SITE Centers 8K Developers Diversified Realty Corporation | SITC 18 Feb 05

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 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 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 twelve months ended December 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 Dawson
	Chairman	Vice President of Investor Relations
	Chief Executive Officer	216-755-5455
	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS A 17.5%
INCREASE IN FFO PER SHARE FOR THE YEAR
ENDED DECEMBER 31, 2004

CLEVELAND, OHIO, February 17, 2005- Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that fourth quarter 2004 Funds From Operations available to common shareholders (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.69 (diluted) and $0.70 (basic) as compared to $0.68 (diluted) and $0.69 (basic) per share for the same period in the previous year, a per share increase of 1.5% diluted and 1.4% basic. FFO available to common shareholders reached $73.0 million for the quarter ended December 31, 2004, as compared to $60.1 million for 2003, an increase of 21.5%. Net income available to common shareholders for the quarter ended December 31, 2004 decreased 8.4% to $74.1 million compared to $80.9 million for 2003, or $0.71 per share (diluted) and $0.72 (basic) in 2004 compared to $0.92 per share (diluted) and $0.94 (basic) for the same period in 2003. The decrease in net income for the quarter ended December 31, 2004 is primarily related to a decrease in gain on sales of real estate at both the consolidated level and joint venture level and a decrease in certain transactional income from 2003. These decreases were offset by (i) increases in 2004 operations which include the acquisition of assets from Benderson Development Company, Inc. (“Benderson”) and (ii) litigation expense in 2003.

For the years ended December 31, 2004 and 2003, FFO (diluted) was $2.95 and $2.51, respectively, on a per share basis, an increase of 17.5%. The 2003 results were adjusted by a $0.03 (diluted) per share decrease to reflect a prior impairment charge previously not included in FFO in accordance with an SEC comment letter. FFO available to common shareholders for the year ended December 31, 2004 was $292.3 million compared to $211.7 million for 2003, an increase of 38.1%. Net income available to common shareholders for the year ended December 31, 2004 was $219.1 million, or $2.24 per share (diluted) and $2.27 (basic), compared to net income available to common shareholders of $189.1 million, or $2.27 per share (diluted) and $2.31 (basic) for 2003.

Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “We are pleased to announce this quarter’s financial results, which reflect the growing strength of our asset class and the strong performance of our portfolio. In addition, we continued to structure and execute transactions during the quarter that support our investment strategy and result in long term value creation for shareholders.”

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 as 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 fourth quarter of 2004, the Company executed 94 new leases aggregating 718,000 square feet and 223 renewals aggregating 806,000 square feet. Rental rates on new leases increased by 25.8% to $12.60 per square foot and rental rates on renewals increased by 8.4% to $11.99 per square foot as compared to previously occupied rental rates. On a blended basis, rental rates for new leases and renewals increased by 12.0% to $12.27 per square foot.

At December 31, 2004, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $10.79. Excluding the impact of the properties acquired from Benderson, the average annualized base rent per occupied square foot for the portfolio was $11.13, as compared to $10.82 at December 31, 2003.

At December 31, 2004, the portfolio was 95.4% leased both including and excluding the impact of the properties acquired from Benderson, as compared to 95.1% at December 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 December 31, 2004, the portfolio was 94.7% occupied. Excluding the impact of the properties acquired from Benderson, the portfolio was 94.6% occupied, as compared to 94.3% at December 31, 2003.

Same store Net Operating Income (“NOI”) relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2003 and since April 1, 2003 with regard to JDN assets, excluding properties under redevelopment) increased approximately $5.4 million (or 1.73%) for the year ended December 31, 2004, compared to the same period in 2003.

Strategic Real Estate Transactions:

Caribbean Properties Group

In January 2005, the Company completed the acquisition of 15 Puerto Rican retail real estate assets, totaling nearly 5.0 million square feet from Caribbean Property Group, LLC (“CPG”), at an aggregate cost of approximately $1.15 billion. The financing for the transaction was provided by the assumption of approximately $660 million of existing debt and line of credit borrowings on the Company’s $1.0 billion senior unsecured credit facility. The availability on the line of credit was created through the sale of assets to joint ventures, as discussed below, and a $250 million common equity offering in December 2004. As of February 17, 2005, the Company’s balance on its $1 billion revolving credit facility was approximately $500 million.

Prudential Joint Venture

In October 2004, the Company completed a $128 million joint venture transaction (“DPG Joint Venture”) with Prudential Real Estate Investors (“PREI”). The Company contributed 12 neighborhood grocery anchored retail properties to the joint venture, eight of which were acquired by the Company from Benderson and four of which were acquired from JDN. The joint venture assumed approximately $12 million

of secured, non-recourse financing associated with two properties. The Company maintains a 10% ownership in the joint venture and continues day-to-day management of the assets. The Company earns fees for property management, leasing, and development. The Company recorded a gain of approximately $4.2 million on the contribution of the assets to the joint venture. This gain is not included in FFO.

Kuwait Financial Centre Joint Venture

In November 2004, the Company completed a $204 million joint venture transaction (“DDR Markaz II”) with an investor group led by Kuwait Financial Centre-Markaz. The Company contributed 13 neighborhood grocery anchored retail properties to the joint venture, nine of which were acquired by the Company from Benderson, three of which were acquired from JDN and one of which was owned by the Company. The joint venture obtained approximately $150 million of a ten-year secured non-recourse financing at a fixed rate of approximately 5.1%. The Company maintains a 20% equity ownership in the joint venture and continues day-to-day management of the assets. The Company earns fees for property management, leasing and development. The Company recorded a gain of approximately $2.5 million on the contribution of the assets to the joint venture. This gain is not included in FFO.

MDT Joint Venture

In December 2004, the Company contributed three operating properties to the MDT Joint Venture for approximately $96.6 million and recognized a gain of approximately $24.9 million. This gain is not included in FFO. In January 2005, the Company sold an additional two properties to the MDT Joint Venture for approximately $64.0 million and will recognize a merchant build gain of approximately $17 million in 2005. The Company maintains an approximate 14.5% ownership in the properties. The Company will remain responsible for all day-to-day operations of the properties and will receive its share of ongoing fees for property management, leasing and construction management, plus nominal one-time fees for financing and due diligence.

Benderson Transaction

In 2004, the Company purchased 107 retail real estate assets with approximately 18 million square feet of GLA from Benderson, including 14 purchased directly by the Company’s MDT joint venture.

Coventry II

In November 2004, the Company, through its joint venture with Coventry II, acquired a 20% interest in Buena Park Downtown, a 1.1 million square foot retail property located in Buena Park, California (northern Orange County) for approximately $91 million.

Expansions:

During the twelve month period ended December 31, 2004, the Company completed seven expansion and redevelopment projects located in North Little Rock, Arkansas; Brandon, Florida; Starkville, Mississippi; Aurora, Ohio; Tiffin, Ohio; Monaca, Pennsylvania and Chattanooga, Tennessee at an aggregate cost of approximately $25.2 million. The Company is currently expanding/redeveloping eleven shopping centers located in Gadsden, Alabama; Tallahassee, Florida; Suwanee, Georgia; Ottumwa, Iowa; Gaylord, Michigan; Princeton, New Jersey; Hendersonville, North Carolina; Allentown, Pennsylvania; Erie, Pennsylvania; Brentwood, Tennessee and Johnson City, Tennessee at a projected incremental cost of approximately $33.9 million. The Company is also scheduled to commence construction on an additional expansion project at its shopping center located in Amherst, New York.

During the twelve month period ended December 31, 2004, a joint venture of the Company completed the expansion of its shopping center located in Deer Park, Illinois at an aggregate cost of $14 million. Four of the Company’s joint ventures are currently expanding/redeveloping their shopping centers located in Phoenix, Arizona; Lancaster, California; Merriam, Kansas and Kansas City, Missouri at a projected incremental cost of approximately $47.4 million. One of the Company’s joint ventures is also scheduled to commence an additional expansion/redevelopment project at its shopping center located in Kirkland, Washington.

Development (Consolidated):

During the twelve month period ended December 31, 2004, the Company substantially completed the construction of seven shopping centers located in Long Beach, California; Fort Collins, Colorado; St. Louis, Missouri; Hamilton, New Jersey; Apex, North Carolina; Irving, Texas and Mesquite, Texas.

The Company currently has seven shopping center projects under construction. These projects are located in Miami, Florida; Overland Park, Kansas; Chesterfield, Michigan; Lansing, Michigan; Freehold, New Jersey; Mount Laurel, New Jersey and Pittsburgh, Pennsylvania. These projects are scheduled for completion during 2005 and 2006 at a projected aggregate cost of approximately $235.3 million and will create an additional 2.5 million square feet of retail space. At December 31, 2004, approximately $153.8 million of costs were incurred in relation to these development projects.

The Company anticipates commencing construction in 2005 on two additional shopping centers located in Norwood, Massachusetts and McKinney, Texas.

Development (Joint Ventures):

The Company has joint venture development agreements for four shopping center projects. These projects have an aggregate projected cost of approximately $119 million. These projects are located in Jefferson County (St. Louis, Missouri); Apex, North Carolina (Phases III and IV), adjacent to a wholly-owned development project; and San Antonio, Texas. A portion of the project located in Jefferson County (St. Louis, Missouri) has been substantially completed. The remaining projects are scheduled for completion in 2005 and 2006. At December 31, 2004, approximately $24.5 million of costs were incurred in relation to these development projects.

Dispositions:

In the fourth quarter of 2004, the Company sold eight non-core assets for an aggregate sales price of approximately $40.8 million and recorded an aggregate net gain of $8.0 million, which is not reflected in FFO. The Company sold several outparcels during the fourth quarter and recognized a gain on sale and FFO of approximately $5.3 million.

In December 2004, one of the Company’s RVIP joint ventures sold a shopping center in Mission Viejo, California, aggregating 45,600 square feet, and a portion of a shopping center in Puente Hills, California, aggregating 180,000 square feet of GLA, for an aggregate sales price of approximately $51.2 million. The joint venture recognized a gain of approximately $13.6 million of which the Company’s proportionate share was approximately $4.6 million which was not included in FFO.

Financings:

In December 2004, the Company issued 5.45 million common shares and received net proceeds of approximately $246 million. The proceeds from this offering were used to acquire the 15 Puerto Rico shopping center assets from CPG, which closed in January 2005.

Developers Diversified Realty Corporation currently owns and manages approximately 470 retail operating and development properties in 44 states, plus Puerto Rico, comprising approximately 107 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 Dawson, 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 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant or the inability to effectively integrate operations of an acquisition or the under performance of an acquisition, the 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						Year Ended
	Ended December 31,						December 31,
Revenues:	2004			2003			2004			2003

Minimum rent (A)	$	118,953		$	86,575		$	430,991		$	337,381
Percentage and overage rents (A)		2,916			2,412			7,609			5,651
Recoveries from tenants		35,115			26,633			122,406			93,380
Ancillary income		1,045			1,033			3,325			2,347
Other property related income		924			255			4,300			911
Management fee income		4,162			2,914			14,626			10,647
Development fees		587			470			2,311			1,446
Other (B)		1,120			3,965			13,365			13,969

		164,822			124,257			598,933			465,732

Expenses:
Operating and maintenance		22,753			19,098			71,520			61,125
Real estate taxes		21,388			15,423			78,094			57,041
General and administrative (C)		14,145			12,819			47,126			40,820
Depreciation and amortization		37,763			25,554			131,577			93,155

		96,049			72,894			328,317			252,141

Other income/(expense)
Interest income		1,065			1,190			4,235			5,082
Interest expense		(37,448	)		(24,069	)		(129,659	)		(88,837	)
Other expense (D)		(320	)		(9,636	)		(1,779	)		(10,119	)

		(36,703	)		(32,515	)		(127,203	)		(93,874	)

Income before equity in net income of joint ventures, gain on sale of joint venture interests, minority equity interests, income tax of taxable REIT subsidiaries and franchise taxes, discontinued operations, gain on sales of real estate and cumulative effect of adoption of a new accounting standard		32,070			18,848			143,413			119,717
Equity in net income of joint ventures (E)		10,409			21,218			40,895			44,967
Gain on sale of joint venture interests (E)		—			7,950			—			7,950
Minority equity interests (F)		(1,719	)		(563	)		(5,013	)		(5,365	)
Income tax of taxable REIT subsidiaries and franchise taxes		789			(392	)		(1,469	)		(1,626	)

Income from continuing operations		41,549			47,061			177,826			165,643
Income (loss) from discontinued operations (G)		8,149			(364	)		10,295			686

Income before gain on sales of real estate and cumulative effect of adoption of a new accounting standard		49,698			46,697			188,121			166,329
Gain on sales of real estate, net of tax		38,150			44,789			84,642			73,932

Income before cumulative effect of adoption of a new accounting standard		87,848			91,486			272,763			240,261
Cumulative effect of adoption of a new accounting standard (I)		—			—			(3,001	)		—

Net income	$	87,848		$	91,486		$	269,762		$	240,261

Net income, applicable to common shareholders	$	74,055		$	80,881		$	219,056		$	189,056

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	74,055		$	80,881		$	219,056		$	189,056
Depreciation and amortization of real estate investments		37,647			25,160			130,536			93,174
Equity in net income of joint ventures		(10,409	)		(21,218	)		(40,895	)		(44,967	)
Gain on sale of joint venture interests		—			(7,950	)		—			(7,950	)
Joint ventures’ FFO (E)		11,824			23,127			46,209			47,942
Minority equity interests (OP Units)		691			466			2,607			1,769
Gain on sales of depreciable real estate, net (H)		(40,778	)		(40,335	)		(68,179	)		(67,352	)
Cumulative effect of adoption of a new accounting standard (I)		—			—			3,001			—

FFO available to common shareholders		73,030			60,131			292,335			211,672
Preferred dividends		13,793			10,605			50,706			51,205

FFO	$	86,823		$	70,736		$	343,041		$	262,877

Per share data:
Earnings per common share
Basic	$	0.72		$	0.94		$	2.27		$	2.31

Diluted	$	0.71		$	0.92		$	2.24		$	2.27

Dividends declared	$	0.51		$	0.46		$	1.94		$	1.69

Funds From Operations — Basic (J)	$	0.70		$	0.69		$	2.98		$	2.54

Funds From Operations — Diluted (J)	$	0.69		$	0.68		$	2.95		$	2.51

Basic — average shares outstanding (thousands) (J)		102,979			86,206			96,638			81,903

Diluted — average shares outstanding (thousands) (J)		105,264			88,414			99,024			84,188

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

(A)

Increases in base and percentage rental revenues for the twelve month period ended December 31, 2004 as compared to 2003, aggregated $94.4 million consisting of $3.3 million related to leasing of core portfolio properties (an increase of 1.4% from 2003), $13.3 million from the acquisition of four shopping centers in 2003 and 2004, $83.1 million from the properties acquired from Benderson, $19.5 million from the JDN merger, $2.9 million from the consolidation of a joint venture interest due to the adoption of FIN 46 and $1.4 million related to developments and redevelopments. These amounts were offset by a decrease of $0.1 million relating to the business center properties and $29.0 million due to the sale of properties to joint ventures in 2003 and 2004. Included in the rental revenues for the twelve month periods ended December 31, 2004 and 2003 is approximately $7.4 million and $6.3 million, respectively, of revenue resulting from the recognition of straight line rents.

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


	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31,
	2004		2003		2004		2003
Lease termination and bankruptcy settlements	$	0.9	$	0.4	$	10.1	$	6.9
Acquisition and finance fees		—		3.4		3.0		3.5
Settlement of call option (1)		—		—		—		2.4
Sale of option rights and other miscellaneous		0.2		0.2		0.3		1.2

	$	1.1	$	4.0	$	13.4	$	14.0

(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 twelve month periods ended December 31, 2004 and 2003, general and administrative expenses were approximately 4.9% and 5.3%, respectively, of total revenues, including joint venture revenues, for each period.

(D)	Other expense is comprised of the following (in millions):


	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31,
	2004		2003		2004		2003
Abandon acquisition and development projects	$	0.3	$	0.4	$	1.8	$	0.9
Litigation expense		—		9.2		—		9.2

	$	0.3	$	9.6	$	1.8	$	10.1

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

(E)	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						Year Ended
	Ended December 31,						December 31,
	2004			2003			2004			2003
Revenues from operations (a)	$	96,594		$	80,461		$	339,446		$	255,541


Operating expense		34,219			25,858			118,922			87,842
Depreciation and amortization of real estate investments		27,613			11,345			68,110			40,663
Interest expense		22,452			18,220			79,149			71,094

		84,284			55,423			266,181			199,599

Income from operations before gain on sale of real estate and discontinued operations		12,310			25,038			73,265			55,942
(Loss) gain on sale of real estate		(38	)		—			4,787			569
Income from discontinued operations, net of tax		1,180			1,063			1,115			513
Gain on sale from discontinued operations, net of tax		14,727			6,959			39,612			63,875

Net income	$	28,179		$	33,060		$	118,779		$	120,899

DDR Ownership interests (b)	$	10,667		$	21,915		$	42,150		$	46,593


Funds From Operations from joint ventures are summarized as follows:
Net income	$	28,179		$	33,060		$	118,779		$	120,899
Gain on sale of real estate including discontinued operations		(13,577	)		(6,286	)		(37,866	)		(59,354	)
Depreciation and amortization of real estate investments		27,891			11,965			68,456			45,074

	$	42,493		$	38,739		$	149,369		$	106,619

DDR ownership interests (b)	$	11,824		$	23,127		$	46,209		$	47,942

DDR partnership distributions received, net	$	15,585		$	58,743		$	77,505		$	112,218

	(a)	Revenues for the three month periods ended December 31, 2004 and 2003 included approximately $2.0 million and $2.4 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.4 million and $0.5 million, respectively. Revenues for the twelve month periods ended December 31, 2004 and 2003 included approximately $6.5 million and $4.8 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $1.4 million and $1.2 million, respectively.

	(b)	Included in equity in net income of joint ventures for the twelve months ended December 31, 2004, is approximately $3.2 million of previously deferred gain related to the sale of joint venture property at the end of 2003. This amount was deferred until certain construction and leasing obligations were achieved.

		The Company’s share of joint venture related income has been allocated between two line items in 2003, equity in net income of joint ventures and gain on sale of joint venture interests, on the Company’s income statement. Included in equity in net income of joint ventures is approximately $7.5 million of promoted income received from the Company’s joint venture partners during the fourth quarter of 2003 which is included in the Company’s FFO. Also included in the joint venture net income and FFO, in the fourth quarter of 2003, is a gain associated with the early extinguishment of debt of approximately $4.2 million of which the Company’s proportionate share approximated $3.4 million.

		The Company’s share of joint venture net income has been reduced by $0.3 million and $20.1 million for the three month periods ended December 31, 2004 and 2003, respectively, and by $1.3 million and $21.0 million for the twelve month periods ended December 31, 2004 and 2003, respectively, to reflect additional basis depreciation and adjustments to gain on sale. The $21 million adjustment in 2003 is primarily the result of the elimination of a significant portion of gain on sale from the sale of seven joint venture assets to the MDT Joint Venture in the fourth quarter of 2003. The Company has retained 14.5% effective ownership interest in these assets and accordingly is required to defer a portion of the gain.

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

At December 31, 2004 and 2003, the Company owned joint venture interests relating to 103 and 54 shopping center properties, respectively. In addition, at December 31, 2004 and 2003, the Company, through a joint venture, owned an interest of approximately 25% in 63 and 72 shopping center sites, respectively, formerly owned by Service Merchandise.

(F)	Minority equity interests are comprised of the following (in thousands):


	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31,
	2004		2003		2004		2003
Minority interests	$	1,028	$	97	$	2,406	$	1,360
Preferred Operating		—		—		—		2,236
Partnership Units Operating Partnership Units		691		466		2,607		1,769

	$	1,719	$	563	$	5,013	$	5,365

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


	Three Month Period					Twelve Month Period
	Ended December 31,					Ended December 31,
	2004		2003			2004			2003
Revenues	$	725	$	1,821		$	6,314		$	8,769

Expenses:
Operating		277		674			2,132			2,555
Interest, net		109		264			788			1,284
Depreciation		132		502			1,070			2,064
Impairment charge		—		—			586			2,640

		518		1,440			4,576			8,543

Income from discontinued operations		207		381			1,738			226
Minority interests		—		—			(4	)		—
Gain (loss) on sales of real estate		7,942		(745	)		8,561			460

	$	8,149	$	(364	)	$	10,295		$	686

(H)

For the twelve month period ended December 31, 2003, the Company previously reported an impairment charge of $2.6 million, now reclassified as discontinued operating expenses, in “G” above, which was reflected as an add back to FFO similar to a loss on sale of real estate. In accordance with comments received from the SEC, this charge has been reflected in FFO available to common shareholders as the Company previously reported FFO available to common shareholders of $265.5 million or $2.58 per share (basic) and $2.54 per share (diluted) for the twelve month period ended December 31, 2003.

(I)	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.

(J)	For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of 1.3 million and 1.1 million Operating Partnership Units (OP Units) outstanding at December 31, 2004 and 2003 into 1.4 million and 1.1 million common shares of the Company for the three month periods ended December 31, 2004 and 2003, respectively and 1.3 million and 1.1 million for the twelve month periods ended December 31, 2004 and 2003, on a weighted average basis. The weighted average diluted shares and OP Units outstanding were 99.1 million and 88.5 million for the three month periods ended December 31, 2004 and 2003, respectively, and 105.4 million and 84.3 million for the twelve month periods ended December 31, 2004 and 2003, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	December 31, 2004			December 31, 2003
Assets:
Real estate and rental property:
Land	$	1,238,242		$	821,893
Buildings		3,998,972			2,719,764
Fixtures and tenant improvements		120,350			90,384
Construction in progress		245,860			252,870

		5,603,424			3,884,911
Less accumulated depreciation		(568,231	)		(458,213	)

Real estate, net		5,035,193			3,426,698

Cash		49,871			11,693
Restricted cash		—			99,340
Advances to and investments in joint ventures		288,020			260,143
Notes receivable		17,823			11,741
Receivables, including straight line rent, net		84,843			76,509
Other assets, net		107,797			55,027

	$	5,583,547		$	3,941,151


Liabilities:
Indebtedness:
Revolving credit facilities	$	60,000		$	186,500
Variable rate unsecured term debt		350,000			300,000
Unsecured debt		1,220,143			838,996
Mortgage and other secured debt		1,088,547			757,635

		2,718,690			2,083,131
Dividends payable		62,089			43,520
Other liabilities		192,514			152,992

		2,973,293			2,279,643
Minority interests		55,935			47,438
Shareholders’ equity		2,554,319			1,614,070

	$	5,583,547		$	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:


	December 31,			December 31,
	2004			2003
Land	$	798,852		$	519,846
Buildings		2,298,424			1,692,367
Fixtures and tenant improvements		42,922			24,985
Construction in progress		25,151			38,018

		3,165,349			2,275,216
Accumulated depreciation		(143,170	)		(118,755	)

Real estate, net		3,022,179			2,156,461
Receivables, including straight line rent, net		68,596			47,165
Leasehold interests		26,727			28,895
Other assets		96,264			83,776

	$	3,213,766		$	2,316,297


Mortgage debt (a)	$	1,803,420		$	1,321,117
Notes and accrued interest payable to DDRC		20,616			31,683
Amounts payable to other partners		46,161			32,121
Other liabilities		75,979			80,681

		1,946,176			1,465,602
Accumulated equity		1,267,590			850,695

	$	3,213,766		$	2,316,297

(a)	The Company’s proportionate share of joint venture debt aggregated approximately $420.8 million and $368.5 million at December 31, 2004 and December 31, 2003, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2004


FINANCIAL HIGHLIGHTS	Year Ended December 31
(In Thousands Except Per Share Information)	2004			2003			2002			2001			2000
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	219,056		$	189,056	(7)	$	69,368	(7)	$	65,111		$	73,571
Depreciation and Amortization of Real Estate Investments	$	130,537		$	93,173		$	76,462		$	63,200		$	52,975
Equity in Net Income From Joint Ventures	$	(40,896	)	$	(52,917	)	$	(32,769	)	$	(17,010	)	$	(17,072	)
Equity in Net Income From Minority Equity Investment	$	0		$	0		$	0		$	(1,550	)	$	(6,224	)
Joint Venture Funds From Operations	$	46,209		$	47,942		$	44,473		$	31,546		$	30,512
Minority Equity Investment Funds From Operations	$	0		$	0		$	0		$	6,448		$	14,856
Operating Partnership Minority Interest Expense	$	2,607		$	1,770		$	1,450		$	1,531		$	4,126
Cumulative effect & Extraordinary Charges	$	3,001		$	0		$	0		$	0		$	0
Gain on Sales of Real Estate	$	(68,179	)	$	(67,352	)	$	(4,276)		$	(16,688	)	$	(23,440	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	292,335		$	211,672		$	154,709		$	132,587		$	129,303
PREFERRED DIVIDENDS	$	50,706		$	51,204	(7)	$	32,602	(7)	$	27,262		$	27,262

FUNDS FROM OPERATIONS	$	343,041		$	262,877		$	187,311		$	159,849		$	156,565


PER SHARE INFORMATION:
Funds From Operations — Diluted	$	2.95		$	2.51		$	2.35		$	2.33		$	2.19
Net Income — Diluted	$	2.24		$	2.27		$	1.07		$	1.17		$	1.31
Cash Dividends	$	1.94		$	1.69		$	1.52		$	1.48		$	1.44

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		99,147			84,319			65,910			56,957			59,037

TOTAL MARKET CAPITALIZATION (1)	$	8,276,943		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917
DEBT TO TOTAL MARKET CAPITALIZATION (1)		32.82	%		37.42	%		43.10	%		43.87	%		49.28	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		45.58	%		48.68	%		48.26	%		47.18	%		47.82	%
DIVIDEND PAYOUT RATIO (1)		67.28	%		66.03%	(8)		62.73	%		63.90	%		65.19	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.94	%		5.35	%		4.80	%		4.25	%		4.27	%

GENERAL AND ADMINISTRATIVE EXPENSES	$	47,126		$	40,820		$	29,392		$	24,175		$	20,449

REVENUES:
DDR Revenues	$	605,246		$	478,696		$	360,778		$	324,148		$	285,416
Joint Venture Revenues	$	348,740		$	284,158		$	251,905		$	244,663		$	193,275

TOTAL REVENUES (3)	$	953,987		$	762,853		$	612,683		$	568,811		$	478,691


NET OPERATING INCOME:
DDR Net Operating Income	$	453,501		$	356,348		$	272,764		$	248,838		$	225,371
Joint Venture Net Operating Income	$	228,358		$	184,927		$	167,573		$	166,545		$	136,440

TOTAL NET OPERATING INCOME (4)	$	681,859		$	541,274		$	440,337		$	415,383		$	361,811


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	5,603,424		$	3,884,911		$	2,804,056		$	2,493,665		$	2,161,810
Joint Venture Real Estate at Cost (5)	$	3,165,335		$	2,275,216		$	1,785,165		$	1,862,515		$	1,522,493

TOTAL REAL ESTATE AT COST (6)	$	8,768,759		$	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 December 31, 2004 of $271.0 million (includes $25.1 million of CIP included in joint ventures, of which $4.6 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 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.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2004


	Year Ended December 31
MARKET CAPITALIZATION & FINANCIAL RATIOS	2004			2003			2002			2001			2000
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	2,716,426		$	2,077,558		$	1,491,481		$	1,308,301		$	1,227,575
Total Market Capitalization *	$	8,276,943		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917

		32.82	%		37.42	%		43.10	%		43.87	%		49.28	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		45.58	%		48.68	%		48.26	%		47.18	%		47.82	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	3,137,184		$	2,446,026		$	1,878,575		$	1,688,904		$	1,550,398
Total Market Capitalization *	$	8,697,701		$	5,920,216		$	3,847,336		$	3,363,064		$	2,813,740

		36.07	%		41.32	%		48.83	%		50.22	%		55.10	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		49.27	%		53.79	%		54.20	%		53.85	%		54.54	%

INTEREST COVERAGE RATIO:
Interest Expense	$	130,447		$	90,162		$	77,208		$	81,770		$	77,030
FFO Before Interest and Preferred Dividends *	$	473,488		$	353,039		$	282,856		$	260,700		$	248,896

		3.63			3.92			3.66			3.19			3.23

DEBT SERVICE COVERAGE RATIO:
Debt Service *	$	152,927		$	101,890		$	83,958		$	88,764		$	82,103
FFO Before Interest and Preferred Dividends *	$	473,488		$	353,039		$	282,856		$	260,700		$	248,896

		3.10			3.46			3.37			2.94			3.03

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges	$	203,633		$	142,385		$	129,353		$	135,107		$	124,666
FFO Before Interest and Preferred Dividends *	$	473,488		$	353,039		$	282,856		$	260,700		$	248,896

		2.33			2.48			2.19			1.93			2.00

DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	196,685		$	146,846		$	100,531		$	84,721		$	84,297
Funds From Operations exclusive of charge associated with preferred stock redemption	$	292,335		$	222,382		$	164,983		$	135,482		$	129,303

		0.67			0.66	(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 and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2004


	Year Ended December 31
	2004		2003		2002		2001		2000
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		108,083		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,350		1,129		911		1,038		1,051

Total		109,432		87,554		67,520		60,493		55,932
Share Price	$	44.3700	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	4,855,516	$	2,939,190	$	1,484,762	$	1,155,410	$	744,592

Preferred Shares at Book Value	$	705,000	$	535,000	$	304,000	$	303,750	$	303,750
Preferred Units and Warrant	$	0	$	0	$	180,000	$	215,000	$	215,000
Total Debt	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575

TOTAL MARKET CAPITALIZATION	$	8,276,943	$	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		108,083		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,350		1,129		911		1,038		1,051

Total		109,432		87,554		67,520		60,493		55,932
Share Price	$	44.3700	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	4,855,516	$	2,939,190	$	1,484,762	$	1,155,410	$	744,592

Preferred Shares at Book Value	$	705,000	$	535,000	$	304,000	$	303,750	$	303,750
Preferred Units and Warrant	$	0	$	0	$	180,000	$	215,000	$	215,000
Total Debt	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575
Proportionate Share of JV Debt	$	420,758	$	368,468	$	387,094	$	380,604	$	322,823

TOTAL MARKET CAPITALIZATION	$	8,697,701	$	5,920,216	$	3,847,336	$	3,363,064	$	2,813,740

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2004


	Year Ended December 31
	2004		2003		2002		2001		2000
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Cash and Cash Equivalents	$	49,871	$	111,033	$	16,371	$	19,070	$	4,243
Notes Receivable	$	17,823	$	9,813	$	11,662	$	5,221	$	4,824
Advances and Investments in Joint Ventures	$	288,020	$	262,072	$	258,611	$	255,327	$	260,927
Minority Equity Investment	$	0	$	0	$	0	$	0	$	135,028

	$	5,959,138	$	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	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Notes Receivable or Proportionate Share Thereof	$	44,536	$	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	$	719,619	$	621,113	$	611,224	$	620,688	$	503,902

	$	6,367,578	$	4,547,043	$	3,465,801	$	3,136,353	$	2,842,926

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	292,335	$	211,672	$	154,709	$	132,587	$	129,303
Interest Expense	$	130,447	$	90,162	$	77,208	$	81,770	$	77,030
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	50,706	$	51,204	$	50,939	$	46,343	$	42,563

	$	473,488	$	353,039	$	282,856	$	260,700	$	248,896

DEBT SERVICE
Interest Expense	$	130,447	$	90,162	$	77,208	$	81,770	$	77,030
Recurring Principal Amortization	$	22,480	$	11,728	$	6,750	$	6,994	$	5,073

	$	152,927	$	101,890	$	83,958	$	88,764	$	82,103

FIXED CHARGES
Debt Service	$	152,927	$	101,890	$	83,958	$	88,764	$	82,103
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash D-42 dividend.	$	50,706	$	40,494	$	45,395	$	46,343	$	42,563

	$	203,633	$	142,385	$	129,353	$	135,107	$	124,666

Market Capitalization and Financial Ratios 2.2

$8.3 Billion Total Capitalization as of December 31, 2004 Common Shares Equity (2) $4,855.5 58% Perpetual Preferred Stock $705.0 9% Fixed Rate Unsecured Debt $1,157.9 14% Floating Rate Unsecured Debt $60.0 1% Construction Finance $109.3 1% Variable Rate Revolving Credit and Term Debt $360.0 4% Fixed Rate Revolving Credit Debt $50 1% Mortgage Debt (3) $979.2 12% (1) Figures in millions unless otherwise noted. (2) Market Value ($44.37 per share as of December 31, 2004) includes operating partnership units equivalent to approximately 1.3 million of the Company's Common shares. (3) Does not include proportionate share of joint venture debt aggregating $420.8 million. (1), (2), (3)

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 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 twelve months ended December 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 years ended December 31, 2004, 2003, 2002, 2001 and 2000, the Company capitalized interest of $10.0 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 $5.5 million for the year ended December 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 twelve months ended December 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


	Twelve Month Period
	December 31,
	2004			2003

Total Revenues DDR	$	598,933		$	465,732
Total Revenues DDR Combined Joint Ventures		339,446			255,541
Operating and Maintenance — DDR		(71,520	)		(61,125	)
Real Estate Taxes — DDR		(78,094	)		(57,041	)
Operating and Maintenance — DDR Combined Joint Ventures		(118,922	)		(87,842	)


Combined NOI	$	669,843		$	515,265


Total Same Store NOI	$	320,207		$	314,770		1.7	%
Property NOI from other operating segments		349,636			200,495

Combined NOI	$	669,843		$	515,265

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 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						Twelve Month Period
	Ended December 31,						Ended December 31,
	2004			2003			2004			2003

FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	74,055		$	80,881		$	219,056		$	189,056
Depreciation and Amortization of Real Estate Investments		37,647			25,160			130,536			93,174
Equity in Net Income From Joint Ventures		(10,409	)		(21,218	)		(40,895	)		(44,967	)
Gain on Sale of Joint Venture Interests		—			(7,950	)		—			(7,950	)
Joint Venture Funds From Operations		11,824			23,127			46,209			47,942
Operating Partnership Minority Interest Expense		691			466			2,607			1,769
Gain on Sales of Real Estate		(40,778	)		(40,335	)		(68,179	)		(67,352	)
Cumulative effect of adoption of a new accounting standard		—			—			3,001			—

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	73,030		$	60,131		$	292,335		$	211,672


Preferred dividend charges in accordance with EITF Topic No. D-42		13,792			10,605			50,706			51,205


ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	86,822		$	70,736		$	343,041		$	262,877

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2004


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	2,170.8	(2)	$	1,363.6	(4)	$	298.6	(6)	$	289.3	(8)	$	81.1	(9)
Completed Expansions		25.2			26.8			8.0			13.7			13.6
Developments & Construction in Progress		203.8			104.6			66.4			72.9			81.2
Tenant Improvements & Building Renovations (1)		6.6			6.3			7.3			6.1			6.3
Furniture Fixtures & Equipment		1.3			1.9			2.3			2.5			0.4

		2,407.7			1,503.2		$	382.6		$	384.5		$	182.6
Less: Real Estate Sales & Joint Venture Transfers		(689.2)	(3)		(422.4)	(5)		($72.2)	(7)		($52.7	)		($89.1	)

Total DDR Additions (Millions)	$	1,718.5		$	1,080.8		$	310.4		$	331.8		$	93.5

(1) The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $8.0 million associated with its wholly owned and consolidated portfolio during 2005.

(2) Includes the consolidation of certain joint venture assets aggregating $37.9 million due to FIN 46 and transfers to DDR from joint ventures of the Littleton, CO and Merriam, KS shopping centers which had an aggregate value of $111.8 million. This also includes the purchase of DDR corporate headquarters for $6.7 million.

(3) In addition to the sales listed in the disposition section, this balance includes the sale of several land parcels with an aggregate cost of $41.1 million. This balance also includes the transfer of twelve assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust joint venture, the transfer of twelve assets with an aggregate cost of $124.0 to the DPG Realty Holdings joint venture and the transfer of thirteen assets with an aggregate cost of $203.2 to the DDR Markaz II joint venture.

(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 asset sales 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 Olmsted, 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.

Summary of Wholly Owned Capital Transactions 3.1

(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 twelve months ended December 31, 2004

Wholly Owned and Consolidated Acquisitions
for the Twelve Month Period Ended December 31, 2004

Cost

Acquisition

Property Location

GLA (1)

(Millions)

Date (2)

Major Tenants

Benderson Development Company

12,501,158

$2,014.4

05/14/04

Portfolio of 93 operating properties located in 11 states.

Total

12,501,158

$2,014.4

(1) GLA may include property managed, but not owned.

(2) The majority of the Benderson properties were acquired 5/14/2004, however several properties were acquired in subsequent months.

Wholly Owned and Consolidated Dispositions
for the Twelve Month Period Ended December 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
Franklin, TN		17,999		1.5	7/30/2004
Milwaukee, WI		54,913		4.0	8/27/2004
Las Vegas, NV		49,555		5.7	9/14/2004
Marietta, GA		18,200		3.7	9/15/2004
San Diego, CA		54,095		7.4	10/13/2004
Hazard, KY		110,610		3.3	11/1/2004
Peachtree City, GA		50,367		7.8	11/8/2004
Suwanee, GA		43,393		9.2	11/3/2004
Waterbury, CT		124,310		2.2	12/3/2004
Cumming, GA		27,600		5.2	12/20/2004
Canton, GA		39,000		6.7	12/20/2004

Total		718,828	$	63.3

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 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).
Brandon, FL	Recapture 23,391 sf from The Sports Authority and release to PetsMart (opened 07/04).
Starkville, MS	Retenanting of former Wal-Mart with Lowe’s Home Improvements (opened 1/05) and the relocation of Dollar Tree, Cato, It’s Fashion and Hibbetts (all relocated tenants opened 1st quarter 2004).
Aurora, OH	Expansion of the existing center to create a 38,000 sf Marquee Theatre (opened 05/04).
Tiffin, OH	Retenanting the former Kmart with Marquee Theatre (opened 06/04) and 15,000 sf of additional retail space.
Monaca, PA	Expansion of the existing center to create 38,000 sf Cinemark Theater (opened 06/04) and 6,160 sf of retail space.
Chattanooga, TN	Retenanting of former K-Mart with Hobby Lobby (opened 07/04) and Fresh Market (opened 04/04).

Total Net Cost (Millions)	$	25.2


*Projects in Progress*
Gadsden, AL	Break-up of 64,400 sf building to create a 20,000 sf Fred’s (opened 05/04), a 14,000 sf Burke’s Outlet (opened 12/04) and another mid-size retail unit.
Tallahassee, FL	Retenanting of former Lowe’s with Bealls (opened 04/04), Cato and It’s Fashion (both opened 01/05) plus an additional junior anchor.
Suwanee, GA	Retenanting of former K-Mart with PetsMart and Shoe Gallery (opened 03/04) plus an additional junior anchor.
Ottumwa, IA	Recapture Wal-Mart and release to 34,500 sf Goody’s (opened 9/04) and 47,422 sf of additional junior anchor stores.
Gaylord, MI	Recapture Wal-Mart and release to 38,594 sf Big Lots and 72,213 sf additional retail.
Princeton, NJ	Expansion of the existing center to create a 37,200 sf Babies ‘R Us and additional 39,600 sf of retail space.
Hendersonville, NC	Recapture of former Wal-Mart space; demolition of 45,000 sq ft for Epic Theater, Big Lots and an additional junior anchor.
Allentown, PA	Construction of 18,200 sf outparcel building for retail tenants.
Erie, PA	Construct 10,000 sf free standing building for retail shops.
Brentwood, TN	Recapture The Sports Authority space and release the space to Ross Dress for Less (opened 08/04) and other retail tenants.
Johnson City, TN	Kohl’s to construct 88,248 sf retail building, plus construction of 24,000 sf additional retail space.

Total Net Cost (Millions)	$	33.9


*Projects to Commence Construction*
Amherst, NY	Construct 5,300 sf free standing building for retail shops.

Wholly Owned Expansions and Redevlopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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


					Substantial
			Net Cost		Completion
	GLA		(Millions)		Date	Major Tenants
*Projects Substantially Completed*
Long Beach, CA (The Pike at Rainbow Harbor) Phase I		346,233	$	128.8	2nd Half 2003 and 2004	CinemarkTheater, 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, Auld Dubliner, Bucca di Beppo
Fort Collins, CO		18,988	$	5.7	2004	Wal-Mart, Home Depot and additional small shops and outparcels
St. Louis, MO		99,027	$	14.8	2004	PetsMart, Office Max, Walgreens, Fashion Guys, EB Games, Crown Optical and other retail tenants to be announced
Hamilton, NJ		506,391	$	79.4	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, Barnes & Noble (opened 12/04) and Staples (scheduled to open 2nd quarter 2005)
Apex, NC (Phase I & II)		461,731	$	27.1	2nd Half 2004	Target, Lowe's, Office Max, PetsMart, Linens 'N Things, Hollywood Video, EB Games, GNC, Panera Bread, Sprint PCS, Q'Doba and other retail tenants and outparcels to be announced
Irving, TX		312,126	$	28.3	2004	Wal-Mart, Sam's Club, Kohl's, PetsMart, Marquee Theater, Office Max
Mesquite, TX		218,924	$	28.8	2nd Half 2004	Michael's, Linens 'N Things, Ross Dress for Less, Dress Barn, Famous Footwear, Pier One, Avenue and other retail tenants to be announced
*Projects in Progress*
Miami, FL		609,606	$	86.2	2006	To be announced
Overland Park, KS		83,642	$	9.0	2005	Home Depot, Sam's Club, Aldi's Grocery, Party City, Goodyear Tire, Bank of America, Babies 'R Us (scheduled to open 1st quarter 2005), Golf Galaxy and 8,400 sf of additional retail space
Chesterfield, MI		105,400	$	13.8	2005	45,000 sf of small shop retail.
Lansing, MI		177,369	$	16.4	2005	Wal-Mart, Lowe's, Michael's, Gander Mountain, PetsMart (scheduled to open 3rd quarter 2005), Subway, Hallmark
Freehold, NJ		500,000	$	25.5	2005	Wal-Mart and Sam's Club and other retail tenants and outparcels to be announced
Mt. Laurel, NJ		715,251	$	57.5	2004 & 2005	Target, Wegman's (scheduled to open 1st quarter 2006), Costco, Bed, Bath & Beyond, Lane Bryant, Payless Shoe Source, and Panera Bread. TJ Maxx, PetsMart, JoAnn's, DSW, and Golf Galaxy (all scheduled to open 2nd quarter 2005), and The Sports Authority (scheduled to open 3rd quarter 2005) and other retail tenants and outparcels to be announced
Pittsburgh, PA		358,605	$	26.9	2006	Target, Sportsmans Warehouse and other retail tenants to be announced
*Projects to Commence Construction*
Norwood, MA		106,073	$	24.7	2006	To be announced
McKinney, TX (Phase II)		87,757	$	7.3	2006	To be announced

Wholly Owned Development Totals		4,707,123	$	580.2

Wholly Owned Devlopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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


	Assets Placed in Service
Date	(Millions)
As of December 31, 2003	$	179.6
1st Quarter 2004	$	12.4
2nd Quarter 2004	$	64.5
3rd Quarter 2004	$	15.0
4th Quarter 2004	$	43.2
Thereafter	$	265.5

Total	$	580.2


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

Funded as of December 31, 2004	$	460.0
Projected Net Funding During 2005	$	94.9	(1)
Projected Net Funding Thereafter	$	25.3	(1)

Total	$	580.2

(1) Amount will be reduced by the additional proceeds to be obtained through construction loans.

Wholly Owned Devlopment and Funding Schedules 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Summary of Consolidated Debt
as of December 31, 2004

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate(1)

SENIOR DEBT:

Unsecured Credit Facility:

$150 Million Term Loan

150,000

03/05

3.420

$1 Billion Revolving Credit Facility

60,000

(2)

05/06

2.977

$200 Million Term Loan

200,000

05/06

3.170

Secured Credit Facility:

$30 Million Revolving Credit Facility

06/06

Total Credit Facility Debt

410,000

PUBLIC DEBT:

Medium Term Notes

1,000

11/05

7.280

Medium Term Notes

97,226

(3)

03/07

7.000

Medium Term Notes

10,000

07/07

7.020

Unsecured Notes

85,000

08/07

6.950

Medium Term Notes

2,000

12/07

6.960

Medium Term Notes

99,921

01/08

6.625

Medium Term Notes

274,066

01/09

3.875

Medium Term Notes

299,624

07/10

4.625

Medium Term Notes

249,043

04/11

5.250

Medium Term Notes

100,000

07/18

7.500

Total Public Debt

1,217,880

MORTGAGE DEBT:

Brainerd, MN

02/05

6.800

Hamilton, NJ

26,971

05/05

3.950

Hamilton, NJ

30,000

05/05

2.942

Detroit, MI

2,922

11/05

7.375

San Antonio, TX

25,000

07/06

3.900

Bayonet Point, FL

5,327

08/06

9.750

Dublin, OH

9,455

09/06

8.375

Silver Springs, MD (Tech 29-2)

3,469

09/06

9.050

Pickerington, OH

4,298

12/06

8.250

Sault St. Marie, MI

2,487

05/07

8.375

Berlin, VT

4,940

08/07

9.750

St. Louis, MO (Olympic)

3,529

08/07

9.150

Mt. Laurel, NJ

36,736

09/07

3.300

Apex, NC

15,573

10/07

3.400

Dallas, TX (Carpenter)

27,985

01/08

7.250

Birmingham, AL (GS II)

27,646

03/08

4.410

Durham, NC

7,225

03/08

4.410

Jacksonville, FL

6,743

03/08

4.410

Meridian, ID (GS II)

25,527

03/08

4.410

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate(1)

Mt. Pleasant, SC (GS II)

7,899

03/08

4.410

N. Charleston, SC

11,656

03/08

4.410

Solon, OH

16,280

03/08

4.410

Tupelo, MS

11,752

03/08

4.410

Walker, MI

8,573

03/08

4.410

Wilmington, NC

21,192

03/08

4.410

Silver Springs, MD (Tech 29-1)

6,880

02/09

7.330

Leawood, KS

51,435

07/09

7.310

Brown Deer, WI

2,773

08/09

7.750

Martinsville, VA

19,859

12/09

8.460

St. Louis, MO (Keller)

1,619

01/10

8.625

Big Flats, NY (Big Flats I)

11,767

12/10

8.011

Plattsburgh, NY

11,489

12/10

8.000

Boardman, OH

26,581

04/11

6.880

Denver, CO (Centennial)

38,395

04/11

6.880

Erie, PA

25,596

04/11

6.880

Erie, PA

2,954

04/11

6.880

St. Louis, MO (Brentwood)

25,596

04/11

6.880

St. Louis, MO (Sunset)

34,458

04/11

6.880

Gates, NY (Westgate)

25,039

10/11

7.240

Indian Train, NC (Union TC Ph I)

7,002

10/11

7.000

Ashtabula, OH

6,969

12/11

7.000

West Pasco, FL

4,784

02/12

9.625

Denver, CO (Univ Hills)

28,884

06/12

7.300

N. Charleston, SC

10,831

07/12

7.370

St. Louis, MO (Gravois)

1,883

07/12

8.625

Moorseville, NC

24,032

12/12

6.930

Big Flats, NY (Big Flats II)

4,832

01/13

8.010

Big Flats, NY (Big Flats IV)

1,083

01/13

7.600

Buffalo, NY (Delaware Commons)

1,254

01/13

6.960

Jamestown, NY (Southside Plaza)

1,773

04/13

7.590

Victor, NY (Victor Square)

6,689

04/13

5.800

Mays Landing, NJ (Wrangleboro)

52,174

05/13

6.990

Beachwood, OH

3,876

07/13

7.640

Boynton Beach, FL (Meadows Square)

4,828

07/13

6.720

Englewood, FL (Rotonda)

2,255

07/13

5.800

W. Long Branch, NJ (Monmouth)

15,394

07/13

8.570

Olean, NY

5,034

07/15

8.995

Mays Landing, NJ (Hamilton)

16,562

09/15

4.700

Amherst, NY (Kmart/Blvd Cons. II)

13,304

11/15

7.850

Columbus, OH (Consumer II West)

14,322

11/15

10.070

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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


		Mortgage			Maturity		Interest
		Balance(000’s)			Date		Rate(1)
	F	$	13,767			01/16		8.000
Merriam, KS (TIF)	F		8,575			02/16		6.900
Rome, NY (Freedom)	F		4,703			09/16		7.850
Medina, NY	F		4,092			11/16		7.660
Bellefontaine, OH	F		2,481			12/16		7.500
Amherst, NY (Tops Transit + French)	F		5,516			12/16		7.680
Canandaigua, NY	F		6,087			01/17		6.150
Cheektowaga, NY (Walmart Thruway)	F		5,238			10/17		6.780
Ithaca, NY	F		20,303			01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		14,345			07/18		5.670
Springville, NY	F		6,492			07/18		6.375
Niskayuna, NY (Mohawk)	F		26,310			12/18		5.750
Henderson, TN	F		9,337			01/19		7.660
Spring Hill, FL	F		5,312			09/19		9.750
Alden, NY	F		4,563			10/19		8.100
Cedar Rapids, IA	F		10,067			01/20		9.375
Riverdale, UT (North)	F		8,980			10/20		9.300
Plainville, CT	F		7,190			04/21		7.125
Allentown, PA	F		18,665			06/21		6.950
Princeton, NJ	V		24,998			09/25		3.900
Princeton, NJ	F		26,057			03/27		8.262

Total Mortgage Debt			1,088,546

Total Debt		$	2,716,426
Adjustment for Reverse Swap			2,263	(4)
		$	2,718,690

Weighted Average — Total					5.40 years			5.4	%

Weighted Average — Fixed					6.32 years			5.9	%

Weighted Average — Floating					1.77 years			3.5	%

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 of approximately $7.0 million, net is offset by approximately $6.6 million of fair market value adjustment.

2.	Senior debt of $50 million has been converted to a fixed rate of 2.82%.

3.	Public debt of $60 million has been converted to a variable rate of 4.285%. The remaining balance of $37.2 million is at the stated fixed rate.

4.	Offset included in other assets.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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


	2005 Payments		2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																						7,190		7,190
Bayonet Point, FL				5,327																				5,327
Tupelo, MS		287		300		313		10,852																11,752
Jacksonville, FL		164		172		180		6,227																6,743
Denver, CO (Univ Hills)		522		562		604		650		699		752		809		24,286								28,884
Henderson, TN		366		395		426		460		497		536		578		624		674		727		4,055		9,337
Brown Deer, WI		513		554		599		647		460														2,773
Allentown, PA		621		666		714		765		820		879		942		1,009		1,082		1,159		10,009		18,665
Erie, PA		273		293		314		331		360		386		23,640										25,596
Erie, PA		31		33		36		38		41		44		2,731										2,954
Martinsville, VA		203		221		241		258		18,936														19,859
Boardman, OH		283		303		325		343		373		400		24,555										26,581
Solon, OH		397		415		434		15,033																16,280
St. Louis, MO (Sunset)		366		392		421		444		483		518		31,834										34,458
St. Louis, MO (Brentwood)		273		293		314		331		360		386		23,640										25,596
Denver, CO (Centennial)		408		438		469		496		539		578		35,467										38,395
Cedar Rapids, IA		315		346		380		417		458		503		552		606		665		730		5,094		10,067
St. Louis, MO (Olympic)		335		367		2,826																		3,529
St. Louis, MO (Gravois)		310		355		389		292		115		125		136		162								1,883
St. Louis, MO (Keller)		265		289		315		343		374		33												1,619
N. Charleston, SC		284		297		311		10,763																11,656
Sault St Marie, MI		990		1,079		418																		2,487
Walker, MI		209		219		229		7,917																8,573
Detroit, MI		2,922																						2,922
Mt. Pleasant, SC		193		201		211		7,294																7,899
Merridian, ID		623		651		681		23,573																25,527
Riverdale, UT (North)		261		287		315		345		379		415		456		500		548		602		4,873		8,980
Birmingham, AL		674		705		737		25,530																27,646
Wilmington, NC		517		541		565		19,570																21,192
Berlin, VT						4,940																		4,940
Brainerd, MN ( K-Mart)		75																						75
Spring Hill, FL		170		187		206		227		251		276		304		335		370		407		2,578		5,312
West Pasco, FL																4,784								4,784
Princeton, NJ		358		389		423		454		499		543		590		636		697		758		20,711		26,057
Beachwood, OH		332		359		387		420		451		487		525		567		349						3,876
Leawood, KS		1,117		1,201		1,292		1,390		46,435														51,435
Durham, NC		176		184		193		6,672																7,225
Bellefontaine, OH		133		143		154		166		179		193		208		224		241		260		582		2,481

Summary of Consolidated Mortage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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


	2005		2006		2007		2008		2009		2010		2011		2012		2013		2014
	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
Dublin, OH		270		9,185																				9,455
Pickerington, OH		219		4,079																				4,298
Dallas, TX (Carpenter)		489		525		565		26,406																27,985
Silver Springs, MD (Tech 29-1)		158		170		183		196		6,173														6,880
Silver Springs, MD (Tech 29-2)		93		3,376																				3,469
Jamestown, NY (Southside Plaza)		153		165		178		193		208		225		242		262		147						1,773
Ithaca, NY		980		1,052		1,128		1,210		1,298		1,393		1,494		1,603		1,720		1,845		6,579		20,303
Columbus, OH (Consumer II West)		380		420		465		514		568		628		694		767		848		937		8,103		14,322
Olean, NY		298		326		357		390		427		467		511		559		611		669		419		5,034
N. Charleston, SC		192		206		222		239		257		277		298		9,140								10,831
W. Long Branch, NJ (Monmouth)		1,269		1,382		1,506		1,640		1,786		1,945		2,119		2,307		1,440						15,394
Big Flats, NY (Big Flats I)		1,592		1,724		1,867		2,022		2,190		2,374												11,767
Mays Landing, NJ (Wrangleboro)		1,953		2,094		2,245		2,407		2,581		2,767		2,967		3,181		31,981						52,174
Plattsburgh, NY		1,554		1,683		1,823		1,974		2,138		2,317												11,489
Amherst, NY (Kmart/Blvd Cons. II)		802		868		938		1,015		1,097		1,187		1,283		1,388		1,500		1,623		1,603		13,304
Big Flats, NY (Big Flats IV)		58		63		68		73		79		86		92		100		464						1,083
Lockport, NY (Walmart/Tops)		805		872		944		1,022		1,107		1,199		1,298		1,406		1,523		1,649		1,942		13,767
Big Flats, NY (Big Flats II)		426		462		501		543		589		639		693		751		228						4,832
Amherst, NY (Tops Transit + French)		291		315		340		367		396		427		461		498		538		580		1,303		5,516
Amherst, NY (Target/Blvd Cons. II)		722		764		808		856		905		958		1,014		1,073		1,135		1,201		4,908		14,345
Medina, NY		219		236		255		275		297		320		346		373		403		435		932		4,092
Mays Landing, NJ (Hamilton)		1,213		1,271		1,332		1,396		1,463		1,534		1,607		1,684		1,765		1,850		1,446		16,562
Gates, NY (Westgate)		280		301		324		349		375		404		23,004										25,039
Boynton Beach, FL (Meadows Square)		389		453		485		519		556		595		637		682		513						4,828
Rome, NY (Freedom)		253		273		295		319		345		374		404		437		472		511		1,019		4,703
Englewood, FL (Rotonda)		210		223		236		250		265		281		298		315		176						2,255
Moorseville, NC		261		279		300		322		345		370		397		426		21,334						24,032
Alden, NY		148		160		173		188		208		246		266		289		313		343		2,229		4,563
Indian Train, NC (Union TC Ph I)		82		88		95		102		109		117		6,408										7,002
Cheektowaga, NY (Walmart Thruway)		265		284		304		325		348		372		398		426		456		487		1,574		5,238
Ashtabula, OH		81		87		93		100		107		115		6,386										6,969
Buffalo, NY (Delaware Commons)		119		127		137		146		157		168		180		193		26						1,254
Springville, NY		311		331		353		376		401		427		455		485		517		551		2,287		6,492
Niskayuna, NY (Mohawk)		1,260		1,335		1,414		1,497		1,585		1,679		1,778		1,883		1,994		2,112		9,771		26,310
Canandaigua, NY		351		373		396		421		448		476		507		539		573		609		1,395		6,087
Victor, NY (Victor Square)		89		95		100		107		113		120		127		135		5,803						6,689
Merriam, KS (TIF)																						8,575		8,575
Princeton, NJ (Nassau Pav)																						24,998		24,998
San Antonio, TX				25,000																				25,000
Total — Property Mortgages		33,201		78,814		40,790		190,005		101,629		31,537		203,330		64,633		81,104		20,046		134,175		979,266

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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


	2005			2006			2007		2008		2009		2010		2011		2012		2013		2014
	Payments			Payments			Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
CONSTRUCTION LOANS
$20 Million Construction Loan								15,573																		15,573
(National City Bank)
$48 Million Construction Loan								36,736																		36,736
(Wachovia Bank)
Hamilton, NJ		56,971																								56,971

Total — Construction Loans		56,971			0			52,309		0		0		0		0		0		0		0		0		109,281

DEBT OFFERINGS
Senior Notes		1,000						109,226		99,921		274,066		299,624		249,043								100,000		1,132,881
Unsecured Notes								85,000																		85,000

Total — Debt Offerings		1,000			0			194,226		99,921		274,066		299,624		249,043		0		0		0		100,000		1,217,880
Total — Property Mortgages,		91,173			78,814			287,326		289,927		375,695		331,161		452,373		64,633		81,104		20,046		234,175		2,306,426
Construction Loans & Debt Offerings
REVOLVING CREDIT FACILITIES & TERM LOANS
$1 Billion Unsecured Credit					60,000	(1)																				60,000
(Bank One)
$200 Million Unsecured Credit					200,000	(1)																				200,000
(Bank One)
$150 Million Unsecured Credit		150,000	(1)																							150,000
(Bank of America)
$30 Million Revolving Credit					0	(1)																				0
(National City Bank)

Total — Debt	$	241,173		$	338,814		$	287,326	$	289,927	$	375,695	$	331,161	$	452,373	$	64,633	$	81,104	$	20,046	$	234,175	$	2,716,426

Notes:

(1) Balance at December 31, 2004 on revolving credit facilities.

Summary of Consolidated Mortage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2004

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


				RVIP III B									RVIP VIII									Community Centers			Community Centers
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Community Centers			Four			Five
Real Estate Assets	$	47.5		$	84.1		$	32.3		$	173.0		$	32.5		$	128.7		$	0.0		$	0.0		$	249.8
Accumulated Depreciation		(1.8	)		(7.2	)		(3.7	)		(15.7	)		(0.9	)		(0.7	)		0.0			0.0			(33.4	)

Real Estate, net		45.7			76.9			28.6			157.3			31.6			128.0			0.0			0.0			216.4

Receivables, Net		1.5			0.0			0.8			4.3			0.6			0.6			0.3			0.0			6.9
Other assets		0.9			0.8			1.0			7.9			2.1			2.7			2.4			0.0			5.1

	$	48.1		$	77.7		$	30.4		$	169.5		$	34.3		$	131.3		$	2.7		$	0.0		$	228.4

Mortgage Debt	$	28.0		$	55.4		$	18.4		$	107.0		$	23.6		$	11.8		$	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			0.0
Other liabilities		0.7			2.4			0.5			16.8			1.2			2.2			3.5			0.0			2.0

		28.7			57.8			18.9			123.8			24.8			14.0			3.5			0.0			158.0
Accumulated equity (deficit)		19.4			19.9			11.5			45.7			9.5			117.3			(0.8	)		0.0			70.4

	$	48.1		$	77.7		$	30.4		$	169.5		$	34.3		$	131.3		$	2.7		$	0.0		$	228.4

Proportionate share of other assets/liabilities, net	$	0.4			($0.4	)	$	0.3			($1.0	)	$	0.3		$	0.1		$	0.0		$	0.0		$	5.0

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


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

				RVIP III B									RVIP VIII									Community Centers			Community Centers
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Community Centers			Four			Five
Revenues from operations	$	6.3		$	12.1		$	4.8		$	21.4		$	5.4		$	3.1			($0.1	)	$	0.0		$	34.5
Rental operation expenses		(2.7	)		(3.8	)		(2.5	)		(6.6	)		(1.7	)		(0.5	)		(0.6	)		0.0			(10.4	)

Net operating income		3.6			8.3			2.3			14.8			3.7			2.6			(0.7	)		0.0			24.1
Depreciation and amortization expense		(1.2	)		(2.1	)		(0.9	)		(11.9	)		(0.9	)		(0.7	)		0.0			0.0			(5.2	)
Interest expense		(1.1	)		(1.8	)		(1.5	)		(2.9	)		(1.3	)		(0.2	)		0.0			0.0			(10.7	)

Income (loss) before gain on sale		1.3			4.4			(0.1	)		0.0			1.5			1.7			(0.7	)		0.0			8.2
Gain (loss) on sale of real estate		5.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			2.1			0.0			0.0			0.0			0.3			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			18.6			0.0			0.0			0.0			19.0			0.0

Net income (loss)	$	6.3		$	4.4			($0.1	)	$	20.7		$	1.5		$	1.7			($0.7	)	$	19.3		$	8.2
DDR Ownership interest		***			***			***			***			***			10	%		***			35	%		50	%

	$	1.5		$	1.8		$	0.0		$	7.4		$	0.7		$	0.2		$	0.4		$	6.8		$	4.1
Minority Interest		0.0			(0.2	)		0.0			(0.8	)		0.0			0.0			0.0			0.0			0.0
Amortization of basis differential		(0.7	)		0.0			0.0			(0.3	)		0.0			0.0			0.0			0.0			0.2

	$	0.8		$	1.6		$	0.0		$	6.3		$	0.7		$	0.2		$	0.4		$	6.8		$	4.3

Proportionate share of net operating income	$	0.9		$	3.2		$	0.2		$	4.0		$	1.4		$	0.3		$	0.0		$	0.0		$	12.0

Funds From Operations (“FFO”):
Net income (loss)	$	6.3		$	4.4			($0.1	)	$	20.7		$	1.5		$	1.7			($0.7	)	$	19.3		$	8.2
Depreciation of real property		1.2			2.1			0.9			12.8			0.7			0.7			0.0			0.1			5.2
(Gain) loss on sale		(0.5	)		0.0			0.0			(18.6	)		0.0			0.0			0.0			(19.0	)		0.0

	$	7.0		$	6.5		$	0.8		$	14.9		$	2.2		$	2.4			($0.7	)	$	0.4		$	13.4
DDR ownership interest		***			***			***			***			***			10	%		***			35	%		50	%

DDR FFO	$	1.2		$	2.5		$	0.2		$	4.1		$	0.9		$	0.2		$	0.4		$	0.1		$	6.7

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2004

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


													Lennox
	Community Centers			Community Centers									Town Center			Sun Center			Dublin Village			Washington
	Seven			Eight			Merriam (6)			Kildeer, IL			(2)			Limited (2)			(2)			Park (3)
Real Estate Assets	$	15.6		$	26.7		$	0.0		$	31.1		$	21.1		$	25.7		$	29.6		$	0.0
Accumulated Depreciation		(1.2	)		(2.3	)		0.0			(1.6	)		(3.6	)		(5.8	)		(13.2	)		0.0

Real Estate, net		14.4			24.4			0.0			29.5			17.5			19.9			16.4			0.0

Receivables, Net		0.3			1.0			0.0			0.2			1.2			0.9			0.1			0.0
Other assets		0.3			0.6			0.0			0.4			0.6			1.1			1.2			0.0

	$	15.0		$	26.0		$	0.0		$	30.1		$	19.3		$	21.9		$	17.7		$	0.0

Mortgage Debt	$	11.0		$	17.6		$	0.0		$	19.5		$	18.6		$	21.2		$	0.0		$	0.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.2			0.4			0.0			0.5			0.4			0.6			0.4			0.0

		11.2			18.0			0.0			20.0			19.0			21.8			0.4			0.0
Accumulated equity (deficit)		3.8			8.0			0.0			10.1			0.3			0.1			17.3			0.0

	$	15.0		$	26.0		$	0.0		$	30.1		$	19.3		$	21.9		$	17.7		$	0.0

Proportionate share of other assets/liabilities, net	$	0.1		$	0.6		$	0.0		$	0.0		$	0.7		$	1.0		$	0.7		$	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, 2004

													Lennox
	Community Centers			Community Centers									Town Center			Sun Center			Dublin Village			Washington
	Seven			Eight			Merriam (6)			Kildeer, IL			(2)			Limited (2)			(2)			Park (3)
Revenues from operations	$	1.8		$	4.4		$	2.4		$	3.7		$	4.6		$	4.4		$	2.1		$	0.0
Rental operation expenses		(0.6	)		(1.5	)		(0.7	)		(0.9	)		(1.3	)		(1.0	)		(0.6	)		0.0

Net operating income		1.2			2.9			1.7			2.8			3.3			3.4			1.5			0.0
Depreciation and amortization expense		(0.2	)		(0.5	)		(0.4	)		(0.6	)		(0.4	)		(0.7	)		(0.8	)		0.0
Interest expense		(0.8	)		(1.4	)		(0.7	)		(1.0	)		(1.5	)		(1.7	)		0.0			0.0

Income (loss) before gain on sale		0.2			1.0			0.6			1.2			1.4			1.0			0.7			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(0.2	)
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)	$	0.2		$	1.0		$	0.6		$	1.2		$	1.4		$	1.0			0.7			($0.2	)
DDR Ownership interest		50	%		50	%		50	%		10	%		***			***			***			50	%

	$	0.1		$	1.0		$	0.3		$	0.1		$	0.9		$	1.0		$	0.5			($0.1	)
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			(0.2	)		(0.5	)		0.0

	$	0.1		$	1.0		$	0.3		$	0.1		$	0.9		$	0.8		$	0.0			($0.1	)

Proportionate share of net operating income	$	0.6		$	1.5		$	0.9		$	0.3		$	0.0		$	2.8		$	1.2		$	0.0

Funds From Operations (“FFO”):
Net income (loss)	$	0.2		$	1.0		$	0.6		$	1.2		$	1.4		$	1.0		$	0.7			($0.2	)
Depreciation of real property		0.2			0.5			0.4			0.6			0.4			0.7			0.8			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.2

	$	0.4		$	1.5		$	1.0		$	1.8		$	1.8		$	1.7		$	1.5		$	0.0
DDR ownership interest		50	%		50	%		50	%		10	%		***			***			***			50	%

DDR FFO	$	0.2		$	0.7		$	0.5		$	0.2		$	0.9		$	1.6		$	1.2		$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2004

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


																									Sansone
				Littleton, CO						Coon Rapids,									Service			Jefferson County,			Group /						DDR Markaz
	DOTRS			(5)			Salisbury, MD			MN			Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			DDRC LLC			DDR Markaz			II
Real Estate Assets	$	25.0		$	3.1		$	2.1		$	0.0		$	27.4		$	112.3		$	132.7		$	5.9		$	0.2		$	167.2		$	201.6
Accumulated Depreciation		(4.0	)		0.0			(0.2	)		0.0			(4.5	)		(6.3	)		(4.7	)		(0.3	)		0.0			(6.4	)		(0.9	)

Real Estate, net		21.0			3.1			1.9			0.0			22.9			106.0			128.0			5.6			0.2			160.8			200.7

Receivables, Net		0.8			0.0			0.0			0.0			0.9			2.3			12.2			0.0			1.9			1.9			3.4
Other assets		0.3			0.1			0.2			1.0			1.1			4.7			37.3			0.1			1.1			6.2			7.0

	$	22.1		$	3.2		$	2.1		$	1.0		$	24.9		$	113.0		$	177.5		$	5.7		$	3.2		$	168.9		$	211.1

Mortgage Debt	$	10.7		$	0.0		$	1.8		$	0.0		$	17.3		$	85.0		$	62.6		$	2.8		$	0.0		$	110.0		$	150.5
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.1			15.4			3.1			0.0			0.7			0.3
Other liabilities		(0.1	)		0.1			0.1			0.8			0.5			0.7			59.8			0.0			0.8			2.4			0.0

		10.6			0.1			1.9			0.8			17.8			85.8			137.8			5.9			0.8			113.1			150.8
Accumulated equity (deficit)		11.5			3.1			0.2			0.2			7.1			27.2			39.7			(0.2	)		2.4			55.8			60.3

	$	22.1		$	3.2		$	2.1		$	1.0		$	24.9		$	113.0		$	177.5		$	5.7		$	3.2		$	168.9		$	211.1

Proportionate share of other assets/liabilities, net	$	0.6		$	0.0		$	0.0		$	0.1		$	1.0		$	1.6		$	8.8		$	0.1		$	1.1		$	1.1		$	2.1

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


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

																									Sansone
				Littleton, CO						Coon Rapids,									Service			Jefferson County,			Group /						DDR Markaz
	DOTRS			(5)			Salisbury, MD			MN			Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			DDRC LLC			DDR Markaz			II
Revenues from operations	$	3.5		$	2.3		$	0.3		$	0.0		$	5.2		$	17.1		$	21.6		$	0.7		$	13.6		$	20.9		$	3.0
Rental operation expenses		(1.0	)		(0.7	)		(0.1	)		(0.1	)		(1.4	)		(7.1	)		(13.2	)		(0.3	)		(10.8	)		(6.7	)		(0.9	)

Net operating income		2.5			1.6			0.2			(0.1	)		3.8			10.0			8.4			0.4			2.8			14.2			2.1
Depreciation and amortization expense		(0.5	)		(0.3	)		(0.1	)		0.0			(0.7	)		(4.2	)		(5.9	)		(0.1	)		(0.7	)		(4.1	)		(0.9	)
Interest expense		(0.3	)		(0.6	)		(0.1	)		0.0			(1.3	)		(5.0	)		(8.6	)		(0.4	)		0.0			(4.7	)		(1.2	)

Income (loss) before gain on sale		1.7			0.7			0.0			(0.1	)		1.8			0.8			(6.1	)		(0.1	)		2.1			5.4			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(1.3	)		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			2.0			0.0			0.0			0.0			0.0

Net income (loss)		1.7			0.7			0.0			(0.1	)		1.8			0.8			(5.4	)		(0.1	)		2.1			5.4			0.0
DDR Ownership interest		50	%		50	%		50	%		***			67	%		25	%		25	%		50	%		***			***			20	%

	$	0.9		$	0.4		$	0.0		$	3.3		$	1.2		$	0.2			($1.3	)		($0.1	)	$	1.5		$	1.1		$	0.0
Minority Interest		0.0			0.0			0.0			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			(0.3	)		0.0			0.0			0.0			(0.3	)		0.2			0.0

	$	0.9		$	0.4		$	0.0		$	3.3	(7)		$0.9		$	0.2			($1.3	)		($0.1	)	$	1.2		$	1.3		$	0.0

Proportionate share of net operating income	$	1.3		$	0.8		$	0.1		$	0.0		$	2.6		$	2.5		$	2.1		$	0.2		$	1.5		$	2.8		$	0.2

Funds From Operations (“FFO”):
Net income (loss)	$	1.7		$	0.7		$	0.0			($0.1	)	$	1.8		$	0.8			($5.4	)		($0.1	)	$	2.1		$	5.4		$	0.0
Depreciation of real property		0.5			0.3			0.1			0.0			0.7			4.2			6.1			0.1			0.0			4.1			0.9
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	2.2		$	1.0		$	0.1			($0.1	)	$	2.5		$	5.0		$	0.7		$	0.0		$	2.1		$	9.5		$	0.9
DDR ownership interest		50	%		50	%		50	%		***			67	%		25	%		25	%		50	%		***			***			20	%

DDR FFO	$	1.1		$	0.5		$	0.1		$	3.3	(7)		$1.6		$	1.3		$	0.2		$	0.0		$	1.4		$	1.9		$	0.2

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2004

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


	Coventry II
	Ward DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II			DDR/Macquarie			DDR/Macquarie
	Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park LLC			Fund LLC			Management LLC			Total
Real Estate Assets	$	50.7		$	38.1		$	48.5		$	10.1		$	91.5		$	1,351.0		$	0.0		$	3,165.1
Accumulated Depreciation		(1.4	)		(0.6	)		(0.9	)		0.0			(0.1	)		(21.7	)		0.0			(143.1	)

Real Estate, net		49.3			37.5			47.6			10.1			91.4			1,329.3			0.0			3,022.0

Receivables, Net		1.3			0.2			0.8			0.0			0.8			23.4			0.0			68.6
Other assets		(0.2	)		0.3			1.0			0.0			0.8			30.0			4.9			123.0

	$	50.4		$	38.0		$	49.4		$	10.1		$	93.0		$	1,382.7		$	4.9		$	3,213.6

Mortgage Debt	$	31.5		$	26.0		$	39.0		$	2.4		$	90.0		$	685.7		$	0.0		$	1,803.4
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			1.0			0.0			20.6
Other liabilities		1.1			0.9			1.6			0.1			2.1			19.1			0.3			122.1

		32.6			26.9			40.6			2.5			92.1			705.8			0.3			1,946.1
Accumulated equity (deficit)		17.8			11.1			8.8			7.6			0.9			676.9			4.6			1267.5

	$	50.4		$	38.0		$	49.4		$	10.1		$	93.0		$	1,382.7		$	4.9		$	3,213.6

Proportionate share of other assets/liabilities, net	$	0.0		$	0.1		$	0.0		$	0.0			(0.1	)	$	5.1		$	2.3		$	31.7

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 December 31, 2004
	Coventry II
	Ward DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II			DDR/Macquarie			DDR/Macquarie
	Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park LLC			Fund LLC			Management LLC			Total
Revenues from operations	$	6.7		$	3.5		$	6.9		$	0.0		$	1.1		$	120.6		$	1.5		$	339.4
Rental operation expenses		(2.9	)		(1.1	)		(3.0	)		0.0			(0.3	)		(33.6	)		(0.3	)		(118.9	)

Net operating income		3.8			2.4			3.9			0.0			0.8			87.0			1.2			220.5
Depreciation and amortization expense		(0.7	)		(0.6	)		(1.0	)		0.0			(0.1	)		(21.5	)		(0.3	)		(68.2	)
Interest expense		(1.3	)		(0.7	)		(1.4	)		0.0			(0.3	)		(26.5	)		(0.1	)		(79.1	)

Income (loss) before gain on sale		1.8			1.1			1.5			0.0			0.4			39.0			0.8			73.3
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			4.8
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			1.1
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			39.6

Net income (loss)		1.8			1.1			1.5			0.0			0.4			39.0			0.8			118.8
DDR Ownership interest		20	%		20	%		20	%		10	%		20	%		***			50	%

	$	0.4		$	0.2		$	0.3		$	0.0		$	0.1		$	7.9		$	0.4		$	43.0
Minority Interest		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(1.0	)
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.8			0.0			(1.1	)

	$	0.4		$	0.2		$	0.3		$	0.0		$	0.1		$	8.7		$	0.4		$	40.9

Proportionate share of net operating income	$	0.8		$	0.5		$	0.0		$	0.0		$	0.2		$	17.3		$	0.6		$	62.8

Funds From Operations (“FFO”):
Net income (loss)	$	1.8		$	1.1		$	1.5		$	0.0		$	0.4		$	39.0		$	0.8		$	118.8
Depreciation of real property		0.7			0.6			1.0			0.0			0.1			21.5			0.3			68.5
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(37.9	)

	$	2.5		$	1.7		$	2.5		$	0.0		$	0.5		$	60.5		$	1.1		$	149.4
DDR ownership interest		20	%		20	%		20	%		10	%		20	%		***			50	%

DDR FFO	$	0.5		$	0.3		$	0.5		$	0.0		$	0.1		$	11.0		$	0.6		$	46.2

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 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 twelve months ended December 31, 2004 totaled $1.2 million, of which $0.30 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 operating shopping center owned by the joint venture. An undeveloped parcel of land remains in the joint venture.

(6) In the second quarter of 2004, the property was purchased by DDR/Macquarie Fund LLC. The Company retained a 14.5% ownership in the property through its ownership of the acquiring joint venture.

(7) In 2004, the Company recognized $3.3 million of previously deferred gain related to the sale of joint venture property at the end of 2003. A portion of the Company’s gain on sale was deferred until certain construction and leasing obligations were achieved.

*** 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 twelve months ended December 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
		Ross Dress for Less
		Nordstrom Rack
		Anna’s Linens
		Hometown Buffet
		Payless Shoe Source

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:		3.5% of gross rents
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	$	4.7
PREI		14.5
Coventry		0.2

Total Capital	$	19.4

Debt	$	28.0

Total Debt & Equity	$	47.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 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 Hardware	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% of gross rents
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	$	4.7
Prudential		13.8
Coventry		1.4

Total Capital	$	19.9

Debt	$	55.4

Total Debt & Equity	$	75.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 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:		3.5% of gross operating revenues
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		8.6
Coventry		0.1

Total Capital	$	11.5

Debt	$	18.4

Total Debt & Equity	$	29.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 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 six properties:


		San Ysidro Village - San Ysidro, CA		Downtown Pleasant Hill - Pleasant Hill, CA
		Plaza at Puente Hills - City of Industry, CA		Richmond City Center - Richmond, CA
		Valley Central Shopping Center - Lancaster, CA		Puget Park Shopping Center - Everett, WA


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:		3.2% of gross rents
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	$	8.3
PREI		33.0
Coventry		4.4

Total Capital	$	45.7

Debt	$	107.0

Total Debt & Equity	$	152.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2004

Joint Venture Investment Summary


Joint Venture Name: Date Formed: Property Name/Location:		RVIP VIII September 2003 Shops@TECH.RIDGE - Austin, TX


Major Tenants:	Target	Linen’s ‘N Things
	Pier One	Toys ‘R Us
	Dress Barn	Hobby Lobby
	Rack Room Shoes	Office Depot
	PetsMart
	Ross Dress for Less


Partnership Structure
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:		3.5% of gross rents
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	$	2.4
Prudential		7.2
Coventry		(0.1	)

Total Capital	$	9.5

Debt	$	23.6

Total Debt & Equity	$	33.1

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		DPG Realty Holdings LLC
Date Formed:		October 2004
Property Name/Location:		The joint venture consists of the following twelve properties:


		Tops Plaza - Elmira, NY		Tops Plaza - Avon, NY
		Tops Plaza - Hamburg, NY		Tops Plaza - Hamlin, NY
		Tops Plaza - Norwich, NY		Farragut Pointe - Farragut, TN
		Tops-Gander Mnt. Plaza - Tonawanda, NY		Columbia Square - Columbia, TN
		Tops Plaza - Arcade, NY		Five Forks Crossing - Lilburn, GA
		Tops Plaza - Tonawanda, NY		Five Forks Village - Lawrenceville, GA


Major Tenants:		Bi-Lo
		BJ’s Wholesale Club
		Gander Mountain Company
		Kroger
		Save-Rite
		Tops

Partnership Structure
Equity Contribution:		10.0% - JDN QRS, Inc.
		90.0% - Prudential Insurance Company of America (PICA)
Cash Flow Distribution:		10.0% - JDN QRS, Inc.
		90.0% - Prudential Insurance Company of America (PICA)

Fees to DDR
Management Fee:		4% of gross income
Construction Supervision Fee:		5% of gross cost of all development and tenant improvement work (including hard and soft costs)
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet)
		4% on new leases on years 1-5; 2% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		3% for renewals on years 1-5; 1.5% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
		2.5% for renewals on years 1-5; 1.25% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet)
		2% for renewals on years 1-5; 1% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet)
		$2 per square foot for renewals with a material amendment to the lease; 1$ if renewed without a material amendment (spaces > 20,000 square feet)
		4% on new outparcels/ground leases on years 1-5; 2% on remainder of term, max 10 yrs.
		2% on renewal outparcels/ground leases on years 1-5; 1% on remainder of term, max 10 yrs.
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,000 - $1,000,000 (outparcel sales)
		4% of gross sales prices> $1,000,000 (outparcel sales)

Capital Structure (in millions)


JDN	$	11.7
PICA		105.6

Total Capital	$	117.3

Debt	$	11.8

Total Debt & Equity	$	129.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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	$	35.2
DRA Advisors		35.2

Total Capital	$	70.4


Debt	$	156.0


Total Debt & Equity	$	226.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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	$	1.9
DRA Advisors		1.9

Total Capital	$	3.8


Debt	$	11.0


Total Debt & Equity	$	14.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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	$	17.6


Total Debt & Equity	$	25.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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	$	1.0
DRA Advisors		9.1

Total Capital	$	10.1


Debt	$	19.5


Total Debt & Equity	$	29.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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 & Noble
		Staples
		Target

Partnership Structure
Equity Contribution:		50% - DDR
		50% - Casto Properties

Cash Flow Distribution:		50% - DDR
		50% - Casto Properties

Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)


DDR	$	0.15
Casto Properties		0.15

Total Capital	$	0.3


Debt	$	18.6


Total Debt & Equity	$	18.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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	$	0.059
Casto Properties		0.015

Total Capital	$	0.07


Debt	$	21.2


Total Debt & Equity	$	21.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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		3.4

Total Capital	$	17.3


Debt	$	—


Total Debt & Equity	$	17.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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	$	5.72
The State Teachers Retirement Board		5.72

Total Capital	$	11.4


Debt	$	10.7


Total Debt & Equity	$	22.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 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
		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% of gross rental income
Development Fee:		$.75 psf of leasehold improvements
Leasing Fees:		N/A
Capital Structure (in millions)


DDR	$	0.11
PDK Salisbury LLC		0.11

Total Capital	$	0.2


Debt	$	1.8


Total Debt & Equity	$	2.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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	$	4.66
Churchill Family Trust		2.29

Total Capital	$	7.0


Debt	$	17.3


Total Debt & Equity	$	24.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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
		Loehmann's
		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	$	6.8
Lehman Brothers		20.4

Total Capital	$	27.2


Debt	$	85.0


Total Debt & Equity	$	112.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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 60 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc.. The Joint Venture also owns designation rights to 3 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 26 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	$	24.7
Klaff		12.4
Lubert-Adler		61.7
Random Properties Acquisition Corp. I		1.5

Total Capital	$	100.3	(1)

Payable to DDR	$	0.30

Existing Debt	$	62.6

Debt to be Assumed	$	1.8	(2)

Total Debt & Equity	$	165.0

(1)	Total capital includes member equity loans to the joint venture of $60.6 million as of December 31, 2004, of which DDR’s proportionate share is $15.1 million.

(2)	Represents the maximum amount of debt that could be assumed by the Joint Venture concurrent with the designation of the final 3 undesignated properties.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 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:		1.5% of gross rental income
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	$	(0.1	)
The Sansone Group		(0.1	)

Total Capital (1)	$	(0.2	)

Payable to DDR	$	3.1

Debt	$	2.8

Total Debt & Equity	$	5.7

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 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)	Marshalls
	Barnes & Noble	Martin’s Food Store
	Bed Bath & Beyond	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)
	Lowe’s (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 internal rate of 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	$	11.2
Markaz		44.6

Total Capital	$	55.8

Payable to DDR	$	0.7

Debt	$	110.0

Total Debt & Equity	$	166.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 31, 2004

Joint Venture Investment Summary



Joint Venture Name:	DDR Markaz II LLC (Kuwaiti Financial Centre II)
Date Formed:	November 2004
Property Name/Location:	The joint venture consists of the following thirteen properties:

	Culver Ridge Plaza - Irondequoit, NY	Oxford Place - Oxford, MS
	Tops Plaza - LeRoy, NY	Midway Plaza - Loganville, GA
	Tops Plaza - Jamestown, NY	Chillicothe Place - Chillicothe, OH *excluding Lowe’s
	Tops Plaza - Ontario, NY	Northcreek Commons - Goodlettsville, TN
	Tops Plaza Union - Cheektowaga, NY	Panorama Plaza - Rochester, NY
	Tops Plaza - Warsaw, NY	Crossroads Centre - Orchard Park, NY
	Tops Plaza Robinson - Amherst, NY

Major Tenants:	AJ Wright
	Dollar Tree
	Kroger
	Linens ‘N Things
	Lowe’s (unowned)
	Office Max
	Regal Cinema
	Stein Mart
	Tops Markets

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 11.5% annual internal rate of return, and (ii) 50% to DDR and 50% 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:	6.25% 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	$	12.06
Markaz		48.25

Total Capital	$	60.3

Receivable from DDR, net	$	3.0

Debt	$	150.5

Total Debt & Equity	$	213.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 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

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	$	14.2
DDR		3.6

Total Capital	$	17.8

Debt	$	31.5

Total Debt & Equity	$	49.3

* Coventry II Fund:

DDR also is 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 twelve months ended December 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	$	8.9
DDR		2.2

Total Capital	$	11.1

Debt	$	26.0

Total Debt & Equity	$	37.1

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 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
		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	$	7.0
DDR		1.8

Total Capital	$	8.8

Debt	$	39.0

Total Debt & Equity	$	47.8

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Westover LLC / DDR DB 151 Ventures LP
Date Formed:		June 2004
Property Name/Location:		Westover Marketplace, San Antonio, TX
Major Tenants:		Target (not owned)
		Lowe’s
		Ross
		Petsmart
		Sportsman’s Warehouse
		Office Depot

Partnership Structure
DDR DB 151 Ventures LP

Ownership Percentage:		50% - Coventry II DDR Westover LLC
		50% - ERA 151 Partners, Ltd. (Development Partner)
		(No equity contributions at the partnership level)

Cash Flow Distribution:		50% - Coventry II DDR Westover LLC
		50% - ERA 151 Partners, Ltd. (Development Partner)
		(After repayment of 10.5% interest on the Coventry II DDR Westover loan and repayment of the loan)

Coventry II DDR Westover LLC

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
Development Fee:		1% of all project costs less land
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)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		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)
Construction Management Fee: **		5% of all development and tenant improvement work performed
Tenant Coordination Fee: **		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	6.1
DDR		1.5

Total Capital	$	7.6

Debt	$	2.4

Total Debt & Equity	$	10.0

*DDR also is 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.

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Buena Park LLC
Date Formed:		November 2004
Property Name/Location:		Buena Park Mall - Buena Park, CA
Major Tenants:		Wal-Mart (unowned)
		Sears (unowned)
		Burlington Coat Factory
		Krikorian Theater
		Ross Dress For Less
		PetsMart
		Kohl’s

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	$	0.2
DDR		0.7

Total Capital	$	0.9

Debt	$	90.0

Total Debt & Equity	$	90.9

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 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 venture consists of the following 36 properties:

	Union Consumer Square - Cheektowaga, NY	The Plazas at Great Northern - North Olmsted, OH
	Walden Consumer Square - Cheektowaga, NY	Riverdale Village - Coon Rapids, MN
	Dick’s Plaza - Cheektowaga, NY	Midway Marketplace - St Paul, MN
	Walden Place - Cheektowaga, NY	River Hills Shopping Center - Asheville, NC
	Borders Books - Cheektowaga, NY	Township Marketplace - Monaca, PA
	Eastgate Plaza - Clarence, NY	The Marketplace - Nashville, TN
	Premier Place - Clarence, NY	BJ’s Batavia - Batavia, NY
	Regal Cinemas - Clarence, NY	Tops Plaza - Batavia, NY
	Jo-Ann Plaza - Clarence, NY	Batavia Commons - Batavia, NY
	Barnes & Noble - Clarence, NY	Towne Center - Murfreesboro, TN
	New Hartford Consumer Square - Utica, NY	Perimeter Pointe - Atlanta, GA
	Merriam Town Center - Merriam, KS	Woodfield Village Green - Schaumburg, IL
	Spring Creek Center - Fayetteville, AR	Fairfax Towne Center - Fairfax, VA
	Steele Crossing - Fayetteville, AR	Belden Park Crossings - Canton, OH
	Carillon Place - Naples, FL	Independence Commons - Independence, MO
	Towne Center Prado - Marietta, GA	Erie Marketplace - Erie, PA
	Shoppers’ World - Framingham, MA	Riverchase Promenade - Birmingham, AL
	Harbison Court - Columbia, SC	Lakepoint Crossing - Lewisville, TX


Major Tenants:	AMC Theatres	Home Depot	Regal Cinemas w/ IMAX
	Babies ‘R Us	General Cinema	Ross Dress for Less
	Barnes & Noble	Goody’s	Safeway
	Bed Bath & Beyond	J.C. Penny	Sam’s Club
	Best Buy	Jordan Marsh/Federated	Shop ‘n Save
	BJ’s Wholesale Club	Kohl’s	Sports Authority
	Bobs	L.A. Fitness Sports Clubs	Stein Mart
	Books-A-Million	Linens ‘N Things	Target
	Borders Books	Lowe’s	T.J. Maxx
	Carmike Cinemas	Marc’s	Tower Records
	Cinemark Theaters	Marshalls	Toys ‘R Us
	Circuit City	Media Play	Ulta Salon
	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.)
	Dollar Tree	OfficeMax	Wal-Mart
	DSW Shoe Warehouse	PetsMart	Sears, Roebuck and Co.
	Hen House	Publix	Sportsmen’s Warehouse
	American Signature, Inc.	H.H. Gregg Appliances	K & G Men’s Company, Inc.
	Comp USA Inc.	Kronheims Furniture	Rhodes Furniture, Inc.
	Premier Liquors	Big Lots Stores, Inc.

Joint Venture Partnership Sumaries 4.2


Partnership Structure
Equity Contribution:	14.75% - DDR	Cash Flow Distribution:	14.5% - DDR
	2.74% - Macquarie Bank Limited (“MBL”)		2.75% - MBL
	82.51% - Macquarie DDR Trust (“MDT”)		82.75% - 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	$	100.5
MBL		18.7
MDT		562.3

Total Capital	$	681.5

Payable to DDR	$	1.0

Debt	$	685.7

Total Debt & Equity	$	1,368.2

Joint Venture Partnership Sumaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2004


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	1,147.0	(2)	$	1,221.7	(4)	$	53.0		$	213.1		$	91.2	(9)
Completed Expansions		10.3			9.7			9.0			2.3			6.2
Developments & Construction in Progress		38.9			120.1			48.6			103.7			114.7
Tenant Improvements & Building Renovations (1)		0.6			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	)

	$	1,196.8		$	1,352.1		$	274.0		$	189.0		$	211.8
Less: Real Estate Sales and Dispositions		($306.7	) (3)		($781.5	) (5)		($361.4	) (7)		($16.9	)		($115.9	) (10)

Joint Venture Totals (Millions)	$	890.1		$	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 2005.

(2) In addition to the attached schedule of joint venture acquistions this balance includes $14.9 for the purchase of Poag & McEwen’s interest and David Berndt interests in RVIP IIIB and RVIP VIII, respectively, $5.2 million for the purchase of a fee interest in several assets in the Service Merchandise portfolio and the $3.0 million earnout for an outparcel in Kildeer, IL.

(3) In addition to the sales listed in the disposition section which had an aggregate cost of $141.7 this balance includes the transfer to DDR of the Littleton, CO and Merriam, KS shoppings centers which had an aggregate cost of $107.3 million, $51.2 million of adjustments due to GAAP presentation including FIN 46 and a $6.5 million write-off for the demolition of a portion of an asset in Lancaster, CA.

(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 assets sales 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 twelve months ended December 31, 2004

Joint Venture Acquisitions
for the Twelve Month Period Ended December 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	$	45.6		3/3/2004	20.00%	Coventry II
Macquarie DDR Trust	4,040,427	$	619.5	(1)	5/14/2004	14.50%	Macquarie Bank Limited
DPG Realty Holdings	1,168,382	$	128.7		10/5/2004	10.00%	Prudential
DDR Markaz II LLC	1,634,315	$	201.6		11/8/2004	20.00%	Markaz
Buena Park, CA	737,533	$	91.5		11/23/2004	20.00%	Coventry II

Total	9,005,427	$	1,123.9

(1) Approximately $299.6 million was acquired from Benderson Development Company and approximately $319.9 was acquired from DDR.

Joint Venture Dispositions
for the Twelve Month Period Ended December 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	635,117	$	20.8	Various	25.00%	Various
Long Beach, CA	85,215	$	16.6	9/9/2004	24.75%	Prudential & Coventry Real Estate Partners
Mission Viejo, CA	45,600	$	18.0	12/15/2004	20.00%	Prudential & Coventry Real Estate Partners
Puente Hills, CA	221,474	$	33.2	12/28/2004	20.00%	Prudential & Coventry Real Estate Partners

Total	1,605,749	$	179.6

Joint Venture Acquisitions and Dispositions 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Joint Venture Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 31, 2004


	DDR’s			Joint
	Ownership			Venture
	Percentage			Partner	Description
*Projects Substantially Complete*
Deer Park, IL		24.75	%	Prudential Real	Expansion of the existing center to create a 50,000 sf Century
				Estate Investors	Theater (opened 06/04) and to create an additional 23,800 sf of
					small retail specialty shops and two outparcels.

Total Cost (Millions)	$	14.0

*Projects in Progress*	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.

Lancaster, CA		20.00	%	Prudential Real	Relocation of the existing Wal-Mart discount store, sale to
				Estate Investors	Wal-Mart for a Supercenter in an area previously occupied by
					House to Home and Costco. Relocation of existing 99 Cent store
					and the redemise of the former Wal-Mart discount store for four
					junior anchors and three outparcels.

Merriam, KS		14.50	%	MDT	Expansion of the 7,300 sf outparcel for additional retail tenants

Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center
					to accommodate PetsMart (scheduled to open 3rd quarter 2005) and
					several mid-size anchors and other retail tenants to be
					announced.

Total Cost (Millions)	$	47.4

*Projects to Commence*	Percentage
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 twelve months ended December 31, 2004

Summary of Joint Venture Development Projects
for the Twelve Month Period Ended December 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
San Antonio, TX	294,769		10.0%	David Berndt	$	31.2	$	3.1	2005	Target, Lowe’s,
				Interests &						Ross Dress for
				Coventry II						Less, Sportsman
										Warehouse, Office
										Depot, PetsMart and
										other retail
										tenants to be
										announced.
Projects to Commence Construction
Apex, NC (Phase III)	334,981	(1)	80.0%	First Carolina	$	50.4	$	40.3	2006	To be announced
				Properties
Apex, NC (Phase IV)	287,396		20.0%	First Carolina Properties	$	27.7	$	5.5	2006	To be announced
Joint Venture Development Totals	1,247,197				$	119.0	$	53.8

Notes:

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

Joint Venture Developments 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Joint Venture Development
Assets Placed in Service as of December 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	$	0.0	$	0.0
4th Quarter 2004	$	0.0	$	0.0
During 2005 and Thereafter	$	114.5	$	51.5

Total	$	119.0	$	53.8

Joint Venture Development
Funding Schedule as of December 31, 2004


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of December 31, 2004	$	13.2	$	6.0	$	5.3	$	24.5
Projected Net Funding During 2005		6.8		0.0		62.1		68.9
Projected Net Funding Thereafter		0.0		0.0		25.6		25.6

Total	$	20.0	$	6.0	$	93.0	$	119.0

Joint Venture Development Delivery adn Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Summary of Joint Venture Debt
as of December 31, 2004

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III

Long Beach, CA

28,000

03/07

Libor + 150

RVIP III B

Deer Park, IL

55,368

07/06

Libor + 150

RVIP VI

18,371

(1)

RVIP VII

98,720

(2)

03/07

Libor + 140

6,200

(2)

03/05

Libor + 140

2,076

(2)

07/07

8.3750

RVIP VIII

23,563

01/06

Libor + 175

DDRA Community Centers Five

156,000

(3)

10/05

6.64

DDRA Community Centers Seven

Ahwatukee, AZ (Phase IV)

11,000

12/05

Libor + 100

DDRA Community Centers Eight

Deer Valley, AZ

17,565

09/10

8.01

DDRA Kildeer LLC

4,500

08/07

Libor + 180

Kildeer, IL

15,000

08/07

5.64

Lennox Town Center Limited

Columbus, OH

18,583

07/22

8.11

Sun Center Limited

6,260

05/11

5.42

Columbus, OH

14,900

04/11

8.48

DOTRS LLC

Macedonia, OH

10,748

09/06

Libor +100

DDRC PDK Salisbury Phase III LLC

Salisbury, MD

1,839

04/06

7.61

KLA/SM LLC

33,216

12/04

Libor + 350

12,604

11/13

6.2555

16,734

10/13

6.365

Jefferson County Plaza, LLC

Arnold, MO

2,819

05/05

Libor + 175

Paradise Village Gateway

Phoenix, AZ

17,354

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 Markaz II

150,480

(5)

11/14

5.147

DDR Ward Parkway

31,500

08/06

Libor + 240

Coventry II DDR Totem Lakes

26,000

07/07

Libor + 215

Coventry II DDR Phoenix Spectrum

39,000

07/06

Libor + 275

Coventry II DDR Westover Marketplace

2,437

07/07

Libor + 195

Coventry II DDR Buena Park

90,000

02/05

Libor + 88

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DPG Realty Holdings, LLC

Tonawanda, NY

6,442

05/17

7.630

Tonawanda, NY

5,399

06/21

7.660

DDR Maquarie

CRRV Perimeter One & Two

26,000

02/06

Libor + 180

8,000

02/06

Libor + 775

8,000

02/06

Libor + 425

$100 Million Revolving Credit Facility

9,100

(6)

11/05

4.913

Bank One

44,400

(6)

11/05

Libor + 137.5

Secured Financing

290,500

(7)

11/08

4.225

165,250

(8)

06/09

4.180

20,000

(8)

06/07

4.800

29,750

(8)

06/07

Libor + 84

BJ’s Clarence

5,027

03/22

7.070

JoAnn Transit

3,599

08/13

6.250

New Hartford Consumer Square

38,120

11/18

5.750

Birmingham, AL (Riverchase)

7,996

01/13

5.500

Merriam Town Center

30,000

11/06

Libor + 25

1,803,420


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.

(3)	Encumbers six shopping center properties as follows:

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

(4)	Encumbers seven shopping center properties as follows:

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

(5)	Encumbers thirteen shopping center properties as follows:

	Orchard Park, NY Rochester, NY Cheektowaga, NY Amherst, NY Irondequoit, NY	Warsaw, NY Leroy, NY Jamestown, NY Ontario, NY	Chillicothe, OH Loganville, GA Oxford, MS Goodlettsville, TN

(6)	Encumbers three shopping center properties as follows:

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

(7)	Encumbers seven shopping center properties as follows:

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

(8)	Encumbers ten shopping center properties as follows:

	Clarence, NY Cheektowaga, NY Batavia, NY Fayetteville, AR	Monaca, PA Erie, PA Murfreesboro, TN	Nashville, TN Coon Rapids, MN Ashville, NC

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

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


	DDR's			DDR's
	Pro Rata			Pro Rata		Interest
Joint Venture	Interest			Debt (000's)		Rate (1)
RVIP III Long Beach		25.54	%	$	7,151		3.900
RVIP III B		25.54	%		14,141		3.900
RVIP VI		25.54	%		4,692		8.098
RVIP VII		20.79	%		22,244		3.855
RVIP VIII		25.54	%		6,018		4.150
DDRA Comm Ctr Five		50.00	%		78,000		6.640
DDRA Comm Ctr Seven		50.00	%		5,500		3.400
DDRA Comm Ctr Eight		50.00	%		8,783		8.010
DDRA Kildeer, LLC		10.00	%		1,950		4.200
Lennox Town Center		50.00	%		9,292		8.110
Sun Center		79.45	%		16,812		5.420
DOTRS LLC		50.00	%		5,374		8.480
DDRC PDK Salisbury		50.00	%		919		7.610
KLA/SM LLC		24.63	%		15,407		6.096
Jefferson County Plaza		50.00	%		1,410		4.150
Paradise Village Gateway		67.00	%		11,627		7.780
Paseo Colorado Holdings		25.00	%		21,250		4.499
DDR Markaz		20.00	%		22,000		4.129
DDR Markaz II		20.00	%		30,096		5.147
DDR Ward Parkway		20.00	%		6,300		4.800
Coventry II DDR Totem Lakes		20.00	%		5,200		4.550
Coventry II DDR Phoenix Spectrum		20.00	%		7,800		5.150
Coventry II DDR Westover Marketplace		10.00	%		244		4.350
Coventry II DDR Buena Park		20.00	%		18,000		3.280
DPG Realty Holdings, LLC		10.00	%		1,184		7.644
DDR Maquarie		14.49	%		99,364		3.280


Total				$	420,758


	Fixed Rate			$	284,499
	Variable Rate			$	136,259

Weighted Average — Total				3.76 years			4.8	%

Weighted Average — Fixed				5.05 years			5.2	%

Weighted Average — Floating				1.42 years			4.1	%

Notes:
(1) Interest rate on floating rate debt determined by using the LIBOR rate in effect on December 31, 2004. One-month LIBOR was 2.40% on December 31, 2004.

Summary of Pro Rata Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Summary of Joint Venture Mortgage Principal Payments
as of December 31, 2004


	2005		2006		2007		2008		2009		2010		2011		2012		2013		2014
JOINT VENTURE	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total

RVIP III (Long Beach, CA)						28,000																		28,000
RVIP III B (Deer Park)				55,368																				55,368
RVIP VI		293		317		17,761																		18,371
RVIP VII		6,297		106		100,593																		106,996
RVIP VIII				23,563																				23,563
DDRA Community Centers Five		156,000																						156,000
DDRA Community Centers Seven		11,000																						11,000
DDRA Community Centers Eight		184		200		217		231		255		16,479												17,565
DDRA Kildeer, LLC (Kildeer, IL)						19,500																		19,500
Lennox Town Center Limited		498		540		585		635		688		746		809		877		950		1,031		11,226		18,583
Sun Center Limited
Principal Mutual Life Ins Co		442		480		523		569		619		674		11,594										14,900
W. Lyman Case & Co		84		88		93		98		104		110		5,684										6,260
DOTRS LLC
National City Bank		453		10,295																				10,748
DDRC PDK Salisbury Phase III				1,839																				1,839
KLA/SM LLC		33,216																29,337						62,554
Jefferson County Plaza LLC		2,819																						2,819
Paradise Village Gateway		298		323		16,733																		17,354
Paseo Colorado Holdings				85,000																				85,000
DDR Markaz								110,000																110,000
DDR Markaz II																				150,480				150,480
DDR Ward Parkway				31,500																				31,500
Coventry II DDR Totem Lakes						26,000																		26,000
Coventry II DDR Phoenix Spectrum				39,000																				39,000
Coventry II DDR Westover
Marketplace						2,437																		2,437
Coventry II DDR Buena Park		90,000																						90,000
Tonawanda, NY (Hollywood/Tops)		170		183		198		213		230		249		268		290		312		337		2,949		5,399
Tonawanda, NY (Tops/Gander Mtn.)		324		350		377		407		439		474		511		552		595		642		1,770		6,442
DDR Macquarie
CRRV Perimeter One & Two				42,000																				42,000
Bank One $100M Revolver		53,500																						53,500
Secured Financing						49,750		290,500		165,250														505,500
BJ’s Clarence		155		166		178		191		205		220		236		253		272		292		2,859		5,027
JoAnn Transit		323		344		366		390		415		441		470		500		351						3,599
New Hartford Consumer Square		1,842		1,951		2,066		2,188		2,317		2,454		2,599		2,752		2,915		3,087		13,949		38,120
Birmingham, AL (Riverchase)		116		122		129		136		145		153		162		170		6,864						7,996
Merriam Town Center				30,000																				30,000
Payments through 9/30/04


Total — Debt		358,014		323,735		265,506		405,557		170,666		21,999		22,332		5,393		41,597		155,869		32,752		1,803,420

Summary of Joint Venture Mortgage Principal Payments 5.5

458 Shopping Centers (and interests in Retail Assets) 13 Managed Shopping Centers 44 States (including managed properties) 74.8 Million Sq. Ft. Owned 103.0 Million Sq. Ft. Owned and Managed 95.4% / 94.7% % Leased / % Occupied 551 Total Employees Company Features (1) Includes Service Merchandise portfolio. Does not include 32 industrial and office properties. (2) Includes retail development projects in process. (3) Assumes 100% ownership of joint venture assets. (4) Core retail portfolio. (5) Excluding the impact of assets acquired from Benderson Development Company, the Company's portfolio was 95.4% leased and 94.6% occupied. (1) (2) (2) (3) (2) (3) (4) (4) (5)

'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 Owned 10 13 19 21 25 28 36 39 40 45.3 54.1 74.8 Non-owned 3 3 3 4 7 9 6 12 12 11.6 22.1 21.4 Managed 4 5 5 5 4 5 5 9 5 0.7 0.2 1.4 Growth in Square Footage (1) 663% increase in owned space over 11 years (1) Includes Service Merchandise, but does not include developments. 13.2 9.8 19.3 20.6 24.7 27.6 36.3 38.6 39.6 45.3 54.1 74.8 21.4 1.4 GLA (Million Square Feet)

National Platform with Geographic Diversification 4.8 msf 4.7% 14.5 msf 14.1% 8.7 msf 8.5% 6.4 msf 6.2% 7.3 msf 7.1% 4.4 msf 4.3% 4.3 msf 4.2% 3.7 msf 3.6% 3.9 msf 3.8% 103 MSF / 44 States GLA by State +10.0 MSF +5.0 - 10.0 MSF +3.0 - 5.0 MSF +1.0 - 3.0 MSF Less than 1.0 SF 3.4 msf 3.3%

Avg. Annualized Base Rental Rates(1) (2) '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 Total 4.38 4.81 4.93 5.27 5.35 5.37 5.6 5.89 7.6 7.85 8.49 8.99 9.2 9.66 10.03 10.2 10.7 10.79 Shops 7.09 7.41 7.87 8.25 8.29 8.37 8.56 9.02 10.54 10.87 11.69 12.39 12.69 13.66 14.02 14.5 15 15.15 (1) Excluding the impact of properties acquired from Benderson Development Company, total rents psf were $11.13 and shop rents were $16.14. (2) Does not include Service Merchandise. $15.15 $10.79 Shop Space Total Portfolio '87 '89 '91 '93 '95 '97 '99 '01 '03 '04

Dec. 31, 2004 373 $10.79 $15.15 Dec. 31, 2003 274 $10.82 $15.55 Dec. 31, 2002 189 $10.58 $15.18 Dec. 31, 2001 192 $10.03 $14.02 Dec. 31, 2000 190 $9.66 $13.66 Dec. 31, 1999 186 $9.20 $12.69 Dec. 31, 1998 159 $8.99 $12.39 Dec. 31, 1997 123 $8.49 $11.69 Dec. 31, 1996 112 $7.85 $10.87 Dec. 31, 1995 106 $7.60 $10.54 Dec. 31, 1994 84 $5.89 $9.02 Dec. 31, 1993 69 $5.60 $8.56 Dec. 31, 1992 53 $5.37 $8.37 Dec. 31, 1991 53 $5.35 $8.29 Dec. 31, 1990 52 $5.27 $8.25 Dec. 31, 1989 45 $4.93 $7.87 Dec. 31, 1988 40 $4.81 $7.41 Dec. 31, 1987 37 $4.38 $7.09 Period Ending Number of Properties Total Shop Space Annualized Base Rent / S.F. Avg. Annualized Base Rental Rates (1) Excluding the impact of properties acquired from Benderson Development Company, total rents psf were $11.13 and shop rents were $16.14. (1)

2005 2006 2007 2008 2009 Anchor 0.017 0.02 0.03 0.034 0.057 Small Shop 0.107 0.129 0.14 0.13 0.138 Lease Expirations by Year(1)(2) (1) Does not include Service Merchandise or development properties. (2) Options not included. % Total Base Rents by Class

2005 29 $6.8 $6.62 921 $32.4 $12.84 2006 36 $7.9 $6.11 880 $39.0 $14.31 2007 47 $12.0 $6.31 928 $42.3 $14.21 2008 53 $13.6 $6.68 725 $39.2 $14.58 2009 76 $22.6 $7.34 734 $41.6 $13.92 2010 88 $26.5 $7.84 298 $21.0 $14.23 2011 104 $39.6 $9.49 222 $22.7 $19.59 2012 92 $33.1 $8.93 162 $16.3 $19.92 2013 77 $28.3 $8.83 156 $14.0 $17.23 2014 94 $35.6 $10.07 128 $12.0 $14.38 696 $226.0 $8.27 5,154 $280.6 $14.76 985 $393.9 $8.73 5,331 $301.8 $14.76 Year Leases Revenue Average/S.F. Leases Revenue Average / S.F. 2005-2014 Subtotal (1) Does not include Service Merchandise or development properties. Anchor Base Rent Shop Space Base Rent Lease Expirations by Year(1) (Millions) (Millions) Total Rent Roll

Largest Tenants by GLA Owned & Unowned(1)(2) 1. Wal-Mart / Sam's Club 94 13.88 37 4.77 57 9.11 2. Target 36 4.40 12 1.43 24 2.97 3. Lowe's Home Improvement 32 4.17 14 1.77 18 2.40 4. Home Depot 33 3.50 12 1.18 21 2.32 5. Royal Ahold (Tops Markets) 44 2.65 42 2.52 2 0.13 6. Kohl's 30 2.56 27 2.30 3 0.26 7. Kmart / Sears 26 2.21 24 1.83 2 0.38 8. T.J.Maxx / Marshall's 65 2.14 65 2.14 0 0.00 9. Toys "R" Us / Babies "R" Us 37 1.42 27 1.00 10 0.42 10. PETsMART 63 1.40 63 1.40 0 0.00 Total Units Total GLA (millions) Owned Units Owned GLA (millions) Unowned Units Unowned GLA (millions) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Assumes 100% ownership of joint ventures. (3) Combined total following the Kmart / Sears merger. (3)

Tenant Units Percent of Total Credit Ratings Total Base Rent (millions) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Based on pro rata ownership of joint venture properties. Reliance on Major Tenants (Owned Shopping Center GLA Only)(1)(2) (3) Combined total following the Kmart / Sears merger. Wal-Mart / Sam's Club 37 $22.54 4.43% AA/Aa2 Royal Ahold (Tops Markets) 42 $17.96 3.53% BB/Ba3 PETsMART 63 $12.78 2.51% BB-/Ba2 T.J. Maxx / Marshalls 65 $12.23 2.40% A/A3 Kohl's 27 $11.59 2.28% A-/A3 Bed Bath & Beyond 42 $11.12 2.19% BBB/NR Lowe's Home Improvement 14 $10.25 2.01% A+/A2 Michaels 42 $7.92 1.56% BB+/Ba1 Home Depot 12 $7.77 1.53% AA/Aa3 OfficeMax (Boise Cascade) 45 $7.66 1.51% NR/Ba2 Barnes & Noble 65 $7.27 1.43% NR/Ba3 Old Navy / GAP / Banana Republic 39 $6.53 1.28% BB+/Ba1 Best Buy 17 $5.96 1.17% BBB-/Baa3 Linens 'N Things 20 $5.96 1.17% NR/NR Toys "R" Us / Babies "R" Us 27 $5.81 1.14% BB/Ba2 Ross Stores 31 $5.74 1.13% BBB/NR Kmart / Sears (3) 24 $5.29 1.04% BBB/Baa2 Staples, Inc. 25 $5.29 1.04% BBB-/Baa2 AMC Theater 6 $5.30 1.04% B/Ba3 Dollar Tree Stores 89 $5.23 1.03% NR/NR Office Depot 24 $5.19 1.02% BBB-/Baa3 Dick's Clothing 14 $5.07 1.00% B/NR Subtotal 770 $190.47 37.44% Total 6,316 $508.77 100.00%

1 Wal-Mart / Sam's Club (37) $22.54 4.43% 2 Royal Ahold (Tops Markets) (42) $17.96 3.53% 3 PETsMART (63) $12.78 2.51% 4 T.J. Maxx / Marshall's (65) $12.23 2.40% 5 Kohl's (27) $11.59 2.28% 6 Bed Bath & Beyond (42) $11.12 2.19% 7 Lowe's Home Improvement (14) $10.25 2.01% 8 Michaels (42) $7.92 1.56% 9 Home Depot (12) $7.77 1.53% 10 OfficeMax (Boise Cascade) (45) $7.66 1.51% 11 Barnes & Noble (65) $7.27 1.43% 12 Old Navy / GAP / Banana Republic (39) $6.53 1.28% 13 Best Buy (17) $5.96 1.17% 14 Linens 'N Things (20) $5.96 1.17% 15 Toys "R" Us / Babies "R" Us (27) $5.81 1.14% 16 Ross Stores (31) $5.74 1.13% 17 Kmart / Sears (24) $5.29 1.04% 18 Staples (25) $5.29 1.04% 19 AMC Theater (6) $5.30 1.04% 20 Dollar Tree Stores (89) $5.23 1.03% Subtotal 1-20 $180.21 35.42% Total Portfolio $508.77 100.00% 1 Wal-Mart / Sam's Club (37) 3.88 6.86% 2 Kmart / Sears (24) 1.60 2.83% 3 Royal Ahold (Tops Markets) (42) 1.63 2.88% 4 T.J. Maxx / Marshall's (65) 1.55 2.74% 5 Lowe's Home Improvement (14) 1.55 2.74% 6 Kohl's (27) 1.54 2.72% 7 Target (12) 1.09 1.93% 8 PETsMART (63) 1.06 1.87% 9 Home Depot (12) 0.99 1.75% 10 Bed Bath & Beyond (42) 0.98 1.73% 11 Toys "R" Us / Babies "R" Us (27) 0.77 1.36% 12 OfficeMax (Boise Cascade) (45) 0.77 1.36% 13 Michaels (42) 0.75 1.33% 14 JCPenney (18) 0.68 1.20% 15 Kroger (18) 0.64 1.13% 16 Dollar Tree (89) 0.59 1.04% 17 Ross Stores (31) 0.56 0.99% 18 Bealls (15) 0.56 0.99% 19 Office Depot (24) 0.54 0.95% 20 Goody's Family Clothing (21) 0.53 0.94% Subtotal 1-20 22.26 39.34% Total Portfolio 56.58 100.00% Major Tenant (units) Owned GLA % Total GLA Base Rental Revenue % Total Base Rent Major Tenant (units) ($Millions) Reliance on Major Tenants by GLA and Base Rental Revenues(1) (2) (1) Includes Service Merchandise portfolio. Does not include development properties. (3) Combined total following the Kmart / Sears merger. (2) Based on pro rata ownership of joint venture properties. (3) (3)

Exhibit 99.2


		Run Date: 02/16/2005 Time: 1:26:28PM Page 1 of 28

Property List*


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

1	BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH		35242	SC		1994/2003		1994		100.00		423,493		4,378,828	WINN DIXIE STORES #417(2014), RHODES #3029/MARKS FITZGERALD(2004), GOODY’S #165(2009), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009), BOOKS-A-MILLION #181(2010), ROSS STORES #637(2014), LOWES HOME CENTERS(NOT OWNED)

2	BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD		35210	SC		1989/1999		1995		100.00		301,074		1,894,282	OFFICE DEPOT #43(2007), DOLLAR TREE #1130(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		14.50		98,016		1,177,041	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		1979/2004		2003		100.00		85,196		279,165

5	OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.00		190,127		1,166,584	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		438,012	Goody’s #55(2011), WAL-MART(NOT OWNED)

Arizona

7	AHWATUKEE, AZ	FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD		85044	SC		1996/1997/1999		1997		50.00		647,904		9,565,394	BASSETT FURNITURE(2010), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), BABIES R US #5670(2007), ROSS STORES, INC. #369(2007), OFFICEMAX #743(2012), JO-ANN, ETC. #1917(2010), BEST BUY #177(2014)

8	PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003		67.00		223,207		3,995,177	BED BATH & BEYOND(2011), ROSS #364(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		3,054,609	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		346,428		4,243,041	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		465,306		5,681,050	COSTCO WHOLESALE CORP #665(2020), ROSS DRESS FOR LESS(2013), PETsMART(2044), 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		1997/1999/2000/2001		1997		14.50		262,827		2,967,878	T.J. MAXX #159(2005), BEST BUY(2017), GOODY’S #231(2013), OLD NAVY #02625(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		2003		2003		14.50		50,293		1,270,215	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: 02/16/2005 Time: 1:26:28PM Page 2 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
14	N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991/2004		1994		100.00		295,013		1,807,718	BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014), Michael’s Stores(2014), SPORTS AUTHORITY(2013)

15	RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994		100.00		272,245		1,661,497	WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012)

California

16	BUENA PARK, CA	BUENA PARK PLACE 100 BUENA PARK		90620	SC		1965		2004		20.00		737,533		8,350,263	DSW Shoe Warehouse(2013), Ross Dress for Less(2010), Bed Bath & Beyond(2011), Burlington Coat Factory(2011), Krikorian Premier Theatres(2023), Circuit City(2018), Kohls Department Store(2024), Michaels(2014)

17	CITY OF INDUSTRY, CA (I)	PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE		91748	SC		1987		2001		20.00		53,057		852,137	SAMS CLUB (NOT OWNED), TOYS R US(NOT OWNED), SAM ASH MUSIC(NOT OWNED), OFFICE DEPOT (NOT OWNED)

18	LANCASTER, CA	VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001		20.00		336,403		3,959,983	WAL-MART #1563(2010), MOVIES 12/ CINEMARK(2017), MARSHALLS #375(2007), CIRCUIT CITY #411(2011), STAPLES #88(2008), COSTCO(NOT OWNED)

19	LONG BEACH, CA	CITY PLACE 95 SOUTH PINE AVE		90802	SC		2002/2003/2004		* 1		24.75		295,309		4,199,647	NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), MRS. FIELDS(2013), ALBERTSON’S/SOLD PROPERTY(NOT OWNED)

20	OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE		92054	SC		2000		* 1		100.00		80,450		1,083,050	REGAL CINEMAS(2014)

21	PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003		25.00		556,991		11,279,978	GELSON’S MARKET(2021), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J.
																JILL(2012), 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		1999/2000		2001		20.00		347,678		6,281,260	ALBERTSON’S #7062(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND #261(2010), ROSS STORES #449(2010)

23	RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002		20.00		245,774		3,674,540	OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS #375(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		1,232,846	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		3,795,587	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		1988/2003		2000		20.00		160,668		2,808,200	ROSS DRESS FOR LESS #672(2014), MARSHALLS #0515(2013), K-MART(NOT OWNED)
Colorado


* 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: 02/16/2005 Time: 1:26:28PM Page 3 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
27	ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2		100.00		19,875		113,445	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)

28	AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003		100.00		127,643		2,348,619	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		5,162,361	Best Buy(2016), Office Depot(2016), Nordstrom(2011), Linen’s ‘N Things #614(2017), GREAT INDOORS(NOT OWNED)

30	DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001		100.00		174,780		1,873,600

31	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997		100.00		408,337		6,204,924	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		3,636,839	Linens N Things #119(2013), Pier One Imports #1116(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		18,988		364,353	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)

34	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		* 1		100.00		227,800		6,769,489	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		2003		* 1		100.00		111,844		1,872,288	BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013), KOHL’S(NOT OWNED)

36	PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003		100.00		86,987		1,620,334

Connecticut

37	PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		* 1		100.00		439,271		6,119,772	LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), DICK’S SPORTING GOODS(2020), PETSMART (2014), A.C. MOORE(2014), OLD NAVY #02758(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED), LOEW’S THEATRE(NOT OWNED)

Florida

38	BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2		100.00		209,720		1,326,058	PUBLIX SUPER MARKETS #295(2005), BEALL’S #11(2014), T.J. MAXX #794(2010)

39	BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972/1997/2003		* 2		100.00		161,900		639,864	K MART #4311(2007), KANE FURNITURE(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: 02/16/2005 Time: 1:26:28PM Page 4 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
40	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003		100.00		148,267		2,003,752	Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix Super Markets #663(2019), BABIES R US(NOT OWNED)

41	BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997/2004		2003		100.00		113,986		1,479,328	Linens ‘N Things #496(2014), Sports Authority #213(2018), PETSMART(2020), LOWE’S(NOT OWNED)

42	CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986/2001		1/2		100.00		160,135		741,232	BEALL’S #38 -4(2012), BEALL’S OUTLET #191(2006)

43	DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001		100.00		76,087		862,108	Marshalls of MA, Inc.(2010)

44	ENGELWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD		34224	SC		1991		2004		100.00		46,835		446,281	Kash n’ Karry #1885(2011)

45	FERN PARK, FL	FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH		32720	SC		1970		1/2		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		477,586	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)

47	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995		100.00		219,735		1,275,869	J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)

48	JACKSONVILLE, FL(ARLINGTON RD	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004		100.00		182,098		994,358	Food Lion #833(2010)

49	LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004		100.00		102,572		797,879	Winn-Dixie #631(2017)

50	LANTANA, FL	MEADOWS SQUARE HYPOLUXU ROAD & CONGRESS AVE		33461	SC		1986		2004		100.00		106,224		1,385,561	Publix Super Markets #0014(2006)

51	MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		1/2		100.00		63,894		260,468	BEALL’S #54 -4(2005), WAL-MART(NOT OWNED)

52	MELBOURNE, FL	MELBOURNE SHOPPING CENTER 750-850 APOLLO BOULEVARD		32935	SC		1978		1/2		100.00		41,733		170,264

53	NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995		14.50		267,808		3,000,483	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)


* 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: 02/16/2005 Time: 1:26:28PM Page 5 of 28

Property List*


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

54	OCALA, FL	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003		100.00		101,438		422,114	Sports Authority(2012)

55	ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BOULEVARD		32065	SC		1993/2000		2004		100.00		72,531		674,457	Beall’s Dept Store #47(2009), ALBERTSON’S(NOT OWNED)

56	ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994		100.00		234,045		1,712,355	BEALL’S #60(2018), PUBLIX SUPER MARKETS #446(2013)

57	OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		* 1		20.00		186,212		1,947,403	OFFICEMAX #531(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S #9941(2009), T.J. MAXX #802(2010), LINENS ‘N THINGS #663(2011), LOWE’S(NOT OWNED)

58	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995		100.00		52,395		890,277	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)

59	PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988/1997/1999		1/2		100.00		17,150		203,840	WALMART(NOT OWNED)

60	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2		100.00		188,924		1,531,111	BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED)

61	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003		100.00		53,883		323,154	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)

62	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2		20.00		104,460		1,179,528	PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED)

63	TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004		100.00		216,284		1,548,168	Home Depot #237(2009), Pearl Artist & Craft Supply(2007)

64	TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2		100.00		134,366		1,080,064	BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED)

65	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2		100.00		198,797		1,399,072	K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)

66	WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2		100.00		135,421		884,744	BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED)

Georgia

67	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003		100.00		24,000		327,600	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: 02/16/2005 Time: 1:26:28PM Page 6 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
67	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994		100.00		99,025		1,045,776	OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED)

68	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995		14.50		343,155		5,291,902	STEIN MART #092(2010), BABIES R US, #8892(2007), SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015)

69	CANTON, GA (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003		100.00		127,853		909,925	Staples #796(2014), Ingles # 96(2019)

70	CARTERSVILLE, GA	FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S		30120	SC		1984		2003		100.00		112,240		872,716	Ross Dress For Less(2013), Ingles #76(2019)

71	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003		100.00		175,969		1,262,621	Save Rite #2718(2006)

72	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003		100.00		119,786		1,114,073	Goody’s #296(2011), Petsmart #0294(2015), Michael’s #9929(2009), TARGET(NOT OWNED)

73	CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997/1999		2003		100.00		308,557		3,681,499	Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)


74	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003		100.00		86,158		1,321,415	Best Buy(2015), Babies R Us(2006), LOWES(NOT OWNED)

75	FT. OGLETHORPE, GA	FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT		30742	SC		1992		2003		100.00		176,903		461,270	K Mart #3083(2007)

76	GRIFFIN, GA	ELLIS CROSSING 649-687 NORTH EXPRESSWAY		30223	SC		1986		2003		100.00		64,770		243,500	Winn-Dixie #1811(2006), WAL MART(NOT OWNED)

77	LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.00		75,622		509,045	FARMERS FURNITURE (2009), Food Lion #890(2019)

80	LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		10.00		89,064		944,136	Winn-Dixie (Save-Rite) #2735(2010)

81	LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003		100.00		73,950		673,041	Kroger #394(2012)

82	LITHONIA, GA	THE SHOPPES AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003		100.00		87,575		1,338,584	Best Buy #389(2018), Bed Bath & Beyond #516(2012), TOYS R US(NOT OWNED), SAM’S CLUB(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: 02/16/2005 Time: 1:26:28PM Page 7 of 28

Property List*


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

83	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		20.00		91,196		956,900	Kroger #443(2016)

84	MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.00		105,849		491,834	Ingles #444 (DARK)(2010), Wal-Mart #1363(2009)

85	MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995		14.50		301,297		3,798,464	STEIN MART #141(2007), ROSS DRESS FOR LESS #572(2013), PUBLIX SUPER MARKETS #548(2015), CRUNCH FITNESS INTERNATIONAL(2011)
86	MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003		100.00		30,500		690,883	LOWES (NOT OWNED), WALMART (NOT OWNED)

87	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.00		156,497		1,306,840	Lowe’s #0033(2015), BELK(NOT OWNED), WALMART(NOT OWNED)

88	STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.00		162,778		262,996	Ingles #466(2009)

89	STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.00		0		244,145

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

91	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003		100.00		233,319		2,876,835	Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016), SHOE GALLERY(2014)

92	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003		100.00		130,832		1,327,137	Goody’s #299(2014), Kroger #482(2019), WALMART (NOT OWNED)

93	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.00		100,002		776,527	Ingles #407(2056), WALMART (NOT OWNED)

94	WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.00		107,941		1,302,606	T.J. Maxx #032(2010), Staples(2016), LOWE’S (NOT OWNED), WALMART (NOT OWNED)

95	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.00		170,940		1,437,076	Wal-Mart #575(2020)

IDAHO

96	IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976/1992/1997		1998		100.00		148,593		723,797	OFFICE MAX #666(2011), WORLD GYM (2008), FRED MEYER, INC. (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: 02/16/2005 Time: 1:26:28PM Page 8 of 28

Property List*


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

96	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004		* 1		100.00		453,719		5,763,756	BED BATH & BEYOND #333(2011), OLD NAVY #02448(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), WALMART (NOT OWNED)

Illinois
97	DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003		100.00		22,775		263,706	WAL MART(NOT OWNED)

98	DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000/2004		* 1		24.75		285,468		8,359,039	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/TALBOTS PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANK CLOTHIERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS (2011), J. JILL (2013)

99	HARRISBURG, IL	ARROWHEAD POINT 701 NORTH COMMERCIAL		62946	SC		1991		1994		100.00		167,074		845,213	WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY’S(2011)

100	KILDEER, IL	THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12		60047	SC		2001		2001		10.00		161,770		3,141,729	BED BATH & BEYOND #415(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006)

101	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	MM		1974/1998/2000		* 2		100.00		269,328		843,615	SEARS #2181(2013), J.C. PENNEY #1717(2007)

102	ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004		100.00		149,498		1,382,359	Home Depot #1906(2012)

103	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995		14.50		459,354		8,560,381	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)

Indiana

104	BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993/1997		* 2		100.00		223,431		1,324,889	K MART #7455(2008), GOODY’S #119 -4(2008), J.C. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010)

105	CONNERSVILLE, IN	WHITEWATER TRADE CENTER 2100 PARK ROAD		47331	SC		1991		* 2		100.00		141,770		858,083	COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011)

106	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996		20.00		312,546		3,284,677	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)

107	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 - 4315 COMMERCE DRIVE		47905	SC		2000		2003		100.00		35,100		412,572	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: 02/16/2005 Time: 1:26:28PM Page 9 of 28

Property List*


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

108	CEDAR RAPIDS, IA	NORTHLAND SQUARE 303-367 COLLINS ROAD, NE		52404	SC	1984		1998		100.00		187,068		1,772,537	T.J. MAXX #119(2010), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021)

109	OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM	1990/1999/2002		1/2		100.00		229,427		1,414,251	HERBERGER’S #326(2020), J.C. PENNEY #2438(2010), GOODY’S #391(2014), OFFICEMAX #1033(2015), TARGET(NOT OWNED)
Kansas

110	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC	1996/2002		1998		100.00		412,516		7,008,246	BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), ABERCROMBIE & FITCH(2009), VICTORIAS 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), BOMBAY (2006)

111	MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC	1998/2004		* 1		14.50		345,736		4,039,426	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)

112	OLATHE, KS (DEVONSHIRE)	DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD		66062	SC	1987		1998		24.75		48,802		383,384

113	OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC	1987/2002		1998		24.75		60,765		735,119

114	OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC	2001/2004		2003		100.00		14,000		269,122

115	SHAWNEE, KS (QUIVIRA PARCEL)	TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD		66216	SC	1972		1998		24.75		12,000		206,911

116	SHAWNEE, KS (TEN QUIVIRA)	TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD		66216	SC	1999/2003		1998		24.75		162,843		930,355	PRICE CHOPPER FOODS(2008), WESTLAKE HARDWARE #17(2005)

117	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC	1955		2002		100.00		203,997		2,134,012	OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED)

Kentucky

118	FLORENCE, KY (TURFWAY)	TURFWAY PLAZA 6825 TURFWAY ROAD		41042	SC	1975/1998		2004		100.00		133,985		849,332	Party Town & Office Depot #176(2006), Big Lots, Inc. #00296 B(2008)

119	FRANKFURT, KY (EASTWOOD)	EASTWOOD SHOPPING CENTER 260 VERSAILLES ROAD		40601	SC	1963/1994		2004		100.00		155,104		578,877	Sears, Roebuck & Co. #2090(2006)

120	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE		40511	SC	1998		2003		100.00		48,920		620,220	Staples #1214(2016), 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: 02/16/2005 Time: 1:26:28PM Page 10 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
121	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL		40503	SC		1998		2003		100.00		27,643		584,832	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
122	LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY		40228	SC		1973/1989/1998		2004		100.00		120,477		617,385	Valu Discount, Inc.(2009)

123	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003		100.00		158,041		376,059	Food Lion #1203(2017), BALLARD’S(NOT OWNED)

Maine

124	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997		100.00		301,992		2,513,314	HOYTS CINEMAS #445-02 BRUNSWICK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX #114(2010), SEARS #2203(2012)

Maryland

125	SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999		* 1		100.00		98,635		1,360,468	OFFICEMAX #798(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

126	SALISBURY, MD (DEV JV)	THE COMMONS(PHASE III) NORTH POINTE DRIVE		21801	SC		2000		* 1		50.00		27,500		243,250

Massachusetts

127	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		* 1		100.00		222,287		4,364,862	BED BATH AND BEYOND #310(2011), OLD NAVY #02746(2011), OFFICEMAX # 600(2020), BABIES R US #6443(2013), MICHAEL’S #01597(2012), COSTCO(NOT OWNED), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)

128	FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995		14.50		769,276		13,463,395	TOYS R US(2020), JORDON MARSH / FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US #6450(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS #031(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), KOHL’S #575(2010), GENERAL CINEMA #971(2014)

Michigan

129	BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		1993		100.00		63,415		500,308	GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)

130	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		1994		100.00		95,094		203,776	K MART #9245(2010), KMART(NOT OWNED)

131	DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998		100.00		343,502		2,137,094	PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), KIDS R US #1167(2013), TOYS R US, INC.(2011), TARGET(NOT OWNED)

132	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991/2004		1993		100.00		190,482		692,333	Big Lots(2010), BUY LOW/ROUNDY’S — 4(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: 02/16/2005 Time: 1:26:28PM Page 11 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
133	GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2003		2003		100.00		196,543		2,432,777	Circuit City(2017), Linen ‘N Things #682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED)
134	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981/1999		1/2		100.00		257,863		698,098	J.C. PENNEY #20430(2010), OFFICEMAX #1116(2014)

135	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		1993		100.00		215,047		1,393,655	Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(2012)

136	LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000/2001		2003		100.00		95,369		960,941	Michael’s #1590(2011), Gander Mountain(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

137	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990		* 2		100.00		249,680		1,659,484	WAL-MART STORES #1428(2009), TJX(2014), KROGER #889(2011)

138	SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993/1998		1994		100.00		270,761		1,651,724	WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013)

139	WALKER, MI (ALPINE AVE)	GREEN RIDGE SQAURE II 3410 ALPINE AVENUE		49504	SC		1991/1995		2004		100.00		88,133		902,807	Circuit City #3632(2003), BED BATH AND BEYOND (2015)

140	WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995		100.00		133,877		1,318,282	T.J. MAXX #160(2005), OFFICE DEPOT #241(2010), BED BATH AND BEYOND (NOT OWNED), TARGET(NOT OWNED), TOYS R US(NOT OWNED)

Minnesota

141	BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	MM		1977/1998		* 2		100.00		297,803		1,478,160	K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2008)

142	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	MM		1985/1998		1/2		100.00		260,319		1,754,569	HERBERGER’S #323(2013), MOVIES 10/WESTGATE MALL/#205(2011)

143	COON RAPIDS, MN	RIVERDALE VILLAGE PERIMETER 12921 RIVERDALE DRIVE		55433	SC		1999/2001/2002/2003		* 1		14.50		364,998		5,262,237	KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), OLD NAVY # 03546(2007), SPORTSMEN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED)

144	COON RAPIDS, MN (INNER)	RIVERDALE VILLAGE — INNER 12921 RIVERDALE DRIVE		55433	SC		2003		* 1		14.50		153,263		3,402,206	BORDERS(2023), J.C. PENNEY(NOT OWNED)

145	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		55122	SC		1997/2001		1997		50.00		278,211		3,446,110	BYERLY’S(2016), PETSMART #469(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), T.J. MAXX #379(2007), BED BATH & BEYOND #457(2012), ETHAN ALLEN FURNITURE(NOT OWNED)

146	HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	MM		1981		1/2		100.00		121,001		637,348	J.C. PENNEY #1076-9 -4(2006), HENNEN’S FURNITURE(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: 02/16/2005 Time: 1:26:28PM Page 12 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
147	MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94		55369	SC		1995/2002		1996		50.00		265,957		2,837,043	KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAEL’S STORES, INC. #2752(2012), BED, BATH
																AND BEYOND #456(2012), CUB FOODS(NOT OWNED)

148	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997		14.50		324,354		2,639,627	WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)

149	WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	MM		1977		1/2		100.00		185,658		526,753	J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)

Mississippi

150	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003		100.00		457,027		5,355,394	ACADEMY(2015), BED, BATH AND BEYOND #589(2014), ROSS DRESS FOR LESS #712(2015), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED)

151	JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003		100.00		107,780		1,082,769	Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

152	JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003		100.00		52,617		331,788	Office Depot #414(2012), HOME DEPOT(NOT OWNED)

153	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003		20.00		13,200		319,500

154	SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003		100.00		55,749		646,127	Staples 1172(2016), HOME DEPOT(NOT OWNED)

155	STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994		100.00		133,691		895,928	J.C. PENNEY #2447(2010), KROGER #381(2042), LOWE’S(NOT OWNED)

156	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994		100.00		348,236		1,923,088	SAM’S CLUB#6329(2012), GOODY’S #39(2007), WAL-MART STORES #258(2012)

Missouri

157	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		* 1		50.00		34,567		463,364	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

158	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2		100.00		93,548		848,806

159	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995		14.50		385,955		4,594,531	KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)

160	KANSAS CITY, MO (BRYWOOD)	BRYWOOD CENTER 8600 E. 63rd STREET		64133	SC		1972		1998		24.75		208,234		892,469	BIG LOTS #489(2009), PRICE CHOPPER(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: 02/16/2005 Time: 1:26:28PM Page 13 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
161	KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003		20.00		229,284		4,166,147	AMC Theaters(2011), T.J. Maxx(2013), Dick’s(2016), 24 Hour Fitness(2023), TARGET(NOT OWNED), DILLARD’S(NOT OWNED)
162	SPRINGFIELD, MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998		100.00		56,033		486,741	TOYS R US #9512(2013)

163	ST. JOHN, MO	ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA		63114	SC		2003		2003		100.00		93,513		956,025	Shop ‘N Save(2022)

164	ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998		100.00		415,435		5,305,336	BED BATH AND BEYOND #460(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)

165	ST. LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998		100.00		52,842		466,784	SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED)

166	ST. LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998		100.00		60,628		930,858	OFFICE MAX(2014)

167	ST. LOUIS, MO (BRENTWOOD)	PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT		63144	SC		1998		1998		100.00		299,584		4,022,889	TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), SPORTS AUTHORITY(2013)

168	ST. LOUIS, MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998		100.00		110,992		611,499	K MART #7543(2008)

169	ST. LOUIS, MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998		100.00		92,372		1,390,809	T.J. MAXX #329(2006)

Nevada

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

171	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000		100.00		52,474		32,776	CENTURY THEATRE, INC.(2014)

New Jersey

172	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003		100.00		420,368		6,801,924	Kohl’s #469(2023), Linens ‘N Things #142(2014), Michael’s(2013), Ross Dress For Less #634(2014), Shop Rite(2028), BARNES & NOBLE (2014), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED)

173	MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE		08330	SC		2001		2004		100.00		400,160		5,661,550	Regal Cinemas(2021), Ross Stores #518(2012), Bed, Bath and Beyond, Inc. #38(2017), Marshall’s #377(2012), SPORTS AUTHORITY #459(2015), CIRCUIT CITY(2020)


* 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: 02/16/2005 Time: 1:26:28PM Page 14 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
174	MAYS LANDING, NJ (WRANGLEBORO)	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD		08330	SC		1997		2004		100.00		839,446		9,433,808	Best Buy Stores, L.P. #581(2017), Kohl’s Stores #279(2018), Staples #784(2012), Babies R Us #6373(2013), BJ’s Wholesale Club #74(2016), Dick’s Sporting Goods, Inc #85(2013), Seamans Furniture(2012), Linens ‘N Things #148(2012), Michaels #9832(2008), Target Stores #T-1109A(2023), Petsmart #576(2013), Borders #193(2017)

175	PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		42071	SC		1995		1997		100.00		211,807		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)

176	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		42071	SC		1999/2004		* 1		100.00		202,622		4,001,229	DICK’S SPORTING GOOD #105(2015), MICHAEL’S(2009), KOHL’S #294(2019), WEGMAN’S MARKET(NOT OWNED)

177	WEST LONG BRANCH, NJ(MONMOUTH)	CONSUMER CENTRE 310 STATE HIGHWAY #36		07764	SC		1993		2004		100.00		292,999		3,889,010	SportsAuthority #803(2012), Barnes & Noble #1885(2009), PETsMART #0760(2008), Home Depot #0907(2013)

New Mexico

178	LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2		100.00		93,021		597,947	SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2008), BEALL’S #0180(2009)

New York

179	ALDEN, NY (TOPS)	TOPS PLAZA-ALDEN 12775 BROADWAY		14004	SC		1999		2004		100.00		67,992		736,269	Tops Markets #261(2019)

180	AMHERST, NY	TOPS PLAZA (ROBINSON) 3035 NIAGARA FALLS BLVD		14228	SC		1986		2004		20.00		145,192		1,160,549

181	AMHERST, NY (BOULEVARD CONSUME	K MART-AMHERST NIAGARA 1641-1703 NIAGARA FALLS BLVD		14228	SC		1998/2001/2003		2004		100.00		680,287		6,179,753	K Mart #4199(2007), Target Stores #T-1010A(2019), Babies R Us #9282(2015), Barnes & Noble #2958(2014), Best Buy #459(2016), Bed, Bath & Beyond #532(2018), A.C. Moore(2013)

182	AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD		14228	SC		1978/1982/1990/1998		2004		100.00		199,504		1,917,592	Burlington Coat #62(2004), Jo-Ann Fabrics and Crafts #1930(2014)

183	AMHERST, NY (DICKS)	DICK’S SPORTING GOODS-AMHERST 281 MEYER ROAD		14226	SC		1993/2003		2004		100.00		55,745		720,783	Dick’s Sporting Goods, Inc #11(2015)

184	AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD		14226	SC		1960/1973/1982/1988/ 2003		2004		100.00		58,413		526,163

185	AMHERST, NY (TOPS-TRANSIT COMM)	TOPS PLAZA-AMHERST TRANSIT 9660 TRANSIT ROAD		14226	SC		1995/1998		2004		100.00		112,427		1,062,889	Tops Markets (B) #2(2016)

186	AMHERST, NY (UNIVERSITY PLAZA)	UNIVERSITY PLAZA 3500 MAIN STREET		14226	SC		1965/1995/2002		2004		100.00		162,879		1,329,666	A.J. Wright #162(2012), Tops Markets #42(2009)

187	ARCADE, NY (TOPS-ARCADE)	TOPS PLAZA-ARCADE ROUTE 39		14009	SC		1995		2004		10.00		65,915		638,354


* 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: 02/16/2005 Time: 1:26:28PM Page 15 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
188	AVON, NY (TOPS PLAZA)	TOPS PLAZA-AVON 270 E. MAIN STREET		14414	SC		1997/2002		2004		10.00		62,988		514,756

189	BATAVIA, NY (BJS)	BJ’s PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004		14.50		95,846		766,798	BJ’s Wholesale Club #311(2016)
190	BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN STREET		14020	SC		1990		2004		14.50		49,431		439,613

191	BATAVIA, NY (TOPS PLAZA)	TOPS PLAZA 8351 LEWISTON ROAD		14020	SC		1994		2004		14.50		37,140		414,670	TOPS(NOT OWNED)

192	BIG FLATS, NY (CONSUMER SQUARE	BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64		14814	SC		1993/2001		2004		100.00		641,264		5,961,017	Dick’s Sporting Goods, Inc #25(2008), Wal-Mart #10-1976(2013), Wal-Mart-Sams #6431(2013), Tops Markets #542(2013), Bed, Bath & Beyond #448(2014), Old Navy #06052(2009), Staples #279(2011), Barnes & Noble #2825(2011), TJ Maxx #198(2007), Michaels #2035(2010)

193	BUFFALO, NY (DELAWARE CONSUMER	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE		14216	SC		1995		2004		100.00		229,607		2,010,140	Target Stores #T-1013A(2015), A.J. Wright #174(2012), OfficeMax #834(2012)

194	BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951-2023 ELMWOOD AVENUE		14207	SC		1997		2004		100.00		133,940		1,492,266	Regal Cinema #33341(2017), Office Depot #412(2012)

195	BUFFALO, NY (MARSHALLS)	MARSHALL’S PLAZA 2150 DELAWARE AVENUE		14216	SC		1960/1975/1983/1995		2004		100.00		82,196		848,097	Marshall’s #331(2009)

196	CANANDAIGUA, NY	TOPS PLAZA 5150 NORTH STREET		14224	SC		2002		2002		100.00		57,498		769,500	Tops Markets #432(2023)

197	CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS 2015 WALDEN AVENUE		14225	SC		1994		2004		14.50		26,500		609,500	Borders #100(2015)

198	CHEEKTOWAGA, NY (DICKS)	DICK’S PLAZA 3637 UNION ROAD		14225	SC		1979/1982/1997/2003		2004		14.50		174,438		1,230,349	Dick’s Sporting Goods, Inc. #0(2015)

199	CHEEKTOWAGA, NY (THRUWAY PLAZA	THRUWAY PLAZA 2195 HARLEM ROAD		14225	SC		1965/1995/1997/2004		2004		100.00		347,202		2,399,258	MovieLand 8 Theatres(2019), Tops Markets #131(2019), Value City Furniture(2009), M & T Bank(2007), Wal-Mart #01-2586(2017), HOME DEPOT(NOT OWNED)

200	CHEEKTOWAGA, NY (TOPS UNION	TOPS PLAZA-UNION ROAD 3825-3875 UNION ROAD		14225	SC		1978/1989/1995/2004		2004		20.00		152,457		1,760,819

201	CHEEKTOWAGA, NY (UNION CONSUMER	UNION CONSUMER SQUARE 3733-3735 UNION ROAD		14225	SC		1989/1998/2004		2004		14.50		381,193		4,281,066	Marshall’s #366(2009), OfficeMax #320(2005), Sam’s Club #6673(2024), Circuit City #3151(2016), Jo-Ann Fabrics and Crafts #193(2015)


* 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: 02/16/2005 Time: 1:26:28PM Page 16 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
202	CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE 2130-2190 WALDEN AVENUE		14225	SC		1994/1999		2004		14.50		68,002		644,420	Media Play #8290(2010)

203	CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700-1750 WALDEN AVENUE		14225	SC		1997/1999/2004		2004		14.50		255,964		2,116,974	Office Depot #00673(2009), Linens ‘N Things(2015), Michaels #3862(2013), Target Stores #T-1014A(2015)

204	CHILI, NY (KMART)	CHILI PLAZA 800 PAUL ROAD		14606	SC		1998		2004		100.00		116,868		748,189	Sears, Roebuck and Co. (2019)

205	CICERO, NY (BEAR RD)	BEAR ROAD PLAZA 709-729 NORTH MAIN STREET		13212	SC		1978/1988/1995		2004		100.00		59,483		510,946
206	CLARENCE, NY (BARNES)	BARNES & NOBLE 7370 TRANSIT ROAD		14031	SC		1992		2004		14.50		16,030		304,249

207	CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/ 2004		2004		14.50		460,716		3,963,721	Wal-Mart #2355(2015), Dick’s Sporting Goods, Inc. #0(2011), Linens ‘N Things #622(2015), Michaels #2014(2010), BJ’S WHOLESALE CLUB, INC.(2021)

208	CLARENCE, NY (JOANN)	JOANN PLAZA 4101 TRANSIT ROAD		14221	SC		1994		2004		14.50		92,720		743,588	OfficeMax #81(2009), JOANN FABRICS(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)

209	CLARENCE, NY (PREMIER)	PREMIER PLACE 7864-8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004		14.50		142,536		1,397,787	Premier Liquors(2010), Stein Mart #155(2008)

210	CORTLAND, NY (TOPS PLAZA)	TOPS PLAZA-CORTLAND 3836 ROUTE 281		13045	SC		1995		2004		100.00		134,223		1,688,442	Staples #1235(2032), Tops Markets (B) #5(2016)

211	DANSVILLE, NY (TOPS)	TOPS PLAZA-DANSVILLE 23-65 FRANKLIN STREET		14437	SC		2001		2004		100.00		62,400		626,969	Tops Markets #520(2051), Blockbuster(2014)

212	DEPEW, NY	TOPS PLAZA-DEPEW 5175 BROADWAY		14043	SC		1980/1990/1996		2004		100.00		148,245		1,437,720	Tops Markets #114(2016), Big Lots #00391 B(2011)

213	DEWITT, NY (DEWITT COMMONS)	MARSHALL’S PLAZA 3401 ERIE BOULEVARD EAST		13214	SC		2001/2003		2004		100.00		318,809		2,387,376	Toys “R” Us #7525(2018), Marshall’s #217(2019), Bed, Bath & Beyond #515(2018), A.C. MOORE(2014), Syracuse Orthopedic Specialist(2017)

214	DEWITT, NY (MICHAELS/CHUCK E C	MICHAELS-DEWITT 3133 ERIE BOULEVARD		13214	SC		2002		2004		100.00		49,713		570,166	Michaels #2011(2010)

215	ELMIRA, NY (TOPS PLAZA)	TOPS PLAZA-ELMIRA HUDSON STREET		14904	SC		1997		2004		10.00		98,330		1,117,100


* 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: 02/16/2005 Time: 1:26:28PM Page 17 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
216	GATES, NY (WESTGATE PLAZA)	WESTGATE PLAZA 2000 CHILI AVENUE		14624	SC		1998		2004		100.00		327,809		3,133,458	Wal-Mart #2859(2021), Staples the Office Superstore(2015)

217	GREECE, NY	WEST RIDGE PLAZA 3042 WEST RIDGE ROAD		14626	SC		1993/1999		2004		100.00		75,916		799,191	Petsmart #774(2008), Jo-Ann etc. #1949(2015)

218	HAMBURG, NY (BJS)	BJ’S PLAZA 4408 MILESTRIP ROAD		14075	SC		1990/1997		2004		100.00		175,965		1,680,083	OfficeMax #0027(2010), BJ’s Wholesale Club #35(2010)

219	HAMBURG, NY (DICKS-MCKINLEY)	MCKINLEY PLACE 3701 MCKINLEY PARKWAY		14075	SC		1990/2001		2004		100.00		128,944		1,413,676	Dick’s Sporting Goods, Inc. #12(2011), Rosa’s Home Store(2009)

220	HAMBURG, NY (HAMBURG VILLAGE)	HAMBURG VILLAGE SQUARE 140 PINE STREET		14075	SC		1960/1972/1984/1996		2004		100.00		92,717		871,487

221	HAMBURG, NY (HOME DEPOT)	HOME DEPOT PLAZA 4405 MILESTRIP ROAD		14219	SC		1999/2000		2004		100.00		139,413		1,506,174	Home Depot #1286(2012)

222	HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP CENTER 3540 MCKINLEY PARKWAY		14075	SC		1999		2004		100.00		106,774		1,346,637	Old Navy #03046(2005), Jo-Ann Fabrics and Crafts #1932(2015)

223	HAMBURG, NY (TOPS)	SOUTH PARK PLAZA-TOPS 6150 SOUTH PARK AVENUE		14075	SC		1990/1992		2004		10.00		84,000		730,500

224	HAMLIN, NY (TOPS PLAZA)	TOPS PLAZA-HAMLIN 1800 LAKE ROAD		14464	SC		1997		2004		10.00		60,488		492,380

225	IRONDEQUOIT, NY (CULVER RIDGE	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST		14622	SC		1972/1984/1997		2004		20.00		226,812		2,477,346

226	IRONDEQUOIT, NY (RIDGEVIEW)	RIDGEVIEW PLACE 1850 RIDGE ROAD EAST		14617	SC		2000		2004		100.00		65,229		743,785

227	ITHACA, NY (TOPS PLAZA)	TOPS PLAZA-ITHACA 614 — 722 SOUTH MEADOW		14850	SC		1990/1999/2003		2004		100.00		229,320		3,672,835	Tops Markets #525(2051), Michaels #3718(2013), Barnes & Noble #2122(2018), OfficeMax #908(2014)

228	JAMESTOWN, NY	TOPS PLAZA-JAMESTOWN WASHINGTON STREET		14702	SC		1997		2004		20.00		98,001		1,272,966

229	JAMESTOWN, NY (SOUTHSIDE)	SOUTHSIDE PLAZA 708 — 744 FOOTE AVENUE		14701	SC		1980/1997		2004		100.00		63,140		593,122	Quality Market #6661(2017)


* 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: 02/16/2005 Time: 1:26:28PM Page 18 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
230	LANCASTER, NY (REGAL)	REGAL CENTER 6703-6733 TRANSIT ROAD		14221	SC		1997		2004		14.50		112,949		944,047	Regal Cinema #33294(2017)

231	LEROY, NY	TOPS PLAZA-LEROY 128 WEST MAIN STREET		14482	SC		1997		2004		20.00		62,747		581,515

232	LOCKPORT, NY	WAL-MART/TOPS PLAZA 5789 & 5839 TRANSIT RD & HAMM		14094	SC		1993		2004		100.00		296,582		2,604,135	Wal-Mart #10-2107(2015), Tops Markets #21(2021), Sears Hardware #5073(2006)

233	MEDINA, NY (TOPS)	TOPS PLAZA-MEDINA 11200 MAPLE RIDGE ROAD		14103	SC		1996		2004		100.00		80,028		526,400	Tops Market #248(2016)

234	NEW HARTFORD, NY	CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE		13413	SC		2002		2004		14.50		516,801		5,715,031	Barnes & Noble #2133(2013), Bed, Bath & Beyond #511(2018), Best Buy #545(2013), Staples the Office Superstore(2018), Michaels #2770(2013), Wal-Mart #1677-02(2022), TJ Maxx #865(2012)

235	NEW HARTFORD, NY (TOPS)	TOPS PLAZA — KELLOGG RD 40 KELLOGG ROAD		13413	SC		1998		2004		100.00		127,740		1,317,862	Tops Markets #570(2018)

236	NIAGARA FALLS, NY (HOME DEPOT	HOME DEPOT PLAZA — N. FALLS 720 & 750 BUILDERS WAY		14304	SC		1994/2000		2004		100.00		154,510		1,461,852	Home Depot #1287(2019), Regal Cinemas #33393(2019)

237	NIAGARA FALLS, NY (PINE PLAZA)	PINE PLAZA 8207-8351 NIAGARA FALLS BLVD.		14304	SC		1980/1992/1998		2004		100.00		82,755		800,529	OfficeMax #328(2015)

238	NIAGARA FALLS, NY (TOPS-PORTA	TOPS PLAZA-PORTAGE 1000 PORTAGE ROAD		14301	SC		1991		2004		100.00		116,903		1,139,002	Tops Markets/Eckerd Corp. #009(2013)

239	NIAGARA FALLS, NY (WEGMANS)	WEGMANS PLAZA 1575 — 1653 MILITARY ROAD		14304	SC		1998		2004		100.00		122,876		597,836	Wegmans(2023)

240	NISKAYUNA, NY	MOHAWK COMMONS 402 — 442 BALLTOWN ROAD		12121	SC		2002		2004		100.00		404,994		4,303,897

241	NORTH TONAWANDA, NY (MID-C	MID-CITY PLAZA 955-987 PAYNE AVENUE		14120	SC		1960/1976/1980/1995/ 2004		2004		100.00		212,418		2,048,826	Sears, Roebuck & Co. #5054(2006), TOPS(2004)

242	NORWICH, NY (TOPS)	TOPS PLAZA-NORWICH 54 EAST MAIN STREET		13815	SC		1997		2004		10.00		85,453		1,101,525

243	OLEAN, NY (WAL-MART)	WAL-MART PLAZA-OLEAN 3142 WEST STATE STREET		14760	SC		1993/2004		2004		100.00		285,400		2,249,634	Wal-Mart #2159(2014), Eastwynn Theatres, Inc(2014), BJ’s Wholesale Club #302(2014), HOME DEPOT(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: 02/16/2005 Time: 1:26:28PM Page 19 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
244	ONTARIO, NY	TOPS PLAZA-ONTARIO 6254-6272 FURNANCE ROAD		14519	SC		1998		2004		20.00		77,040		751,687

245	ORCHARD PARK, NY	CROSSROADS CENTRE 3201 — 3227 SOUTHWESTERN BLVD		14127	SC		2000		2004		20.00		167,805		1,940,010

246	PLATTSBURGH, NY	PLATTSBURGH CONSUMER SQUARE RT. 3 — CORNELLA ROAD		12901	SC		1993/2004		2004		100.00		491,506		3,410,479	Wal-Mart-Sams #6456(2013), Wal-Mart #01-1994(2013), TJ Maxx #423(2013), PetsMart #1290(2014), Michaels #1555(2011)

247	ROCHESTER, NY (HEN-JEF)	HEN-JEF PLAZA 400 JEFFERSON RD @ HENRIETTE		14620	SC		1983/1993		2004		100.00		159,517		1,226,189	City Mattress(2009), Comp USA #1557(2008), Petsmart #773(2008)

248	ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD ROAD		14625	SC		1959/1965/1972/1980/ 1986/1994		2004		20.00		278,241		3,508,971

249	ROCHESTER, NY(HENRIETTA PLAZA)	HENRIETTA PLAZA 1100 JEFFERSON ROAD		14467	SC		1972/1980/1988/1999		2004		100.00		245,426		2,058,997	Big Lots, Inc. #01474 B(2010), Office Depot #2011(2009), Tops Markets #415(2013)

250	ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST		13440	SC		1978/2000/2001		2004		100.00		161,967		819,129	Staples the Office Superstore(2015), J.C. Penney #2008(2008), Tops Markets #572(2021)
251	SPRINGVILLE, NY	SPRINGVILLE PLAZA 172-218 SOUTH CASCADE DRIVE		14141	SC		1980/1999/2004		2004		100.00		107,924		902,505	Tops Markets(2053), SALVATION ARMY (2009)

252	TONAWANDA, NY (DEL-TON)	DEL-TON PLAZA 4220 DELAWARE AVENUE		14150	SC		1985/1996		2004		100.00		55,473		357,498

253	TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD		14150	SC		1976/1985/1996		2004		100.00		121,846		1,106,050	CompUSA Inc., Stores LP. #29-4(2010), Office Depot #398(2011)

254	TONAWANDA, NY (SHER/DELAWARE)	SHERIDAN/DELAWARE PLAZA 1692-1752 SHERIDAN DRIVE		14223	SC		1950/1965/1975/1986/ 2000		2004		100.00		188,200		1,263,436	The Bon Ton #63(2010), Bon Ton Home Store(2010), Tops Markets #239(2020)

255	TONAWANDA, NY (TOPS PLAZA)	TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET		14150	SC		1997		2004		10.00		97,014		1,235,480

256	TONAWANDA, NY (TOPS/GANDER MTN)	YOUNGMANN PLAZA 750 YOUNG STREET		14150	SC		1985/2003		2004		10.00		310,921		2,211,233

257	UTICA, NY (TOPS MOHAWK ST.)	TOPS PLAZA-UTICA 1154 MOHAWK STREET		13501	SC		1961/1972/1988/1998		2004		100.00		191,047		1,656,386	A. J. WRIGHT(2014), Tops Markets (B) #5(2019)


* 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: 02/16/2005 Time: 1:26:28PM Page 20 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
258	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE		14564	SC		2000		2004		100.00		56,134		947,180

259	WARSAW, NY	TOPS PLAZA-WARSAW 2382 ROUTE 19		14569	SC		1998		2004		20.00		74,105		712,551

260	WEST SENECA, NY (HOME DEPOT	HOME DEPOT PLAZA 1881 RIDGE ROAD		14224	SC		1975/1983/1987/1995		2004		100.00		139,453		1,336,264	Home Depot #1231(2016)

261	WEST SENECA, NY (SENECA RI	SENECA RIDGE PLAZA 3531 SENECA STREET		14224	SC		1980/1996/2004		2004		100.00		62,403		551,570	Sears, Roebuck & Co. #5163(2006)

262	WILLIAMSVILLE, NY	WILLIAMSVILLE PLACA 5395 SHERIDAN DRIVE		14221	SC		1986/1995/2003		2004		100.00		92,382		1,113,196

North Carolina

263	ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		28805	SC		1996		2003		14.50		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)

264	DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2		100.00		213,934		1,164,497	FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)
265	FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003		100.00		196,279		1,530,534	Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond #560(2014)

266	HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995/2004		2003		100.00		47,530		231,772	Ingles #112(2009)

267	INDIAN TRAIL, NC	UNION TOWN CENTER-PHASE I INDEPENDENCE & FAITH CHURCH RO		28079	SC		1999		2004		100.00		91,400		875,082	Food Lion #1614(2020)

268	MOORESVILLE, NC	MOORESVILLE CONSUMER SQUARE 355 WEST PLAZA DRIVE		28117	SC		1999		2004		100.00		447,946		3,666,637	Wal-Mart #1156(2019), Goody’s #322(2010)

269	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989/1999		1/2		100.00		68,130		592,213	GOODY’S #4(2007), WAL-MART(NOT OWNED)

270	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990/1999		1/2		100.00		93,527		441,933	WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)

271	WAYNESVILLE, NC	LAKESIDE PLAZA 201 PARAGON PARKWAY		28721	SC		1990		* 2		100.00		181,894		1,166,919	WAL-MART STORE #1663(2011), FOOD LION #957-2(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: 02/16/2005 Time: 1:26:28PM Page 21 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
272	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2		100.00		410,491		3,237,528	BARNES & NOBLE #2762(2007), LOWE’S HOME CENTER #445-4(2014), OLD NAVY #0384(2006), BED BATH & BEYOND # 418(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175 -4(2005), BADCOCK FURNITURE (2014), SAM’S(NOT OWNED)

North Dakota

273	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		1/2		100.00		266,502		1,076,836	K MART #9564(2008), HERBERGER’S #330(2005), J.C. PENNEY #1628-7(2008)

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

Ohio

275	ASHLAND, OH	CLAREMONT PLAZA US ROUTE 42		44805	SC		1977		1/2		100.00		110,505		72,234	TRACTOR SUPPLY(2010)

276	ASHTABULA, OH (TOPS)	TOPS PLAZA-ASHTABULA 1144 WEST PROSPECT ROAD		44004	SC		2000		2004		100.00		57,874		898,312	Tops Markets #884(2021)

277	AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996/2004		* 1		100.00		64,700		1,277,463	MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED)

278	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)
279	BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		44514	SC		1997		* 1		100.00		506,254		4,090,327	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)

280	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		* 1		14.50		478,106		4,946,630	AMERICAN SIGNATURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013), DICK’S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2012), KOHL’S DEPARTMENT STORE#239(2016), TARGET (NOT OWNED)

281	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974/1998		1993		20.00		105,512		1,012,509	KROGER #348(2041), OFFICE MAX #617(2013)

282	CHILLICOTHE, OH (LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET		45601	SC		1974/1998		1/2		100.00		130,497		822,132	LOWE’S HOME CENTERS #472-2(2015)

283	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		* 2		100.00		235,433		1,941,962	WINN DIXIE STORES #1771 -4(2010), MICHAEL’S(2006)

284	CLEVELAND, OH (WEST 65th)	KMART PLAZA — WEST 65TH 3250 WEST 65TH STREET		44102	SC		1977		1/2		100.00		49,420		287,689	GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED)

285	COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST 3630 SOLDANO BLVD		43228	SC		1989/2003		2004		100.00		356,515		2,341,325	OfficeMax #282(2010), Kroger Store #598(2014), Target Stores #T-668(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: 02/16/2005 Time: 1:26:28PM Page 22 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
286	COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998		80.01		326,912		1,664,211	AMC THEATRE(2007), MAX SPORTS CENTER(2006), B.J.’S WHOLESALE CLUB(NOT OWNED)

287	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998		100.00		509,611		6,167,726	COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2015), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2008), GALYAN’S #410(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC. #195(2014), T.J. MAXX#447(2008)

288	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)

289	COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998		79.45		305,428		3,473,945	BABIES R US #9242(2011), MICHAEL’S #2873(2013), RHODES FURNITURE(2012), STEIN MART #130(2007), BIG BEAR(2016), STAPLES #403(2010)

290	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD		43017	SC		1996		1998		100.00		137,556		1,512,999	GIANT EAGLE(2014)

291	ELYRIA, OH	ELYRIA SHOPPING CENTER 825 CLEVELAND		44035	SC		1977		1/2		100.00		150,200		521,970	TOPS MARKETS #811(2010)

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

293	GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998		20.00		128,210		777,358
294	HAMILTON, OH	H.H. GREG 1371 MAIN STREET		43450	SC		1986		1998		100.00		40,000		230,000	ROUNDY’S(2006)

295	HILLSBORO, OH	HILLSBORO SHOPPING CENTER 1100 NORTH HIGH STREET		45133	SC		1979		1/2		100.00		58,564		168,171	BOB & CARL’S(NOT OWNED)

296	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		1993		100.00		163,819		1,436,946	CUB FOODS(2011), WAL-MART(NOT OWNED)

297	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990/2002		1993		100.00		17,000		174,484	WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED)

298	MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994		50.00		233,639		2,804,179	FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)

299	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)


* 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: 02/16/2005 Time: 1:26:28PM Page 23 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
300	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997		14.50		624,480		7,681,969	BED BATH & BEYOND, INC. #458(2012), PETSMART #529(2008), HOME DEPOT #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 #267/(2006), KRONHEIMS FURNITURE(2012), TOP’S SUPERMARKET(NOT OWNED)

301	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)

302	PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998		100.00		59,495		673,091

303	SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		* 1		100.00		183,288		2,642,386	MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)

304	STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		44224	SC		1997/2000		* 1		100.00		404,480		2,925,366	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)

305	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980/2004		1/2		100.00		180,969		805,817	MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2010)

306	TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		* 1		20.00		241,129		2,744,714	KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #03786(2005), BABIES R US(NOT OWNED)

307	TOLEDO, OH (DICKS)	DICK’S SPORTING GOODS 851 W ALEXIS ROAD		43612	SC		1995		2004		100.00		80,160		501,000	Dick’s Sporting Goods #1563(2016)

308	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974/1997/2000		1/2		100.00		162,330		1,350,853	MARC’S #37(2009), K MART #3234(2009)

309	WILMINGTON, OH	SOUTH RIDGE SHOPPING CENTER 1025 S SOUTH STREET		45177	SC		1977		1/2		100.00		55,130		229,424	COMMUNITY MARKETS(2013)

310	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994/1997/2001		* 1		100.00		104,873		816,231	KROGER #829(2019), WAL-MART(NOT OWNED)

Oregon

311	PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996		50.00		309,617		5,112,337	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

312	ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001/2004		2003		100.00		241,077		2,312,117	Wal-Mart #2641(2021)


* 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: 02/16/2005 Time: 1:26:28PM Page 24 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
313	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975/1997		1/2		100.00		173,876		1,223,809	K MART #3026(2005), BIG LOTS #1713(2010)

314	ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995/1998/2003		* 1		100.00		557,769		5,033,255	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)

315	ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2003		2003		14.50		107,537		1,066,739	Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED)

316	ERIE, PA (TOPS-ERIE)	TOPS PLAZA-ERIE 1520 WEST 25th STREET		16505	SC		1995		2004		100.00		99,631		1,250,882	Tops Markets (B) #602(2016)

317	HANOVER, PA (BJS)	BJ’S-HANOVER 1785 AIRPORT ROAD SOUTH		18109	SC		1991		2004		100.00		112,230		784,631	BJ’s Wholesale Club #21(2011)

318	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003		14.50		253,110		1,996,910	Lowe’s #500(2027), Shop ‘N Save(2019)

319	MONACA, PA (CINEMARK)	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999		2003		100.00		83,000		617,500	CINEMARK #344(2019)

South Carolina

320	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993		100.00		180,127		1,196,149	WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)

321	CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003		100.00		188,883		1,470,324	Food Lion #933(2011), Wal-Mart #1748(2011)

322	COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002		14.50		252,689		2,452,124	Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #712(2014), Marshall’s #458(2007), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED)

323	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992/2000		1995		100.00		209,139		1,984,144	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)

324	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		* 2		100.00		294,471		2,060,287	WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED)

325	N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVENUE		29406	SC		1980/1993		2004		100.00		235,501		1,396,966	Babies R Us #8888(2005), Big Lots #00004 B(2009)

326	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994/1999		1995		100.00		50,760		524,714	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: 02/16/2005 Time: 1:26:28PM Page 25 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
327	S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994		100.00		26,050		94,462

328	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994		100.00		142,133		877,174	INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(2015)

329	UNION, SC	WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1		29379	SC		1990		1993		100.00		184,331		959,734	WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255(2010)

South Dakota

330	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2		100.00		285,372		1,248,660	HERBERGER’S #315(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED)

Tennessee

331	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999/2004		2000		100.00		201,516		2,466,112	BEST BUY #170(2014), ROSS DRESS FOR LESS #823(2015), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)

332	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992/2004		2003		100.00		214,918		1,659,550	Best Buy #4720(2014), Hobby Lobby(2014), Fresh Market(2014)

333	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003		10.00		68,948		493,343	KROGER #538(2022)

334	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003		10.00		71,311		525,567	Bi-Lo #367(2011)

335	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003		100.00		84,441		726,207	Kroger #541(2012)

336	HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050 LOWE’S ROAD		37075	SC		1999		2003		20.00		133,144		1,222,439	Lowe’s(2019)

337	MEMPHIS, TN	COUNTRY BRIDGE 9020 US HIGHWAY 64		38002	SC		1993		2003		100.00		64,223		543,385	Kroger #436(2012)

338	MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003		100.00		117,750		726,764	Murfreesboro Athletic Club(2014)

339	MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003		14.50		108,180		1,299,330	T.J. Maxx #579(2008), Books-A-Million(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)

340	NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003		14.50		167,795		1,639,263	Lowe’s(2019), 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: 02/16/2005 Time: 1:26:28PM Page 26 of 28

Property List*


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

341	AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003		24.75		271,130		4,112,163	ROSS DRESS FOR LESS #706(2014), LINEN N THINGS #291(2014), HOBBY LOBBY(2018), ULTIMATE ELECTRONICS(2019), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED)

342	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD,		75035	SC		2003		2003		100.00		15,359		902,241	KOHL’S(NOT OWNED)

343	FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996		50.00		205,017		2,050,999	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)

344	FT. WORTH, TX (FOSSIL CREEK)	FOSSIL CREEK WESTERN CENTER BLVD		76137	SC		1991		2002		100.00		68,515		831,435

345	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003		100.00		147,010		2,866,905	Marquee Cinema(2018), OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)

346	LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002		14.50		311,039		3,179,320	99 CENTS ONLY STORE(2009), THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY
																SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED)

347	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY		75070	SC		2000		2003		100.00		118,970		1,261,863	Kohl’s #416(2021), ALBERTSON’S(NOT OWNED)

348	MESQUITE, TX	THE MARKETPLACE AT TOWN CENTER SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003		100.00		164,625		2,283,544	Ultimate Electronics(2018), Linen ‘N Things #267(2013), Michael’s(2012), Ross Dress For Less(2013), KOHL’S(NOT OWNED)

349	SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD		78227	SC		2001/2002		* 1		100.00		278,727		4,489,112	T.J. MAXX(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #03797(2006), ROSS DRESS FOR LESS #509(2012), BARNES & NOBLE # 2055(2011), KOHL’S(NOT OWNED), TARGET(NOT OWNED), LOWE’S(NOT OWNED)

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

351	MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998		100.00		661,469		6,762,206	WALMART(NOT OWNED)(2015), 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)

352	OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998		100.00		162,316		760,851	HARMONS(2012)

353	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)

354	RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998		100.00		590,313		4,622,846	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)


* 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: 02/16/2005 Time: 1:26:28PM Page 27 of 28

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
355	SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET		84115	SC		1978		1998		100.00		35,459		230,932

356	TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998		100.00		744,770		7,094,224	MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), SHOPKO #085(2014), Jo-Ann Stores #1435(2015), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS #658(2014), HARMONS SUPERSTORE(NOT OWNED)

Vermont

357	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		* 2		100.00		174,515		1,576,219	WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)

Virginia

358	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003		100.00		116,310		1,218,626	Ukrop’s(2008)

359	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995		14.50		253,297		4,293,302	SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014)

360	LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003		100.00		275,765		2,097,407	Goody’s #174(2006), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED)

361	LYNCHBURG, VA (FAIRVIEW)	FAIRVIEW SQUARE 2215 FLORIDA AVENUE		24501	SC		1992		2004		100.00		87,209		338,376	Food Lion #992(2012)

362	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2		50.00		435,057		2,785,973	GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017)

363	MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003		100.00		79,407		709,320	Food Lion #299(2005)

364	PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		1993		100.00		143,299		886,566	WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)

365	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		* 2		20.00		240,560		2,379,784	MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)

Washington

366	EVERETT, WA	PUGET PARK 520 128TH STREET SW		98204	SC		1981		2001		20.00		41,065		424,381	ALBERTSON’S(NOT OWNED)

367	KIRKLAND, WA	TOTEM LAKES TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004		20.00		226,188		2,705,520	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)

West Virginia


* 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: 02/16/2005 Time: 1:26:28PM Page 28 of 28

Property List*


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


368	BARBOURSVILLE, WV	OFFICE MAX CENTER 5-13 MALL ROAD		25504	SC		1985		1998		100.00		70,900		383,825	DISCOUNT EMPORIUM(2006),GOODY’S (2014), VALUE CITY(NOT OWNED)

Wisconsin

369	BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		100.00		190,142		1,500,185	T.J. Maxx #202(2005), Marshall’s Mega Store # 737(2009), Officemax #16(2010), Burlington Coat Factory #112(2007)

370	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		53209	SC		1967		2003		100.00		266,716		1,935,086	Kohl’s #44(2023), Michael’s(2012), Officemax #17(2005), T.J. Maxx/Burlington#201(2008), Old Navy #5482(2012)

371	BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD		53209	SC		1989		2003		100.00		143,372		1,029,892	Marshall’s Mega Store #736(2009), Pick ‘N Save #6867(2005)

372	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)

373	WEST ALLIS, WI (WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108		53214	SC		1968		2003		100.00		246,081		1,494,859	Kohl’s #41(2008), Marshall’s Mega Store #738(2009), Pick ‘N Save #6846(2008)
						Grand Total:							66,144,862		702,228,415


* 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 twelve months ended December 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
Scott A. Wolstein, Chairman of the Board & Chief Executive Officer, Developers Diversified Realty

Bert L. Wolstein, Chairman Emeritus (Deceased)
Chief Executive Officer, Heritage Development

Dean S. Adler, Principal, Lubert-Adler Partners L.P.

Terrance R. Ahern, Principal, The Townsend Group

Mohsen Anvari, Director, Institute for Corporate Governance at Case Western Reserve University’s Weatherhead School of Management

Robert H. Gidel, Managing Partner, Liberty Partners, LP

Victor B. MacFarlane, Founder and Managing Principal, MacFarlane Partners, LLC

Craig Macnab, CEO, Commercial Net Lease Realty, Inc.

Scott D. Roulston, President and Chief Executive Officer, Fairport Asset Management, LLC

Barry A. Sholem, Partner, MSD Capital, L.P.

William B. Summers Jr., Chairman, McDonald Investments Inc.

Officers
Scott A. Wolstein, Chairman of the Board & Chief Executive Officer

David M. Jacobstein, President & Chief Operating Officer

Daniel B. Hurwitz, Executive Vice President

Joan U. Allgood, Sr. Vice President of Corporate Affairs & Governance

Richard E. Brown, Sr. Vice President of Real Estate Operations

Timothy J. Bruce, Sr. Vice President of Development

William H. Schafer, Sr. Vice President & Chief Financial Officer

Steven M. Dorsky, Vice President of Leasing – Northern Region

David J. Favorite, Vice President of Property Management – Community Centers

Susan Hennessey, Vice President of Human Resources

John S. Kokinchak, Vice President of Property Management – Specialty Centers

Michelle Mahue Dawson, 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 – Western Region

Robin Walker-Gibbons, Vice President of Leasing – Southern Region

David E. Weiss, Vice President & General Counsel

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2004

Investor Information (Continued)

Research Coverage
AG Edwards
David AuBuchon (314) 955-5452

Deutsche Bank Securities
Lou Taylor (212) 250-4912
Chris Capolongo (212) 250-7726

Goldman Sachs
Carey Callaghan (212) 902-4351
Deron Kennedy (212) 357-2482

Green Street Advisors
Greg Andrews (949) 640-8780
Thomas Youn (949) 640-8780

Hilliard Lyons
Tony Howard (502) 588-1142

JP Morgan
Michael Mueller (212) 622-6689
Josh Bederman (212) 622-6530

Keybanc Capital Markets
Richard Moore (216) 443-2815
Chris Chapman (216) 563-2357

Lehman Brothers
David Shulman (212) 526-3413
Alexander Goldfarb (212) 526-5232

Research Coverage, continued
Merrill Lynch
Steve Sakwa (212) 449-0335
Craig Schmidt (212) 449-1944

Morgan Stanley
Matthew Ostrower (212) 761-6284
Suzanne Sorkin (212) 761-6385

Prudential Equity Group
Jim Sullivan (212) 778-2515
Michael Gorman (212) 778-1417

Wachovia Securities
Jeff Donnelly (617) 603-4262
Eric Rothman (617) 603-4263

Transfer Agent
National City Bank
Corporate Trust Operations
P.O. Box 92301
Cleveland, Ohio 44193-0900
1-800-622-6757

Investor Relations
Michelle Mahue Dawson
VP of Investor Relations
Phone: (216) 755-5455
Fax: (216) 755-1455
Email: mmahue@ddr.com~S.CONT

SITE Centers (SITC) 8-KDevelopers Diversified Realty Corporation