10-K 1 l29656ae10vk.htm DEVELOPERS DIVERSIFIED REALTY CORPORATION 10-K Developers Diversified Realty Corporation 10-K
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
FORM 10-K
 
     
(Mark One)
   
þ
  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007
OR
o
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                 to                
 
Commission file number 1-11690
DEVELOPERS DIVERSIFIED REALTY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
 
     
Ohio   34-1723097
 
(State or Other Jurisdiction
of Incorporation or Organization)
  (I.R.S. Employer Identification No.)
 
3300 Enterprise Parkway, Beachwood, Ohio 44122
(Address of Principal Executive Offices — Zip Code)
 
(216) 755-5500
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12 (b) of the Act:
 
     
Title of Each Class
  Name of Each Exchange on Which Registered
 
Common Shares, Without Par Value
  New York Stock Exchange
Depositary Shares Representing
Class G Cumulative Redeemable Preferred Shares
  New York Stock Exchange
Depositary Shares Representing
Class H Cumulative Redeemable Preferred Shares
  New York Stock Exchange
Depositary Shares Representing
Class I Cumulative Redeemable Preferred Shares
  New York Stock Exchange
 
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes þ     No o
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  Yes o     No þ
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No o
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  þ
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
             
Large accelerated filer þ
  Accelerated filer o   Non-accelerated filer o
(Do not check if a smaller reporting company)
  Smaller reporting company o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o     No þ
 
The aggregate market value of the voting stock held by non-affiliates of the registrant at June 30, 2007 was $6.4 billion.
 
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
 
119,447,977 common shares outstanding as of February 15, 2008
 
DOCUMENTS INCORPORATED BY REFERENCE
 
The registrant incorporates by reference in Part III hereof portions of its definitive Proxy Statement for its 2008 Annual Meeting of Shareholders.
 


Table of Contents

 
TABLE OF CONTENTS
 
                 
        Report
Item No.
      Page
 
PART I
 
1.
   
Business
    3  
 
1A.
   
Risk Factors
    6  
 
1B.
   
Unresolved Staff Comments
    13  
 
2.
   
Properties
    14  
 
3.
   
Legal Proceedings
    70  
 
4.
   
Submission of Matters to a Vote of Security Holders
    70  
 
PART II
 
5.
   
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    72  
 
6.
   
Selected Financial Data
    74  
 
7.
   
Management’s Discussion and Analysis of Financial Condition and Results of Operations
    77  
 
7A.
   
Quantitative and Qualitative Disclosures about Market Risk
    130  
 
8.
   
Financial Statements and Supplementary Data
    132  
 
9.
   
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    132  
 
9A.
   
Controls and Procedures
    132  
 
9B.
   
Other Information
    133  
 
PART III
 
10.
   
Directors, Executive Officers and Corporate Governance
    134  
 
11.
   
Executive Compensation
    134  
 
12.
   
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    134  
 
13.
   
Certain Relationships and Related Transactions, and Director Independence
    135  
 
14.
   
Principal Accounting Fees and Services
    135  
 
PART IV
 
15.
   
Exhibits, Financial Statement Schedules
    135  


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PART I
 
Item 1.   BUSINESS
 
General Development of Business
 
Developers Diversified Realty Corporation, an Ohio corporation (the “Company” or “DDR”), a self-administered and self-managed real estate investment trust (a “REIT”), is in the business of acquiring, developing, redeveloping, owning, leasing and managing shopping centers and, to a lesser extent, business centers. Unless otherwise provided, references herein to the Company or DDR includes Developers Diversified Realty Corporation, its wholly-owned and majority-owned subsidiaries and its consolidated and unconsolidated joint ventures.
 
From January 1, 2003, to December 31, 2007, the Company and its joint ventures acquired 625 shopping center properties. The Company acquired 317 properties in 2007 (including 315 shopping centers acquired through the merger with Inland Retail Real Estate Trust, Inc. (“IRRETI”) (66 of the 315 properties were acquired by a joint venture of the Company and two additional shopping centers acquired through joint ventures), 20 properties in 2006 (including 15 acquired through joint ventures and four by acquiring its joint venture partners’ interests), 52 properties in 2005 (including 36 acquired through a consolidated joint venture and one by acquiring its joint venture partner’s interest), 112 properties in 2004 (including 18 acquired through joint ventures and one by acquiring its joint venture partner’s interest) and 124 properties in 2003 (including 117 shopping center and development properties acquired through the merger with JDN Realty Corporation (“JDN”) and three that were joint ventures). Of the 15 properties acquired through joint ventures in 2006, nine properties are located in Brazil.
 
The Company files annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any document the Company files with the SEC at the SEC’s Public Reference Room at 100 F Street, N.W., Washington, D.C. 20549. You may obtain information about the operation of the SEC’s Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding registrants that file electronically with the SEC (http://www.sec.gov).
 
You can inspect reports and other information that the Company files with the New York Stock Exchange at the offices of the New York Stock Exchange, Inc., 20 Broad Street, New York, New York 10005.
 
The Company’s executive offices are located at 3300 Enterprise Parkway, Beachwood, Ohio 44122, and its telephone number is (216) 755-5500. The Company’s website is located at http://www.ddr.com. On its website, you can obtain a copy of the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable after the Company files such material electronically with, or furnishes it to, the Securities and Exchange Commission (the “SEC”). A copy of these filings is available to all interested parties upon written request to Michelle M. Dawson, Vice President of Investor Relations, at the Company’s corporate offices.
 
Financial Information About Industry Segments
 
The Company is in the business of acquiring, developing, redeveloping, owning, leasing and managing shopping centers and, to a lesser extent, business centers. See the Consolidated Financial Statements and notes thereto included in Item 15 of this Annual Report on Form 10-K for certain information regarding the Company’s reportable segments.
 
Narrative Description of Business
 
The Company’s portfolio as of February 15, 2008, consisted of 709 shopping centers and seven business centers (including 317 centers owned through unconsolidated joint ventures and 40 centers that are otherwise consolidated by the Company) and more than 1,600 acres of undeveloped land (of which approximately 600 acres are owned through joint ventures) (together the “Portfolio Properties”). The shopping center properties consist of shopping centers, enclosed malls and lifestyle centers. From January 1, 2005, to February 15, 2008, the Company acquired 389 shopping centers (including 119 properties owned through joint ventures) containing an aggregate of


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approximately 48.1 million square feet of gross leasable area (“GLA”) owned by the Company for an aggregate purchase price of approximately $11.1 billion.
 
As of February 15, 2008, the Company was expanding six wholly-owned properties and six of its joint venture properties. As of December 31, 2007, the Company had 11 wholly-owned shopping centers and four joint venture shopping centers under development and redevelopment.
 
At December 31, 2007, the aggregate occupancy of the Company’s shopping center portfolio was 94.9%, as compared to 95.2% at December 31, 2006. The Company’s portfolio included owned interests in 710 shopping centers at December 31, 2007, as compared to 467 shopping centers at December 31, 2006. The average annualized base rent per occupied square foot was $12.24 at December 31, 2007, as compared to $11.56 at December 31, 2006. The increase is primarily due to the releasing of space during 2007 at higher amounts combined with higher rents attributable to the assets acquired from IRRETI.
 
At December 31, 2007, the aggregate occupancy of the Company’s wholly-owned shopping centers was 93.9%, as compared to 94.1% at December 31, 2006. The Company owned 353 wholly-owned shopping centers at December 31, 2007, as compared to 261 shopping centers at December 31, 2006. The average annualized base rent per leased square foot was $11.53 at December 31, 2007, as compared to $10.80 at December 31, 2006. The increase is primarily due to the releasing of space during 2007 at higher amounts combined with higher rents attributable to the assets acquired in the IRRETI merger.
 
At December 31, 2007, the aggregate occupancy rate of the Company’s joint venture shopping centers was 95.9%, as compared to 96.9% at December 31, 2006. The Company’s joint ventures owned 357 shopping centers including 40 consolidated centers primarily owned through the Mervyns Joint Venture at December 31, 2007, as compared to 167 shopping centers and 39 consolidated centers at December 31, 2006. The average annualized base rent per leased square foot for the joint venture properties was $12.86 at December 31, 2007, as compared to $12.69 at December 31, 2006. The increase is a result of the mix of shopping center assets in the joint ventures at December 31, 2007, as compared to December 31, 2006, primarily related to the formation of joint ventures in 2007.
 
At December 31, 2007, the aggregate occupancy of the Company’s business centers was 70.0%, as compared to 42.1% at December 31, 2006. The increase in occupancy is primarily due to a large vacancy filled at a business center in Boston, Massachusetts. The business centers consist of seven assets in five states at December 31, 2007 and 2006.
 
The Company is self-administered and self-managed and, therefore, does not engage or pay a REIT advisor. The Company manages all of the Portfolio Properties. At December 31, 2007, the Company owned and/or managed more than 116 million square feet of Company-owned GLA, which included all of the Portfolio Properties and 12 properties owned by third parties.
 
Strategy and Philosophy
 
The Company’s investment objective is to increase cash flow and the value of its Portfolio Properties and to seek continued growth through the selective acquisition, development, redevelopment, renovation and expansion of income-producing real estate properties, primarily shopping centers. In addition, the Company may pursue the disposition of certain real estate assets and utilize the proceeds to repay debt, to reinvest in other real estate assets and developments or for other corporate purposes. In pursuing its investment objective, the Company will continue to seek to acquire and develop high-quality, well-located shopping centers with attractive expected initial yields and strong prospects for future cash flow growth and capital appreciation where the Company’s financial strength and management and leasing capabilities can enhance value.
 
Management believes that opportunities to acquire existing shopping centers have been and will continue to be available to a buyer, such as the Company, with access to capital markets and institutional investors. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” within Item 7.


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The Company’s real estate strategy and philosophy is to grow its business through a combination of leasing, expansion, acquisition, development and redevelopment. The Company seeks to:
 
  •  Increase cash flows and property values through strategic leasing, re-tenanting, renovation and expansion of the Company’s portfolio;
 
  •  Continue to selectively acquire well-located, quality shopping centers (individually or in portfolio transactions) that have leases at rental rates below market rates or other cash flow growth or capital appreciation potential where the Company’s financial strength, relationships with retailers and management capabilities can enhance value;
 
  •  Increase cash flows and property values by continuing to take advantage of attractive financing and refinancing opportunities;
 
  •  Increase per share cash flows through the strategic disposition of low growth assets and utilize the proceeds to repay debt, invest in other higher growth real estate assets and developments;
 
  •  Selectively develop or sell the Company’s undeveloped parcels or new sites in areas with attractive demographics;
 
  •  Hold properties for long-term investment and place a strong emphasis on regular maintenance, periodic renovation and capital improvements;
 
  •  Continue to manage and develop the properties of others to generate fee income, subject to restrictions imposed by federal income tax laws and
 
  •  Explore international markets and selectively invest where the greatest value creation opportunities exist.
 
As part of its ongoing business, the Company frequently engages in discussions with public and private real estate entities regarding possible portfolio or asset acquisitions or dispositions or business combinations.
 
The Company intends to maintain a conservative debt to capitalization ratio. At December 31, 2007, the Company’s capitalization, excluding the Company’s proportionate share of indebtedness of its unconsolidated joint ventures, consisted of $5.6 billion of debt, $555 million of preferred shares and $4.6 billion of market equity (market equity is defined as common shares and Operating Partnership Units (“OP Units”) outstanding, multiplied by $38.29, the closing price of the common shares on the New York Stock Exchange at December 31, 2007), resulting in a debt to total market capitalization ratio of 0.52 to 1.0, as compared to the ratios of 0.36 to 1.0 and 0.40 to 1.0 at December 31, 2006 and 2005, respectively. Fluctuations in the market price of the Company’s common shares will cause this ratio to vary from time to time. At December 31, 2007, the Company’s total debt consisted of $4.5 billion of fixed-rate debt and $1.1 billion of variable-rate debt, including $600 million of fixed-rate debt that had been effectively swapped to a variable rate. At December 31, 2006, the Company’s total debt consisted of $3.8 billion of fixed-rate debt and $0.4 billion of variable-rate debt, including $60 million of variable-rate debt that was effectively swapped to a fixed rate and $500 million of variable-rate debt that had been effectively swapped to a fixed rate.
 
The strategy, philosophy, investment and financing policies of the Company, and its policies with respect to certain other activities, including its growth, debt capitalization, distributions, status as a REIT and operating policies, are determined by the Board of Directors. Although the Board of Directors has no present intention to amend or revise its policies, the Board of Directors may do so from time to time without a vote of the Company’s shareholders.
 
Recent Developments
 
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 and the Consolidated Financial Statements and Notes thereto included in Item 15 of this Annual Report on Form 10-K for information on certain of the recent developments.


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Competition
 
As one of the nation’s largest owners and developers of shopping centers (measured by total gross leasable area), the Company has established close relationships with a large number of major national and regional retailers. The Company’s management is associated with and actively participates in many shopping center and REIT industry organizations.
 
Notwithstanding these relationships, numerous developers and real estate companies, private and public, compete with the Company in seeking properties for acquisition and leasing space in these properties to tenants.
 
Employees
 
As of February 15, 2008, the Company employed 773 full-time individuals, including executive, administrative and field personnel. The Company considers its relations with its personnel to be good.
 
Qualification as a Real Estate Investment Trust
 
As of December 31, 2007, the Company met the qualification requirements of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, the Company, with the exception of its taxable REIT subsidiary, will not be subject to federal income tax to the extent it meets certain requirements of the Code.
 
Item 1A.   RISK FACTORS
 
The risks described below could materially and adversely affect the Company’s results of operations, financial condition, liquidity and cash flows. These risks are not the only risks that the Company faces. The Company’s business operations could also be affected by additional factors that are not presently known to it or that the Company currently considers to be immaterial to its operations.
 
The Economic Performance and Value of the Company’s Shopping Centers Depend on Many Factors, Each of Which Could Have an Adverse Impact on the Center’s Cash Flows and Operating Results
 
The economic performance and value of the Company’s real estate holdings can be affected by many factors, including the following:
 
  •  Changes in the national, regional and local economic climate;
 
  •  Local conditions, such as an oversupply of space or a reduction in demand for real estate in the area;
 
  •  The attractiveness of the properties to tenants;
 
  •  Competition from other available space;
 
  •  The Company’s ability to provide adequate management services and to maintain its properties;
 
  •  Increased operating costs, if these costs cannot be passed through to tenants, and
 
  •  The expense of periodically renovating, repairing and reletting spaces.
 
The Company’s properties consist primarily of community shopping centers and, therefore, the Company’s performance is linked to general economic conditions in the market for retail space. The market for retail space has been and may continue to be adversely affected by weakness in the national, regional and local economies, the adverse financial condition of some large retailing companies, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of markets and increasing consumer purchases through catalogs and the Internet. To the extent that any of these conditions occur, they are likely to affect market rents for retail space. In addition, the Company may face challenges in the management and maintenance of its properties or incur increased operating costs, such as real estate taxes, insurance and utilities, which may make its properties unattractive to tenants. The loss of rental revenues from a number of the Company’s tenants and its inability to replace such tenants may adversely affect the Company’s profitability and ability to meet its debt and other financial obligations and make distributions to shareholders.


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The Company’s Dependence on Rental Income May Adversely Affect Its Ability to Meet Its Debt Obligations and Make Distributions to the Shareholders
 
Substantially all of the Company’s income is derived from rental income from real property. As a result, the Company’s performance depends on its ability to collect rent from tenants. The Company’s income and funds for distribution would be negatively affected if a significant number of its tenants, or any of its major tenants were to:
 
  •  Experience a downturn in their business that significantly weakens their ability to meet their obligations to the Company;
 
  •  Delay lease commencements;
 
  •  Decline to extend or renew leases upon expiration;
 
  •  Fail to make rental payments when due or
 
  •  Close stores or declare bankruptcy.
 
Any of these actions could result in the termination of tenants’ leases and the loss of rental income attributable to the terminated leases. Lease terminations by an anchor tenant or a failure by that anchor tenant to occupy the premises could also result in lease terminations or reductions in rent by other tenants in the same shopping centers under the terms of some leases. In addition, the Company cannot be certain that any tenant whose lease expires will renew that lease or that it will be able to re-lease space on economically advantageous terms. The loss of rental revenues from a number of the Company’s tenants and its inability to replace such tenants may adversely affect the Company’s profitability and its ability to meet debt and other financial obligations and make distributions to shareholders.
 
The Company Relies on Major Tenants, Making It Vulnerable to Changes in the Business and Financial Condition of, or Demand for Its Space, by Such Tenants
 
As of December 31, 2007, the annualized base rental revenues from Wal-Mart, Mervyns, T.J. Maxx, PetSmart, Lowe’s Home Improvement, Bed Bath & Beyond and Circuit City represented 4.3%, 2.4%, 2.0%, 2.0%, 1.9%, 1.6% and 1.6%, respectively, of the Company’s aggregate annualized shopping center base rental revenues (those tenants greater than 1.5%), including its proportionate share of joint venture aggregate annualized shopping center base rental revenues. The Company’s income and ability to meet its financial obligations could be adversely affected in the event of the bankruptcy, insolvency or significant downturn in the business of one of these tenants or any of the Company’s other major tenants. In addition, the Company’s results could be adversely affected if any of these tenants do not renew multiple lease terms as they expire.
 
The Company’s Acquisition Activities May Not Produce the Cash Flows That It Expects and May Be Limited by Competitive Pressures or Other Factors
 
The Company intends to acquire existing retail properties to the extent that suitable acquisitions can be made on advantageous terms. Acquisitions of commercial properties entail risks, such as:
 
  •  The Company’s estimates on expected occupancy and rental rates may differ from actual conditions;
 
  •  The Company’s estimates of the costs of any redevelopment or repositioning of acquired properties may prove to be inaccurate;
 
  •  The Company may be unable to operate successfully in new markets where acquired properties are located, due to a lack of market knowledge or understanding of local economies;
 
  •  The Company may be unable to successfully integrate new properties into its existing operations or
 
  •  The Company may have difficulty obtaining financing on acceptable terms or paying the operating expenses and debt service associated with acquired properties prior to sufficient occupancy.
 
In addition, the Company may not be in a position or have the opportunity in the future to make suitable property acquisitions on advantageous terms due to competition for such properties with others engaged in real


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estate investment who may have greater financial resources than the Company. The Company’s inability to successfully acquire new properties may affect the Company’s ability to achieve anticipated return on investment, which could have an adverse effect on its results of operations.
 
The Company’s Articles of Incorporation Contain Limitations on Acquisitions and Changes in Control
 
In order to maintain the Company’s status as a REIT, its Articles of Incorporation prohibit any person, except for certain existing shareholders at the time of its initial public offering, from owning more than 5% of the Company’s outstanding common shares. This restriction is likely to discourage third parties from acquiring control of the Company without consent of its Board of Directors even if a change in control was in the best interests of shareholders.
 
Real Estate Property Investments Are Illiquid; Therefore the Company May Not Be Able to Dispose of Properties When Appropriate or on Favorable Terms
 
Real estate investments generally cannot be disposed of quickly. In addition, the federal tax code imposes restrictions, that are not applicable to other types of real estate companies, on the ability of a REIT to dispose of properties. Therefore, the Company may not be able to diversify its portfolio in response to economic or other conditions promptly or on favorable terms, which could cause the Company to incur losses and reduce its cash flows and adversely affect distributions to shareholders.
 
The Company’s Development and Construction Activities Could Affect Its Operating Results
 
The Company intends to continue the selective development and construction of retail properties in accordance with its development and underwriting policies as opportunities arise. The Company’s development and construction activities include risks that:
 
  •  The Company may abandon development opportunities after expending resources to determine feasibility;
 
  •  Construction costs of a project may exceed the Company’s original estimates;
 
  •  Occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable;
 
  •  Rental rates per square foot could be less than projected;
 
  •  Financing may not be available to the Company on favorable terms for development of a property;
 
  •  The Company may not complete construction and lease-up on schedule, resulting in increased debt service expense and construction costs, and
 
  •  The Company may not be able to obtain, or may experience delays in obtaining, necessary zoning, land use, building, occupancy and other required governmental permits and authorizations.
 
Additionally, the time frame required for development, construction and lease-up of these properties means that the Company may wait several years for a significant cash return. If any of the above events occur, the development of properties may hinder the Company’s growth and have an adverse effect on its results of operations and cash flows. In addition, new development activities, regardless of whether or not they are ultimately successful, typically require substantial time and attention from management.
 
The Company Has Variable-Rate Debt and Is Subject to Interest Rate Risk
 
The Company has a substantial amount of mortgage debt with interest rates that vary depending upon the market index. In addition, the Company has revolving credit facilities that bear interest at a variable rate on any amounts drawn on the facilities. The Company may incur additional variable-rate debt in the future. Increases in interest rates on variable-rate debt would increase the Company’s interest expense, which would negatively affect net earnings and cash available for payment of its debt obligations and distributions to its shareholders.


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The Company’s Ability to Increase Its Debt Could Adversely Affect Its Cash Flow
 
At December 31, 2007, the Company had outstanding debt of approximately $5.6 billion (excluding its proportionate share of joint venture mortgage debt aggregating $1.0 billion). The Company intends to continue to maintain a conservative debt capitalization with a ratio of debt to total market capitalization (the sum of the aggregate market value of the Company’s common shares, the liquidation preference on any preferred shares outstanding and its total indebtedness) of less than 55%. In addition, the Company is subject to limitations under its credit facilities and indentures relating to its ability to incur additional debt; however, the Company’s organizational documents do not contain any limitation on the amount or percentage of indebtedness it may incur. If the Company were to become more highly leveraged, its cash needs to fund debt service would increase accordingly. Under such circumstances, the Company’s risk of decreases in cash flow, due to fluctuations in the real estate market, reliance on its major tenants, acquisition and development costs and the other factors discussed above, could subject the Company to an even greater adverse impact on its financial condition and results of operations. In addition, increased leverage could increase the risk of default on the Company’s debt obligations, which could further reduce its cash available for distribution and adversely affect its ability to dispose of its portfolio on favorable terms, which could cause the Company to incur losses and reduce its cash flows.
 
Changes in the Company’s Credit Ratings or the Debt Markets, as well as Recent Market Conditions in the Credit Markets, Could Adversely Affect the Company’s Publicly Traded Debt and Revolving Credit Facilities
 
The market value for the Company’s publicly held debt depends on many factors, including:
 
  •  The Company’s credit ratings with major credit rating agencies;
 
  •  The prevailing interest rates being paid by, or the market price for publicly traded debt issued by, other companies similar to the Company;
 
  •  The Company’s financial condition, liquidity, leverage, financial performance and prospects and
 
  •  The overall condition of the financial markets.
 
The condition of the financial markets and prevailing interest rates, have fluctuated in the past and are likely to fluctuate in the future. The United States credit markets and the sub-prime residential mortgage market have recently experienced severe dislocations and liquidity disruptions. There has been a substantial widening of yield spreads generally, as buyers demand greater compensation for credit risk. In addition, there has been a reduction in the availability of capital for some issuers of debt due to the decrease in the number of available lenders and decreased willingness of lenders to offer capital at cost efficient rates. Furthermore, current market conditions can be exacerbated by leverage. The continuation of these circumstances in the credit markets and/or additional fluctuations in the financial markets and prevailing interest rates could have an adverse effect on the Company’s ability to access capital and cost of capital.
 
In addition, credit rating agencies continually review their ratings for the companies that they follow, including the Company. The credit rating agencies also evaluate the real estate industry as a whole and may change their credit rating for the Company based on their overall view of the industry. A negative change in the Company’s rating could have an adverse effect on the Company’s publicly traded debt and revolving credit facilities as well as the Company’s ability to access capital and its cost of capital.
 
The Company’s Cash Flows and Operating Results Could Be Adversely Affected by Required Payments of Debt or Related Interest and Other Risks of Its Debt Financing
 
The Company is generally subject to the risks associated with debt financing. These risks include:
 
  •  The Company’s cash flow may not satisfy required payments of principal and interest;
 
  •  The Company may not be able to refinance existing indebtedness on its properties as necessary, or the terms of the refinancing may be less favorable to the Company than the terms of existing debt;
 
  •  Required debt payments are not reduced if the economic performance of any property declines;


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  •  Debt service obligations could reduce funds available for distribution to the Company’s shareholders and funds available for development and acquisitions;
 
  •  Any default on the Company’s indebtedness could result in acceleration of those obligations and possible loss of property to foreclosure and
 
  •  Necessary capital expenditures for purposes such as re-leasing space cannot be financed on favorable terms.
 
If a property is mortgaged to secure payment of indebtedness and the Company cannot make the mortgage payments, it may have to surrender the property to the lender with a consequent loss of any prospective income and equity value from such property. Any of these risks can place strains on the Company’s cash flows, reduce its ability to grow and adversely affect its results of operations.
 
The Company’s Financial Condition Could Be Adversely Affected by Financial Covenants
 
The Company’s credit facilities and the indentures under which its senior and subordinated unsecured indebtedness is, or may be, issued contain certain financial and operating covenants, including, among other things, certain coverage ratios, as well as limitations on the Company’s ability to incur secured and unsecured indebtedness, sell all or substantially all of its assets and engage in mergers and consolidations and certain acquisitions. These covenants could limit the Company’s ability to obtain additional funds needed to address cash shortfalls or pursue growth opportunities or transactions that would provide substantial return to its shareholders. In addition, a breach of these covenants could cause a default or accelerate some or all of the Company’s indebtedness, which could have a material adverse effect on its financial condition.
 
The Company’s Ability to Continue to Obtain Permanent Financing Cannot Be Assured
 
In the past, the Company has financed certain acquisition and development activities in part with proceeds from its credit facilities or offerings of its debt or equity securities. These financings have been, and may continue to be, replaced by other financings. However, the Company may not be able to obtain more permanent financing for future acquisitions or development activities on acceptable terms. If market interest rates were to increase or other unfavorable market conditions were to exist at a time when amounts were outstanding under the Company’s credit facilities, or if other variable-rate debt was outstanding, the Company’s interest costs would increase, causing potentially adverse effects on its financial condition and results of operations.
 
If the Company Fails to Qualify as a REIT in Any Taxable Year, It Will Be Subject to United States Federal Income Tax as a Regular Corporation and Could Have Significant Tax Liability
 
The Company intends to operate in a manner that allows it to qualify as a REIT for United States (“U.S.”) federal income tax purposes. However, REIT qualification requires that the Company satisfy numerous requirements (some on an annual or quarterly basis) established under highly technical and complex provisions of the Code, for which there are a limited number of judicial or administrative interpretations. The Company’s status as a REIT requires an analysis of various factual matters and circumstances that are not entirely within its control. Accordingly, it is not certain that the Company will be able to qualify and remain qualified as a REIT for U.S. federal income tax purposes. Even a technical or inadvertent violation of the REIT requirements could jeopardize the Company’s REIT qualification. Furthermore, Congress or the Internal Revenue Service (“IRS”) might change the tax laws or regulations and the courts could issue new rulings, in each case potentially having retroactive effect that could make it more difficult or impossible for the Company to continue to qualify as a REIT. If the Company fails to qualify as a REIT in any tax year, then:
 
  •  The Company would be taxed as a regular domestic corporation, which, among other things, means that it would be unable to deduct distributions to its shareholders in computing its taxable income and would be subject to U.S. federal income tax on its taxable income at regular corporate rates;
 
  •  Any resulting tax liability could be substantial and would reduce the amount of cash available for distribution to shareholders and could force the Company to liquidate assets or take other actions that could have a detrimental effect on its operating results and


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  •  Unless the Company was entitled to relief under applicable statutory provisions, it would be disqualified from treatment as a REIT for the four taxable years following the year during which the Company lost its qualification, and its cash available for distribution to its shareholders therefore would be reduced for each of the years in which the Company does not qualify as a REIT.
 
Even if the Company remains qualified as a REIT, it may face other tax liabilities that reduce its cash flow. The Company may also be subject to certain federal, state and local taxes on its income and property either directly or at the level of its subsidiaries. Any of these taxes would decrease cash available for distribution to the Company’s shareholders.
 
Compliance with REIT Requirements May Negatively Affect the Company’s Operating Decisions
 
To maintain its status as a REIT for U.S. federal income tax purposes, the Company must meet certain requirements, on an ongoing basis, including requirements regarding its sources of income, the nature and diversification of its assets, the amounts the Company distributes to its shareholders and the ownership of its shares. The Company may also be required to make distributions to its shareholders when it does not have funds readily available for distribution or at times when the Company’s funds are otherwise needed to fund capital expenditures.
 
As a REIT, the Company must distribute at least 90% of its annual net taxable income (excluding net capital gains) to its shareholders. To the extent that the Company satisfies this distribution requirement, but distributes less than 100% of its net taxable income, the Company will be subject to U.S. federal corporate income tax on its undistributed taxable income. In addition, the Company will be subject to a 4% nondeductible excise tax if the actual amount paid to its shareholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. From time to time, the Company may generate taxable income greater than its income for financial reporting purposes, or its net taxable income may be greater than its cash flow available for distribution to its shareholders. If the Company does not have other funds available in these situations, it could be required to borrow funds, sell a portion of its securities or properties at unfavorable prices or find other sources of funds in order to meet the REIT distribution requirements and to avoid corporate income tax and the 4% excise tax.
 
In addition, the REIT provisions of the Code impose a 100% tax on income from “prohibited transactions.” Prohibited transactions generally include sales of assets that constitute inventory or other property held for sale to customers in the ordinary course of business, other than foreclosure property. This 100% tax could impact the Company’s decisions to sell property if it believes such sales could be treated as a prohibited transaction. However, the Company would not be subject to this tax if it were to sell assets through a taxable REIT subsidiary. The Company will also be subject to a 100% tax on certain amounts if the economic arrangements between the Company and a taxable REIT subsidiary are not comparable to similar arrangements among unrelated parties.
 
Dividends Paid by REITs Generally Do Not Qualify for Reduced Tax Rates
 
In general, the maximum U.S. federal income tax rate for dividends paid to individual U.S. shareholders is 15% (through 2008). Unlike dividends received from a corporation that is not a REIT, the Company’s distributions to individual shareholders generally are not eligible for the reduced rates.
 
Property Ownership Through Partnerships and Joint Ventures Could Limit the Company’s Control of Those Investments and Reduce Its Expected Return
 
Partnership or joint venture investments may involve risks not otherwise present for investments made solely by the Company, including the possibility that the Company’s partner or co-venturer might become bankrupt, that its partner or co-venturer might at any time have different interests or goals than the Company, and that its partner or co-venturer may take action contrary to the Company’s instructions, requests, policies or objectives, including the Company’s policy with respect to maintaining its qualification as a REIT. Other risks of joint venture investments include impasse on decisions, such as a sale, because neither the Company’s partner or co-venturer nor the Company would have full control over the partnership or joint venture. These factors could limit the return that the Company receives from such investments or cause its cash flows to be lower than its estimates. There is no limitation under the Company’s Amended and Restated Articles of Incorporation, or its code of regulations, as to


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the amount of funds that the Company may invest in partnerships or joint ventures. As of December 31, 2007, the Company had approximately $638.1 million of investments in and advances to unconsolidated joint ventures holding 317 operating shopping centers.
 
The Company’s Inability to Realize Anticipated Returns from Its Retail Real Estate Investments Outside the United States Could Adversely Affect Its Results of Operations
 
The Company may not realize the intended benefits of transactions outside the United States, as the Company may not have any prior experience with the local economies or culture. The assets may not perform as well as the Company anticipated or may not be successfully integrated, or the Company may not realize the improvements in occupancy and operating results that it anticipated. In addition, the Company could be subject to local laws governing these properties, with which it has no prior experience, and which may present new challenges for the management of the Company’s operations. Each of these factors may adversely affect the Company’s ability to achieve anticipated return on investment, which could have an adverse effect on its results of operations.
 
The Company’s Real Estate Investments May Contain Environmental Risks That Could Adversely Affect Its Operating Results
 
The acquisition of properties may subject the Company to liabilities, including environmental liabilities. The Company’s operating expenses could be higher than anticipated due to the cost of complying with existing or future environmental laws and regulations. In addition, under various federal, state and local laws, ordinances and regulations, the Company may be considered an owner or operator of real property or to have arranged for the disposal or treatment of hazardous or toxic substances. As a result, the Company may become liable for the costs of removal or remediation of certain hazardous substances released on or in its property. The Company may also be liable for other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). The Company may incur such liability whether or not it knew of, or was responsible for, the presence of such hazardous or toxic substances. Such liability could be of substantial magnitude and divert management’s attention from other aspects of the Company’s business and, as a result, could have a material adverse effect on the Company’s operating results and financial condition, as well as its ability to make distributions to shareholders.
 
An Uninsured Loss on the Company’s Properties or a Loss That Exceeds the Limits of the Company’s Insurance Policies Could Subject the Company to Lost Capital or Revenue on Those Properties
 
Under the terms and conditions of the leases currently in effect on the Company’s properties, tenants generally are required to indemnify and hold the Company harmless from liabilities resulting from injury to persons, air, water, land or property, on or off the premises, due to activities conducted on the properties, except for claims arising from the negligence or intentional misconduct of the Company or its agents. Additionally, tenants are generally required, at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and full replacement value property damage insurance policies. The Company has obtained comprehensive liability, casualty, flood and rental loss insurance policies on the properties. All of these policies may involve substantial deductibles and certain exclusions. In addition, tenants could fail to properly maintain their insurance policies or be unable to pay the deductibles. Should a loss occur that is uninsured or is in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, the Company could lose all or part of its capital invested in, and anticipated revenue from, one or more of the properties, which could have a material adverse effect on the Company’s operating results and financial condition, as well as its ability to make distributions to shareholders.
 
Compliance with the Americans with Disabilities Act and Fire, Safety and Other Regulations May Require the Company to Make Unplanned Expenditures That Adversely Impact the Company’s Cash Flows
 
All of the Company’s properties are required to comply with the Americans with Disabilities Act (“ADA”). The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA


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requirements could require removal of access barriers, and non-compliance could result in imposition of fines by the U.S. government or an award of damages to private litigants, or both. While the tenants to whom the Company leases properties are obligated by law to comply with the ADA provisions, and are typically obligated to cover costs of compliance, if required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs could be adversely affected. As a result, the Company could be required to expend funds to comply with the provisions of the ADA, which could adversely affect the results of operations and financial condition and its ability to make distributions to shareholders. In addition, the Company is required to operate the properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to the properties. The Company may be required to make substantial capital expenditures to comply with those requirements, and these expenditures could have a material adverse effect on its ability to meet the financial obligations and make distributions to shareholders.
 
Changes in Market Conditions Could Adversely Affect the Market Price of the Company’s Publicly Traded Securities
 
As with other publicly traded securities, the market price of the Company’s publicly traded securities depends on various market conditions, which may change from time to time. Among the market conditions that may affect the market price of the Company’s publicly traded securities are the following:
 
  •  The extent of institutional investor interest in the Company;
 
  •  The reputation of REITs generally and the reputation of REITs with similar portfolios;
 
  •  The attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);
 
  •  The Company’s financial condition and performance;
 
  •  The market’s perception of the Company’s growth potential and future cash dividends;
 
  •  An increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for the Company’s shares and
 
  •  General economic and financial market conditions.
 
The Company May Issue Additional Securities Without Shareholder Approval
 
The Company can issue preferred shares and common shares without shareholder approval subject to certain limitations in the Company’s Amended and Restated Articles of Incorporation. Holders of preferred shares have priority over holders of common shares, and the issuance of additional shares reduces the interest of existing holders in the Company.
 
The Company’s Executive Officers Have Agreements That Provide Them with Benefits in the Event of a Change in Control of the Company or if Their Employment is Terminated Without Cause
 
The Company has entered into employment and other agreements with certain executive officers that provide them with severance benefits if their employment ends under certain circumstances following a change in control of the Company or if the Company terminates the executive officer “without cause” as defined in the employment agreements. These benefits could increase the cost to a potential acquirer of the Company and thereby prevent or deter a change in control of the Company that might involve a premium price for the common shares or otherwise affect the interests of shareholders.
 
Item 1B.   UNRESOLVED STAFF COMMENTS
 
None.


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Item 2.   PROPERTIES
 
At December 31, 2007, the Portfolio Properties included 710 shopping centers (including 317 centers owned through unconsolidated joint ventures and 40 that are otherwise consolidated by the Company) and seven business centers. The shopping centers consist of 677 community shopping centers, 26 enclosed malls and seven lifestyle centers. The Portfolio Properties also include more than 1,600 undeveloped acres, primarily shopping centers, development sites and parcels, located adjacent to certain of the shopping centers. The shopping centers aggregate approximately 116.2 million square feet of Company-owned Gross Leasable Area (“GLA”) (approximately 148.3 million square feet of total GLA) and are located in 45 states, plus Puerto Rico and Brazil. These centers are principally in the Southeast and Midwest, with significant concentrations in Florida, Georgia and New York. The Company also has assets under development in Canada and Russia. The business centers aggregate 0.8 million square feet of Company-owned GLA and are located in five states, primarily in Maryland.
 
The Company’s shopping centers are designed to attract local area customers and are typically anchored by two or more national tenant anchors (such as Wal-Mart, Kohl’s or Target). The properties often include a supermarket, drug store, junior department store and/or other major “category-killer” discount retailers as additional anchors or tenants. The tenants of the shopping centers typically offer day-to-day necessities rather than high-priced luxury items. As one of the nation’s largest owners and operators of shopping centers, the Company has established close relationships with a large number of major national and regional retailers, many of which occupy space in the shopping centers.
 
Shopping centers make up the largest portion of the Company’s shopping center portfolio, constituting 104.9 million (90.3%) square feet of Company-owned GLA. Enclosed malls account for 8.6 million square feet (7.4%) of Company-owned GLA, and lifestyle centers account for 2.7 million square feet (2.3%) of Company-owned GLA. At December 31, 2007, the average annualized base rent per square foot of Company-owned GLA of the Company’s 353 wholly-owned shopping centers was $11.53. For the 357 shopping centers owned through joint ventures, 40 of which are consolidated, annualized base rent per square foot was $12.86. The average annualized base rent per square foot of the Company’s business centers was $11.09.
 
Information as to the Company’s ten largest tenants based on total annualized rental revenues and Company-owned GLA at December 31, 2007, is set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 of this Annual Report on Form 10-K. In addition, as of December 31, 2007, unless otherwise indicated, with respect to the 710 shopping centers:
 
  •  167 of these properties are anchored by a Wal-Mart, Kohl’s or Target store;
 
  •  These properties range in size from 10,000 square feet to approximately 1,100,000 square feet of total GLA (with 95 properties exceeding 400,000 square feet of total GLA);
 
  •  Approximately 68.4% of the aggregate Company-owned GLA of these properties is leased to national tenants, including subsidiaries of national tenants, approximately 16.9% is leased to regional tenants and approximately 9.6% is leased to local tenants;
 
  •  Approximately 94.9% of the aggregate Company-owned GLA of these properties was occupied as of December 31, 2007. With respect to the properties owned by the Company, or one of its joint ventures, as of December 31 of each of the last five years beginning with 2003, between 94.3% and 95.3% of the aggregate Company-owned GLA of these properties was occupied;
 
  •  Six wholly-owned properties are currently being expanded by the Company, and six properties owned by joint ventures are being expanded and
 
  •  Eleven wholly-owned properties and four joint venture properties are currently being developed by the Company.


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Tenant Lease Expirations and Renewals
 
The following table shows tenant lease expirations for the next ten years at the Company’s 353 wholly-owned shopping centers and seven business centers, assuming that none of the tenants exercise any of their renewal options:
 
                                                 
                      Average
             
                      Base
    Percentage of
    Percentage of
 
                Annualized
    Rent Per
    Total Leased
    Total Base
 
          Approximate
    Base Rent
    Sq. Foot
    Sq. Footage
    Rental Revenues
 
    No. of
    Lease Area in
    Under Expiring
    Under
    Represented
    Represented by
 
Expiration
  Leases
    Square Feet
    Leases
    Expiring
    by Expiring
    Expiring
 
Year
  Expiring     (Thousands)     (Thousands)     Leases     Leases     Leases  
 
2008
    824       3,303     $ 44,036     $ 13.33       6.0 %     7.5 %
2009
    749       4,283       53,782       12.56       7.8       9.2  
2010
    699       4,350       51,501       11.84       7.9       8.8  
2011
    706       4,901       64,078       13.08       8.9       11.0  
2012
    598       5,397       63,066       11.68       9.8       10.8  
2013
    271       3,865       40,299       10.43       7.0       6.9  
2014
    174       3,202       34,508       10.78       5.8       5.9  
2015
    170       3,158       34,700       10.99       5.8       5.9  
2016
    156       2,519       31,389       12.46       4.6       5.4  
2017
    165       3,182       37,358       11.74       5.8       6.4  
                                                 
Total
    4,512       38,160     $ 454,717     $ 11.92       69.4 %     77.8 %
                                                 
 
The following table shows tenant lease expirations for the next ten years at the Company’s 357 joint venture shopping centers, including 40 consolidated shopping centers, assuming that none of the tenants exercise any of their renewal options:
 
                                                 
                      Average
             
                      Base
    Percentage of
       
                Annualized
    Rent Per
    Total Leased
    Percentage of
 
          Approximate
    Base Rent
    Sq. Foot
    Sq. Footage
    Total Base
 
    No. of
    Lease Area in
    Under Expiring
    Under
    Represented
    Rental Revenues
 
Expiration
  Leases
    Square Feet
    Leases
    Expiring
    by Expiring
    Represented by
 
Year
  Expiring     (Thousands)     (Thousands)     Leases     Leases     Expiring Leases  
 
2008
    1,245       3,208     $ 55,412     $ 17.27       5.2 %     7.4 %
2009
    1,085       4,334       61,826       14.27       7.0       8.3  
2010
    1,034       5,183       75,052       14.48       8.4       10.1  
2011
    1,086       5,823       92,498       15.88       9.4       12.4  
2012
    1,010       5,716       90,964       15.91       9.3       12.2  
2013
    357       3,653       47,713       13.06       5.9       6.4  
2014
    198       3,406       41,347       12.14       5.5       5.6  
2015
    153       3,050       34,675       11.37       4.9       4.7  
2016
    163       3,887       41,314       10.63       6.3       5.6  
2017
    135       2,907       36,162       12.44       4.7       4.9  
                                                 
Total
    6,466       41,167     $ 576,963     $ 14.02       66.6 %     77.6 %
                                                 
 
The rental payments under certain of these leases will remain constant until the expiration of their base terms, regardless of inflationary increases. There can be no assurance that any of these leases will be renewed or that any replacement tenants will be obtained if not renewed.


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Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
        Alabama                                                                            
 
1
    Birmingham, AL   Brook Highland Plaza 5291 Hwy. 280 South   35242   SC     Fee     1994/2003     1994       100%       427,087     $ 4,521,346     $ 10.36       89.1%     Dick’s Sporting Goods (2017), Goody’s (2009), Lowe’s (2023), Stein Mart (2011), Office Max (2011), Michaels (2009), Homegoods (2016), Books-A-Million (2010), Ross Dress For Less (2014)
 
2
    Birmingham, AL   Eastwood Festival Center 7001 Crestwood Blvd.   35210   SC     Fee     1989/1999     1995       100%       300,280     $ 1,112,092     $ 7.20       51.5%     Dollar Tree (2009), Burlington Coat Factory (2008), Western Supermarkets (Not Owned), Home Depot (Not Owned)
 
3
    Birmingham, AL   River Ridge
US Highway 280
  35242   SC     Fee (3 )   2001     2007       15%       172,304     $ 2,701,215     $ 16.17       97%     Staples (2016), Linens ’N Things (2012), Best Buy (2017), Super Target (Not Owned)
 
4
    Birmingham, AL   Riverchase Promenade (I) Montgomery Highway   35244   SC     Fee (3 )   1989     2002       14.5%       120,108     $ 1,728,720     $ 15.16       95%     Marshalls (2009), Goody’s (Not Owned), Toys “R” Us (Not Owned)
 
5
    Cullman, AL   Lowe’s Home Improvement - Cull
1717 Cherokee Ave. SW
  35055   SC     Fee     1998     2007       100%       101,287     $ 682,500     $ 6.74       100%     Lowes’s (2015)
 
6
    Dothan, AL   Circuit City - Dothan 2821 Montgomery Hwy.   36303   SC     Fee     2004     2007       100%       33,906     $ 567,926     $ 16.75       100%     Circuit City (2020)
 
7
    Dothan, AL   Shops on the Circle 3500 Ross Clark Circle   36303   SC     Fee     2000     2007       100%       149,085     $ 1,664,555     $ 11.56       96.6%     Old Navy (2010), T.J. Maxx (2010), Office Max (2016)
 
8
    Florence, AL   Cox Creek Shopping Center 374-398 Cox Creek Parkway   35360   SC     Fee (3 )   2001     2007       15%       173,989     $ 1,831,420     $ 11.17       94.3%     Best Buy (2017), Michaels (2011), Dick’s Sporting Goods (2017), Linens ’N Things (2011), Target (Not Owned)
 
9
    Gadsden, AL   East Side Plaza 3010-3036 E. Meighan Boulevard   35903   SC     Fee     1979/2004     2003       100%       85,196     $ 271,898     $ 5.13       62.3%     Fred’s (2009), Food World (Not Owned)
 
10
    Huntsville, AL   Westside Centre
6275 University Dr.
  35806   SC     Fee (3 )   2002     2007       15%       475,307     $ 5,199,645     $ 11.57       94.5%     Babies “R” Us (2012), Marshalls (2011), Bed Bath & Beyond (2012), Michaels (2011), Goody’s (2016), Dick’s Sporting Goods (2017), Stein Mart (2011), Ross Dress For Less (2013), CompUSA (2016), Target (Not Owned)
 
11
    Opelika, AL   Pepperell Corners 2300-2600 Pepperell Parkway   36801   SC     Fee     1995     2003       100%       306,224     $ 1,438,900     $ 5.77       81.5%     Lowe’s (2012), Goody’s (2010), Steve & Barry’s (2014)
 
12
    Scottsboro, AL   Scottsboro Marketplace 24833 John P Reid Parkway   35766   SC     Fee     1999     2003       100%       40,560     $ 458,118     $ 11.29       100%     Goody’s (2011), Wal-Mart (Not Owned)


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Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
13
    Tuscaloosa, AL   Mcfarland Plaza 2600 Mcfarland Bldg. E.   35404   SC     Fee (3 )   1999     2007       15%       229,323     $ 1,681,254     $ 8.67       84.6%     Stein Mart (2009), Old Navy (2011), Circuit City (2020), Office Max (2015), Toys “R” Us (2011)
        Arizona                                                                            
 
14
    Ahwatukee, AZ   Foothills Towne Center (II) 4711 East Ray Road   85044   SC     Fee (3 )   1996     1999       50%       647,883     $ 10,563,389     $ 16.02       98.1%     Jo-Ann Stores (2010), Best Buy (2014), AMC Theatres (2021), Bassett Furniture (2010), Ashley Furniture Homestore (2011), Barnes & Noble (2012), Babies “R” Us (2012), Stein Mart (2011), Ross Dress For Less (2012), Office Max (2012)
 
15
    Chandler, AZ   Mervyns Plaza
2992 North Alma School Road
  85224   MV     Fee     1985     2005       50%       74,862     $ 686,664     $ 9.17       100%     Mervyns (2020)
 
16
    Mesa, AZ   Superstition Springs Center 6505 E. Southern Avenue   85206   MV     Fee     1990     2005       50%       86,858     $ 1,174,612     $ 13.52       100%     Mervyns (2020)
 
17
    Phoenix, AZ   Arrowhead Crossing 7553 West Bell Road   85382   SC     Fee (3 )   1995     1996       50%       346,428     $ 4,687,524     $ 13.59       99.6%     Staples (2009), Mac Frugal’s (2010), Barnes & Noble (2011), T.J. Maxx (2011), Circuit City (2016), DSW Shoe Warehouse (2017), Bassett Furniture (2009), Linens ’N Things (2011), Fry’s (Not Owned), Homegoods (2012)
 
18
    Phoenix, AZ   Phoenix Spectrum Mall 1703 W. Bethany Home Rd.   85015   SC     GL(3 )   1961     2004       20%       421,537     $ 6,703,753     $ 11.02       98.1%     Wal-Mart (2023), Costco Wholesale (2020), Ross Dress For Less (2013), PetSmart (2019), JCPenney (2037), Harkins Theatre (2022), Dillard’s (Not Owned), Target (Not Owned)
 
19
    Phoenix, AZ   Deer Valley Towne Center 2805 West Aqua Fria Freeway   85027   SC     Fee     1996     1999       100%       194,009     $ 3,122,661     $ 15.74       100%     Ross Dress For Less (2009), Office Max (2013), PetSmart (2014), Michaels (2009), Target (Not Owned), AMC Theatres (Not Owned)
 
20
    Phoenix, AZ   Deer Valley 4255 W. Thunderbird Road   85053   MV     Fee     1979     2005       50%       81,009     $ 835,441     $ 10.31       100%     Mervyns (2020)
 
21
    Phoenix, AZ   Paradise Village Gateway Tatum & Shea Blvd. S.   85028   SC     Fee     1997/2004     2003       67%       223,658     $ 4,487,381     $ 18.54       96.7%     Bed Bath & Beyond (2011), Ross Dress For Less (2012), PetSmart (2015), Staples (2010), Albertson’s (2016)


17


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
22
    Phoenix, AZ   Silver Creek Plaza 4710 E. Ray Road   85044   MV     Fee     1994     2005       50%       76,214     $ 872,896     $ 11.45       100%     Mervyns (2020)
 
23
    Tucson, AZ   Santa Cruz Plaza
3660 South 16th Avenue
  85713   MV     Fee     1982     2005       50%       76,126     $ 523,321     $ 6.87       100%     Mervyns (2020)
        Arkansas                                                                            
 
24
    Fayetteville, AR   Spring Creek Centre
464 E. Joyce Boulevard
  72703   SC     Fee (3 )   1997/1999/
2000/2001
    1997       14.5%       262,827     $ 3,024,078     $ 11.82       97.4%     T.J. Maxx (2011), Best Buy (2017), Goody’s (2013), Old Navy (2010), Bed Bath & Beyond (2009), Home Depot (Not Owned), Wal-Mart Super Center (Not Owned)
 
25
    Fayetteville, AR   Steele Crossing
3533-3595 N. Shiloh Dr.
  72703   SC     Fee (3 )   2003     2003       14.5%       50,314     $ 1,020,076     $ 14.69       100%     Kohl’s (2022), Target (Not Owned)
 
26
    N. Little Rock, AR   McCain Plaza
4124 East McCain Boulevard
  72117   SC     Fee     1991/2004     1994       100%       295,013     $ 1,930,229     $ 6.96       94%     Bed Bath & Beyond (2013), T.J. Maxx (2009), Cinemark (2011), Burlington Coat Factory (2014), Michaels (2014), Sports Authority (2013)
 
27
    Russellville, AR   Valley Park Centre
3093 East Main Street
  72801   SC     Fee     1992     1994       100%       266,539     $ 1,637,524     $ 6.57       93.5%     Hobby Lobby (2016), Stage (2010), JCPenney (2012), Belk (2021)
        Brazil                                                                            
 
28
    Brasilia   Patio Brasil Shopping Scs Quadra 07 Bl A   70307-902   MM     Fee     1997/2001     2006       4.85%       330,025     $ 12,160,862     $ 37.30       98.8%     Lojas Americanas (2999), Otoch (2007), Riachuelo (2017), Renner (2011), Centauro (2007), C&A (Not Owned)
 
29
    Campinas   Parque Dom Pedro Av. Guilherme Campos, 500   01387-001   MM     Fee     2001     2006       48.27%       1,370,568     $ 25,351,073     $ 19.06       97.1%     Republique Veiculos (2011), Lojas Americanas (2014), Casas Bahia (2011), Centauro (2012), Pet Center Marginal (2010), Marisa (2016), Star Bowling (2007), Big (2017), Etna (2015), Alpini Veiculos (2012), Ventuno Multimarcas (2012), Pernambucanas (2012), Formula Academia (2014), Riachuelo (2012), Zara (2014), Renner (2014), Fnac (2012), Multiplex P.D.Pedro (2012), Center Lider (2009), C&A (Not Owned)
 
30
    Estrada Do Campo Limpo   Campo Limpo Shopping Estrada Do Campo Limpo 459   05777-001   MM     Fee     2005     2006       9.32%       217,230     $ 3,289,720     $ 16.42       92.2%     C&A (2016), Marisa (2016), Compre Bem (2012), Casas Bahia (2011)


18


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
31
    Franca   Franca Shopping Av. Rio Negro, 1100   14406-901   MM     Fee     1993     2006       30.06%       195,976     $ 1,716,986     $ 9.91       88.4%     C&A (2016), Casas Bahia (2009), Magazine Luiza (2010), Lojas Americanas (2014), C&C (2011)
 
32
    Sao Bernardo Do Campo   Shopping Metropole Praca Samuel Sabatine, 200   09750-902   MM     Fee     1980/95/97     2006       4.66%       277,393     $ 8,405,690     $ 35.58       85.2%     Lojas Americanas (2008), Renner (2008)
 
33
    Sao Paulo   Boavista Shopping Rua Borba Gato, 59   04747-030   MM     Fee     2004     2006       46.61%       279,039     $ 3,484,814     $ 13.55       92.2%     C&A (2014), Marisa & Familia (2014), Americanas Express (2017), Sonda (2999)
 
34
    Sao Paulo   Shopping Penha
Rua Dr. Joao Ribeiro, 304
  03634-010   MM     Fee     1992/2004     2006       34.1%       323,509     $ 6,142,445     $ 20.11       94.4%     Marisa (2017), Sonda (2014), Lojas Americanas (2013), Kalunga (2010), C&A (2014)
 
35
    Sao Paulo   Plaza Sul
Praca Leonor Kaupa
  04151-100   MM     Fee     1994     2006       9.32%       255,299     $ 8,314,502     $ 35.05       92.9%     Lojas Americanas (2011), Luigi Bertolli (2007), Camicado (2010), Monday Academia (2009), Renner (2010), C&A (Not Owned)
 
36
    Sao Paulo   Tivoli Shopping Av. Santa Barbara, 777   13456-080   MM     Fee     1993/2006     2006       11.65%       234,167     $ 2,967,741     $ 12.89       98.4%     Lojas Americanas (2014), Unimed (2010), Magazine Luiza (2008), C&A (2016), C&C (2011), Paulistao (2016)
        California                                                                            
 
37
    Anaheim, CA   Anaheim Hills Festival Center
8100 E Santa Canyon Road
  92808   MV     Fee     1992     2005       50%       77,883     $ 1,327,550     $ 17.05       100%     Mervyns (2020)
 
38
    Antioch, CA   County East Shopping Center
2602 Somersville Road
  94509   MV     Fee     1970     2005       50%       75,339     $ 1,204,783     $ 15.99       100%     Mervyns (2020)
 
39
    Buena Park, CA   Buena Park Mall and Entertain
100 Buena Park
  90620   SC     Fee (3 )   1965     2004       20%       724,041     $ 9,689,616     $ 16.80       78.4%     Circuit City (2018), DSW Shoe Warehouse (2013), Ross Dress For Less (2010), Bed Bath & Beyond (2011), Steve & Barry’s (2014), 24 Hour Fitness (2022), Kohl’s (2024), Krikorian Premier Theatres (2023), Michaels (2014), Sears (Not Owned), Wal-Mart (Not Owned)
 
40
    Burbank, CA   Burbank Town Center
245 E Magnolia Blvd.
  91502   MV     GL     1991     2005       50%       89,182     $ 1,657,357     $ 18.58       100%     Mervyns (2020)
 
41
    Chino, CA   Chino Town Square Shopping
5517 Philadelphia
  91710   MV     Fee     1986     2005       50%       81,282     $ 887,461     $ 10.92       100%     Mervyns (2020)
 
42
    Clovis, CA   Sierra Vista Mall
1000 Shaw Avenue
  93612   MV     GL     1988     2005       50%       75,088     $ 728,280     $ 9.70       100%     Mervyns (2020)


19


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
43
    Culver City, CA   Circuit City - Culver City
5660 Sepulveda Blvd.
  90230   SC     Fee     1998     2007       100%       32,873     $ 680,062     $ 20.69       100%     Circuit City (2018)
 
44
    El Cajon, CA   Westfield Shopping Town 565 Fletcher Parkway   92020   MV     GL     1989     2005       50%       85,744     $ 1,278,652     $ 14.91       100%     Mervyns (2020)
 
45
    Fairfield, CA   Westfield Solano Mall
1451 Gateway Blvd.
  94533   MV     Fee     1981     2005       50%       89,223     $ 1,658,388     $ 18.59       100%     Mervyns (2020)
 
46
    Folsom, CA   Folsom Square
1010 E. Bidwell Street
  95630   MV     Fee     2003     2005       50%       79,080     $ 1,177,733     $ 14.89       100%     Mervyns (2020)
 
47
    Foothill Ranch, CA   Foothills Ranch Town Centre
26732 Portola Parkway
  92610   MV     Fee     1993     2005       50%       77,934     $ 1,071,612     $ 13.75       100%     Mervyns (2020)
 
48
    Garden Grove, CA   Garden Grove Center
13092 Harbor Blvd.
  92843   MV     Fee     1982     2005       50%       83,746     $ 767,815     $ 9.17       100%     Mervyns (2020)
 
49
    Lancaster, CA   Valley Central - Discount
44707-44765 Valley Central Way
  93536   SC     Fee (3 )   1990     2000       20%       353,483     $ 3,204,854     $ 13.89       65.3%     Marshalls (2012), Circuit City (2011), Staples (2008), Cinemark (2017), 99 Cents Only (2014), Costco (Not Owned)
 
50
    Lompac, CA   Mission Plaza
1600 North H Street
  93436   MV     Fee     1992     2005       50%       62,523     $ 357,898     $ 5.72       100%     Mervyns (2020)
 
51
    Long Beach, CA   The Pike
95 South Pine Ave.
  90802   SC     GL     2005     1 *     100%       275,911     $ 4,256,810     $ 14.65       92.9%     Cinemark (2008), Borders (2016), Club V2O (2019)
 
52
    Madera, CA   Madera
1467 Country Club Drive
  93638   MV     Fee     1990     2005       50%       59,720     $ 204,959     $ 3.43       100%     Mervyns (2020)
 
53
    North Fullerton, CA   North Fullerton
200 Imperial Highway
  92835   MV     Fee     1991     2005       50%       76,360     $ 787,583     $ 10.31       100%     Mervyns (2020)
 
54
    Northridge, CA   Northridge Plaza
8800 Corbin Ave.
  91324   MV     GL     1980     2005       50%       75,326     $ 553,493     $ 7.35       100%     Mervyns (2020)
 
55
    Oceanside, CA   Ocean Place Cinemas
401-409 Mission Avenue
  92054   SC     Fee     2000     2000       100%       79,775     $ 1,263,675     $ 16.47       96.2%     Regal Cinemas (2014)
 
56
    Palmdale, CA   Antelope Valley Mall
1305 W Rancho Vista Blvd.
  93551   MV     Fee     1992     2005       50%       76,550     $ 845,845     $ 11.05       100%     Mervyns (2020)
 
57
    Pasadena, CA   Paseo Colorado
280 East Colorado Blvd.
  91101   LC     Fee     2001     2003       100%       556,961     $ 11,761,483     $ 22.21       95.1%     Gelson’s Market (2021), Loehmann’s (2015), Equinox (2017), Macy’s (2010), Pacific Theatres (2016), DSW Shoe Warehouse (2011), J.Jill (2012), P.F. Changs China Bistro (2016), Bombay Company (2011), Tommy Bahama (2011), Sephora (2011)
 
58
    Pleasant Hill, CA   Downtown Pleasant Hill
2255 Contra Costa
Blvd. #101
  94523   SC     Fee (3 )   1999/2000     2001       20%       345,930     $ 6,938,208     $ 20.77       96.6%     Save Mart (2020), Michaels (2010), Borders (2015), Ross Dress For Less (2010), Bed Bath & Beyond (2010), Century Theatres (2016)


20


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
59
    Porterville, CA   Porterville Market Place
1275 West Henderson Avenue
  93257   MV     Fee     1991     2005       50%       76,378     $ 525,402     $ 6.88       100%     Mervyns (2020)
 
60
    Redding, CA   Shasta Center
1755 Hilltop Drive
  96002   MV     Fee     1984     2005       50%       61,363     $ 632,563     $ 10.31       100%     Mervyns (2020)
 
61
    Richmond, CA   Hilltop Plaza
3401 Blume Drive
  94803   SC     Fee (3 )   1996/2000     2002       20%       245,774     $ 3,788,040     $ 15.78       97.7%     Office Max (2011), PetSmart (2012), Ross Dress For Less (2013), Barnes & Noble (2011), Circuit City (2017), Century Theatres (2016)
 
62
    San Diego, CA   Southland Plaza Shopping
575 Saturn Blvd.
  92154   MV     Fee     1982     2005       50%       75,207     $ 1,034,158     $ 13.75       100%     Mervyns (2020)
 
63
    San Diego, CA   College Grove Shopping Center
3450 College Avenue
  92115   MV     Fee     1991     2005       50%       73,872     $ 863,505     $ 11.69       100%     Mervyns (2021)
 
64
    San Francisco, CA   Van Ness Plaza 215
1000 Van Ness Avenue
  94109   SC     Fee     1998     2002       100%       123,755     $ 3,797,368     $ 36.79       83.4%     AMC Theatres (2030), Crunch Fitness (2008)
 
65
    Santa Maria, CA   Town Center West
201 Town Center West
  93458   MV     Fee     1988     2005       50%       84,886     $ 778,219     $ 9.17       100%     Mervyns (2020)
 
66
    Santa Rosa, CA   Santa Rosa Plaza
600 Santa Rosa Plaza
  95401   MV     Fee     1981     2005       50%       90,348     $ 1,557,479     $ 17.24       100%     Mervyns (2020)
 
67
    Slatten Ranch, CA   Slatten Ranch Shopping Center
5849 Lone Tree Way
  94531   MV     Fee     2002     2005       50%       78,819     $ 1,354,601     $ 17.19       100%     Mervyns (2020)
 
68
    Sonora, CA   Sonora Crossroad Shopping
1151 Sanguinetti Road
  95370   MV     Fee     1993     2005       50%       62,214     $ 748,048     $ 12.02       100%     Mervyns (2020)
 
69
    Tulare, CA   Arbor Faire Shopping Center
1675 Hillman Street
  93274   MV     Fee     1991     2005       50%       62,947     $ 577,422     $ 9.17       100%     Mervyns (2020)
 
70
    Ukiah, CA   Ukiah
437 North Orchard Avenue
  95482   MV     Fee     1990     2005       50%       58,841     $ 337,090     $ 5.73       100%     Mervyns (2020)
 
71
    Valencia, CA   Mervyns Valencia
24235 Magic Mountain Pky.
  91355   SC     GL     1986     2006       100%       75,590     $ 970,020     $ 12.83       100%     Mervyns (2035)
 
72
    West Covina, CA   West Covina Shopping Center
2753 E. Eastland Center Dr.
  91791   MV     GL     1979     2005       50%       79,800     $ 1,576,206     $ 19.75       100%     Mervyns (2020)
        Colorado                                                                            
 
73
    Aurora, CO   Pioneer Hills
5400-5820 South Parker
  80012   SC     Fee (3 )   2003     2003       14.5%       127,215     $ 2,469,816     $ 17.85       99%     Bed Bath & Beyond (2012), Office Depot (2017), Home Depot (Not Owned), Wal-Mart (Not Owned)
 
74
    Broomfield, CO   Flatiron Marketplace Garden
1 West Flatiron Circle
  80021   SC     Fee     2001     2003       100%       252,035     $ 4,913,435     $ 20.61       94.6%     Nordstrom Rack (2011), Linens ’N Things (2017), Best Buy (2016), Office Depot (2016), Great Indoors (Not Owned)


21


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
75
    Denver, CO   Centennial Promenade
9555 E. County Line Road
  80223   SC     Fee     1997/
2002
    1997       100%       408,337     $ 7,122,762     $ 17.50       99.7%     Golfsmith Golf Center (2012), Soundtrack (2017), Ross Dress For Less (2013), Office Max (2012), Michaels (2012), Toys “R” Us (2011), Borders (2017), Loehmann’s (2012), Recreational Equipment (Not Owned), Home Depot (Not Owned)
 
76
    Denver, CO   Tamarac Square
7777 E. Hampden
  80231   SC     Fee     1976     2001       100%       174,780     $ 2,036,135     $ 13.51       74.5%     Regency Theatres Tamarac Square (2008)
 
77
    Denver, CO   University Hills
2730 South Colorado Boulevard
  80222   SC     Fee     1997     2003       100%       244,383     $ 4,291,643     $ 17.56       100%     Linens ’N Things (2013), Pier 1 Imports (2014), Office Max (2012), 24 Hour Fitness (2021), King Soopers (2017)
 
78
    Fort Collins, CO   Mulberry & Lemay Crossings
Mulberry St. & S. Lemay Ave.
  80525   SC     Fee     2004     2003       100%       18,988     $ 429,726     $ 22.63       100%     Wal-Mart (Not Owned), Home Depot (Not Owned)
 
79
    Highland Ranch, CO   Circuit City - Highland Ranch
8575 South Quebec St.
  80130   SC     Fee     1998     2007       100%       43,480     $ 443,625     $ 10.20       100%     Circuit City (2018)
 
80
    Littleton, CO   Aspen Grove
7301 South Santa Fe
  80120   LC     Fee     2002     1 *     100%       231,450     $ 6,184,680     $ 27.99       89.6%     Coldwater Creek (2011), Talbots (2012), Ann Taylor (2012), Banana Republic (2012), Gap (2012), Williams-Sonoma (2014), J.Jill (2012), Bombay Company (2012), Pier 1 Imports (2011), Joseph A. Bank Clothiers (2012), Buca di Beppo (2013), Champps (2022), Pottery Barn (2014)
 
81
    Parker, CO   Parker Pavilions
11153-11183 South Parker Road
  80134   SC     Fee (3 )   2003     2003       14.5%       89,631     $ 1,475,376     $ 18.48       83.6%     Office Depot (2016), Wal-Mart (Not Owned), Home Depot (Not Owned)
 
82
    Parker, CO   Flatacres Marketcenter
South Parker Road
  80134   SC     GL (3 )   2003     2003       14.5%       116,644     $ 2,044,429     $ 14.96       100%     Bed Bath & Beyond (2014), Gart Sports (2014), Michaels (2013), Kohl’s (Not Owned)
        Connecticut                                                                            
 
83
    Manchester, CT   Manchester Broad Street
286 Broad Street
  06040   SC     Fee     1995/
2003
    2007       100%       68,509     $ 1,019,564     $ 14.88       100%     Stop & Shop (2028)


22


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
84
    Plainville, CT   Connecticut Commons
I-84 & Rte. 9
  06062   SC     Fee (3 )   1999/
2001
    1 *     14.5%       463,338     $ 6,113,858     $ 11.89       93.9%     Lowe’s (2019), Loew’s Cinema (2019), Kohl’s (2022), DSW Shoe Warehouse (2015), Dick’s Sporting Goods (2020), PetSmart (2015), A.C. Moore (2014), Old Navy (2011), Linens ’N Things (2017)
 
85
    Waterbury, CT   Naugatuck Valley Shopping Center
950 Wolcott Street
  06705   SC     Fee (3 )   2003     2007       15%       232,085     $ 4,214,380     $ 16.83       91%     Wal-Mart (2027), Bob’s Stores (2017), Linens ’N Things (2017), Stop & Shop (2021), Staples (2018)
 
86
    Windsor Court, CT   Windsor Court Shopping Center
1095 Kennedy Road
  06095   SC     Fee     1993     2007       100%       78,480     $ 1,367,383     $ 17.42       100%     Stop & Shop (2013)
        Florida                                                                            
 
87
    Apopka, FL   Piedmont Plaza
2302-2444 E Semoran Blvd.
  32703   SC     Fee (3 )   2004     2007       14.5%       148,075     $ 1,099,498     $ 8.23       90.3%     Beall’s (2019), Albertson’s (Not Owned)
 
88
    Bayonet Point, FL   Point Plaza
US 19 & St. Rte. 52
  34667   SC     Fee     1985/
2003
    1/2 *     100%       209,714     $ 1,372,068     $ 6.54       100%     Publix Super Markets (2010), Beall’s (2014), T.J. Maxx (2010)
 
89
    Boynton Beach, FL   Meadows Square
Hypoluxo Rd. N.
Congress Ave.
  33461   SC     Fee (3 )   1986     2004       20%       106,224     $ 1,344,228     $ 13.91       91%     Publix Super Markets (2011)
 
90
    Boynton Beach, FL   Aberdeen Square
4966 Le Chalet Blvd.
  33426   SC     Fee (3 )   1990     2007       20%       70,555     $ 680,775     $ 10.21       94.5%     Publix Super Markets (2010)
 
91
    Boynton Beach, FL   Boynton Commons
333-399 Congress Ave.
  33426   SC     Fee (3 )   1998     2007       15%       210,488     $ 3,102,856     $ 14.74       100%     Barnes & Noble (2013), PetSmart (2014), Sports Authority (2013), Bed Bath & Beyond (2014)
 
92
    Boynton Beach, FL   Village Square at Golf
3775 W Woolbright Rd.
  33436   SC     Fee (3 )   1983/2002     2007       20%       126,486     $ 1,835,845     $ 14.17       94.1%     Publix Super Markets (2008)
 
93
    Bradenton, FL   Cortez Plaza
Cortez Road West & US Highway 41
  34207   SC     Fee     1966/1988     2007       100%       289,045     $ 3,006,241     $ 10.66       97.6%     Publix Super Markets (2008), Burlington Coat Factory (2013), PetSmart (2012), Circuit City (2010)
 
94
    Bradenton, FL   Creekwood Crossing
7395 52nd Place East
  34203   SC     Fee (3 )   2001     2007       20%       180,746     $ 2,433,239     $ 11.74       98.2%     Beall’s (2016), Beall’s Outlet (2014), Lifestyle Family Fitness (2014), Macy’s Furniture & Matress Clearance Center (2009)
 
95
    Bradenton, FL   Lakewood Ranch
1755 Lakewood Ranch Blvd.
  34211   SC     Fee (3 )   2001     2007       20%       69,471     $ 940,562     $ 12.10       98.2%     Publix Super Markets (2021)
 
96
    Brandon, FL   Brandon Blvd. Shoppes
1930 St. Rte. 60 E.
  33594   SC     Fee     1994     2007       100%       85,377     $ 968,959     $ 11.73       96.8%     Publix Super Markets (2014)
 
97
    Brandon, FL   Kmart Shopping Center
1602 Brandon Blvd.
  33511   SC     GL     1972/1997/
2003
    2 *     100%       161,900     $ 792,708     $ 3.62       100%     Kmart (2012), Kane Furniture (2022)


23


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
98
    Brandon, FL   Lake Brandon Plaza
Causeway Boulevard
  33511   SC     Fee (3 )   1999     2003       14.5%       148,267     $ 1,877,040     $ 11.71       99.1%     CompUSA (2017), Jo-Ann Stores (2017), Babies “R” Us (2013), Publix Super Markets (2019)
 
99
    Brandon, FL   Lake Brandon Village
Causeway Boulevard
  33511   SC     Fee (3 )   1997/2004     2003       14.5%       113,986     $ 1,489,372     $ 13.07       100%     Linens ’N Things (2014), Sports Authority (2018), PetSmart (2020), Lowe’s (Not Owned)
 
100
    Brandon, FL   Albertsons at Bloomingdale Hill
10817-10863 Bloomingdale Avenue
  33569   SC     Fee     2002     2007       100%       17,400     $ 542,013     $ 20.43       98.9%     Albertson’s (2027)
 
101
    Brandon, FL   Shoppes of Lithia
3461 Lithia Pinecrest Road
  33594   SC     Fee (3 )   2003     2007       20%       71,430     $ 1,071,490     $ 15.70       95.5%     Publix Super Markets (2023)
 
102
    Casselberry, FL   Casselberry Commons
1455 S. Semoran Blvd.
  32707   SC     Fee (3 )   1973/1998     2007       20%       233,176     $ 2,083,037     $ 8.82       88.7%     Publix Super Markets (2007), Ross Dress For Less (2013), Stein Mart (2015)
 
103
    Citrus Hills, FL   Citrus Hills
2601 Forest Ridge Blvd.
  34442   SC     Fee (3 )   1994/2003     2007       20%       68,927     $ 723,427     $ 10.50       100%     Publix Super Markets (2014)
 
104
    Clearwater, FL   Clearwater Collection
21688-21800 US Hwy.19 North
  33765   SC     Fee     1995/2005     2007       100%       132,023     $ 1,483,948     $ 12.57       89.4%     L.A. Fitness International (2022), Floor & Decor (2017)
 
105
    Crystal River, FL   Crystal Springs Shopping Center
6760 W. Gulf to Lake
  34429   SC     Fee (3 )   2001     2007       20%       66,986     $ 706,685     $ 11.10       95.1%     Publix Super Markets (2021)
 
106
    Crystal River, FL   Crystal River Plaza
420 Sun Coast Hwy.
  33523   SC     Fee     1986/2001     1/2 *     100%       169,149     $ 856,109     $ 7.58       66.8%     Beall’s (2012), Beall’s Outlet (2011)
 
107
    Dania Beach, FL   Bass Pro Outdoor World
200 Gulf Stream Way
  33004   SC     Fee     1999     2007       100%       165,000     $ 1,600,000     $ 9.70       100%     Bass Pro Outdoor World (2014)
 
108
    Dania, FL   Sheridan Square
401-435 E. Sheridan Street
  33004   SC     Fee (3 )   1991     2007       20%       67,475     $ 674,231     $ 10.38       96.2%     Publix Super Markets (2011)
 
109
    Davie, FL   Paradise Promenade
5949-6029 Stirling Road
  33314   SC     Fee (3 )   2004     2007       20%       74,493     $ 1,110,843     $ 15.98       93.3%     Publix Super Markets (2023)
 
110
    Daytona Beach, FL   Volusia
1808 W. International Speedway Parkway
  32114   SC     Fee     1984     2001       100%       76,087     $ 958,274     $ 13.25       95.1%     Marshalls (2010)
 
111
    Daytona Beach, FL   KB Homes 1610 W. International Speedway Parkway   32114   SC     Fee     1998     2007       100%       22,255     $ 270,264     $ 12.14       100%     KB Homes (2010)
 
112
    Daytona Beach, FL   PetSmart - Daytona Beach 1900 W. International Speedway Parkway   32114   SC     Fee     1996     2007       100%       26,194     $ 359,664     $ 13.73       100%     PetSmart (2021)
 
113
    Deerfield Beach, FL   Hillsboro Square Hillsboro Blvd. & Highway One   33441   SC     Fee (3 )   1978/2002     2007       15%       145,472     $ 1,893,233     $ 15.11       86.1%     Publix Super Markets (2022)


24


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
114
    Englewood, FL   Rotonda Plaza
5855 Placida Road
  34224   SC     Fee     1991     2004       100%       46,835     $ 457,844     $ 10.08       97.0%     Kash n’ Karry (2011)
 
115
    Ft. Meyers, FL   Market Place
13300 South Cleveland Avenue
  33919   SC     Fee (3 )   2004     2007       15%       107,179     $ 1,707,626     $ 14.44       100%     American Signature (2014), Total Wine & More (2016), DSW Shoe Warehouse (2016), Target (Not Owned)
 
116
    Ft. Meyers, FL   Cypress Trace
Cypress Lake Drive & US 41
  33907   SC     Fee (3 )   2004     2007       15%       276,288     $ 2,714,443     $ 9.89       99.3%     Beall’s (2010), Stein Mart (2013), Beall’s Outlet (2010), Ross Dress For Less (2012)
 
117
    Ft. Walton Beach, FL   Shoppes at Paradise Pointe US Hwy. 98 & Perry Ave.   32548   SC     Fee (3 )   1987/2000     2007       20%       83,929     $ 1,067,679     $ 13.14       96.8%     Publix Super Markets (2021)
 
118
    Gulf Breeze, FL   Gulf Breeze Marketplace 3749-3767 Gulf Breeze Parkway   32561   SC     Fee     1998     2003       100%       29,827     $ 480,996     $ 16.13       100%     Wal-Mart (Not Owned), Lowe’s (Not Owned)
 
119
    Hialeah, FL   Paraiso Plaza
3300-3350 W. 80th St.
  33018   SC     Fee (3 )   1997     2007       20%       60,712     $ 756,209     $ 13.82       90.1%     Publix Super Markets (2017)
 
120
    Jacksonville, FL   Jacksonville Regional
3000 Dunn Avenue
  32218   SC     Fee     1988     1995       100%       219,735     $ 1,300,420     $ 6.65       88.9%     JCPenney (2012), Winn Dixie Stores (2009)
 
121
    Jacksonville, FL   Arlington Road Plaza
926 Arlington Road
  32211   SC     Fee     1990/1999     2004       100%       182,098     $ 709,747     $ 7.06       55.2%     Food Lion (2010)
 
122
    Kissimmee, FL   CVS Pharmacy #5040-01 3300 S. Orange Blossom Trail   34746   SC     Fee     1997     2007       100%       9,504     $ 220,316     $ 23.18       100%      
 
123
    Lake Mary, FL   Shoppes at Lake Mary 4155 West Lake Mary Blvd.   32746   SC     Fee (3 )   2001     2007       15%       73,343     $ 1,450,750     $ 20.24       96.8%     Staples (2015)
 
124
    Lake Wales, FL   Shoppes on the Ridge Highway 27 & Chalet Suzanne Road   33859   SC     Fee (3 )   2003     2007       20%       115,671     $ 1,258,382     $ 12.64       86.1%     Publix Super Markets (2023)
 
125
    Lakeland, FL   Highlands Plaza Shopping Ctr
2228 Lakelands Highland Road
  33803   SC     Fee     1990     2004       100%       102,572     $ 832,132     $ 8.70       93.2%     Winn Dixie Stores (2017)
 
126
    Largo, FL   Colonial Promenade Bardmoor Center
10801 Starkey Road
  33777   SC     Fee (3 )   1991     2007       20%       152,667     $ 1,910,208     $ 12.43       99.3%     Publix Super Markets (2011)
 
127
    Lauderhill, FL   Universal Plaza
7730 West Commercial
  33351   SC     Fee (3 )   2002     2007       15%       49,505     $ 1,075,616     $ 22.83       95.2%     Target (Not Owned)
 
128
    Melbourne, FL   Melbourne Shopping Center 1301-1441 S Babcock   32901   SC     Fee (3 )   1960/1999     2007       20%       204,217     $ 1,405,454     $ 6.72       98.6%     Big Lots (2009), Publix Super Markets (2019)
 
129
    Miami, FL   The Shops of Midtown 3401 N. Miami Avenue   33127   SC     Fee     2006     1 *     100%       235,884     $ 5,428,307     $ 19.73       100%     Circuit City (2022), Linens ’N Things (2017), Loehmann’s (2018), Marshalls (2017), Ross Dress For Less (2018), Target (2027), West Elm (2019)


25


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
130
    Miami, FL   Plaza Del Paraiso
12100 SW 127th Ave.
  33186   SC     Fee (3 )   2003     2007       20%       82,441     $ 1,139,682     $ 13.08       93.4%     Publix Super Markets (2023)
 
131
    Miramar, FL   River Run
Miramar Parkway & Palm Avenue
  33025   SC     Fee (3 )   1989     2007       20%       93,643     $ 1,085,532     $ 12.30       94.3%     Publix Super Markets (2009)
 
132
    Naples, FL   Carillon Place
5010 Airport Road North
  33942   SC     Fee (3 )   1994     1995       14.50%       267,796     $ 3,343,323     $ 12.48       100%     Wal-Mart (2014), T.J. Maxx (2009), Circuit City (2015), Ross Dress For Less (2010), Beall’s (2009), Office Max (2010)
 
133
    Naples, FL   Countryside
4025 Santa Barbara
  34104   SC     Fee (3 )   1997     2007       20%       73,986     $ 820,289     $ 11.27       98.4%     Winn Dixie Stores (2017)
 
134
    New Tampa, FL   New Tampa Commons Bruce B Downs & Donna Michelle   33647   SC     Fee     2005     2007       100%       10,000     $ 331,360     $ 33.14       100%      
 
135
    Newport Richey, FL   Shoppes of Golden Acres 9750 Little Road   34654   SC     Fee (3 )   2002     2007       20%       130,609     $ 1,479,415     $ 14.24       79.5%     Publix Super Markets (2022)
 
136
    Ocala, FL   Steeplechase Plaza
8585 State Road 200
  34481   SC     Fee     1993     2007       100%       92,180     $ 1,009,529     $ 10.95       100%     Publix Super Markets (2013)
 
137
    Ocala, FL   Ocala West
2400 SW. College Road
  32674   SC     Fee     1991     2003       100%       105,276     $ 858,132     $ 8.22       99.1%     Sports Authority (2012), Hobby Lobby (2016)
 
138
    Ocoee, FL   West Oaks Towne Center 9537-49 W. Colonial   34761   SC     Fee (3 )   2000     2007       20%       66,539     $ 1,151,462     $ 18.18       95.2%     Michaels (2010)
 
139
    Orange Park, FL   The Village Shopping Center 950 Blanding Boulevard   32065   SC     Fee     1993/2000     2004       100%       72,531     $ 707,251     $ 9.75       100%     Beall’s (2009), Albertson’s (Not Owned)
 
140
    Orlando, FL   Chickasaw Trails Shopping Center
2300 S. Chickasaw Trail
  32825   SC     Fee (3 )   1994     2007       20%       75,492     $ 899,371     $ 12.11       98.4%     Publix Super Markets (2014)
 
141
    Orlando, FL   Circuit City Plaza
Good Homes Road & Colonial Drive
  32818   SC     Fee (3 )   1999     2007       15%       78,625     $ 1,055,384     $ 15.29       87.8%     Staples (2015), Circuit City (2020)
 
142
    Orlando, FL   Conway Plaza
4400 Curry Ford Road
  32812   SC     Fee (3 )   1985/1999     2007       20%       117,723     $ 1,155,759     $ 9.82       100%     Publix Super Markets (2019)
 
143
    Orlando, FL   Sand Lake Corners
8111-8481 John Young Parkway
  32819   SC     Fee (3 )   1998/2000     2007       15%       197,716     $ 2,479,337     $ 12.95       96.9%     Lowe’s (Not Owned), Wal-Mart (Not Owned)
 
144
    Orlando, FL   Skyview Plaza
7801 Orange Blossom Trail
  32809   SC     Fee (3 )   1994/1998     2007       20%       281,244     $ 2,504,712     $ 9.20       96.8%     Publix Super Markets (2013), Office Depot (2008), Kmart (2009), Circuit City (2008)
 
145
    Ormond Beach, FL   Ormond Towne Square 1458 West Granada Blvd.   32174   SC     Fee     1993     1994       100%       234,042     $ 1,969,984     $ 8.81       95.5%     Beall’s (2018), Ross Dress For Less (2016), Publix Super Markets (2013)


26


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
146
    Oviedo, FL   Oviedo Park Crossing
Rte. 417 & Red Bug Lake Road
  32765   SC     Fee (3 )   1999     1 *     20%       186,212     $ 2,026,466     $ 10.88       100%     Office Max (2014), Ross Dress For Less (2010), Michaels (2009), T.J. Maxx (2010), Linens ’N Things (2011), Lowe’s (Not Owned)
 
147
    Palm Beach Gardens, FL   Northlake Commons Northlake Blvd.   33403   SC     Fee (3 )   1987/2003     2007       20%       146,816     $ 1,728,597     $ 16.82       70%     Ross Dress For Less (2014), Home Depot (Not Owned)
 
148
    Palm Harbor, FL   The Shoppes of Boot Ranch 300 East Lake Road   34685   SC     Fee     1990     1995       100%       52,395     $ 934,869     $ 18.88       94.5%     Target (Not Owned), Albertson’s (Not Owned)
 
149
    Palm Harbor, FL   Publix Brooker Creek 36301 E. Lake Road   34685   SC     Fee (3 )   1994     2007       20%       77,596     $ 890,627     $ 11.59       99%     Publix Super Markets (2014)
 
150
    Pembroke Pines, FL   Flamingo Falls
2000-2216 N. Flamingo Road
  33028   SC     Fee (3 )   2001     2007       20%       108,565     $ 2,205,308     $ 21.91       92.7%      
 
151
    Pensacola, FL   Palafox Square
8934 Pensacola Blvd.
  32534   SC     Fee     1988/1997/
1999
    1/2 *     100%       17,150     $ 246,347     $ 14.36       100%     Wal-Mart (Not Owned)
 
152
    Plant City, FL   Plant City Crossing
SWC of Interstate 4 & Thonotosassa Road
  33563   SC     Fee     2001     2007       100%       85,252     $ 983,204     $ 11.94       96.6%     Publix Super Markets (2021)
 
153
    Plant City, FL   Lake Walden Square
105-240 W. Alexander
  33566   SC     Fee (3 )   1992     2007       14.5%       132,448     $ 1,333,252     $ 10.07       100%     Kash n’ Karry (2012)
 
154
    Plantation, FL   Fountains
801 South University Drive
  33324   SC     Fee     1989     2007       100%       200,860     $ 3,568,138     $ 18.58       93.8%     Marshalls (2009)
 
155
    Plantation, FL   Vision Works
801 South University Drive
  33324   SC     Fee     1989     2007       100%       6,891     $ 159,170     $ 23.10       100%      
 
156
    Santa Rosa, FL   Watercolor Crossing
110 Watercolor Way
  32459   SC     Fee (3 )   2003     2007       20%       43,200     $ 637,979     $ 15.64       94.4%     Publix Super Markets (2024)
 
157
    Sarasota, FL   Sarasota Pavilion
6511 Tamaimi Trail
  34231   SC     Fee (3 )   1999     2007       15%       324,985     $ 3,895,467     $ 11.91       98.8%     Stein Mart (2009), Publix Super Markets (2010), Michaels (2009), Old Navy (2010), Marshalls (2013), Bed Bath & Beyond (2015), Ross Dress For Less (2012), Books-A-Million (2011)
 
158
    Silver Springs Shores, FL   Heather Island Plaza
7878 SE. Maricamp
  34472   SC     Fee (3 )   2005     2007       20%       70,970     $ 726,821     $ 10.42       98.3%     Publix Super Markets (2020)
 
159
    Spring Hill, FL   Mariner Square
13050 Cortez Blvd.
  34613   SC     Fee     1988/1997     1/2 *     100%       188,347     $ 1,643,724     $ 8.57       98.8%     Beall’s (2011), Ross Dress For Less (2014), Wal-Mart (Not Owned)
 
160
    St. Petersburg, FL   Gateway Market Center 7751-8299 9th St. N.   33702   SC     Fee (3 )   2000     2007       15%       231,106     $ 2,042,795     $ 9.29       95.1%     T.J. Maxx (2008), Publix Super Markets (2019), Beall’s (2021), PetSmart (2013), Office Depot (2014), Target (Not Owned)


27


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
161
    Tallahassee, FL   Capital West
4330 West Tennessee Street
  32312   SC     Fee     1994/2004     2003       100%       79,451     $ 642,018     $ 8.08       100%     Beall’s Outlet (2009), Wal-Mart (Not Owned)
 
162
    Tallahassee, FL   Killearn Shopping Center 3479-99 Thomasville Road   32309   SC     Fee (3 )   1980     2007       20%       95,229     $ 1,019,024     $ 10.94       97.8%     Publix Super Markets (2011)
 
163
    Tallahassee, FL   Southwood Plantation
Nwc Capital Circle & Blairstone Road
  32301   SC     Fee (3 )   2003     2007       20%       62,840     $ 772,412     $ 12.53       98.1%     Publix Super Markets (2023)
 
164
    Tamarac, FL   Midway Plaza
University Dr. & Commercial Blvd.
  33321   SC     Fee (3 )   1985     2007       20%       227,209     $ 2,774,653     $ 12.54       97.4%     Ross Dress For Less (2013), Publix Super Markets (2011)
 
165
    Tampa, FL   North Pointe Plaza
15001-15233 North Dale Mabry
  33618   SC     Fee (3 )   1990     1/2 *     20%       104,460     $ 1,286,773     $ 12.81       96.2%     Publix Super Markets (2010), Wal-Mart(Not Owned)
 
166
    Tampa, FL   Walks At Highwood Preserve I
18001 Highwoods Preserve Parkway
  33647   SC     Fee (3 )   2001     2007       15%       169,081     $ 3,258,488     $ 19.27       100%     Michaels (2012), Linens ’N Things (2017), Circuit City (2017)
 
167
    Tampa, FL   Town N’ Country
7021-7091 West Waters Avenue
  33634   SC     Fee     1990     1/2 *     100%       132,993     $ 966,943     $ 9.62       75.5%     Kash n’ Karry (2010), Wal-Mart (Not Owned)
 
168
    Tarpon Springs, FL   Tarpon Square
41232 U.S. 19, North
  34689   SC     Fee     1974/1998     1/2 *     100%       198,797     $ 1,417,546     $ 6.83       100%     Kmart (2009), Big Lots (2012), Staples (2013)
 
169
    Tequesta, FL   Tequesta Shoppes Plaza 105 N. US Hwy. 1   33469   SC     Fee     1986     2007       100%       109,760     $ 995,563     $ 10.14       89.5%     Stein Mart (2017)
 
170
    Vero Beach, FL   Circuit City - Vero Beach 6560 20th Street   32966   SC     Fee     2001     2007       100%       33,243     $ 530,000     $ 15.94       100%     Circuit City (2021)
 
171
    Wesley Chapel, FL   Shoppes at New Tampa
1920 County Road 581
  33543   SC     Fee (3 )   2002     2007       20%       158,222     $ 1,868,473     $ 12.47       94.7%     Publix Super Markets (2022), Beall’s (2017)
 
172
    West Palm Beach, FL   Paradise Place 4075 N. Haverhill Rd.   33417   SC     Fee (3 )   2003     2007       15%       89,120     $ 1,041,849     $ 11.69       100%     Publix Super Markets (2023)
 
173
    Winter Park, FL   Winter Park Palms
4270 Aloma Avenue
  32792   SC     Fee (3 )   1985/1998     2007       14.5%       112,292     $ 1,052,525     $ 10.73       87.4%     Publix Super Markets (2010)
        Georgia                                                                            
 
174
    Alpharetta, GA   Jo-Ann Fabrics
965 North Point Dr.
  30022   SC     Fee     2000     2007       100%       38,418     $ 512,880     $ 13.35       100%     Jo-Ann Stores (2016)
 
175
    Athens, GA   Athens East
4375 Lexington Road
  30605   SC     Fee     2000     2003       100%       24,000     $ 277,560     $ 14.46       80%     Wal-Mart (Not Owned)
 
176
    Atlanta, GA   Pleasant Hill Plaza
1630 Pleasant Hill Road
  30136   SC     Fee     1990     1994       100%       99,025     $ 660,370     $ 12.91       51.6%     Wal-Mart (Not Owned)
 
177
    Atlanta, GA   Perimeter Pointe
1155 Mt. Vernon Highway
  30136   SC     Fee (3 )   1995/2002     1995       14.5%       343,155     $ 4,962,738     $ 14.79       92.5%     Stein Mart (2010), Babies “R” Us (2012), Sports Authority (2012), L.A. Fitness (2016), Office Depot (2012), United Artists Theatre (2015)


28


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
178
    Atlanta, GA   Abernathy Square
6500 Roswell Rd.
  30328   SC     Fee     1983/1994     2007       100%       131,516     $ 2,359,340     $ 19.81       90.6%     Publix Super Markets (2014)
 
179
    Atlanta, GA   Brookhaven
3974 Peachtree Rd. NE.
  30319   SC     Fee (3 )   1993     2007       20%       65,320     $ 1,174,120     $ 16.75       100%     Kroger (2018)
 
180
    Atlanta, GA   Cascade Corners
3425 Cascade Road
  30311   SC     Fee (3 )   1993     2007       20%       66,844     $ 474,396     $ 7.10       100%     Kroger (2020)
 
181
    Atlanta, GA   Cascade Crossing
3695 Cascade Rd. SW.
  30331   SC     Fee (3 )   1994     2007       20%       63,346     $ 602,162     $ 9.51       100%     Publix Super Markets (2014)
 
182
    Augusta, GA   Goody’s Shopping Center 2360 Georgetown Road   30906   SC     Fee (3 )   1999     2007       15%       22,560     $ 187,474     $ 8.31       100%     Goody’s (2014), Super Wal-Mart (Not Owned)
 
183
    Buford, GA   Marketplace at Millcreek I Mall of Georgia Blvd.   30519   SC     Fee (3 )   2003     2007       15%       403,106     $ 4,968,365     $ 12.60       97.8%     Toys “R” Us (2015), R.E.I. (2013), Borders (2020), Office Max (2014), Linens ’N Things (2015), PetSmart (2015), Michaels (2010), DSW Shoe Warehouse (2013), Ross Dress For Less (2013), Marshalls (2012)
 
184
    Canton, GA   Hickory Flat Village
6175 Hickory Flat Hwy.
  30115   SC     Fee (3 )   2000     2007       20%       74,020     $ 984,824     $ 13.30       100%     Publix Super Markets (2020)
 
185
    Canton, GA   Riverstone Plaza
1451 Riverstone Parkway
  30114   SC     Fee (3 )   1998     2007       20%       302,131     $ 3,492,793     $ 11.38       98.6%     Goody’s (2010), Michaels (2012), Ross Dress For Less (2012), Belk (2017), Publix Super Markets (2018)
 
186
    Cartersville, GA   Bartow Marketplace
215 Marketplace Blvd.
  30121   SC     Fee (3 )   1995     2007       15%       375,067     $ 2,455,421     $ 6.57       99.6%     Wal-Mart (2015), Lowe’s (2015)
 
187
    Chamblee, GA   Chamblee Plaza
Peachtree Industrial Boulevard
  30341   SC     Fee     1976     2003       100%       105,104     $ 854,940     $ 10.75       75.7%      
 
188
    Columbus, GA   Bradley Park Crossing
1591 Bradley Park Drive
  31904   SC     Fee     1999     2003       100%       119,786     $ 1,373,719     $ 11.47       100%     Goody’s (2011), PetSmart (2015), Michaels (2009), Target (Not Owned)
 
189
    Cumming, GA   Sharon Greens
1595 Peachtree Pky.
  30041   SC     Fee (3 )   2001     2007       20%       98,317     $ 1,137,890     $ 12.20       94.9%     Kroger (2021)
 
190
    Cumming, GA   Cumming Marketplace Marketplace Boulevard   30041   SC     Fee     1997/1999     2003       100%       308,557     $ 3,801,962     $ 11.80       100%     Goody’s (2012), Lowe’s (2019), Michaels (2010), Office Max (2013), Wal-Mart (Not Owned), Home Depot (Not Owned)
 
191
    Decatur, GA   Flat Shoals Crossing
3649 Flakes Mill Rd.
  30034   SC     Fee (3 )   1994     2007       20%       69,699     $ 706,551     $ 10.14       100%     Publix Super Markets (2013)
 
192
    Decatur, GA   Hairston Crossing
2075 S Hairston Road
  30035   SC     Fee (3 )   2002     2007       20%       57,884     $ 694,062     $ 11.99       100%     Publix Super Markets (2022)
 
193
    Douglasville, GA   Douglasville Marketplace 6875 Douglas Boulevard   30135   SC     Fee     1999     2003       100%       86,158     $ 1,459,315     $ 10.51       100%     Best Buy (2015), Babies “R” Us(2011), Lowe’s (Not Owned)


29


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
194
    Douglasville, GA   Market Square
9503-9579 Highway 5
  30135   SC     Fee (3 )   1974/1990     2007       20%       121,766     $ 1,296,385     $ 12.20       82.8%     Office Depot (2013)
 
195
    Douglasville, GA   Douglas Pavilion
2900 Chapel Hill Rd.
  30135   SC     Fee (3 )   1998     2007       15%       267,010     $ 3,069,785     $ 11.50       100%     PetSmart (2014), Office Max (2013), Marshalls (2008), Goody’s (2013), Ross Dress For Less (2012), Hudson’s Furniture Showroom (2014)
 
196
    Duluth, GA   Venture Pointe I 2050 W. Liddell Rd.   30096   SC     Fee (3 )   1996     2007       15%       335,420     $ 2,988,323     $ 8.91       100%     Hobby Lobby (2011), Babies “R” Us (2014), Ashley Furniture Homestore (2012), Goody’s (2011), Golfsmith Golf Center (2012), Kohl’s (2022), Super Target (Not Owned), Costco (Not Owned)
 
197
    Duluth, GA   Sofa Express
3480 Steve Reynolds Blvd.
  30096   SC     Fee     2004     2007       100%       20,000     $ 0     $ 0.00       0%      
 
198
    Duluth, GA   Pleasant Hill
2205 Pleasant Hill
  30096   SC     Fee (3 )   1997/2000     2007       15%       282,137     $ 3,457,382     $ 12.63       97%     Barnes & Noble (2012), Toys “R” Us (2013), Jo-Ann Stores (2011), Staples (2014), JCPenney (2012), Old Navy (2009)
 
199
    Ellenwood, GA   Shoppes of Ellenwood
East Atlanta Road & Fairview Road
  30294   SC     Fee (3 )   2003     2007       20%       67,721     $ 864,056     $ 13.53       94.3%     Publix Super Markets (2023)
 
200
    Fayetteville, GA   Fayette Pavilion I
New Hope Road & GA Hwy. 85
  30214   SC     Fee (3 )   1995/2002     2007       15%       1,280,938     $ 11,466,621     $ 9.73       92%     H.H. Gregg Appliances (2018), Wal-Mart (2016), Goody’s (2016), Bed Bath & Beyond (2013), Sports Authority (2012), T.J. Maxx (2009), Publix Super Markets (2016), Belk (2015), Best Buy (2013), Hudson’s Furniture Showroom (2016), Old Navy (2010), Ross Dress For Less (2012), Toys “R” Us (2010), Cinemark (2018), Marshalls (2011), PetSmart (2016), Kohl’s (2022), Jo-Ann Stores (2012), Dick’s Sporting Goods (2016), Home Depot (Not Owned), Target (Not Owned)
 
201
    Flowery Branch, GA   Clearwater Crossing
7380 Spout Springs Road
  30542   SC     Fee (3 )   2003     2007       20%       90,566     $ 1,121,799     $ 12.78       96.9%     Kroger (2023)
 
202
    Gainesville, GA   Eckerd Drug Store
599 S. Enota Drive
  30501   SC     Fee     1997     2007       100%       10,594     $ 178,016     $ 16.80       100%      


30


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
203
    Hiram, GA   Hiram Pavilion I
5220 Jimmy Lee Smith Parkway
  30141   SC     Fee (3 )   2002     2007       15%       363,695     $ 3,660,973     $ 10.14       99.2%     Ross Dress For Less (2012), Michaels (2012), Marshalls (2011), Kohl’s (2022), Goody’s (2016), Linens ’N Things (2017)
 
204
    Kennesaw, GA   Barrett Pavilion I
740 Barrett Parkway
  30144   SC     Fee (3 )   1998     2007       15%       440,523     $ 6,552,384     $ 15.08       94.4%     AMC Theatre (2019), Homegoods (2013), The School Box (2010), Goody’s (2011), Golfsmith Golf Center (2013), H.H. Gregg Appliances (2018), Jo-Ann Stores (2011), Total Wine & More (2017), Target (Not Owned)
 
205
    Kennesaw, GA   Town Center Commons
725 Earnest Barrett Parkway
  30144   SC     Fee     1998     2007       100%       72,108     $ 943,603     $ 14.34       91.3%     JCPenney (2013), Dick’s (Not Owned)
 
206
    Lawrenceville, GA   Five Forks Village
850 Dogwood Road
  30044   SC     Fee (3 )   1990     2003       10%       89,064     $ 483,783     $ 15.99       34%      
 
207
    Lawrenceville, GA   Eckerd Drug Store
1545 Lawrenceville Highway
  30044   SC     Fee     1997     2007       100%       9,504     $ 184,328     $ 19.39       100%      
 
208
    Lawrenceville, GA   Springfield Park
665 Duluth Highway
  30045   SC     Fee     1992/2000     2007       100%       105,321     $ 1,071,557     $ 10.94       83.6%     Hobby Lobby (2011)
 
209
    Lilburn, GA   Five Forks Crossing
3055 Five Forks Trickum Road
  30047   SC     Fee (3 )   2000/2001     2003       10%       73,910     $ 705,903     $ 9.55       100%     Hobby Lobby (2011)
 
210
    Lithonia, GA   Stonecrest Marketplace
Turner Hill Road & Mall Parkway
  30038   SC     Fee (3 )   2002     2007       15%       264,644     $ 3,069,565     $ 12.26       94.6%     Staples (2017), Babies “R” Us (2018), Linens ’N Things (2018), DSW Shoe Warehouse (2013), Ross Dress For Less (2013), Marshalls (2012)
 
211
    Lithonia, GA   The Shops at Turner Hill
8200 Mall Parkway
  30038   SC     Fee (3 )   2003     2003       14.5%       113,675     $ 1,624,335     $ 13.16       98.5%     Best Buy (2018), Bed Bath & Beyond (2013), Toys “R” Us (2012), Sam’s Club (Not Owned)
 
212
    Loganville, GA   Midway Plaza
910 Athens Hwy.
  30052   SC     Fee (3 )   1995     2003       20%       91,196     $ 981,976     $ 11.06       97.4%     Kroger (2016)
 
213
    Macon, GA   Eisenhower Annex
4685 Presidential Parkway
  31206   SC     Fee     2002     2007       100%       53,477     $ 647,542     $ 12.11       100%     H.H. Gregg Appliances (2036), PetSmart (2017)
 
214
    Macon, GA   Eisenhower Crossing I
4685 Presidential Parkway
  31206   SC     Fee (3 )   2002     2007       15%       400,602     $ 4,500,807     $ 11.33       97%     Kroger (2022), Staples (2016), Michaels (2011), Ross Dress For Less (2012), Bed Bath & Beyond (2012), Goody’s (2016), Old Navy (2011), Marshalls (2011), Dick’s Sporting Goods (2017), Target (Not Owned)


31


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
215
    Macon, GA   Eisenhower Outlot (David’s Bridal)
4685 Presidential Parkway
  31206   SC     Fee (3 )   2004     2007       15%       14,000     $ 269,540     $ 19.25       100%      
 
216
    Macon, GA   Kmart
1901 Paul Walsh Dr.
  31206   SC     Fee     2000     2007       100%       102,098     $ 0     $ 0.00       0%      
 
217
    Marietta, GA   Town Center Prado
2609 Bells Ferry Road
  30066   SC     Fee (3 )   1995/2002     1995       14.5%       316,786     $ 3,932,883     $ 12.71       96.3%     Stein Mart (2012), Ross Dress For Less (2013), Publix Super Markets (2015), Crunch Fitness (2011)
 
218
    Marietta, GA   Blockbuster
1748 Powder Springs
  30064   SC     Fee (3 )   1994     2007       20%       6,500     $ 128,960     $ 19.84       100%      
 
219
    Marietta, GA   Eckerd Drug Store
731 Whitlock Ave.
  30064   SC     Fee     1997     2007       100%       10,880     $ 183,507     $ 16.87       100%      
 
220
    McDonough, GA   McDonough Marketplace (LP-II)
NE. Corner
175 & Highway 20
  30253   SC     Fee (3 )   2003     2003       14.5%       53,158     $ 868,851     $ 13.76       100%     Cracker Barrel (2012), Office Depot (2016), Wal-Mart (Not Owned), Lowe’s (Not Owned)
 
221
    McDonough, GA   Shoppes at Lake Dow
900-938 Highway 81 E.
  30252   SC     Fee (3 )   2002     2007       20%       73,271     $ 836,636     $ 12.61       90.6%     Publix Super Markets (2022)
 
222
    Morrow, GA   Southlake Pavilion
1912 Mt. Zion Road
  30260   SC     Fee (3 )   1996/2001     2007       15%       530,066     $ 6,049,543     $ 12.52       91.2%     Circuit City (2017), Ross Dress For Less (2011), Barnes & Noble (2013), Ashley Furniture Homestore (2012), L.A. Fitness (2017), Staples (2015), Old Navy (2011), Linens ’N Things (2017), Goody’s (2016), H.H. Gregg Appliances (2018), CompUSA (2012), Target (Not Owned)
 
223
    Newnan, GA   Newnan Crossing
955-1063 Bullsboro Drive
  30264   SC     Fee     1995     2003       100%       156,497     $ 1,278,651     $ 8.33       98.1%     Lowe’s (2015), Wal-Mart (Not Owned), Belk (Not Owned)
 
224
    Newnan, GA   Newnan Pavilion
1074 Bullsboro Dr.
  30265   SC     Fee (3 )   1998     2007       15%       263,705     $ 3,813,572     $ 12.03       100%     Office Max (2013), PetSmart (2015), Goody’s (2009), Circuit City (2016), Home Depot (2019), Ross Dress For Less (2012), Kohl’s (2022)
 
225
    Norcross, GA   Jones Bridge Plaza
5075 Peachtree Pky.
  30092   SC     Fee     1999     2007       100%       83,363     $ 816,850     $ 9.76       97.6%     Ingles (2019)
 
226
    Rome, GA   Circuit City - Rome
2700 Martha Berry Highway NE.
  30165   SC     Fee     2001     2007       100%       33,056     $ 420,000     $ 12.71       100%     Circuit City (2021)
 
227
    Roswell, GA   Sandy Plains Village I
Georgia Hwy.
92 & Sandy Plains Road
  30075   SC     Fee     1978/1995     2007       100%       177,599     $ 1,649,175     $ 10.50       88.5%     Kroger (2010), Stein Mart (2009)


32


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
228
    Roswell, GA   Stonebridge Square
610-20 Crossville Rd.
  30075   SC     Fee (3 )   2002     2007       15%       160,104     $ 2,068,950     $ 13.43       96.2%     Linens ’N Things (2011), Kohl’s (2022)
 
229
    Smyrna, GA   Heritage Pavilion
2540 Cumberland Blvd.
  30080   SC     Fee (3 )   1995     2007       15%       262,961     $ 2,968,972     $ 12.59       89.7%     PetSmart (2016), Ross Dress For Less (2016), American Signature (2018), T.J. Maxx (2010), Marshalls (2011)
 
230
    Snellville, GA   Presidential Commons
1630-1708 Scenic Hwy.
  30078   SC     Fee     2000     2007       100%       371,586     $ 4,163,676     $ 10.94       99.6%     Jo-Ann Stores (2014), Kroger (2018), Stein Mart (2008), Circuit City (2019), Home Depot (2023)
 
231
    Snellville, GA   Eckerd Drug Store
3295 Centerville Hwy.
  30039   SC     Fee     1997     2007       100%       10,594     $ 199,601     $ 18.84       100%      
 
232
    Stone Mountain, GA   Rivercliff Village
Stone Mountain Highway
  30047   SC     Fee     1999     1993       100%       2,000     $ 46,200     $ 23.10       100%      
 
233
    Stone Mountain, GA   Deshon Plaza
380 N. Deshon Road
  30087   SC     Fee (3 )   1994     2007       20%       64,055     $ 627,970     $ 10.39       94.4%     Publix Super Markets (2014)
 
234
    Suwanee, GA   Suwanee Crossroads
Lawrenceville Road & Satellite Blvd.
  30024   SC     Fee (3 )   2002     2007       15%       69,600     $ 938,605     $ 17.95       75.1%     Super Wal-Mart (Not Owned)
 
235
    Suwanee, GA   Johns Creek Towne Center
3630 Peachtree Parkway
  30024   SC     Fee     2001/2004     2003       100%       285,336     $ 3,809,187     $ 13.68       97.6%     Borders (2021), PetSmart (2020), Kohl’s (2022), Michaels (2011), Staples (2016), Shoe Gallery (2014)
 
236
    Suwannee, GA   The Shops at Johns Creek
4090 Johns Creek Pky.
  30024   SC     Fee (3 )   1997     2007       20%       18,200     $ 350,242     $ 19.24       100%      
 
237
    Sylvania, GA   BI-LO - Sylvania
1129 W. Ogeechee St.
  30467   SC     Fee     2002     2007       100%       36,000     $ 378,000     $ 10.50       100%     BI-LO (2023)
 
238
    Tucker, GA   Cofer Crossing
4349-4375 Lawrenceville Hwy.
  30084   SC     Fee (3 )   1998/2003     2003       20%       130,832     $ 1,268,458     $ 9.22       99%     Goody’s (2014), Kroger (2019), Wal-Mart (Not Owned)
 
239
    Tyrone, GA   Southampton Village
NWC of Highway 74 & Swanson Road
  30290   SC     Fee (3 )   2003     2007       20%       77,956     $ 864,896     $ 12.34       89.9%     Publix Super Markets (2023)
 
240
    Union City, GA   Shannon Square
4720 Jonesboro Road
  30291   SC     Fee     1986     2003       100%       100,002     $ 561,450     $ 6.79       82.7%     Wal-Mart (Not Owned)
 
241
    Warner Robbins, GA   Lowe’s Home Improvement
2704 Watson Blvd.
  31093   SC     Fee     2000     2007       100%       131,575     $ 910,000     $ 6.92       100%     Lowe’s (2017)
 
242
    Warner Robins, GA   Warner Robins Place
2724 Watson Boulevard
  31093   SC     Fee     1997     2003       100%       107,941     $ 1,360,188     $ 11.97       98.9%     T.J. Maxx (2010), Staples (2016), Lowe’s (Not Owned), Wal-Mart (Not Owned)
 
243
    Warner Robins, GA   City Crossing
Watson Blvd. & Carl Vinson Pky.
  31093   SC     Fee (3 )   2001     2007       15%       190,433     $ 1,743,572     $ 11.56       79.2%     Michaels (2011), Ross Dress For Less (2012), Home Depot (Not Owned)


33


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
244
    Woodstock, GA   Woodstock Place
10029 Highway 928
  30188   SC     GL     1995     2003       100%       44,691     $ 324,666     $ 12.64       57.5%      
 
245
    Woodstock, GA   Woodstock Square
120-142 Woodstock Square
  30189   SC     Fee (3 )   2001     2007       15%       218,859     $ 2,870,227     $ 13.11       100%     Office Max (2017), Old Navy (2012), Kohl’s (2022), Super Target (Not Owned)
        Idaho                                                                            
 
246
    Idaho Falls, ID   Country Club Mall
1515 Northgate Mile
  83401   SC     Fee     1976/
1992/1997
    1998       100%       148,593     $ 828,146     $ 7.43       75%     Office Max (2011), World Gym (2008), Fred Meyer, Inc. (Not Owned)
 
247
    Meridian, ID   Meridian Crossroads
Eagle & Fairview Road
  83642   SC     Fee     1999/2001/
2002/2003/
2004
    1 *     100%       461,023     $ 6,048,895     $ 12.47       94.7%     Bed Bath & Beyond (2011), Old Navy (2010), ShopKo (2020), Office Depot (2010), Ross Dress For Less (2012), Marshalls (2012), Sportsman’s Warehouse (2015), Babies “R” Us (2014), Craft Warehouse (2013), Wal-Mart (Not Owned)
        Illinois                                                                            
 
248
    Deer Park, IL   Deer Park Town Center
20530 North Rand Rd.
  60010   LC     Fee (3 )   2000/2004     1 *     24.75%       287,377     $ 8,792,364     $ 29.68       95.1%     Barnes & Noble (Not Owned), Century Cinemas (Not Owned), Pier 1 Imports (2012), Banana Republic (2010), Pottery Barn Kids (2012), Pottery Barn (2013), Restoration Hardware (2010), Eddie Bauer Home (2011), Eddie Bauer Sportswear (2011), Coldwater Creek (2010), J.Crew (2011), Ann Taylor (2011), Talbots/Talbots Petites (2011), Williams-Sonoma (2013), Joseph A. Bank Clothiers (2011), California Pizza Kitchen (2013), Bath And Body Works (2011), J.Jill (2013), Bombay (2007), American Eagle (2007), Victoria’s Secret (2007)
 
249
    McHenry, IL   The Shops at Fox River
3340 Shoppers Drive
  60050   SC     Fee     2006     1 *     100%       217,052     $ 3,368,389     $ 15.52       100%     Dick’s Sporting Goods (2018), PetSmart (2017), Bed Bath & Beyond (2017), Wickes Furniture (2022), Best Buy (2018), Shoe Carnival (2017)
 
250
    Mount Vernon, IL   Times Square Mall
42nd & Broadway
  62864   MM     Fee     1974/1998/
2000
    1993       100%       269,328     $ 1,013,627     $ 4.32       82.5%     Sears (2013), Goody’s (2015), JCPenney (2012)
 
251
    Orland Park, IL   Marley Creek Square
179th St. & Wolf Road
  60467   SC     Fee (3 )   2006     2006       50%       57,927     $ 717,957     $ 20.26       61.2%      


34


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
 
252
    Orland Park, IL   Home Depot Center
15800 Harlem Avenue
  60462   SC     Fee     1987/1993     2004       100%       149,498     $ 1,417,969     $ 10.62       89.3%     Home Depot (2012)
 
253
    Rockford, IL   Walgreens - Rockford
2525 S. Alpine Road
  61108   SC     Fee     1998/1999     2007       100%       14,725     $ 350,000     $ 23.77       100%      
 
254
    Roscoe, IL   Hilander Village
4860 Hononegah Road
  61073   SC     Fee (3 )   1994     2007       20%       125,623     $ 1,023,480     $ 9.55       85.3%     Kroger (2020)
 
255
    Schaumburg, IL   Woodfield Village Green
1430 East Golf Road
  60173   SC     Fee (3 )   1993/1998/
2002
    1995       14.5%       508,673     $ 8,748,331     $ 17.20       100%     Circuit City (2009), Off 5th (2011), PetSmart (2014), Homegoods (2014), Office Max (2010), Container Store (2011), Filene’s Basement (2014), Marshalls (2009), Nordstrom Rack (2009), Borders (2009), Expo Design Center (2019), Costco (Not Owned), Prairie Rock Restaurant (Not Owned)
 
256
    Skokie, IL   Village Crossing
5507 W. Touhy Ave.
  60077   SC     Fee (3 )   1989     2007       15%       434,973     $ 7,279,351     $ 18.51       90.4%     Michaels (2013), Bed Bath & Beyond (2013), Office Max (2015), Best Buy (2009), Crown Theatres (2021), Barnes & Noble (2009)
        Indiana                                                                            
 
257
    Bedford, IN   Town Fair Center
1320 James Avenue
  47421   SC     Fee     1993/1997     2 *     100%       223,431     $ 1,119,876     $ 6.13       81.8%     Kmart (2018), Goody’s (2008), JCPenney (2008)
 
258
    Evansville, IN   East Lloyd Commons
6300 E. Lloyd Expressway
  47715   SC     Fee     2005     2007       100%       159,682     $ 2,177,640     $ 13.94       97.9%     Gordman’s (2015), Michaels (2015), Best Buy (2016)
 
259
    Highland, IN   Highland Grove Shopping Center
Highway 41 & Main Street
  46322   SC     Fee (3 )   1995/2001     1996       20%       312,546     $ 3,451,143     $ 11.41       96.8%     Marshalls (2011), Kohl’s (2016), Circuit City (2016), Office Max (2012), Jewel (Not Owned), Target (Not Owned)
 
260
    Indianapolis, IN   Glenlake Plaza
2629 E. 65th Street
  46220   SC     Fee (3 )   1980     2007       20%       102,549     $ 776,975     $ 9.06       83.6%     Kroger (2020)
 
261
    Lafayette, IN   Park East Marketplace
4205 - 4315 Commerce Drive
  47905   SC     Fee     2000     2003       100%       35,100     $ 383,407     $ 14.04       77.8%     Wal-Mart (Not Owned)
 
262
    South Bend, IN   Broadmoor Plaza
1217 E. Ireland Road
  46614   SC     Fee (3 )   1987     2007       20%       114,968     $ 1,243,617     $ 11.47       94.3%     Kroger (2020)
        Iowa                                                                            
 
263
    Cedar Rapids, IA   Northland Square
303 -367 Collins Road, NE.
  52404   SC     Fee     1984     1998       100%       187,068     $ 1,885,609     $ 10.08       100%     T.J. Maxx (2010), Office Max (2010), Barnes & Noble (2010), Kohl’s (2021)
 
264
    Ottumwa, IA   Quincy Place Mall
1110 Quincy Avenue
  52501   MM     Fee     1990/1999/
2002
    1/2 *     100%       241,427     $ 1,224,069     $ 6.21       81.6%     Herberger’s (2010), JCPenney (2010), Goody’s (2014), Target (Not Owned)


35


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
        Kansas                                                                            
 
265
    Leawood, KS   Town Center Plaza
5000 W. 119th Street
  66209   LC     Fee     1996/2002     1998       100%       309,423     $ 8,403,603     $ 27.33       96.3%     Barnes & Noble (2011), Coldwater Creek (2009), Limited/Limited Too (2009), Victoria’s Secret (2009), Express/Bath&Body/Structure (2009), Gap/Gap Body (2008), Gap Kids (2005), J.Jill (2013), Pottery Barn (2009), Williams-Sonoma (2009), American Eagle (2013), Pacific Sunwear (2012), Bravo Cucina Italiana (2013), Restoration Hardware (2012), Houlihan’s (2025), Bristol Seafood Bar & Grill (2011), Bombay (2006), Macy’s (2104)
 
266
    Merriam, KS   Merriam Town Center
5700 Antioch Road
  66202   SC     Fee (3 )   1998/2004     1 *     14.5%       351,244     $ 4,200,768     $ 12.10       98.8%     Cinemark (2018), Office Max (2013), PetSmart (2019), Hen House (2018), Marshalls (2008), Dick’s Sporting Goods (2016), Home Depot (Not Owned)
 
267
    Overland Park, KS   Overland Pointe Marketplace Intersection 135 & Antioch Road   66213   SC     Fee (3 )   2001/2004     2003       14.5%       42,632     $ 883,583     $ 17.55       98.3%     Babies “R” Us (2015), Sam’s Club (Not Owned), Home Depot (Not Owned)
 
268
    Wichita, KS   Eastgate Plaza
South Rock Road
  67207   SC     Fee     1955     2002       100%       203,997     $ 2,045,395     $ 12.25       84.1%     Burlington Coat Factory (2017), Office Max (2010), T.J. Maxx (2011), Barnes & Noble (2012)
        Kentucky                                                                            
 
269
    Lexington, KY   North Park Marketplace
524 West New Circle
  40511   SC     Fee     1998     2003       100%       46,647     $ 624,806     $ 14.72       91%     Staples (2016), Wal-Mart (Not Owned)
 
270
    Lexington, KY   South Farm Marketplace
Man-O-War Boulevard & Nichol
  40503   SC     Fee     1998     2003       100%       27,643     $ 604,488     $ 21.87       100%     Wal-Mart (Not Owned), Lowe’s (Not Owned)
 
271
    Louisville, KY   Outer Loop Plaza
7505 Outer Loop Highway
  40228   SC     Fee     1973/1989
/1998
    2004       100%       120,777     $ 646,969     $ 5.93       90.3%     Valu Discount (2009)
 
272
    Richmond, KY   Carriage Gate
833-847 Eastern By-Pass
  40475   SC     Fee     1992     2003       100%       158,041     $ 373,235     $ 6.41       36.9%     Food Lion (2017), Office Depot (2016), Ballard’s (Not Owned)
        Louisiana                                                                            
 
273
    Covington, LA   Covington Corners
782 North High Hwy. 190
  70433   SC     Fee     1999     2007       100%       15,590     $ 249,440     $ 16.00       100%      
        Maine                                                                            
 
274
    Brunswick, ME   Cook’s Corners
172 Bath Road
  04011   SC     GL     1965     1997       100%       301,992     $ 2,610,750     $ 8.50       97.8%     Hoyts Cinemas (2010), Brunswick Bookland (2014), Big Lots (2013), T.J. Maxx (2010), Sears (2012)


36


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
        Maryland                                                                            
 
275
    Bowie, MD   Duvall Village
4825 Glenn Dale Road
  20720   SC     Fee     1998     2007       100%       88,022     $ 1,335,840     $ 16.22       93.5%     Super Fresh (2020)
 
276
    Glen Burnie, MD   Harundale Plaza
7440 Ritchie Highway
  21061   SC     Fee (3 )   1999     2007       20%       217,619     $ 2,563,473     $ 11.78       100%     A & P Company (2019), A.J. Wright (2009), Value City (2015)
 
277
    Hagerstown, MD   Valley Park Commons
1520 Wesel Blvd.
  21740   SC     Fee     1993/2006     2007       100%       87,893     $ 1,070,815     $ 15.78       77.2%     Office Depot (2016)
 
278
    Salisbury, MD   The Commons
E. North Point Drive
  21801   SC     Fee     1999     1 *     100%       126,135     $ 1,702,002     $ 13.39       96.3%     Best Buy (2013), Michaels (2009), Home Depot (Not Owned), Target (Not Owned)
 
279
    Upper Marlboro, MD   Largo Towne Center
950 Largo Center Dr.
  20774   SC     Fee (3 )   1991     2007       20%       260,797     $ 3,618,350     $ 11.98       97.5%     Shoppers Food Warehouse (2009), Marshalls (2011), Regency Furniture (2017)
 
280
    White Marsh, MD   Costco Plaza
9919 Pulaski Hwy.
  21220   SC     Fee (3 )   1987/1992     2007       15%       187,331     $ 1,649,327     $ 8.09       100%     Costco (2011), PetSmart (2010), Pep Boys (2012), Sports Authority (2011), Home Depot (Not Owned)
        Massachusetts                                                                            
 
281
    Everett, MA   Gateway Center
1 Mystic View Road
  02149   SC     Fee     2001     1 *     100%       222,236     $ 4,704,989     $ 17.00       100%     Home Depot (2031), Bed Bath & Beyond (2011), Old Navy (2011), Office Max (2020), Babies “R” Us (2013), Michaels (2012), Costco (Not Owned), Target (Not Owned)
 
282
    Framingham, MA   Shoppers World
1 Worcester Road
  01701   SC     Fee (3 )   1994     1995       14.5%       769,276     $ 14,540,444     $ 18.60       100%     Toys “R” Us (2020), Macy’s (2020), T.J. Maxx (2010), Babies “R” Us (2013), DSW Shoe Warehouse (2012), A.C. Moore (2012), Marshalls (2011), Bob’s Stores (2011), Linens ’N Things (2011), Sports Authority (2015), PetSmart (2011), Best Buy (2014), Barnes & Noble (2011), AMC Theatre (2014), Kohl’s (2010)
 
283
    Seekonk, MA   Seekonk Town Center
95 Highland Ave.
  02771   SC     Fee     2003     2007       100%       80,713     $ 903,147     $ 11.19       100%     Stop & Shop (2026)
 
284
    West Springfield, MA   Riverdale Shops
935 Riverdale Street
  01089   SC     Fee (3 )   1985/2003     2007       20%       273,532     $ 3,285,426     $ 12.69       94.6%     Kohl’s (2024), Stop & Shop (2016)
 
285
    Worcester, MA   Wal-Mart/Sam’s Club
301 Barber Ave.
  01606   SC     Fee     1998     2007       100%       107,929     $ 1,116,581     $ 10.35       100%     Sam’s Club (2013)


37


Table of Contents

                                                                                     
Developers Diversified Realty Corporation
Shopping Center Property List at December 31, 2007
                                          Company-
          Average
           
                                          Owned
          Base
           
                Type of
        Year
        DDR
    Gross
    Total
    Rent
           
            Zip
  Property
  Ownership
    Developed/
  Year
    Ownership
    Leasable
    Annualized
    (per SF)
    Percent
     
    Center/Property   Location   Code   (1)   Interest     Redeveloped   Acquired     Interest     Area (SF)     Rate     (2)     Occupied     Anchor Tenants(Lease Expiration)
 
        Michigan                                                                            
 
286
    Bad Axe, MI   Huron Crest Plaza
850 North Van Dyke Road
  48413   SC     Fee     1991     1993       100%       63,415     $ 113,800     $ 10.94       16.4%     Wal-Mart (Not Owned)