SITE Centers 8K Developers Diversified Realty Corporation | SITC 30 Apr 04

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

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, 2003.

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

TABLE OF CONTENTS


Section	Tab

Earnings Release & Financial Statements		1.0
Financial Summary		2.0
• Financial Highlights		2.1
• Market Capitalization and Financial Ratios		2.2
• Market Capitalization Summary		2.3
• Significant Accounting Policies		2.4
• Non-GAAP Financial Measures		2.5
Consolidated and Wholly Owned Financial Operations		3.0
• Summary of Capital Transactions		3.1
• Acquisitions, Dispositions, Expansions and Developments		3.2
• Summary of Consolidated Debt		3.3
• Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities		3.4
Joint Venture Summaries		4.0
• Joint Venture Financials		4.1
• Joint Venture Partnership Summaries		4.2
Joint Venture Financial Operations		5.0
• Summary of Capital Transactions		5.1
• Acquisitions, Dispositions, Expansions and Developments		5.2
• Summary of Joint Venture Debt		5.3
• Summary of Pro Rata Joint Venture Debt		5.4
• Summary of Joint Venture Mortgage Principal Payments		5.5
Portfolio Statistics		6.0
Appendix		7.0
• Property Listing		7.1
• Investor Information		7.2

DEVELOPERS DIVERSIFIED REALTY CORPORATION


For Immediate Release:

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

DEVELOPERS DIVERSIFIED REALTY REPORTS A 16.4%
INCREASE IN FFO PER SHARE FOR THE THREE MONTH PERIOD
ENDED MARCH 31, 2004

CLEVELAND, OHIO, April 29, 2004- Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that first quarter 2004 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.71 (diluted) and $0.72 (basic) as compared to $0.61 (diluted) and $0.62 (basic) per share for the same period in the previous year, a per share increase of 16.4% diluted and 16.1% basic. FFO available to common shareholders reached $62.8 million for the quarter ended March 31, 2004, as compared to $44.3 million for 2003, an increase of 41.8%. Net income available to common shareholders for the three month period ended March 31, 2004 increased 51.7% to $40.2 million compared to first quarter 2003 net income of $26.5 million, or $0.46 per share (diluted) and $0.47 (basic) in 2004 compared to $0.37 per share (diluted) and $0.38 (basic) for the same period in 2003. The increase in net income for the quarter ended March 31, 2004 is primarily related to the results from operations attributable to the merger with JDN Realty Corporation on March 13, 2003 which are included in the three month period ended March 31, 2004 plus the redemption of preferred operating partnership units in 2003, offset, to some extent, by the sale of assets to the joint venture with MDT in the fourth quarter of 2003.

Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “I am pleased to announce this quarter’s financial results, which reflect continued strong earnings growth and positive fundamentals in our core business. In addition, during the last month, we accessed a variety of public and private capital sources and arranged for the initial financing necessary to close the Benderson acquisition. Our ability to access capital quickly and efficiently despite the recent volatility in the REIT public equity markets is an important part of our franchise. We are proud to have generated the financing necessary to close this major acquisition and are appreciative of the strong support that we have received from the investment community for this very exciting initiative.”

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income and an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO available to common shareholders is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred dividends, (ii) gains (or losses) from sales of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) sales of securities, (iv) extraordinary items, (v) cumulative effect of changes in accounting standards and (vi) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures

and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section.

Leasing:

Leasing activity continues to be strong throughout the portfolio. During the first quarter of 2004, the Company executed 99 new leases aggregating approximately 526,000 square feet and 144 renewals aggregating approximately 920,000 square feet. Rental rates on new leases increased by 26.7% to $13.12 per square foot and rental rates on renewals increased by 6.7% to $8.78 per square foot. On a blended basis, rental rates for new leases and renewals increased by 12.8% to $10.36 per square foot.

At March 31, 2004, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $10.94, as compared to $10.39 at March 31, 2003.

As of March 31, 2004, the portfolio was 95.0% leased as compared to 95.1% leased at December 31, 2003 and 94.7% leased at March 31, 2003. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of March 31, 2004, the portfolio was 94.4% occupied as compared to 94.3% occupied at December 31, 2003 and 94.7% occupied at March 31, 2003.

Same store tenant sales performance over the trailing 12 month period within the Company’s portfolio, for those tenants required to report, remained strong at approximately $235 per square foot in 2004 compared to $232 per square foot in 2003, an increase of 1.3%. Aggregate base and percentage rental revenues relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2003, excluding properties under redevelopment) increased approximately $0.7 million (or 1.3%) for the three month period ended March 31, 2004, compared to the same period in 2003.

Expansions:

For the three month period ended March 31, 2004, the Company completed the expansion and redevelopment project at the North Little Rock, Arkansas shopping center at an aggregate cost of approximately $5.8 million. The Company is currently expanding/redeveloping eight shopping centers located in Tallahassee, Florida; Suwanee, Georgia; Starkville, Mississippi; Princeton, New Jersey; Aurora, Ohio; Tiffin, Ohio; Monaca, Pennsylvania and Chattanooga, Tennessee at a projected incremental cost of approximately $38.8 million. The Company is also scheduled to commence five additional expansion projects during 2004 at the Gadsden, Alabama; Brandon, Florida; Hendersonville, North Carolina; Allentown, Pennsylvania and Brentwood, Tennessee shopping centers.

The Company’s joint ventures are currently expanding/redeveloping two shopping centers located in Deer Park, Illinois and Merriam, Kansas at a projected incremental cost of approximately $15 million. The Company is also scheduled to commence three additional expansion/redevelopment projects at the Phoenix, Arizona; Kansas City, Missouri and Kirkland, Washington shopping centers.

Strategic Real Estate Transactions:

The Company entered into an agreement to purchase an interest in 110 retail real estate assets, with 18.8 million square feet of GLA, from Benderson Development Company and related entities (“Benderson”). It is anticipated that Benderson will retain a 2% equity interest in certain assets not designated as like kind exchange assets. The purchase price of the interests in the assets is expected to

be approximately $2.3 billion and the transaction is expected to close during the second quarter of 2004. The Company intends to fund the transaction through a combination of assumed debt, new debt financing, asset transfers/sales and equity.

The Benderson assets include locations in eleven states, with over 80.0% of the GLA in New York and New Jersey. The Benderson assets are approximately 94.0% leased, including a Benderson master lease, aggregating approximately 1.1 million square feet, associated with executed leases and pending deals in which the tenants have not commenced rental payments. The largest tenants, based on revenues, include Tops Market (Ahold USA), Wal-Mart/Sam’s Club, Home Depot and Dick’s Sporting Goods. The Company currently owns less than 100,000 square feet in New York and approximately 2.7 million square feet in New Jersey. Upon completion of the transaction, the Company will own or manage over 470 operating and development retail properties in 44 states, with over 100 million square feet of GLA.

The Company previously announced that it had received all capital commitments necessary to complete the expansion of the joint venture relationship with Macquarie DDR Trust (“MDT”), an Australian Listed Property Trust that it owns with Macquarie Bank Limited, an international investment bank and advisor and manager of specialized real estate funds in Australia. The capital commitments will enable MDT to acquire an indirect ownership interest in 12 large, market-dominant community shopping centers, comprising of 23 retail properties, as discussed below, aggregating over 5.6 million square feet of GLA. The aggregate purchase value of these 12 community shopping centers is approximately $538.0 million.

The Company intends to assign its rights under the Benderson purchase agreement to the MDT equity affiliate, in which it effectively owns a 14.5% interest, to acquire four community shopping centers, comprising 14 retail properties. These assets, which are currently owned by Benderson, represent an aggregate purchase value of approximately $300 million and approximately 2.5 million square feet. The MDT equity affiliate will also acquire seven community shopping centers, comprising eight retail properties that are currently held in the Company’s wholly owned portfolio, for approximately $188 million, and one community shopping center that is held by the Company in a 50% joint venture for approximately $50 million. These seven assets aggregate over 3.1 million square feet.

Acquisitions:

In the first quarter of 2004, the Company, through its joint venture with Coventry II, acquired a 20% interest in Totem Lakes Mall, a 290,000 square foot shopping center in suburban Seattle, Washington, and Phoenix Spectrum Mall, a 1,145,000 square foot shopping center in Phoenix, Arizona, for approximately $37.0 million and $46.5 million, respectively, of which the Company’s proportionate share is approximately $7.4 million and $9.3 million, respectively.

In March 2004, the Company acquired its joint venture partner’s 50% interest in a 248,000 square foot shopping center located in Littleton, Colorado. The Company’s purchase price, net of 50% of the mortgage debt assumed of $23.5 million, was approximately $6.3 million for the 50% equity interest.

Development (Consolidated):

During the three month period ended March 31, 2004, the Company substantially completed the construction of a 506,000 square foot shopping center located in Hamilton, New Jersey.

The Company currently has eleven shopping center projects under construction. These projects are located in Long Beach, California; Fort Collins, Colorado; Overland Park, Kansas; Chesterfield, Michigan; Lansing, Michigan; St. Louis, Missouri; Apex, North Carolina; Mount Laurel, New Jersey; Pittsburgh, Pennsylvania; Irving, Texas and Mesquite, Texas. These projects are scheduled for completion during 2004 and 2005 at a projected cost of approximately $352.5 million and will create an additional 2.8 million square feet of retail space.

The Company anticipates commencing construction in 2004 on four additional shopping centers located in Miami, Florida; Norwood, Massachusetts; Freehold, New Jersey and McKinney, Texas.

Development (Joint Ventures):

The Company has joint venture development agreements for three shopping center projects. These three projects have an aggregate projected cost of approximately $74.4 million. These projects are located in Jefferson Country (St. Louis, Missouri) and Apex, North Carolina (Phases III and IV) adjacent to a wholly-owned development project. The project located in Jefferson County (St. Louis, Missouri) will be substantially completed in 2004. At March 31, 2004, approximately $7.3 million of costs were incurred in relation to these development projects.

Dispositions:

In January 2004, one of the Company’s RVIP joint ventures sold a portion, approximately 300,000 square feet of GLA, of a shopping center in Puente Hills, California for approximately $33.0 million and recognized a gain of approximately $4.9 million of which the Company’s proportionate share was approximately $0.7 million. This gain is not included in FFO.

In January 2004, a joint venture in which the Company owns a 35% interest, sold a 320,000 square foot shopping center property located in San Antonio, Texas for approximately $59.1 million and recognized a gain of $19.1 million, of which the Company’s proportionate share was approximately $6.7 million. This gain is not included in FFO.

Financings:

The Company has arranged the initial financing to close on the Benderson acquisition, for an aggregate purchase price of approximately $2.3 billion. The Company issued $250.0 million, 5.25% senior unsecured notes due April 2011. The Company also priced $170 million of Class I cumulative redeemable perpetual preferred shares with an annual dividend coupon rate of 7.5%. In addition, the Company entered into a $200 million commitment with Bank One, Wachovia and Wells Fargo for a three-year term loan with two, one-year extension options at an interest rate of LIBOR plus 75 basis points. Although the Company intends to issue equity securities and/or sales of assets to joint ventures to finance approximately $500 million of the purchase price, the Company has entered into a commitment for a $500 million one-year bridge facility at LIBOR plus 75 basis points to ensure the necessary transaction financing is in place at the time of the transaction closing. Any borrowings under this bridge facility are expected to be repaid through asset sales and/or the issuance of equity securities. In addition, the combination of the purchase of certain Benderson assets through MDT and related sale of DDR assets to MDT, as discussed above, will contribute nearly $500 million of proceeds, which will effectively be applied towards the acquisition of an interest in the Benderson assets. The balance of the acquisition will initially be funded through assumed debt of approximately $400 million and line of credit borrowings of approximately $300 million.

In January 2004, the Company issued $275 million of five-year unsecured senior notes with a coupon rate of 3.875%. Net proceeds from this offering of approximately $272.2 million were used to repay approximately $104 million of variable rate mortgage debt and $150 million of the Company’s unsecured term debt associated with the JDN merger. The balance was used to repay revolving credit facilities.

Accounting Pronouncements:

In January 2003, the FASB issued FASB Interpretation No. 46 (“FIN 46” or “Interpretation”), “Consolidation of Variable Interest Entities.” This Interpretation was revised in December 2003. The objective of this Interpretation is to provide guidance on how to identify a variable interest entity (“VIE”) and determine when the assets, liabilities, non-controlling interests, and results of operations of a VIE need to be included in a company’s consolidated financial statements.

The Company consolidated five entities that were previously accounted for under the equity method. Four of these entities represent investments in undeveloped land located in Round Rock, Texas; Opelika, Alabama; Jackson, Mississippi; and Monroe, Louisiana, with combined real estate balances of $8.3 million as of December 31, 2003, and liabilities of $0.9 million. The Company has a note receivable from one of these entities of approximately $0.7 million. The other entity is an operating shopping center property located in Martinsville, Virginia, in which DDR has a 50% interest, and advances of approximately $8.8 million. The total undepreciated real estate assets of this entity are $31.6 million and the total debt is approximately $20 million. In addition, the Company recorded a charge of $3.0 million as a cumulative effect of adoption of FIN 46 related to the consolidation of this asset.

Developers Diversified Realty Corporation currently owns and manages over 360 retail operating and development properties in 44 states comprising over 83 million square feet of real estate. 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 Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Michelle A. Mahue, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Website which is located at http:/www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities 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, the loss of a major tenant or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2003.

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


	Three Month Period
	Ended March 31,
	2004			2003
Revenues:
Minimum rent (A)	$	88,959		$	73,639
Percentage and overage rents (A)		1,728			1,185
Recoveries from tenants		25,791			19,680
Ancillary income		764			347
Other property related income		906			74
Management fee income		3,111			2,604
Development fees		191			329
Interest income		1,360			1,604
Other (B)		3,519			3,063

		126,329			102,525

Expenses:
Operating and maintenance		16,265			12,904
Real estate taxes		15,870			12,130
General and administrative (C)		10,444			7,724
Interest		24,934			18,902
Depreciation and amortization		25,101			19,763

		92,614			71,423

Income before equity in net income of joint ventures, minority equity interests, income tax of taxable REIT subsidiaries, discontinued operations, gain on sales of real estate and real estate investments and cumulative effect of adoption of a new accounting standard		33,715			31,102
Equity in net income of joint ventures (D)		18,221			10,099
Minority equity interests (E)		(1,145	)		(3,064	)
Income tax of taxable REIT subsidiaries and franchise taxes		(671	)		(239	)

Income from continuing operations		50,120			37,898
(Loss) income from discontinued operations (F)		(703	)		287

Income before gain on sales of real estate and real estate investments and cumulative effect of adoption of a new accounting standard		49,417			38,185
Gain on sales of real estate and real estate investments, net of tax		4,370			200

Income before cumulative effect of adoption of a new accounting standard		53,787			38,385
Cumulative effect of adoption of a new accounting standard (G)		(3,001	)		—

Net income	$	50,786		$	38,385

Net income, applicable to common shareholders	$	40,182		$	26,510

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	40,182		$	26,510
Depreciation and amortization of real estate investments		24,757			19,721
Equity in net income of joint ventures		(18,221	)		(10,099	)
Joint ventures’ FFO (D)		12,676			7,794
Minority equity interests (OP Units)		572			377
Gain on sales of depreciable real estate and real estate investments, net		(160	)		—
Cumulative effect of adoption of a new accounting standard (G)		3,001			—

FFO available to common shareholders		62,807			44,303
Preferred dividends		10,604			11,875

FFO	$	73,411		$	56,178

Per share data:
Earnings per common share
Basic	$	0.47		$	0.38

Diluted	$	0.46		$	0.37

Dividends Declared	$	0.46		$	0.41

Funds From Operations — Basic (H)	$	0.72		$	0.62

Funds From Operations – Diluted (H)	$	0.71		$	0.61

Basic – average shares outstanding (thousands) (H)		86,344			70,087

Diluted — average shares outstanding (thousands) (H)		87,646			71,218

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

	(A)		Increases in base and percentage rental revenues for the three month period ended March 31, 2004 as compared to 2003, aggregated $15.4 million consisting of $0.7 million related to leasing of core portfolio properties (an increase of 1.3% from 2003), $3.7 million from the acquisition of four shopping centers in 2003 and 2004, $19.3 million from the JDN merger, $0.4 million related to developments and redevelopments and $0.7 million from the consolidation of a joint venture interest due to the adoption of FIN 46. These amounts were offset by a decrease of $0.5 million relating to the business center properties and $8.9 million due to the sale of eleven properties to joint ventures in 2003. Included in the rental revenues for the three month periods ended March 31, 2004 and 2003 is approximately $1.6 million and $1.4 million, respectively, of revenue resulting from the recognition of straight line rents.

	(B)		Other income for the three month periods ended March 31, 2004 and 2003 was comprised of the following (in millions):


	Three Month Period
	Ended March 31,
	2004		2003
Lease termination fees	$	3.5	$	0.3
Settlement of call option (1)		—		2.4
Sale of option rights and other miscellaneous		—		0.4

	$	3.5	$	3.1

(1)

Settlement of a call option on March 31, 2003 relating to the MOPPRS debt assumed from JDN, principally arising from an increase in interest rates from the date of acquisition, March 13, 2003, to the date of settlement.

(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 three month periods ended March 31, 2004 and 2003, general and administrative expenses were approximately 5.1% and 4.6%, respectively, of total revenues, including joint venture revenues, for each period.

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

(D)

The following is a summary of the Company’s share of the combined operating results relating to its joint ventures (in thousands):


	Three month period
	ended March 31,
	2004 (b)			2003 (b)
Revenues from operations (a)	$	76,269		$	58,603

Operating expense		26,705			20,452
Depreciation and amortization of real estate investments		10,892			10,055
Interest expense		18,287			17,795

		55,884			48,302

Income from operations before gain on sale of real estate and real estate investments and discontinued operations		20,385			10,301
Loss on sale of real estate and real estate investments		(14	)		—
Loss from discontinued operations, net of tax		(347	)		(94	)
Gain on sale of discontinued operations, net of tax		24,024			34,932

Net income	$	44,048		$	45,139

DDR Ownership interests (b)	$	18,301		$	10,437

Funds From Operations from joint ventures are summarized as follows:
Net income		44,048		$	45,139
Gain on sale of real estate and real estate investments, including discontinued operations		(23,967	)		(35,690	)
Depreciation and amortization of real estate investments		11,052			11,411

	$	31,133		$	20,860

DDRC Ownership interests (b)	$	12,676		$	7,794

DDRC Partnership distributions received, net	$	28,316		$	20,641

	(a)		Revenues for the three month periods ended March 31, 2004 and 2003 included approximately $1.1 million and $0.9 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.3 million, respectively.

	(b)		Included in equity in net income of joint ventures is approximately $2.9 million of promoted income received from the Company’s joint venture partners in the first quarter of 2004 which is include in the Company’s FFO.

			The Company’s share of joint venture net income has been reduced by $0.1 million and $0.4 million for the three month periods ended March 31, 2004 and 2003, respectively, to reflect additional basis depreciation.

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

At March 31, 2004 and 2003, the Company owned joint venture interests relating to 53 and 51 shopping center properties, respectively. In addition, at March 31, 2004 and 2003, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 69 and 88 shopping center sites formerly owned by Service Merchandise, respectively.

(E)

Minority Equity Interests are comprised of the following (in thousands):


	Three Month Period
	Ended March 31,
	2004		2003
Minority interests	$	573	$	451
Preferred Operating Partnership Units		—		2,236
Operating Partnership Units		572		377

	$	1,145	$	3,064

(F)

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


	Three Month Period
	Ended March 31,
	2004			2003
Revenues	$	145		$	866

Expenses:
Operating		94			123
Interest		19			180
Depreciation		38			276

		151			579

		(6	)		287
Minority interests		(4	)		—
Loss on sales of real estate		(693	)		—

	$	(703	)	$	287

	(G)		The cumulative effect of adoption of a new accounting standard (FIN 46) of approximately $3.0 million is attributable to the consolidation of a 50% owned shopping center property in Martinsville, Virginia and the minority partner’s share of cumulative losses.

	(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 1.1 million and 0.9 million Operating Partnership Units (OP Units) outstanding at March 31, 2004 and 2003 into 1.1 million and 0.9 million common shares of the Company for the three month periods ended March 31, 2004 and 2003, respectively. The weighted average diluted shares and OP Units outstanding were 88.9 million and 72.3 million for the three month periods ended March 31, 2004 and 2003, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)


Selected Balance Sheet Data:
	March 31, 2004			December 31, 2003
Assets:
Real estate and rental property:
Land	$	833,714		$	821,893
Buildings		2,809,436			2,719,764
Fixtures and tenant improvements		92,630			90,384
Construction in progress		268,407			252,870

		4,004,187			3,884,911
Less accumulated depreciation		(493,470	)		(458,213	)

Real estate, net		3,510,717			3,426,698
Cash		22,683			11,693
Restricted cash		4,800			99,340
Advances to and investments in joint ventures		245,905			260,143
Notes receivable		9,873			11,741
Receivables, including straight line rent, net		72,608			76,509
Other assets, net		54,829			55,027

	$	3,921,415		$	3,941,151

Liabilities:
Indebtedness:
Revolving credit facilities	$	102,500		$	186,500
Variable rate unsecured term debt		150,000			300,000
Unsecured debt		1,113,479			838,996
Mortgage and other secured debt		716,876			757,635

		2,082,855			2,083,131
Dividends payable		43,672			43,520
Other liabilities		128,385			152,992

		2,254,912			2,279,643
Minority interests		46,825			47,438
Shareholders’ equity		1,619,678			1,614,070

	$	3,921,415		$	3,941,151

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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


	March 31,			December 31,
	2004			2003
Land	$	509,845		$	519,846
Buildings		1,620,366			1,692,367
Fixtures and tenant improvements		25,903			24,985
Construction in progress		34,519			38,018

		2,190,633			2,275,216
Accumulated depreciation		(107,183	)		(118,755	)

Real estate, net		2,083,450			2,156,461
Receivables, including straight line rent, net		44,161			47,165
Leasehold interests		27,584			28,895
Other assets		86,522			83,776

	$	2,241,717		$	2,316,297

Mortgage debt (a)	$	1,262,276		$	1,321,117
Notes and accrued interest payable to DDRC		16,640			31,683
Amounts payable to other partners		34,934			32,121
Other liabilities		73,925			80,681

		1,387,775			1,465,602
Accumulated equity		853,942			850,695

	$	2,241,717		$	2,316,297

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $339.6 million and $368.5 million at March 31, 2004 and December 31, 2003, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2004

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)


	Three Month			Three Month
	Period Ended			Period Ended
	31-Mar			31-Mar			Year Ended December 31
	2004			2003			2003			2002			2001			2000
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	40,182		$	26,510	(7)	$	189,056	(7)	$	69,368	(7)	$	65,111		$	73,571
Depreciation and Amortization of Real Estate Investments	$	24,757		$	19,721		$	93,173		$	76,462		$	63,200		$	52,975
Equity in Net Income From Joint Ventures	$	(18,221	)	$	(10,099	)	$	(52,917	)	$	(32,769	)	$	(17,010	)	$	(17,072	)
Equity in Net Income From Minority Equity Investment	$	0		$	0		$	0		$	0		$	(1,550	)	$	(6,224	)
Joint Venture Funds From Operations	$	12,676		$	7,794		$	47,942		$	44,473		$	31,546		$	30,512
Minority Equity Investment Funds From Operations	$	0		$	0		$	0		$	0		$	6,448		$	14,856
Operating Partnership Minority Interest Expense	$	572		$	377		$	1,770		$	1,450		$	1,531		$	4,126
Non-Recurring & Extraordinary Charges	$	3,001		$	0		$	0		$	0		$	2,895		$	0
(Gain) Loss on Sales of Real Estate	$	(160	)	$	0		$	(64,712	)	$	454		$	(16,688	)	$	(23,440	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	62,807		$	44,303		$	214,312		$	159,439		$	135,482		$	129,303
PREFERRED DIVIDENDS	$	10,605		$	11,875	(7)	$	51,204	(7)	$	32,602	(7)	$	27,262		$	27,262

FUNDS FROM OPERATIONS	$	73,412		$	56,178		$	265,517		$	192,041		$	162,744		$	156,565

PER SHARE INFORMATION:
Funds From Operations — Diluted	$	0.71		$	0.61		$	2.54		$	2.42		$	2.38		$	2.19
Net Income — Diluted	$	0.46		$	0.37		$	2.27		$	1.07		$	1.17		$	1.31
Cash Dividends	$	0.46		$	0.41		$	1.69		$	1.52		$	1.48		$	1.44
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		88,908			72,287			84,319			65,910			56,957			59,037
TOTAL MARKET CAPITALIZATION(1)	$	6,162,863		$	4,770,307		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917
DEBT TO TOTAL MARKET CAPITALIZATION(1)		33.70	%		45.28	%		37.42	%		43.10	%		43.87	%		49.28	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		48.44	%		50.95	%		48.68	%		48.26	%		47.18	%		47.82	%
DIVIDEND PAYOUT RATIO(1)		64.47	%		71.35	%(8)		65.26	%(8)		60.93	%		62.53	%		65.19	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES(2)		5.12	%		4.55	%		5.35	%		4.80	%		4.25	%		4.27	%
GENERAL AND ADMINISTRATIVE EXPENSES	$	10,444		$	7,724		$	40,820		$	29,392		$	24,175		$	20,449
REVENUES:
DDR Revenues	$	126,474		$	103,391		$	478,696		$	360,778		$	324,148		$	285,416
Joint Venture Revenues	$	77,422		$	66,286		$	284,158		$	251,905		$	244,663		$	193,275

TOTAL REVENUES(3)	$	203,896		$	169,678		$	762,853		$	612,683		$	568,811		$	478,691

NET OPERATING INCOME:
DDR Net Operating Income	$	93,237		$	77,995		$	356,348		$	272,764		$	248,838		$	225,371
Joint Venture Net Operating Income	$	50,475		$	42,472		$	184,927		$	167,573		$	166,545		$	136,440

TOTAL NET OPERATING INCOME(4)	$	143,712		$	120,467		$	541,274		$	440,337		$	415,383		$	361,811

REAL ESTATE AT COST:
DDR Real Estate at Cost	$	4,004,187		$	3,899,181		$	3,884,911		$	2,804,056		$	2,493,665		$	2,161,810
Joint Venture Real Estate at Cost(5)	$	2,190,633		$	1,892,548		$	2,275,216		$	1,785,165		$	1,862,515		$	1,522,493

TOTAL REAL ESTATE AT COST(6)	$	6,194,820		$	5,791,729		$	6,160,127		$	4,589,221		$	4,356,179		$	3,684,302

(1)		See Market Capitalization and Financial Ratio section for detail calculation.

(2)		The calculation includes joint venture revenues.

(3)		Includes revenues from discontinued operations.

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

(5)		Includes FMV purchase price gross up of assets shown as equity investment in joint ventures.

(6)		Includes construction in progress (CIP) at March 31, 2004 of $302.9 million (includes $34.5 million of CIP included in joint ventures, of which $8.9 million represents the Company’s proportionate share), and at December 31, 2003, 2002, 2001, 2000 CIP aggregated $290.7 million $237.8 million, $287.7 million and $305.4 million, respectively.

(7)		Amounts were adjusted to include original issuance costs associated with the redemption of Preferred Operating Partnership Units and preferred stock of $10,710,000 for the year ended December 31, 2003 and $5,543,734 for the year ended December 31, 2002 and $4,990,000 for the quarter ended March 31, 2003 pursuant to EITF topic NO. D-42.

(8)		Includes the full dividend for shares issued in conjunction with the JDN merger during Q-1 2003, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03. This number also includes the effect of the Regal Cinema litigation settlement.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2004

MARKET CAPITALIZATION & FINANCIAL RATIOS


	Three Month
	Period Ended
	31-Mar			Year Ended December 31
	2004			2003			2002			2001			2000
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	2,077,029		$	2,077,558		$	1,491,481		$	1,308,301		$	1,227,575
Total Market Capitalization*	$	6,162,863		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917

		33.70	%		37.42	%		43.10	%		43.87	%		49.28	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		48.44	%		48.68	%		48.26	%		47.18	%		47.82	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt*	$	2,416,640		$	2,446,026		$	1,878,575		$	1,688,904		$	1,550,398
Total Market Capitalization*	$	6,502,473		$	5,920,216		$	3,847,336		$	3,363,064		$	2,813,740

		37.16	%		41.32	%		48.83	%		50.22	%		55.10	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		52.31	%		53.79	%		54.20	%		53.85	%		54.54	%
INTEREST COVERAGE RATIO:
Interest Expense	$	24,953		$	90,162		$	77,208		$	81,770		$	77,030
FFO Before Interest and Preferred Dividends*	$	98,365		$	355,679		$	287,586		$	263,595		$	248,896

		3.94			3.94			3.72			3.22			3.23
DEBT SERVICE COVERAGE RATIO:
Debt Service*	$	29,356		$	101,890		$	83,958		$	88,764		$	82,103
FFO Before Interest and Preferred Dividends*	$	98,365		$	355,679		$	287,586		$	263,595		$	248,896

		3.35			3.49			3.43			2.97			3.03
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges	$	39,961		$	142,385		$	129,353		$	135,107		$	124,666
FFO Before Interest and Preferred Dividends*	$	98,365		$	355,679		$	287,586		$	263,595		$	248,896

		2.46			2.50			2.22			1.95			2.00
DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	40,493		$	146,846		$	100,531		$	84,721		$	84,297
Funds From Operations exclusive of preferred dividend arising from preferred stock redemption	$	62,807		$	225,022		$	164,983		$	135,482		$	129,303

		0.64			0.65	(1)		0.61			0.63			0.65

*		See Attached for Detail Calculation
(1)		Includes the full dividend for shares issued in conjunction with the JDN merger during Q-1 2003, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03.

Market Capitalization & Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2004


	Three Month
	Period Ended
	31-Mar		Year Ended December 31
	2004		2003		2002		2001		2000
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		86,763		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,129		1,129		911		1,038		1,051

Total		87,892		87,554		67,520		60,493		55,932
Share Price	$	40.4000	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	3,550,833	$	2,939,190	$	1,484,762	$	1,155,410	$	744,592
Preferred Shares at Book Value	$	535,000	$	535,000	$	304,000	$	303,750	$	303,750
Preferred Units and Warrant	$	0	$	0	$	180,000	$	215,000	$	215,000
Total Debt	$	2,077,029	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575

TOTAL MARKET CAPITALIZATION	$	6,162,863	$	5,551,748	$	3,460,243	$	2,982,461	$	2,490,917

DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		86,763		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,129		1,129		911		1,038		1,051

Total		87,892		87,554		67,520		60,493		55,932
Share Price	$	40.4000	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	3,550,833	$	2,939,190	$	1,484,762	$	1,155,410	$	744,592
Preferred Shares at Book Value	$	535,000	$	535,000	$	304,000	$	303,750	$	303,750
Preferred Units and Warrant	$	0	$	0	$	180,000	$	215,000	$	215,000
Total Debt	$	2,077,029	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575
Proportionate Share of JV Debt	$	339,611	$	368,468	$	387,094	$	380,604	$	322,823

TOTAL MARKET CAPITALIZATION	$	6,502,473	$	5,920,216	$	3,847,336	$	3,363,064	$	2,813,740

Market Capitalization & Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2004


	Three Month
	Period Ended
	31-Mar		Year Ended December 31
	2004		2003		2002		2001		2000
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	4,004,187	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Cash and Cash Equivalents	$	27,483	$	111,033	$	16,371	$	19,070	$	4,243
Notes Receivable	$	9,873	$	9,813	$	11,662	$	5,221	$	4,824
Advances and Investments in Joint Ventures	$	245,905	$	262,072	$	258,611	$	255,327	$	260,927
Minority Equity Investment	$	0	$	0	$	0	$	0	$	135,028

	$	4,287,449	$	4,267,829	$	3,090,699	$	2,773,281	$	2,566,831

DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	4,004,187	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Notes Receivable or Proportionate Share Thereof	$	36,643	$	41,018	$	50,521	$	22,000	$	42,187
Minority Equity Investment	$	0	$	0	$	0	$	0	$	135,028
Proportionate Share of JV Undepreciated Real Estate Assets	$	580,096	$	621,113	$	611,224	$	620,688	$	503,902

	$	4,620,926	$	4,547,043	$	3,465,801	$	3,136,353	$	2,842,926

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	62,807	$	214,312	$	159,439	$	135,482	$	129,303
Interest Expense	$	24,953	$	90,162	$	77,208	$	81,770	$	77,030
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	10,605	$	51,204	$	50,939	$	46,343	$	42,563

	$	98,365	$	355,679	$	287,586	$	263,595	$	248,896

DEBT SERVICE
Interest Expense	$	24,953	$	90,162	$	77,208	$	81,770	$	77,030
Recurring Principal Amortization	$	4,403	$	11,728	$	6,750	$	6,994	$	5,073

	$	29,356	$	101,890	$	83,958	$	88,764	$	82,103

FIXED CHARGES
Debt Service	$	29,356	$	101,890	$	83,958	$	88,764	$	82,103
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	10,605	$	40,494	$	45,395	$	46,343	$	42,563

D-42 dividend.	$	39,961	$	142,385	$	129,353	$	135,107	$	124,666

Market Capitalization & Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Significant Accounting Policies

Revenues

•		Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint.
•		Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the 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		Useful lives, which approximate lease
and Tenant Improvements		terms, where applicable

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Significant Accounting Policies (Continued)

•		Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized.
•		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 re-developments.

Capitalization

•		The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants.
•		For the three month period ended March 31, 2004 and the years ended December 31, 2003, 2002, 2001 and 2000, the Company capitalized interest of $2.4 million, $11.4 million, $9.5 million, $12.9 million and $18.2 million, respectively.
•		In addition, the Company capitalized certain construction administration costs of $2.2 million for the three month period ended March 31, 2004 and $5.1 million, $4.5 million, $3.3 million and $3.2 million for the years ended December 31, 2003, 2002, 2001 and 2000, respectively.
•		Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life.

Gain on Sales of Real Estate

•

Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete.

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

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

Table 1 — Developers Diversified Realty Corporation and the Company’s Joint Ventures Combined

Reconciliation of Same Store Net Operating Income (NOI) to Total Revenues and Certain Expenses


	Three Month Period
	March 31,
	2004			2003
Total Revenues DDR	$	126,329		$	102,525
Total Revenues DDR Combined Joint Ventures		76,269			58,603
Operating and Maintenance — DDR		(16,265	)		(12,904	)
Real Estate Taxes — DDR		(15,870	)		(12,130	)
Operating and Maintenance — DDR Combined Joint Ventures		(26,705	)		(20,452	)

Combined NOI	$	143,758		$	115,642

Total Same Store NOI	$	71,460		$	70,167		1.8	%
Property NOI from other operating segments		72,298			45,475

Combined NOI	$	143,758		$	115,642

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO) to reflect the adjustment of preferred dividend charges in accordance with EITF Topic No. D-42


	Three Month Period
	Ended March 31,
	2004			2003
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	40,182		$	26,510
Depreciation and Amortization of Real Estate Investments		24,757			19,721
Equity in Net Income From Joint Ventures		(18,221	)		(10,099	)
Joint Venture Funds From Operations		12,676			7,794
Operating Partnership Minority Interest Expense		572			377
Gain on Sales of Real Estate		(160	)		—
Cumulative effect of adoption of a new accounting standard		3,001			—

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	62,807		$	44,303

Preferred dividend charges in accordance with EITF Topic No. D-42		10,604			11,875

ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	73,411		$	56,178

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Three Month Period Ended March 31, 2004


	Three Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	100.6	(2)	$	1,363.6	(4)	$	298.6	(6)	$	289.3	(8)	$	81.1	(9)
Completed Expansions		5.8			26.8			8.0			13.7			13.6
Developments & Construction in Progress		29.1			104.6			66.4			72.9			81.2
Tenant Improvements & Building Renovations(1)		2.0			6.3			7.3			6.1			6.3
Furniture Fixtures & Equipment		0.2			1.9			2.3			2.5			0.4

		137.7			1,503.2		$	382.6		$	384.5		$	182.6
Less: Real Estate Sales & Joint Venture Transfers		(18.4	)(3)		(422.4	)(5)	$	(72.2	)(7)	$	(52.7	)	$	(89.1	)

Total DDR Additions (Millions)	$	119.3		$	1,080.8		$	310.4		$	331.8		$	93.5

(1)

The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $7.0 million associated with its wholly owned and consolidated portfolio during 2004.

(2)

Includes the consolidation of certain joint venture assets aggregating $37.1 million due to FIN 46 and the transfer to DDR from joint venture of the Littleton, CO shopping center, which had a value of $63.5 million.

(3)

In addition to the sales listed in the disposition section, this balance includes the sale of several outparcels with an aggregate cost of $9.5 million.

(4)

Includes the merger of JDN and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.

(5)

In addition to the sales listed in the disposition section, which had an aggregate cost of $62.9 million, this balance includes the transfer of seven assets with an aggregate cost of $153.6 million to the joint venture with DDR Markaz LLC (Kuwait Financial Centre), these assets are shopping centers located in Richmond, CA, Winchester, VA, Tampa, FL, Toledo, OH, Highland, IN, Oviedo, FL and Grove City, OH and the sale of several outparcels, which had an aggregate cost of $13.5 million. The balance also includes the transfer of six assets with an aggregate cost of $192.4 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Canton, OH, North Olmstead, OH, Independence, MO and St. Paul, MN.

(6)

Includes transfers from joint ventures of the Independence, MO shopping center, Phase IV of the Salisbury, MD shopping center, Canton, OH shopping center, Plainville, CT shopping center, and San Antonio, TX shopping center to DDR.

(7)

Includes a transfer to joint ventures for the newly developed shopping center in Kildeer, Illinois, the sales of shopping centers located in Cape Coral, Florida, Huntsville, Alabama, Ocala, Florida, Orlando, Florida and St. Louis, Missouri, the sale of three outlots, and a write-off of $5.0 million relating to the former K-mart space at North Little Rock, Arkansas which is being redeveloped.

(8)

The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001.

(9)

Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavilion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures.

Summary of Wholly Owned Capital Transactions 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

There were no wholly owned or consolidated retail acquisitions
for the three month period ended March 31, 2004

Wholly Owned and Consolidated Dispositions
for the Three Month Period Ended March 31, 2004


			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Trinidad, CO		63,836		1.0		2/13/2004
North Olmsted, OH		64,950	$	5.6		3/17/2004

Total		128,786	$	6.6

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Three Month Period Ended March 31, 2004


*Projects Completed*
N. Little Rock, AR	Demolished the former Kmart space to construct a Bed, Bath & Beyond (opened 9/02), Sports Authority (opened 8/03), and Michael’s (opened 04/04).

Total Net Cost (Millions)	$	5.8


*Projects in Progress*
Tallahassee, FL	Retenanting of former Lowe’s with Bealls, Cato and It’s Fashion.
Suwanee, GA	Retenanting of former K-Mart with PetsMart and Shoe Gallery.
Starksville, MS	Retenanting of former Wal-Mart with Lowe’s Home Improvements and the relocation of Dollar Tree, Cato, It’s Fashion and Hibbetts.
Princeton, NJ	Expansion of the existing center to create a 37,200 sf Babies ‘R Us and additional 39,600 sf of retail space.
Aurora, OH	Expansion of the existing center to create a 38,000 sf Marquee Theatre (scheduled to open in 2nd Quarter 2004).
Tiffin, OH	Retenanting the former Kmart with Marquee Theatre (scheduled to open 2nd Quarter 2004) and 15,000 sf of additional retail space.
Monaca, PA	Expansion of the existing center to create 38,000 sf Cinemark Theater (scheduled to open 2nd quarter 2004) and 6,160 sf of retail space.
Chattanooga, TN	Retenanting of former K-Mart with Hobby Lobby and Fresh Market.

Total Net Cost (Millions)	$	38.8


*Projects to Commence Construction*
Gadsden, AL	Break-up of 64,400sf building to create 20,000 sf Fred’s and two mid-size retail units.
Brandon, FL	Recapture 23,391 sf from The Sports Authority and release to PetsMart.
Hendersonville, NC	Recapture of former Wal-Mart space; demolition of 45,000 sq ft for Epic Theater, Big Lots and 32,000 sf of retail space.
Allentown, PA	Construction of 18,200 sf outparcel building for retail tenants.
Brentwood, TN	Recapture The Sports Authority space and release the space to Ross Dress for Less and other retail tenants.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Wholly Owned and Consolidated Development Projects
for the Three Month Period Ended March 31, 2004


					Substantial
			Net Cost		Completion
	GLA		(Millions)		Date		Major Tenants
*Projects Substantially Completed*
Hamilton, NJ		506,461	$	79.5	1st Half 2004		Wal-Mart, Lowe’s, BJ’s Wholesale, Kohl’s, Michaels, PetsMart, Famous Footwear, Ross Dress for Less, Pier One, Linens ‘N Things, Shop-Rite, and Barnes & Noble
*Projects in Progress*
Long Beach, CA (The Pike at Rainbow Harbor) Phase I		346,233	$	128.8	2nd Half 2003 and 2004		Cinemark Theater, Gameworks, Carnival Club, Gladstones, Outback Steakhouse, Island Burgers, Bubba Gump Shrimp, California Pizza Kitchen, Kelly’s Coffee, Sharkies Woodfired Mexican Grill, Cold Stone Creamery, Candy Bouquet, Extreme Pizza, Great Steak and Potato Company, Laugh Factory and Auld Dubliner
Fort Collins, CO		18,540	$	4.2		2004	Wal-Mart, Home Depot and additional small shops and outparcels
Overland Park, KS		94,183	$	10.4		2004	Home Depot, Sam’s Club, Aldi’s Grocery, Party City, Goodyear Tire, Bank of America, Babies ‘R Us and 23,325 sf of additional retail space
Chesterfield, MI		101,200	$	12.7		2005	45,000 sf of small shop retail.
Lansing, MI		165,869	$	14.3		2005	Wal-Mart, Lowe’s, Michael’s, Gander Mountain, Subway, Hallmark
St. Louis, MO		98,827	$	14.0		2004	PetsMart, Office Max, Walgreens and other retail tenants to be announced
Apex, NC (Phase I & II)		461,244	$	26.1		2004	Target, Lowe’s, Office Max, PetsMart, Linens ‘N Things, and other retail tenants and outparcels to be announced
Mt. Laurel, NJ		720,625	$	58.4		2004 & 2005	Target, Wegman’s, Costco, Bed, Bath & Beyond and other retail tenants and outparcels to be announced
Pittsburgh, PA		340,971	$	26.5		2005	Target, Sportsmans Warehouse and other retail to be announced
Irving, TX		312,126	$	28.3		2004	Wal-Mart, Sam’s Club, Kohl’s, PetsMart, Marquee Theater, Office Max
Mesquite, TX		213,665	$	28.8	1st Half 2004		Michael’s, Linens ‘N Things, Ross Dress for Less, Ultimate Electronics, Dress Barn, Famous Footwear
*Projects to Commence Construction*
Miami, FL		609,606	$	86.0		2005	To be announced
Norwood, MA		115,147	$	9.3		2005	To be announced
Freehold, NJ		499,204	$	25.2		2005	Wal-Mart and Sam’s Club and other retail tenants and outparcels to be announced.
McKinney, TX (Phase II)		87,757	$	7.3		2004	To be announced

Wholly Owned Development Totals		4,185,197	$	559.8

Wholly Owned Developments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Wholly Owned and Consolidated Development
Assets Placed in Service as of March 31, 2004


	Assets Placed in Service
Date	(Millions)
As of December 31, 2003	$	179.6
1st Quarter 2004	$	12.4
2nd Quarter 2004	$	25.9
3rd Quarter 2004	$	29.6
4th Quarter 2004	$	59.3
Thereafter	$	253.0

Total	$	559.8

Wholly Owned and Consolidated Development
Funding Schedule as of March 31, 2004


Funded as of March 31, 2004	$	355.6
Projected Net Funding During 2004	$	104.6	(1)
Projected Net Funding Thereafter	$	99.6	(1)

Total	$	559.8

(1)

Amount will be reduced by the additional proceeds to be obtained through the construction loans and proceeds from land sales.

Wholly Owned Development Delivery and Funding Schedules 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Consolidated Debt
as of March 31, 2004

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate(1)

SENIOR DEBT:

Unsecured Credit Facility:

$650 Million Revolving Credit Facility

100,000

(2)

05/06

2.865

$150 Million Term Loan

150,000

09/04

2.090

Secured Credit Facility:

$30 Million Revolving Credit Facility

2,500

06/06

2.090

Total Credit Facility Debt

252,500

Public Debt:

Medium Term Notes

10,000

07/04

6.900

Medium Term Notes

5,000

07/04

6.940

Medium Term Notes

50,000

(3)

12/04

6.840

Medium Term Notes

1,000

11/05

7.280

Medium Term Notes

96,284

(4)

03/07

7.000

Medium Term Notes

10,000

07/07

6.950

Medium Term Notes

2,000

12/07

7.050

Medium Term Notes

99,902

01/08

6.625

Medium Term Notes

273,894

01/09

3.875

Medium Term Notes

299,574

07/10

4.625

Medium Term Notes

100,000

07/18

7.500

Unsecured Notes

75,000

08/04

6.800

Unsecured Notes

85,000

08/07

6.950

Total Public Debt

1,107,654

MORTGAGE DEBT:

Plainville, CT

7,260

04/21

7.125

Bayonet Point, FL

5,327

08/06

9.750

Tupelo, MS

11,957

03/08

4.410

Jacksonville, FL

6,861

03/08

4.410

Denver, CO (Univ Hills)

29,251

06/12

7.300

Henderson, TN

9,593

01/19

7.660

Brown Deer, WI

3,133

08/09

7.750

Allentown, PA

19,103

06/21

6.950

Erie, PA

25,784

04/11

6.880

Erie, PA

2,975

04/11

6.880

Martinsville, VA

19,995

12/09

8.460

Boardman, OH

26,776

04/11

6.880

Solon, OH

16,564

03/08

4.410

St. Louis, MO (Sunset)

34,709

04/11

6.880

St. Louis, MO (Brentwood)

25,784

04/11

6.880

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Consolidated Debt
as of March 31, 2004 (con’t)

Mortgage

Maturity

Interest

Balance

Date

Rate(1)

Denver, CO (Centennial)

38,676

04/11

6.880

Cedar Rapids, IA

10,285

01/20

9.375

St. Louis, MO (Olympic)

3,761

08/07

9.150

St. Louis, MO (Gravois)

2,032

07/12

8.625

St. Louis, MO (Keller)

1,803

01/10

8.625

N. Charleston, SC

11,859

03/08

4.410

Sault St. Marie, MI

3,177

05/07

8.375

Walker, MI

8,723

03/08

4.410

Detroit, MI

4,500

09/05

7.375

Mt. Pleasant, SC (GS II)

8,037

03/08

4.410

Meridian, ID (GS II)

25,972

03/08

4.410

Logan, UT

738

06/12

8.750

Riverdale, UT (North)

9,161

10/20

9.300

Salt Lake City, UT (Hermes)

204

08/04

5.900

Birmingham, AL (GS II)

28,129

03/08

4.410

Wilmington, NC

21,562

03/08

4.410

Berlin, VT

4,940

08/07

9.750

Brainerd, MN

145

02/05

6.800

Spring Hill, FL

5,429

09/19

9.750

West Pasco, FL

4,784

02/12

9.625

Princeton, NJ

26,300

03/27

8.262

Woodmont — Riverchase

8,077

01/13

5.500

Leawood, KS

52,220

07/09

7.310

Durham, NC

7,351

03/08

4.410

Bellefontaine, OH

2,574

12/16

7.500

Dublin, OH

9,644

09/06

8.375

Pickerington, OH

4,451

12/06

8.250

Dallas, TX (Carpenter)

28,329

01/08

7.250

Silver Springs, MD (Tech 29-1)

6,989

02/09

7.330

Silver Springs, MD (Tech 29-2)

3,533

09/06

9.050

Hamilton, NJ

30,000

05/05

2.942

Hamilton, NJ

26,005

05/05

2.740

Princeton, NJ

24,999

09/25

2.590

Coon Rapids, MN

06/05

2.590

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Consolidated Debt
as of March 31, 2004 (con’t)


		Mortgage			Maturity			Interest
		Balance			Date			Rate(1)
San Antonio, TX	V	$	1			07/06			2.590
RVIP I, Best Products	V	$	411			08/04			2.840
Littleton, CO	V		47,002			05/04			2.940

Total Mortgage Debt			716,876

Total Debt		$	2,077,029
Adjustment for Reverse Swap			5,825	(5)
		$	2,082,855

Weighted Average — Total					5.37 years				5.1	%

Weighted Average — Fixed					5.94 years		��		5.6	%

Weighted Average — Floating					2.56 years				2.7	%

Notes:

F	—	Fixed Rate Debt
V	—	Variable Rate Debt
1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost amortization is approximately $3.0 million, net.
2.		Senior debt of $100 million has been converted to a fixed LIBOR rate of 1.865%. The fixed all-in rate is 2.865%.
3.		Public debt of $40 million has been converted to a variable rate of 3.74%. 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 3.065%. The remaining balance of $36.0 million is at the stated fixed rate.
5.		Offset included in other assets.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2004
(000’s)


	2004		2005		2006		2007		2008		2009		2010		2011		2012		2013
	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																						7,260		7,260
Bayonet Point, FL						5,327																		5,327
Tupelo, MS		273		287		300		313		10,852														12,025
Jacksonville, FL		156		164		172		180		6,227														6,900
Denver, CO (Univ Hills)		486		522		562		604		650		699		752		809		24,286						29,370
Henderson, TN		339		366		395		426		460		497		536		578		624		674		4,782		9,676
Brown Deer, WI		475		513		554		599		647		460												3,248
Allentown, PA		580		621		666		714		765		820		879		942		1,009		1,082		11,168		19,245
Erie, PA		250		273		293		314		331		360		386		23,641								25,847
Erie, PA		28		31		33		36		38		41		44		2,732								2,983
Martinsville, VA		182		203		221		241		258		18,936												20,041
Boardman, OH		259		283		303		325		343		373		400		24,556								26,842
Solon, OH		378		397		415		434		15,033														16,657
St. Louis, MO (Sunset)		335		366		392		421		444		483		518		31,836								34,795
St. Louis, MO (Brentwood)		250		273		293		314		331		360		386		23,641								25,847
Denver, CO (Centennial)		374		408		438		469		496		539		578		35,469								38,771
Cedar Rapids, IA		287		315		346		380		417		458		503		552		606		665		5,825		10,354
St. Louis, MO (Olympic)		306		335		367		2,826																3,835
St. Louis, MO (Gravois)		282		310		355		389		292		115		125		136		147						2,150
St. Louis, MO (Keller)		243		265		289		315		343		374		33										1,862
N. Charleston, SC		270		284		297		311		10,763														11,926
Sault St Marie, MI		911		990		1,079		418																3,398
Walker, MI		199		209		219		229		7,917														8,772
Detroit, MI		2,800		3,189																				5,989
Mt. Pleasant, SC		183		193		201		211		7,294														8,082
Merridian, ID		592		623		651		681		23,573														26,120
Logan, UT		63		68		74		81		89		97		105		115		61						754
Riverdale, UT (North)		238		261		287		315		345		379		415		456		500		548		5,475		9,218
Salt Lake City, UT		315																						315
Birmingham, AL		642		674		705		737		25,530														28,288
Wilmington, NC		492		517		541		565		19,570														21,684
Berlin, VT								4,940																4,940
Brainerd, MN ( K-Mart)		140		75																				215
Spring Hill, FL		154		170		187		206		227		251		276		304		335		370		2,985		5,467
West Pasco, FL																		4,784						4,784
Princeton, NJ		323		358		389		423		454		499		543		590		636		697		21,468		26,381
Hoover, AL (Riverchase)		108		116		122		129		136		145		153		162		170		6,864				8,104
Leawood, KS		1,038		1,117		1,201		1,292		1,390		46,435												52,473
Durham, NC		168		176		184		193		6,672														7,392
Bellefontaine, OH		123		133		143		154		166		179		193		208		224		241		842		2,604

Summary of Consolidated Mortgage Principal Payments and Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2004 (con’t)


	2004			2005		2006			2007		2008		2009		2010			2011		2012		2013
	Payments			Payments		Payments			Payments		Payments		Payments		Payments			Payments		Payments		Payments		Thereafter		Total
Dublin, OH		248			270		9,185																				9,704
Pickerington, OH		202			219		4,079																				4,500
Dallas, TX (Carpenter)		455			489		525			565		26,406															28,440
Silver Springs, MD (Tech 29-1)		145			158		170			183		196		6,173													7,025
Silver Springs, MD (Tech 29-2)		85			93		3,376																				3,554
Princeton, NJ (Nassau Pav)																									24,999		24,999
San Antonio, TX							1																				1
RVIP I, Best Products		2,254																									2,254
Payments Made Through 03/31/04		-6,549																									-6,549

Total — Property Mortgages		11,081			16,314		35,340			20,932		168,653		78,670		6,823			146,726		33,382		11,141		84,804		613,867

CONSTRUCTION LOANS
$34.4 Million Construction Loan					1																						1
(National City Bank)
Littleton, CO		47,002																									47,002
Hamilton, NJ					56,005																						56,005

Total — Construction Loans		47,002			56,006		0			0		0		0		0			0		0		0		0		103,009

DEBT OFFERINGS
Senior Notes		65,000			1,000					108,284		99,902		273,894		299,574	��								100,000		947,654
Unsecured Notes		75,000								85,000																	160,000

Total — Debt Offerings		140,000			1,000		0			193,284		99,902		273,894		299,574			0		0		0		100,000		1,107,654
Total — Property Mortgages,		198,083			73,321		35,340			214,216		268,555		352,564		306,397			146,726		33,382		11,141		184,804		1,824,529
Construction Loans & Debt Offerings

REVOLVING CREDIT FACILITIES
$650 Million Unsecured Credit							100,000	(1)																			100,000
(Bank One)
$150 Million Unsecured Credit		150,000	(1)																								150,000
(Bank of America)
$30 Million Revolving Credit							2,500	(3)																			2,500
(National City Bank)

Total — Debt		348,083			73,321		137,840			214,216		268,555		352,564		306,397			146,726		33,382		11,141		184,804		2,077,029

Notes:

(1)		Balance at March 31, 2004 on $150 million term loan — (six month extension available until March 2005).
(2)		Balance at March 31, 2004 on revolving construction credit facilities.
(3)		Balance at March 31, 2004 on $30 million revolving credit facility.

Summary of Consolidated Mortgage Principal Payments and Corporate Debt Maturities 3.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2004


				RVIP III B									RVIP VIII			Community		Community		Community
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			Centers		Centers Four		Centers Five
Real Estate Assets	$	55.6		$	76.5		$	31.7		$	217.1		$	25.5		$	0.0	$	0.0	$	249.7
Accumulated Depreciation		(1.3	)		(5.6	)		(3.1	)		(14.4	)		(0.3	)		0.0		0.0		(29.0	)

Real Estate, net		54.3			70.9			28.6			202.7			25.2			0.0		0.0		220.7

Receivables, Net		1.7			1.1			0.8			0.4			(0.4	)		2.6		0.6		7.2
Other assets		1.0			1.2			1.4			17.4			3.3			3.9		0.2		7.0

	$	57.0		$	73.2		$	30.8		$	220.4		$	28.1		$	6.5	$	0.8	$	234.9

Mortgage Debt	$	29.7		$	50.8		$	18.6		$	81.3		$	26.9		$	0.0	$	0.0	$	156.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0		0.0		0.0
Other liabilities		0.5			2.7			0.9			18.5			0.4			5.5		0.4		4.2

		30.2			53.5			19.5			99.8			27.3			5.5		0.4		160.2
Accumulated equity (deficit)		26.8			19.7			11.3			120.6			0.8			1.0		0.4		74.7

	$	57.0		$	73.2		$	30.8		$	220.4		$	28.1		$	6.5	$	0.8	$	234.9

Proportionate share of other assets/liabilities, net	$	0.0			($0.1	)	$	0.3			($0.2	)	$	0.3		$	0.2	$	0.1	$	5.0

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


Combining Statements of Operations for the period ended March 31, 2004


				RVIP III B									RVIP VIII			Community			Community			Community
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			Centers			Centers Four			Centers Five
Revenues from operations	$	1.6		$	2.8		$	1.2		$	6.4		$	1.6		$	0.0		$	0.0		$	8.7
Rental operation expenses		(0.5	)		(1.0	)		(0.6	)		(2.2	)		(0.2	)		(0.1	)		0.0			(2.6	)

Net operating income		1.1			1.8			0.6			4.2			1.4			(0.1	)		0.0			6.1
Depreciation and amortization expense		(0.3	)		(0.4	)		(0.2	)		(1.3	)		(0.2	)		0.0			0.0			(0.7	)
Interest expense		(0.2	)		(0.4	)		(0.4	)		(1.5	)		(0.6	)		0.0			0.0			(2.7	)

Income (loss) before gain on sale		0.6			1.0			0.0			1.4			0.6			(0.1	)		0.0			2.7
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			(0.1	)		0.0			0.0			(0.2	)		0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			4.9			0.0			0.0			19.1			0.0

Net income (loss)	$	0.6		$	1.0		$	0.0		$	6.2		$	0.6			($0.1	)	$	18.9		$	2.7
DDR Ownership interest		***			***			***			***			20	%		***			35	%		50	%

	$	0.2		$	0.4		$	0.0		$	2.5		$	0.1		$	0.3		$	6.6		$	1.4
Minority Interest		0.0			(0.1	)		0.0			(0.3	)		0.0			0.0			0.0			0.0
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.1

	$	0.2		$	0.3		$	0.0		$	2.2		$	0.1		$	0.3		$	6.6		$	1.5

Proportionate share of net operating income	$	0.3		$	0.7		$	0.2		$	0.9		$	0.3		$	0.0		$	0.0		$	3.0


Funds From Operations (“FFO”):
Net income (loss)	$	0.6		$	1.0		$	0.0		$	6.2		$	0.6			($0.1	)	$	18.9		$	2.7
Depreciation of real property		0.3			0.4			0.2			1.3			0.1			0.0			0.2			0.7
(Gain) loss on sale		0.0			0.0			0.0			(4.9	)		0.0			0.0			(19.1	)		0.0

	$	0.9		$	1.4		$	0.2		$	2.6		$	0.7			($0.1	)	$	0.0		$	3.4
DDR ownership interest		***			***			***			***			20	%		***			35	%		50	%

DDR FFO	$	0.2		$	0.5		$	0.1		$	0.6		$	0.2		$	0.3			0.0		$	1.7

Joint Venture Financial 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2004


													Lennox
	Community			Community									Town			Sun Center			Dublin				Washington
	Centers Seven			Centers Eight			Merriam			Kildeer, IL			Center (2)			Limited (2)			Village (2)			��	Park (3)
Real Estate Assets	$	15.6		$	26.7		$	49.0		$	28.1		$	21.1		$	25.8		$	29.7			$	0.6
Accumulated Depreciation		(1.0	)		(2.0	)		(5.3	)		(1.2	)		(3.3	)		(5.3	)		(12.6	)			0.0

Real Estate, net		14.6			24.7			43.7			26.9			17.8			20.5			17.1				0.6

Receivables, Net		0.3			0.9			2.4			0.4			1.6			0.6			0.4				0.0
Other assets		0.1			0.7			2.4			0.4			0.5			1.0			0.5				0.0

	$	15.0		$	26.3		$	48.5		$	27.7		$	19.9		$	22.1		$	18.0			$	0.6

Mortgage Debt	$	9.9		$	17.7		$	39.1		$	19.5		$	18.9		$	21.0		$	0.0			$	0.0
Amounts payable to DDRC		0.0			0.0			0.0			0.1			0.0			0.1			0.0				0.0
Other liabilities		0.2			0.6			1.1			0.6			0.9			0.6			0.6				0.0

		10.1			18.3			40.2			20.2			19.8			21.7			0.6				0.0
Accumulated equity (deficit)		4.9			8.0			8.3			7.5			0.1			0.4			17.4				0.6

	$	15.0		$	26.3		$	48.5		$	27.7		$	19.9		$	22.1		$	18.0			$	0.6

Proportionate share of other assets/liabilities, net	$	0.1		$	0.5		$	1.9		$	0.0		$	0.6		$	0.8		$	0.3			$	0.0

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

Combining Statements of Operations for the period ended December 31, 2003


													Lennox
	Community			Community									Town			Sun Center			Dublin			Washington
	Centers Seven			Centers Eight			Merriam			Kildeer, IL			Center (2)			Limited (2)			Village (2)			Park (3)
Revenues from operations	$	0.4		$	1.0		$	1.7		$	1.0		$	1.1		$	1.1		$	0.5		$	0.0
Rental operation expenses		(0.1	)		(0.3	)		(0.5	)		(0.3	)		(0.3	)		(0.2	)		(0.3	)		0.0

Net operating income		0.3			0.7			1.2			0.7			0.8			0.9			0.2			0.0
Depreciation and amortization expense		(0.1	)		(0.1	)		(0.3	)		(0.1	)		(0.1	)		(0.2	)		(0.2	)		0.0
Interest expense		(0.2	)		(0.4	)		(0.5	)		(0.3	)		(0.4	)		(0.5	)		0.0			0.0

Income (loss) before gain on sale		0.0			0.2			0.4			0.3			0.3			0.2			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

Net income (loss)	$	0.0		$	0.2		$	0.4		$	0.3		$	0.3		$	0.2			0.0		$	0.0
DDR Ownership interest		50	%		50	%		50	%		10	%		50	%		***			***			50	%

	$	0.0		$	0.1		$	0.2		$	0.0		$	0.2		$	0.3		$	0.0		$	0.0
Minority Interest		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			(0.1	)		(0.2	)		0.0

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

Proportionate share of net operating income	$	0.2		$	0.3		$	0.6		$	0.1		$	0.4		$	0.7		$	0.2		$	0.0


Funds From Operations (“FFO”):
Net income (loss)	$	0.0		$	0.2		$	0.4		$	0.3		$	0.3		$	0.2		$	0.0		$	0.0
Depreciation of real property		0.1			0.1			0.3			0.1			0.1			0.2			0.2			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.1		$	0.3		$	0.7		$	0.4		$	0.4		$	0.4		$	0.2		$	0.0
DDR ownership interest		50	%		50	%		50	%		10	%		50	%		***			***			50	%

DDR FFO	$	0.0		$	0.2		$	0.4		$	0.0		$	0.2		$	0.5		$	0.2		$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2004


				Littleton,						Coon Rapids,			Phoenix,						Service			Jefferson
	DOTRS			CO (5)			Salisbury, MD			MN			AZ (2)			Pasadena, CA			Merchandise (4)			County, MO
Real Estate Assets	$	24.9		$	0.0		$	2.1		$	0.0		$	27.4		$	113.8		$	129.4		$	5.3
Accumulated Depreciation		(3.6	)		0.0			(0.2	)		0.0			(4.1	)		(3.1	)		(1.9	)		(0.2	)

Real Estate, net		21.3			0.0			1.9			0.0			23.3			110.7			127.5			5.1

Receivables, Net		0.9			0.0			0.0			0.5			0.9			2.1			6.5			0.0
Other assets		0.2			0.0			0.2			2.7			1.0			6.0			35.9			0.2

	$	22.4		$	0.0		$	2.1		$	3.2		$	25.2		$	118.8		$	169.9		$	5.3

Mortgage Debt	$	11.1		$	0.0		$	1.8		$	0.0		$	17.6		$	85.0		$	75.1		$	2.3
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.1			11.7			3.1
Other liabilities		(0.2	)		0.0			0.0			2.7			0.4			1.6			44.5			0.0

		10.9			0.0			1.8			2.7			18.0			86.7			131.4			5.4
Accumulated equity (deficit)		11.5			0.0			0.3			0.5			7.2			32.1			38.5			(0.1	)

	$	22.4		$	0.0		$	2.1		$	3.2		$	25.2		$	118.8		$	169.9		$	5.3

Proportionate share of other assets/liabilities, net	$	0.6		$	0.0		$	0.1		$	0.1		$	1.0		$	1.6		$	5.3		$	0.1

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	1.5

Combining Statements of Operations for the period ended March 31, 2004

				Littleton,						Coon									Service			Jefferson
	DOTRS			CO (5)			Salisbury, MD			Rapids, MN			Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			County, MO
Revenues from operations	$	0.9		$	2.4		$	0.1		$	0.0		$	1.2		$	4.6		$	4.5		$	0.2
Rental operation expenses		(0.2	)		(0.6	)		0.0			0.0			(0.3	)		(1.7	)		(3.2	)		(0.1	)

Net operating income		0.7			1.8			0.1			0.0			0.9			2.9			1.3			0.1
Depreciation and amortization expense		(0.1	)		(0.3	)		0.0			0.0			(0.2	)		(0.6	)		(0.7	)		0.0
Interest expense		(0.1	)		(0.6	)		(0.1	)		0.0			(0.3	)		(1.2	)		(1.9	)		(0.1	)

Income (loss) before gain on sale		0.5			0.8			0.0			0.0			0.4			1.1			(1.3	)		0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

Net income (loss)		0.5			0.8			0.0			0.0			0.4			1.1			(1.3	)		0.0
DDR Ownership interest		50	%		50	%		50	%		*	**		67	%		25	%		25	%		50	%

	$	0.2		$	0.4		$	0.0		$	2.9		$	0.3		$	0.3			($0.3	)	$	0.0
Minority Interest		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Amortization of basis differential		0.0			0.0			0.0			0.0			(0.1	)		0.0			0.0			0.0

	$	0.2		$	0.4		$	0.0		$	2.9		$	0.2		$	0.3			($0.3	)	$	0.0

Proportionate share of net operating income	$	0.3		$	0.9		$	0.0		$	0.0		$	0.6		$	0.7		$	0.3		$	0.1


Funds From Operations (“FFO”):
Net income (loss)	$	0.5		$	0.9		$	0.0		$	0.0		$	0.4		$	1.1			($1.3	)	$	0.0
Depreciation of real property		0.1			0.3			0.0			0.0			0.2			0.6			0.8			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.6		$	1.1		$	0.0		$	0.0		$	0.6		$	1.7			($0.5	)	$	0.0
DDR ownership interest		50	%		50	%		50	%		*	**		67	%		25	%		25	%		50	%

DDR FFO	$	0.3		$	0.5		$	0.0		$	2.9		$	0.4		$	0.4			($0.1	)	$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2004


	Sansone Group /					Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie
	DDRC LLC		DDR Markaz			Ward Parkway			Totem Lakes			Phoenix Spectrum			Fund LLC			Management LLC			Total
Real Estate Assets	$	0.2	$	167.3		$	49.0		$	37.0		$	45.4		$	735.9		$	0.0		$	2,190.6
Accumulated Depreciation		0.0		(3.6	)		(0.9	)		(0.1	)		(0.1	)		(4.8	)		0.0			(107.2	)

Real Estate, net		0.2		163.7			48.1			36.9			45.3			731.1			0.0			2,083.4

Receivables, Net		2.4		1.6			0.7			(0.1	)		0.7			6.2			1.0			44.1
Other assets		1.8		6.1			0.9			0.2			1.4			16.3			0.4			114.1

	$	4.4	$	171.4		$	49.7		$	37.1		$	47.4		$	753.6		$	1.4		$	2,241.6

Mortgage Debt	$	0.0	$	110.0		$	31.5		$	25.0		$	39.0		$	374.5		$	0.0		$	1,262.3
Amounts payable to DDRC		0.0		0.8			0.0			0.0			0.0			0.7			0.0			16.6
Other liabilities		1.0		1.8			0.8			0.0			1.0			14.7			2.7			108.7

		1.0		112.6			32.3			25.0			40.0			389.9			2.7			1,387.6
Accumulated equity (deficit)		3.4		58.8			17.4			12.1			7.4			363.7			(1.3	)		854.0

	$	4.4	$	171.4		$	49.7		$	37.1		$	47.4		$	753.6		$	1.4		$	2,241.6

Proportionate share of other assets/liabilities, net	$	1.6	$	1.2		$	0.2		$	0.0		$	0.2		$	1.1			($0.2	)	$	22.9

Disproportionate amount payable to DDR	$	0.0	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	1.6


Combining Statements of Operations for the period ended March 31, 2004


	Sansone Group /						Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie
	DDRC LLC			DDR Markaz			Ward Parkway			Totem Lakes			Phoenix Spectrum			Fund LLC			Management LLC			Total
Revenues from operations	$	2.7		$	5.4		$	1.7		$	0.6		$	0.6		$	22.0		$	0.0		$	76.2
Rental operation expenses		(2.1	)		(1.7	)		(0.7	)		(0.1	)		(0.2	)		(6.3	)		(0.1	)		(26.6	)

Net operating income		0.6			3.7			1.0			0.5			0.4			15.7			(0.1	)		49.6
Depreciation and amortization expense		0.0			(0.9	)		(0.3	)		(0.1	)		(0.1	)		(3.3	)		(0.0	)		(10.9	)
Interest expense		0.0			(1.2	)		(0.3	)		(0.1	)		(0.1	)		(4.4	)		(0.0	)		(18.3	)

Income (loss) before gain on sale		0.6			1.6			0.4			0.3			0.2			8.0			(0.1	)		20.4
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(0.4	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			24.0

Net income (loss)		0.6			1.6			0.4			0.3			0.2			8.0			(0.1	)	$	44.0
DDR Ownership interest		***			***			20	%		***			***			***			50	%

	$	0.2		$	0.3		$	0.1		$	0.1		$	0.0		$	1.5			($0.1	)	$	18.3
Minority Interest		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(0.4	)
Amortization of basis differential		(0.1	)		0.1			0.0			0.0			0.0			0.2			0.0			(0.1	)

	$	0.1		$	0.4		$	0.1		$	0.1		$	0.0		$	1.7			($0.1	)	$	17.8

Proportionate share of net operating income	$	0.3		$	0.9		$	0.2		$	0.1		$	0.1		$	3.0			($0.1	)	$	15.4


Funds From Operations (“FFO”):
Net income (loss)	$	0.6		$	1.6		$	0.4		$	0.3		$	0.2		$	8.0			($0.1	)	$	44.0
Depreciation of real property		0.0			0.9			0.3			0.1			0.1			3.3			0.0			11.1
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(24.0	)

	$	0.6		$	2.5		$	0.7		$	0.4		$	0.3		$	11.3			($0.1	)	$	31.1
DDR ownership interest		***			***			20	%		***			***			***			50	%

DDR FFO	$	0.2		$	0.6		$	0.1		$	0.1		$	0.1		$	2.0			($0.1	)	$	12.7

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

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

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

(3)		Represents undeveloped land.

(4)		The Company owns an approximate 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. Tax expense, if applicable, is reflected in DDR Consolidated Statement of Operations The joint venture’s total related party interest expense for the three months ended March 31, 2004 totaled $1.1 million, of which $0.3 million, or approximately 25%, is reflected in revenues from operations in the Company’s Consolidated Statement of Operations.

(5)		In the first quarter of 2004, the Company acquired the remaining interests in the joint venture. The Company consolidates the balance sheets and operations of the entity from the date of acquisition forward.

***		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.

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplemental

For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program LP III
Date Formed:		January 1998
Property Name/Location:		City Place – Long Beach, CA
Major Tenants:		Wal-Mart
		Albertson’s
		Ross Dress for Less
		Nordstrom Rack
		Savon
		Anna’s Linens

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% return on equity

Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return on equity

Fees to DDR
Management Fee:		3.50%
Construction Management Fee:		5% of cost of construction (including architectural & engineering and other 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	$	6.6
PREI		19.9
Coventry		0.3

Total Capital	$	26.8

Debt	$	29.7

Total Debt & Equity	$	56.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental

For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:	RVIP IIIB
Date Formed:	September 2000
Property Name/Location:	Deer Park, IL
Major Tenants:	Eddie Bauer	Pottery Barn
	Talbots	Coldwater Creek
	Restoration Harware	J. Crew
	Abercrombie & Fitch	Pier One Imports
	GAP	Banana Republic
	Barnes & Noble	Chico's
	Century Theater


Partnership Structure 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:		3.5%
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	$	4.8
Prudential		14.2
Coventry		0.7

Total Capital	$	19.7

Debt	$	50.8

Total Debt & Equity	$	70.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental

For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program LP VI
Date Formed:		October 1999
Property Name/Location:		The joint venture consists of the following four properties:


		Ten Quivira Plaza — Shawnee, KS		Devonshire Village — Olathe, KS
		Cherokee North — Overland Park, KS		Brywood Center — Kansas City, MO


Major Tenants:	Price Chopper	La Petite Academy
	Big Lots	Osco Drug
	Dollar General	Deal$
	Sherwin Williams	Westlake Hardware
	Eckerd Drug
	Hollywood Video


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 (PREI)
		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:		3.50%
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)


Capital Structure (in millions)
DDR		$	2.8
PREI			8.4
Coventry			0.1

	Total Capital	$	11.3

Debt		$	18.6

Total Debt & Equity		$	29.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental

For the three months ended March 31, 2004

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 seven properties:


		San Ysidro Village — San Ysidro, 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
		Valley Central Shopping Center — Lancaster, CA


Major Tenants:	Office Depot	Michael’s
	Century Theater	Staples
	Ross Stores	Albertson’s
	Circuit City	Bed, Bath & Beyond
	Wal-Mart	K-Mart
	T.J. Maxx	Kroger
	Cinemark	Marshalls


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%
Construction Management Fee:		5% 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		$	23.4
PREI			92.0
Coventry			5.2

	Total Capital	$	120.6

Debt		$	81.3

Total Debt & Equity		$	201.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:	RVIP VIII/DDR DB TECH VENTURES LP
Date Formed:	September 2003
Property Name/Location:	Shops@TECH.RIDGE — Austin, TX
Major Tenants:	Target	Linen’s ‘N Things
	Pier One	Toys ‘R Us
	Dress Barn	Hobby Lobby
	Rack Room Shoes	Ultimate Electronics
	PetsMart	Office Depot
	Ross Dress for Less


Partnership Structure
DDR DB Tech Ventures LP

Ownership Percentage:		50% — RVIP VIII
		50% — David Berndt Interests, Inc. (Development Partner)
		(No equity contributions at this partnership level)

Cash Flow Distribution:		50% — RVIP VIII
		50% — David Berndt Interests, Inc. (Development Partner)

RVIP VIII

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% of Gross Revenues
Development Fee:		1% of hard costs for all improvements
Asset Management Fee:		N/A
Leasing Fees: *		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 — 9,999 square feet)
		4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 — 19,999 square feet)
		$2 per square foot (spaces 20,000 square feet and greater)
		3% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.5% on renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 — 9,999 square feet)
		2% on renewals on years 1-5; 1% on remainder of term (spaces 10,000 — 19,999 square feet)
		$2 per square foot on renewals (spaces 20,000 square feet and greater)
		4% on new leases years 1-5; 2% years 6-10 (outparcels/ground leases)
		2% on renewals on years 1-5; 1% years 6-10 (outparcels/ground leases)
		6% of Gross Sales Price up to $500,000 (Outparcel Sales)
		5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales)
		4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Development Fee: *		5% of all development and tenant improvement work performed
Tenant Coordination Fee: *		$5,000 for each in-line space less than 10,000 square feet


Capital Structure (in millions)
DDRC	$	0.2
Prudential		0.6
Coventry		0.0

Total Capital	$	0.8

Debt	$	26.9

Total Debt & Equity	$	27.7

* Fees shall not be paid with respect to the initial leasing or development.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement

For the three months ended March 31, 2004

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


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		$	37.33
DRA Advisors			37.33

	Total Capital	$	74.7

Debt		$	156.0

Total Debt & Equity		$	230.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement

For the three months ended March 31, 2004

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:		Best Buy
		JoAnn, Etc.

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		$	2.45
DRA Advisors			2.45

	Total Capital	$	4.9

Debt		$	9.9

Total Debt & Equity		$	14.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement

For the three months ended March 31, 2004


		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:		Michael’s
		OfficeMax
		Petsmart
		Ross Stores
		AMC Theatres (not owned)
		Target (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		$	4.0
DRA Advisors		$	4.0

	Total Capital	$	8.0

Debt		$	17.7

Total Debt & Equity		$	25.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement

For the twelve month period ended December 31, 2003

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
	Dick’s Sporting Goods	Petsmart
	Hen House	Home Depot (not owned)
	Marshalls

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		$	4.17
DRA Advisors			4.17

	Total Capital	$	8.3

Debt		$	39.1

Total Debt & Equity		$	47.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement

For the three months ended March 31, 2004

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
		Circuit City
		Cost Plus
		Old Navy

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		$	0.7
DRA Advisors			6.8

	Total Capital	$	7.5

Payable to DDR		$	0.1

Debt		$	19.5

Total Debt & Equity		$	27.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement

For the three months ended March 31, 2004

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:		AMC Theatres Lennox 24
		Barnes & Nobles
		Staples
		Target

Partnership Structure
Equity Contribution:		50% — DDR
		50% — DRA Advisors

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		$	0.05
Casto Properties			0.05

	Total Capital	$	0.1

Debt		$	18.9

Total Debt & Equity		$	19.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

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
		Big Bear
		Michael’s
		Rhodes Furniture
		Staples
		Stein Mart

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	$	0.30
Casto Properties		0.08

Total Capital	$	0.4

Payable to DDR	$	0.1

Debt	$	21.0

Total Debt & Equity	$	21.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Continental Sawmill Limited Partnership
Date Formed:		February, 1998
Property Name/Location:		Dublin Village Center — Columbus, OH
Major Tenant:		AMC Theatre

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	$	13.9
Casto Properties		3.5

Total Capital	$	17.4

Debt	$	—

Total Debt & Equity	$	17.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

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	$	5.75
The State Teachers Retirement Board		5.75

Total Capital	$	11.5

Debt	$	11.1

Total Debt & Equity	$	22.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

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	$	0.138
PDK Salisbury LLC		0.138

Total Capital	$	0.3

Payable to DDR	$	0.0

Debt	$	1.8

Total Debt & Equity	$	2.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Shea and Tatum Associates Limited Partnership
Date Formed:		January 1, 1995 (acquired January 2, 2003)
Property Name/Location:		Paradise Village Gateway — Phoenix, AZ
��
Major Tenants:		Albertson’s
		Bed Bath & Beyond
		Petsmart
		Ross
		Staples

Partnership Structure
Equity Contribution:		67% — DDR
		33% — Churchill Family Trust

Cash Flow Distribution:		67% — DDR
		33% — Churchill Family Trust

Fees to DDR
Management Fee:		5% of gross income
Development Fee:		5% of total costs for all improvements (excluding land)
Leasing Fees (without co-broker):		$3.50 per square foot for spaces < 5,000 square feet
		$3.00 per square foot for spaces 5,000 — 10,000 square feet
		$2.50 per square foot for spaces 10,000 — 25,000 square feet
		$2.00 per square foot for spaces 25,000 — 50,000 square feet
		$1.50 per square foot for spaces over 50,000 square feet
		Renewals earn 50% of fees on new leases
		5.0% on new ground leases on years 1-5
Commission on Outparcel Sales:		5% of gross sales price


Capital Structure (in millions)
DDR	$	4.85
Churchill Family Trust		2.39

Total Capital	$	7.2

Debt	$	17.6

Total Debt & Equity	$	24.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Paseo Colorado Holdings LLC
Date Formed:		January 14, 2003
Property Name/Location:		Paseo Colorado — Pasadena, CA

Major Tenants:		DSW Shoe Warehouse
		Equinox Health & Fitness
		Gelson’s Market
		Macy’s
		Pacific Theaters

Partnership Structure
Equity Contribution:		25% — DDR
		75% — Lehman Brothers

Cash Flow Distribution:		25% — DDR
		75% — Lehman Brothers

Promote:		After DDR and Lehman Brothers receive a return of equity and both partners have been allocated an amount equal to a 19% annual return, DDR will receive 50% of available proceeds.

Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		3.5% of total costs for all improvements (excluding land)
Leasing Fees:		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 — 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 — 20,000 square feet)
		3.0% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% on renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 — 10,000 square feet)
		1.75% on renewals on years 1-5; 1.0% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet) on new leases and renewals
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price over $500,000 but less than $1,000,000
		4.0% of gross sales price over $1,000,000


Capital Structure (in millions)
DDR	$	8.0
Lehman Brothers		24.1

Total Capital	$	32.1

Payable to DDR	$	0.1
Debt	$	85.0

Total Debt & Equity	$	117.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		KLA/SM L.L.C.
Date Formed:		March 2002
Property Name/Location:		The Joint Venture consists of 59 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc.. The Joint Venture also owns designation rights to 11 assets for which it has not obtained final title through the bankruptcy court. These assets are in the process of being designated to the Joint Venture. In total, these properties are located in 27 states across the United States.

Partnership Structure
Equity Contribution:		24.63% — DDR
		12.32% — Klaff Realty, L.P.
		61.58% — Lubert-Adler Funds
		1.47% — Random Properties Acquisition Corp I

Cash Flow Distribution:		24.63% — DDR
		12.32% — Klaff Realty, L.P.
		61.58% — Lubert-Adler Funds
		1.47% — Random Properties Acquisition Corp I

		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	$	20.5
Klaff		10.3
Lubert-Adler		51.4
Random Properties Acquisition Corp. I		1.2

Total Capital	$	83.4	(1)

Payable to DDR	$	0.30

Existing Debt	$	75.1

Debt to be Assumed	$	1.8	(2)
	��
Total Debt & Equity	$	160.6

(1)		Total capital includes member equity loans to the joint venture of $44.9 million as of December 31, 2003.

(2)		Represents the maximum amount of debt that could be assumed by the Joint Venture concurrent with the designation of the final 11 undesignated properties.

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

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
		Deal$

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	$	(0.06	)
The Sansone Group		(0.06	)

Total Capital (1)	$	(0.1	)

Payable to DDR	$	3.1

Debt	$	2.3

Total Debt & Equity	$	5.3

(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.

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:	DDR Markaz LLC (Kuwaiti Financial Centre)
Date Formed:	May 2003
Property Name/Location:	The joint venture consists of the following seven properties:

	Hilltop Plaza – Richmond, CA	Highland Grove Shopping Center– Highland, IN
	Derby Square – Grove City, OH	Springfield Commons Shopping Center – Toledo, OH
	Oviedo Park – Oviedo, FL	Apple Blossom Corners – Winchester, VA
	North Pointe Plaza – Tampa, FL

Major Tenants:	Babies R Us (not owned)	Lowe’s (not owned)
	Barnes & Noble	Marshalls
	Bed Bath & Beyond	Martin’s Food Store
	Big Bear	Michael’s
	Books-A-Million	OfficeMax
	Borders Books (not owned)	Old Navy
	Century Theatre	Petsmart
	Circuit City	Publix
	Gander Mountain	Ross Dress for Less
	Jewel (not owned)	Target (not owned)
	Kohl’s	T.J. Maxx
	Linens ‘N Things	Wal-mart (not owned)

Partnership Structure
Equity Contribution:	80% — Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as “Markaz”)
	20% — DDR

Cash Flow Distribution:	80% — Markaz
	20% — DDR

Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual return, and (ii) 20% to DDR and 80% to DDR and Markaz in proportion to their equity interest.

Fees to DDR
Property Management Fee:	4.0% of revenues
Development Fee:	5.0% of total costs for all improvements
Asset Management Fee:	5.5% of net operating income
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000


Capital Structure (in millions)
DDR	$	11.8
Markaz		47.0

Total Capital	$	58.8

Payable to DDR	$	0.8

Debt	$	110.0

Total Debt & Equity	$	169.6

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Ward Parkway LLC
Date Formed:		June 2003
Property Name/Location:		Kansas City, MO
Major Tenants:		Target (not owned)
		Dilliards
		Pier One
		TJ Maxx
		AMC Theater
		24 Hour Fitness
		Dick’s
		Steinmart

Partnership Structure
Equity Contribution:		80% — Coventry II Fund
		20% — DDR

Cash Flow Distribution:		80% — Coventry II Fund *
		20% — DDR

Fees to DDR
Management Fee:		3% of gross income for stabilized property (95% leased)
		4% of gross income for unstabilized property
Construction Management Fee:		5% of all hard and soft costs
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 — 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 — 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)


Capital Structure (in millions)
Coventry II Fund	$	13.85
DDR		3.55

Total Capital	$	17.4

Debt	$	31.5

Total Debt & Equity	$	48.9

*		Coventry II Fund:

		DDR is also entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Totem Lakes LLC
Date Formed:		January 2004
Property Name/Location:		Totem Lakes Mall — Kirkland, WA
Major Tenants:		Guitar Center
		Trader Joe’s
		Big 5 Sporting Goods
		Totem Lake Theater
		Rite Aid
		Ross Dress For Less
		Famous Footwear
		CompUSA
Partnership Structure
Equity Contribution:		80% — Coventry II Fund
		20% — DDR

Cash Flow Distribution:		80% — Coventry II Fund *
		20% — DDR

Fees to DDR
Management Fee:		4% of gross income
Construction Management Fee:		5% of all hard and soft costs
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 — 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 — 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,001 — $1,000,000 (outparcel sales)
		4% of gross sales prices > $1,000,000 (outparcel sales)


Capital Structure (in millions)
Coventry II Fund	$	9.65
DDR	$	2.45

Total Capital	$	12.1

Debt	$	25.0

Total Debt & Equity	$	37.1

*		Coventry II Fund:

		DDR is also entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summary 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Phoenix Spectrum LLC
Date Formed:		March 2004
Property Name/Location:		Spectrum Mall — Phoenix, AZ
Major Tenants:		Wal-Mart
		Costco
		Ross Dress For Less
		PetsMart
		Dilliard’s
		Walgreens
		Harkins Theater
		Famous Footwear

Partnership Structure
Equity Contribution:		80% — Coventry II Fund
		20% — DDR

Cash Flow Distribution:		80% — Coventry II Fund *
		20% — DDR

Fees to DDR
Management Fee:		4% of gross income
Construction Management Fee:		5% of all hard and soft costs
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 — 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 — 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,001 — $1,000,000 (outparcel sales)
		4% of gross sales prices > $1,000,000 (outparcel sales)


Capital Structure (in millions)
Coventry II Fund	$	5.9
DDR		1.5

Total Capital	$	7.4

Debt	$	39.0

Total Debt & Equity	$	46.4

*		Coventry II Fund:

		DDR is also entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summary 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:	DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.)
Date Formed:	November 2003
Property Name/Location:	The joint ventures consist of the following eleven properties:

	Carillon Place — Naples, FL	Perimeter Pointe — Atlanta, GA
	Town Center Prado — Marietta, GA	Woodfield Village Green — Schaumburg, IL
	Shopper’s World — Framingham, MA	Fairfax Towne Center — Fairfax, VA
	The Plazas at Great Northern — North Olmsted, OH	Belden Park Crossings — Canton, OH
	Riverdale Village — Coon Rapids, MI	Independence Commons — Independence, MO
	Midway Marketplace — St Paul, MI



Major Tenants:	AMC Theatres	Home Depot	PetsMart
	Babies ‘R Us	General Cinema	Publix
	Barnes & Noble	Jordan Marsh/Federated	Ross Dress for Less
	Bed Bath & Beyond	Kohl’s	Safeway
	Best Buy	L.A. Fitness Sports Clubs	Sports Authority
	Bobs	Linens ‘N Things	TJ Maxx
	Borders Books	Marc’s	Tower Records
	Circuit City	Marshalls	Toys ‘R Us
	Container Store	Michael’s	United Artists Theatre
	Costco (not owned)	Nordstrom Rack	Winn Dixie
	Crunch Fitness	Off 5th	Jo-Ann Stores
	Dick’s Sporting Goods	Office Depot	Old Navy (Gap, Inc.)
	DSW Shoe Warehouse	OfficeMax	Wal-Mart



Partnership Structure
Equity Contribution:	14.5% — DDR	Cash Flow Distribution:	14.5% — DDR
	4.5% — Macquarie Bank Limited (“MBL”)		4.5% — MBL
	81% — Macquarie DDR Trust (“MDT”)		81% — MDT

Promote:	Quarterly Base and Performance special income allocations to DDR and MBL

Fees to DDR
Property Management Fee:	4.0% of gross revenues
Development Fee:	5.0% of total costs for all improvements
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 — $1,000,000
	4.0% of gross sales price over $1,000,000
Sponsor’s Fee	.5% of MDT’s interest in US LLC assets payable upon the Australian initial public offering
Acquisition Fees	Up to 1.0% gross asset value
Disposition Fee	Market rate up to 1%
Debt Placement Fee	Up to 50bp of the total amount of long term financing
Due Diligence Fee	12.5bp of MDT’s prorata interest in the purchase price of the acquisition


Capital Structure (in millions)
DDR	$	52.5
MBL		16.3
MDT		293.5

Total Capital	$	362.3

Payable to DDR	$	0.7

Debt	$	374.5

Total Debt & Equity	$	737.5

Joint Venture Partnership Summary 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Three Month Period Ended March 31, 2004


	Three Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	90.3	(2)	$	1,221.7	(4)	$	53.0		$	213.1		$	91.2	(9)
Completed Expansions		0.0			9.7			9.0			2.3			6.2
Developments & Construction in Progress		4.8			120.1			48.6			103.7			114.7
Tenant Improvements & Building Renovations (1)		0.0			0.6			1.6			4.9			1.9
Other Real Estate Investments		0.0			0.0			161.8	(6)		0.0			0.0
Minority Equity Investment in AIP		0.0			0.0			0.0			(135.0	)(8)		(2.2	)

	$	95.1		$	1,352.1		$	274.0		$	189.0		$	211.8
Less: Real Estate Sales and Dispositions		($179.7	)(3)		($781.5	)(5)		($361.4	)(7)		($16.9	)		($115.9	)(10)

Joint Venture Totals (Millions)		($84.6	)	$	570.6			($87.4	)	$	172.1		$	95.9

(1)		The Company estimates recurring capital expenditures, including tenant improvements, of $.7 million associated with its joint venture portfolio during 2004.

(2)		Balance includes $7.8 for the purchase of Poag & McEwen’s interest in RVIP IIIB.

(3)		In addition to the sales listed in the disposition section which had an aggregate cost of $79.5 this balance includes the transfer to DDR of the Littleton, CO shopping center which had an aggregate cost of $58.2 million and $42.0 million of assets owned by various joint ventures that were consolidated into DDR, due to FIN 46.

(4)		Balance includes the $87.7 million of equity investments previously held by DD Development Company for shopping centers in Long Beach, CA, Shawnee, KS, Overland Pointe, KS, Olathe, KS and Kansas City, MO.

(5)		In addition to the sales listed in the disposition section, which had an aggregate cost of $167.5 million, this balance includes the disposition of shopping centers located in Dayton and Niles, OH, the sale of an outparcel, the transfer of the Leawood, KS and Suwanee, GA shopping centers to DDR and the rejection of two of the Service Merchandise leases, the aggregate cost of these transactions was $116.6 million. During the fourth quarter the shopping centers located in Coon Rapids, MN, Naples, FL, Atlanta, GA, Marietta, GA, Schaumburg, IL, Framingham, MA and Fairfax, VA, which had an aggregate cost of $379.2 million, were sold to the Macquarie DDR Trust joint venture, and $118.2 million of assets owned by DD Development Company were consolidated into DDR.

(6)		Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement.

(7)		Includes transfers to DDR in the aggregate amounts of $58.7 million, $38.7 million, $25.6 million and $30.6 million relating to shopping centers in Plainville, CT, Independence, MO, Canton, OH and San Antonio, TX, respectively. This amount also includes sales of shopping centers in Denver, CO; Hagerstown, MD; Salem, NH, Eatontown, NJ, Durham, NC and Round Rock, TX and the sales of outlot parcels in Round Rock, TX and San Antonio, TX.

(8)		The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) during 2nd quarter 2001.

(9)		Includes transfers from DDR to joint ventures in the aggregate amount of $39.6 million relating to a development project in San Antonio, TX, a transfer of a Phoenix, AZ property, and the outparcel land at Round Rock, TX.

(10)		Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavillion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures.

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Acquisitions
for the Three Month Period Ended March 31, 2004


						DDR’s			Joint
			Cost		Acquisition	Ownership			Venture
Property Location	GLA		(Millions)		Date	Percentage			Partner
Kirkland, WA		290,708	$	37.0	1/21/2004		20.00	%	Coventry II
Phoenix, AZ		1,134,062	$	45.5	3/3/2004		20.00	%	Coventry II

Total		1,424,770	$	82.5

Joint Venture Dispositions
for the Three Month Period Ended March 31, 2004


			Gross Sale			DDR's			Joint
			Proceeds			Ownership			Venture
Property Location	GLA		(Millions)		Sale Date	Percentage			Partner
Puente Hills, CA		297,998	$	33.0	1/8/2004		20.00	%	Prudential & Coventry Real Estate Partners
San Antonio, TX		320,345	$	58.0	1/22/2004		35.00	%	DRA Advisors
Service Merchandise locations		189,745	$	6.5	Various		25.00	%	Various

Total		808,088	$	97.5

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Expansion and Redevelopment Projects
for the Three Month Period Ended March 31, 2004


	DDR’s			Joint
	Ownership			Venture
*Projects in Progress*	Percentage			Partner	Description
Deer Park, IL		24.75	%	Prudential Real Estate Investors	Expansion of the existing center to create a 50,000 sf Century Theater (scheduled to open 3rd Quarter of 2004) and to create an additional 23,800 sf of small retail specialty shops and two outparcels.

Merriam, KS		50.00	%	DRA Advisors	Expansion of the 7,300 sf outparcel for additional retail tenants

Total Cost (Millions)	$	15.0


*Projects to Commence*	Percentage
Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing tenants to accommodate an anchor tenant, several junior anchors and other retail tenants to be announced.

Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center to accommodate several mid-size anchors and other retail tenants to be announced.

Kirkland, WA		20.00	%	Coventry II	Large-scale redevelopment to include the relocation of several existing tenants, plus an expansion of the existing center to create additional GLA for two anchors, junior anchors, small shops and restaurants to be announced.

Joint Venture Expansions and Redevelopment 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004


Summary of Joint Venture Development Projects for the Three Month Period Ended March 31, 2004

										DDR’s
				DDR’s			Joint	Total		Proportionate		Substantial
	Total			Ownership			Venture	Cost		Cost		Completion
*Projects in Progress*	GLA			Percentage			Partner	(Millions)		(Millions)		Date		Major Tenants
Jefferson County (St. Louis), MO		330,051	(1)		50.0	%	Sansone	$	9.7	$	4.9		2004	Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty

Projects to Commence Construction

Apex, NC (Phase III)		434,408			80.0	%	First Carolina Properties	$	37.7	$	30.1		2005	To be announced

Apex, NC (Phase IV)		277,235			20.0	%	First Carolina Properties	$	27.0	$	5.4		2005	To be announced


Joint Venture Development Totals		1,041,694						$	74.4	$	40.4
										$

Notes:

(1)

Includes square footage which will not be Company owned.

Joint Venture Developments 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Joint Venture Development
Assets Placed in Service as of March 31, 2004


	Assets Placed		DDR’s Current
	in Service		Proportionate Share
Date	(Millions)		(Millions)
As of December 31, 2003	$	4.5	$	2.3
1st Quarter 2004	$	0.0	$	0.0
2nd Quarter 2004	$	0.0	$	0.0
3rd Quarter 2004	$	2.6	$	1.3
4th Quarter 2004	$	2.6	$	1.3
During 2005 and Thereafter	$	64.7	$	35.5

Total	$	74.4	$	40.4

Joint Venture Development
Funding Schedule as of March 31, 2004


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of March 31, 2004	$	5.0	$	0.0	$	2.3	$	7.3
Projected Net Funding During 2004		11.1		5.1		2.8		19.0
Projected Net Funding Thereafter		0.0		0.0		48.1		48.1

Total	$	16.1	$	5.1	$	53.2	$	74.4

Joint Venture Development Delivery and Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Joint Venture Debt
as of March 31, 2004

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III
Long Beach, CA

29,695

06/04

Libor + 170

RVIP III B
Deer Park, IL

50,836

07/04

Libor + 175

RVIP VI

18,575

(1)

RVIP VII

67,500

(2)

03/07

Libor + 140

13,822

(2)

RVIP VIII

26,870

01/06

Libor + 175

DDRA Community Centers Five

156,000

(3)

10/05

6.64

DDRA Community Centers Seven
Ahwatukee, AZ (Phase IV)

9,903

01/05

8.07

DDRA Community Centers Eight
Deer Valley, AZ

17,689

09/10

8.01

Merriam Town Center
Merriam, KS

30,000

06/05

Libor +205

Tax Incremental Financing Obligation

9,075

02/16

6.90

DDRA Kildeer LLC

4,500

08/07

Libor + 180

Kildeer, IL

15,000

08/07

5.64

Lennox Town Center Limited
Columbus, OH

18,931

07/22

8.11

Sun Center Limited

5,801

05/07

8.29

Columbus, OH

15,208

04/11

8.48

DOTRS LLC
Macedonia, OH

11,064

09/06

Libor +100

DDRC PDK Salisbury Phase III LLC
Salisbury, MD

1,852

04/06

7.61

KLA/SM LLC

45,508

07/04

Libor + 350

12,716

11/13

6.2555

16,880

10/13

6.365

Jefferson County Plaza, LLC
Arnold, MO

2,288

05/05

Libor + 175

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Joint Venture Debt
as of March 31, 2004 (continued)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

Paradise Village Gateway
Phoenix, AZ

17,563

05/07

7.78

Paseo Colorado Holdings

55,000

02/06

5.78

Pasadena, CA

30,000

02/06

4.45

DDR Markaz

110,000

(4)

06/08

4.129

DDR Ward Parkway

31,500

08/06

Libor + 240

Coventry II DDR Totem Lakes

25,000

06/04

Libor + 87.5

Coventry II DDR Phoenix Spectrum

39,000

07/06

Libor + 275

DDR Maquarie
CRRV Perimeter One & Two

42,000

02/06

6.625

DDR Maquarie

290,500

(5)

11/08

4.225

DDR Maquarie

9,100

(6)

11/05

4.913

$100 Million Revolving Credit Facility

32,900

(6)

11/05

Libor + 137.5

1,262,276

Notes:

(1)		Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.16% and maturity dates ranging from October 2007 to November 2007.

(2)		Encumbers seven shopping center properties located in California and Washington with mortgage interest rates ranging from LIBOR+140 to 9.5% and maturity dates ranging from March 2007 to March 2020.

(3)		Encumbers six shopping center properties as follows:


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

(4)

Encumbers seven shopping center properties as follows:


Oviedo, FL		Tampa, FL
Richmond, CA		Highland, IN
Toledo, OH		Winchester, VA
Grove City, OH

(5)

Encumbers seven shopping center properties as follows:



Independence, MO		Framingham, MA
Schaumburg, IL		Atlanta, GA
Naples, FL		Marietta, GA
Fairfax, VA

(6)

Encumbers three shopping center properties as follows:


Canton, OH		St. Paul, MN
North Olmsted, OH

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Pro Rata Joint Venture Debt
as of March 31, 2004


	DDR's			DDR's
	Pro Rata			Pro Rata
Joint Venture	Interest			Debt (000's)
RVIP III Long Beach		25.54	%	$	7,584
RVIP III B		25.54	%		12,983
RVIP VI		25.54	%		4,744
RVIP VII		20.79	%		16,907
RVIP VIII		12.77	%		3,431
DDRA Comm Ctr Five		50.00	%		78,000
DDRA Comm Ctr Seven		50.00	%		4,952
DDRA Comm Ctr Eight		50.00	%		8,845
Merriam Town Center		50.00	%		19,538
DDRA Kildeer, LLC		10.00	%		1,950
Lennox Town Center		50.00	%		9,466
Sun Center		79.45	%		16,691
DOTRS LLC		50.00	%		5,532
DDRC PDK Salisbury		50.00	%		926
KLA/SM LLC		24.63	%		18,498
Jefferson County Plaza		50.00	%		1,144
Paradise Village Gateway		67.00	%		11,767
Paseo Colorado Holdings		25.00	%		21,250
DDR Markaz		20.00	%		22,000
DDR Ward Parkway		20.00	%		6,300
Coventry II DDR Totem Lakes		20.00	%		5,000
Coventry II DDR Phoenix Spectrum		20.00	%		7,800
DDR Maquarie		14.50	%		6,090
DDR Maquarie		14.50	%		42,123
DDR Maquarie Revolving Credit Facility		14.50	%		6,090

Total				$	339,611

Summary of Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2004

Summary of Joint Venture Mortgage Principal Payments
as of March 31, 2004
(000’s)


JOINT VENTURE	2004 Payments	2005 Payments	2006 Payments	2007 Payments	2008 Payments	2009 Payments	2010 Payments	2011 Payments	2012 Payments	2013 Payments	Thereafter	Total
RVIP III (Long Beach, CA)	29,695												29,695
RVIP III B (Deer Park)	48,584												48,584
RVIP VI	204	293	317	17,761									18,575
RVIP VII	304	437	476	74,702	253	278	305	336	369	407	3,455		81,322
RVIP VIII			26,870										26,870
DDRA Community Centers Five		156,000											156,000
DDRA Community Centers Seven	89	9,836											9,925
DDRA Community Centers Eight	166	184	200	217	231	255	16,479						17,732
Merriam Town Center		30,000											30,000
Merriam TIF											9,075		9,075
DDRA Kildeer, LLC (Kildeer, IL)				19,500									19,500
Lennox Town Center Limited	459	498	540	585	635	688	746	809	877	950	12,256		19,043
Sun Center Limited
Principal Mutual Life Ins Co	406	442	480	523	569	619	674	11,594					15,306
W. Lyman Case & Co	156	170	184	5,328									5,838
DOTRS LLC
National City Bank	428	453	10,285										11,165
DDRC PDK Salisbury Phase III			1,857										1,857
KLA/SM LLC	49,502									29,690			79,192
Jefferson County Plaza LLC		2,288											2,288
Paradise Village Gateway	276	298	323	16,733									17,630
Paseo Colorado Holdings			85,000										85,000
DDR Markaz					110,000								110,000
DDR Ward Parkway			31,500										31,500
Coventry II DDR Totem Lakes	25,000												25,000
Coventry II DDR Phoenix Spectrum			39,000										39,000
DDR Macquarie			42,000										42,000
DDR Macquarie					290,500								290,500
DDR Macquarie Revolving Credit Facility		42,000											42,000
Payments through 3/31/04	-2,322												-2,322

Total — Debt	152,948	242,899	239,032	135,349	402,187	1,839	18,204	12,738	1,246	31,047	24,787		1,262,276

Joint Venture Partnership Summary 5.5

Benderson Acquisition Portfolio Overview

Company Features (1) The Benderson acquisition is scheduled to close during 2Q04. (2) Calculated as common shares and OP Units outstanding multiplied by the closing price of the common shares on the NYSE at 3/31/04 of $40.40, plus preferred shares at liquidation value and consolidated debt. Does not include proportionate share of joint venture debt aggregating $339.6 million. (3) Includes properties owned and managed. Does not include DDR's 34 industrial and office properties. (4) Includes managed properties and unowned anchors at company-owned shopping centers. DDR Benderson Combined Total Market Cap (Billions) $6.2 $2.3 $8.5 (2) Number of Retail Operating Properties (3) 362 110 472 GLA (MSF) (4) 83.1 18.8 101.9 Number of States 44 11 44 (1)

Benderson Development Acquisition Portfolio +14.0 MSF +1.0 - 2.0 MSF 500,000 - 1.0 MSF Less than 500,000 SF 18.8 MSF / 11 States GLA by State Includes unowned Benderson anchors at owned operating properties. (1) (1) 14.1 msf 75.0% 1.5 msf 8.2% 0.7 msf 3.9% 0.6 msf 3.1% 0.6 msf 2.9%

Combined Retail Portfolio +10.0 MSF +5.0 - 10.0 MSF +3.0 - 5.0 MSF +1.0 - 3.0 MSF Less than 1.0 SF 101.9 MSF / 44 States GLA by State Includes unowned Benderson anchors at owned operating properties and includes Service Merchandise units and unowned anchors at DDR development and owned operating retail properties. (1) (1) 14.1 msf 13.9% 8.3 msf 8.2% 6.8 msf 6.8% 6.5 msf 6.4% 5.2 msf 5.1% 4.3 msf 4.2% 3.9 msf 3.9% 4.1 msf 4.1% 3.3 msf 3.2% 3.6 msf 3.6%

Benderson Reliance on Major Tenants Owned Locations (1) Tenant Units Percent of Total Credit Ratings Total Base Rent (millions) Tops 38 $25.70 17.08% BB/B1 Wal-Mart/Sam's Club 12 $8.77 5.8% AA/Aa2 Home Depot 6 $5.22 3.5% AA/Aa3 BJ's Wholesale Club 8 $4.91 3.3% NR/NR Regal Cinemas 5 $3.07 2.0% BB-/Ba2 Dick's Sporting Goods 7 $2.96 2.0% NR/NR Dollar Tree 37 $2.80 1.9% NR/NR PetsMart 12 $2.73 1.8% BB-/Ba2 Barnes & Noble 7 $2.33 1.6% BB/Ba3 T.J. Maxx/Marshall's 10 $2.11 1.4% A/A3 Staples 9 $2.05 1.4% BBB-/Baa2 Hollywood Video 13 $1.96 1.3% BB-/Ba3 Blockbuster 23 $1.95 1.3% A-/A3 Bed Bath & Beyond 6 $1.81 1.2% BBB/NR JoAnn Stores 7 $1.74 1.2% B-/B1 Target 5 $1.68 1.1% A+/A2 Subtotal 205 $71.79 47.72% Total 1,459 $150.45 100.0% (1) Based on pro forma ownership of real estate assets and reflective of pending sale to Macquarie DDR Trust.

Benderson Largest Tenants by GLA Owned and Unowned 1. Tops 40 2.46 38 2.36 2 0.10 2. Wal-Mart /Sam's Club 13 2.19 12 1.99 1 0.20 3. Home Depot 8 0.84 6 0.62 2 0.22 4. BJ's Wholesale Club 8 0.82 8 0.82 0 0.00 5. Target 6 0.74 5 0.62 1 0.12 6. Lowe's Home Improvement 4 0.50 2 0.27 2 0.23 7. Kmart 4 0.41 3 0.31 0 0.00 8. Dick's Sporting Goods 7 0.39 7 0.39 0 0.00 9. Dollar Tree 37 0.32 37 0.32 0 0.00 10. Regal Cinemas 5 0.32 5 0.32 0 0.00 TOTAL 132 8.99 123 8.02 8 0.87 Total Units Total GLA (millions) Owned Units Owned GLA (millions) Unowned Units Unowned GLA (millions) (1) Assumes 100% ownership of assets (1)

Combined Portfolio Largest Tenants by GLA Owned and Unowned 1. Wal-Mart / Sam's Club 84 12.65 37 5.03 47 7.62 2. Target 36 4.35 12 1.43 24 2.93 3. Lowe's Home Improvement 32 4.15 15 1.91 17 2.24 4. Home Depot 31 3.33 12 1.18 19 2.15 5. Tops 43 2.65 41 2.55 2 0.10 6. Kohl's 27 2.30 26 2.21 1 0.09 7. T.J.Maxx / Marshall's 61 2.01 61 2.01 0 0.00 8. Toys "R" Us / Babies "R" Us 44 1.64 29 1.04 15 0.60 9. Kmart 17 1.55 17 1.55 0 0.00 10. PETsMART 57 1.27 57 1.27 0 0.00 TOTAL 432 35.89 307 20.17 126 15.72 Total Units Total GLA (millions) Owned Units Owned GLA (millions) Unowned Units Unowned GLA (millions) (1) Assumes 100% ownership of DDR joint ventures and 100% ownership of Benderson assets (1)

Benderson Portfolio Lease Expirations by Year 2004 2005 2006 2007 2008 Anchor 0.008 0.013 0.018 0.005 0.027 Small Shop 0.101 0.117 0.139 0.161 0.152 Anchor Small Shop Percent of Total Base Rents by Class

Combined Portfolio Lease Expirations by Year 2004 2005 2006 2007 2008 Anchor 0.018 0.024 0.019 0.035 0.035 Small Shop 0.112 0.12 0.14 0.128 0.128 Anchor Small Shop Percent of Total Base Rents by Class


				Run Date: 04/16/2004 Time: 8:51:14AM Page 1 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
	Alabama

1	BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH		35242	SC		1994		1994		100.00	%		423,393	$	4,485,245	WINN DIXIE STORES #417(2014), RHODES#3029/MARKS FITZGERALD(2004), GOODY’S #165(2004), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009 BOOKS-A-MILLION-4(2005), ROSS STORES, INC.(2014), LOWES HOME CENTERS(NOT OWNED)

2	BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD		35210	SC		1989		1995		100.00	%		301,074	$	1,855,048	OFFICE DEPOT #43(2004), DOLLAR TREE(2009), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)

3	BIRMINGHAM, AL (RIVERCHASE)	RIVERCHASE PROMENADE MONTGOMERY HIGHWAY		35244	SC		1989		2002		100.00	%		98,016	$	1,245,988	MARSHALL’S #411(2006), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED), KID’S R US(NOT OWNED)

4	GADSDEN, AL	EAST SIDE PLAZA 3010-3036 E. MEIGHAN BOULEVARD		35903	SC		1979		2003		100.00	%		85,340	$	138,642	FOOD WORLD(NOT OWNED)

5	OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.00	%		190,127	$	1,158,291	Lowe’s #0398(2012), Winn-Dixie #409(2013), Goody’s 20921 — #121(2010)

6	SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY		35766	SC		1999		2003		100.00	%		40,560	$	426,948	Goody’s #55(2011), WAL-MART(NOT OWNED)

	Arizona

7	AHWATUKEE, AZ	FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD		85044	SC		1996		1997		50.00	%		647,904	$	9,497,345	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), OFFICEMA #743(2012), JO-ANN, ETC. #1917(2010), BEST BUY #177(2014)

8	PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997		2003		67.00	%		223,243	$	4,066,489	BED BATH & BEYOND(2011), ROSS(2007), PETSMART #1071(2015), STAPLES #0395(2005), ALBERTSONS-OSCO DRUG(NOT OWNED)

9	PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY		85027	SC		1996		1999		50.00	%		197,009	$	2,904,086	ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAEL’S #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

10	PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996		50.00	%		346,430	$	4,062,645	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)

11	PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1703 WEST BETHANY HOME ROAD		85015	SC		1961		2004		20.00	%		491,859	$	5,809,835	COSTCO WHOLESALE CORP #665(2020), ROSS DRESS FOR LESS(201 PETsMART(2019), HARKINS THEATRE(2002), SPECTRUM CINEMAS(2005), WALMART(NOT OWNED), DILLARD’S(NOT OWNED)

	Arkansas

12	FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD		72703	SC		1997		1997		100.00	%		262,827	$	2,870,665	T.J. MAXX #159(2005), BEST BUY(2017), GOODY’S #231(2013), OLD NAV #6169(2005), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)

13	FAYETTEVILLE, AR (STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR		72703	SC		2001		2003		100.00	%		41,249	$	1,114,163	KOHL’S(NOT OWNED), TARGET(NOT OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 2 of 20

Property List*


														Owned
										DDR				Gross		Total
			Zip		Type of	Year		Year		OwnerShip				Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest				Area		Rent		(Lease Expiration)
14	N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991		1994		100.00	%			270,878	$	1,604,937	BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014) SPORTS AUTHORITY(2013)

15	RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994		100.00	%			272,245	$	1,717,872	WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012)

	California

16	CITY OF INDUSTRY, CA (I)	PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE		91748	SC		1987		2001		20.00	%			218,540	$	3,290,317	MILLER’S OUTPOST/HUB DIST#334(2008), OFFICE DEPOT, INC.(2012)

17	LANCASTER, CA	VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001		20.00	%			336,403	$	3,841,451	WAL-MART #1563(2010), MOVIES 12/ CINEMARK(2017), MARSHALLS #375(2007), CIRCUIT CITY #411(2011), STAPLES #88(2008), COSTCO(NOT OWNED)

18	LONG BEACH, CA	CITY PLACE 95 SOUTH PINE AVE		90802	SC		2002		1*		24.75	%			278,906	$	5,568,874	NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), MRS. FIELDS(2013), ALBERTSON’S(NOT OWNED)
													��
19	MISSION VIEJO, CA	OLYMPIAD PLAZA 23002-23072 ALICIA PARKWAY		92691	SC		1989		2001		20.00	%			45,600	$	1,317,682

20	OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE		92054	SC		2000		1*		100.00	%			80,450	$	1,083,136	REGAL CINEMAS(2014)

21	PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003		25.00	%			556,163	$	11,136,287	GELSON’S MARKET(2021), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J. JILL(2012), CAFE MED/BRICE(2011), DELMONICOS SEAFOOD(2012), P.F CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011)

22	PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101		94523	SC		1999		2001		20.00	%			347,647	$	6,174,585	ALBERTSON’S(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND(2010), ROSS STORES, INC(2010)

23	RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1997		2002		20.00	%			245,774	$	3,668,211	OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016)

24	RICHMOND, CA	RICHMOND CITY CENTER MACDONALD AVENUE		94801	SC		1993		2001		20.00	%			76,692	$	1,220,858	FOOD 4 LESS/FOODSCO(2013)

25	SAN FRANCISCO, CA (RETAIL)	VAN NESS PLAZA 215 1000 VAN NESS AVENUE		94109	SC		1998		2002		100.00	%			123,755	$	4,454,901	AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008)

26	SAN YSIDRO, CA	SAN YSIDRO VILLAGE CAMINO DE LA PLAZA		92173	SC		1988		2000		20.00	%			162,932	$	2,850,072	ROSS DRESS FOR LESS(2014), MARSHALLS(2013), K-MART(NOT OWNED)

	Colorado

27	ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		2*		100.00	%			19,875	$	99,589	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 3 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
28	AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2002		2003		100.00	%		127,643	$	2,361,139	BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

29	BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003		100.00	%		245,217	$	5,240,525	Best Buy(2016), Office Depot(2016), Nordstrom(2011), Linen’s ‘N Things(2017), GREAT INDOORS(NOT OWNED)

30	DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001		100.00	%		174,780	$	1,950,192	MADSTONE THEATRES(2007)

31	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997		1997		100.00	%		408,515	$	6,084,052	GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL’S #9710(2007) TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN’S R.E. HOLDINGS, INC.(2012), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED)

32	DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003		100.00	%		244,383	$	4,064,660	Linens N Things #119(2013), Pier One Imports(2014), Officemax #416(2012 King Soopers/Krogers(2017)

33	FORT COLLINS. CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		1		2003		100.00	%		16,421	$	348,593

34	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		1*		100.00	%		247,504	$	6,752,458	COLDWATER CREEK(2011), TALBOTS(2012), ANN TAYLOR(2012), J. CREW(2012), BANANA REPUBLIC(2012), GAP(2012), WILLIAMS-SONOMA(2014), J. JILL(2012), BOMBAY COMPANY(2012), POTTERY BARN(2014), PIER 1 IMPORTS(2011), JOSEPH A. BANK CLOTHIERS(2012), BUCA di BEPPO (2013), CHAMPPS(2022)

35	PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER SOUTH PARKER ROAD		80134	SC		2004		1*		100.00	%		103,722	$	1,585,111	BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013)

36	PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2001		2003		100.00	%		77,787	$	1,396,760	Office Depot #2165(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

	Connecticut

37	PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999		1*		100.00	%		465,453	$	5,189,112	LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), A.C. MOORE(2014), OLD NAVY #6187(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED), LOEW ‘ THEATRE(NOT OWNED)

38	WATERBURY, CT	KMART PLAZA 899 WOLCOTT STREET		06705	SC		1973		2*		100.00	%		124,310	$	417,500	K MART #3152(2003), JO-ANN STORES #0254(2010)

	Florida

39	BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985		2*		100.00	%		209,720	$	1,341,102	PUBLIX SUPER MARKETS #295(2005), BEALL’S #11(2014), T.J. MAXX #794(2010)

40	BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972		2*		100.00	%		161,900	$	553,873	K MART #4311(2007), KANE FURNITURE(NOT OWNED)

41	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003		100.00	%		148,267	$	1,996,952	Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix #663(2019), BABIES R US(NOT OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 4 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
42	BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997		2003		100.00	%		113,548	$	1,429,613	Linens ‘N Things #496(2014), Sports Authority #213(2018), LOWE’S(NOT OWNED)

43	CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986		2*		100.00	%		160,190	$	873,029	BEALL’S #38 -4(2012), BEALL’S OUTLET(2006), SCOTTY’S #130(2008)

44	DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001		100.00	%		76,087	$	924,334	TJMF, Inc.(2004), Marshalls of MA, Inc.(2005)

45	FERN PARK, FL	FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH		32720	SC		1970		2*		100.00	%		16,000	$	136,600

46	GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY		32561	SC		1998		2003		100.00	%		29,827	$	453,202	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)

47	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995		100.00	%		219,735	$	1,316,714	J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)

48	MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		2*		100.00	%		63,894	$	252,675	BEALL’S #54 -4(2005), WAL-MART(NOT OWNED)

49	MELBOURNE, FL	MELBOURNE SHOPPING CENTER 750-850 APOLLO BOULEVARD		32935	SC		1978		2*		100.00	%		121,913	$	130,913

50	NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995		14.50	%		267,808	$	3,103,935	WINN DIXIE #739(2014), T.J. MAXX #084(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS #305(2010), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010)

51	OCALA, FL	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003		100.00	%		101,438	$	605,952	Sports Authority(2012), Winn-Dixie #2284(2004)

52	ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994		100.00	%		234,045	$	1,910,484	BEALL’S #60(2018), BEALL’S #89(2004), PUBLIX SUPER MARKETS #446(2013)

53	OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		1*		20.00	%		186,212	$	1,870,312	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)

54	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995		100.00	%		52,395	$	884,763	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)

55	PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988		1*		100.00	%		17,150	$	220,962

56	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988		2*		100.00	%		188,924	$	1,455,123	BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NO OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 5 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
57	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994		2003		100.00	%		21,400	$	156,820	WAL-MART(NOT OWNED)

58	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		2*		20.00	%		104,460	$	1,182,828	PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED)

59	TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		2*		100.00	%		134,366	$	1,130,666	BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED)

60	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974		2*		100.00	%		198,797	$	1,388,549	K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)

61	WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		2*		100.00	%		135,421	$	893,256	BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED)

	Georgia

62	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003		100.00	%		24,000	$	344,460	WAL MART(NOT OWNED)

63	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994		100.00	%		99,025	$	1,255,230	OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED)

64	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995		1995		14.50	%		343,155	$	5,252,189	STEIN MART #092(2010), BABIES R US, #8892(2007), SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPO #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015)

65	CANTON, GA (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003		100.00	%		127,853	$	876,776	Staples #796(2014), Ingles # 96(2019)

66	CANTON, GA (RIVERPOINTE)	RIVER POINTE 1550-1558 RIVERSTONE PARKWAY		30114	SC		1996		2003		100.00	%		39,000	$	561,430	WALMART(NOT OWNED)

67	CARTERSVILLE, GA	FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S		30120	SC		1984		2003		100.00	%		112,240	$	866,174	Ross Dress For Less(2013), Ingles #76(2019)

68	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003		100.00	%		175,969	$	1,266,678	Save Rite #2718(2006)

69	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003		100.00	%		119,786	$	1,195,041	Goody’s #296(2011), Petsmart #0294(2015), Michael’s # 9929(2009), TARGET(NOT OWNED)

70	CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997		2003		100.00	%		318,695	$	3,660,610	Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)

71	CUMMING, GA (PINETREE)	PINETREE VILLAGE 2350 ATLANTA HIGHWAY		30040	SC		1999		2003		100.00	%		27,600	$	500,411


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 6 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
72	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003		100.00	%		97,458	$	1,660,967	Best Buy(2015), Babies R Us(2006), LOWES(NOT OWNED)

73	FT. OGLETHORPE, GA	FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT		30742	SC		1992		2003		100.00	%		176,903	$	449,750	K Mart #3083(2007)

74	GRIFFIN, GA	ELLIS CROSSING 649-687 NORTH EXPRESSWAY		30223	SC		1986		2003		100.00	%		64,770	$	280,236	Winn-Dixie #1811(2006), WAL MART(NOT OWNED)

75	LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.00	%		78,422	$	452,585	Food Lion #890(2019)

76	LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		100.00	%		89,064	$	956,989	Winn-Dixie (Save-Rite) #2735(2010)

77	LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		1990		2003		100.00	%		73,950	$	668,448	Kroger #394(2012)

78	LITHONIA, GA	THE SHOPPES AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2001		2003		100.00	%		74,375	$	1,107,800	Best Buy #389(2018), Bed Bath & Beyond(2012), TOYS R US(NOT OWNED

79	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		100.00	%		91,196	$	949,271	Kroger #443(2016)

80	MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.00	%		106,144	$	488,963	Ingles #444(2010), Wal-Mart #1363(2009)

81	MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995		1995		14.50	%		300,977	$	3,818,030	STEIN MART #141(2007), ROSS DRESS FOR LESS(2013), PUBLIX #548(2015), CRUNCH FITNESS INTERNATIONAL(2011)

82	MARIETTA, GA (GARRISON)	GARRISON RIDGE CROSSING 2650 DALLAS HIGHWAY		30064	SC		1997		2003		100.00	%		18,200	$	318,114	LOWES(NOT OWNED)

83	MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		1999		2003		100.00	%		23,500	$	600,345	LOWES(NOT OWNED), WALMART(NOT OWNED)

84	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.00	%		156,497	$	1,298,908	Lowe’s #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)

85	PEACHTREE CITY, GA	PEACHTREE CITY MARKETPLACE MARKETPLACE CONNECTOR PEACHTRE		30269	SC		1999		2003		100.00	%		50,367	$	638,779	Staples(2015)

86	STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.00	%		162,778	$	364,305	Ingles #466(2009)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 7 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
87	STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.00	%		0	$	244,145

88	STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003		100.00	%		2,000	$	42,000

89	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001		2003		100.00	%		306,206	$	2,743,306	Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016)

90	SUWANEE, GA (NOBLE)	THE VILLAGE AT NOBLE FARMS 1145 PEACHTREE INDUSTRIAL BOUL		30024	SC		1997		2003		100.00	%		43,393	$	792,418

91	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998		2003		100.00	%		129,432	$	1,218,135	Goody’s #299(2014), Kroger #482(2019), WALMART(NOT OWNED)

92	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.00	%		100,002	$	787,927	Ingles #407(2006), WAL MART(NOT OWNED)

93	WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.00	%		107,941	$	1,294,770	T.J. Maxx #032(2010), Staples(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

94	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.00	%		170,940	$	1,499,789	Wal-Mart #575(2020)

	Idaho

95	IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976		1998		100.00	%		148,593	$	717,797	OFFICE MAX #666(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

96	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999		1*		100.00	%		417,727	$	5,195,104	BED BATH & BEYOND #333(2011), OLD NAVY #6046(2005), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS #871(2012), SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013), BABIES R US(NOT OWNED)

	Illinois

97	DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003		100.00	%		22,775	$	272,550	WAL MART(NOT OWNED)

98	DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000		1*		24.75	%		268,980	$	7,248,581	GAP # 581(2010), BARNES & NOBLE(NOT OWNED), PIER 1 IMPORTS(2012), BANANA REPUBLIC(2010), BOMBAY COMPANY(2011), ABERCROMBIE & FITCH(2005), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWEAR(2011), COLDWATER CREEK(2010), J. CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOT PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANK CLOTHIERS(2011), CALIFORNIA PIZZA KITCHEN(2013)

99	HARRISBURG, IL	ARROWHEAD POINT 701 NORTH COMMERCIAL		62946	SC		1991		1994		100.00	%		167,074	$	834,893	WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY’S(2011


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 8 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
100	KILDEER, IL	THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12		60047	SC		2001		2001		10.00	%		161,038	$	3,145,743	BED BATH & BEYOND(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006)

101	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	MM		1974		2*		100.00	%		268,328	$	902,138	SEARS #2181(2013), COUNTRY FAIR MARKET FRESH(2004), J.C. PENNEY #1717(2007)

102	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993		1995		14.50	%		458,819	$	8,097,829	CIRCUIT CITY #3111(2009), OFF 5TH(2011), OFFICEMAX #203(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009) EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), KLA/SM NEWCO SCHAUMBURG, LLC(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)

	Indiana

103	BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993		2*		100.00	%		223,431	$	1,321,929	K MART #7455(2008), GOODY’S #119 -4(2008), J.C. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010)

104	CONNERSVILLE, IN	WHITEWATER TRADE CENTER 2100 PARK ROAD		47331	SC		1991		2*		100.00	%		141,770	$	840,863	COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011)

105	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995		1996		20.00	%		312,546	$	3,289,565	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)

106	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205-4315 COMMERCE DRIVE		47905	SC		2000		2003		100.00	%		35,100	$	383,085	WAL MART(NOT OWNED)

	Iowa

107	CEDAR RAPIDS, IA	NORTHLAND SQUARE 303-367 COLLINS ROAD, NE		52404	SC		1984		1998		100.00	%		187,068	$	1,760,537	T.J. MAXX #119(2004), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021)

108	OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM		1990		2*		100.00	%		194,703	$	1,251,645	HERBERGER’S #326(2005), J.C. PENNEY #2438(2005), OFFICEMAX #1033(2015), TARGET(NOT OWNED)

	Kansas

109	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC		1990		1998		100.00	%		291,646	$	6,484,524	BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), ABERCROMBIE & FITCH(2009), VICTORIA SECRET(2009), EXPRESS/BATH&BODY/STRUCTURE(2009), GAP/GAP BODY(2008), GAP KIDS(2005), J. JILL(2013), POTTERY BARN(2009), WILLIAMS-SONOMA(2009), AMERICAN EAGLE(2013), PACIFIC SUNWEAR(2012), BRAVO CUCINA ITALIANA(2013), RESTORATION HARDWARE(2012), HOULIHANS, BRISTOL SEAFOOD BAR & GRILL(2011)

110	MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC		1998		1*		50.00	%		344,009	$	4,089,206	OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018) MARSHALLS #8716(2008), DICK’S SPORTING GOODS # 119(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)

111	OLATHE, KS (DEVONSHIRE)	DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD		66062	SC		1987		1998		24.75	%		48,802	$	364,279

112	OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC		1987		1998		24.75	%		55,565	$	647,986


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 9 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
113	OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC		2001		2003		100.00	%		7,000	$	127,092

114	SHAWNEE, KS (QUIVIRA PARCEL)	TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD		66216	SC		1972		1998		24.75	%		12,000	$	194,271

115	SHAWNEE, KS (TEN QUIVIRA)	TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD		66216	SC		1992		1998		24.75	%		162,843	$	853,794	PRICE CHOPPER FOODS(2005), WESTLAKE HARDWARE #17(2005)

116	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC		1955		2002		100.00	%		205,200	$	2,003,510	OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED)

	Kentucky

117	HAZARD, KY	GRAND VUE PLAZA KENTUCKY HIGHWAY 80		41701	SC		1978		2*		100.00	%		110,610	$	429,776	WRIGHT LUMBER(2007)

118	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE		40511	SC		1998		2003		100.00	%		48,920	$	609,650	Staples(2016), WAL MART(NOT OWNED)

119	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL		40503	SC		1998		2003		100.00	%		27,643	$	582,564	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

120	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003		100.00	%		158,041	$	375,889	Food Lion #1203(2017), BALLARD’S(NOT OWNED)

	Maine

121	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997		100.00	%		305,692	$	2,526,371	HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX #114(2010), SEARS #2203(2012)

	Maryland

122	SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999		1*		100.00	%		98,635	$	1,339,665	OFFICEMAX #798(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

123	SALISBURY, MD (DEV JV)	THE COMMONS (PHASE III) NORTH POINTE DRIVE		21801	SC		2000		1*		50.00	%		27,500	$	346,500

	Massachusetts

124	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		1*		100.00	%		222,287	$	4,363,862	BED BATH AND BEYOND(2011), OLD NAVY #6172(2011), OFFICEMAX # 600(2020), BABIES R US #6443(2013), MICHAEL’S #01597(2012), COSTCO(NOT OWNED), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)

125	FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995		14.50	%		768,555	$	13,726,836	TOYS R US #7505(2020), JORDON MARSH / FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US(2013), 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), BARNES & NOBLE #2645(2011), KOHL’S # 575(2005), GENERAL CINEMA #971(2014)

	Michigan


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 10 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
126	BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		2*		100.00	%		63,415	$	565,108	GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)

127	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		2*		100.00	%		95,094	$	327,984	CARTER’S FOOD CENTER(2004), K MART #9245(2005), KMART(NOT OWNED)

128	DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989		1998		100.00	%		343,502	$	2,143,099	PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), KIDS R US #1167(2013), TOYS R US, INC.(2021), TARGET(NOT OWNED)

129	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991		2*		100.00	%		190,482	$	1,001,728	WAL-MART STORES #1542(2010), BUY LOW/ROUNDY’S — 4(2011)

130	GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2001		2003		100.00	%		210,118	$	2,428,333	Circuit City(2017), Linen ‘N Things #682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED)

131	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981		2*		100.00	%		257,863	$	719,772	J.C. PENNEY #20430(2005), OFFICEMAX #1116(2014)

132	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		2*		100.00	%		215,047	$	1,407,255	Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(201

133	LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000		2003		100.00	%		95,369	$	959,373	Michael’s #1590(2011), Gander Mountain(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

134	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990		2*		100.00	%		248,963	$	1,267,536	WAL-MART STORES #1428(2009), KROGER #889(2011)

135	SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993		1994		100.00	%		270,761	$	1,762,598	WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013)

136	WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995		100.00	%		133,877	$	1,403,429	T.J. MAXX #160(2005), OFFICE DEPOT #241(2005), TARGET(NOT OWNED), MEDIA PLAY(NOT OWNED), TOYS R US(NOT OWNED), CIICU CITY(NOT OWNED)

	Minnesota

137	BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	MM		1977		2*		100.00	%		297,586	$	1,411,349	K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2008)

138	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	MM		1985		2*		100.00	%		260,319	$	1,880,845	K MART #9525(2004), HERBERGER’S #23(2013), MOVIES 10/WESTGATE MALL/#205(2011)

139	COON RAPIDS, MN	RIVERDALE VILLAGE PERIMETER 12921 RIVERDALE DRIVE		55433	SC		1999		1*		14.50	%		364,998	$	5,297,658	KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), OLD NAVY # 5958(2007), SPORTSMEN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED)

140	COON RAPIDS, MN (INNER)	RIVERDALE VILLAGE — INNER 12921 RIVERDALE DRIVE		55433	SC		2003		1*		100.00	%		234,073	$	3,147,541	BORDERS(2023), J.C. PENNEY(2024)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 11 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
141	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		55122	SC		1997		1997		50.00	%		278,211	$	3,466,905	BYERLY’S(2016), PETSMART #469(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), T.J. MAXX #379(2007), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)

142	HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	MM		1981		2*		100.00	%		121,001	$	608,213	J.C. PENNEY #1076-9 -4(2006), KMART(NOT OWNED)

143	MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94		55369	SC		1995		1996		50.00	%		265,957	$	2,837,043	KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAEL’S STORES, INC.(2012), BED, BATH AND BEYOND(2012), CUB FOODS(NOT OWNED)

144	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997		14.50	%		324,354	$	2,641,237	WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)

145	WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	MM		1977		2*		100.00	%		185,658	$	519,915	J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)

	Mississippi

146	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003		100.00	%		455,302	$	4,804,779	ACADEMY(2015), BED, BATH AND BEYOND #589(2014), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2015), BELK’S(NOT OWNED)

147	JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003		100.00	%		107,780	$	1,105,048	Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

148	JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003		100.00	%		52,617	$	331,356	Office Depot #414(2012), HOME DEPOT(NOT OWNED)

149	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003		100.00	%		71,866	$	287,216	Kroger #473(2020)

150	SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003		100.00	%		65,269	$	586,623	Staples 1172(2016), HOME DEPOT(NOT OWNED)

151	STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1990		1994		100.00	%		125,248	$	813,238	J.C. PENNEY #2447(2010), KROGER #381(2012)

152	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994		100.00	%		348,236	$	1,984,431	SAM’S WHOLESALE CLUB#6329(2012), GOODY’S #39(2002), WAL-MART STORES #258(2012)

	Missouri

153	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		1*		50.00	%		34,567	$	457,364	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

154	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970		2*		100.00	%		93,068	$	799,968


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 12 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
155	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995		1995		14.50	%		382,955	$	4,277,388	KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)

156	KANSAS CITY, MO (BRYWOOD)	BRYWOOD CENTER 8600 E. 63rd STREET		64133	SC		1972		1998		24.75	%		208,234	$	824,159	BIG LOTS #489(2009), PRICE CHOPPER(2004)

157	KANSAS CITY, MO (WARD PARKW)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959		2003		20.00	%		275,783	$	4,469,191	AMC Theaters(2011), Stein Mart #030(2004), T.J. Maxx(2013), Dick’s(2016), 24 Hour Fitness(2023), TARGET(NOT OWNED), DILLARD’S(NOT OWNED

158	SPRINGFIELD, MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998		100.00	%		56,033	$	486,741	TOYS R US #9512(2013)

159	ST. JOHN, MO	ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA		63114	SC		2002		2003		100.00	%		84,281	$	868,524	Shop ‘N Save(2022)

160	ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998		100.00	%		415,435	$	5,318,717	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), COMPUSA COMPUTER SUPER #1012(2013)

161	ST. LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998		100.00	%		52,842	$	453,803	SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED)

162	ST. LOUIS, MO (BRENTWOOD)	PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT		63144	SC		1998		1998		100.00	%		299,584	$	3,736,712	TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), SPORTS AUTHORITY(2013)

163	ST. LOUIS, MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998		100.00	%		110,992	$	635,664	K MART #7543(2008)

164	ST. LOUIS, MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998		100.00	%		92,372	$	1,444,947	T.J. MAXX #329(2006)

	Nevada

165	LAS VEGAS, NV (DECATUR)	FAMILY CENTER @ LAS VEGAS CHARLESTON & DECATUR BLVD		89102	SC		1973		1998		100.00	%		49,555	$	390,272	ALBERTSON’S(NOT OWNED)

166	LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		1*		100.00	%		24,032	$	428,856

167	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000		100.00	%		52,474	$	32,136	CENTURY THEATRE, INC.(2014)

	New Jersey

168	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2002		2003		100.00	%		369,049	$	5,868,283	Kohl’s #469(2023), Linens ‘N Things #142(2014), Michael’s(2013), Ross Dress For Less #634(2014), Shop Rite(2028), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 13 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
169	PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		42071	SC		1995		1997		100.00	%		198,401	$	3,806,990	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)

170	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		42071	SC		1999		1*		100.00	%		202,622	$	3,991,250	DICK’S SPORTING GOOD #105(2015), MICHAEL’S(2009), KOHL’S #294(2019), WEGMAN’S MARKET(NOT OWNED)

	New Mexico

171	LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978		2*		100.00	%		97,970	$	618,183	SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2003), BEALL’S #0180(2009)

	North Carolina

172	ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		28805	SC		1996		2003		100.00	%		190,970	$	1,989,799	Goody’s 20923 — #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick’s Sporting Goods(2017), Michael’s(2008), Officemax #577(2011)

173	DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990		2*		100.00	%		213,934	$	1,210,473	FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)

174	FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985		2003		100.00	%		198,984	$	1,556,609	Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond(2014)

175	HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995		2003		100.00	%		47,530	$	231,772	Ingles #112(2009)

176	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989		2*		100.00	%		68,130	$	596,681	GOODY’S #4(2007), WAL-MART(NOT OWNED)

177	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990		2*		100.00	%		93,527	$	455,755	WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)

178	WAYNESVILLE, NC	LAKESIDE PLAZA 201 PARAGON PARKWAY		28721	SC		1990		2*		100.00	%		181,894	$	1,162,316	WAL-MART STORE #1663(2011), FOOD LION #957-2(2011)

179	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989		2*		100.00	%		410,491	$	3,188,227	BARNES & NOBLE #2762(2007), LOWE’S HOME CENTER #445 -4(2014) OLD NAVY #5471(2006), BED BATH & BEYOND # 418(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175 -4(2005), SAM’S(NOT OWNED)

	North Dakota

180	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		2*		100.00	%		266,502	$	1,074,320	K MART #9564(2008), HERBERGER’S #30(2005), J.C. PENNEY #1628-7(2008)

181	GRAND FORKS, ND	OFFICE MAX 2500 S COLUMBIA ROAD		58201	SC		1978		1999		83.75	%		31,812	$	0

	Ohio


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 14 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
182	ASHLAND, OH	CLAREMONT PLAZA US ROUTE 42		44805	SC		1977		2*		100.00	%		110,656	$	72,773	QUALITY STORES #3116(2005)

183	AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996		1*		100.00	%		64,700	$	1,275,966	MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED)

184	BELLEFONTAINE, OH	SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET		43311	SC		1995		1998		100.00	%		52,399	$	432,292	GOODY’S STORE # 314(2010), STAPLES # 1146(2010)

185	BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		44514	SC		1997		1*		100.00	%		506,254	$	4,088,477	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 # 4075(2018)

186	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995		1*		14.50	%		478,106	$	5,028,894	VALUE CITY FURNITURE #55(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013), DICK’S CLOTHIN & SPORTING #64(2010), DSW SHOE WAREHOUSE(2012), KOHL’S DEPARTMENT STORE #239(2016)

187	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974		2*		100.00	%		236,009	$	1,834,641	LOWE’S HOME CENTERS #472-2(2015), KROGER #348(2016), OFFICE MAX #617(2013)

188	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		2*		100.00	%		235,433	$	2,073,980	WINN DIXIE STORES #1771 -4(2010), MICHAEL’S(2006)

189	CLEVELAND, OH (WEST 65th)	KMART PLAZA- WEST 65TH 3250 WEST 65TH STREET		44102	SC		1977		2*		100.00	%		49,420	$	284,716	GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED)

190	COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998		80.01	%		326,912	$	1,561,357	AMC THEATRE(2007), B.J.’S WHOLESALE CLUB(NOT OWNED)

191	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998		100.00	%		509,611	$	5,963,788	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), T.J. MAXX#447(2008)

192	COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		43212	SC		1997		1998		50.00	%		352,913	$	3,344,654	TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021)

193	COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998		79.45	%		305,428	$	3,433,830	BABIES R US #9242(2011), MICHAEL’S #2873(2013), RHODES FURNITURE(2012), STEIN MART #130(2007), BIG BEAR(2016), STAPLE #403(2010)

194	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD		43017	SC		1996		1998		100.00	%		137,556	$	1,428,245	GIANT EAGLE(2014)

195	ELYRIA, OH	ELYRIA SHOPPING CENTER 825 CLEVELAND		44035	SC		1977		2*		100.00	%		150,200	$	521,970	FIRST NAT’L SUPERMARKET #811(2010)

196	GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE		45631	SC		1998		2003		100.00	%		25,950	$	302,094	WAL MART(NOT OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 15 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
197	GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998		20.00	%		128,210	$	1,340,837	BIG BEAR(2012)

198	HAMILTON, OH	H.H. GREG 1371 MAIN STREET		43450	SC		1986		1998		100.00	%		40,000	$	230,000	ROUNDY’S(2006)

199	HILLSBORO, OH	HILLSBORO SHOPPING CENTER 1100 NORTH HIGH STREET		45133	SC		1979		2*		100.00	%		58,564	$	174,411	BOB & CARL’S(NOT OWNED)

200	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		2*		100.00	%		163,819	$	1,377,388	CUB FOODS(2011), WAL-MART(NOT OWNED)

201	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990		2*		100.00	%		17,000	$	174,484	WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED)

202	MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994		50.00	%		233,639	$	2,679,050	FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)

203	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS		44056	SC		1999		1*		100.00	%		169,481	$	1,601,734	CINEMARK(2019), HOME DEPOT #3824(2020)

204	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958		1997		14.50	%		624,660	$	7,907,133	KIDS R US #1173(2008), BED BATH & BEYOND, INC.(2012), PETSMART #529(2008), HOME DEPOT USA #3803(2019), K & G MEN’S COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC’S(2012), COMPUSA INC #577(2008), BEST BUY #279(2010), MARSHALLS #8267/TJX COMPANY(2005), KRONHEIMS FURNITURE(2012), TOP’S SUPERMARKET(NOT OWNED)

205	PATASKALA, OH	VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE		43062	SC		1980		1998		100.00	%		33,270	$	194,600	CARDINAL (GARDNERS/LANCASTER)(2007)

206	PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998		100.00	%		59,495	$	656,066

207	SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		1*		100.00	%		183,288	$	2,590,660	MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)

208	STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		44224	SC		1997		1*		100.00	%		404,505	$	2,848,933	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)

209	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980		2*		100.00	%		180,969	$	856,046	MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2005), AARON RENTS INC.#C0399(2004)

210	TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		1*		20.00	%		241,129	$	2,699,142	KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #6429(2005), BABIES R US(NOT OWNED)

211	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974		2*		100.00	%		162,330	$	1,268,939	MARC’S #37(2004), K MART #3234(2004)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 16 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
212	WILMINGTON, OH	SOUTH RIDGE SHOPPING CENTER 1025 S SOUTH STREET		45177	SC		1977		2*		100.00	%		55,130	$	214,324	COMMUNITY MARKETS(2013)

213	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994		1*		100.00	%		104,873	$	808,431	KROGER #829(2019), WAL-MART(NOT OWNED)

	Oregon

214	PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995		1996		50.00	%		309,617	$	5,193,374	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

215	ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001		2003		100.00	%		241,077	$	2,309,810	Wal-Mart #2641(2021)

216	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975		2*		100.00	%		173,876	$	1,222,309	K MART #3026(2005), BIG LOTS(2010)

217	ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995		1*		100.00	%		556,281	$	5,005,727	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)

218	ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2000		2003		100.00	%		93,097	$	862,089	Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED)

219	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999		2003		100.00	%		253,110	$	1,953,763	Lowe’s #500(2027), Shop ‘N Save(2019)

	South Carolina

220	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990		2*		100.00	%		180,127	$	1,151,981	WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPE CENTER(NOT OWNED)

221	CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003		100.00	%		196,048	$	1,514,421	Food Lion #933(2011), Wal-Mart #1748(2011)

222	COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002		100.00	%		252,689	$	2,597,247	Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #668(2014), Marshall’s #458(2007), OfficeMax #640(2011), BABIES R’ US #8890(NOT OWNED)

223	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992		1995		100.00	%		209,139	$	2,076,640	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

224	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989		2*		100.00	%		294,471	$	2,048,807	WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED)

225	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994		1995		100.00	%		50,760	$	511,947	GOODY’S #282(2008), WAL-MART(NOT OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 17 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
226	S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994		100.00	%		14,800	$	63,600

227	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994		100.00	%		142,133	$	857,871	INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(201

228	SUMTER, SC	MERCHANT’S WALK 837-839 BROAD STREET		29150	SC		1987		2003		100.00	%		19,140	$	86,100	KROGER’S (DARK)(NOT OWNED), WAL MART(NOT OWNED)

229	UNION, SC	WEST TOWNE PLAZA U.S. HWY 176 BY-PASS #1		29379	SC		1990		2*		100.00	%		184,331	$	981,182	WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010) WINN DIXIE STORES #1255(2010)

	South Dakota

230	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		2*		100.00	%		285,372	$	1,318,861	HERBERGER’S #15(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED)

	Tennessee

231	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999		2000		100.00	%		201,516	$	1,862,632	BEST BUY #170(2014), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)

232	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992		2003		100.00	%		215,905	$	1,014,361	Best Buy #4720(2014)

233	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003		100.00	%		68,948	$	490,590	KROGER #538(2022)

234	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003		100.00	%		71,311	$	508,664	Bi-Lo #367(2011)

235	FRANKLIN, TN	ALEXANDER PLAZA 541 ALEXANDER PLAZA		37064	SC		1983		2003		100.00	%		17,999	$	150,812	BIG LOTS(NOT OWNED)

236	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003		100.00	%		84,441	$	722,791	Kroger #541(2012)

237	HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050 LOWE’S ROAD		37075	SC		1999		2003		100.00	%		133,144	$	1,214,939	Lowe’s(2019)

238	MEMPHIS, TN	COUNTRY BRIDGE 9020 US HIGHWAY 64		38002	SC		1993		2003		100.00	%		64,223	$	565,197	Kroger #436(2012)

239	MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003		100.00	%		117,750	$	806,552	Albertson’s #4730(2014)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 18 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
240	MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003		100.00	%		108,180	$	1,299,330	T.J. Maxx #579(2008), Books-A-Million(2007), LOWE’S(NOT OWNED), TOY R US(NOT OWNED), TARGET(NOT OWNED)

241	NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003		100.00	%		167,795	$	1,628,857	Lowe’s(2019), WAL MART(NOT OWNED)

	Texas

242	AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003		24.75	%		240,920	$	3,420,940	ROSS DRESS FOR LESS(2014), LINEN N THINGS #291(2014), HOBBY LOBBY(2018), ULTIMATE ELECTRONICS(2019), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED)

243	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD,		75035	SC		2001		2003		100.00	%		12,559	$	894,191	KOHL’S(NOT OWNED)

244	FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996		50.00	%		205,017	$	2,045,946	UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), ROSS DRESS FOR LESS #351-1(2006), TARGET(NOT OWNED), TOYS R US(NOT OWNED), OFFICE DEPOT(NOT OWNED)

245	FT. WORTH, TX (FOSSIL CREEK)	FOSSIL CREEK WESTERN CENTER BLVD		76137	SC		1991		2002		100.00	%		68,515	$	788,554

246	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		1999		2003		100.00	%		131,176	$	2,388,241	Marquee Cinema(2018), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED WAL MART(NOT OWNED)

247	LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002		100.00	%		311,039	$	2,943,879	THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED), GARDEN RIDGE(NOT OWNED)

248	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY		75070	SC		2000		2003		100.00	%		118,970	$	1,145,154	Kohl’s #416(2021), ALBERTSON’S(NOT OWNED)

249	MESQUITE, TX	THE MARKETPLACE AT TOWN CENTER SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003		100.00	%		153,286	$	2,079,730	Ultimate Electronics(2018), Linen ‘N Things #267(2013), Michael’s(2012), Ross Dress For Less(2013), KOHL’S(NOT OWNED)

250	SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD		78227	SC		2001		1*		100.00	%		278,727	$	4,578,412	T.J. MAXX(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #6499(2006 ROSS DRESS FOR LESS(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED)

	Utah

251	LOGAN, UT	FAMILY PLACE @ LOGAN 400 NORTH STREET		84321	SC		1975		1998		100.00	%		19,200	$	97,560	RITE AID(NOT OWNED)

252	MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973		1998		100.00	%		659,849	$	6,993,733	BABIES R US(NOT OWNED)(2005), BABIES R US #9568(2014), 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)

253	OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998		100.00	%		162,316	$	751,524	HARMONS(2012)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 19 of 20

Property List*


														Owned
											DDR			Gross		Total
			Zip		Type of	Year		Year			OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired			Interest			Area		Rent		(Lease Expiration)
254	OREM, UT	FAMILY CENTER AT OREM 1300 SOUTH STREET		84058	SC		1991		1998			100.00	%		150,667	$	1,552,954	KIDS R US # 1347(2011), MEDIA PLAY #8120(2015), OFFICE DEPOT #538(2008), JO-ANN FABRICS AND CRAFTS#1756(2012), R.C. WILLEY(NOT OWNED), TOYS R US(NOT OWNED)

255	RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995		1998			100.00	%		590,313	$	4,613,490	TARGET SUPERSTORE #1753(2017), MEIER & FRANK(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN’S WAREHOUSE(2009), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016)

256	SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET		84115	SC		1978		1998			100.00	%		35,459	$	224,535

257	TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982		1998			100.00	%		710,713	$	6,799,739	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), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS(2014), HARMONS SUPERSTORE(NOT OWNED)

	Vermont

258	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986		2*			100.00	%		174,515	$	1,535,095	WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)

	Virginia

259	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003			100.00	%		116,310	$	1,157,721	Ukrop’s(2008)

260	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995			14.50	%		253,941	$	3,974,809	SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014)

261	LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003			100.00	%		275,765	$	2,028,703	Goody’s #174(2006), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED)

262	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989		2*			50.00	%		435,057	$	2,713,050	GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017)

263	MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003			100.00	%		79,407	$	730,764	Food Lion #299(2005)

264	PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		2*			100.00	%		143,299	$	812,831	WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)

265	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990		2*			20.00	%		240,560	$	2,373,568	MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)
										��
	Washington

266	EVERETT, WA	PUGET PARK 520 128TH STREET SW		98204	SC		1981		2001			20.00	%		41,065	$	406,996	ALBERTSON’S(NOT OWNED)

267	KIRKLAND, WA	TOTEM LAKES TOTEM LAKES BOULEVARD		98034	SC		1999		2004			20.00	%		178,283	$	2,728,583	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1


				Run Date: 04/16/2004 Time: 8:51:14AM Page 20 of 20

Property List*


													Owned
										DDR			Gross		Total
			Zip		Type of	Year		Year		OwnerShip			Leasable		Annualized		Anchor Tenants
	Center/Property	Location	Code		Property	Developed		Acquired		Interest			Area		Rent		(Lease Expiration)
	West Virginia

268	BARBOURSVILLE, WV	OFFICE MAX CENTER 5-13 MALL ROAD		25504	SC		1985		1998		100.00	%		70,900	$	301,437	DISCOUNT EMPORIUM(2006), OFFICEMAX #263(2006), VALUE CITY (NO OWNED)

	Wisconsin

269	BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		100.00	%		190,142	$	1,462,213	T.J. Maxx #202(2005), Marshall’s Mega Store # 737(2004), Officemax #16(2010), Burlington Coat Factory #112(2007)

270	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		53209	SC		1967		2003		100.00	%		266,716	$	1,934,067	Kohl’s #44(2023), Michael’s(2012), Officemax #17(2005), T.J. Maxx/Burlington#201(2008), Old Navy #5482(2012)

271	BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD		53209	SC		1989		2003		100.00	%		143,372	$	989,085	Marshall’s Mega Store #736(2004), Pick ‘N Save #6867(2005)

272	MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET		53221	SC		1962		2003		100.00	%		160,533	$	707,571	Kohl’s #43(2007), Pick ‘N Save # 6845(2007)

273	MILWAUKEE, WI (SOUTH)	SOUTHGATE MARKETPLACE SOUTH 27TH STREET		53215	SC		1951		2003		100.00	%		54,913	$	389,306	Always 99C(2011), MOVIES 10(NOT OWNED), WAL MART(NOT OWNED)

274	WEST ALLIS, WI (WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108		53214	SC		1968		2003		100.00	%		246,081	$	1,392,012	Kohl’s #41(2008), Marshall’s Mega Store #738(2004), Pick ‘N Save#6846(2008)

								Grand Total						49,814,624	$	522,381,340


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

* Does Not Include Service Merchandise Interests

Property Listing 7.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Investor Information
Developers Diversified Realty
www.ddr.com
3300 Enterprise Parkway/Beachwood, Ohio 44122
Phone: (216) 755-5500 Fax: (216) 755-1500



Board of Directors		Officers

Scott A. Wolstein, Chairman of the Board & Chief Executive Officer, Developers Diversified Realty		Scott A. Wolstein, Chairman of the Board & Chief Executive Officer

Bert L. Wolstein, Chairman Emeritus Chief Executive Officer, Heritage Development		David M. Jacobstein, President & Chief Operating Officer
		Daniel B. Hurwitz, Executive Vice President
David M. Jacobstein, President & Chief Operating Officer, Developers Diversified Realty

Daniel B. Hurwitz, Executive Vice President, Developers Diversified Realty		Joan U. Allgood, Sr. Vice President of Corporate Affairs & Governance

Albert T. Adams, Chairman, Cleveland Office Baker & Hostetler LLP		Richard E. Brown, Sr. Vice President of Real Estate Operations

Dean S. Adler, Principal, Lubert-Adler Management, Inc		Timothy J. Bruce, Sr. Vice President of Development

Terrance R. Ahern, Principal, The Townsend Group		William H. Schafer, Sr. Vice President & Chief Financial Officer

Robert H. Gidel, Managing Partner, Liberty Partners, LP		Ralph J. Conti, Vice President of Development

Victor B. MacFarlane, Founder and Managing Principal, MacFarlane Partners, LLC		Steven M. Dorsky, Vice President of Leasing - Northeast

Craig Macnab, CEO, Commercial Net Lease Realty, Inc		David J. Favorite, Vice President of Operations

Barry A. Sholem, Retired, former Chairman, DLJ Real Estate Capital Partners		Susan Hennessey, Vice President of Human Resources

		Michelle A. Mahue, Vice President of Investor Relations

		Lorraine McGlone, Vice President of Information Technology

		Joseph G. Padanilam, Vice President of Acquisitions & Dispositions

		Anthony L. Vodicka, Vice President of Leasing - West

		Robin Walker-Gibbons, Vice President of Leasing - Southeast

		David E. Weiss, Vice President & General Counsel

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2004

Investor Information (Continued)


Research Coverage		Research Coverage, continued
AG Edwards		Merrill Lynch
Bill Camp	(314) 955-5368	Steve Sakwa	(212) 449-0335
		Craig Schmidt	(212) 449-1944

Deutsche Bank Alex Brown		Morgan Stanley
Lou Taylor	(212) 250-4912	Matthew Ostrower	(212) 761-6284
Chris Capolongo	(212) 250-7726	Suzanne Sorkin	(212) 761-6385

Goldman Sachs		Prudential Securities
Carey Callahan	(212) 902-4351	Jim Sullivan	(212) 778-2515
Michael Bilerman	(212) 902-1970	Bill Acheson	(212) 778-1417

Green Street Advisors		Wachovia Securities
John Herold	(949) 640-8780	Jeff Donnelly	(617) 603-4262
Sarah Woodward	(949) 640-8780	Eric Rothman	(617) 603-4263

Hilliard Lyons		Transfer Agent
Tony Howard	(502) 588-1142	National City Bank
JP Morgan Michael Mueller Josh Bederman	(212) 622-6689 (212) 622-6530	Corporate Trust Operations P.O. Box 92301 Cleveland, Ohio 44193-0900 1-800-622-6757

Lehman Brothers		Investor Relations
David Shulman	(212) 526-3410	Michelle A. Mahue
Alexander Goldfarb	(212) 526-5232	VP of Investor Relations
		Phone: (216) 755-5455
McDonald & Company		Fax: (216) 755-1455
Richard Moore	(216) 443-2815	Email: mmahue@ddr.com
Richard Sweigard	(216) 563-2501

SITE Centers (SITC) 8-KDevelopers Diversified Realty Corporation