SITE Centers 8K Developers Diversified Realty Corporation | SITC 24 Apr 09

Exhibit 99.2

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

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

Table of Contents


Section	Page
Earnings Release & Financial Statements		1.0

Financial Summary		2.0
Financial Highlights		2.1
Market Capitalization and Financial Ratios		2.2
Market Capitalization Summary		2.3
Significant Accounting Policies		2.4
Other Real Estate Information		2.5
Reconciliation of Non-GAAP Financial Measures		2.6

Joint Venture Financial Summary		3.0
Joint Venture Investment Summary		3.1
Joint Venture Combining Financial Statements		3.2

Investment Summary		4.0
Capital Transactions		4.1
Acquisitions		4.2
Dispositions		4.2
Development Projects		4.3
Development Delivery and Funding Schedules		4.4
Expansion and Redevelopment Projects		4.5
Summary of Recently Developed Assets		4.6
Summary of Recently Expanded and Redeveloped Assets		4.7

Portfolio Summary		5.0

Debt Summary		6.0
Consolidated Debt		6.1
Joint Venture Debt		6.2
Consolidated and Joint Venture Maturities		6.3

Investor Contact Information		7.0

Property list available online at www.ddr.com

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


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

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

CLEVELAND, OHIO, April 23, 2009- Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the first quarter ended March 31, 2009.

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

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


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

	$	55.0

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

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

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

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

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

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

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

Financial Results:

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

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

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section.

Leasing:

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

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

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

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

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

Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $32 million ($0.27 per square foot of owned GLA) in 2009 calculated based on 100% of the funding.

Strategic Transactions:

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

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

Dispositions:

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

Wholly-Owned and Consolidated Joint Venture Development:

The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

Expected

Owned

Net Cost

Initial Anchor

Location

GLA

($ Millions)

Opening *

Description

Miami (Homestead), Florida

272,610

79.7

2H 08

Community Center

Boise (Nampa), Idaho

431,689

126.7

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

26.7

1H 10

Community Center

Elmira (Horseheads), New York

350,987

56.0

1H 07

Community Center

Raleigh (Apex), North Carolina (Promenade)

72,830

16.9

1H 09

Community Center

Austin (Kyle), Texas **

443,092

77.2

2H 09

Community Center

Total

1,627,551

383.2


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

**		Consolidated 50% Joint Venture

At March 31, 2009, approximately $287.0 million of costs were incurred in relation to the above development projects under construction.

In addition to these current developments, several of which will be phased in, the Company and its joint venture partners intend to commence construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is available, including several international projects.

Unconsolidated Joint Venture Development:

The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At March 31, 2009, approximately $303.2 million of costs had been incurred in relation to these development projects.

DDR’s Effective

Expected

Initial

Ownership

Owned

Net Cost

Anchor

Location

Percentage

GLA

($ Millions)

Opening*

Description

Kansas City (Merriam), Kansas

20.0%

158,632

43.7

TBD

Community Center

Dallas (Allen), Texas

10.0%

797,665

171.2

1H 08

Lifestyle Center

Manaus, Brazil

47.4%

502,529

114.0

1H 09

Enclosed Mall

Total

1,458,826

328.9


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

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:

The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $106.9 million. At March 31, 2009, approximately $78.7 million of costs had been incurred in relation to these projects.


Property		Description
Miami (Plantation), Florida		Redevelop shopping center to include Kohl’s and additional junior tenants
Chesterfield, Michigan		Construct 25,400 sf of small shop space and retail space
Fayetteville, North Carolina		Redevelop 18,000 sf of small shop space and construct an outparcel building

Unconsolidated Joint Venture Redevelopments and Expansions:

The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $154.3 million, which includes original

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


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

Dividends:

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

Financings:

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

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

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

Developers Diversified Realty Corporation currently owns and manages over 700 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada, totaling approximately 153 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Francine Glandt, Vice President of Capital Markets and Treasurer, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or on our Web site which is located at http://www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; our ability to complete in a timely manner or at all, the new debt financings required to consummate the sale of common shares to the Otto Family; our ability to satisfy various other conditions to consummate the sale of common shares to the Otto Family; and the finalization of the financial statements for three-month period ended March 31, 2009. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2008. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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


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

		219,766			236,096

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

		158,385			138,870

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

		11,111			(64,328	)

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

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

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

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

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

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

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

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

FFO	$	150,563		$	106,891

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

Diluted	$	0.59		$	0.25

Dividends Declared	$	0.20		$	0.69

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

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

Basic — average shares outstanding		128,485			119,148

Diluted — average shares outstanding		129,684			119,300

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

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

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


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

	$	3.3	$	3.5

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

(D)		General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the three-month periods ended March 31, 2009 and 2008, general and administrative expenses were approximately 4.3% of total revenues, including joint venture revenues.

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

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

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


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


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


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

		222,945			214,703


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

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

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

FFO from joint ventures are summarized as follows:


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

	$	55,559		$	82,633

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

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


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

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

(c)		Includes the effects of certain derivative instruments that are marked to market through earnings from the Company’s equity investment in Macquarie DDR Trust aggregating approximately $11.7 million of income for the three-month period ended March 31, 2009, of which the Company’s share was approximately $1.5 million.

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

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

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


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


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


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

Total expenses		412			4,819

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

Net income	$	11,338		$	909


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


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

	$	2,625		$	(2,365	)


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

(J)		For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at March 31, 2009 and 2008, respectively, into 0.4 million and 0.9 million common shares for the three-month periods ended March 31, 2009 and 2008, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO were approximately 129.7 million and 120.6 million for the three-month periods ended March 31, 2009 and 2008, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data (A):


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

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

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

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

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

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


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

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

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

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

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)


(A)		Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 32 sites formerly occupied by Mervyns at March 31, 2009, which includes $318.0 and $348.5 million of net real estate assets at March 31, 2009 and December 31, 2008, respectively, $237.5 million and $258.5 million of mortgage debt at March 31, 2009 and December 31, 2008, respectively, and $67.1 million and $70.2 million of non-controlling interest at March 31, 2009 and December 31, 2008, respectively.

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

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

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


(C)		Restricted cash includes $64.1 million and $64.8 million at MV LLC at March 31, 2009 and December 31, 2008, respectively. At March 31, 2009, the MV LLC restricted cash is comprised of $23.9 million received from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter 2008, a $33.0 million net capital contribution by the members of MV LLC, and $7.2 million related to a security deposit letter of credit, all of which are required to be held in escrow by the lender. Also included in restricted cash is $46.5 million and $47.0 million at March 31, 2009 and December 31, 2008, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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


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

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

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

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

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


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

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

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


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

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


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

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

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


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

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

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

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

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

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

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


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

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


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

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


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

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

(3)		Includes revenues from discontinued operations.

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

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

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

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

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

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

Financial Highlights 2.1

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


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

		87.37	%		83.20	%		51.98	%		35.80	%		39.77	%

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

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

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

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

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

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

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

		0.16			0.69			0.71			0.69			0.67


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

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

Market Capitalization and Financial Ratios 2.2.a

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


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

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

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

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

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


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

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

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

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

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


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

Market Capitalization and Financial Ratios 2.2.b

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


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

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

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

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

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

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

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

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

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

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


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

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

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

Market Capitalization and Financial Ratios 2.2.c

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

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

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


			Percentage of
	Amount		Total

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


Total	$	6,582.0		100	%

Notes:

1.		Market value ($2.13 per share as of March 31, 2009) includes operating partnership units equivalent to approximately 0.4 million of the Company’s common shares.

2.		Does not include proportionate share of unconsolidated joint venture debt aggregating $1,215.6 million.

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

Market Capitalization Summary 2.3

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

Significant Accounting Policies

Revenues

•		Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint.

•		Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provisions of tenants’ leases.

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

General and Administrative Expenses

•

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

Deferred Financing Costs

•

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

Real Estate

•		Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.

•		Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:


		Buildings		15 to 31 years
		Furniture/Fixtures		Useful lives, which approximate lease
		and Tenant Improvements		terms, where applicable

Significant Accounting Policies 2.4.a

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

Significant Accounting Policies (Continued)

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

•		Construction in progress includes shopping center developments and significant expansions and redevelopments.

Capitalization

•		The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants.

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

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

•		Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life.

Gain on Sales of Real Estate

•

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

Significant Accounting Policies 2.4.b

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

Other Real Estate Information

Total Recurring Capital Expenditures

•

The Company and its joint ventures (at 100%) currently estimate total annual recurring leasing capital expenditures to be approximately $32 million ($0.27 psf of owned GLA) in 2009.

Undeveloped Land

•		Included in land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by the Company. Land held for development is included in the Company’s CIP amount.

•		At December 31, 2008, the Company estimated the value of this undeveloped land to be approximately $70 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2008.

Non-Income Producing Assets

•

The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and equipment to be approximately $100 million at March 31, 2009.

Other Real Estate Information 2.5

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

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

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

Same Store Net Operating Income (NOI) represents shopping center assets owned in comparable periods, excluding those under redevelopment. NOI generally includes revenues and expenses for each comparable asset, but excludes straight-line rent, lease termination income and provisions for uncollectible amounts and/or recoveries thereof. Reconciliation of Same Store NOI to Total Revenues and Certain Expenses is as follows:


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


Combined NOI	$	297,901		$	330,559


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


Combined NOI	$	297,901		$	330,559

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.a

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

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):


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

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


Preferred Dividend Charges		10,567			10,567

FUNDS FROM OPERATIONS	$	150,563		$	106,891


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

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

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.b

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

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

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income


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

	$	(280	)	$	2,157

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

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

	$	12,334		$	19		FFO Reconciliation


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

	$	445		$	2,317		Consolidated Income Statement


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

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.c

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

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

Table 4 — Developers Diversified Realty Corporation

Summary of Joint Venture Transactional Income


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

	$	(26,770	)	$	—

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


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

	$	—		$	—	FFO Reconciliation

DDR’s Proportionate Share				$	—


Gain on Sales of Real Estate, Net of Tax

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

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


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

	$	—		$	—	Gain on Disposition of Discontinued Operations

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.d

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

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


														Promoted
			DDR			Consolidated	Number of			Gross Book				Interest
	Legal Name	Partner(s)	Ownership %			(Yes/No)	Properties			Value		Debt		(Yes/No)
1	DDRTC Core Retail Fund, LLC	TREA Retail Property Portfolio 2006, LLC (TIAA) (85%)		15.0	%	No		66		$	2,956.6	$	1,770.3	Yes
2	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,457.8	$	967.6	Yes
3	Investments with Macquarie (DDR Macquarie Fund LLC, Management LLC, U.S. Trust Inc. and MDT PS LLC )	Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT) (B)	Various			No		50		$	1,881.3	$	1,236.9	Yes
4	DDR MDT MV LLC (Mervyns) (C)	Macquarie DDR Trust (MDT) (50%)		50.0	%	Yes		37		$	380.4	$	258.5	Yes
5	Coventry II DDR Bloomfield LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	212.0	$	48.0	Yes
6	Coventry II DDR Buena Park LLC	Coventry II Fund (80%)		20.0	%	No		1		$	104.6	$	61.0	Yes
7	Coventry II DDR Fairplain LLC	Coventry II Fund (80%)		20.0	%	No		1		$	32.4	$	16.0	Yes
8	Coventry II DDR Marley Creek LLC	Coventry II Fund (80%)		20.0	%	No		1		$	13.2	$	10.8	Yes
9	Coventry II DDR Merriam Village LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	45.5	$	17.0	Yes
10	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1		$	167.2	$	120.4	Yes
11	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	89.6	$	46.0	Yes
12	Coventry II DDR SM LLC	Coventry II Fund (80%)		20.0	%	No		44		$	148.8	$	117.4	Yes
13	Coventry II DDR Totem Lakes LLC	Coventry II Fund (80%)		20.0	%	No		1		$	42.1	$	29.5	Yes
14	Coventry II DDR Tri County LLC	Coventry II Fund (80%)		20.0	%	No		1		$	230.9	$	165.8	Yes
15	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.7	$	20.9	Yes
16	RVIP IIIB LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	91.6	$	60.0	Yes
17	RVIP VII LLC	Prudential Real Estate Advisors (79%)		21.0	%	No		2		$	125.4	$	72.1	Yes
18	RVIP VIII LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	33.6	$	23.4	Yes
19	DPG Realty Holdings LLC	Prudential Insurance Co. of America (90%)		10.0	%	No		11		$	121.4	$	9.5	No
20	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	160.2	$	110.0	Yes
21	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		9		$	364.5	$	69.4	No
22	DDR-SAU Retail Fund, LLC	Special Account — U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	309.4	$	226.2	No
23	Cole MT Independence Missouri JV LLC	Cole Realty Advisors, Inc. (85.5%)		14.5	%	No		1		$	61.4	$	34.1	No
24	DDRA Comm. Ctrs Five, L.P.	DRA Advisors (50%)		50.0	%	No		5		$	240.0	$	280.0	No
25	DDR Markaz II LLC (Kuwait Financial Centre II)	Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%)		20.0	%	No		13		$	205.7	$	150.5	Yes
26	Lennox Town Center LTD.	Casto Properties (50%)		50.0	%	No		1		$	21.0	$	27.0	No
27	Sun Center Limited	Casto Properties (20.55%)		79.45	%	No		1		$	25.4	$	18.6	No
28	Dublin Village	Casto Properties (36.6%)		63.4	%	No		—		$	0.1	$	0.0	No
29	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.6	$	21.0	No
30	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	7.0	$	3.7	No
31	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.0	$	0.0	No
32	Shea & Tatum Assoc. LP (Paradise Village) (C)	Churchill Family Trust (33%)		67.0	%	Yes		1		$	29.6	$	30.0	No
33	Other Joint Ventures		Various			Yes/No		23		$	431.9	$	75.5	Yes

	TOTALS							373		$	10,046.7	$	6,097.0

(A)		Property is under development

(B)		The Company owns an effective ownership of 25.0% in DDR Macquarie Fund LLC, 12.3% in Macquarie DDR Trust and 12.3% in MDT PS LLC.

(C)		Joint Venture is included in consolidated operating results of DDR

Joint Venture Investment Summary 3.1

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

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


	DDRTC Core Retail			DDR Domestic Retail			Investments with			Coventry II DDR			Coventry II DDR Buena			Coventry II DDR Fairplain			Coventry II DDR Marley			Coventry II DDR Merriam
	Fund LLC			Fund I			Macquarie			Bloomfield LLC			Park LLC			Plaza LLC			Creek LLC			Village LLC
Real estate assets	$	2,956.6		$	1,457.8		$	1,881.3		$	212.0		$	104.6		$	32.4		$	13.2		$	45.5
Accumulated depreciation		(146.5	)		(62.1	)		(167.8	)		0.0			(8.3	)		(1.4	)		(0.6	)		0.0

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

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

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


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

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

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


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

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

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


	DDRTC Core Retail			DDR Domestic Retail			Investments with			Coventry II DDR			Coventry II DDR Buena			Coventry II DDR Fairplain			Coventry II DDR Marley			Coventry II DDR Merriam
	Fund LLC			Fund I			Macquarie			Bloomfield LLC			Park LLC			Plaza LLC			Creek LLC			Village LLC
Revenues from operations	$	60.6		$	33.8		$	53.1			($0.0	)	$	3.3		$	0.9		$	0.3		$	0.0
Rental operation expenses		(22.5	)		(13.5	)		(19.2	)		(0.1	)		(1.7	)		(0.4	)		(0.2	)		(0.0	)

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

Income (loss) before gain on sale of real estate		(5.3	)		(6.0	)		11.8			(2.5	)		0.9			0.1			(0.1	)		(0.1	)
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			11.7			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

Net income (loss)		($5.3	)		($6.0	)	$	23.5			($2.5	)	$	0.9		$	0.1			($0.1	)		($0.1	)
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%

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

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


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

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


Funds From Operations (“FFO”):

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

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

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

Joint Venture Financial Summary 3.2.a

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

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


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

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

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

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


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

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

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


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

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




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

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

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

Income (loss) before gain on sale of real estate		(0.6	)		1.0			0.8			0.1			(1.4	)		0.3			0.8			0.8
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

Net income (loss)		($0.6	)	$	1.0		$	0.8		$	0.1			($1.4	)	$	0.3		$	0.8		$	0.8
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		*	**		21	%

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

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

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


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

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


Funds From Operations (“FFO”):

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

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

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

Joint Venture Financial Summary 3.2.b

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

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


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

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

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

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


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

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

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


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

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

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


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

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

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

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

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

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


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

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


Funds From Operations (“FFO”):

Net income (loss)	$	0.1		$	1.3		$	0.0		$	5.1			($2.1	)	$	0.5		$	0.8			($0.1	)	$	0.3
Depreciation of real property		0.3			0.7			1.1			2.4			4.5			0.3			1.5			1.4			0.1
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—

	$	0.4		$	2.0		$	1.1		$	7.5		$	2.4		$	0.8		$	2.3		$	1.3		$	0.4
DDR ownership interest		26	%		10	%		10	%		50	%		20	%		14.52	%		50	%		20	%		50	%

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

Joint Venture Financial Summary 3.2.c

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

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



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

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

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

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


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

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

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


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

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

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



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

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

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

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

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

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


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

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


Funds From Operations (“FFO”):

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

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

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

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

Joint Venture Financial Summary 3.2.d

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


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

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

(3)		Represents undeveloped land.

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

(5)		Represents residual joint venture interests sold in 2009 and other small joint venture investments and land developments. To the extent that DDR is entitled to receive promoted income, DDR’s share of income could exceed the total income recorded by certain joint ventures as assets continue to be liquidated.

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

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

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

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

Joint Venture Financial Summary 3.2.e

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

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


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

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



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


(1)		In addition to asset sales ($136.5 million), this balance includes the sale of seven outparcels.

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

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

Summary of Joint Venture Capital Transactions
(In Millions)


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

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



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


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

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

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

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

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

Summary of Wholly-Owned and Joint Venture Capital Transactions 4.1

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

Operating Property Acquisitions

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

Operating Property Dispositions

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

Joint Venture Acquisitions

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

Joint Venture Dispositions

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

Wholly-Owned and Joint Venture Acquisitions and Dispositions 4.2

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

Wholly-Owned and Consolidated Development Projects


								Cost		Assets		Estimated
						Estimated		Incurred		Placed in		Initial
		Total		Owned		Net Cost		To Date		Service		Anchor
Location	Project Name	GLA		GLA		(Millions)		(Millions)		(Millions)		Opening	Major Anchors

Projects in Process
Homestead, FL	Homestead Pavilion		394,916		272,610	$	79.7	$	80.7	$	25.4	2H08	Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples, Bed, Bath & Beyond
Boise (Nampa), ID	Nampa Gateway Center		921,162		431,689	$	126.7	$	79.3	$	10.0	2H07	JCPenney, Macy’s, The Sports Authority, Idaho Athletic Club
Boston (Norwood), MA	The Shoppes at Elmway Farms		72,243		56,343	$	26.7	$	18.6	$	0.0	1H10
Elmira (Horseheads), NY	Southern Tier Crossings		697,795		350,987	$	56.0	$	45.2	$	24.2	1H07	Kohl’s, Wal-Mart, Dick’s, PetsMart, Ulta, Mens Warehouse
Raleigh (Apex), NC	Apex Promenade		78,830		72,830	$	16.9	$	11.2	$	0.0	1H09	HH Gregg, Outback Steakhouse
Austin (Kyle), TX (1)	Kyle Marketplace		805,618		443,092	$	77.2	$	52.0	$	0.0	2H09	Target, Kohl’s, City Lights Theater

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


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

Land and Construction Related Projects Primarily on Hold (2)


	DDR’s
	Effective			Total
Location	Ownership			Acreage

Ukiah (Mendocino), CA		50	%		75.7
New Haven (Guilford), CT		100	%		26.0
Tampa (Brandon), FL		100	%		46.3
Tampa (Wesley Chapel), FL		100	%		10.0
Atlanta (Douglasville), GA		100	%		30.2
Atlanta (Union City), GA		100	%		85.0
Chicago (Grayslake), IL		50	%		106.0
Boston, MA (Seabrook, NH)		100	%		50.9
Gulfport, MS		100	%		86.2
Raleigh (Apex), NC		100	%		52.6
San Antonio (Schertz), TX		50	%		85.0
Isabela, Puerto Rico		80	%		11.1
Oconomowoc, WI		50	%		121.6
Toronto (Brampton), CAN		50	%		43.0
Toronto (East Gwillimbury — Bayview/Greenlane), CAN		50	%		39.0
Toronto (East Gwillimbury — Hwy 404/Greenlane East), CAN		50	%		44.0
Toronto (East Gwillimbury — Hwy 404/Greenlane West), CAN		50	%		29.0
Toronto (Richmond Hill), CAN		50	%		52.0
Togliatti, Russia		75	%		61.2
Yaroslavl, Russia		75	%		8.0
Other Misc. Land (13 sites)		100	%	Various

					1,062.8


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

Wholly-Owned and Consolidated Developments 4.3 a

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

Joint Venture Development Projects


						DDR’s				Estimated		Cost		Assets		DDR’s		Estimated
						Effective			Joint	Net		Incurred		Placed in		Proportionate		Initial
		Total		Owned		Ownership			Venture	Cost		To Date		Service		Cost		Anchor
Location	Project	GLA		GLA		Percentage			Partner	(Millions)		(Millions)		(Millions)		(Millions)		Opening	Major Anchors

*Projects in Progress*
Kansas City (Merriam), KS	Merriam Village		245,182		158,632		20.0	%	Coventry II	$	43.7	$	45.5	$	0.0	$	8.7	TBD

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

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


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

Joint Venture Developments 4.3 b

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

Development Assets Placed in Service
(In Millions)


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

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

	$	383.2	$	328.9	$	79.8

Development Funding Schedule
(In Millions)


				Unconsolidated Joint Venture Funding
				DDR			JV Partners’			Proceeds from
	Consolidated			Proportionate			Proportionate			Construction		Total
	Funding			Share			Share			Loans		JV Funding
Funded as of March 31, 2009	$	287.0		$	61.9		$	103.9		$	137.4	$	303.2
Projected Net Funding 2009	$	32.0	(1)		11.1			14.3			20.0	$	45.4
Projected Net Funding Thereafter	$	64.2			(6.3	)		(13.4	)		0.0		($19.7	)

	$	383.2		$	66.7		$	104.8		$	157.4	$	328.9


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

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

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

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

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

Projects in Progress

Miami (Plantation), FL

The Fountains

100%

N/A

Redevelopment of shopping center to include Kohl’s (will open Fall 2009) and other junior anchor tenants.

Chesterfield, MI

Chesterfield Corners

100%

N/A

Dollar Galaxy (opened 8/07), Xtreme Fitness (opened 4/08), 8,400 sf of small shop retail and additional retail space to be announced.

Fayetteville, NC

Cross Pointe Center

100%

N/A

Reconfigure 18,000 sf of in-line space to include Ulta (opened 7/08). Construct multi-tenant outparcel building.

Total Net Cost (Millions)

106.9

(1)

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

Summary of Significant Joint Venture Redevelopment or Expansion Projects

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

Projects in Progress

Buena Park, CA

Buena Park Mall & Entertainment

20.0%

Coventry II

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

Los Angeles
(Lancaster), CA

Valley Central Discount

21.0%

Prudential Real
Estate Investors

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

Benton Harbor, MI

Fairplain Plaza

20.0%

Coventry II

Expansion of the existing shopping center to include an 89,000 sf Kohl’s (opened 10/06), a 20,087 sf PETsMART (opened 2/08), a 17,340 sf Michael’s (opened 10/08), and additional retail tenants to be announced.

Total Net Cost (Millions)

154.3

(1) (2)

DDR’s Proportionate Share (Millions)

31.1


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

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

Wholly-Owned and Joint Venture Expansions and Redevelopments 4.5

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

Summary of Recently Developed Assets


					DDR’s Effective
	Location	Related Project	Owned GLA		Ownership

1	San Diego (Oceanside), CA	Oceanside Place Cinemas		79,884		100	%
2	Denver (Littleton, CO)	Aspen Grove		231,450		100	%
3	Fort Collins, CO	Mulberry and Lemay Crossing		18,988		100	%
4	Lakeland, FL	Lakeland Marketplace		77,582		100	%
5	Miami (Homestead), FL	Homestead Pavilion		275,839		100	%
6	Miami, FL	The Shops at Midtown Miami		400,685		100	%
7	Macon, GA	Eisenhower Annex		55,505		100	%
8	Chicago (Deer Park), IL	Deer Park Town Center		292,139		24.8	%
9	Chicago (McHenry), IL	The Shoppes at Fox River		224,552		100	%
10	Salisbury, MD	The Commons		126,135		100	%
11	Boston (Everett), MA	Gateway Center		222,236		100	%
12	Minneapolis (Coon Rapids), MN	Riverdale Village		8,856		100	%
13	St. Louis (Arnold), MO	Jefferson County Plaza		42,091		50	%
14	Freehold, NJ	Freehold Marketplace		23,454		100	%
15	Princeton, NJ	Nassau Park Pavilion		598,737		100	%
16	Trenton (Hamilton), NJ	Hamilton Marketplace		468,240		100	%
17	Elmira (Horseheads), NY	Southern Tier Crossing		350,987		100	%
18	Raleigh (Apex), NC	Apex Promenade		81,780		100	%
19	Raleigh (Apex), NC	Beaver Creek Crossings (Phase 1 - South)		268,333		100	%
20	Cleveland (Aurora), OH	Barrington Town Square		102,683		100	%
21	Allentown, PA	West Valley Marketplace		259,239		100	%
22	Johnson City, TN	Johnson City Marketplace		11,749		100	%
23	Austin, TX	Shoppes @Tech Ridge		282,798		24.8	%
24	San Antonio, TX	Bandera Point		416,721		100	%
25	San Antonio, TX	Village at Stone Oak		305,824		100	%
26	San Antonio, TX	Westover Marketplace		216,737		20	%
27	Milwaukee (Brookfield), WI	Shoppers World of Brookfield		15,070		100	%
28	Manaus, Brazil	Manauara Shopping Center		477,630		47.4	%

	Total			5,935,924

Summary of Recently Developed Assets 4.6

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

Summary of Recently Expanded and Redeveloped Assets


					DDR’s Effective
	Location	Related Project	Owned GLA		Ownership

1	Birmingham, AL	Brook Highland Plaza		424,341		100	%
2	Phoenix, AZ	Christown Spectrum Mall		441,406		20	%
3	N. Little Rock, AR	McCain Plaza		295,013		100	%
4	Los Angeles (Buena Park), CA	Buena Park Downtown		724,143		20	%
5	Denver, CO	Centennial Promenade		408,337		100	%
6	Lakeland, FL	Lakeland Burlington Coat Factory		81,921		100	%
7	Ocala, FL	Ocala West		105,276		100	%
8	Tallahassee, FL	Capital West		79,451		100	%
9	Tampa (Bayonet Point), FL	Point Plaza		209,714		100	%
10	Tampa (Brandon), FL	Kmart Shopping Center		161,900		100	%
11	Ottumwa, IA	Quincy Place Mall		241,427		100	%
12	Benton Harbor, MI	Fairplain Plaza		222,739		20	%
13	Chesterfield, MI	Chesterfield Marketplace		281,320		100	%
14	Gaylord, MI	Pine Ridge Square		150,203		100	%
15	Starkville, MS	Starkville Crossings		133,691		100	%
16	Kansas City (Leawood), KS	Town Center Plaza		309,423		100	%
17	Buffalo (Amherst), NY	Boulevard Consumer Square		441,603		100	%
18	Olean, NY	Wal-Mart Plaza		285,400		100	%
19	Rome, NY	Freedom Plaza		194,467		100	%
20	Charlotte (Mooresville), NC	Mooresville Consumer Square		472,182		100	%
21	Durham, NC	Oxford Commons		207,864		100	%
22	Fayetteville, NC	Cross Pointe Center		204,563		100	%
23	Wilmington, NC	University Centre		411,887		100	%
24	Akron (Stow), OH	Stow Community Shopping Center		404,483		100	%
25	Cincinnati, OH	Tri County Mall		758,031		18	%
26	Dayton (Huber Hts), OH	North Heights Plaza		182,749		100	%
27	Tiffin, OH	Tiffin Mall		170,868		100	%
28	San Juan (Bayamon), PR	Rio Hondo		466,499		100	%
29	San Juan (Ron Piedras), PR	Seniorial Plaza		168,664		100	%
30	Chattanooga, TN	Overlook at Hamilton Place		207,244		100	%
31	Salt Lake City (Midvale), UT	Family Center at Fort Union		641,957		100	%
32	Salt Lake City (Riverdale), UT	Family Center at Riverdale		593,398		100	%
33	Salt Lake City (Taylorsville), UT	Family Center at Taylorsville		697,630		100	%
34	Seattle (Kirkland), WA	Totem Lakes Malls		253,867		20	%

	Total			11,033,661

Summary of Recently Expanded and Redeveloped Assets 4.7

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

Company Features


701		Shopping Centers and Interests in Retail Assets

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

117		Million Sq. Ft. Owned⁽¹⁾

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

88.4	%	Portfolio % Leased Including Former Mervyn’s Assets

90.7	%	Portfolio % Leased Excluding Former Mervyn’s Assets


(1)		Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments and redevelopments in process and scheduled to commence in 2009, total owned GLA was 67.1 million square feet.

(2)		Includes unowned anchors at Company-owned operating and development retail properties.

Portfolio Summary 5.0

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

National portfolio creates efficiencies and strengthens tenant relationships

Portfolio Summary 5.1

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

Average Annualized Base Rental Rates PSF


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

Mar. 31, 2009		641	$	12.45	$	18.46
Dec. 31, 2008		649	$	12.43	$	18.43
Dec. 31, 2007		657	$	12.33	$	18.14
Dec. 31, 2006		409	$	11.74	$	17.46
Dec. 31, 2005		380	$	11.30	$	16.62
Dec. 31, 2004		373	$	11.13	$	16.14
Dec. 31, 2003		274	$	10.82	$	15.55
Dec. 31, 2002		189	$	10.58	$	15.18
Dec. 31, 2001		192	$	10.03	$	14.02
Dec. 31, 2000		190	$	9.66	$	13.66
Dec. 31, 1999		186	$	9.20	$	12.69
Dec. 31, 1998		159	$	8.99	$	12.39
Dec. 31, 1997		123	$	8.49	$	11.69
Dec. 31, 1996		112	$	7.85	$	10.87
Dec. 31, 1995		106	$	7.60	$	10.54
Dec. 31, 1994		84	$	5.89	$	9.02
Dec. 31, 1993		69	$	5.60	$	8.56
Dec. 31, 1992		53	$	5.37	$	8.37


(1)		Figures exclude Brazilian portfolio, Service Merchandise portfolio, development properties and managed properties.

Portfolio Summary 5.2

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

Lease Expirations by Year as of March 31, 2009


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

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

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

Portfolio Summary 5.3

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

Largest Tenants by Owned and Managed GLA


	Total		Total		Owned		Owned		Unowned		Unowned
	Units		GLA (msf)		Units		GLA (msf)		Units		GLA (msf)

1. Wal-Mart / Sam’s Club		103		16.5		44		6.7		59		9.8
2. Target		63		8.1		9		1.2		54		6.9
3. Lowe’s Home Improvement		41		5.3		21		2.7		20		2.6
4. Home Depot		40		4.3		12		1.2		28		3.1
5. Kohl’s		43		3.8		36		3.2		7		0.6
6. T.J. Maxx / Marshalls		98		3.3		98		3.3		0		0.0
7. Kmart / Sears		38		3.2		37		3.0		1		0.2
8. Publix Supermarkets		56		2.6		55		2.5		1		0.1
9. PetSmart		101		2.3		100		2.2		1		0.1
10. Kroger		39		2.1		39		2.1		0		0.0

Portfolio Summary 5.4

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

Largest Tenants by GLA and Base Rental Revenues⁽¹⁾


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

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


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

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


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

Portfolio Summary 5.5

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

Summary of Consolidated Debt
as of March 31, 2009

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

SENIOR DEBT:

Unsecured Credit Facilities:

$1.25 Billion Revolving Credit Facility

1,213,131

06/10

Libor + 75

$75 Million Revolving Credit Facility

38,000

06/10

Libor + 75

Secured Credit Facility:

$800 Million Term Loan

800,000

02/11

Libor + 87.5

Total Term and Credit Facility Debt

2,051,131

PUBLIC DEBT:

Medium Term Notes

194,513

05/10

5.000

Medium Term Notes

284,170

08/10

4.625

Medium Term Notes

242,250

04/11

5.250

Convertible Notes

192,167

(2)

08/11

3.500

Convertible Notes

464,674

(3)

03/12

3.000

Medium Term Notes

345,735

10/12

5.375

Medium Term Notes

199,564

05/15

5.500

Medium Term Notes

100,000

07/18

7.500

Total Public Debt

2,023,074

MORTGAGE DEBT:

Lee Vista, Orlando, FL

17,477

05/09

7.000

Shoppes at Wendover Village, Greensboro, NC

5,450

06/09

4.222

Town Center Plaza, Leawood, KS

46,072

07/09

7.310

Mill Pond Village, Cary, NC

8,500

07/09

4.758

Adams Farm, Greensboro, NC

6,700

08/09

4.652

Abernathy Square, Atlanta, GA

13,392

09/09

6.285

Otto Bridge Loan

60,000

09/09

10.000

DDR MDT MV, LLC

14,007

(5)

10/09

Libor + 72

Liberty Fair Mall, Martinsville, VA

18,862

12/09

8.460

Kyle Crossing, Kyle, TX

13,486

(4)(6)

01/10

5.000

Cibolo Creek Center, Schertz, TX

3,240

(4)

01/10

Libor + 225

Tech Center 29, Silver Springs, MD

6,120

02/10

7.330

Middletown Village, Middletown, RI

10,000

02/10

4.531

Plant City Crossing, Plant City, FL

5,900

05/10

4.700

Brick Ctr Plaza, Brick, NJ

10,300

06/10

4.375

Windsor Court SC, Windsor, CT

8,015

06/10

4.390

Edgewater Town Ctr, Edgewater, NJ

14,000

06/10

4.685

Valley Park Commons, Hagerstown, MD

6,770

07/10

4.440

East Hanover Plaza, East Hanover, NJ

9,280

07/10

4.685

Sony Theatre, East Hanover, NJ

6,445

07/10

4.685

Oakley Plaza, Asheville, NC

5,175

08/10

4.290

Deer Valley Town Center, Phoenix, AZ

16,667

09/10

8.010

Summary of Consolidated Debt 6.1.a

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

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

Loan

Maturity

Interest

Balance(000’s)

Date

Rate (1)

Capital Crossing, Raleigh, NC

5,478

09/10

4.300

Downtown Short Pump, Richmond, VA

18,480

09/10

4.900

DDR MDT MV, LLC

119,315

(5)

10/10

5.211

Tequesta Shops Plaza, Tequesta, FL

5,200

10/10

5.300

Shops on the Circle, Dothan, AL

11,364

11/10

7.920

Terrell Plaza, Terrell, TX

6,387

(4)

11/10

5.000

Big Flats Consumer Square I, Big Flats, NY

4,035

12/10

8.011

Plattsburgh Consumer Square, Plattsburgh, NY

3,939

12/10

8.000

Denbigh Village, Newport News, VA

11,457

12/10

4.940

Camfield Corners, Charlotte, NC

5,150

12/10

5.040

Homestead Pavilion, Homestead, FL

62,540

03/11

Libor + 120

Peach Street Square I, Erie, PA

24,288

04/11

6.884

Peach Street Square II, Erie, PA

2,803

04/11

6.884

Southland Crossings, Boardman, OH

25,222

04/11

6.884

Plaza at Sunset Hills, St. Louis, MO

32,696

04/11

6.884

The Promenade at Brentwood, St. Louis, MO

24,288

04/11

6.884

Centennial Promenade, Denver, CO

36,432

04/11

6.884

DDRC Headquarters, Beachwood, OH

22,484

04/11

Libor + 110

Southern Tier Crossing, Horseheads, NY

30,618

09/11

Libor + 150

Union Town Center, Indian Train, NC

6,606

10/11

7.000

Westgate Plaza, Gates, NY

23,686

10/11

7.240

Ashtabula Commons, Ashtabula, OH

6,580

12/11

7.000

Paradise Village Gateway, Phoenix, AZ

20,100

(7)

03/12

5.385

Gravois Village Plaza, St. Louis, MO

420

06/12

8.625

University Hills, Denver, CO

26,375

07/12

7.300

N. Charleston Center, N. Charleston, SC

9,965

07/12

7.370

Cortez Plaza, Bradenton, FL

12,071

07/12

7.150

Duvall Village, Bowie, MD

8,370

10/12

7.040

Walgreen’s, Rockford, IL

3,223

11/12

4.863

Walgreen’s, Dearborn Hts, MI

3,550

11/12

4.863

Walgreen’s, Livonia, MI

2,477

11/12

4.863

Mooresville Consumer Square, Mooresville, NC

22,779

12/12

6.930

Big Flats Consumer Square IV, Big Flats, NY

803

01/13

7.600

Big Flats Consumer Square II, Big Flats, NY

2,756

01/13

8.010

Delaware Consumer Square, Buffalo, NY

677

01/13

6.960

Walgreen’s, Oshkosh, WI

2,817

02/13

4.863

Walgreen’s, Westland, MI

2,625

03/13

4.863

Paseo Colorado, Pasadena, CA

79,100

04/13

5.000

Family Center at Meridian, Meridian, ID

7,440

04/13

5.000

Meridian Crossroads, Meridian, ID

29,760

04/13

5.000

University Center, Wilmington, NC

24,500

04/13

5.000

Aspen Grove, Littleton, CO

42,200

04/13

5.000

Plaza Escorial, Carolina, PR

57,500

04/13

5.000

Plaza Rio Hondo, Bayamon, PR

109,500

04/13

5.000

Summary of Consolidated Debt 6.1.b

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

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


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

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



Total Mortgage Debt			1,539,222


Consolidated Debt		$	5,613,427

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


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


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

		$	5,750,620		2.68 years			4.2	%

Summary of Consolidated Debt 6.1.c

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

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


CUMULATIVE REDEEMABLE PREFERRED SHARES	Outstanding Amount(000’s)		First Call Date
Class G — 8.0%	$	180,000	March 28, 2008
Class H — 7.375%	$	205,000	July 28, 2008
Class I — 7.5%	$	170,000	May 7, 2009

DERIVATIVE INSTRUMENTS


	Notional Amount(000’s)		Underlying Debt Hedged	Rate Hedged	Fixed Rate			Termination Date
Interest Rate Swap	$	100,000	Secured Credit Facility	1 mo. LIBOR		4.933	%	October 18, 2009
Interest Rate Swap	$	50,000	Secured Credit Facility	1 mo. LIBOR		4.965	%	October 18, 2009
Interest Rate Swap	$	50,000	Secured Credit Facility	1 mo. LIBOR		4.964	%	October 18, 2009
Interest Rate Swap	$	200,000	Secured Credit Facility	3 mo. LIBOR		5.149	%	June 28, 2010
Interest Rate Swap	$	100,000	$1.25 Billion Revolving Credit Facility	1 mo. LIBOR		4.942	%	September 29, 2010
Interest Rate Swap	$	100,000	Secured Credit Facility	1 mo. LIBOR		4.815	%	February 21, 2012



Notes:

F — Fixed-Rate Debt V — Variable-Rate Debt

1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Deferred finance cost amortization of approximately $10.5 million net, is offset by approximately $3.8 million of fair market value adjustments in 2008.

2.		The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.23 per share, however this conversion price has been increased to $65.17 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash. Included in this amount is $9.7 million recorded at March 31, 2009 for the accretion of the convertible debt to comply with accounting standards.

3.		The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.56 per share, however, this conversion price has been increased to $82.71 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash. Included in this amount is $29.7 million recorded at March 31, 2009 for the accretion of the convertible debt to comply with accounting standards.

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

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

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

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

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

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

Summary of Consolidated Debt 6.1.d

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

Summary of Joint Venture Debt
as of March 31, 2009

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDRTC Core Retail Fund, LLC

DDRTC Holdings Pool 1, LLC (25 assets)

736,559

03/17

5.4475

DDRTC Holdings Pool 3, LLC (17 assets)

555,034

03/12

5.480

DDRTC Holdings Pool 5, LLC (12 assets)

197,300

02/10

Libor + 65

DDRTC Holdings Pool 6, LLC

Walks at Highwood Preserve I & II

3,700

05/09

4.372

Aiken Exchange

7,350

05/09

4.372

Oak Summit

8,200

06/09

4.272

Wytheville Commons

5,590

06/09

4.302

Heritage Pavilion

21,500

07/09

4.460

Columbiana Station

25,900

06/10

4.040

Warwick Center

16,939

06/10

4.130

Fayette Pavilion I & II

53,250

07/10

5.620

North Hill Commons

2,475

11/10

5.240

Cox Creek Shopping Center

14,152

03/12

7.090

Cypress Trace

16,000

04/12

5.000

Waterfront Marketplace

28,861

08/12

6.350

Waterfront Town Center

38,023

08/12

6.350

Creeks at Virginia Center

25,663

08/12

6.370

Willoughby Hills Shopping Center

13,796

07/18

6.980

DDR Domestic Retail Fund I

Paradise Promenade, Davie, FL

6,400

06/09

4.322

Village Ctr, Racine, WI

13,200

04/10

4.440

West Falls Plaza, West Patterson, NJ

11,075

06/10

4.685

Southampton Village, Tyrone, GA

6,700

05/11

4.663

Village Center Outlot, Racine, WI

2,070

07/11

5.170

Center Pointe Plaza, Easley, SC

4,250

08/11

5.320

Shoppes on the Ridge, Lake Wales, FL

9,628

12/11

4.740

Publix Brooker Creek, Palm Harbor, FL

5,000

12/11

4.610

Watercolor Crossing, Santa Rosa, FL

4,355

01/12

4.760

Heather Island Plaza, Ocala, FL

6,155

12/12

5.001

Hilliard Rome, Columbus, OH

10,981

01/13

5.870

Boynton Beach, FL (Meadows Square)

2,781

07/13

6.720

DDR Domestic Retail Fund I (25 assets)

885,000

07/17

5.600

DDR Macquarie(1)(2)

$305 Million Revolving Credit Facility (10 assets)

247,900

04/10

Libor + 40

20,000

04/10

4.360

Secured Portfolio Financing (6 assets)

268,000

09/15

6.400

65,320

09/11

Libor + 240

Secured Portfolio Financing (8 assets)

165,250

06/09

4.180

7,660

06/09

Libor + 84

BJ’s Clarence

4,287

03/22

7.070

Joann Transit

2,075

08/13

6.250

New Hartford Consumer Square

29,506

11/18

5.750

Birmingham, AL (Riverchase)

7,456

01/13

5.500

DDR Macquarie Longhorn Holdings (4 assets)

85,000

01/12

4.910

DDR Macquarie Longhorn Holdings II (7 assets)

157,250

04/10

4.822

3,570

04/10

Libor + 85

Summary of Joint Venture Debt 6.2.a

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

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

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDR Macquarie(1)(2)

DDR Macquarie Longhorn Holdings III (3 assets)

39,300

04/10

5.098

Macquarie DDR US Trust Credit Facility

48,365

03/10

Libor + 100

DDR MDT PS, LLC (7 assets)

86,000

07/13

6.004

Coventry II DDR Bloomfield

48,000

12/08

Libor + 250

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

Coventry II DDR Fairplain

16,000

09/09

Libor + 275

Coventry II DDR Marley Creek

10,750

07/10

Libor + 125

Coventry II DDR Merriam Village (3)

17,039

01/09

5.000

Coventry II DDR Montgomery Farm (4)

115,907

07/10

4.500

4,476

07/10

Libor + 600

Coventry II DDR Phoenix Spectrum

46,000

01/10

Libor + 70

Coventry II DDR SM

84,725

01/10

Libor + 80

32,695

01/10

Libor + 223.65

Coventry II DDR Totem Lakes

29,500

09/09

Libor + 275

Coventry II DDR Tri County

154,058

02/15

5.655

11,701

02/15

10.304

Coventry II DDR Westover Marketplace

20,856

07/09

Libor + 125

RVIP III B

Deer Park, IL

60,000

10/11

5.590

RVIP VII (2 assets)

72,120

04/10

Libor + 400

RVIP VIII

23,356

01/10

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

4,877

05/17

7.630

Tonawanda, NY

4,579

06/21

7.660

TRT DDR Holdings I LLC (3 assets)

110,000

05/17

5.510

Inland SAU Retail Fund, LLC

Blockbuster

993

10/10

4.890

Cascade Crossing

4,954

10/10

4.890

Hickory Flat Village

8,689

10/10

4.890

Flat Shoals Crossing

6,063

10/10

4.760

Deshon Plaza

6,038

10/10

4.760

Shops at John’s Creek

2,762

10/10

4.890

Waynesboro Commons

3,178

10/10

4.890

Brookhaven

10,397

12/10

4.890

Lewandowski Commons

12,465

03/11

5.770

South Square

12,597

10/12

5.060

North Hampton Market (Phase I & II)

10,501

10/12

5.080

Oakland Market Place

3,560

10/12

5.040

Summary of Joint Venture Debt 6.2.b

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

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

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

Inland SAU Retail Fund, LLC

Shoppes at Wendover II

14,382

10/12

5.060

Crossroads Square

4,869

12/12

5.310

Cascade Corners

3,979

12/12

5.420

Hilander Village

9,404

12/12

5.410

Glenlake Plaza

8,234

12/12

5.440

Broadmoor Plaza

11,048

12/12

5.440

Milan Plaza

2,161

12/12

5.490

West Towne Commons

4,797

12/12

5.440

American Way

6,662

12/12

5.440

Kroger Junction

3,827

12/12

5.440

Kroger Plaza

1,806

12/12

5.440

Willowbrook Commons

6,998

03/13

5.410

The Point

15,800

04/13

5.640

Harper Hill Commons

10,350

04/13

5.790

Plaza at Carolina Forest

14,203

05/13

5.970

Alexander Pointe

5,129

08/13

5.920

Patterson Place

20,338

12/13

5.670

��

Cole DDR MT Independence

34,100

01/12

5.950

DDRA Community Centers Five (5 assets)

280,000

08/10

5.295

DDR Markaz II (13 assets)

150,480

11/14

5.147

Lennox Town Center Limited

1,000

06/17

6.440

Columbus, OH

26,000

06/17

5.640

Sun Center Limited

5,821

05/11

5.420

Columbus, OH

12,787

04/11

8.480

DOTRS LLC

Macedonia, OH

21,000

08/11

6.050

Jefferson County Plaza, LLC

Arnold, MO

3,664

08/12

Libor + 200

Sonae Sierra Brazil Limitadas

4,036

08/09

CDI + 500

2,319

09/09

CDI + 700

22,267

02/10

CDI + 500

40,823

12/20

8.500

Central Park Solon LLC

3,354

05/09

Libor + 225

RO & SW Realty LLC

23,978

06/11

5.960

Total

5,760,277

Wtd. Avg.

Total Joint Venture Debt:

Maturity

Interest
Rate

Fixed Rate

4,572,099

0.92 years

5.5

Variable Rate

1,188,178

5.08 years

2.5

5,760,277

4.22 years

4.9

DDR’s Proportionate Share:

Fixed Rate

980,538

Variable Rate

235,058

1,215,596

Summary of Joint Venture Debt 6.2.c

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

DERIVATIVE INSTRUMENTS(5)


	Notional Amount(000’s)		Underlying Capital Hedged	Rate Hedged	Fixed Rate			Termination Date
Interest Rate Swap	$	20,000	MDT Revolving Credit Facility	1 mo. LIBOR		3.960	%	June 1, 2009
Interest Rate Swap	$	50,000	MDT Revolving Credit Facility	3 mo. LIBOR		5.105	%	November 17, 2010
Forward Interest Rate Swap	$	157,250	MDT Mortgage Debt	1 mo. LIBOR		5.250	%	March 9, 2012
Forward Interest Rate Swap	$	75,000	MDT Mortgage Debt	1 mo. LIBOR		5.223	%	June 1, 2014
Forward Interest Rate Swap	$	75,000	MDT Mortgage Debt	1 mo. LIBOR		4.900	%	June 2, 2014

Notes:

(1)		The company’s joint venture associated with the Mervyns Portfolio is not reflected as it is consolidated within DDR’s accounts.

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

(3)		This loan has a LIBOR floor of 2.00%.

(4)		This loan has a LIBOR floor of 1.50%.

(5)		Does not include interest rate caps.

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

Summary of Joint Venture Debt 6.2.d

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

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities(1)
as of March 31, 2009
(000’s)


	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018
	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
CONSOLIDATED DEBT
Property Mortgages	$	183,254	$	330,701	$	199,985	$	102,954	$	432,347	$	16,593	$	26,595	$	16,032	$	10,559	$	7,901	$	73,548	$	1,400,467
Construction Loans		0		23,113		30,618		0		85,024		0		0		0		0		0		0		138,755
Public Debt		0		478,683		434,417		810,410		0		0		199,564		0		0		100,000		0		2,023,074

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

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

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


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

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



Notes:

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

(2)		Balance at March 31, 2009 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012. The $75 million National City Bank facility has one one-year extension option to 2011.

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

Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3.a

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


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


Research Coverage
Citigroup
Michael Bilerman	michael.bilerman@citi.com	(212) 816-1383
Quentin Velleley	quentin.velleley@citi.com	(212) 816-6981

Deutsche Bank Securities
John Perry	john.perry@db.com	44-20-7547-0560
Vincent Chao	vincent.chao@db.com	(212) 250-8811

Goldman Sachs
Jay Habermann	jonathan.habermann@gs.com	(917) 343-4260
Jehan Mahmood	jehan.mahmood@gs.com	(212) 902-2646

Green Street Advisors
Jim Sullivan	jsullivan@greenstreetadvisors.com	(949) 640-8780
Nick Vedder	nvedder@greenstreetadvisors.com	(949) 640-8780

Hilliard Lyons
Carol Kemple	ckemple@hilliard.com	(502) 588-1142

Macquarie
David Wigginton	dave.wigginton@macquarie.com	(212) 231-6380

Merrill Lynch
Craig Schmidt	craig_schmidt@ml.com	(212) 449-1944

JP Morgan
Michael Mueller	michael.w.mueller@jpmorgan.com	(212) 622-6689
Joe Dazio	joseph.c.dazio@jpmorgan.com	(212) 622-6416

RBC Capital Markets
Rich Moore	rich.moore@rbccm.com	(216) 378-7625
Wes Golladay	wes.golladay@rbccm.com	(440) 715-2650

UBS
Jeff Spector	jeffrey.spector@ubs.com	(212) 713-6144
Lindsay Schroll	lindsay.schroll@ubs.com	(212) 713-3402

Wachovia Securities
Jeff Donnelly	jeff.donnelly@wachovia.com	(617) 603-4262
Robert Laquaglia	robert.laquaglia@wachovia.com	(617) 603-4280

Investor Contact Information 7.0

SITE Centers (SITC) 8-KDevelopers Diversified Realty Corporation