$124,028				$166,545				$136,440				$119,544				$81,707
		TOTAL NET OPERATING INCOME (4)			$309,608				$288,576				$391,433				$341,362				$313,807				$250,377
REAL ESTATE AT COST:
	DDR Real Estate at Cost			$	2,810,381			$	2,480,594			$	2,493,665			$	2,161,810			$	2,068,274			$	1,890,423
	Joint Venture Real Estate at Cost (5)			$	1,814,829			$	1,840,142			$	1,862,515			$	1,522,493			$	1,441,322			$	1,146,528
		TOTAL REAL ESTATE AT COST (6)		$	4,625,210			$	4,320,736			$	4,356,179			$	3,684,302			$	3,509,596			$	3,036,951

(1)		See Market Capitalization and Financial Ratio section for detail calculation.
(2)		The calculation includes joint venture revenues. However, it does not include revenues from properties managed for third parties including the Burnham Pacific portfolio of properties in which property management services were retained from the fourth quarter of 2000 through the second quarter of 2002.
(3)		Includes revenues from discontinued operations.
(4)		Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions.
(5)		Includes gross up of assets shown as equity investment in joint ventures.
(6)		Includes construction in progress (CIP) at September 30, 2002 of $396.9 million (includes $253.3 million of CIP included in joint ventures, of which $89.6 million represents the Company’s proportionate share), and at December 31, 2001, 2000, 1999, 1998 CIP aggregated $287.7 million, $305.4 million, $308.2 million and $211.6 million, respectively.

Financial Highlights     2.1

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Developers Diversified Realty

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MARKET CAPITALIZATION & FINANCIAL RATIOS
			Nine Month
			Period Ended				Year Ended December 31
			September 30
			2002				2001				2000				1999				1998
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
	Total Debt			$1,493,250				$1,308,301				$1,227,575				$1,152,051				$1,000,481
	Total Market Capitalization*			$3,461,981				$2,982,461				$2,490,917				$2,392,455				$2,508,424
				43.13	%			43.87	%			49.28	%			48.15	%			39.88	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE         ASSETS, INVESTMENTS AND NOTES         RECEIVABLE				48.41	%			47.18	%			47.82	%			45.78	%			43.71	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV         DEBT, TOTAL MARKET CAPITALIZATION:
	Total Debt*			$1,893,564				$1,688,904				$1,550,398				$1,618,685				$1,370,123
	Total Market Capitalization*			$3,862,295				$3,363,064				$2,813,740				$2,859,088				$2,878,066
				49.03	%			50.22	%			55.10	%			56.62	%			47.61	%
DDR & JV DEBT TO UNDEPRECIATED REAL         ESTATE ASSETS, INVESTMENTS &         NOTES RECEIVABLE				54.68	%			53.85	%			54.54	%			54.12	%			52.26	%
INTEREST COVERAGE RATIO:
	Interest Expense			$58,179				$81,770				$77,030				$68,023				$57,196
	FFO Before Interest and Preferred Dividends*			$214,988				$263,595				$248,896				$238,486				$190,149
				3.70				3.22				3.23				3.51				3.32
DEBT SERVICE COVERAGE RATIO:
	Debt Service*			$63,265				$88,764				$82,103				$73,022				$61,124
	FFO Before Interest and Preferred Dividends*			$214,988				$263,595				$248,896				$238,486				$190,149
				3.40				2.97				3.03				3.27				3.11
FIXED CHARGES (INCLUDING PREFERRED         DIVIDENDS) COVERAGE RATIO
	Fixed Charges			$98,143				$135,107				$124,666				$105,440				$81,076
	FFO Before Interest and Preferred Dividends*			$214,988				$263,595				$248,896				$238,486				$190,149
				2.19				1.95				2.00				2.26				2.35
DIVIDEND PAYOUT RATIO
	Common Share Dividends and Operating Partnership Interest			$74,872				$84,721				$84,297				$91,736				$78,799
	Funds From Operations			$121,931				$135,482				$129,303				$138,044				$113,001
				0.61				0.63				0.65				0.66				0.70

* See Attached for Detail Calculation

Market Capitalization and Financial Ratios     2.2

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Developers Diversified Realty

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					Nine Month
					Period Ended				Year Ended December 31
					September 30
					2002				2001				2000				1999				1998				1997
DDR TOTAL MARKET CAPITALIZATION
	Common Shares Outstanding					64,921				59,455				54,880				59,504				61,289				55,376
	Operating Partnership Units Outstanding					946				1,038				1,051				4,702				4,581				18
			Total			65,867				60,493				55,932				64,206				65,870				55,394
	Share Price					$22.0100				$19.1000				$13.3125				$12.8750				$17.7500				$19.1250
	Market Value of Common Shares					$1,449,731				$1,155,410				$744,592				$826,654				$1,169,193				$1,059,410
	Preferred Shares at Book Value					$304,000				$303,750				$303,750				$303,750				$303,750				$149,750
	Preferred Units and Warrant					$215,000				$215,000				$215,000				$110,000				$35,000				$0
	Total Debt					$1,493,250				$1,308,301				$1,227,575				$1,152,051				$1,000,481				$668,521
			TOTAL MARKET           CAPITALIZATION			$3,461,981				$2,982,461				$2,490,917				$2,392,455				$2,508,424				$1,877,681
DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT
	Common Shares Outstanding					64,921				59,455				54,880				59,504				61,289				55,376
	Operating Partnership Units Outstanding					946				1,038				1,051				4,702				4,581				18
			Total			65,867				60,493				55,932				64,206				65,870				55,394
	Share Price					$22.0100				$19.1000				$13.3125				$12.8750				$17.7500				$19.1250
	Market Value of Common Shares					$1,449,731				$1,155,410				$744,592				$826,654				$1,169,193				$1,059,410
	Preferred Shares at Book Value					$304,000				$303,750				$303,750				$303,750				$303,750				$149,750
	Preferred Units and Warrant					$215,000				$215,000				$215,000				$110,000				$35,000				$0
	Total Debt					$1,493,250				$1,308,301				$1,227,575				$1,152,051				$1,000,481				$668,521
	Proportionate Share of JV Debt					$400,315				$380,604				$322,823				$466,633				$369,642				$190,283
			TOTAL MARKET           CAPITALIZATION			$3,862,295				$3,363,064				$2,813,740				$2,859,088				$2,878,066				$2,067,964

Market Capitalization and Financial Ratios     2.2

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Developers Diversified Realty

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			Nine Month
			Period Ended				Year Ended December 31
			September 30
			2002				2001				2000				1999				1998
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
	Undepreciated Real Estate Assets			$2,810,381				$2,493,665				$2,161,810				$2,068,274				$1,890,423
	Cash and Cash Equivalents			$9,227				$19,070				$4,243				$5,992				$2,260
	Notes Receivable			$11,933				$5,221				$4,824				$5,590				$49,008
	Advances and Investments in Joint Ventures			$253,328				$255,327				$260,927				$299,176				$266,257
	Minority Equity Investment			$0				$0				$135,028				$137,234				$80,710
				$3,084,869				$2,773,281				$2,566,831				$2,516,266				$2,288,658
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
	Undepreciated Real Estate Assets			$2,810,381				$2,493,665				$2,161,810				$2,068,274				$1,890,423
	Notes Receivable or Proportionate Share Thereof			$41,703				$22,000				$42,187				$70,025				$65,606
	Minority Equity Investment			$0				$0				$135,028				$137,234				$80,710
	Proportionate Share of JV Undepreciated Real Estate Assets			$610,873				$620,688				$503,902				$715,118				$585,169
				$3,462,957				$3,136,353				$2,842,926				$2,990,652				$2,621,908
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
	FFO			$121,931				$135,482				$129,303				$138,044				$113,001
	Interest Expense			$58,179				$81,770				$77,030				$68,023				$57,196
	Preferred Dividends, Including Preferred Operating Minority Interest			$34,878				$46,343				$42,563				$32,419				$19,952
				$214,988				$263,595				$248,896				$238,486				$190,149
DEBT SERVICE
	Interest Expense			$58,179				$81,770				$77,030				$68,023				$57,196
	Recurring Principal Amortization			$5,086				$6,994				$5,073				$4,999				$3,928
				$63,265				$88,764				$82,103				$73,022				$61,124
FIXED CHARGES
	Debt Service			$63,265				$88,764				$82,103				$73,022				$61,124
	Preferred Dividends, Including Preferred Operating Minority Interest			$34,878				$46,343				$42,563				$32,419				$19,952
				$98,143				$135,107				$124,666				$105,440				$81,076

Market Capitalization and Financial Ratios     2.2

15

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Market Capitalization Summary

Market Capitalization Summary   $3.5 Billion Total Capitalization (1), (2), (3) as of September 30, 2002

Perpetual Fixed Rate Sr. Preferred Stock Unsecured Debt Preferred Partnership $304.0 $300.3 Units & Warrant 9% Floating Rate Sr. 9% $215.0 Unsecured Debt 6% $100.0 3%

Variable Rate Construction Finance $79.1 Common 2% Shares Equity (2) $1,449.7 41% Variable Rate Revolving Credit Debt $324.0 9%

Fixed Rate Revolving Credit Debt $200.0 (1) Figures in millions unless otherwise noted. 6% (2) Market Value ($22.01 per share as of September 30, 2002) Unsecured includes operating partnership units equivalent to approximately 0.9 million of the Company’s Common shares. Variable Rate Term Debt Fixed Rate $22.1 (3) Does not include proportionate share of joint Mortgage Debt (3) venture debt aggregating $400.3 million. 1% $467.7 14%

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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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 provision of tenants’ leases.
•		Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash.

General and Administrative Expenses

•

General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred.

Deferred Financing Costs

•

Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations.

Real Estate

•		Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.
•		Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings		18 to 31 years
Furniture/Fixtures and Tenant Improvements		Useful lives, which approximate lease terms, where applicable

Significant Accounting Policies   2.4

17

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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•		Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized.
•		Included in land is undeveloped real estate, generally outlots or expansion pads adjacent to the shopping centers and enclosed malls owned by the Company.
•		Construction in progress includes shopping center developments and significant expansions and redevelopments.

Capitalization

•		The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants.
•		For the nine month period ended September 30, 2002 and the years ended December 31, 2001, 2000, 1999 and 1998, the Company capitalized interest of $7.2 million, $12.9 million, $18.2 million, $13.4 million, $9.9 million and $4.0 million, respectively.
•		In addition, the Company capitalized certain construction administration costs of $3.7 million for the nine month period ended September 30, 2002 and $3.3 million, $3.2 million, $2.4 million and $1.8 million for the years ended December 31, 2001, 2000, 1999 and 1998, 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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Consolidated and Wholly Owned Financial Operations

19

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Acquisitions, Dispositions, Developments & Expansions
for the Nine Month Period Ended September 30, 2002

		Nine Months
		Ended				Year Ended				Year Ended				Year Ended				Year Ended
		September 30,				December 31,				December 31,				December 31,				December 31,
		2002				2001				2000				1999				1998
Acquisitions/Transfers		$	297.6	(2)		$	289.3	(4)		$	81.1	(5)		$	78.3	(6)		$	688.4
Completed Expansions			8.0				13.7				13.6				43.3				11.2
Developments & Construction in Progress			49.3				72.9				81.2				75.6				121.0
Tenant Improvements & Building Renovations(1)			5.3				6.1				6.3				6.6				4.4
Furniture Fixtures & Equipment			2.1				2.5				0.4				5.3				2.3
		$	362.3			$	384.5			$	182.6			$	209.1			$	827.3
Less: Real Estate Sales & Joint Venture Transfers			($45.6	)(3)			($52.7	)			($89.1	)			($37.6	)			($328.8	)
Total DDR Additions (Millions)		$	316.7			$	331.8			$	93.5			$	171.5			$	498.5

(1)  The Company estimates recurring capital expenditures, including tenant improvements, of approximately $6.5 million associated with its wholly owned and consolidated portfolio during 2002.

Summary of Wholly Owned Capital Transactions   3.1

20

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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						Cost				Acquisition
Property Location		GLA(2)				(Millions)				Date				Major Tenants
San Francisco, CA			123,755			$	19.8	(1)			02/28/02			AMC Theatre, Bally's Fitness
Richmond, CA			246,685			$	31.7				02/28/02			Century Theater, Ross Dress for Less, Circuit City, Barnes & Noble, OfficeMax, Petsmart
Salisbury, MD (Phase IV)			6,920			$	0.5				03/14/02			Reico, Leisure Time Fitness
Independence, MO			406,850			$	40.9				02/11/02			Kohl's, Bed Bath & Beyond, Marshalls, Rhodes Furniture, Barnes & Noble, AMC Theatre
Canton, OH			275,675			$	21.6				06/14/02			Target, Dicks Clothing & Sporting Goods, David's Bridal, DSW Shoe Warehouse, Kohl's
Plainville, CT			478,596			$	59.1				07/01/02			Lowe's Home Improvements, Loew's Cineplex Theater, Kmart, A.C. Moore, Linens 'N Things, Old Navy, Kohl's
San Antonio, TX			223,542			$	41.5				07/26/02			Target, Lowe's Home Improvement, Michael's, Linens 'N Things, Barnes & Noble, T.J. Maxx, Ross Dress for Less, Old Navy, OfficeMax
Birmingham, AL			228,344			$	11.3				07/31/02			Marshall's, Michaels, Toys 'R Us, Kids 'R Us, Pier One, The Mens Wearhouse, Goody's Family Clothing
Columbia, SC			312,178			$	19.5				07/31/02			Barnes & Noble, OfficeMax, Marshall's, Hancock Fabrics, The Avenue, Olive Garden, Rugged Wearhouse, Shoe Carnival, Babies 'R Us, Pier One
Ft. Worth, TX			133,814			$	9.2				07/31/02			Albertson's, Eckerd Drug, Starbucks, Radio Shack
Wichita, KS			300,659			$	15.9				07/31/02			Barnes & Noble, OfficeMax, Osco Drug, TJ Maxx, Toys 'R Us, David's Bridal, Famous Footwear
Lewisville, TX			557,051			$	26.6				07/31/02			Toy's R' Us, Best Buy, Petsmart, Pier One, Olive Garden, Academy Sports
Total			3,294,069			$	297.6

(1)  The Company also obtained a mortgage note receivable of approximately $15 million.

Wholly Owned Acquisitions   3.2

21

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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						Gross Sale
						Proceeds
Property Location		GLA				(Millions)				Sale Date
Kildeer, IL (a)			155,490			$	28.0				3/28/2002
Huntsville, AL			115,202			$	4.4				4/11/2002
Cape Coral, FL			74,202			$	5.1				4/15/2002
Ocala, FL			19,280			$	0.9				8/7/2002
St. Louis, MO			9,048			$	2.0				9/20/2002
Total			373,222			$	40.4

(a)  The property was sold to DDRA Kildeer LLC, which is a joint venture between DRA Advisors (90%) and DDR (10%).

Wholly Owned Dispositions   3.2

22

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Projects Completed
Denver, CO		Demised former HomePlace space and retenanted with Cost Plus World Market and Loehmann’s.
St. Louis, MO		Demised former HomePlace space and retenanted with Bed Bath & Beyond and David’s Bridal.
Detroit, MI		Demised former Farmer Jack’s Grocer space and retenanted with Bally’s Total Fitness and Big Lots.
Lebanon, OH		Purchased adjacent property and relocated three tenants to add a Home Depot to the shopping center.
N. Olmsted, OH		Demised former HomePlace space and retenanted with Bed Bath & Beyond (opened 10/01) and Pier 1 Imports (opened 5/02). Also expanded Kronheim’s existing space by 7,250 sf, which opened in August 2002.
Total Net Cost (Millions)		$8.0
Projects in Progress
Birmingham, AL		Retenanting the former Wal-Mart space with Lowe’s Home Improvement and adding a 45,600 sf expansion, which will include a Ross Dress for Less (currently under construction) and Petco.
N. Little Rock, AR		Demolished the former K-Mart space to rebuild for Bed, Bath & Beyond (opened 9/02), Sports Authority, and up to 35,200 sf of additional retail space.
Brandon, FL		Retenanting the former Scotty’s with 66,000 sf two story Kanes Furniture store.
N. Canton, OH		Expansion of existing Kohl’s space by approximately 20,000 sf and the addition of an additional 7,000 sf of retail space.
Taylorsville, UT		Redevelopment of the center, including the demolition of the former theater to rebuild a 35,000 sf 24 Hour Fitness (scheduled to open in 4th quarter 2002), and the relocation of several small retailers to accommodate a 30,200 sf Ross Dress for Less.
Total Net Cost (Millions)		$21.3
Projects to Commence Construction
Bayonet Point, FL		Relocation of three small shops for the expansion of existing Beall’s space by approximately 15,700 sf.
Tiffin, OH		Retenanting the former Kmart with Marque Theatre and 15,000 sf of additional retail space.
Riverdale, UT (North)		Retenanting the former Wal-Mart space with a Meier and Frank Department Store.

Wholly Owned Expansions and Redevelopments   3.2

23

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

														Substantial
										Net Cost				Completion
Projects Substantially Completed						GLA				(Millions)				Date				Major Tenants
Meridian (Boise), ID Phase I & II							576,623	(1)			$62.9	(1)			2000 (Phase I) 2003 (Phase II)			Phase I: Wal*Mart Supercenter (not owned), Shopko, Shepler's, Bed Bath & Beyond, Office Depot, Old Navy, Sportsman's Warehouse, Ross Dress for Less, Marshalls, additional small retailers and restaurants. Phase II: 142,795 square feet of additional retail space.
Projects in Progress
Riverdale (Salt Lake City), UT Phase I							469,313	(2)			$20.8				2003			Wal*Mart Supercenter (not owned), Sam's Club (not owned), both stores opened 3rd quarter 2002.
Coon Rapids (Minneapolis), MN (Central Quadrant, adjacent to DDR’s existing property)							288,256				$41.6			1st Half 2003 (Phase I) 2004 (Phase II)				Ulta 3 Cosmetics, Border's, Maurice's, Lane Bryant, Sprint.
Long Beach, CA (The Pike at Rainbow Harbor) Phase I			(3	)			343,651			$	113.4			2nd Half 2003				Crown Theatres, Gameworks, Carnival Club, Gladstones, Prego, P.F. Changs, National Sports Grill, Island Burgers, Bubba Gump, California Pizza Kitchen.
Wholly Owned Development Totals							1,677,843			$	238.7

Notes:

Wholly Owned Developments   3.2

24

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

		Assets Placed in Service
Date		(Millions)
As of December 31, 2001			$38.5
1st Quarter 2002			$0.0
2nd Quarter 2002			$2.3
3rd Quarter 2002			$2.8
4th Quarter 2002			$9.7
During 2003 and Thereafter		$	185.4
Total		$	238.7

Wholly Owned and Consolidated Development
Funding Schedule as of September 30, 2002

Funded as of September 30, 2002		$	125.5
Projected Net Funding During 2002			$11.9
Projected Net Funding Thereafter		$	101.3
Total		$	238.7	(1)

(1)  Amount will be reduced by the additional proceeds to be obtained through the construction loans relating to the Meridian, Coon Rapids and The Pike projects.

Wholly Owned Developments   3.2

25

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Mortgage

Maturity

Interest

Balance

Date

Rate(1)

SENIOR DEBT:

Unsecured Credit Facility:

$650 Million Revolving Credit Facility

515,000,000

(2)

05/05

2.798

Secured Credit Facility:

$30 Million Revolving Credit Facility

9,000,000

06/05

2.810

Total Credit Facility Debt

524,000,000

Unsecured Term Loan

V

22,120,000

12/03

3.111

Total Bank Debt

546,120,000

Public Debt:

Medium Term Notes

F

3,000,000

12/02

7.150

Medium Term Notes

F

4,000,000

01/03

7.040

Medium Term Notes

F

3,000,000

01/03

7.030

Medium Term Notes

F

15,000,000

02/03

7.010

Medium Term Notes

F

3,000,000

02/03

7.010

Medium Term Notes

F

10,000,000

07/04

6.900

Medium Term Notes

F

5,000,000

07/04

6.940

Medium Term Notes

F

50,000,000

(3)

12/04

6.840

Medium Term Notes

F

1,000,000

11/05

7.280

Medium Term Notes

F

94,399,584

(4)

03/07

6.840

Medium Term Notes

F

10,000,000

07/07

6.950

Medium Term Notes

F

2,000,000

12/07

7.050

Medium Term Notes

F

99,863,467

01/08

6.625

Medium Term Notes

F

100,000,000

07/18

7.500

Total Public Debt

400,263,051

MORTGAGE DEBT:

Bayonet Point, FL

F

5,327,208

08/06

9.750

Erie, PA

F

26,000,000

04/11

6.880

Erie, PA

F

3,000,000

04/11

6.880

Boardman, OH

F

27,000,000

04/11

6.880

St. Louis, MO (Sunset)

F

35,000,000

04/11

6.880

St. Louis, MO (Brentwood)

F

26,000,000

04/11

6.880

Denver, CO (Centennial)

F

39,000,000

04/11

6.880

Cedar Rapids, IA

F

10,677,064

01/20

9.375

St. Louis, MO (Olympic)

F

4,179,934

08/07

9.150

St. Louis, MO (Gravois)

F

2,379,908

07/12

8.625

St. Louis, MO (Keller)

F

2,138,027

01/10

8.625

St. Louis, MO (Home Qtrs)

F

3,092,888

01/15

8.750

Mt. Pleasant, SC

F

5,961,505

04/03

8.250

Sault St. Marie, MI

F

4,434,480

05/07

8.375

Detroit, MI

F

9,262,170

09/05

7.375

Logan, UT

F

824,396

06/12

8.750

Riverdale, UT (North)

F

9,486,559

10/20

9.300

Salt Lake City, UT

F

746,572

08/04

5.900

Brentwood, TN

F

15,953,448

02/25

8.050

Berlin, VT

F

4,940,000

08/07

9.750

Summary of Consolidated Debt   3.3

26

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Brainerd, MN			F				350,000				02/05				6.750
Spring Hill, FL			F				4,914,489				09/19				9.750
West Pasco, FL			F				4,783,894				02/12				9.625
Princeton, NJ			F				26,757,696				03/27				8.262
Bellefontaine, OH			F				2,745,603				12/16				7.500
Dublin, OH			F				9,986,801				09/06				8.375
Pickerington, OH			F				4,729,948				12/06				8.250
Dallas, TX (Beltline)			F				1,520,725				12/03				8.610
Houston, TX (Commerce Park)			F				1,860,957				12/03				8.610
Irving, TX (Gateway)			F				2,525,585				12/03				8.610
Arlington, TX (Meridian)			F				1,030,189				12/03				8.610
Dallas, TX (Northgate)			F				4,585,930				12/03				8.610
Houston, TX (Plaza Southwest)			F				2,990,824				12/03				8.610
Houston, TX (Westchase)			F				1,176,390				12/03				8.610
Dallas, TX (Carpenter)			F				28,963,861				01/08				7.250
Silver Springs, MD (Tech 29-1)			F				7,194,283				02/09				7.330
Silver Springs, MD (Tech 29-2)			F				3,649,475				09/06				9.050
Silver Springs, MD (Tech 29-3)			F				4,196,702				11/06				8.580
Meridian, ID			V				34,001,698				09/03				3.311
Everett, MA			V				32,789,587				12/02				3.661
Toledo, OH			V				23,000,000				12/02				3.011
Princeton, NJ			V				25,000,000				09/25				3.311
Independence, MO			V				27,500,000				11/02				3.211
N Canton, OH			V				15,157,690				09/08				3.311
Mt. Laurel, NJ			V				12,350,000				06/04				3.311
San Antonio, TX			V				27,699,995				07/06				3.311
Total Mortgage Debt							546,866,481
Total Debt						$	1,493,249,532
Adjustment for Reverse Swap						$	7,136,838	(5)
						$	1,500,386,370
Weighted Average - Total										5.22 years					5.5	%
Weighted Average - Fixed										6.71 years					7.3	%
Weighted Average - Floating										3.25 years					3.2	%

Notes:

1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost amortization is approximately $3.9 million, net.
2.		Senior debt of $100 million has been converted to a fixed rate of 7.6%. An additional $100 million has been converted to a fixed rate of 6.3%. The remaining balance of $315 million is at the stated variable rate.
3.		Public debt of $40 million has been converted to a variable rate of 4.53%. The remaining balance of $10 million is at the stated fixed rate.
4.		Public debt of $60 million has been converted to a variable rate of 3.855%. The remaining balance of $34.4 million is at the stated fixed rate.
5.		Offset included in other assets.

Summary of Consolidated Debt   3.3

27

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

			2002				2003				2004				2005				2006				2007				2008
			Payments				Payments				Payments				Payments				Payments				Payments				Payments
PROPERTY MORTGAGES
Bayonet Point, FL																				5,327,208
Cedar Rapids, IA				238,172				261,484				287,080				315,180				346,032				379,903				417,090
St. Louis, MO (Olympic)				254,442				279,374				306,037				335,244				367,239				2,826,678
St. Louis, MO (Gravois)				217,184				251,792				282,102				309,630				355,259				389,043				291,874
St. Louis, MO (Keller)				204,878				223,265				243,301				265,136				288,930				314,858				343,115
St. Louis, MO (Home Quarters)				135,608				148,664				162,287				177,159				193,393				211,116				230,462
Mt. Pleasant, SC				231,346				5,901,882
Sault St Marie, MI				770,751				837,837				910,763				989,529				1,079,405				418,186
Detroit, MI				2,640,341				2,854,894				3,072,707				2,910,804
Logan, UT				52,508				57,291				62,510				68,204				74,418				81,196				88,593
Riverdale, UT (North)				197,910				217,120				238,196				261,317				286,683				314,511				345,040
Salt Lake City, UT				410,004				428,333				206,663
Brentwood, TN				252,370				269,809				292,348				316,770				343,232				371,905				402,973
Berlin, VT																								4,940,000
Brainerd, MN
(K-Mart)				120,000				135,000				140,000				75,000
Spring Hill, FL				127,012				139,964				154,238				169,966				187,299				206,399				227,447
Toledo, OH				23,000,000
West Pasco, FL
Princeton, NJ				278,978				303,419				323,399				357,990				389,156				423,036				453,799
Princeton, NJ (Nassau Pav)
San Antonio, TX																				27,699,995
Bellefontaine, OH				105,951				114,176				123,039				132,591				142,885				153,977				165,931
Dublin, OH				210,289				228,593				248,490				270,119				9,185,371
Pickerington, OH				171,107				185,769				201,688				218,971				4,079,415
Erie, PA
Erie, PA
N. Canton, OH (DOTRS)																												15,157,690
Boardman, OH
St. Louis, MO (Sunset)
St. Louis, MO (Brentwood)
Independence, MO				27,500,000
Denver, CO (Centennial)
Dallas, TX (Beltline)				146,962				1,482,794
Houston, TX (Commerce Park)				51,564				1,847,648
Irving, TX (Gateway)				69,980				2,507,523
Arlington, TX (Meridian)				28,561				1,022,805
Dallas, TX (Northgate)				127,069				4,553,134
Houston, TX (Plaza Southwest)				82,872				2,969,435
Houston, TX (Westchase)				32,597				1,167,977
Dallas, TX (Carpenter)				393,525				423,026				454,735				488,821				525,462				564,850				26,405,905
Silver Springs, MD (Tech 29-1)				126,563				136,295				145,270				157,949				170,095				183,176				195,898
Silver Springs, MD (Tech 29-2)				70,804				77,485				84,795				92,796				3,376,141
Silver Springs, MD (Tech 29-3)				442,601				442,601				442,601				442,601				2,482,177
Payments Made Through 09/30/02				(6,810,826	)
	Total — Property Mortgages			51,881,123				29,469,390				8,382,249				8,355,777				56,899,795				11,778,834				44,725,817

[Additional columns below]

[Continued from above table, first column(s) repeated]

			2009				2010				2011
			Payments				Payments				Payments				Thereafter				Total
PROPERTY MORTGAGES
Bayonet Point, FL																				5,327,208
Cedar Rapids, IA				457,917				502,740				551,951				7,096,042				10,853,591
St. Louis, MO (Olympic)																				4,369,014
St. Louis, MO (Gravois)				114,649				124,938				136,150				72,226				2,544,847
St. Louis, MO (Keller)				373,701				32,840												2,290,024
St. Louis, MO (Home Quarters)				251,581				274,635				299,802				1,109,192				3,193,899
Mt. Pleasant, SC																				6,133,228
Sault St Marie, MI																				5,006,472
Detroit, MI																				11,478,746
Logan, UT				96,664				105,470				115,077				61,413				863,344
Riverdale, UT (North)				378,532				415,276				455,586				6,523,088				9,633,259
Salt Lake City, UT																				1,045,000
Brentwood, TN				436,636				473,112				512,635				12,463,139				16,134,929
Berlin, VT																				4,940,000
Brainerd, MN
(K-Mart)																				470,000
Spring Hill, FL				250,642				276,201				304,368				3,690,046				5,733,583
Toledo, OH																				23,000,000
West Pasco, FL																4,783,894				4,783,894
Princeton, NJ				499,373				542,848				590,108				22,801,248				26,963,354
Princeton, NJ (Nassau Pav)																25,000,000				25,000,000
San Antonio, TX																				27,699,995
Bellefontaine, OH				178,812				192,694				207,653				1,306,609				2,824,318
Dublin, OH																				10,142,862
Pickerington, OH																				4,856,950
Erie, PA												26,000,000								26,000,000
Erie, PA												3,000,000								3,000,000
N. Canton, OH (DOTRS)																				15,157,690
Boardman, OH												27,000,000								27,000,000
St. Louis, MO (Sunset)												35,000,000								35,000,000
St. Louis, MO (Brentwood)												26,000,000								26,000,000
Independence, MO																				27,500,000
Denver, CO (Centennial)												39,000,000								39,000,000
Dallas, TX (Beltline)																				1,629,756
Houston, TX (Commerce Park)																				1,899,212
Irving, TX (Gateway)																				2,577,503
Arlington, TX (Meridian)																				1,051,366
Dallas, TX (Northgate)																				4,680,203
Houston, TX (Plaza Southwest)																				3,052,307
Houston, TX (Westchase)																				1,200,574
Dallas, TX (Carpenter)																				29,256,324
Silver Springs, MD (Tech 29-1)				6,172,722																7,287,968
Silver Springs, MD (Tech 29-2)																				3,702,021
Silver Springs, MD (Tech 29-3)																				4,252,583
Payments Made Through 09/30/02																				(6,810,826	)
	Total — Property Mortgages			9,211,229				2,940,754				159,173,330				84,906,897				467,725,196

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities   3.4

28

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

					2002				2003				2004				2005				2006				2007
					Payments				Payments				Payments				Payments				Payments				Payments
CONSTRUCTION LOANS
$36 Million Construction Loan US Bank)										34,001,698	(1)
$35.5 Million Construction Loan (National City Bank)						32,789,587	(1)
$22.1 Million Term Loan (Wells Fargo)										22,120,000
$25 Million Construction Loan (National City Bank)														12,350,000
		Total — Construction Loans				32,789,587				56,121,698				12,350,000				0				0				0
UNSECURED DEBT
DEBT OFFERINGS
Senior Notes						3,000,000				25,000,000				65,000,000				1,000,000								106,399,584
		Total — Debt Offerings				3,000,000				25,000,000				65,000,000				1,000,000				0				106,399,584
		Total — Property Mortgages, Construction Loans & Debt Offerings				87,670,710				110,591,088				85,732,249				9,355,777				56,899,795				118,178,418
REVOLVING CREDIT FACILITIES
$650 Million Unsecured Credit (Bank One)																		515,000,000	(2)
$30 Million Revolving Credit (National City Bank)																		9,000,000	(3)
		Total — Debt				87,670,710				110,591,088				85,732,249				533,355,777				56,899,795				118,178,418

[Additional columns below]

[Continued from above table, first column(s) repeated]

					2008				2009				2010				2011
					Payments				Payments				Payments				Payments				Thereafter				Total
CONSTRUCTION LOANS
$36 Million Construction Loan (US Bank)																										34,001,698
$35.5 Million Construction Loan (National City Bank)																										32,789,587
$22.1 Million Term Loan (Wells Fargo)																										22,120,000
$25 Million Construction Loan (National City Bank)																										12,350,000
		Total — Construction Loans				0				0				0				0				0				101,261,285
UNSECURED DEBT
DEBT OFFERINGS
Senior Notes						99,863,467																100,000,000				400,263,051
		Total — Debt Offerings				99,863,467				0				0				0				100,000,000				400,263,051
		Total — Property Mortgages, Construction Loans & Debt Offerings				144,589,284				9,211,229				2,940,754				159,173,330				184,906,897				969,249,532
REVOLVING CREDIT FACILITIES
$650 Million Unsecured Credit (Bank One)																										515,000,000
$30 Million Revolving Credit (National City Bank)																										9,000,000
		Total — Debt				144,589,284				9,211,229				2,940,754				159,173,330				184,906,897				1,493,249,532

Notes:

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities   3.4

29

---

 

Joint Venture Summaries

30

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

		RVIP I A				RVIP III A				RVIP III B				RVIP III C				RVIP IV A								Community				Community				Community				Community
		Plainville, CT				Round Rock, TX				Deer Park, IL				San Antonio, TX				Hagerstown, MD				RVIP VII				Centers				Centers Four				Centers Five				Centers Six
Real Estate Assets			$0.0				$63.3				$64.6				$0.0				$0.0				$267.3				$431.7				$41.4				$248.0				$17.0
Accumulated Depreciation			—				(0.9	)			(2.9	)			—				0.0				(9.6	)			(55.3	)			(4.7	)			(20.0	)			(0.9	)
Real Estate, net			0.0				62.4				61.7				0.0				0.0				257.7				376.4				36.7				228.0				16.1
Receivables, Net			0.0				1.4				1.0				0.0				0.0				5.3				18.8				1.4				7.7				0.4
Other assets			0.0				0.9				2.4				0.0				0.0				11.8				17.8				1.6				6.1				1.1
			$0.0				$64.7				$65.1				$0.0				$0.0				$274.8				$413.0				$39.7				$241.8				$17.6
Mortgage Debt			$0.0				$54.2				$47.3				$0.0				$0.0				$140.2				$360.8				$27.3				$156.0				$12.8
Amounts payable to DDRC			0.0				0.0				0.0				0.0				0.0				0.0				9.7				0.0				0.1				0.0
Other liabilities			0.0				1.9				1.2				0.0				0.0				2.9				6.8				1.4				3.7				0.5
			0.0				56.1				48.5				0.0				0.0				143.1				377.3				28.7				159.8				13.3
Accumulated equity (deficit)			0.0				8.6				16.6				0.0				0.0				131.7				35.7				11.0				82.0				4.3
			$0.0				$64.7				$65.1				$0.0				$0.0				$274.8				$413.0				$39.7				$241.8				$17.6

Combining Statements of Operations
for the period ended September 30, 2002

		RVIP I A				RVIP III A				RVIP III B				RVIP III C				RVIP IV A								Community				Community				Community				Community
		Plainville, CT				Round Rock, TX				Deer Park, IL				San Antonio, TX				Hagerstown, MD				RVIP VII				Centers				Centers Four				Centers Five				Centers Six
Revenues from operations			$4.1				$6.8				$8.0				$2.9				$0.0				$29.6				$47.3				$4.0				$26.5				$2.2
Rental operation expenses			1.3				2.4				3.0				0.7				0.0				9.8				13.2				1.4				8.1				0.8
Depreciation and amortization expense			0.6				0.8				1.2				0.6				0.0				4.6				6.7				0.7				3.8				0.2
Interest expense			0.6				1.5				2.2				0.7				0.0				7.3				16.7				1.5				8.0				0.9
			2.5				4.7				6.4				2.0				0.0				21.7				36.6				3.6				19.9				1.9
Income (loss) before gain on sale			1.6				2.1				1.6				0.9				0.0				7.9				10.7				0.4				6.6				0.3
Gain on sale of real estate			0.0				0.0				0.0				0.0				0.0				0.0				4.4				0.0				0.0				0.0
Discontinued operations			0.0				0.0				0.0				0.0				0.7				0.0				0.2				0.0				0.0				0.0
Gain on sale of discontinued operations			0.0				0.0				0.0				0.0				0.0				0.0				10.6				0.0				0.0				0.0
Net income (loss)			$1.6				$2.1				$1.6				$0.9				$0.7				$7.9				$25.9				$0.4				$6.6				$0.3
DDR Ownership interest			***				***				24.75	%			***				***				20	%			20	%			35	%			50	%			50	%
			$0.4				$0.4				$0.4				$0.2				$0.1				$1.8				$5.2				$0.1				$3.3				$0.2
Amortization of basis differential			0.0				0.0				0.0				0.0				0.0				0.0				(1.1	)			0.0				0.1				0.0
			$0.4				$0.4				$0.4				$0.2				$0.1				$1.8				$4.1				$0.1				$3.4				$0.2
Funds From Operations (“FFO”):
Net income (loss)			$1.6				$2.1				$1.6				$0.9				$0.7				$7.9				$25.9				$0.4				$6.6				$0.3
Depreciation of real property			0.6				0.8				1.2				0.6				0.4				4.6				6.9				0.7				3.8				0.2
Less gain on sale			0.0				0.0				0.0				0.0				0.0				0.0				(15.0	)			0.0				0.0				0.0
			$2.2				$2.9				$2.8				$1.5				$1.1				$12.5				$17.8				$1.1				$10.4				$0.5
DDR ownership interest			***				***				***				***				***				***				20	%			35	%			50	%			50	%
DDR FFO			$0.8				$1.2				$0.7				$0.6				$0.5				$3.2				$3.6				$0.4				$5.2				$0.3

Joint Venture Financials   4.1

31

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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---

			Community				Community												Lennox Town				Sun Center				Dublin				Washington				Liberty								Leawood,
			Centers Seven				Centers Eight				Merriam				Kildeer, IL				Center (2)				Limited (2)				Village (2)				Park (2)				Fair				DOTRS				KS (2)
Real Estate Assets				$15.6				$26.7				$49.0				$28.0				$21.1				$25.1				$29.7				$18.2				$32.6				$24.9				$60.0
	Accumulated Depreciation			(0.7	)			(1.3	)			(3.7	)			(0.3	)			(1.9	)			(4.3	)			(12.2	)			(7.0	)			(11.3	)			(2.9	)			(6.5	)
Real Estate, net				14.9				25.4				45.3				27.7				19.2				20.8				17.5				11.2				21.3				22.0				53.5
Receivables, Net				0.3				1.0				2.1				0.2				1.2				0.9				0.7				0.3				0.5				1.1				1.9
Other assets				0.1				0.6				1.5				0.6				0.8				0.6				0.5				1.4				0.8				0.9				5.5
				$15.3				$27.0				$48.9				$28.5				$21.2				$22.3				$18.7				$12.9				$22.6				$24.0				$60.9
Mortgage Debt				$10.0				$17.9				$33.9				$19.5				$19.6				$21.8				$19.4				$14.1				$20.3				$11.6				$53.7
Amounts payable to DDRC				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.9				8.6				0.0				0.0
Other liabilities				0.3				0.7				0.9				0.3				0.7				0.9				0.7				1.1				0.3				0.5				6.0
				10.3				18.6				34.8				19.8				20.3				22.7				20.1				16.1				29.2				12.1				59.7
Accumulated equity (deficit)				5.0				8.4				14.1				8.7				0.9				(0.4	)			(1.4	)			(3.2	)			(6.6	)			11.9				1.2
				$15.3				$27.0				$48.9				$28.5				$21.2				$22.3				$18.7				$12.9				$22.6				$24.0				$60.9

Combining Statements of Operations
for the period ended September 30, 2002

		Community				Community												Lennox Town				Sun Center				Dublin				Washington				Liberty								Leawood,
		Centers Seven				Centers Eight				Merriam				Kildeer, IL				Center (2)				Limited (2)				Village (2)				Park (2)				Fair				DOTRS				KS (2)
Revenues from operations			$1.6				$3.3				$4.8				$1.9				$3.4				$2.7				$2.6				$1.0				$2.6				$4.0				$9.0
Rental operation expenses			0.4				1.1				1.3				0.4				0.8				0.7				1.0				0.5				0.8				1.0				3.4
Depreciation and amortization expense			0.2				0.4				0.8				0.3				0.2				0.5				0.7				0.4				0.8				0.6				1.0
Interest expense			0.6				1.1				1.3				0.1				1.2				1.4				1.2				0.9				1.6				0.4				3.0
			1.2				2.6				3.4				0.8				2.2				2.6				2.9				1.8				3.2				2.0				7.4
Income (loss) before gain on sale			0.4				0.7				1.4				1.1				1.2				0.1				(0.3	)			(0.8	)			(0.6	)			2.0				1.6
Gain on sale of real estate			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.00				0.00				0.0				0.0
Discontinued operations			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Gain on sale of discontinued operations			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
Net income (loss)			$0.4				$0.7				$1.4				$1.1				$1.2				$0.1				($0.3	)			($0.8	)			($0.6	)			$2.0				$1.6
DDR Ownership interest			50	%			50	%			50	%			10	%			50	%			79	%			80	%			50	%			***				50	%			50	%
			$0.2				$0.4				$0.7				$0.1				$0.6				$0.1				($0.2	)			($0.4	)			($0.6	)			$1.0				$0.8
Amortization of basis differential			0.0				0.0				0.0				$0.0				(0.1	)			(0.1	)			(0.1	)			(0.0	)			0.0				0.1				(0.2	)
			$0.2				$0.4				$0.7				$0.1				$0.5				($0.0	)			($0.3	)			($0.4	)			($0.6	)			$1.1				$0.6
Funds From Operations (“FFO”):
Net income (loss)			$0.4				$0.7				$1.4				$1.1				$1.2				$0.1				($0.3	)			($0.8	)			($0.6	)			$2.0				$1.6
Depreciation of real property			0.2				0.4				0.8				0.3				0.2				0.5				0.7				0.4				0.8				0.6				1.0
Less gain on sale			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
			$0.6				$1.1				$2.2				$1.4				$1.4				$0.6				$0.4				($0.4	)			$0.2				$2.6				$2.6
DDR ownership interest			50	%			50	%			50	%			10	%			50	%			79	%			80	%			50	%			***				50	%			50	%
DDR FFO			$0.3				$0.6				$1.1				$0.1				$0.7				$0.5				$0.3				($0.1	)			$0.2				$1.3				$1.3

Joint Venture Financials   4.1

32

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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---

			Littleton,				Salisbury,				Coon Rapids,				Service				Jefferson County,				Round Rock,				San Antonio,				Sansone Group /				DD Dev				DD Dev
			CO (3)				MD				MN				Merchandise (4)				MO (3)				TX (3)				TX (3)				DDRC LLC				Co (5)				Co II (6)				Total
Real Estate Assets				$54.3				$2.1				$35.9				$143.2				$5.0				$2.0				$0.0				$0.8				$8.4				$32.3				$1,748.2
	Accumulated Depreciation			(0.5	)			(0.1	)			(1.1	)			0.0				0.0				0.0				0.0				0.0				($0.3	)			0.0				(148.4	)
Real Estate, net				53.8				2.0				34.8				143.2				5.0				2.0				0.0				0.8				8.1				32.3				1,599.8
Receivables, Net				0.3				0.2				0.6				4.4				(0.1	)			0.4				0.0				1.9				13.9				0.0				67.8
Other assets				(0.3	)			0.3				0.5				10.5				0.2				1.1				0.0				6.5				14.9				1.3				90.0
				$53.8				$2.5				$35.9				$158.1				$5.1				$3.5				$0.0				$9.2				$36.9				$33.6				$1,757.6
Mortgage Debt				$42.8				$1.9				$28.1				$78.9				$2.3				$0.0				$0.0				$0.0				$1.1				$0.0				$1,195.5
Amounts payable to DDRC				6.6				0.2				0.0				0.0				2.8				1.6				0.0				0.0				19.3				33.4				83.2
Other liabilities				1.3				0.1				0.7				0.1				0.0				0.0				0.0				1.3				9.3				0.0				43.6
				50.7				2.2				28.8				79.0				5.1				1.6				0.0				1.3				29.7				33.4				1,322.3
Accumulated equity (deficit)				3.1				0.3				7.1				79.1				0.0				1.9				0.0				7.9				7.2				0.2				435.3
				$53.8				$2.5				$35.9				$158.1				$5.1				$3.5				$0.0				$9.2				$36.9				$33.6				$1,757.6

Combining Statements of Operations
for the period ended September 30, 2002

		Littleton,				Salisbury,				Coon Rapids,				Service				Jefferson County,				Round Rock,				San Antonio,				Sansone Group /				DD Dev				DD Dev
		CO (3)				MD				MN				Merchandise (4)				MO (3)				TX (3)				TX (3)				DDRC LLC				Co (5)				Co II (6)				Total
Revenues from operations			$5.5				$0.3				$2.5				$4.3				$0.3				$0.1				$0.0				$6.4				$1.1				$0.0				$188.8
Rental operation expenses			1.8				0.1				0.8				3.6				0.1				0.0				0.0				5.3				0.7				0.1				64.6
Depreciation and amortization expense			0.5				0.0				0.4				0.0				0.0				0.0				0.0				0.0				0.2				0.0				26.2
Interest expense			1.4				0.1				0.4				1.7				0.2				0.0				0.0				0.0				0.3				0.0				56.3
			3.7				0.2				1.6				5.3				0.3				0.0				0.0				5.3				1.2				0.1				147.1
Income (loss) before gain on sale			1.8				0.1				0.9				(1.0	)			0.0				0.1				0.0				1.1				(0.1	)			(0.1	)			41.7
Gain on sale of real estate			0.0				0.0				0.0				7.8				0.0				0.2				1.3				0.0				0.0				0.0				13.7
Discontinued operations			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.6				0.0				1.5
Gain on sale of discontinued operations			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				4.3				0.7				15.6
Net income (loss)			$1.8				$0.1				$0.9				$6.8				$0.0				$0.3				$1.3				$1.1				$.8			$	0.6			$	72.5
DDR Ownership interest			50	%			50	%			25	%			25	%			50	%			50	%			50	%			***				*****				95	%
			$0.9				$0.1				$0.2				$1.7				$0.0				$0.2				$0.7				$0.4				$4.8				$0.6				$24.1
Amortization of basis differential			0.0				0.0				$0.0				$0.0				0.0				0.0				0.0				(0.4	)			0.0				0.0				(1.7	)
			$0.9				$0.1				$0.2				$1.7				$0.0				$0.2				$0.7				$0.0				$4.8				$0.6				$22.4
Funds From Operations (“FFO”):
Net income (loss)			$1.8				$0.1				$0.9				$6.8				$0.0				$0.3				$1.3				$1.1				$4.8				$0.6				$72.5
Depreciation of real property			0.5				0.0				0.4				0.0				0.0				0.0				0.0				0.0				0.2				0.0				26.8
Less gain on sale			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0				(15.0	)
			$2.3				$0.1				$1.3				$6.8				$0.0				$0.3				$1.3				$1.1				$5.0				$0.6				$84.3
DDR ownership interest			50	%			50	%			25	%			25	%			50	%			50	%			50	%			***				*****				95	%
DDR FFO			$1.2				$0.1				$0.3				$1.7				$0.0				$0.2				$0.7				$0.6				$4.2				$0.6				$32.1

Joint Venture Financials   4.1

33

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

(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)  Asset under development.

(4)  The Company owns a 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. The gain on sale of assets is shown net of estimated taxes for presentation purposes. Actual taxes paid by partners will vary.

(5)  The Company owns a 95% economic interest in DD Development Co. (a C-Corp.). This entity holds various LLC interests in the following projects owned through the Prudential Retail Value Fund: several retail sites formerly occupied by Best Products acquired from Metropolitan Life, a portfolio of six retail properties in Kansas City, KS and a 440,000 square foot redevelopment project in Long Beach, CA.

(6)  The Company owns a 95% economic interest in DD Development Co. II (a C-Corp.). This entity has an interest in a retail site under development in Long Beach, CA and a note receivable secured by certain real estate, which were received in settlement of advances made to DDR OliverMcMillan. Additionally, this entity has an interest in RVIP IIIA, which owns a shopping center in Round Rock, TX, and two joint ventures owning outparcels in Round Rock, TX and San Antonio, TX.

***See Section 4.2, Joint Venture Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

34

Joint Venture Financials 4.1

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		RVIP IIIA
Date Formed:		December 1999
Property Name/Location:		Round Rock, TX
Major Tenants:		Sam’s (not owned)		Marshall’s
		Circuit City		Old Navy
		Kohl’s		Barnes & Noble
		Office Depot		Petco
		Bed, Bath and Beyond		Hobby Lobby
		Ulta 3		Cost Plus World Market
		Lowe’s Home Improvements (not owned)

Partnership Structure
Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)
Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% preferred return on equity
Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR)
		once limited partners have received a 10% preferred return
		and return of equity
Fees to DDR
Management Fee:		4%
Development Fee:		1% of total hard construction costs (excluding land & soft costs)
Asset Management Fee:		..4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:		N/A

Capital Structure (in millions)
DDR			2.0
PREI			5.9
Coventry			0.7
Total Capital		$	8.6
Debt		$	54.2
Total Debt & Equity		$	62.8

Joint Venture Partnership Summaries     4.2

35

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		RVIP IIIB/DDRC P&M Deer Park Town Center, LLC
Date Formed:		September 2000
Property Name/Location:		Deer Park, IL
Major Tenants:		Eddie Bauer		Pottery Barn
		Talbots		Coldwater Creek
		Restoration Hardware		J. Crew
		Abercrombie & Fitch		Pier One Imports
		GAP		Banana Republic
		Barnes & Noble		Chico’s

Partnership Structure

Ownership Percentage:		50% - RVIP IIIB
		50% - Poag & McEwen Lifestyle Centers, LLC (Development Partner)
		(No equity contributions at this partnership level)
Cash Flow Distribution:		50% - RVIP IIIB
		50% - Poag & McEwen Lifestyle Centers, LLC
RVIP IIIB
Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)
Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% preferred return on equity
Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR)
		once limited partners have received a 10% preferred return
		and return of equity
Fees to DDR
Management Fee:		2%
Development Fee:		1% of hard costs for all improvements
Asset Management Fee:		..4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:		N/A

Capital Structure (in millions)
DDRC			4.1
Prudential			12.2
Coventry			0.3
Total Capital		$	16.6
Debt		$	47.3
Total Debt & Equity		$	63.9

Joint Venture Partnership Summaries     4.2

36

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		Retail Value Investment Program VII LLC
Date Formed:		November 2000
Property Name/Location:		The joint venture consists of the following ten properties:

		Meridian Village - Bellingham, WA		Valley Central Shopping Center - Lancaster, CA
		San Diego Factory Outlet - San Ysidro, CA		Cameron Park Place - Cameron Park, CA
		La Mancha Shopping Center - Fullerton, CA		Downtown Pleasant Hill - Pleasant Hill, CA
		Olympiad Plaza - Mission Viejo, CA		Richmond City Center - Richmond, CA
		Plaza at Puente Hills - City of Industry, CA		Puget Park Shopping Center - Everett, WA

Major Tenants:		Office Depot		Michael’s
		Home Depot		Staples
		IKEA		Albertson’s
		Circuit City		Bed, Bath & Beyond
		Wal-Mart		K-Mart
		Toys “R” Us		Payless Drug
		Cinemark		Marshalls
		Century Theater

Partnership Structure
Equity Contribution:		1% - Coventry Real Estate Partners
		20% - DDR
		79% - Prudential Real Estate Investors (PREI)
Cash Flow Distribution:		1% - Coventry Real Estate Partners
		20% - DDR
		79% - Prudential Real Estate Investors
		Up to a leveraged 11% return on equity (10% year one, 10.5% year two, 11% thereafter)
Promote (current):		(i) Pro rata in proportion to the member’s invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate Partners (79% owned by DDR) until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry.
Fees to DDR
Management Fee:		3.20%
Development Fee:		5.0% of hard and soft costs
Asset Management Fee:		..63% (DDR’s pro-rata share of Coventry’s .8% fee)
Leasing Fees (without co-broker):		5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet) 4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet)
		3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases)
		Renewals earn 50% of fees on new leases

Capital Structure (in millions)
DDR		$	26.5
PREI			104.0
Coventry			1.2
Total Capital		$	131.7
Debt		$	140.2
Total Debt & Equity		$	271.9

Joint Venture Partnership Summaries     4.2

37

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		Community Centers, L.L.C. (One, Two, Three, Shoppers World and Community I)
Date Formed:		November, 1995
Property Name/Location:		The joint ventures consist of the following eight properties:

				Carmel Mountain Plaza - San Diego, CA		Town Center Prado - Marietta, GA
			(1)	Broadway Marketplace - Denver, CO		Woodfield Village Green - Schaumburg, IL
				Carillon Place - Naples, FL		Shopper’s World - Framingham, MA
				Perimeter Pointe - Atlanta, GA		Fairfax Towne Center - Fairfax, VA

Major Tenants:		A.C. Moore		Jordan Marsh/Federated		Publix
		Albertson’s		Kohl’s		Ross Dress for Less
		Babies ’R Us		Kmart		Safeway
		Barnes & Noble		L.A. Fitness Sports Clubs		Sam’s
		Bed Bath & Beyond		Linens ‘N Things		Service Merchandise
		Best Buy		Marshalls		Sports Authority
		Bobs		Mervyn’s (not owned)		Sportsmart
		Borders Books		Michael’s		St. Joseph’s Hospital
		Circuit City		Nordstrom Rack		Stein Mart
		Container Store		Off 5th		TJ Maxx
		Costco (not owned)		Office Depot		Tower Records
		Crunch Fitness		OfficeMax		Toys ’R Us
		DSW Shoe Warehouse		Pacific Theatres		United Artists Theatre
		Expo Design Center		Pep Boy’s		Winn Dixie
		General Cinema

Partnership Structure
Equity Contribution:		20% - DDR
		80% - DRA Advisors
Cash Flow Distribution:		20% - DDR
		80% - DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	7.1
DRA Advisors			28.5
Total Capital		$	35.6
Debt		$	360.8
Total Debt & Equity		$	396.4

(1)

Broadway Marketplace in Denver, Colorado was sold on October 29,2002.

Joint Venture Partnership Summaries     4.2

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		DDRA Community Centers Four, L.P.
Date Formed:		January, 1997
Property Name/Location:		La Plaza Del Norte - San Antonio, TX
Major Tenants:		Ross Stores
		DSW Shoe Warehouse
		Best Buy
		Oshman’s Sporting Goods
Partnership Structure
Equity Contribution:		35% - DDR
		65% - DRA Advisors
Cash Flow Distribution:		35% - DDR
		65% - DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income excluding recoveries
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	3.9
DRA Advisors			7.1
Total Capital		$	11.0
Debt		$	27.3
Total Debt & Equity		$	38.3

Joint Venture Partnership Summaries     4.2

39

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		DDRA Community Centers Five, L.P.
Date Formed:		September, 1998
Property Name/Location:		The joint venture consists of the following six properties:

		Foothills Towne Center - Ahwatukee, AZ		Maple Grove Crossing - Maple Grove, MN
		Arrowhead Crossing - Phoenix, AZ		Tanasbourne Town Center - Portland, OR
		Eagan Promenade - Eagan, MN		Eastchase Market - Fort Worth, TX

Major Tenants:		AMC Theatre		Gander Mountain		Old Navy
		Ashley Homestores		Haggan’s		Oshman’s Sporting Goods
		Babies ’R Us		Kohl’s Department		Petco
		Barnes & Noble		Linens ‘N Things		Petsmart
		Bassett Furniture		Mac Frugal’s		Pier One
		Bed Bath & Beyond		Mervyn’s (not owned)		Ross Dress for Less
		Byerly’s		Michael’s		Staples
		Circuit City		MJ Designs		Stein Mart
		Comp USA		Nordstrom Rack (not owned)		Target (not owned)
		Cub Foods (not owned)		Office Depot		TJ Maxx
		Ethan Allen (not owned)		Office Depot (not owned)		Toys ’R Us (not owned)
		Famous Footwear		OfficeMax		United Artists Theatre

Partnership Structure
Equity Contribution:		50% - DDR
		50% - DRA Advisors
Cash Flow Distribution:		50% - DDR
		50% - DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	41.0
DRA Advisors			41.0
Total Capital		$	82.0
Debt		$	156.0
Total Debt & Equity		$	238.0

Joint Venture Partnership Summaries     4.2

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		DDRA Community Centers Six, L.P.
Date Formed:		March, 1999
Property Name/Location:		Clocktower Place — St. Louis, MO
Major Tenants:		TJ Maxx
		Office Depot
		Dierberg’s Marketplace
Partnership Structure
Equity Contribution:		50% — DDR
		50% — DRA Advisors
Cash Flow Distribution:		50% — DDR
		50% — DRA Advisors
Fees to DDR
Management Fee:		50% of 3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	2.1
DRA Advisors			2.1
Total Capital		$	4.2
Debt		$	12.8
Total Debt & Equity		$	17.0

Joint Venture Partnership Summaries     4.2

41

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		DDRA Community Centers Seven, L.P.
Date Formed:		October, 1999
Property Name/Location:		Ahwatukee Foothills Towne Center (Phase IV) — Phoenix, AZ
Major Tenants:		JoAnn, Etc.
		Best Buy
Partnership Structure
Equity Contribution:		50% — DDR
		50% — DRA Advisors
Cash Flow Distribution:		50% — DDR
		50% — DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	2.5
DRA Advisors			2.5
Total Capital		$	5.0
Debt		$	10.0
Total Debt & Equity		$	15.0

Joint Venture Partnership Summaries     4.2

42

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		DDRA Community Centers Eight, L.P.
Date Formed:		February, 2000
Property Name/Location:		Deer Valley Towne Center — Phoenix, AZ
Major Tenants:		Ross Stores
		OfficeMax
		Petsmart
		Michael’s
		Target (not owned)
		AMC Theatres (not owned)
Partnership Structure
Equity Contribution:		50% — DDR
		50% — DRA Advisors
Cash Flow Distribution:		50% — DDR
		50% — DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	4.2
DRA Advisors			4.2
Total Capital		$	8.4
Debt		$	17.9
Total Debt & Equity		$	26.3

Joint Venture Partnership Summaries     4.2

43

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Developers Diversified Realty

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Joint Venture Investment Summary

Joint Venture Name:		Merriam Town Center Ltd.
Date Formed:		October, 1996
Property Name/Location:		Merriam Town Center — Merriam, KS

Major Tenants:		Cinemark		OfficeMax
		Hen House		Dick’s Sporting Goods
		Marshalls		Home Depot (not owned)
		Petsmart

Partnership Structure
Equity Contribution:		50% — DDR
		50% — DRA Advisors
Cash Flow Distribution:		50% — DDR
		50% — DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	7.1
DRA Advisors			7.1
Total Capital		$	14.2
Debt		$	33.9
Total Debt & Equity		$	48.1

Joint Venture Partnership Summaries     4.2

44

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		DDRA Kildeer LLC
Date Formed:		March 28, 2002
Property Name/Location:		The Shops at Kildeer — Kildeer, IL
Major Tenants:		Bed, Bath & Beyond Old Navy Cost Plus Circuit City
Partnership Structure
Equity Contribution:		10% — DDR 90% — DRA Advisors
Cash Flow Distribution:		10% — DDR 90% — DRA Advisors
Promote:		After the partners have received distributions equal to their capital contributed, plus a preferred return of 15%, then the Company will receive 35% up to a preferred return of 20%, then 50% of remaining cash after a 20% preferred return has been achieved.
Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR			$	0.9
DRA Advisors				7.8
	Total Capital		$	8.7
Debt			$	19.5
Total Debt & Equity			$	28.2

Joint Venture Partnership Summaries   4.2

45

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		Lennox Town Center Limited
Date Formed:		February, 1998
Property Name/Location:		Lennox Town Center Shopping Center — Columbus, OH
Major Tenants:		Target
		Barnes & Noble
		Staples
		AMC Theatres Lennox 24
Partnership Structure
Equity Contribution:		50% — DDR
		50% — Casto Properties
Cash Flow Distribution:		50% — DDR
		50% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)
DDR			$	0.5
Casto Properties				0.5
	Total Capital		$	1.0
Debt			$	19.6
Total Debt & Equity			$	20.6

Joint Venture Partnership Summaries   4.2

46

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		Sun Center Limited
Date Formed:		February, 1998
Property Name/Location:		Sun Center — Columbus, OH
Major Tenants:		Babies ’R Us
		Rhodes Furniture
		Stein Mart
		Big Bear
		Staples
Partnership Structure
Equity Contribution:		79.45% — DDR
		20.55% — Casto Properties
Cash Flow Distribution:		79.45% — DDR
		20.55% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel       Sales:		N/A

Capital Structure (in millions)
DDR			$	(0.3	)
Casto Properties				(0.1	)
	Total Capital (1)		$	(0.4	)
Debt			$	21.8
Total Debt & Equity			$	21.4

(1)  Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries   4.2

47

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		Continental Sawmill Limited Partnership
Date Formed:		February, 1998
Property Name/Location:		Dublin Village Center — Columbus, OH
Major Tenants:		AMC Theatre
		DSW Shoe Warehouse
		B.J.’s Wholesale Club (not owned)
Partnership Structure
Equity Contribution:		80.012% — DDR
		19.988% — Casto Properties
Cash Flow Distribution:		80.012% — DDR
		19.988% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel     Sales:		N/A

Capital Structure (in millions)
DDR			$	(1.1	)
Casto Properties				(0.3	)
	Total Capital (1)		$	(1.4	)
Debt			$	19.4
Total Debt & Equity			$	18.0

(1)  Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries   4.2

48

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		Drexel Washington L.L.C.
Date Formed:		February, 1998
Property Name/Location:		Washington Park — Dayton, OH
Major Tenants:		Books A Million
		Avnet Electronics Marketing
Partnership Structure
Equity Contribution:		49.7918% — DDR
		50.2082% — Casto Properties
Cash Flow Distribution:		49.7918% — DDR
		50.2082% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel     Sales:		N/A

Capital Structure (in millions)
DDR			$	(1.6	)
Casto Properties				(1.6	)
	Total Capital (1)		$	(3.2	)
Debt			$	14.1
Total Debt & Equity			$	10.9

(1)  Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries   4.2

49

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		Liberty Fair Mall Associates
Date Formed:		January, 1993
Property Name/Location:		Liberty Fair Mall — Martinsville, VA
Major Tenants:		Goody’s		Sears
		Belk/Leggetts		OfficeMax
		J.C. Penney		Kroger
Partnership Structure
Equity Contribution:		50% — DDR
		50% — The Lester Group
Cash Flow Distribution:		50% — DDR
		50% — The Lester Group
Fees to DDR
Management Fee:		3% major tenants/5% retail tenants
Development Fee:		N/A
Leasing Fees:		5% on new leases/3% on renewals
Commission on Outparcel     Sales:		N/A

Capital Structure (in millions)
DDR			$	(3.3	)
The Lester Group				(3.3	)
	Total Capital (1)		$	(6.6	)
Debt			$	20.3
Total Debt & Equity			$	13.7

(1)  Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries   4.2

50

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		DOTRS LLC
Date Formed:		September, 1996
Property Name/Location:		Macedonia Commons — Macedonia, Ohio
Major Tenants:		First National Supermarkets
		Kohl’s Department Store
		Wal-Mart (not owned)
Partnership Structure
Equity Contribution:		50% — DDR
		50% — The State Teachers Retirement Board of Ohio
Cash Flow Distribution:		50% — DDR
		50% — The State Teachers Retirement Board of Ohio
Fees to DDR
Management Fee:		5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3.5% on renewals
Commission on Outparcel     Sales:		N/A

Capital Structure (in millions)
DDR			$	6.1
The State Teachers Retirement Board				6.1
	Total Capital		$	12.2
Debt			$	11.6
Total Debt & Equity			$	23.8

(1)  Developers Diversified Realty Corp. acquired The State Teachers Retirement System of Ohio’s 50% interest in Belden Park Crossing in Canton, Ohio for approximately $11.4 million on June 24, 2002.

Joint Venture Partnership Summaries   4.2

51

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		Town Center Plaza, L.L.C.
Date Formed:		December, 1998
Property Name/Location:		Town Center Plaza — Leawood, KS
Major Tenants:		Barnes & Noble
		Jacobson
Partnership Structure
Equity Contribution:		50% — DDR
		50% — Poag & McEwen
Cash Flow Distribution:		50% — DDR
		50% — Poag & McEwen
Fees to DDR
Management Fee:		5% of 40% of gross retail income
Development Fee:		N/A
Leasing Fees:		N/A

Capital Structure (in millions)
DDR			$	0.6
Poag & McEwen				0.6
	Total Capital		$	1.2
Debt			$	53.7
Total Debt & Equity			$	54.9

Joint Venture Partnership Summaries   4.2

52

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Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		DDRC PDK Salisbury Phase III LLC
Date Formed:		March 2001
Property Name/Location:		Salisbury, MD
Major Tenants:		Rugged Warehouse
		Famous Footwear
		Dress Barn
Partnership Structure
Ownership Percentage:		50% — DDR
		50% — PDK Commons Phase III L.C.
Cash Flow Distribution:		50% — DDR
		50% — PDK Commons Phase III L.C.
Fees to DDR
Management Fee:		4%
Development Fee:		$.75 psf of leasehold improvements
Leasing Fees:		N/A

Capital Structure (in millions)
DDR		$	0.15
PDK Salisbury LLC		$	0.15
Total Capital		$	0.3
Payable to DDR		$	0.2
Debt		$	1.9
Total Debt & Equity		$	2.4

Joint Venture Partnership Summaries   4.2

53

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Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		DLA Ventures LLC
Date Formed:		September 1999
Property Name/Location:		Coon Rapids, MN (Phase I — Outer Ring)
Major Tenants:		Costco (not owned)
		Sears
		Kohl’s
		JoAnn Etc.
		Linens ‘N Things
		Best Buy
		Old Navy
		Sportsman’s Warehouse
Partnership Structure
Equity Contribution:		75% — Lubert-Adler Real Estate Fund (DLA)
		25% — DDR
Cash Flow Distribution:		75% — Lubert-Adler Real Estate Fund
		25% — DDR
Fees to DDR
Management Fee:		4%
Development Fee:		$1,699,336 (40% at 09/30/99 and remainder payable ratably)
Leasing Fees:		N/A

Capital Structure (in millions)
DLA		$	5.3
DDR		$	1.8
Total Capital		$	7.1
Debt		$	28.1
Total Debt & Equity		$	35.2

Joint Venture Partnership Summaries   4.2

54

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		KLA/SM L.L.C.
Date Formed:		March 2002
Property Name/Location:		The Joint Venture consists of the designation rights to approximately 205 properties and leasehold interests owned by the Service Merchandise Company, Inc. These properties are located in 33 states across the United States. The Joint Venture holds the designation rights to these assets until approximately September 30, 2002. During the designation period the Joint Venture is responsible for all applicable carrying costs and may assign, sell or reject these assets at any time. At the end of the designation period, a new company to be formed between Service Merchandise and the Joint Venture will obtain title to all assets not rejected, sold or assigned and assume the debt relating to those assets.
Partnership Structure
Equity Contribution:		25% — DDR
		12.5% — Klaff Realty, L.P.
		62.5% — Lubert-Adler Funds
Cash Flow Distribution:		25% — DDR
		12.5% — Klaff Realty, L.P.
		62.5% — Lubert-Adler Funds
		Once all partners receive a return of all equity, plus a 12% preferred return thereon, plus $43 million, Service Merchandise will be entitled to share 20% of the excess. The remaining proceeds will be distributed in accordance with the percentages noted.
Promote:		Once all partners have received a return of all equity, plus a 10% preferred return thereon, DDR will receive 35% of available proceeds.
Fees to DDR
Management Fees:		3.0% of gross revenues
Development Fees:		4.5% of hard costs for all improvements for all retail tenant leases
		1.5% of hard costs for all non-retail or furniture leases
Leasing Fees:		$0.94 per square foot for all retail tenant leases
		$0.31 per square foot for all non-retail or furniture leases
Disposition Fees:		..75% of gross sales price for all sales to retail purchasers
		..25% of gross sales price for all sales to non-retail or furniture purchasers

Capital Structure (in millions)
DDR			$	19.8
Klaff			$	9.9
Lubert-Adler			$	49.4
	Total Capital		$	79.1
Existing Debt			$	78.9	1
Anticipated Debt Funding			$	44.0	1
Maximum Debt Assumption			$	33.0	2
Total Debt & Equity			$	235.0

1-At September 30, 2002, the Joint Venture had a total investment of $79.1 million. During the 3rd quarter, $57.7 million was funded to complete the purchase of a portfolio of loans collateralized by the acquired properties.

Joint Venture Partnership Summaries   4.2

55

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Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		DDRC P&M Aspen Grove Lifestyle Center Properties LLC
Date Formed:		April 2001
Property Name/Location:		Littleton, CO
Major Tenants:		Ann Taylor		William Sonoma
		The Bombay Company		Coldwater Creek
		Chico’s		Eddie Bauer
		Casual Corner		Talbots
		GAP		Victoria’s Secret
		Banana Republic		Pottery Barn
Partnership Structure
Equity Contribution:		50% — DDR
		50% — Poag & McEwen Lifestyle Center — Littleton LLC
Cash Flow Distribution:		50% — DDR
		50% — Poag & McEwen Lifestyle Center — Littleton LLC
Fees to DDR
Management Fee:		1.40%
Financing Fee:		1% of construction loan balance
Development Fee:		1% of hard costs and architectural & engineering
Leasing Fees:		N/A

Capital Structure (in millions)
DDRC		$	1.6
Poag & McEwen		$	1.5
Total Capital		$	3.1
Payable to DDR		$	6.6
Debt		$	42.8
Total Debt & Equity		$	52.5

Joint Venture Financial Summaries   4.2

56

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Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 2002

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Joint Venture Investment Summary

Joint Venture Name:		Jefferson County Plaza LLC
Date Formed:		July 1999
Property Name/Location:		Arnold, MO
Major Tenants:		Target (not owned)
		Home Depot (not owned)
		Shoe Carnival
		Sally Beauty Supply
		Deals
Partnership Structure
Equity Contribution:		50% — DDR
		50% — The Sansone Group (50% owned by DDR)
Cash Flow Distribution:		50% — DDR
		50% — The Sansone Group
Fees to DDR
Management Fee:		1.50%
Development Fee:		NA
Leasing Fees:		2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals

Capital Structure (in millions)
DDRC		$	(0.0	)
The Sansone Group		$	(0.0	)
Total Capital		$	(0.0	)
Payable to DDRC		$	2.8
Debt		$	2.3
Total Debt & Equity		$	5.1

Joint Venture Summaries   4.2

57

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Joint Venture Financial Operations

58

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine Month Period Ended September 30, 2002

		Nine Months
		Ended				Year Ended				Year Ended				Year Ended				Year Ended
		September 30,				December 31,				December 31,				December 31,				December 31,
		2002				2001				2000				1999				1998
Acquisitions/Transfers		$	53.0			$	213.1			$	91.2	(5)		$	96.5	(7)		$	489.3	(9)
Completed Expansions			3.9				2.3				6.2				3.3				0.0
Developments & Construction in Progress			42.0				103.7				114.7				169.0				86.7
Tenant Improvements & Building Renovations (1)			0.3				4.9				1.9				1.5				1.8
Other Real Estate Investments			143.2	(2)			0.0				0.0				0.0				0.0
Minority Equity Investment in AIP			0.0				(135.0	)(4)			(2.2	)			42.2				95.1
		$	242.4			$	189.0			$	211.8			$	312.5			$	672.9
Less: Real Estate Sales			($271.2	)(3)			($16.9	)			($115.9	)(6)			($26.5	)(8)			($33.8	)
Joint Venture Totals (Millions)			($28.8	)		$	172.1			$	95.9			$	286.0			$	639.1

(1)  The Company estimates recurring capital expenditures, including tenant improvements, of approximately $1 million associated with its joint venture portfolio during 2002.

Summary of Joint Venture Capital Transactions   5.1

59

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Joint Venture Development
Assets Placed in Service as of September 30, 2002

		Assets Placed				DDR's Current
		in Service				Proportionate Share
Date		(Millions)				(Millions)
As of December 31, 2001		$	41.7			$	16.8
1st Quarter 2002		$	9.3			$	4.7
2nd Quarter 2002		$	5.3			$	2.6
3rd Quarter 2002		$	16.9			$	5.0
4th Quarter 2002		$	31.3			$	8.4
During 2003 and thereafter		$	86.4			$	25.9
Total		$	190.9			$	63.4

Joint Venture Development
Funding Schedule as of September 30, 2002

		DDR's				JV Partners'				Proceeds from
		Proportionate				Proportionate				Construction
		Share				Share				Loans				Total
		(Millions)				(Millions)				(Millions)				(Millions)
Funded as of September 30, 2002		$	18.1			$	25.3			$	97.4			$	140.8
Projected Net Funding During 2002			1.3				4.0				8.1				13.4
Projected Net Funding Thereafter			2.3				1.9				32.5				36.7
Total		$	21.7			$	31.2			$	138.0			$	190.9

Joint Venture Development Delivery and Funding Schedules   5.2

60

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Summary of Joint Venture Development Projects
for the Nine Month Period Ended September 30, 2002

																		DDR's
						DDR's				Joint				Total				Proportionate				Substantial
		Total				Ownership				Venture				Cost				Cost				Completion
Projects Substantially Completed		GLA				Percentage				Partner				(Millions)				(Millions)				Date				Major Tenants
Littleton (Denver), CO			270,539	(1)			50.0	%		Poag & McEwen				$	54.2			$	27.1			Oct. 2001 (Phase II) 2003				Banana Republic, Ann Taylor, Bombay Company, Chico's, Eddie Bauer, Casual Corner, Coldwater Creek, Victoria's Secret, GAP, GAP Kids, Talbots, Williams Sonoma, Pottery Barn
Projects in Progress
Long Beach, CA (CityPlace)			436,462	(1)			24.75	%		RVIP				$	54.9			$	13.6			Second Half 2002				Wal*Mart, Nordstrom Rack, Old Navy, Ross Dress for Less, Albertson's and Savon
Coon Rapids (Minneapolis), MN (Outer Ring, adjacent to DDR’s wholly owned development)			655,611	(1)			25.00	%		Lubert Adler				$	41.9			$	10.5			Second Half 2002				Costco (not owned), Kohl’s, Sears, Best Buy, JoAnn Etc., Linens ’N Things, Old Navy, Sportsman’s Warehouse.
Jefferson County (St. Louis), MO			330,051	(1)			50.0	%		Sansone				$	9.7			$	4.9				2003			Target (not owned), Home Depot (not owned), Shoe Carnival, Deals, Sally Beauty
Austin, TX			528,485	(1)			(2	)		David Berndt Interests/RVIP				$	30.2			$	3.7			Second Half 2003				Target (not owned), Toys ’R Us, Hobby Lobby, Ultimate Electronics
Joint Venture Development Totals			2,221,148											$	190.9			$	59.7

Notes:

(1)  Includes square footage which will not be Company owned.

Joint Venture Developments   5.2

61

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Joint Venture Expansion and Redevelopment Projects
for the Nine Month Period Ended September 30, 2002

		DDR's		Joint
		Ownership		Venture
Projects Completed		Percentage		Partner		Description
Atlanta, GA		20%		DRA Advisors		Retenanted the former HomePlace space with Sports Authority.
Marietta, GA		20%		DRA Advisors		Demised former HomePlace space and retenanted with Ross Dress for Less.
Overland Park, KS		23.51%		Prudential Real Estate Investors		Redevelopment/expansion project to include a 14,900 sf Osco Drug Store and 7,300 sf Deal$, and a 5,300 sf outparcel.
Maple Grove, MN		50%		DRA Advisors		Demised former HomePlace space and retenanted with Bed Bath & Beyond and Michael’s.
Total Cost (Millions)		$9.3
Projects in Progress		Percentage		Partner		Description
Schaumburg, IL		20%		DRA Advisors		Retenanted former Builders Square space with a Home Depot Expo and 1-800 Mattress. Retenanted former Service Merchandise space with PetsMart and Home Goods. Costco is under construction to add 11,000 sf. DDR has completed construction of an additional 9,000 sf of small shops between Costco and Home Depot Expo.
Leawood, KS		50%		Poag & McEwen		Expansion of the existing center to create an additional 26,000 sf of small retail specialty shops.
Shawnee, KS		23.51%		Prudential Real Estate Investors		Relocating two tenants in order to accommodate a 25,000 sf expansion creating a 65,000 sf Price Chopper.
N. Olmsted, OH		79.57%		Hendon Properties		Expansion of existing center to create an additional 16,607 sf of small retail shops, including a Dollar Tree, and the addition of a 4,500 sf outparcel for the Vitamin Shoppe.
San Antonio, TX		35%		DRA Advisors		Demised former HomePlace space and retenanting with OfficeMax.
Total Cost (Millions)		$9.1
Projects to Commence Construction
San Ysidro, CA		20%		Prudential Real Estate Investors		Relocation of several small shop tenants in the shopping center to accommodate a 30,000 sf Ross Dress for Less and a 31,000 sf Marshall’s.
Deer Park, IL		24.75%		Poag & McEwen/Prudential Real Estate Investors		Expansion of the existing center to create a 50,000 sf Century Theater and to create an additional 23,800 sf of small retail specialty shops.

Joint Venture Expansions and Redevelopment 5.2

62

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Joint Venture Dispositions
for the Nine Month Period Ended September 30, 2002

						Gross Sale								DDR’s				Joint
						Proceeds								Ownership				Venture
Property Location		GLA				(Millions)				Sale Date				Percentage				Partner
Durham, NC			408,292				$50.1				2/11/2002				20.00	%		DRA Advisors
Salem, NH			170,270				$26.5				6/6/2002				96.12	%		Coventry Real Estate Partners (“Coventry”)
Eatontown, NJ			68,196				$14.0				6/18/2002				83.75	%		Hendon Properties and Coventry
Hagerstown, MD			285,655				$41.7				6/20/2002				24.75	%		Prudential Real Estate Partners and Coventry
Total			932,413			$	132.3

Joint Venture Acquisitions and Dispositions   5.2

63

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Summary of Joint Venture Debt
as of September 30, 2002

Mortgage

Property/Entity

Balance

Maturity Date

Interest Rate

RVIP III Long Beach, CA

V

24,241,093

01/04

Libor + 170

RVIP III A Round Rock, TX

V

54,254,395

01/03

Libor + 175

RVIP III B Deer Park, IL

F

40,000,000

06/03

6.57

V

7,258,522

07/03

Libor + 175

RVIP VI Kansas City, MO

20,238,100

RVIP VII

F

106,245,341

(2)

V

34,000,000

(2)

Community Centers

F

119,000,000.00

(3)

03/05

6.00

F

17,000,000.00

(3)

02/05

5.95

V

45,500,000.00

(3)

03/05

Libor + 250

V

175,000,000.00

(3)

03/04

Libor + 250

V

4,300,000.00

(3)

02/05

Libor + 250

DDRA Community Centers Four San Antonio, TX

F

27,279,144

10/02

7.24

DDRA Community Centers Five

F

156,000,000

(4)

10/05

6.64

DDRA Community Centers Six St. Louis, MO

F

12,794,477

04/10

8.56

DDRA Community Centers Seven Ahwatukee, AZ (Phase IV)

F

10,000,000

01/05

8.07

DDRA Community Centers Eight Deer Valley, AZ

F

17,927,029

09/10

8.01

Merriam Town Center Merriam, KS

V

24,455,000

04/03

Libor +175

Tax Incremental Financing Obligation

F

9,475,450

02/16

6.90

Lennox Town Center Limited Columbus, OH

F

19,566,731

07/22

8.11

Sun Center Limited Columbus, OH

F

6,016,527

05/07

8.29

F

15,767,105

04/11

8.48

Continental Sawmill Ltd. Columbus, OH

F

19,405,819

05/16

7.55

Drexel Washington Ltd. Dayton, OH

F

14,115,199

01/08

7.28

Liberty Fair Mall Associates Martinsville,VA

F

20,254,392

12/09

8.46

Ohio State Teachers JV Macedonia, OH

V

11,638,900

09/06

Libor +100

Summary of Joint Venture Debt   5.3

64

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Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Summary of Joint Venture Debt
as of September 30, 2002 (continued)

Mortgage

Property/Entity

Balance

Maturity Date

Interest Rate

Town Center Plaza LLC Leawood, KS

F

53,668,690

07/09

7.31

DDR P&M Aspen Grove Littleton, CO

V

42,811,511

05/03

Libor + 185

DDRC PDK Salisbury Phase III LLC Salisbury, MD

F

1,878,269

04/06

7.61

DLA Ventures, LP Coon Rapids, MN

V

28,093,167

12/03

Libor + 185

KLA/SM LLC

V

78,946,111

07/04

Libor + 350

Jefferson County Plaza, LLC Arnold, MO

V

2,288,371

05/05

Libor + 175

DDRA Kildeer LLC

V

4,500,000

08/07

Libor + 180

Kildeer, IL

F

15,000,000

08/07

5.64

RVIP I Best Products

V

1,096,136

08/04

Libor + 175

$

1,240,015,478

Notes:

(1)		Encumbers six shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.625% and maturity dates ranging from September, 2005 to November, 2007.
(2)		Encumbers ten shopping center properties located in California and Washington with mortgage interest rates ranging from 6.60% to 9.50% and maturity dates ranging from March, 2004 to March, 2022.
(3)		Encumbers seven shopping center properties as follows:

		San Diego, CA Denver, CO Atlanta, GA Marietta, GA Schaumburg, IL Framingham, MA Fairfax, VA Naples, FL

(4)		Encumbers six shopping center properties as follows:

		Ahwatukee, AZ Phoenix, AZ Eagan, MN Maple Grove, MN Portland, OR Fort Worth, TX

Summary of Joint Venture Debt   5.3

65

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2002

---

---

Summary of Pro Rata Joint Venture Debt
as of September 30, 2002

		DDR's				DDR's
		Pro Rata				Pro Rata
Joint Venture		Interest				Debt
RVIP III Long Beach			23.5125	%			5,699,687
RVIP III A			24.75	%			13,427,963
RVIP III B			12.375	%			5,848,242
RVIP VI			23.5125	%			4,758,483
RVIP VII			20.00	%			28,049,068
Community Centers			20.00	%			72,160,000
DDRA Comm Ctr Four			35.00	%			9,547,700
DDRA Comm Ctr Five			50.00	%			78,000,000
DDRA Comm Ctr Six			50.00	%			6,397,238
DDRA Comm Ctr Seven			50.00	%			5,000,000
DDRA Comm Ctr Eight			50.00	%			8,963,514
Merriam Town Center			50.00	%			16,965,225
Lennox Town Center			50.00	%			9,783,366
Sun Center			79.45	%			17,307,095
Continental Sawmill			80.012	%			15,526,984
Drexel Washington			49.7918	%			7,028,212
Liberty Fair			50.00	%			10,127,196
OSTRS			50.00	%			5,819,450
Town Center Plaza			50.00	%			26,834,345
DDR P&M Aspen Grove			50.00	%			21,405,756
DDRC PDK Salisbury			50.00	%			939,134
Coon Rapids			25.00	%			7,023,292
KLA/SM LLC			25.00	%			19,736,528
Jefferson County Plaza			50.00	%			1,144,186
DDRA Kildeer, LLC			10.00	%			1,950,000
RVIP I			79.57	%			872,195
Total						$	400,314,862

Summary of Pro Rata Joint Venture Debt   5.4

66

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Developers Diversified Realty

---

---

Summary of Joint Venture Mortgage Principal Payments
as of September 30, 2002

				2002				2003				2004				2005				2006				2007
JOINT VENTURE				Payments				Payments				Payments				Payments				Payments				Payments
RVIP III (Long Beach, CA)													24,241,093
RVIP III A (Round Rock)									54,511,192
RVIP III B (Deer Park)									47,258,522
RVIP VI (Kansas City)																	1,311,414								19,119,141
RVIP VII					1,351,434				1,488,125				73,602,633				1,748,770				1,898,412				8,761,556
Community Centers													175,000,000				185,800,000
DDRA Community Centers Four					27,527,965
DDRA Community Centers Five																	156,000,000
DDRA Community Centers Six					93,494				101,939				107,936				120,896				131,816				143,722
DDRA Community Centers Seven									75,262				88,687				9,836,051
DDRA Community Centers Eight					144,901				157,116				166,174				184,371				199,915				216,768
Merriam Town Center									24,455,000
Merriam TIF
Lennox Town Center Limited					390,675				423,564				459,221				497,880				539,794				585,235
Sun Center Limited
	Principal Mutual Life Ins Co				342,652				372,863				405,741				441,517				480,448				522,811
	W. Lyman Case & Co				132,540				143,955				156,352				169,818				184,445				5,327,788
Continental Sawmill Ltd.					797,754				860,113				927,347				999,836				1,077,990				1,162,255
Drexel Washington Ltd.					188,872				202,792				218,058				234,473				252,124				271,104
Liberty Fair Mall Associates					157,646				171,558				181,849				203,092				221,213				240,952
Ohio State Teachers JV
National City Bank					371,120				391,960				427,660				453,000				10,251,560
Town Center Plaza LLC					897,409				965,253				1,038,225				1,116,715				1,201,138				1,291,944
DDRC PDK Salisbury Phase III																					1,889,941
DLA Ventures LP (Coon Rapids, MN)									28,093,167
DDR P&M Aspen Grove (Littleton)									42,811,511
KLA/SM LLC													78,946,111
Jefferson County Plaza LLC																	2,288,371
DDRA Kildeer, LLC (Kildeer, IL)																									19,500,000
RVIP I (Best Products)					11,528,021								1,096,136
Payments through 09/30/02					(15,914,860	)
		Total — Debt			28,009,623				202,483,892				357,063,223				361,406,204				18,328,796				57,143,276

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2008				2009				2010				2011
JOINT VENTURE				Payments				Payments				Payments				Payments				Thereafter				Total
RVIP III (Long Beach, CA)																									24,241,093
RVIP III A (Round Rock)																									54,511,192
RVIP III B (Deer Park)																									47,258,522
RVIP VI (Kansas City)																									20,430,556
RVIP VII					1,916,490				2,092,301				2,272,271				2,467,775				43,657,964				141,257,731
Community Centers																									360,800,000
DDRA Community Centers Four																									27,527,965
DDRA Community Centers Five																									156,000,000
DDRA Community Centers Six					153,623				170,580				11,839,094												12,863,100
DDRA Community Centers Seven																									10,000,000
DDRA Community Centers Eight					231,039				254,521				16,478,828												18,033,633
Merriam Town Center																									24,455,000
Merriam TIF																					9,675,450				9,675,450
Lennox Town Center Limited					634,502				687,917				745,828				808,615				14,083,527				19,856,758
Sun Center Limited
	Principal Mutual Life Ins Co			568,910				619,074				673,660				11,593,684								16,021,360
	W. Lyman Case & Co																								6,114,898
Continental Sawmill Ltd.					1,253,108				1,351,060				1,456,670				1,570,535				8,541,803				19,998,471
Drexel Washington Ltd.					12,762,951																				14,130,374
Liberty Fair Mall Associates					257,650				18,936,140																20,370,100
Ohio State Teachers JV
National City Bank																									11,895,300
Town Center Plaza LLC					1,389,614				46,435,280																54,335,578
DDRC PDK Salisbury Phase III																									1,889,941
DLA Ventures LP (Coon Rapids, MN)																									28,093,167
DDR P&M Aspen Grove (Littleton)																									42,811,511
KLA/SM LLC																									78,946,111
Jefferson County Plaza LLC																									2,288,371
DDRA Kildeer, LLC (Kildeer, IL)																									19,500,000
RVIP I (Best Products)																									12,624,157
Payments through 09/30/02																									(15,914,860	)
		Total — Debt			19,167,887				70,546,873				33,466,351				16,440,609				75,958,744				1,240,015,478

Summary of Joint Venture Mortgage Principal Payments     5.5

67

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Portfolio Statistics

68

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Company Features (1)

309 Shopping Centers (and Interests in Retail Assets) 6 Managed Shopping Centers 43 States (including managed properties) 47.2 Million Sq. Ft. Owned 60.4 Million Sq. Ft. Owned and Managed (2) 95.9%/94.2% % Leased / % Occupied (3) 343 Total Employees

(1) Includes Service Merchandise portfolio. Does not include 36 industrial and office properties.

(2) Includes unowned anchors at company owned shopping centers.

(3) Core retail portfolio.

69

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Growth in Square Footage(1)

382% increase in owned space over nine years

(GLA in Million Square Feet)

(1) Includes Service Merchandise Portfolio.

(2) As of September 30, 2002.

70

---

 

DDR has built a geographically diverse portfolio of dominant shopping centers.

309 owned retail assets and 6 managed retail assets

GLA by STATE

43 States (inc. Managed)

71

---

 

Average Annualized Base Rental Rates (1) (2)

(1) Does not include Service Merchandise Portfolio.

(2) As of September 30, 2002.

72

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Average Annualized Base Rental Rates

Annualized Base Rent/S.F.

NUMBER OF                      SHOP PERIOD ENDING                      PROPERTIES                      TOTAL                      SPACE Sep. 30, 2002 192 $10.47 $15.00 Jun. 30, 2002 191 $10.40 $14.46 Mar. 31, 2002 195 $10.34 $14.35 Dec. 31, 2001 192 $10.03 $14.02 Dec. 31, 2000 190 $ 9.66 $13.66 Dec. 31, 1999 186 $ 9.20 $12.69 Dec. 31, 1998 159 $ 8.99 $12.39 Dec. 31, 1997 123 $ 8.49 $11.69 Dec. 31, 1996 112 $ 7.85 $10.87 Dec. 31, 1995 106 $ 7.60 $10.54 Dec. 31, 1994 84 $ 5.89 $ 9.02 Dec. 31, 1993 69 $ 5.60 $ 8.56 Dec. 31, 1992 53 $ 5.37 $ 8.37 Dec. 31, 1991 53 $ 5.35 $ 8.29 Dec. 31, 1990 52 $ 5.27 $ 8.25 Dec. 31, 1989 45 $ 4.93 $ 7.87 Dec. 31, 1988 40 $ 4.81 $ 7.41 Dec. 31, 1987 37 $ 4.38 $ 7.09

73

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Lease Expirations by Year (1) (2)

% Total Base Rents by Class

(1) Does not include Service Merchandise portfolio.

(2) As of September 30, 2002. Options not included.

74

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Lease Expirations by Year (1)

Anchor Base Rent                      Shop Space Base Rent Year                      Leases                      Revenue                      Average/S.F. Leases                   & nbsp;  Revenue                      Average/S.F.

(millions) (millions)

2002 (Remaining) 7 $ 0.9 $3.96 249 $ 7.4 $13.09 2003 18 $ 2.6 $4.71 548 $ 20.2 $12.44 2004 25 $ 5.2 $6.63 557 $ 21.5 $13.89 2005 35 $ 6.5 $5.22 484 $ 21.5 $14.07 2006 24 $ 6.0 $6.61 403 $ 21.0 $14.81 2007 40 $ 12.0 $7.20 326 $ 17.6 $14.74 2008 29 $ 7.6 $6.95 102 $ 8.6 $14.80 2009 37 $ 13.1 $7.90 90 $ 9.1 $16.68 2010 47 $ 16.2 $8.72 114 $ 12.1 $17.88 2011 78 $ 29.8 $9.80 119 $ 13.7 $19.12 2002-2011 Subtotal 340 $ 99.9 $7.66 2,992 $152.8 $14.69 Total Rent Roll at 576 $220.0 $8.47 3,145 $171.2 $15.01 September 30, 2002

(1) Does not include Service Merchandise portfolio.

75

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3Q02 Largest Tenants

by SF — Owned & Unowned(1)(2)

Total                      Owned                      Unowned Rank Tenant                      Units                      GLA                      Units                      GLA                      Units                      GLA

1 Wal-Mart/Sam’s 53 6,675,667 24 2,558,144 29 4,117,523 2 Target/Mervyn’s 20 2,294,833 5 590,765 15 1,704,068 3 Home Depot 18 1,736,732 6 550,150 12 1,186,582 4 K-Mart 22 1,610,333 19 1,420,420 3 189,913 5 T.J.Maxx/Marshall’s 49 1,487,365 49 1,487,365 6 Kohl’s 15 1,266,467 14 1,184,417 1 82,050 7 Lowe’s Home Improvement 8 1,053,216 5 647,983 3 405,233 8 Bed Bath & Beyond 32 909,533 32 909,533 9 Best Buy/Musicland 25 843,863 24 748,934 1 94,929 10 Toys “R” Us 22 832,002 17 611,343 5 220,659

(1) Includes Service Merchandise portfolio.

(2) Assumes 100% ownership of joint ventures.

76

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Reliance on Major Tenants (1) (2) (Owned shopping center GLA only) Total Base Rent                      Percent                      Credit

Tenant                      Units (millions) of Total                      Ratings Wal-Mart/Sam’s Club 24 $12.02 4.1% AA/Aa2 Kohl’s 14 $8.12 2.8% A-/A3 Bed Bath & Beyond 32 $7.16 2.5% BBB-/NR T.J. Maxx/Marshalls 49 $6.96 2.4% A1/A3 Best Buy / Musicland Group 24 $6.45 2.2% BBB-/Baa3 Officemax 33 $6.36 2.2% NR/NR AMC Theater 5 $5.89 2.0% B/B3 K-mart 19 $5.28 1.8% NR/Ca PetsMart 27 $5.07 1.7% BB/Ba2 Gap/Old Navy/Banana Republic 32 $4.87 1.7% B+/Ba3 Barnes & Noble 34 $4.84 1.7% BB/Ba2 Lowe’s Home Improvement 5 $4.59 1.6% A/A3 Toys “R” Us 17 $3.87 1.3% BBB/Baa3 Michael’s 25 $3.43 1.2% BB/Ba2 Home Depot 6 $3.24 1.1% AA/AA3 Cinemark Theatre 6 $3.20 1.1% BB-/B2 Ross Stores 16 $2.96 1.0% BBB/NR Kroger 9 $2.85 1.0% BBB-/Baa3 Linens ‘N Things 9 $2.85 1.0% NR/NR Famous Footwear 27 $2.80 1.0% NR/NR Subtotal 1-20 413 $102.82 35.3% Portfolio Total 3,765 $291.29 100.0%

(1) Includes Service Merchandise portfolio.

(2) Based on actual pro rata ownership of real estate assets.

77

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Reliance on Major Tenants(1) (2)

by GLA and by Base Rental Revenue

Base Owned           % Total                      Rental           % Total Rank                      Major Tenant (units) GLA                      GLA                      Rank                  &nb sp;   Major Tenant (units) Revenue                      Base Rent (MSF) ($ Millions)

1 Wal-Mart / Sam’s Club (24) 2.4 7.38% 1 Wal-Mart/Sam’s Club (24) $ 12.02 4.1% 2 K-mart (19) 1.4 4.42% 2 Kohl’s (14) $ 8.12 2.8% 3 Kohl’s (14) 1.0 2.98% 3 Bed Bath & Beyond (32) $ 7.16 2.5% 4 T.J. Maxx / Marshalls (49) 0.9 2.68% 4 T.J. Maxx / Marshalls (49) $ 6.96 2.4% 5 OfficeMax (33) 0.7 2.04% 5 Best Buy / Musicland Group (24) $ 6.45 2.2% 6 Lowe’s Home Improvement (5) 0.6 2.02% 6 OfficeMax (33) $ 6.36 2.2% 7 JC Penney/Eckards (22) 0.6 2.00% 7 AMC Theater (5) $ 5.89 2.0% 8 Best Buy/ Musicland Group (24) 0.6 1.90% 8 K-Mart (19) $ 5.28 1.8% 9 Bed Bath & Beyond (32) 0.6 1.90% 9 PetsMart (27) $ 5.07 1.7% 10 Target/Mervyn’s (5) 0.5 1.63% 10 Gap/Old Navy/Banana Republic (32) $ 4.87 1.7% 11 Toys “R” Us (17) 0.5 1.45% 11 Barnes & Noble (34) $ 4.84 1.7% 12 Petsmart (27) 0.5 1.44% 12 Lowe’s Home Improvement (5) $ 4.59 1.6% 13 Home Depot (6) 0.4 1.18% 13 Toys “R” Us (17) $ 3.87 1.3% 14 Kroger (9) 0.4 1.15% 14 Michael’s (25) $ 3.43 1.2% 15 Gap/Old Navy/Banana Republic (32) 0.4 1.13% 15 Home Depot (6) $ 3.24 1.1% 16 Joann Stores (19) 0.3 1.04% 16 Cinemark Theatre (6) $ 3.20 1.1% 17 Beall’s (10) 0.3 1.03% 17 Ross Stores (16) $ 2.96 1.0% 18 Barnes & Noble (34) 0.3 0.99% 18 Kroger (9) $ 2.85 1.0% 19 Ross Stores (16) 0.3 0.91% 19 Linens ‘N Things (9) $ 2.85 1.0% 20 Herberger’s/Off Fifth (6) 0.3 0.88% 20 Famous Footwear (27) $ 2.80 1.0% Subtotal: 1-20 12.9 40.16% Subtotal: 1-20 $102.82 35.3% Total: 32.1 100.0% Total: $291.29 100.0%

(1) Includes Service Merchandise portfolio.

(2) Based on actual pro rata ownership of real estate assets.

78

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Appendix

79

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				Run Date: 10/18/2002 Time:11:41:36AM Page 1 of 15
		Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
Alabama
1 BIRMINGHAM, AL (BROOK)		BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH					35242			SC					1994				1994				100.00	%
2 BIRMINGHAM, AL (EASTWOOD)		EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD					35210			SC					1989				1995				100.00	%
3 BIRMINGHAM, AL (RIVERCHASE)		RIVERCHASE PROMENADE MONTGOMERY HIGHWAY					35244			SC					1989				2002				100.00	%
Arizona
4 AHWATUKEE, AZ		FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD					85044			SC					1996				1997				50.00	%
5 PHOENIX, AZ (DEER VALLEY)		DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY					85027			SC					1996				1999				50.00	%
6 PHOENIX, AZ (PEORIA)		ARROWHEAD CROSSING 7553 WEST BELL ROAD					85382			SC					1995				1996				50.00	%
Arkansas
7 FAYETTEVILLE, AR		SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD					72703			SC					1997				1997				100.00	%
8 N. LITTLE ROCK, AR		MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD					72117			SC					1991				1994				100.00	%
9 RUSSELLVILLE, AR		VALLEY PARK CENTRE 3093 EAST MAIN STREET					72801			SC					1992				1994				100.00	%
California
10 CAMERON PARK, CA		CAMERON PARK 4082-4092 CAMERON PARK DRIVE					95682			SC					1999				2001				20.00	%
11 CITY OF INDUSTRY, CA		PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE					91748			SC					1987				2001				20.00	%
12 FULLERTON, CA		LA MANCHA NORTH HARBOR BLVD.					92632			SC					1973				2001				20.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
Alabama
1 BIRMINGHAM, AL (BROOK)			383,006			$	3,297,444			$	8.87				97.1	%		WINN DIXIE STORES #417(2014), RHODES#3029/MARKS FITZGERALD(2004), GOODY'S #165(2004), LOWE'S HOME CENTERS(2003), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL'S #9986(2009), BOOKS-A-MILLION-4(2005)
2 BIRMINGHAM, AL (EASTWOOD)			301,074			$	1,877,885			$	7.80				80.0	%		OFFICE DEPOT #43(2004), BURLINGTON COAT FACTORY #297(2003), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)
3 BIRMINGHAM, AL (RIVERCHASE)			98,096			$	1,206,762			$	14.52				84.7	%		MARSHALL'S #411(2006), MICHAEL'S #7000(2005)
Arizona
4 AHWATUKEE, AZ			647,904			$	9,182,064			$	14.67				96.6	%		BASSETT FURNITURE(2010), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), BABIES 'R US #5670(2007), ROSS STORES, INC. #369(2007), OFFICEMAX #743(2012), JOANN, ETC. #1917(2010), BEST BUY #177(2014)
5 PHOENIX, AZ (DEER VALLEY)			197,009			$	2,774,098			$	14.08				100.0	%		ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAELS #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)
6 PHOENIX, AZ (PEORIA)			346,430			$	3,994,605			$	11.89				97.0	%		STAPLES #289(2009), COMP USA#318(2013), MAC FRUGAL'S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162 -1(2005), CIRCUIT CITY - #3362-1(2016), OSHMAN'S SPORTING GOODS, #690(2017), BASSETT FURNITURE(2009), LINENS 'N THINGS #427-1(2011), FRY'S(NOT OWNED)
Arkansas
7 FAYETTEVILLE, AR			262,862			$	2,863,013			$	11.10				98.1	%		T.J. MAXX #159(2005), BEST BUY(2017), GOODY'S #231(2013), OLD NAVY #6169(2005), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
8 N. LITTLE ROCK, AR			207,878			$	1,218,081			$	6.63				88.4	%		T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014)
9 RUSSELLVILLE, AR			272,245			$	1,710,359			$	6.40				98.1	%		WAL-MART STORES #58(2011), STAGE #301(2005), J.C. PENNEY #351(2012)
California
10 CAMERON PARK, CA			103,414			$	1,421,583			$	14.66				93.8	%		SAFEWAY #1618(2020)
11 CITY OF INDUSTRY, CA			518,938			$	6,267,256			$	13.79				87.6	%		MILLER'S OUTPOST/HUB DIST#334(2008), OFFICE DEPOT, INC.(2012), IKEA(2007), CIRCUIT CITY #3301(2009)
12 FULLERTON, CA			109,358			$	918,202			$	9.14				91.9	%		RALPHS GROCERY STORE(2020), BALLARD WIMER BROCKETT&EDWARDS(2004)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall				Property Listing   7.1
				* BC = Business Center
* Does Not Include Service Merchandise Interests

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		Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
13 LANCASTER, CA		VALLEY CENTRAL DISCOUNT 44707-44765 VALLEY CENTRAL WAY					93536			SC					1990				2001				20.00	%
14 MISSION VIEJO, CA		OLYMPIAD PLAZA 23002-23072 ALICIA PARKWAY					92691			SC					1989				2001				20.00	%
15 OCEANSIDE, CA		OCEAN PLACE CINEMAS 401-409 MISSION AVENUE					92054			SC					2000				1*				100.00	%
16 PLEASANT HILL, CA		DOWNTOWN PLEASANT HILL TRELAHY AND CRESCENT ROADS					94523			SC					1999				2001				20.00	%
17 RICHMOND, CA (HILLTOP)		HILLTOP PLAZA 3401 BLUME DRIVE					94806			SC					1997				2002				100.00	%
18 RICHMOND, CA		RICHMOND CITY CENTER MACDONALD AVENUE					94801			SC					1993				2001				20.00	%
19 SAN DIEGO, CA		CARMEL MOUNTAIN PLAZA 11610 CARMEL MOUNTAIN ROAD					92128			SC					1993				1995				20.00	%
20 SAN FRANCISCO, CA (RETAIL)		VAN NESS PLAZA 1000 VAN NESS AVENUE					94109			SC					1998				2002				100.00	%
21 SAN YSIDRO, CA		SAN DIEGO FACTORY OUTLET CAMINO DE LA PLAZA					92173			SC					1988				2000				20.00	%
Colorado
22 ALAMOSA, CO		ALAMOSA PLAZA 145 CRAFT DRIVE					81101			SC					1986				2*				100.00	%
23 DENVER, CO		TAMARAC SQUARE 7777 E. HAMPDEN					80231			SC					1976				2001				100.00	%
24 DENVER, CO (BROADWAY MARKET		BROADWAY MARKET PLACE 505 SOUTH BROADWAY					80223			SC					1993				1995				20.00	%
25 DENVER, CO (CENTENNIAL)		CENTENNIAL PROMENADE 9355 E. COUNTY LINE ROAD					80223			SC					1997				1997				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
13 LANCASTER, CA			459,529			$	4,358,373			$	9.72				97.6	%		WAL-MART #1563(2010), MOVIES 12/ CINEMARK(2017) WAL-MART #1553/(STORAGE)(2000), MICHAEL'S #3541(2004) MARSHALLS #975(2007). CIRCUIT CITY #411(2011), STAPLES #88(2003), COSTCO(NOT OWNED)
14 MISSION VIEJO, CA			45,600			$	1,112,462			$	30.23				80.7	%
15 OCEANSIDE, CA			75,345			$	1,049,911			$	15.57				89.5	%		REGAL CINEMAS(2014)
16 PLEASANT HILL, CA			339,455			$	5,730,563			$	18.59				90.8	%		ALBERTSON'S(2020), MICHAEL'S #2109(2010), BORDERS BOOK & MUSIC(2015),CENTURY THEATRES, INC(2016), BED,BATH & BEYOND(2010), ROSS STORES, INC(2010)
17 RICHMOND, CA (HILLTOP)			246,634			$	3,615,158			$	14.82				98.9	%		OFFICEMAX #558(2011), PETSMART #062(2012),ROSS DRESS FOR LESS(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016)
18 RICHMOND, CA			76,692			$	1,112,350			$	14.50				100.0	%		WALGREENS#2506(2033), FOOD 4 LESS/FOODSCO(2013)
19 SAN DIEGO, CA			440,228			$	6,474,823			$	15.18				96.9	%		PACIFIC THEATRES(2013), SPORTSMART #644(2008), CIRCUIT CITY #3327(2009), MARSHALLS #8452(2009), BARNES & NOBLE #1976(2003), ROSS DRESS FOR LESS#265(2004), MICHAEL'S #8704(2004), K MART #4776(2018), MERVYN'S(NOT OWNED)
20 SAN FRANCISCO, CA (RETAIL)			123,755			$	4,333,900			$	35.34				99.1	%		CRUNCH FITNESS INT'L, INC.(2008), AMC VAN NESS 14 THEATRES(2018)
21 SAN YSIDRO, CA			258,003			$	1,983,259			$	11.02				69.7	%		NIKE(2004), CALVIN KLEIN(2008), MIKASA STORAGE(2003), K-MART #7418(2006)
Colorado
22 ALAMOSA, CO			19,875			$	159,439			$	8.58				93.5	%		WAL-MART(NOT OWNED), CITY MARKET(NOT OWNED)
23 DENVER, CO			165,768			$	1,560,755			$	12.57				74.9	%		MADSTONE THEATRES(2007), The Gap, Inc.(2003)
24 DENVER, CO (BROADWAY MARKET			387,536			$	3,922,078			$	10.12				100.0	%		ALBERTSON'S #885(2019), OFFICEMAX #199(2010), K MART #7303(2019), PEP BOYS#241(2014), WAL-MART/SAM'S#6632(2018)
25 DENVER, CO (CENTENNIAL)			418,637			$	6,290,812			$	15.40				97.6	%		GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2013), MICHAEL'S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN'S R.E. HOLDINGS, INC.(2012), AMERICAN FURNITURE SUPERSTORE(NOT OWNED), R.E.I.(NOT OWNED)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall				Property Listing   7.1
				* BC = Business Center
* Does Not Include Service Merchandise Interests

81

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		Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
26 LITTLETON, CO (DEV)		ASPEN GROVE 7301 SOUTH SANTAFE					80120			SC					2002				2001				50.00	%
27 TRINIDAD, CO		TRINIDAD PLAZA HWY 239 @ 125 FRONTAGE ROAD					81082			SC					1986				2*				100.00	%
Connecticut
28 PLAINVILLE, CT		CONNECTICUT COMMONS I-84 & RTE 9					06062			SC					1999				1*				100.00	%
29 WATERBURY, CT		KMART PLAZA 899 WOLCOTT STREET					06705			SC					1973				2*				100.00	%
Florida
30 BAYONET POINT, FL		POINT PLAZA US 19 & SR 52					34667			SC					1985				2*				100.00	%
31 BRANDON, FL		KMART SHOPPING CENTER 1602 BRANDON BL					33511			SC					1972				2*				100.00	%
32 CRYSTAL RIVER, FL		CRYSTAL RIVER PLAZA 420 SUN COAST HWY					33523			SC					1986				2*				100.00	%
33 DAYTONA BEACH, FL		VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY					32114			SC					1984				2001				100.00	%
34 FERN PARK, FL		FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH					32720			SC					1970				2*				100.00	%
35 JACKSONVILLE, FL		JACKSONVILLE REGIONAL 3000 DUNN AVENUE					32218			SC					1988				1995				100.00	%
36 MARIANNA, FL		THE CROSSROADS 2814-2822 HIGHWAY 71					32446			SC					1990				2*				100.00	%
37 MELBOURNE, FL		MELBOURNE SHOPPING CENTER 750-850 APOLLO BOULEVARD					32935			SC					1978				2*				100.00	%
38 NAPLES, FL		CARILLON PLACE 5010 AIRPORT ROAD NORTH					33942				SC				1994				1995				20.00%
39 ORLANDO, FL (WESTSIDE)		WESTSIDE CROSSING 5028-5290 WEST COLONIAL DRIVE					32808			SC					1989				2*				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants (Lease Expiration)
26 LITTLETON, CO (DEV)			219,357			$	5,605,587			$	27.90				91.6	%		CHAMPPS(2022)
27 TRINIDAD, CO			63,836			$	123,742			$	5.31				36.5	%		BIG "R"(NOT OWNED)
Connecticut
28 PLAINVILLE, CT			465,453			$	5,144,686			$	11.05				100.0	%		LOWE'S OF PLAINVILLE #650(2019), KOHL'S(2022), K MART CORPORATION #7790(2019), A.C. MOORE(2014), OLD NAVY #6187(2011), LEVITZ FURNITURE(2015), LINENS 'N THINGS(2017), LOEW'S THEATRE(NOT OWNED)
29 WATERBURY, CT			124,310			$	417,500			$	3.36				100.0	%		K MART #3152(2003), JO-ANN STORES #0254(2010)
Florida
30 BAYONET POINT, FL			203,580			$	1,136,167			$	5.83				95.7	%		PUBLIX SUPER MARKETS #295(2005), BEALL'S #11(2002), T.J. MAXX #794(2010)
31 BRANDON, FL			161,900			$	540,321			$	3.34				100.0	%		K MART #4311(2007), SCOTTY'S(NOT OWNED)
32 CRYSTAL RIVER, FL			160,359			$	812,093			$	5.25				96.4	%		BEALL'S #38 -4(2012), BEALL'S OUTLET(2006), SCOTTY'S #130(2008)
33 DAYTONA BEACH, FL			75,366			$	883,487			$	12.10				96.8	%		TJMF, Inc.(2004), Marshalls of MA, Inc.(2005)
34 FERN PARK, FL			16,000			$	121,846			$	7.62				100.0	%
35 JACKSONVILLE, FL			219,735			$	1,418,432			$	6.54				98.7	%		J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)
36 MARIANNA, FL			63,894			$	430,586			$	7.27				92.7	%		BEALL'S #54 -4(2005), WAL-MART(NOT OWNED)
37 MELBOURNE, FL			121,913			$	159,349			$	4.22				31.0	%
38 NAPLES, FL			267,838			$	3,035,185			$	11.33				100.0	%		WINN DIXIE #739(2014), T.J. MAXX #084(2009), SERVICE MERCHANDISE #331(2015), ROSS DRESS FOR LESS #305(2005), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010)
39 ORLANDO, FL (WESTSIDE)			177,037			$	977,337			$	6.86				80.5	%		GONGSHING(2012), WAL-MART(NOT OWNED)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall				Property Listing   7.1
				* BC = Business Center
* Does Not Include Service Merchandise Interests

82

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
40 ORMOND BEACH, FL		ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD					32174			SC					1993				1994				100.00	%
41 OVIEDO, FL (DEV)		OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD					32765			SC					1999				1*				100.00	%
42 PALM HARBOR, FL		THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD					34685			SC					1990				1995				100.00	%
43 PENSACOLA, FL		PALAFOX SQUARE 8934 PENSACOLA BLVD					32534			SC					1988				1*				100.00	%
44 SPRING HILL, FL		MARINER SQUARE 13050 CORTEZ BLVD					34613			SC					1988				2*				100.00	%
45 TAMPA, FL (DALE)		NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY					33618			SC					1990				2*				100.00	%
46 TAMPA, FL (WATERS)		TOWN N' COUNTRY 7021-7091 WEST WATERS AVENUE					33634			SC					1990				2*				100.00	%
47 TARPON SPRINGS, FL		TARPON SQUARE 41232 U.S. 19, NORTH					34689			SC					1974				2*				100.00	%
48 WEST PASCO, FL		PASCO SQUARE 7201 COUNTY ROAD 54					34653			SC					1986				2*				100.00	%
Georgia
49 ATLANTA, GA (DULUTH)		PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD					30136			SC					1990				1994				100.00	%
50 ATLANTA, GA (PERIMETER)		PERIMETER POINTE 1155 MT. VERNON HIGHWAY					30136			SC					1995				1995				20.00	%
51 MARIETTA, GA		TOWN CENTER PRADO 2609 BELLS FERRY ROAD					30066			SC					1995				1995				20.00	%
Idaho
52 IDAHO FALLS, ID		COUNTRY CLUB MALL 1515 NORTHGATE MILE					83401			SC					1976				1998				100.00	%
53 MERIDIAN, ID (2,3,4)		MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD					83642			SC					1999				1*				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
40 ORMOND BEACH, FL			234,045			$	1,925,336			$	8.23				100.0	%		K MART #3783-2(2018), BEALL'S #60 -4(2004), PUBLIX SUPER MARKETS #446(2013)
41 OVIEDO, FL (DEV)			186,212			$	1,906,152			$	10.24				100.0	%		OFFICEMAX #531(2014), ROSS DRESS FOR LESS(2010), MICHAEL'S #9941(2009), T.J. MAXX #802(2010), LINENS 'N THINGS(2011), LOWE'S(NOT OWNED)
42 PALM HARBOR, FL			52,395			$	877,997			$	17.44				96.1	%		TARGET(NOT OWNED), ALBERTSON'S(NOT OWNED)
43 PENSACOLA, FL			17,150			$	215,489			$	12.56				100.0	%
44 SPRING HILL, FL			192,073			$	1,119,452			$	7.76				75.1	%		BEALL'S #28(2006), WAL-MART(NOT OWNED)
45 TAMPA, FL (DALE)			104,473			$	1,170,261			$	11.57				96.8	%		PUBLIX SUPER MARKETS #398(2010), WAL-MART(NOT OWNED)
46 TAMPA, FL (WATERS)			134,366			$	1,046,480			$	8.39				92.8	%		BEALL'S #56 -4(2005), KASH 'N KARRY-2 STORE #1745(2010), WAL-MART(NOT OWNED)
47 TARPON SPRINGS, FL			198,797			$	1,357,860			$	6.83				100.0	%		K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013), BEALL'S OUTLET #118(2003)
48 WEST PASCO, FL			135,421			$	830,593			$	8.75				70.1	%		PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), BEALL'S(NOT OWNED)
Georgia
49 ATLANTA, GA (DULUTH)			99,025			$	1,410,809			$	14.25				100.0	%		OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED)
50 ATLANTA, GA (PERIMETER)			343,115			$	4,615,287			$	14.49				92.9	%		MICHAEL'S #1004(2010), STEIN MART #092(2010) BABIES R US, #8892(2007), THE SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH'S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015)
51 MARIETTA, GA			318,243			$	3,417,551			$	12.19				88.1	%		STEIN MART #141(2007), ROSS DRESS FOR LESS(2013), PUBLIX #548(2015), BARNES & NOBLE #2656(2011), CRUNCH FITNESS INTERNATIONAL(2011)
Idaho
52 IDAHO FALLS, ID			148,593			$	832,766			$	6.59				85.0	%		OFFICE MAX #666(2011), ALAMO GROUP(2006), FRED MEYER(NOT OWNED)
53 MERIDIAN, ID (2,3,4)			323,675			$	3,318,079			$	10.25				100.0	%		BED BATH & BEYOND #333(2011), OLD NAVY #6046(2005), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), SPORTSMAN'S WAREHOUSE(2015)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center				Property Listing   7.1

•     Does Not Include Service Merchandise Interests

83

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
Illinois
54 DEER PARK, IL		DEER PARK TOWN CENTER 20503 NORTH RAND ROAD					60074			SC					2000				1*				24.75	%
55 HARRISBURG, IL		ARROWHEAD POINT 701 NORTH COMMERCIAL					62946			SC					1991				1994				100.00	%
56 KILDEER, IL		THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12					60047			SC					2001				2001				10.00	%
57 MOUNT VERNON, IL		TIMES SQUARE MALL 42ND AND BROADWAY					62864			MM					1974				2*				100.00	%
58 SCHAUMBURG, IL		WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD					60173			SC					1993				1995				20.00	%
Indiana
59 BEDFORD, IN		TOWN FAIR CENTER 1320 JAMES AVENUE					47421			SC					1993				2*				100.00	%
60 CONNERSVILLE, IN		WHITEWATER TRADE CENTER 2100 PARK ROAD					47331			SC					1991				2*				100.00	%
61 HIGHLAND, IN		HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET					46322			SC					1995				1996				100.00	%
Iowa
62 CEDAR RAPIDS, IA		NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE					52404			SC					1984				1998				100.00	%
63 OTTUMWA, IA		QUINCY PLACE MALL 1110 QUINCY AVENUE					52501			MM					1990				2*				100.00	%
Kansas
64 LEAWOOD, KS		TOWN CENTER PLAZA 5100 W 119TH STREET					66209			SC					1990				1998				50.00	%
65 MERRIAM, KS		MERRIAM TOWN CENTER 5700 ANTIOCH ROAD					66202			SC					1998				1*				50.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration
Illinois
54 DEER PARK, IL			260,420			$	6,710,265			$	26.43				97.5	%		GAP # 581(2010)
55 HARRISBURG, IL			167,074			$	882,205			$	5.49				96.2	%		WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY'S(2011)
56 KILDEER, IL			157,908			$	2,844,624			$	18.29				98.5	%		BED BATH & BEYOND(2012), CIRCUIT CITY(2017), COST PLUS # 156(2012), OLD NAVY #6574(2006)
57 MOUNT VERNON, IL			268,263			$	877,769			$	3.64				90.0	%		SEARS #2181(2013), COUNTRY FAIR MARKET FRESH(2004), J.C. PENNEY #1717 (2007)
58 SCHAUMBURG, IL			501,319			$	7,530,418			$	15.02				100.0	%		CIRCUIT CITY #3111(2009), OFF 5TH(2011), SERVICE MERCHANDISE #355(2014), OFFICEMAX #203(2010), CONTAINER STORE(2011), SPORTS AUTHORITY STORE #675(2013), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), PRAIRIE ROCK(NOT OWNED)
Indiana
59 BEDFORD, IN			223,431			$	1,346,377			$	6.03				100.0	%		K MART #7455(2008), GOODY'S #119 -4(2003), J. PENNEY #1324-4(2008), BUEHLER'S BUY LOW #4163(2010)
60 CONNERSVILLE, IN			141,791			$	853,495			$	6.09				98.8	%		COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011)
61 HIGHLAND, IN			295,193			$	3,055,947			$	10.96				94.5	%		MARSHALL'S#663-1(2011), KOHL'S #229-1(2016), CIRCUIT CITY-1(2016), OFFICE MAX #590(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)
Iowa
62 CEDAR RAPIDS, IA			187,068			$	1,760,537			$	9.41				100.0	%		TJ MAXX #119(2004), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL'S #217(2021)
63 OTTUMWA, IA			194,703			$	1,324,052			$	7.31				93.1	%		HERBERGER'S #326(2005), J.C. PENNEY #2438(2005), OFFICEMAX #1033(2015), WAL-MART(NOT OWNED), TARGET(NOT OWNED)
Kansas
64 LEAWOOD, KS			413,130			$	8,015,672			$	21.11				91.9	%		BARNES & NOBLE #2668(2011)
65 MERRIAM, KS			344,009			$	3,927,609			$	11.42				100.0	%		OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK'S SPORTING GOODS # 119(2016), CINEMARK/TINSELTOWN 20(2018), HOME DEPOT(NOT OWNED)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center				Property Listing   7.1

•     Does Not Include Service Merchandise Interests

84

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Property List*

																		DDR
				Zip				Type of		Year				Year				OwnerShip
Center/Property		Location		Code				Property		Developed				Acquired				Interest
66 OLATHE, KS DEVONSHIRE VILLA		RVM DEVONSHIRE LLC 127th STREET & MUR-LEN ROAD			66062			SC			1987				1998				23.75	%
67 OVERLAND PARK, KS CHEROKEE		RVM CHEROKEE LLC 8800-8934 W 95th STREET			66212			SC			1987				1998				23.75	%
68 SHAWNEE, KS TEN QUIVIRA		RVM TEN QUIVIRA LLC 63rd STREET & QUIVIRA ROAD			66216			SC			1992				1998				23.75	%
69 SHAWNEE, KS TEN QUIVIRA PAR		RVM TQ PAD LLC 63rd ST. & QUIVIRA ROAD			66216			SC			1972				1998				23.75	%
70 WICHITA, KS (EASTGATE)		EASTGATE PLAZA SOUTH ROCK ROAD			67207			SC			1955				2002				100.00	%
Kentucky
71 HAZARD, KY		GRAND VUE PLAZA KENTUCKY HIGHWAY 80			41701			SC			1978				2 *				100.00	%
Maine
72 BRUNSWICK, ME		COOK’S CORNERS 172 BATH ROAD			04011			SC			1965				1997				100.00	%
Maryland
73 SALISBURY, MD		THE COMMONS E. NORTH POINT DRIVE			21801			SC			1999				1 *				100.00	%
74 SALISBURY, MD (DEV JV)		THE COMMONS(PHASE III) NORTH POINTE DRIVE			21801			SC			2000				1 *				50.00	%
Massachusetts
75 EVERETT, MA		GATEWAY CENTER 1 MYSTIC VIEW ROAD			02149			SC			2001				1 *				100.00	%
76 FRAMINGHAM, MA		SHOPPER’S WORLD 1 WORCESTER ROAD			01701			SC			1994				1995				20.00	%
Michigan
77 BAD AXE, MI		HURON CREST PLAZA 850 NORTH VAN DYKE ROAD			48413			SC			1991				2 *				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
66 OLATHE, KS DEVONSHIRE VILLA			48,732			$	339,315			$	7.79				89.4%
67 OVERLAND PARK, KS CHEROKEE			55,565			$	318,778			$	8.75				65.5%			ALDI, INC(2003)
68 SHAWNEE, KS TEN QUIVIRA			162,843			$	848,307			$	5.65				92.2%			PRICE CHOPPER FOODS(2005), WESTLAKE HARDWARE #17(2005)
69 SHAWNEE, KS TEN QUIVIRA PAR			12,000			$	194,271			$	16.19				100.0%
70 WICHITA, KS (EASTGATE)			205,200			$	1,858,635			$	11.65				77.7%			OFFICEMAX #31(2007), TJ MAXX #316(2006), BARNES & NOBLE #2824(2012)
Kentucky
71 HAZARD, KY			111,492			$	338,201			$	4.13				73.4%			WRIGHT LUMBER(2007)
Maine
72 BRUNSWICK, ME			314,620			$	2,404,425			$	7.95				96.1%			HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2004), BIG LOTS(2008), T J MAXX #114(2004), SEARS #2203(2012)
Maryland
73 SALISBURY, MD			98,635			$	1,233,243			$	12.50				100.0%			OFFICEMAX #798(2013), MICHAEL’S #9914(2009), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
74 SALISBURY, MD (DEV JV)			27,500			$	346,500			$	12.60				100.0%
Massachusetts
75 EVERETT, MA			229,682			$	3,453,861			$	15.54				96.8%			BED BATH AND BEYOND(2011), OLD NAVY #6172(2011), OFFICEMAX # 600(2020), BABIES US #6443(2013), MICHAEL’S #01597(2012), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
76 FRAMINGHAM, MA			768,555			$	12,867,273			$	16.74				100.0%			TOYS R US #7505(2020), JORDON MARSH / FEDERATED(2020), TJ MAXX#147(2010), BABIES “R” US(2025), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), MIKASA, INC.(2006), BARNES & NOBLE #2645(2011), KOHL’S(2005), GENERAL CINEMA #971(2014)
Michigan
77 BAD AXE, MI			63,415			$	524,108			$	8.48				97.5%			GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)

* 1. Property Developed by the Company * 2. Original IPO Property		* SC — Shopping Center * MM = Mini-Mall * BC = Business Center						Property Listing 7.1

* Does Not Include Service Merchandise Interests

85

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				Time:11:41:36AM Page 7 of 15 Run Date: 10/18/2002

Property List*

																DDR
				Zip				Type of		Year				Year		OwnerShip
Center/Property		Location		Code				Property		Developed				Acquired		Interest
78 CHEBOYGAN, MI		KMART SHOPPING PLAZA 1109 EAST STATE			49721			SC			1988			2 *			100.00	%
79 DETROIT, MI		BELAIR CENTER 8400 E. EIGHT MILE ROAD			48234			SC			1989			1998			100.00	%
80 GAYLORD, MI		PINE RIDGE SQUARE 1401 WEST MAIN STREET			49735			SC			1991			2 *			100.00	%
81 HOUGHTON, MI		COPPER COUNTRY MALL HIGHWAY M26			49931			MM			1981			2 *			100.00	%
82 HOWELL, MI		GRAND RIVER PLAZA 3599 EAST GRAND RIVER			48843			SC			1991			2 *			100.00	%
83 MT. PLEASANT, MI		INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD			48858			SC			1990			2 *			100.00	%
84 SAULT ST. MARIE, MI		CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR			49783			SC			1993			1994			100.00	%
85 WALKER, MI		GREEN RIDGE SQUARE 3390-B ALPINE AVE NW			49504			SC			1989			1995			100.00	%
Minnesota
86 BEMIDJI, MN		PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE			56601			MM			1977			2 *			100.00	%
87 BRAINERD, MN		WESTGATE MALL 1200 HIGHWAY 210 WEST			56401			MM			1985			2 *			100.00	%
88 COON RAPIDS, MN		RIVERDALE VILLAGE 12921 RIVERDALE DRIVE			55433			SC			1999			1 *			25.00	%
89 EAGAN, MN		EAGAN PROMENADE 1299 PROMENADE PLACE			55122			SC			1997			1997			50.00	%
90 HUTCHINSON, MN		HUTCHINSON MALL 1060 SR 15			55350			MM			1981			2 *			100.00	%
91 MINNEAPOLIS, MN (MAPLE GROVE)		MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94			55369			SC			1995			1996			50.00	%
92 ST. PAUL, MN		MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST			55104			SC			1995			1997			100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
78 CHEBOYGAN, MI			95,094			$	385,043			$	4.44				91.1%			CARTER’S FOOD CENTER(2004), CARTER’S FOOD CENTER(2004), K MART #9245(2005), KMART(NOT OWNED)
79 DETROIT, MI			343,502			$	2,156,564			$	9.24				67.9%			PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), KIDS “R” US, INC. #1167(2013), TOYS “R” US, INC.(2021), TARGET(NOT OWNED)
80 GAYLORD, MI			190,482			$	1,046,781			$	5.50				100.0%			WAL-MART STORES #1542(2010), BUY LOW/ROUNDY’S — 4(2011)
81 HOUGHTON, MI			257,863			$	814,913			$	5.52				57.3%			J.C. PENNEY #20430(2005), OFFICEMAX #1116(2014)
82 HOWELL, MI			215,047			$	1,300,020			$	6.05				100.0%			WAL-MART STORES #1754(2011), KROGER #633(2012)
83 MT. PLEASANT, MI			248,963			$	1,391,096			$	6.11				91.5%			WAL-MART STORES #1428(2009), BIG LOTS #377-4(2003), KROGER #889(2011)
84 SAULT ST. MARIE, MI			270,761			$	1,771,076			$	6.59				99.3%			WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013)
85 WALKER, MI			133,892			$	1,437,012			$	11.13				96.4%			T.J. MAXX #160(2005), OFFICE DEPOT #241(2005), TARGET(NOT OWNED), MEDIA PLAY(NOT OWNED), TOYS R US(NOT OWNED), CIRCUIT CITY(NOT OWNED)
Minnesota
86 BEMIDJI, MN			297,586			$	1,411,649			$	5.09				93.2%			K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2003)
87 BRAINERD, MN			260,319			$	1,915,151			$	7.47				98.5%			K MART #9525(2004), HERBERGER’S #23(2013), MOVIES 10/WESTGATE MALL/#205(2011)
88 COON RAPIDS, MN			417,030			$	3,075,887			$	7.79				94.7%			KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), OLD NAVY # 5958(2007), SEARS, ROEBUCK AND CO.(2017), BEST BUY STORES, L.P.(2013)
89 EAGAN, MN			293,007			$	3,189,566			$	11.83				92.0%			BYERLY’S(2016), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), MICHAEL’S #9841(2008), T J MAXX #379(2007), BED BATH & BEYOND(2012), ETHAN ALLEN(NOT OWNED)
90 HUTCHINSON, MN			121,001			$	647,687			$	5.97				89.7%			J.C. PENNEY #1076-9 -4(2006), KMART(NOT OWNED)
91 MINNEAPOLIS, MN (MAPLE GROVE)			250,220			$	2,832,056			$	11.32				100.0%			KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAELS STORES, INC.(2012), BED, BATH AND BEYOND(2012), CUB FOODS(NOT OWNED)
92 ST. PAUL, MN			324,354			$	2,608,558			$	8.04				100.0%			K MART #4803(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), HERBERGER’S(NOT OWNED)

* 1. Property Developed by the Company * 2. Original IPO Property		* SC — Shopping Center * MM = Mini-Mall * BC = Business Center		Property Listing 7.1

* Does Not Include Service Merchandise Interests

86

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Property List*

																DDR
				Zip				Type of		Year				Year		OwnerShip
Center/Property		Location		Code				Property		Developed				Acquired		Interest
93 WORTHINGTON, MN   Mississippi		NORTHLAND MALL 1635 OXFORD STREET			56187			MM			1977			2 *			100.00	%
94 STARKVILLE, MS		STARKVILLE CROSSING 882 HIGHWAY 12 WEST			39759			SC			1990			1994			100.00	%
95 TUPELO, MS   Missouri		BIG OAKS CROSSING 3850 N GLOSTER ST			38801			SC			1992			1994			100.00	%
96 FENTON, MO		FENTON PLAZA GRAVOIS & HIGHWAY 141			63206			SC			1970			2 *			100.00	%
97 INDEPENDENCE, MO		INDEPENDENCE COMMONS 900 EAST 39TH STREET			64057			SC			1995			1995			100.00	%
98 KANSAS CITY, MO BRYWOOD CEN		RVM BRYWOOD LLC 8600 E. 63rd STREET			64133			SC			1972			1998			23.75	%
99 KANSAS CITY, MO WILLOW CREE		RVM WILLOW CREEK LLC 101st TERRACE & WORNALL ROAD			64114			SC			1973			1998			23.75	%
100 SPRINGFIELD, MO-MORRIS CORNER		MORRIS CORNERS 1425 EAST BATTLEFIELD			65804			SC			1989			1998			100.00	%
101 ST. LOUIS (SUNSET), MO		PLAZA AT SUNSET HILL 10980 SUNSET PLAZA			63128			SC			1997			1998			100.00	%
102 ST. LOUIS, MO (CLOCKTOWER)		CLOCKTOWER PLACE 11298 W. FLORISSANT AVE.			63033			SC			1998			1998			50.00	%
103 ST.LOUIS, MO — KELLER PLAZA		KELLER PLAZA 4500 LEMAY FERRY ROAD			63129			SC			1987			1998			100.00	%
104 ST.LOUIS, MO-BRENTWOOD PROME		PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT			63144			SC			1998			1998			100.00	%
105 ST.LOUIS, MO-GRAVOIS VILLAGE		GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA			63049			SC			1983			1998			100.00	%
106 ST.LOUIS, MO-HOME QUARTERS		HOME QUARTERS 6303 S. LINBERGH BLVD			63123			SC			1992			1998			100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
93 WORTHINGTON, MN   Mississippi			185,658			$	649,734			$	5.34				65.5%			J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)
94 STARKVILLE, MS			234,652			$	1,198,135			$	5.25				97.2%			WAL-MART STORES #112(2015), J.C. PENNEY #2447(2010), KROGER #381(2012)
95 TUPELO, MS   Missouri			348,236			$	1,908,558			$	5.55				98.7%			SAM’S WHOLESALE CLUB#6329(2012), GOODY’S #39(2002), WAL-MART STORES #258(2012)
96 FENTON, MO			93,548			$	708,950			$	9.53				79.5%
97 INDEPENDENCE, MO			382,830			$	4,286,745			$	11.54				97.0%			KOHL’S DEPARTMENT #230(2016), BED, BATH BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)
98 KANSAS CITY, MO BRYWOOD CEN			208,234			$	874,600			$	4.87				86.3%			BIG LOTS #489(2004), PRICE CHOPPER(2004)
99 KANSAS CITY, MO WILLOW CREE			15,205			$	255,774			$	16.82				100.0%
100 SPRINGFIELD, MO-MORRIS CORNER			56,033			$	414,474			$	7.40				100.0%			TOYS R US #9512(2013)
101 ST. LOUIS (SUNSET), MO			417,326			$	4,768,878			$	11.48				99.5%			BED BATH AND BEYOND(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT #1089(2023), PETSMART #260(2012), BORDERS #110(2011), TOYS R US #9565(2013), COMP USA COMPUTER SUPER #1012(2013)
102 ST. LOUIS, MO (CLOCKTOWER)			211,045			$	2,160,000			$	10.23				100.0%			TJ MAXX #389(2008), OFFICE DEPOT#522(2008), DIERBERG’S MARKETPLACE, INC.(2007)
103 ST.LOUIS, MO — KELLER PLAZA			52,842			$	178,980			$	7.84				43.2%			SAM’S(NOT OWNED)
104 ST.LOUIS, MO-BRENTWOOD PROME			299,584			$	3,913,703			$	13.06				100.0%			TARGET #1102(2023), BED BATH & BEYOND #219(2004), PETSMART #255(2014), SPORTS AUTHORITY(2013)
105 ST.LOUIS, MO-GRAVOIS VILLAGE			110,992			$	$655,646			$	5.91				100.0%			K MART #7543(2008)
106 ST.LOUIS, MO-HOME QUARTERS			91,783			$	321,240			$	3.50				100.0%			WEEKENDS ONLY FURNITURE(2007)

* 1. Property Developed by the Company * 2. Original IPO Property		* SC — Shopping Center * MM = Mini-Mall * BC = Business Center		Property Listing 7.1

* Does Not Include Service Merchandise Interests

87

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
107 ST.LOUIS,MO-OLYMPIC OAKS VIL		OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD					63121			SC					1985				1998				100.00	%
Nevada
108 LAS VEGAS, NV (DECATUR)		FAMILY CENTER @ LAS VEGAS 14833 WEST CHARLESTON BLVD					89102			SC					1973				1998				100.00	%
109 RENO, NV		RENO RIVERSIDE EAST FIRST STREET AND SIERRA					89505			SC					2000				2000				100.00	%
New Jersey
110 PRINCETON, NJ		NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD					42071			SC					1995				1997				100.00	%
111 PRINCETON, NJ (PAVILION)		NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD					42071			SC					1999				1*				100.00	%
New Mexico
112 LOS ALAMOS, NM		MARI MAC VILLAGE 800 TRINITY DRIVE					87533			SC					1978				2*				100.00	%
North Carolina
113 DURHAM, NC		OXFORD COMMONS 3500 OXFORD ROAD					27702			SC					1990				2*				100.00	%
114 JACKSONVILLE, NC		WESTERN PLAZA US HWY 17 & WESTERN AVENUE					28540			SC					1989				2*				100.00	%
115 NEW BERN, NC		RIVERTOWNE SQUARE 3003 CLAREDON BLVD					28561			SC					1989				2*				100.00	%
116 WASHINGTON, NC		PAMLICO PLAZA 536 PAMLICO PLAZA					27889			SC					1990				2*				100.00	%
117 WAYNESVILLE, NC		LAKESIDE PLAZA 201 PARAGON PARKWAY					28721			SC					1990				2*				100.00	%
118 WILMINGTON, NC		UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.					28403			SC					1989				2*				100.00	%
North Dakota
119 DICKINSON, ND		PRAIRIE HILLS MALL 1681 THIRD AVENUE					58601			MM					1978				2*				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
107 ST.LOUIS,MO-OLYMPIC OAKS VIL			92,372			$	1,405,257			$	15.21				100.0	%		TJ MAXX #329(2006), MICHAEL'S #4203(2005)
Nevada
108 LAS VEGAS, NV (DECATUR)			49,555			$	392,992			$	9.69				81.8	%		ALBERTSON'S(NOT OWNED)
109 RENO, NV			52,589			$	28,492			$	0.55				98.9	%		CENTURY THEATRE, INC.(2014)
New Jersey
110 PRINCETON, NJ			211,824			$	3,930,588			$	18.94				98.0	%		BORDERS #131(2011), BEST BUY #578(2012), LINENS 'N THINGS #462(2011), PETSMART #577(2011), WAL-MART(NOT OWNED), SAM'S(NOT OWNED), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
111 PRINCETON, NJ (PAVILION)			202,622			$	3,099,250			$	15.30				100.0	%		DICK'S SPORTING GOOD #105(2015), MICHAEL'S(2009), KOHL'S #294(2019), WEGMAN'S MARKET(NOT OWNED)
New Mexico
112 LOS ALAMOS, NM			97,970			$	615,785			$	6.62				94.9	%		FURR'S SUPERMARKETS #897-4(2002), FURR'S PHARMACY #887-4(2003), BEALL'S #0180 (2009)
North Carolina
113 DURHAM, NC			205,349			$	1,204,941			$	6.65				88.2	%		FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)
114 JACKSONVILLE, NC			62,996			$	561,370			$	9.52				93.7	%		OFFICEMAX #1128(2014), WAL-MART(NOT OWNED)
115 NEW BERN, NC			68,130			$	511,073			$	8.12				92.4	%		GOODY'S #4(2007), WAL-MART(NOT OWNED)
116 WASHINGTON, NC			93,527			$	474,194			$	5.15				98.5	%		WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)
117 WAYNESVILLE, NC			181,894			$	1,152,317			$	6.34				100.0	%		WAL-MART STORE #1663(2011), FOOD LION #957-2 (2011)
118 WILMINGTON, NC			410,491			$	3,389,664			$	9.48				87.1	%		BARNES & NOBLE #2762(2007), LOWE'S HOME CENTER #445 -4(2014), OLD NAVY #5471(2006), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), GOODY'S #175 -4(2005), SAM'S(NOT OWNED)
North Dakota
119 DICKINSON, ND			267,506			$	1,168,230			$	4.54				96.1	%		K MART #9564(2003), HERBERGER'S #30(2005), J.C. PENNEY #1628-7(2003)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center				Property Listing   7.1

*

Does Not Include Service Merchandise Interests

88

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
120 GRAND FORKS, ND		OFFICE MAX 2500S COLUMBIA ROAD					58201			SC					1978				1999				83.75	%
Ohio
121 ASHLAND, OH		KMART PLAZA US ROUTE 42					44805			SC					1977				2*				100.00	%
122 AURORA, OH		BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE					44202			SC					1996				1*				100.00	%
123 BELLEFONTAINE, OH		SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET					43311			SC					1995				1998				100.00	%
124 BOARDMAN, OH		SOUTHLAND CROSSING I-680 & US ROUTE 224					44514			SC					1997				1*				100.00	%
125 CANTON, OH (EVERHARD ROAD)		BELDEN PARK CROSSINGS 5496 DRESSLER ROAD					44720			SC					1995				1*				100.00	%
126 CANTON, OH (PHASE II)		BELDEN PARK CROSSINGS (II) DRESSLER ROAD					44720			SC					1997				1*				100.00	%
127 CHILLICOTHE, OH		LOWE'S SHOPPING CENTER 867 N BRIDGE STREET					45601			SC					1974				2*				100.00	%
128 CINCINNATI, OH		GLENWAY CROSSING 5100 GLENCROSSING WAY					45238			SC					1990				2*				100.00	%
129 CLEVELAND, OH (WEST 65th)		KMART PLAZA - WEST 65TH 3250 WEST 65TH STREET					44102			SC					1977				2*				100.00	%
130 COLUMBUS, OH (DUBLIN VILLAGE)		DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE					43017			SC					1987				1998				80.01	%
131 COLUMBUS, OH (EASTON MARKET		EASTON MARKET 3740 EASTON MARKET					43230			SC					1998				1998				100.00	%
132 COLUMBUS, OH (LENNOX TOWN C		LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD					43212			SC					1997				1998				50.00	%
133 COLUMBUS, OH (SUN CENTER)		SUN CENTER 3622-3860 DUBLIN GRANVILLE RD					43017			SC					1995				1998				79.45	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
120 GRAND FORKS, ND			31,812			$	147,540			$	4.64				100.0	%		OFFICE DEPOT#2082(2010)
Ohio
121 ASHLAND, OH			110,656			$	72,773			$	2.68				24.5	%		QUALITY STORES #3116(2005)
122 AURORA, OH			64,700			$	606,653			$	13.05				71.9	%		HEINEN'S(NOT OWNED)
123 BELLEFONTAINE, OH			52,399			$	432,292			$	8.25				100.0	%		GOODY'S STORE # 314(2010), STAPLES #1146(2010)
124 BOARDMAN, OH			506,254			$	4,126,744			$	8.23				99.1	%		LOWE'S COMPANIES #188(2016), BABIES "R" US #9254(2009), STAPLES STORE #817(2012), DICKS CLOTHING & SPORTING(2012), WAL-MART STORES #2211(2017), PETSMART #558(2013), GIANT EAGLE, INC(2018)
125 CANTON, OH (EVERHARD ROAD)			230,065			$	2,496,304			$	11.14				97.4	%		DICK'S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2011), KOHL'S DEPARTMENT STORE#239(2016)
126 CANTON, OH (PHASE II)			231,424			$	1,412,898			$	6.99				87.4	%		VALUE CITY FURNITURE #55(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013)
127 CHILLICOTHE, OH			236,009			$	1,822,035			$	7.72				100.0	%		LOWE'S HOME CENTERS #472-2(2015), KROGER #348(2016), OFFICE MAX #617(2012)
128 CINCINNATI, OH			235,616			$	1,974,613			$	9.79				85.6	%		WINN DIXIE STORES #1771 -4(2010), SERVICE MERCHANDISE #0057(2006)
129 CLEVELAND, OH (WEST 65th)			49,420			$	265,724			$	5.51				97.6	%		GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED)
130 COLUMBUS, OH (DUBLIN VILLAGE)			326,912			$	1,841,349			$	12.37				45.5	%		AMC THEATRE(2007), B.J.'S WHOLESALE CLUB(NOT OWNED)
131 COLUMBUS, OH (EASTON MARKET			509,611			$	5,888,320			$	11.55				100.0	%		COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2015), GOLFSMITH GOLF CENTER(2013), MICHAEL'S #9876(2013), GALYAN'S(2013), DSW SHOE WAREHOUSE(2012), KITTLE'S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC.(2014), TJ MAXX#447(2008)
132 COLUMBUS, OH (LENNOX TOWN C			352,913			$	3,296,253			$	9.34				100.0	%		TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021)
133 COLUMBUS, OH (SUN CENTER)			305,428			$	2,909,756			$	11.02				86.5	%		BABIES R US #9242(2011), MICHAEL'S(2013), RHODES FURNITURE(2012), STEIN MART #130(2007), BIG BEAR(2016), STAPLES #403(2010)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center				Property Listing   7.1

89

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
134 DAYTON, OH		WASHINGTON PARK 615-799 LYONS ROAD					45458			SC					1990				1998				49.29	%
135 DUBLIN, OH (PERIMETER CENTER)		PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD					43017			SC					1996				1998				100.00	%
136 EASTLAKE, OH		KMART PLAZA 33752 VINE STREET					44094			SC					1971				2*				100.00	%
137 ELYRIA, OH		HILLS SHOPPING CENTER 825 CLEVELAND					44035			SC					1977				2*				100.00	%
138 GROVE CITY, OH (DERBY SQUARE)		DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD					43123			SC					1992				1998				100.00	%
139 HAMILTON, OH (ROUNDY’S)		ROUNDY'S 1371 MAIN STREET					43450			SC					1986				1998				100.00	%
140 HILLSBORO, OH		HILLSBORO SHOPPING CENTER 1100 NORTH HIGH STREET					45133			SC					1979				2*				100.00	%
141 HUBER HTS., OH		NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE					45424			SC					1990				2*				100.00	%
142 LEBANON, OH		COUNTRYSIDE PLACE 1879 DEERFIELD ROAD					45036			SC					1990				2*				100.00	%
143 MACEDONIA, OH		MACEDONIA COMMONS MACEDONIA COMMONS BLVD					44056			SC					1994				1994				50.00	%
144 MACEDONIA, OH (PHASE II)		MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS					44056			SC					1999				1*				100.00	%
145 NILES, OH		GREAT EAST PLAZA 909 GREAT EAST PLAZA					44446			SC					1980				1999				83.75	%
146 NORTH OLMSTED, OH		GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN					44070			SC					1958				1997				100.00	%
147 NORTH OLMSTED, OH (BABIES)		BABIES R' US PLAZA 26520 LORAIN AVENUE					44070			SC					1978				1999				83.75	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
134 DAYTON, OH			212,369			$	1,000,528			$	8.56				55.0	%		BOOKS A MILLION # 307(2005)
135 DUBLIN, OH (PERIMETER CENTER)			137,556			$	1,575,124			$	11.45				100.0	%		BIG BEAR(2016)
136 EASTLAKE, OH			4,000			$	0			$	0.00				0.0	%		KMART(NOT OWNED)
137 ELYRIA, OH			150,200			$	761,970			$	5.07				100.0	%		AMES STORE #1046(2008), FIRST NAT'L SUPERMARKET #811(2010)
138 GROVE CITY, OH (DERBY SQUARE)			128,210			$	1,293,295			$	10.21				98.8	%		BIG BEAR(2012)
139 HAMILTON, OH (ROUNDY’S)			40,000			$	230,000			$	5.75				100.0	%		ROUNDY'S(2006)
140 HILLSBORO, OH			58,583			$	143,062			$	7.72				31.6	%		BOB & CARL'S(NOT OWNED)
141 HUBER HTS., OH			163,741			$	1,656,185			$	10.36				97.6	%		CUB FOODS(2011), SEARS HARDWARE #5482 (10)(2002), WAL-MART(NOT OWNED)
142 LEBANON, OH			27,500			$	109,684			$	8.99				44.4	%		WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED)
143 MACEDONIA, OH			233,639			$	2,440,023			$	10.44				100.0	%		FIRST NATL. SUPERMARKETS #26(2018), KOHL'S #235(2016), WAL-MART(NOT OWNED)
144 MACEDONIA, OH (PHASE II)			169,481			$	1,601,734			$	9.45				100.0	%		CINEMARK(2019), HOME DEPOT #3824(2020)
145 NILES, OH			67,100			$	0			$	0.00				0.0	%
146 NORTH OLMSTED, OH			624,507			$	7,200,928			$	12.34				93.5	%		KIDS R US #1173(2008), BED BATH & BEYOND, INC.(2012), PETSMART #529(2003), HOME DEPOT USA #3803(2019), JO-ANN STORES #1923(2009), MARC'S(2012), COMP USA INC. #577(2007), BEST BUY #279(2010), MARSHALLS #8267/TJX COMPANY(2005), KRONHEIMS FURNITURE(2009), TOPS SUPERMARKET(NOT OWNED)
147 NORTH OLMSTED, OH (BABIES)			67,466			$	240,000			$	4.63				76.8	%		BABIES "R" US #9284(2011)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center		Property Listing 7.1

*     Does Not Include Service Merchandise Interests

90

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
148 PATASKALA, OH		VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE					43062			SC					1980				1998				100.00	%
149 PICKERINGTON, OH		SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH					43147			SC					1990				1998				100.00	%
150 SOLON, OH		UPTOWN SOLON KRUSE DRIVE					44139			SC					1998				1*				100.00	%
151 STOW, OH		STOW COMMUNITY SHOPPING CENTE KENT ROAD					44224			SC					1997				1*				100.00	%
152 TIFFIN, OH		TIFFIN MALL 870 WEST MARKET STREET					44883			MM					1980				2*				100.00	%
153 TOLEDO, OH (DEV)		SPRINGFIELD COMMUNITY CENTER 5245 AIRPORT HIGHWAY					43615			SC					1999				1*				100.00	%
154 WESTLAKE, OH		WEST BAY PLAZA 30100 DETROIT ROAD					44145			SC					1974				2*				100.00	%
155 WILMINGTON, OH		SOUTH RIDGE SHOPPING CENTER 1025 S SOUTH STREET					45177			SC					1977				2*				100.00	%
156 XENIA, OH		WEST PARK SQUARE 1700 WEST PARK SQUARE					45385			SC					1994				1*				100.00	%
Oregon
157 PORTLAND, OR		TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD					97006			SC					1995				1996				50.00	%
Pennsylvania
158 E. NORRITON, PA		KMART PLAZA 2692 DEKALB PIKE					19401			SC					1975				2*				100.00	%
159 ERIE (PEACHSTREET), PA		PEACH STREET SQUARE 1902 KEYSTONE DRIVE					16509			SC					1995				1*				100.00	%
South Carolina
160 ANDERSON, SC		NORTHTOWNE CENTER 3812 LIBERTY HIGHWAY					29621			SC					1993				1995				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
148 PATASKALA, OH			33,270			$	194,600			$	5.85				100.0	%		CARDINAL (GARDNERS/LANCASTER)(2007)
149 PICKERINGTON, OH			59,495			$	672,683			$	14.87				76.0	%
150 SOLON, OH			183,288			$	2,812,463			$	15.34				100.0	%		MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)
151 STOW, OH			404,505			$	2,952,159			$	7.30				100.0	%		K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. #4096(2017), KOHL'S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET #249(2003), TARGET(NOT OWNED)
152 TIFFIN, OH			232,021			$	729,795			$	5.36				58.7	%		J.C. PENNEY #324-4(2005), AARON RENTS, INC.#C0399(2004)
153 TOLEDO, OH (DEV)			241,129			$	2,386,008			$	10.53				94.0	%		KOHL'S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #6429(2005), BABIES R US(NOT OWNED)
154 WESTLAKE, OH			162,330			$	1,282,675			$	7.90				100.0	%		MARC'S #37(2004), K MART #3234(2004)
155 WILMINGTON, OH			55,130			$	228,460			$	4.27				97.1	%		SUPER VALU STORES, INC(2003)
156 XENIA, OH			100,253			$	680,501			$	7.67				88.5	%		KROGER #829(2019), WAL-MART(NOT OWNED)
Oregon
157 PORTLAND, OR			309,617			$	5,098,680			$	16.47				100.0	%		BARNES & NOBLE #2748(2011), OFFICE DEPOT-#00954(2010), HAGGAN'S(2021), LINENS N THINGS(2017), ROSS DRESS FOR LESS #399(2008), MICHAEL'S #9887(2009), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN'S(NOT OWNED)
Pennsylvania
158 E. NORRITON, PA			174,976			$	1,228,346			$	7.38				95.1	%		K MART #3026(2005), BIG LOTS(2010)
159 ERIE (PEACHSTREET), PA			538,103			$	4,635,655			$	8.61				100.0	%		LOWE'S HOME CTR #226(2015), MEDIA PLAY-4 #8158(2011), KOHL'S-#221-4(2016), WAL-MART STORES #2278(2015), CINEMARK #186(2011), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE 3744(2020), HOME DEPOT(NOT OWNED)
South Carolina
160 ANDERSON, SC			14,250			$	122,050			$	8.56				100.0	%		WAL-MART(NOT OWNED), SAM'S(NOT OWNED)

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center		Property Listing 7.1

*  Does Not Include Service Merchandise Interests

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
161 CAMDEN, SC		SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE					29020			SC					1990				2*				100.00	%
162 COLUMBIA, SC		EAST FOREST PLAZA 5420 FOREST DRIVE					29206			SC					1995				1995				100.00	%
163 COLUMBIA, SC (HARBISON)		HARBISON COURT HARBISON BLVD					29212			SC					1991				2002				100.00	%
164 MT. PLEASANT, SC		WANDO CROSSING 1500 HIGHWAY 17 NORTH					29465			SC					1992				1995				100.00	%
165 N. CHARLESTON, SC		NORTH POINTE PLAZA 7400 RIVERS AVENUE					29406			SC					1989				2*				100.00	%
166 ORANGEBURG, SC		NORTH ROAD PLAZA 2795 NORTH ROAD					29115			SC					1994				1995				100.00	%
167 S. ANDERSON, SC		CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS					29624			SC					1990				1994				100.00	%
168 SIMPSONVILLE, SC		FAIRVIEW STATION 621 FAIRVIEW ROAD					29681			SC					1990				1994				100.00	%
169 UNION, SC		WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1					29379			SC					1990				2*				100.00	%
South Dakota
170 WATERTOWN, SD		WATERTOWN MALL 1300 9TH AVENUE					56401			MM					1977				2*				100.00	%
Tennessee
171 BRENTWOOD, TN. (COOL SPRING		COOL SPRINGS POINTE I-65 AND MOORE'S LANE					37027			SC					1999				2000				100.00	%
Texas
172 FT. WORTH, TX		EASTCHASE MARKET SWC EASTCHASE PKWY & I-30					76112			SC					1995				1996				50.00	%
173 FT. WORTH, TX (FOSSIL CREEK)		FOSSIL CREEK WESTERN CENTER BLVD					76137			SC					1991				2002				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
161 CAMDEN, SC			180,127			$	1,087,386			$	6.45				93.6	%		GOODY'S #11(2006), WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)
162 COLUMBIA, SC			46,700			$	518,650			$	11.11				100.0	%		WAL-MART SUPER CENTER(NOT OWNED), SAM'S(NOT OWNED)
163 COLUMBIA, SC (HARBISON)			252,689			$	2,308,720			$	12.36				73.9	%		Barnes & Noble #2688(2011), Marshall's #458(2007), OfficeMax #640(2011)
164 MT. PLEASANT, SC			209,139			$	1,967,353			$	9.82				95.8	%		PIGGLY WIGGLY #29-4(2012), OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL'S OF MA, INC.(2011), WAL-MART(NOT OWNED)
165 N. CHARLESTON, SC			294,471			$	1,992,423			$	6.82				99.2	%		WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED)
166 ORANGEBURG, SC			50,760			$	491,037			$	9.67				100.0	%		GOODY'S #282(2008), WAL-MART(NOT OWNED)
167 S. ANDERSON, SC			163,809			$	341,204			$	4.10				50.8	%		WAL-MART STORES #644(2010)
168 SIMPSONVILLE, SC			142,133			$	761,185			$	5.47				98.0	%		INGLES MARKETS #41(2011), K MART #3875 (2015)
169 UNION, SC			184,331			$	974,022			$	5.52				95.7	%		WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255 (2010)
South Dakota
170 WATERTOWN, SD			285,470			$	1,551,094			$	5.48				99.2	%		K MART #9180(2002), HERBERGER'S #15(2004), J.C. PENNEY #0495-2 -4(2003), HY VEE SUPERMARKET(NOT OWNED)
Tennessee
171 BRENTWOOD, TN. (COOL SPRING			201,516			$	2,441,924			$	12.12				100.0	%		BEST BUY #170(2014), THE SPORTS AUTHORITY(2013), LINENS 'N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)
Texas
172 FT. WORTH, TX			205,017			$	2,511,541			$	12.39				98.9	%		UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), MJ DESIGNS #4589(2011), ROSS DRESS FOR LESS #351-1(2006), TARGET(NOT OWNED), OFFICE DEPOT(NOT OWNED), TOYS R US(NOT OWNED)
173 FT. WORTH, TX (FOSSIL CREEK)			68,515			$	959,052			$	15.46				90.5	%

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center		Property Listing 7.1

*  Does Not Include Service Merchandise Interests

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
174 LEWISVILLE, TX (LAKEPOINTE)		LAKEPOINTE CROSSINGS S STEMMONS FREEWAY					75067			SC					1991				2002				100.00	%
175 ROUNDROCK, TX		LA FRONTERA SUNDANCE PARKWAY & PARKER AVE					78728			SC					2000				1*				24.75	%
176 SAN ANTONIO, TX		LA PLAZA DEL NORTE 125 NE LOOP 410					78216			SC					1996				1997				35.00	%
177 SAN ANTONIO, TX (BANDERA PT)		BANDERA POINT(NORTH)					78227			SC					2001				1*				100.00	%
Utah
178 LOGAN, UT		FAMILY PLACE @ LOGAN 400 NORTH STREET					84321			SC					1975				1998				100.00	%
179 MIDVALE, UT		FAMILY CENTER AT FORT UNION 900 EAST FT UNION BLVD					84047			SC					1973				1998				100.00	%
180 OGDEN, UT		FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD					84404			SC					1977				1998				100.00	%
181 OREM, UT		FAMILY CENTER AT OREM 1300 SOUTH STREET					84058			SC					1991				1998				100.00	%
182 RIVERDALE, UT		FAMILY CENTER AT RIVERDALE 1050 WEST RIVERDALE ROAD					84405			SC					1995				1998				100.00	%
183 SALT LAKE CITY, UT (33RD)		FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET					84115			SC					1978				1998				100.00	%
184 TAYLORSVILLE, UT		FAMILY CENTER AT MIDVALLEY 5600 SOUTH REDWOOD					84123			SC					1982				1998				100.00	%
Vermont
185 BERLIN, VT		BERLIN MALL 282 BERLIN MALL RD., UNIT #28					05602			MM					1986				2*				100.00	%
Virginia

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
174 LEWISVILLE, TX (LAKEPOINTE)			311,039			$	2,798,044			$	10.99				81.8	%		THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2011), TOYS R' US(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED), GARDEN RIDGE(NOT OWNED)
175 ROUNDROCK, TX			438,324			$	5,933,156			$	13.82				98.0	%		HOBBY LOBBY #52R(2015), CIRCUIT CITY(2016), OFFICE DEPOT #02089(2015), MARSHALLS #775(2010), BED BATH & BEYOND #305(2011), OLD NAVY #6142(2005), BARNES & NOBLE BOOKS #2009(2011), SAM'S(NOT OWNED), LOWE'S(NOT OWNED), KOHL'S(NOT OWNED)
176 SAN ANTONIO, TX			310,394			$	3,376,993			$	13.50				80.6	%		ROSS STORES, INC.(2007), DSW SHOE WAREHOUSE(2007), BEST BUY COMPANY#201(2012), OSHMAN'S SPORTING GOODS #236(2016)
177 SAN ANTONIO, TX (BANDERA PT)			278,727			$	3,932,756			$	14.26				98.9	%		T.J. MAXX(2011), LINENS 'N THINGS # 594(2012), OLD NAVY #6499(2006), ROSS DRESS FOR LESS(2012), BARNES & NOBLE # 2055(2011), OFFICE MAX(2016), TARGET(NOT OWNED), LOWE'S(NOT OWNED)
Utah
178 LOGAN, UT			19,200			$	210,662			$	10.97				100.0	%		RITE AID(NOT OWNED)
179 MIDVALE, UT			664,120			$	6,933,532			$	10.55				99.0	%		MERVYN'S #M-0065A(2005), BABIES R US #9568(2013), OFFICE MAX #126(2007), SMITH'S FOOD & DRUGS#85(2024), MEDIA PLAY #8122(2016), BED BATH & BEYOND #198(2014), ROSS DRESS FOR LESS #502(2011), WAL-MART STORES #2207(2015)
180 OGDEN, UT			162,316			$	855,532			$	5.62				93.7	%		HARMONS(2012)
181 OREM, UT			150,667			$	1,524,289			$	10.12				100.0	%		KIDS R US # 1347(2011), MEDIA PLAY #8120(2015), OFFICE DEPOT #538(2008), JO-ANN FABRICS AND CRAFTS(2012), R.C. WILLEY(NOT OWNED), TOYS R US(NOT OWNED)
182 RIVERDALE, UT			590,313			$	4,275,913			$	7.68				94.3	%		TARGET SUPERSTORE #1753(2017), WAL-MART STORES #1708(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN'S WAREHOUSE(2009), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016)
183 SALT LAKE CITY, UT (33RD)			35,459			$	262,502			$	8.55				86.6	%
184 TAYLORSVILLE, UT			699,055			$	6,179,140			$	10.22				86.5	%		JOLENE'S(2003), MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), SHOPKO #085(2014), GART SPORTS #324(2017), BED, BATH & BEYOND #270(2015), HARMONS SUPERSTORE(NOT OWNED)
Vermont
185 BERLIN, VT			174,731			$	1,479,849			$	8.73				97.0	%		WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)
Virginia

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center		Property Listing 7.1

*  Does Not Include Service Merchandise Interests

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Property List*

																						DDR
						Zip				Type of				Year				Year				OwnerShip
Center/Property		Location				Code				Property				Developed				Acquired				Interest
186 FAIRFAX, VA		FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER					22033			SC					1994				1995				20.00	%
187 MARTINSVILLE, VA		LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD					24112			MM					1989				2*				50.00	%
188 PULASKI, VA		MEMORIAL SQUARE 1000 MEMORIAL DRIVE					24301			SC					1990				2*				100.00	%
189 WINCHESTER, VA		APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY					22601			SC					1990				2*				100.00	%
Washington
190 BELLINGHAM, WA		MERIDIAN VILLAGE SHOPPING CTR NE CORNER G MERIDIAN/TELEGRAPH					98226			SC					1979				2000				20.00	%
191 EVERETT, WA		PUGET PARK 520 128TH STREET SW					98204			SC					1981				2001				20.00	%
West Virginia
192 BARBOURSVILLE, WV		OFFICE MAX CENTER 5-13 MALL ROAD					25504			SC					1985				1998				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total
		Leasable				Annualized				Average				Percent
Center/Property		Area				Base Rent				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
186 FAIRFAX, VA			253,941			$	4,260,497			$	16.78				100.0	%		SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014)
187 MARTINSVILLE, VA			435,057			$	2,742,471			$	7.02				89.8	%		GOODY'S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017)
188 PULASKI, VA			143,299			$	918,903			$	6.41				100.0	%		WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)
189 WINCHESTER, VA			230,940			$	2,181,575			$	9.50				99.5	%		MARTIN'S FOOD STORE #78(2040), KOHL'S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)
Washington
190 BELLINGHAM, WA			208,422			$	1,995,130			$	9.90				96.7	%		CIRCUIT CITY #3326(2015), HOME DEPOT INC., #4715(2013), PAYLESS DRUG #05240(2004)
191 EVERETT, WA			40,958			$	368,931			$	12.77				70.5	%		ALBERTSON'S (NOT OWNED)
West Virginia
192 BARBOURSVILLE, WV			70,900			$	288,037			$	4.06				100.0	%		DISCOUNT EMPORIUM (2006), OFFICEMAX #263(2006), VALUE CITY (NOT OWNED)
Grand Total			40,348,371			$	390,347,543

* 1.		Property Developed by the Company		* SC — Shopping Center
* 2.		Original IPO Property		* MM = Mini-Mall
				* BC = Business Center		Property Listing 7.1

*  Does Not Include Service Merchandise Interests

94

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Developers Diversified Realty

---

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Investor Information

Developers Diversified Realty

 

Investor Information 7.2

95

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Developers Diversified Realty

---

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Investor Information (Continued)

 

Investor Information 7.2

96

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Additional Information concerning the Merger and Where You can Find It

     DDR has filed a registration statement on Form S-4, containing a joint proxy statement/prospectus and other relevant documents, with the SEC concerning the proposed merger between DDR and JDN. YOU ARE URGED TO READ THE REGISTRATION STATEMENT CONTAINING THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DDR, JDN AND THE MERGER. You may obtain the registration statement containing the joint proxy statement/prospectus and other documents free of charge at the SEC’s web site, www.sec.gov. In addition, you may obtain documents filed with the SEC by DDR free of charge by requesting them in writing from DDR Investor Relations, 3300 Enterprise Parkway, Beachwood, Ohio 44122, telephone: (216) 755-5500. You may obtain documents filed with the SEC by JDN free of charge by requesting them in writing from JDN Investor Relations, 359 East Paces Ferry Road, Suite 400, Atlanta, Georgia 30305, telephone: (404)262-3252.

     DDR and JDN, and their respective directors and executive officers and other members of their management and employees, may be deemed to be participants in the solicitation of proxies from the stockholders of DDR and JDN in connection with the merger. Information about the directors and executive officers of DDR and their ownership of DDR shares is set forth in the proxy statement for DDR’s 2002 annual meeting of shareholders. Information about the directors and executive officers of JDN and their ownership of JDN stock is set forth in the proxy statement for JDN’s 2002 annual meeting of stockholders. Investors may obtain additional information regarding the interests of such participants by reading the joint proxy statement/prospectus when it becomes available.

97