EX-99.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Table of Contents


Section	Page
Earnings Release & Financial Statements		1.0

Financial Summary		2.0
Financial Highlights		2.1
Market Capitalization and Financial Ratios		2.2
Market Capitalization Summary		2.3
Significant Accounting Policies		2.4
Other Real Estate Information		2.5
Reconciliation of Non-GAAP Financial Measures		2.6
Non-Cash Expense — Equity Derivative Instruments		2.7

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

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

Portfolio Summary		5.0

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

Investor Contact Information		7.0

Property list available online at www.ddr.com

Exhibit 99.1

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


		Media Contact:		Investor Contact:
		Scott Schroeder		Thomas Morabito
		216-755-5500		216-755-5500
		sschroeder@ddr.com		tmorabito@ddr.com

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.51 FOR THE QUARTER
ENDED JUNE 30, 2009 BEFORE NON-OPERATING GAINS AND LOSSES

CLEVELAND, OHIO, July 23, 2009 - Developers Diversified Realty (NYSE: DDR) today announced operating results for the second quarter ended June 30, 2009.

	•		The Company’s second quarter Funds From Operations (“FFO”) was $0.51 per share before $240.0 million of net charges including the elimination of the gain on the repurchases of unsecured notes of $45.9 million. The Company’s operating FFO for the six-month period was $1.18 per share before the $187.8 million of net charges including the elimination of the gain on repurchases of unsecured notes of $118.5 million.

			FFO and net loss for the three- and six-month periods ended June 30, 2009 reflected $240.0 million, or $1.66 per share, and $187.8 million, or $1.37 per share, of net charges, respectively, primarily non cash, summarized as follows (in millions):


	Three Months			Six Months
Consolidated non-cash impairment charges — assets under contract to be sold and certain assets formerly occupied by Mervyns	$	107.0		$	117.9
Less portion of impairment charges and losses allocated to non-controlling interests (Mervyns)		(31.3	)		(31.1	)
Non-cash potential change-in-control compensation charge		10.5			10.5
Gain on repurchases of unsecured notes		(45.9	)		(118.5	)
Loss on equity derivative instruments related to Otto investment		80.0			80.0
Loan loss reserve and other expenses		6.9			10.8
Impairment charges, derivative (gains)/losses and losses on asset sales — equity method investments		11.4			10.0
Non-cash impairment charges and loss on disposition — equity method investments		40.3			46.9
Impairment charges and loss on sales — discontinued operations		61.1			61.3

	$	240.0		$	187.8

	•		FFO applicable to common shareholders for the three-month period ended June 30, 2009, including the above net charges, was a loss of $166.5 million, or $1.15 per diluted share, which compares to revised FFO of $95.9 million, or $0.79 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended June 30, 2009 was $237.2 million or $1.64 per diluted share, which compares to revised net income of $26.1 million, or $0.22 per diluted share, for the prior-year comparable period.

	•		FFO applicable to common shareholders for the six-month period ended June 30, 2009, including the above net charges, was a loss of $26.5 million, or $0.19 per diluted share, which compares to revised FFO of $192.2 million, or $1.59 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the six-month period ended June 30, 2009 was $160.3 million, or $1.18 per diluted share, which compares to revised net income of $55.7 million, or $0.46 per diluted share, for the prior-year comparable period.

	•		The 2008 results for both the three- and six-month periods ended June 30, 2008 have been revised to reflect the change in accounting relating to convertible debt. This change resulted in additional non-cash interest expense of $3.3 million for both three-month periods ended June 30, 2009 and 2008, and $7.1 million and $6.5 million for the six-month periods ended June 30, 2009 and 2008, respectively.

	•		Executed leases during the second quarter of 2009 totaled a Company record of approximately 3.1 million square feet, including 147 new leases and 259 renewals.

	•		On a cash basis, base rental rates on new leases and renewals decreased 4.7% overall.

	•		Core portfolio leased percentage at June 30, 2009 was 90.7%, consistent with the level at March 31, 2009.

	•		Same store net operating income (“NOI”) for the quarter decreased 5.0% over the prior-year comparable period. The decrease in same store NOI is primarily related to the bankruptcies and subsequent store closings of Circuit City, Linens ‘N Things, Goody’s and Steve & Barry’s.

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “Our second quarter 2009 operating results came in as expected despite the continued challenging environment. Our portfolio’s leased rate remained stable, and leasing activity remained robust with deals for over 3 million square feet of space being executed.

“Our de-leveraging plans remain on track and we remain intensely focused on executing upon our capital raising and debt reducing initiatives. Our activities to date have addressed our 2009 and 2010 maturities, and we have a capital plan in place that addresses our 2011 and 2012 needs well before maturity.

Financial Results:

Net loss applicable to common shareholders was $237.2 million, or $1.64 per share (diluted and basic), for the three-month period ended June 30, 2009, as compared to revised net income of $26.1 million, or $0.22 per share (diluted and basic), for the prior-year comparable period.

FFO applicable to common shareholders was a loss of $166.5 million for the three-month period ended June 30, 2009, as compared to revised FFO income of $95.9 million for the three-month period ended June 30, 2008. For the three-month period ended June 30, 2009, FFO per share was a loss of $1.15 (diluted and basic) compared to revised FFO income of $0.79 (diluted and basic) for the prior-year comparable period. The decrease in net income and reported loss for the three-month period ended June 30, 2009, is primarily the result of $240.0 million of net charges, mainly non cash as detailed above, in addition to several tenant bankruptcies in late 2008 and early 2009, also discussed above.

Net loss applicable to common shareholders was $160.3 million, or $1.18 per share (diluted and basic), for the six-month period ended June 30, 2009, as compared to revised net income of $55.7 million, or $0.46 per share (diluted and basic), for the prior-year comparable period.

FFO applicable to common shareholders was a loss of $26.5 million for the six-month period ended June 30, 2009, as compared to revised FFO income of $192.2 million for the six-month period ended June 30, 2008. For the six-month period ended June 30, 2009, FFO per share was a loss of $0.19 (diluted and basic) compared to revised FFO income of $1.59 (diluted and basic) for the prior-year comparable period. The decrease in net income and reported loss for the six-month period ended June 30, 2009, is primarily the result of $187.8 million of net charges, mainly non cash as detailed above, in addition to several tenant bankruptcies also discussed above.

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

Leasing:

The following results for the three-month period ended June 30, 2009 highlight continued strong leasing activity throughout the portfolio despite the current economic environment:

	•		Executed 147 new leases aggregating approximately 0.9 million square feet and 259 renewals aggregating approximately 2.2 million square feet.

	•		On a cash basis, rental rates for new leases and renewals decreased 4.7%.

	•		Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of June 30, 2009 was $12.49, as compared to $12.41 at June 30, 2008.

	•		Core portfolio leased rate was 90.7% as of June 30, 2009, as compared to 95.5% at June 30, 2008 and 90.7% at March 31, 2009.

Overall, the Company is encouraged by the leasing activity achieved during the second quarter. On a square foot basis, these leasing results represent the greatest level of production in the history of the Company. While the resulting rental spreads are much less favorable than what the Company has historically achieved, it should be no surprise that rental rates are under pressure as bankruptcy driven vacancy has increased across the retail sector.

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

Strategic Transactions:

On February 23, 2009, the Company entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Mr. Alexander Otto (the “Investor”) to issue and sell 30 million common shares for aggregate gross proceeds of approximately $112.5 million to the Investor and certain members of his family (collectively with the Investor, the “Otto Family”). In addition, the Company will issue warrants to purchase up to 10 million common shares with an exercise price of $6.00 per share to the Otto Family. The share issuance, together with the warrants issuances are collectively referred to as the “Otto Transaction”. Under the terms of the Stock Purchase Agreement, the Company will also issue additional common shares to the Otto Family in an amount equal to any dividends declared, associated with the issuance of common shares, by the Company after February 23, 2009 and prior to the applicable closing of the stock purchase by the Investor. On April 9, 2009, the Company’s shareholders approved the sale of the common shares and warrants to the Otto Family pursuant to the Otto Transaction. The transaction will occur in two closings. The second closing with the Otto Family is contracted to close before October 9, 2009. On May 11, 2009, the Company issued and sold 15.0 million shares and warrants to purchase 5.0 million common shares to the Otto Family for a purchase price of $52.5 million. The Company also issued an additional 1,071,428 shares as a result of the first quarter 2009 dividend to the Otto Family associated with the initial 15.0 million shares. In June 2009, the Otto Family earned the right to receive an additional 1,787,304 shares relating to the 2009 dividends declared to date associated with the second tranche of 15.0 million shares.

The shareholders’ approval of the Otto Transaction in April 2009 resulted in a “potential change in control” under the Company’s equity-based award plans. In addition, when the Otto Family acquires beneficial ownership of 20% or more of the Company’s outstanding common

shares as expected, a “change in control” will be deemed to have occurred under the Company’s equity deferred compensation plans. In accordance with the equity-based award plans, all unvested stock options became fully exercisable and all restrictions on unvested shares lapsed, and, in accordance with the equity deferred compensation plans, it is expected that all unvested deferred stock units will become vested and no longer subject to forfeiture. As such, in April 2009, the Company recorded an accelerated non-cash charge of approximately $10.5 million in accordance with SFAS 123(R) related to these equity awards. The Company expects to record an additional non-cash charge of $4.7 million upon the occurrence of the change in control later in 2009 upon the closing of the second tranche of shares to the Otto Family.

In addition, the shares and warrants were required to be recognized at fair value in April 2009 and marked-to-market through earnings thereafter until settlement or expiration. As a result, the Company reported an aggregate non-cash loss of $80.0 million, or $0.55 per diluted share, relating to the valuation adjustments associated with these instruments in the second quarter of 2009, due to the appreciation in share price.

Dispositions:

The Company sold nine properties, aggregating 1.0 million square feet, in the second quarter of 2009, generating gross proceeds of $82.4 million. The Company recorded an aggregate loss on sale of approximately $36.3 million related to these assets. The Company’s joint ventures sold four properties, aggregating 0.4 million square feet in the second quarter of 2009, generating gross proceeds of $30.8 million.

The Company sold an additional four properties to date in the third quarter of 2009 generating gross proceeds of approximately $48.2 million. Impairment charges of $16.1 million were recorded in the second quarter of 2009 relating to these assets.

Wholly-Owned and Consolidated Joint Venture Development:

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

Expected

Remaining

Initial

Cost

Anchor

Location

Owned GLA

($ Millions)

Opening *

Description

Miami (Homestead), Florida**

272,610

(3.1

)

2H 08

Community Center

Boise (Nampa), Idaho

431,689

37.4

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

7.9

1H 10

Community Center

Elmira (Horseheads), New York

350,987

10.9

1H 07

Community Center

Raleigh (Apex), North Carolina (Promenade)

72,830

5.3

1H 09

Community Center

Austin (Kyle), Texas ***

443,092

25.4

2H 09

Community Center

Total

1,627,551

83.8


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

**		Includes a reduction in costs from future land sales

***		Consolidated 50% Joint Venture

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

Unconsolidated Joint Venture Development:

The Company’s unconsolidated joint ventures have the following shopping center projects under construction.


	DDR’s					Expected
	Effective					Remaining			Initial
	Ownership			Owned		Cost			Anchor
Location	Percentage			GLA		($ Millions)			Opening*	Description
Kansas City (Merriam), Kansas**		20.0	%		158,632	$	(1.8	)	TBD	Community Center
Dallas (Allen), Texas**		10.0	%		797,665		(0.3	)	1H 08	Lifestyle Center
Manaus, Brazil		47.4	%		502,529		13.4		1H 09	Enclosed Mall

Total					1,458,826	$	11.3


*		1H = First Half, 2H = Second Half; either actual or anticipated; TBD = to be determined. ** Includes a reduction in costs from future land sales

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:

The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $109.4 million. At June 30, 2009, approximately $82.4 million of costs had been incurred in relation to these projects.


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

Unconsolidated Joint Venture Redevelopments and Expansions:

The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $154.3 million, which includes original acquisition costs related to assets acquired for redevelopment. At June 30, 2009, approximately $118.9 million of costs had been incurred in relation to these projects.


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

Dividends:

The Company’s second quarter dividend was paid in a combination of cash and the Company’s common shares. The aggregate amount of cash paid to shareholders on July 21, 2009, was limited to 10% of the total dividend paid. The Company issued approximately 6.1 million common shares based on volume weighted average trading prices of $4.49 per share and paid $3.1 million in cash. This payout initiative is consistent with the first quarter dividend payout and is a part of the Company’s strategy to further enhance liquidity and maximize free cash flow while continuing to maintain its REIT status.

Financings:

In the second quarter of 2009, the Company purchased approximately $212.7 million face amount of its outstanding senior notes at a discount to par resulting in a gross gain of approximately $54.1 million. This gain was reduced by approximately $8.2 million due to the adoption of FSP APB 14-1, “Accounting for Convertible Debt That May Be Settled in Cash Upon Conversion”, on January 1, 2009 (“Convertible Debt Restatement”).

In July 2009, the Company obtained a $17 million of mortgage debt from a life insurance company on two shopping centers at a 6% interest rate and maturing in 2017.

In May 2009, the Company completed an $85 million, 10-year loan secured by four assets in Puerto Rico with a fixed interest coupon rate of 7.59%. Also, in May 2009, the Company completed a $40 million, two-year secured loan with a one-year extension option. The loan has a floating interest rate of LIBOR plus 600 basis points with a LIBOR floor of 2.5%.

A $60 million six-month bridge loan funded by the Otto Family in March 2009 was converted in May 2009 into a five-year fixed-rate term loan with a 9% interest rate.

Developers Diversified Realty Corporation as of June 30, 2009 owned and managed approximately 690 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada, totaling approximately 153 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Thomas Morabito, Senior Director of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or on our Web site which is located at http://www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; our ability to continue to satisfy conditions to consummate the sale of the second tranche of common shares to the Otto Family; and the finalization of the financial statements for three-month period ended June 30, 2009. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2008. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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


	Three-Month Period						Six-Month Period
	Ended June 30,						Ended June 30,
	2009			2008(E)			2009			2008(E)
Revenues:
Minimum rents (A)	$	137,696		$	151,743		$	278,692		$	303,818
Percentage and overage rents (A)		1,038			1,145			3,641			3,909
Recoveries from tenants		44,829			46,162			92,714			97,403
Ancillary and other property income		4,974			6,256			10,012			10,866
Management, development and other fee income		14,040			15,637			28,502			31,924
Other (B)		1,732			1,691			4,982			4,728

		204,309			222,634			418,543			452,648

Expenses:
Operating and maintenance		35,292			33,373			70,805			68,289
Real estate taxes		27,671			26,884			56,112			53,205
Impairment charges (C)		107,014			—			117,919			—
General and administrative (D)		28,412			21,333			47,583			42,047
Depreciation and amortization		58,641			55,886			119,900			109,669

		257,030			137,476			412,319			273,210

Other income (expense):
Interest income		3,228			547			6,257			1,115
Interest expense (E)		(59,962	)		(62,362	)		(119,219	)		(125,612	)
Gain on repurchases of senior notes		45,901			200			118,479			200
Loss on equity derivative instruments (F)		(80,025	)		—			(80,025	)		—
Other expenses (G)		(6,913	)		(102	)		(10,575	)		(600	)

		(97,771	)		(61,717	)		(85,083	)		(124,897	)

(Loss) income before equity in net (loss) income of joint ventures, impairment of joint venture investments, income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax		(150,492	)		23,441			(78,859	)		54,541
Equity in net (loss) income of joint ventures (H)		(9,153	)		12,555			(8,801	)		19,943
Impairment of joint venture investments (C)		(40,266	)		—			(41,140	)		—
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes		(920	)		(286	)		110			(1,317	)

(Loss) income from continuing operations		(200,831	)		35,710			(128,690	)		73,167
(Loss) income from discontinued operations (I)		(60,821	)		2,070			(48,634	)		4,777

(Loss) income before gain on disposition of real estate		(261,652	)		37,780			(177,324	)		77,944
Gain on disposition of real estate, net of tax		648			908			1,096			3,275

Net (loss) income		(261,004	)		38,688			(176,228	)		81,219
Loss (income) attributable to non-controlling interests (J)		34,419			(2,025	)		37,044			(4,396	)

Net (loss) income attributable to DDR	$	(226,585	)	$	36,663		$	(139,184	)	$	76,823

Net (loss) income applicable to common shareholders	$	(237,152	)	$	26,096		$	(160,318	)	$	55,689

Funds From Operations (“FFO”):
Net (loss) income applicable to common shareholders	$	(237,152	)	$	26,096		$	(160,318	)	$	55,689
Depreciation and amortization of real estate investments		57,565			57,279			118,601			111,641
Equity in net loss (income) of joint ventures (H)		9,153			(12,555	)		8,374			(19,943	)
Joint ventures’ FFO (H)		3,809			25,908			18,968			45,088
Non-controlling interests (OP Units) (J)		80			290			159			884
Loss (gain) on disposition of depreciable real estate		60			(1,133	)		(12,274	)		(1,151	)

FFO applicable to common shareholders		(166,485	)		95,885			(26,490	)		192,208
Preferred dividends		10,567			10,567			21,134			21,134

FFO	$	(155,918	)	$	106,452		$	(5,356	)	$	213,342

Per share data:
Earnings per common share
Basic	$	(1.64	)	$	0.22		$	(1.18	)	$	0.46

Diluted	$	(1.64	)	$	0.22		$	(1.18	)	$	0.46

Dividends Declared	$	0.20		$	0.69		$	0.40		$	1.38

Funds From Operations — Basic (K)	$	(1.15	)	$	0.79		$	(0.19	)	$	1.59

Funds From Operations — Diluted (L)	$	(1.15	)	$	0.79		$	(0.19	)	$	1.59

Basic — average shares outstanding		144,227			119,390			136,514			119,269

Diluted — average shares outstanding		144,227			120,342			136,514			119,430

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

(A)		Base and percentage rental revenues for the six-month period ended June 30, 2009, as compared to the prior-year comparable period, decreased $25.4 million primarily due to store closings related to five major tenant bankruptcies which aggregated $23.1 million, the most significant of which related to the assets formerly occupied by Mervyns, which is 50% owned by the Company through a consolidated joint venture. There was also a decrease of $2.9 million in straight line rental income, a majority of which is related to major tenant bankruptcies and a $0.2 million decrease related to the Company’s business centers. These decreases were off set by net increased leasing activity of $0.8 million. Included in rental revenues for the six-month periods ended June 30, 2009 and 2008, is approximately $1.3 million and $4.9 million, respectively, of revenue resulting from the recognition of straight-line rents, including discontinued operations.

(B)		Other income for the three- and six-month periods ended June 30, 2009 and 2008 was comprised of the following (in millions):


	Three-Month Period				Six-Month Period
	Ended June 30,				Ended June 30,
	2009		2008		2009		2008
Lease termination fees	$	1.1	$	1.4	$	2.6	$	4.2
Financing fees		0.3		0.1		0.6		0.1
Other miscellaneous		0.3		0.2		1.8		0.4

	$	1.7	$	1.7	$	5.0	$	4.7

(C)		The Company recorded impairment charges on consolidated assets that are either under contract or being marketed for sale as the book basis of the assets was in excess of the estimated fair market value. Of this amount, $61.0 million related to impairment charges on 13 assets formerly occupied by Mervyns, of which the Company’s proportionate share was $29.7 million after adjusting for the allocation of the loss to the non-controlling interest in this consolidated joint venture. An additional $25.1 million (see footnote I) was reported as a component of discontinued operations relating to those assets classified as held for sale pursuant to SFAS No. 144 and $36.0 million was reflected as actual loss on sale as part of discontinued operations.

		In addition, the Company recorded an approximate $40.3 million in impairment charges associated with joint venture investments in accordance with APB Opinion No. 18, “The Equity Method of Accounting for Investment in Common Stock.” These charges primarily related to the Company’s investments in the Coventry II joint ventures.

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

(D)		General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the six-month periods ended June 30, 2009 and 2008, general and administrative expenses were approximately 5.4% and 4.4% of total revenues, including joint venture revenues, respectively. In the second quarter, the Company recorded a non-cash charge of $10.5 million as a result of the potential change in control provisions included in the Company’s equity-based award plans triggered from the shareholder approval of the Otto Transaction, as previously discussed. Excluding this charge, general and administrative expenses were 4.2% of total revenues for the six-month period ended June 30, 2009.

(E)		In 2009, the Company adopted FSP APB 14-1. The adoption of this FSP required the Company to restate its interest expense and record a non-cash interest-related charge of $3.3 million and $6.5 million, net of capitalized interest, for the three and six months ended June 30, 2008, respectively. The Company recorded non-cash interest expense of approximately $3.3 million and $7.1 million for the three and six months ended June 30, 2009, respectively, in accordance with this new accounting standard.

(F)		Represents the impact of the valuation adjustments for the equity derivative instruments issued as part of the Otto Transaction. The total non-cash charge includes a $38.0 million expense recognized on the 16.1 million shares issued to the Otto Family in May 2009. The level of expense recognized primarily relates to the difference between the closing trading value of the Company’s common shares of $3.12 on April 9, 2009, which was less than closing trading value of the Company’s common shares on the May 11, 2009 issuance date of $5.48. The balance of the $80.0 million expense included $31.7 million recognized on the valuation adjustment of the second tranche of 15.0 million common shares expected to be issued later in 2009 including the impact of declared dividends payable in common shares, as well as $10.3 million relating to the warrant valuation adjustments.

(G)		Other expenses primarily related to a reserve associated with a mezzanine note receivable of $5.4 million as well as litigation-related expenditures, the write off of costs related to abandoned development projects and costs incurred for transactions that are not expected to close.

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

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


	Three-Month Period						Six-Month Period
	Ended June 30,						Ended June 30,
	2009			2008			2009			2008
Revenues from operations (a)	$	216,639		$	233,416		$	445,205		$	468,476


Operating expense (b)		101,196			78,631			188,274			158,627
Depreciation and amortization of real estate investments		62,402			59,126			125,788			115,008
Interest expense		83,511			71,360			153,820			148,018

		247,109			209,117			467,882			421,653

(Loss) income from operations before tax expense and discontinued operations		(30,470	)		24,299			(22,677	)		46,823
Income tax expense		(2,562	)		(2,865	)		(4,552	)		(6,645	)
(Loss) income from discontinued operations, net of tax (b)		(13,131	)		826			(12,324	)		1,332
Loss on disposition of discontinued operations, net of tax (c)		(6,048	)		—			(6,077	)		340
Loss on disposition of assets		—			(11	)		(26,741	)		(13	)
Other, net (d)		(2,241	)		50,100			9,437			56,539

Net (loss) income	$	(54,452	)	$	72,349		$	(62,934	)	$	98,376

DDR ownership interests (e)	$	(11,876	)	$	12,740		$	(11,073	)	$	20,214

FFO from joint ventures are summarized as follows:

Net (loss) income	$	(54,452	)	$	72,349		$	(62,934	)	$	98,376
(Loss) income on disposition of real estate, including discontinued operations		—			11			—			13
Depreciation and amortization of real estate investments		62,947			59,845			127,037			116,449

	$	8,495		$	132,205		$	64,103		$	214,838

DDR ownership interests (e)	$	3,809		$	25,908		$	18,968		$	45,808

DDR joint venture distributions received, net	$	7,061		$	12,601		$	15,736		$	26,301


(a)		Revenues for the three-month periods ended June 30, 2009 and 2008 included approximately $0.9 million and $1.8 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.1 million and $0.3 million, respectively. Revenues for the six-month periods ended June 30, 2009 and 2008 included approximately $1.7 million and $4.1 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.1 million and $0.5 million, respectively.

(b)		The DDR Macquarie Fund reported impairment losses on three assets under contract to be sold aggregating $33.9 million. Of this amount, approximately $20.2 million was reported as a component of operating expenses and $13.7 million was reported as a component of discontinued operations relating to the one asset classified as held for sale pursuant to SFAS No. 144. The Company’s proportionate share of these impairment losses aggregated $5.5 million for both the three and six month periods.

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


(c)		Loss on disposition of discontinued operations consists of the sale of four properties by two separate unconsolidated joint ventures in the second quarter of 2009 resulting in a loss of $6.0 million of which the Company’s proportionate share was $1.4 million for the three- and six-months ended June 30, 2009.

(d)		Includes the effects of certain derivative instruments that are marked-to-market through earnings from the Company’s equity investment in Macquarie DDR Trust aggregating approximately $2.2 million of loss and $9.4 million of income for the three- and six-month periods ended June 30, 2009, respectively, of which the Company’s share was approximately $0.2 million and $1.0 million, respectively.

(e)		The Company’s share of joint venture net loss was decreased by $2.7 million and the equity in net income was decreased by $0.2 million for the three-month periods ended June 30, 2009 and 2008, respectively. The Company’s share of joint venture net loss was decreased by $2.3 million and the equity in net income was decreased by $0.3 million for the six-month periods ended June 30, 2009 and 2008, respectively. These adjustments relate primarily to basis differences impacting amortization and depreciation and (loss) gain on dispositions.

		At June 30, 2009 and 2008, the Company owned joint venture interests, excluding consolidated joint ventures, in 324 and 317 shopping center properties, respectively.

(I)

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


	Three-Month Period Ended					Six-Month Period Ended
	June 30,					June 30,
	2009			2008		2009			2008
Revenues	$	4,347		$	10,426	$	10,020		$	22,428


Expenses:
Operating		1,116			3,222		2,748			6,677
Impairment charges		25,091			—		25,091			—
Interest, net		1,439			2,169		3,079			4,393
Depreciation		1,499			4,043		3,320			7,467

Total expenses		29,145			9,434		34,238			18,537

(Loss) income before (loss) gain on disposition of real estate		(24,798	)		992		(24,218	)		3,891
(Loss) gain on disposition of real estate, net		(36,023	)		1,078		(24,416	)		886

Net (loss) income	$	(60,821	)	$	2,070	$	(48,634	)	$	4,777

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

(J)

Non-controlling interests are comprised of the following:


	Three-Month Period						Six-Month Period
	Ended June 30,						Ended June 30,
	2009			2008			2009			2008
Loss (income) attributable to non-controlling interests	$	34,425		$	(2,005	)	$	37,056		$	(4,356	)
Loss attributable to redeemable operating partnership units		(6	)		(20	)		(12	)		(40	)

	$	34,419		$	(2,025	)	$	37,044		$	(4,396	)

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

(K)		For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million Operating Partnership Units (“OP Units”) outstanding at June 30, 2009 and 2008, into 0.4 million common shares for the three-and six-month periods ended June 30, 2009 and 0.8 million common shares for the three-and six-month periods ended June 30, 2008, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO were approximately 144.6 million and 120.8 million for the three-month periods ended June 30, 2009 and 2008, respectively and 136.9 million and 120.7 million for the six-month periods ended June 30, 2009 and 2008, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data (A):


	June 30, 2009			December 31, 2008 (B)
Assets:
Real estate and rental property:
Land	$	2,013,216		$	2,073,947
Buildings		5,623,674			5,890,332
Fixtures and tenant improvements		270,353			262,809

		7,907,243			8,227,088
Less: Accumulated depreciation		(1,282,375	)		(1,208,903	)

		6,624,868			7,018,185
Construction in progress		908,121			882,478
Assets held for sale		51,781			—

Real estate, net		7,584,770			7,900,663

Investments in and advances to joint ventures		560,112			583,767
Cash		28,745			29,494
Restricted cash (C)		112,802			111,792
Notes receivable		74,691			75,781
Receivables, including straight-line rent, net		149,452			164,356
Other assets, net		141,418			154,369

	$	8,651,990		$	9,020,222


Liabilities:
Indebtedness:
Revolving credit facilities	$	1,169,503		$	1,027,183
Unsecured debt		1,821,209			2,402,032
Mortgage and other secured debt		2,573,990			2,437,440

		5,564,702			5,866,655
Dividends payable		37,703			6,967
Other liabilities (D)		280,639			281,179

		5,883,044			6,154,801
Redeemable operating partnership units		627			627
Equity		2,768,319			2,864,794

	$	8,651,990		$	9,020,222

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

(A)		Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 32 sites formerly occupied by Mervyns at June 30, 2009, which includes $255.5 million and $348.5 million of real estate assets at June 30, 2009 and December 31, 2008, respectively. Mortgage debt relating to these assets aggregated $237.5 million and $258.5 million at June 30, 2009 and December 31, 2008, respectively. Non-controlling interests relating to this joint venture aggregated $32.6 million and $70.2 million at June 30, 2009 and December 31, 2008, respectively.

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

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

	—		The Company adopted the provisions of SFAS No. 160, “Non-controlling Interests in Consolidated Financial Statements – an Amendment of ARB No. 51,” which impacted the accounting for transactions with non-controlling shareholders. The Company no longer has a line item in its balance sheet referred to as Minority Interests. Equity at December 31, 2008 has been revised to include $120.1 million attributable to non-controlling interests. Equity at June 30, 2009 includes $98.8 million attributable to non-controlling interests.

(C)		Restricted cash primarily consists of $64.2 million and $64.8 million at MV LLC at June 30, 2009 and December 31, 2008, respectively. At June 30, 2009, the MV LLC restricted cash is comprised of $23.9 million received from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter 2008, a $33.0 million net capital contribution by the members of MV LLC, and $7.3 million related to a security deposit letter of credit, all of which are required to be held in escrow by the lender. Also included is $46.0 million and $47.0 million at June 30, 2009 and December 31, 2008, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.

(D)		Includes a $41.2 million non-cash liability relating to the equity derivative instruments deemed issued in connection with the Otto Transaction as of June 30, 2009. The instruments will be reclassified into equity upon ultimate exercise or expiration of the instruments.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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


	June 30, 2009			December 31, 2008
Land	$	2,368,888		$	2,378,033
Buildings		6,443,218			6,353,985
Fixtures and tenant improvements		153,654			131,622

		8,965,760			8,863,640
Less: Accumulated depreciation		(706,457	)		(606,530	)

		8,259,303			8,257,110
Construction in progress		309,156			412,357

Real estate, net		8,568,459			8,669,467
Receivables, including straight-line rent, net		150,797			136,410
Leasehold interests		12,035			12,615
Other assets		358,344			315,591

	$	9,089,635		$	9,134,083

Mortgage debt (a)	$	5,768,969		$	5,776,897
Notes and accrued interest payable to DDR		73,272			64,967
Other liabilities		252,800			237,363

		6,095,041			6,079,227
Accumulated equity		2,994,594			3,054,856

	$	9,089,635		$	9,134,083


(a)		The Company’s proportionate share of joint venture debt aggregated approximately $1,209.9 million and $1,216.1 million at June 30, 2009 and December 31, 2008, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)


	Six-Month			Six-Month
	Period Ended			Period Ended
	June 30,			June 30,			Year Ended December 31,
	2009			2008			2008			2007			2006			2005

FUNDS FROM OPERATIONS:
Net (Loss) Income Applicable to Common Shareholders		($160,318)	(5)	$	55,689			($114,199)	(7)	$	214,008	(8)	$	196,789		$	227,474
Depreciation and Amortization of Real Estate Investments	$	118,601		$	111,641		$	236,344		$	214,396		$	185,449		$	169,117
Equity in Net Loss (Income) From Joint Ventures	$	8,374			($19,943	)		($17,719	)		($43,229	)		($30,337	)		($34,873	)
Joint Venture Funds From Operations	$	18,968		$	45,088		$	68,355		$	84,423		$	44,473		$	49,302
Non-Controlling Interests (OP Units)	$	159		$	884		$	1,145		$	2,275		$	2,116		$	2,916
Gain on Disposition of Real Estate		($12,274	)		($1,151	)		($4,244	)		($17,956	)		($21,987	)		($58,834	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS		($26,490	)	$	192,208		$	169,682		$	453,918		$	376,504		$	355,102
PREFERRED DIVIDENDS	$	21,134		$	21,134		$	42,269		$	50,934	(8)	$	55,169		$	55,169

FUNDS FROM OPERATIONS		($5,356	)	$	213,342		$	211,952		$	504,852		$	431,673		$	410,271


PER SHARE INFORMATION:
Funds From Operations — Diluted		($0.19)		$	1.59		$	1.40		$	3.70		$	3.40		$	3.21
Net (Loss) Income — Diluted		($1.18)	(5)	$	0.46			($0.96)	(7)	$	1.75		$	1.79		$	2.08
Dividends	$	0.40		$	1.38		$	2.07		$	2.64		$	2.36		$	2.16

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		136,913			120,724			121,030			122,716			110,826			110,700

DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		57.27	%		57.45	%		58.81	%		56.92	%		54.36	%		52.67	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (1)		5.45	%(6)		4.43	%		5.17	%(9)		4.53	%(10)		4.80	%		4.55	%

REVENUES:
DDR Revenues	$	428,562		$	475,076		$	943,654		$	973,690		$	824,725		$	748,571
Joint Venture Revenues	$	445,205		$	474,703		$	946,340		$	818,029		$	438,885		$	438,103

TOTAL REVENUES (2)	$	873,767		$	949,779		$	1,889,994		$	1,791,719		$	1,263,610		$	1,186,675


NET OPERATING INCOME:
DDR Net Operating Income	$	298,914		$	346,943		$	682,566		$	723,196		$	615,007		$	555,291
Joint Venture Net Operating Income	$	256,931		$	314,112		$	617,465		$	544,732		$	288,699		$	280,617

TOTAL NET OPERATING INCOME (3)	$	555,844		$	661,056		$	1,300,031		$	1,267,928		$	903,706		$	835,907


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	8,880,392		$	9,215,731		$	9,109,565		$	8,984,738		$	7,450,693		$	7,029,337
Joint Venture Real Estate at Cost	$	9,274,916		$	9,148,811		$	9,275,998		$	8,945,738		$	3,939,707		$	3,470,112

TOTAL REAL ESTATE AT COST (4)	$	18,155,308		$	18,364,543		$	18,385,564		$	17,930,476		$	11,390,400		$	10,499,449


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

(2)		Includes revenues from discontinued operations.

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

(4)		Includes construction in progress (CIP) at June 30, 2009 of $1,217.3 million (includes $309.2 million of CIP included in joint ventures, of which $57.5 million represents the Company’s proportionate share), and at December 31, 2008, 2007, 2006, 2005, CIP aggregated $1,291.9 million, $872.3 million, $611.2 million and $386.2 million, respectively.

(5)		Includes non-recurring non-cash charges primarily related to impairments of consolidated investments net of non-controlling interests, a potential change in control, loss on equity derivative instruments, a loan loss reserve, DDR’s proportionate share of joint venture loss on sale of assets and impairments and consolidated loss on sales of assets offset by the gain on repurchases of debt aggregating approximately $187.8 million for the six-month period ended June 30, 2009. Excluding these items, operating FFO was $1.18 per diluted share.

(6)		Includes approximately $10.5 million for a potential non-cash change in control charge. Excluding this charge, general and administrative expenses were approximately 4.2% of total revenues for the period.

(7)		Includes non-recurring non-cash charges primarily related to impairments offset by the gains on repurchases of debt aggregating approximately $186.5 million for the year ended December 31, 2008. Excluding these items, operating FFO was $2.94 per diluted share.

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

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

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

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

MARKET CAPITALIZATION & FINANCIAL RATIOS


	Six-Month
	Period Ended
	June 30,			Year Ended December 31,
	2009			2008			2007			2006			2005

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		57.27	%		58.81	%		56.92	%		54.36	%		52.67	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		60.73	%		62.20	%		61.01	%		57.20	%		55.44	%

INTEREST COVERAGE RATIO:
Interest Expense (1)	$	112,287		$	267,240		$	283,211		$	218,049		$	184,281
FFO Before Interest and Preferred Dividends (1)	$	295,927		$	650,112		$	776,958		$	648,416		$	594,551

		2.64			2.43			2.74			2.97			3.23

DEBT SERVICE COVERAGE RATIO:
Debt Service (1)	$	127,128		$	268,222		$	291,585		$	247,464		$	217,434
FFO Before Interest and Preferred Dividends (1)	$	295,927		$	650,112		$	776,958		$	648,416		$	594,551

		2.33			2.42			2.66			2.62			2.73

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO:
Fixed Charges (1)	$	148,263		$	310,491		$	337,114		$	302,632		$	272,603
FFO Before Interest and Preferred Dividends (1)	$	295,927		$	650,112		$	776,958		$	648,416		$	594,551

		2.00			2.09			2.30			2.14			2.18

DIVIDEND PAYOUT RATIO:
Common Share Dividends and Operating Partnership Interest	$	56,770	(2)	$	249,757		$	327,183		$	260,069		$	237,856
FFO less preferred dividends, exclusive of charge associated with preferred stock redemption	$	273,851		$	364,115		$	459,322		$	376,504		$	355,102

		0.21	(2)		0.69			0.71			0.69			0.67


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

(2)		Includes issuance of common shares with an aggregate value of $50.8 million. Cash payout ratio is actually 0.02.

Market Capitalization and Financial Ratios 2.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009


	Six-Month
	Period Ended
	June 30,			Year Ended December 31,
	2009			2008			2007			2006			2005

UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	8,880,392		$	9,109,565		$	8,984,738		$	7,450,693		$	7,029,337
Undepreciated Real Estate Intangible Assets	$	60,446		$	64,711		$	72,443		$	27,408		$	26,345
Cash and Cash Equivalents	$	141,547		$	141,286		$	108,505		$	28,378		$	30,655
Notes Receivable	$	74,691		$	75,781		$	18,557		$	18,161		$	24,996
Investments in and Advances to Joint Ventures	$	560,112		$	583,767		$	638,111		$	291,685		$	275,136

	$	9,717,189		$	9,975,110		$	9,822,354		$	7,816,325		$	7,386,469


DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	8,880,392		$	9,109,565		$	8,984,738		$	7,450,693		$	7,029,337
Undepreciated Real Estate Intangible Assets	$	60,446		$	64,711		$	72,443		$	27,408		$	26,345
Cash and Cash Equivalents	$	141,547		$	141,286		$	108,505		$	28,378		$	30,655
Notes Receivable or Proportionate Share Thereof	$	133,728		$	141,311		$	19,487		$	35,443		$	116,212
Proportionate Share of JV Undepreciated Real Estate Assets	$	1,938,456		$	1,930,001		$	1,673,987		$	804,738		$	736,109

	$	11,154,570		$	11,386,875		$	10,859,160		$	8,346,659		$	7,938,658


FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO		($26,490	)	$	169,682		$	453,917		$	376,504		$	355,102
Impairments and Other Non-Cash Adjustments	$	300,341	(1)	$	194,433	(3)	$	0		$	0		$	0
Interest Expense	$	122,287		$	259,617		$	279,630		$	224,172		$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures		($2,866	)		($5,434	)		($7,524	)		($7,429	)		($1,915	)
Adjustment for Impact of Gains on Early Extinguishment of Debt		($118,479	)		($10,455	)	$	0		$	0		$	0
Preferred Dividends, Including Preferred Operating Partnership Interests & Non-Cash D-42 Dividend	$	21,134		$	42,269		$	50,934		$	55,169		$	55,169

	$	295,927		$	650,112		$	776,958		$	648,416		$	594,551


DEBT SERVICE
Interest Expense	$	122,287		$	259,617		$	279,630		$	224,172		$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures		($2,866	)		($5,434	)		($7,524	)		($7,429	)		($1,915	)
Adjustment to Interest Expense due to Adoption of Accounting Standard for Convertible Debt		($7,133	)(2)		($13,057	)(2)		($11,104	)(2)		($1,305	)(2)	$	0
Recurring Principal Amortization	$	14,841		$	27,096		$	30,583		$	32,026		$	33,154

	$	127,128		$	268,222		$	291,585		$	247,464		$	217,434


FIXED CHARGES
Debt Service	$	127,128		$	268,222		$	291,585		$	247,464		$	217,434
Preferred Dividends, Including Preferred Operating Partnership Interests and excluding Non-Cash	$	21,134		$	42,269		$	45,529		$	55,169		$	55,169

D-42 Dividend	$	148,263		$	310,491		$	337,114		$	302,632		$	272,603


(1)		Adjusted to eliminate non-cash charges related to impairment of consolidated investments net of non-controlling interests ($111.9 million), potential change in control charge ($10.5 million), loss on equity derivative instruments ($80.0 million), loan loss reserve ($5.4 million), impairment of joint venture investments ($46.9 million), DDR’s proportionate share of loss relating to the impairment of joint venture assets and loss on joint venture asset sales ($9.4 million) and loss on sale of consolidated assets ($36.2 million).

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

(3)		Adjusted to eliminate non-cash charges related to impairment of consolidated investments net of non-controlling interests ($57.6 million), loan loss reserve ($5.4 million), impairments of joint venture investments ($106.9 million), termination of a supplemental equity award plan ($15.8 million) and loss on sale of assets ($8.7 million).

Market Capitalization and Financial Ratios 2.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Total Market Capitalization as of June 30, 2009 (In Millions) ^{(1) (2) (3)}

Total Market Capitalization as of June 30, 2009 (In Millions) ^{(1) (2) (3)}


			Percentage of
	Amount		Total

Common Shares Equity	$	751.9		11	%
Perpetual Preferred Stock	$	555.0		8	%
Senior Convertible Notes	$	536.0		8	%
Fixed-Rate Unsecured Debt	$	1,285.2		19	%
Mortgage Debt	$	1,606.7		23	%
Variable-Rate Revolving Credit and Term Debt	$	1,369.5		20	%
Fixed-Rate Revolving Credit and Term Debt	$	600.0		9	%
Construction Financing	$	167.3		3	%


Total	$	6,871.6		100	%

Notes:

1.		Market value ($4.88 per share as of June 30, 2009) includes operating partnership units equivalent to approximately 0.4 million of the Company’s common shares.

2.		Does not include proportionate share of unconsolidated joint venture debt aggregating $1,209.9 million.

3.		Consolidated debt includes 100% of consolidated joint venture debt, comprised primarily of debt associated with a joint venture with Macquarie DDR Trust, of which the joint venture partners’ share is $140.6 million.

Market Capitalization Summary 2.3

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Significant Accounting Policies

Revenues

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

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

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

General and Administrative Expenses

•

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

Deferred Financing Costs

•

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

Real Estate

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

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


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

Significant Accounting Policies 2.4.a

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Significant Accounting Policies (Continued)

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

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

Capitalization

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

•		For the six-month period ended June 30, 2009 and for the years ended December 31, 2008, 2007, 2006 and 2005, the Company capitalized interest of $11.6 million $41.1 million, $28.8 million, $20.1 million and $12.5 million, respectively, as adjusted for the retroactive adoption of FSP APB 14-1.

•		In addition, the Company capitalized certain construction administration costs of $5.9 million for the six-month period ended June 30, 2009 and $13.9 million, $10.9 million, $10.1 million and $6.2 million for the years ended December 31, 2008, 2007, 2006, and 2005, respectively.

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

Gain on Sales of Real Estate

•

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

Significant Accounting Policies 2.4.b

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Other Real Estate Information

Total Recurring Capital Expenditures

•

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

Undeveloped Land

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

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

Non-Income Producing Assets

•

The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and equipment to be approximately $150 million at June 30, 2009.

Other Real Estate Information 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

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

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

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


	Six-Months Ended
	June 30,
	2009			2008

Total Revenues DDR	$	418,543		$	452,648
Total Revenues — Combined Joint Ventures		445,205			468,476
Operating and Maintenance — DDR		(70,805	)		(68,289	)
Real Estate Taxes — DDR		(56,112	)		(53,205	)
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures		(188,274	)		(158,627	)


Combined NOI	$	548,557		$	641,003


Total Same Store NOI	$	502,910		$	521,776		(3.6	%)
Property NOI from other operating segments		45,647			119,227


Combined NOI	$	548,557		$	641,003

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6.a

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008

FUNDS FROM OPERATIONS:
Net (Loss) Income Applicable to Common Shareholders	$	(237,152	)	$	26,096		$	(160,318	)	$	55,689
Depreciation and Amortization of Real Estate Investments		57,565			57,279			118,601			111,641
Equity in Net Loss (Income) From Joint Ventures		9,153			(12,555	)		8,374			(19,943	)
Joint Venture Funds From Operations		3,809			25,908			18,968			45,088
Non-Controlling Interests (OP Units)		80			290			159			884
Loss (Gain) on Sales of Real Estate		60			(1,133	)		(12,274	)		(1,151	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	(166,485	)	$	95,885		$	(26,490	)	$	192,208


Preferred Dividend Charges		10,567			10,567			21,134			21,134

FUNDS FROM OPERATIONS	$	(155,918	)	$	106,452		$	(5,356	)	$	213,342


ADDITIONAL SFAS 141 DISCLOSURES:
Below Market Rent Amortization	$	168		$	242		$	355		$	479
Pro Rata Share of JV Below Market Rent Amortization		40			45			76			77

Debt Premium Amortization Income	$	858		$	1,240		$	1,819		$	2,777
Pro Rata Share of JV Debt Premium Amortization Income (Expense)		(13	)		(7	)		(35	)		(14	)

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6b

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

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

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2009			2008		2009			2008		Income Statement Caption

Transactional Income Included in FFO
Consolidated
Merchant Building Gains, Net of Tax	$	671		$	242	$	750		$	292	Gain on Disposition of Real Estate
Loss on Sales from Discontinued Operations		(35,963	)		—		(36,310	)		—	(Loss) Gain on Disposition of Discontinued Operations
Land Sale (Loss) Gain		(23	)		611		(34	)		2,718	(Loss) Gain on Disposition of Real Estate

	$	(35,315	)	$	853	$	(35,594	)	$	3,010


Transactional Income NOT Included in FFO
Consolidated
Gain on Dispositions	$	—		$	55	$	380		$	265	Gain on Disposition of Real Estate
Gain (Loss) on Sales from Discontinued Operations		(60	)		1,078		11,894			886	Gain (Loss) on Disposition of Discontinued Operations

	$	(60	)	$	1,133	$	12,274		$	1,151	FFO Reconciliation


Gain on Sales of Real Estate
Merchant Building Gains, Net of Tax	$	671		$	242	$	750		$	292
Land Sale (Loss) Gain		(23	)		611		(34	)		2,718
Gain on Dispositions		—			55		380			265

	$	648		$	908	$	1,096		$	3,275	Consolidated Income Statement


(Loss) Gain on Sales of Real Estate From Discontinued Operations
(Loss) Gain on Sales from Discontinued Operations	$	(36,023	)	$	1,078	$	(24,416	)	$	886	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6c

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

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

Table 4 — Developers Diversified Realty Corporation

Summary of Joint Venture Transactional Income


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008			Income Statement Caption

Transactional Income Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	(6,048	)	$	—		$	(6,077	)	$	—		Gain on Disposition of Real Estate, Net of Tax
Land Sale Gains and Loss on Disposition of Real Estate		—			—			(26,741	)		—		Gain and Loss on Disposition of Real Estate, Net of Tax

	$	(6,048	)	$	—		$	(32,818	)	$	—

DDR’s Proportionate Share	$	(1,354	)	$	—		$	(6,705	)	$	—


Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—		$	—		$	—		$	—		Gain on Disposition of Real Estate
Loss on Sales		—			(11	)		—			(13	)	Loss on Disposition of Real Estate

	$	—		$	(11	)	$	—		$	(13	)	FFO Reconciliation

DDR’s Proportionate Share	$	—		$	—		$	—		$	—


Gain on Sales of Real Estate, Net of Tax
Land Sale Gains and Loss on Disposition of Real Estate	$	—		$	—		$	(26,741	)	$	—
Loss on Sales		—			(11	)		—			(13	)

	$	—		$	(11	)	$	(26,741	)	$	(13	)	Loss on Disposition of Real Estate


Gain on Sales of Real Estate From Discontinued Operations
Loss on Sales from Discontinued Operations included in FFO	$	(6,048	)	$	—		$	(6,077	)	$	—
Gain on Sales from Discontinued Operations NOT included in FFO		—			—			—			—

	$	(5,386	)	$	—		$	(5,415	)	$	—		Gain on Disposition of Discontinued Operations

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6d

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Activity
Non-Cash Expense — Equity Derivative Instruments
(In millions except share and per share amounts)
(Unaudited)

Description

The following instruments were issued on April 9, 2009 upon approval by the Company’s shareholders of the Stock Purchase Agreement dated February 23, 2009 between Mr. Alexander Otto and the Company. These equity instruments are required to be marked-to-market through earnings pursuant to the provisions of Emerging Issues Task Force (EITF) No. 07-5, “Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock.”


	Shares		Contract Price		Term
Forward — Tranche I		15,000,000	$	3.50		(a	)
Forward — Tranche II		15,000,000	$	4.00	Oct-09
Warrants — Tranche I		5,000,000	$	6.00	May-14
Warrants — Tranche II		5,000,000	$	6.00	Oct-14


Note: The number of shares and/or contract prices are subject to certain adjustments as a result of stock dividends and/or future issuances (if any) of our common stock at amounts below a defined price as described in the Stock Purchase Agreement.

(a)		Settled on May 11, 2009.

Instrument Valuation


										Change
	Market Value As of - Asset/ (Liability)									Expense/
	April 9, 2009			May 11, 2009			June 30, 2009			(Income)
Forward — Tranche I		2.4	(b)		(35.6	) (c)		n/a			38.0
Forward — Tranche II		10.0	(b)		n/a			(21.7	)		31.7
Warrants — Tranche I		(4.5	)		n/a			(9.6	)		5.1
Warrants — Tranche II		(4.7	)		n/a			(9.9	)		5.2

		3.2			(35.6	)		(41.2	) (d)		80.0

Non-Cash Expense


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2009		2008		2009		2008
Forward — Tranche I	$	38.0	$	—	$	38.0	$	—
Forward — Tranche II		31.7		—		31.7		—
Warrants — Tranche I		5.1		—		5.1		—
Warrants — Tranche II		5.2		—		5.2		—


TOTAL	$	80.0	$	—	$	80.0	$	—


(b)		Initial valuation due to the closing trading value of the Company’s stock of $3.12 on April 9, 2009 which was less than the respective instrument contract price (including the impact of the first quarter declared stock dividends).

(c)		Upon settlement of the Forward-Tranche I (“Tranche I”) on May 11, 2009 (the “Settlement Date”), the Company received cash proceeds of $52.5 and issued approximately 16.1 million of its common shares. Based upon the change in market value of Tranche I from the original issuance date of April 9th as compared to the Settlement Date, the Company recognized an expense of approximately $38.0. The change in market value of Tranche I was derived predominantly from an increase in the closing trading price of our common stock of approximately $2.36 per share during this period.

(d)		Represents a non-cash obligation classified in other liabilities in the condensed consolidated balance sheet that will be reclassified into equity upon ultimate exercise or expiration.

Non-Cash Expense — Equity Derivative Instruments 2.7

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Joint Venture Investment Summary
(in millions)
as of June 30, 2009


														Promoted
			DDR			Consolidated	Number of			Gross Book				Interest
	Legal Name	Partner(s)	Ownership %			(Yes/No)	Properties			Value		Debt		(Yes/No)
1	DDRTC Core Retail Fund, LLC	TREA Retail Property Portfolio 2006, LLC (TIAA) (85%)		15.0	%	No		66		$	2,958.5	$	1,769.6	Yes
2	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,459.1	$	967.4	Yes
3	Investments with Macquarie (DDR Macquarie Fund LLC, Management LLC, U.S. Trust Inc. and MDT PS LLC )	Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT) (B)	Various			No		47		$	1,821.5	$	1,216.0	Yes
4	DDR MDT MV LLC (Mervyns) (C)	Macquarie DDR Trust (MDT) (50%)		50.0	%	Yes		32		$	380.4	$	258.5	Yes
5	Coventry II DDR Bloomfield LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	211.8	$	48.0	Yes
6	Coventry II DDR Buena Park LLC	Coventry II Fund (80%)		20.0	%	No		1		$	105.6	$	61.0	Yes
7	Coventry II DDR Fairplain LLC	Coventry II Fund (80%)		20.0	%	No		1		$	32.4	$	16.0	Yes
8	Coventry II DDR Marley Creek LLC	Coventry II Fund (80%)		20.0	%	No		1		$	13.3	$	10.8	Yes
9	Coventry II DDR Merriam Village LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	45.5	$	17.0	Yes
10	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1		$	171.5	$	128.1	Yes
11	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	89.8	$	46.0	Yes
12	Coventry II DDR SM LLC	Coventry II Fund (80%)		20.0	%	No		43		$	136.2	$	107.8	Yes
13	Coventry II DDR Totem Lake LLC	Coventry II Fund (80%)		20.0	%	No		1		$	42.1	$	29.5	Yes
14	Coventry II DDR Tri County LLC	Coventry II Fund (80%)		20.0	%	No		1		$	231.0	$	165.2	Yes
15	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.7	$	20.9	Yes
16	RVIP IIIB LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	91.5	$	60.0	Yes
17	RVIP VII LLC	Prudential Real Estate Advisors (79%)		21.0	%	No		2		$	125.7	$	72.1	Yes
18	RVIP VIII LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	33.7	$	23.4	Yes
19	DPG Realty Holdings LLC	Prudential Insurance Co. of America (90%)		10.0	%	No		11		$	121.4	$	9.3	No
20	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	160.3	$	110.0	Yes
21	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		10		$	446.7	$	102.9	No
22	DDR-SAU Retail Fund, LLC	Special Account — U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	309.5	$	226.2	No
23	Cole MT Independence Missouri JV LLC	Cole Realty Advisors, Inc. (85.5%)		14.5	%	No		1		$	61.4	$	34.1	No
24	DDRA Comm. Ctrs Five, L.P.	DRA Advisors (50%)		50.0	%	No		5		$	240.0	$	280.0	No
25	DDR Markaz II LLC (Kuwait Financial Centre II)	Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%)		20.0	%	No		13		$	205.7	$	150.5	Yes
26	Lennox Town Center LTD.	Casto Properties (50%)		50.0	%	No		1		$	21.0	$	27.0	No
27	Sun Center Limited	Casto Properties (20.55%)		79.45	%	No		1		$	25.6	$	18.4	No
28	Dublin Village	Casto Properties (36.6%)		63.4	%	No		—		$	0.1	$	0.0	No
29	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.6	$	21.0	No
30	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	7.0	$	3.6	No
31	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.0	$	0.0	No
32	Shea & Tatum Assoc. LP (Paradise Village) (C)	Churchill Family Trust (33%)		67.0	%	Yes		1		$	29.6	$	30.0	No
33	Other Joint Ventures		Various			Yes/No		23		$	426.6	$	75.6	Yes

	TOTALS							365		$	10,060.6	$	6,105.9


(A)		Property is under development

(B)		The Company owns an effective ownership of 22.5% in DDR Macquarie Fund LLC, 9.4% in Macquarie DDR Trust and 9.4% in MDT PS LLC.

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

Joint Venture Investment Summary 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2009


	DDRTC Core			DDR Domestic			Investments			Coventry II			Coventry II			Coventry II			Coventry II			Coventry II
	Retail			Retail			with			DDR			DDR Buena			DDR Fairplain			DDR Marley			DDR Merriam
	Fund LLC			Fund I			Macquarie			Bloomfield LLC			Park LLC			Plaza LLC			Creek LLC			Village LLC
Real estate assets	$	2,958.5		$	1,459.1		$	1,821.5		$	211.8		$	105.6		$	32.4		$	13.3		$	45.5
Accumulated depreciation		(164.6	)		(72.6	)		(173.8	)		0.0			(8.8	)		(1.6	)		(0.7	)		0.0

Real estate, net		2,793.9			1,386.5			1,647.7			211.8			96.8			30.8			12.6			45.5

Receivables, net		28.2			21.7			27.3			0.1			3.0			0.4			0.1			0.0
Other assets		106.0			61.8			63.8			0.1			1.2			0.8			0.2			(0.3	)
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	2,928.1		$	1,470.0		$	1,738.8		$	212.0		$	101.0		$	32.0		$	12.9		$	45.2


Mortgage debt	$	1,769.6		$	967.4		$	1,216.0		$	48.0		$	61.0		$	16.0		$	10.8		$	17.0
Amounts payable to DDR		1.0			1.6			0.9			64.8			0.0			0.0			0.0			0.0
Other liabilities		39.0			18.3			69.9			17.2			1.6			0.2			0.1			2.4

		1,809.6			987.3			1,286.8			130.0			62.6			16.2			10.9			19.4
Accumulated equity (deficit)		1,118.5			482.7			452.0			82.0			38.4			15.8			2.0			25.8
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	2,928.1		$	1,470.0		$	1,738.8		$	212.0		$	101.0		$	32.0		$	12.9		$	45.2


	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0
Proportionate share of other assets/liabilities, net	$	14.3		$	13.0		$	9.6			($1.7	)	$	0.5		$	0.2		$	0.0			($0.5	)

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	58.3		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations For the six months ended June 30, 2009

	DDRTC Core			DDR Domestic			Investments			Coventry II			Coventry II			Coventry II			Coventry II			Coventry II
	Retail			Retail			with			DDR			DDR Buena			DDR Fairplain			DDR Marley			DDR Merriam
	Fund LLC			Fund I			Macquarie			Bloomfield LLC			Park LLC			Plaza LLC			Creek LLC			Village LLC
Revenues from operations	$	118.2		$	65.6		$	96.4			($0.0	)	$	6.3		$	1.6		$	0.5		$	0.0
Rental operation expenses (4)		(40.0	)		(26.7	)		(56.6	)		(0.3	)		(3.1	)		(0.6	)		(0.3	)		(0.1	)

Net operating income		78.2			38.9			39.8			(0.3	)		3.2			1.0			0.2			(0.1	)
Depreciation and amortization expense		(42.0	)		(24.2	)		(20.6	)		0.0			(1.0	)		(0.3	)		(0.1	)		0.0
Interest expense		(44.7	)		(27.7	)		(30.1	)		(5.3	)		(0.5	)		(0.3	)		(0.1	)		(0.3	)

Income (loss) before gain on sale of real estate		(8.5	)		(13.0	)		(10.9	)		(5.6	)		1.7			0.4			(0.0	)		(0.4	)
Tax expense		0.0			0.0			(0.7	)		0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			9.4			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations (4)		0.0			0.0			(12.6	)		0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		—			0.0			(3.6	)		0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

Net income (loss)		($8.5	)		($13.0	)		($18.4	)		($5.6	)	$	1.7		$	0.4			($0.0	)		($0.4	)
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%

		($1.3	)		($2.6	)		($7.6	)		($1.1	)	$	0.3		$	0.1			($0.0	)		($0.1	)
Amortization of basis differential		0.4			0.4			3.2			—			—			—			—			—

		($0.9	)		($2.2	)		($4.4	)		($1.1	)	$	0.3		$	0.1			($0.0	)		($0.1	)


Proportionate share of net operating income (5)	$	11.7		$	7.8		$	9.7			($0.1	)	$	0.6		$	0.2		$	0.0			($0.0	)

Proportionate share of interest expense (5)	$	6.7		$	5.5		$	7.1		$	1.1		$	0.1		$	0.1		$	0.0		$	0.1


Funds From Operations (“FFO”):

Net income (loss)		($8.5	)		($13.0	)		($18.4	)		($5.6	)	$	1.7		$	0.4			($0.0	)		($0.4	)
Depreciation of real property		42.0			24.1			21.7			0.0			1.0			0.3			0.1			0.0
(Gain) loss on sale of real estate		0.0			0.0			—			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

	$	33.5		$	11.1		$	3.3			($5.6	)	$	2.7		$	0.7		$	0.1			($0.4	)
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%

DDR FFO	$	4.7		$	2.2		$	0.1			($1.1	)	$	0.5		$	0.1		$	0.0			($0.1	)

Joint Venture Financial Summary 3.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2009


	Coventry II			Coventry II DDR			Coventry II			Coventry II			Coventry II
	DDR Montgomery			Phoenix			Service			DDR Totem			DDR Tri-County			Coventry II DDR			RVIP IIIB LP			RVIP VII
	Farm LLC			Spectrum LLC			Holdings LLC			Lake LLC			Mall LLC			Westover LLC			Deer Park, IL			LLC
Real estate assets	$	171.5		$	89.8		$	136.2		$	42.1		$	231.0		$	29.6		$	91.5		$	125.7
Accumulated depreciation		(2.1	)		(7.2	)		($7.2	)		(3.5	)		(15.2	)		(1.9	)		(18.6	)		(22.8	)

Real estate, net		169.4			82.6			129.0			38.6			215.8			27.7			72.9			102.9

Receivables, net		2.3			2.9			8.9			0.2			1.8			0.9			2.9			2.4
Other assets		1.8			1.7			18.6			0.4			7.2			0.4			1.3			6.7
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	173.4		$	87.2		$	156.5		$	39.2		$	224.8		$	29.0		$	77.1		$	112.0


Mortgage debt	$	128.1		$	46.0		$	107.8		$	29.5		$	165.2		$	20.9		$	60.0		$	72.1
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		2.9			2.5			10.0			0.7			5.2			0.6			3.1			15.3

		131.0			48.5			117.8			30.2			170.4			21.5			63.1			87.4
Accumulated equity (deficit)		42.4			38.7			38.7			9.0			54.4			7.5			14.0			24.6
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	173.4		$	87.2		$	156.5		$	39.2		$	224.8		$	29.0		$	77.1		$	112.0


				$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0
Proportionate share of other assets/liabilities, net	$	0.1		$	0.4		$	3.5		$	0.0		$	0.8		$	0.1		$	0.3			($1.3	)

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

Combining Statements of Operations For the six months ended June 30, 2009

	Coventry II			Coventry II DDR			Coventry II			Coventry II			Coventry II
	DDR Montgomery			Phoenix			Service			DDR Totem			DDR Tri-County			Coventry II DDR			RVIP IIIB LP			RVIP VII
	Farm LLC			Spectrum LLC			Holdings LLC			Lake LLC			Mall LLC			Westover LLC			Deer Park, IL			LLC
Revenues from operations	$	4.6		$	5.6		$	12.0		$	1.3		$	8.6		$	1.9		$	7.4		$	6.4
Rental operation expenses (4)		(3.0	)		(2.6	)		(5.9	)		(0.8	)		(4.1	)		(1.1	)		(2.6	)		(2.4	)

Net operating income		1.6			3.0			6.1			0.5			4.5			0.8			4.8			4.0
Depreciation and amortization expense		(1.2	)		(1.2	)		(1.9	)		(0.3	)		(2.9	)		(0.3	)		(1.6	)		(1.5	)
Interest expense		(2.0	)		(0.3	)		(4.9	)		(0.5	)		(5.0	)		(0.1	)		(1.7	)		(1.7	)

Income (loss) before gain on sale of real estate		(1.6	)		1.6			(0.7	)		(0.4	)		(3.4	)		0.4			1.5			0.8
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations (4)		0.0			0.0			0.2			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			(2.4	)		0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

Net income (loss)		($1.6	)	$	1.6			($2.9	)		($0.4	)		($3.4	)	$	0.4		$	1.5		$	0.8
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		*	**		21	%

		($0.3	)	$	0.3			($0.6	)		($0.1	)		($0.7	)	$	0.1		$	0.7		$	0.6
Amortization of basis differential		(0.1	)		(0.1	)		0.1			—			—			—			—			(0.2	)

		($0.4	)	$	0.2			($0.5	)		($0.1	)		($0.7	)	$	0.1		$	0.7		$	0.4


Proportionate share of net operating income (5)	$	0.3		$	0.6		$	1.2		$	0.1		$	0.9		$	0.2		$	1.2		$	0.8

Proportionate share of interest expense (5)	$	0.4		$	0.1		$	1.0		$	0.1		$	1.0		$	0.0		$	0.4		$	0.4


Funds From Operations (“FFO”):

Net income (loss)		($1.6	)	$	1.6			($2.9	)		($0.4	)		($3.4	)	$	0.4		$	1.5		$	0.8
Depreciation of real property		1.2			1.2			2.1			0.3			2.9			0.2			1.6			1.5
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

		($0.4	)	$	2.8			($0.8	)		($0.1	)		($0.5	)	$	0.6		$	3.1		$	2.3
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		*	**		21	%

DDR FFO		($0.1	)	$	0.5			($0.1	)		($0.0	)		($0.1	)	$	0.1		$	1.5		$	1.0

Joint Venture Financial Summary 3.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2009


										Sonae Sierra															Lennox Town
	RVIP VIII			DPG Realty			TRT DDR			Brazil			DDR-SAU Retail						DDRA Community			DDR Markaz			Center
	Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			II LLC			Limited (2)
Real estate assets	$	33.7		$	121.4		$	160.3		$	446.7		$	309.5		$	61.4		$	239.9		$	205.6		$	21.0
Accumulated depreciation		(5.0	)		(13.1	)		(9.0	)		(41.9	)		(27.9	)		(0.8	)		(55.3	)		(24.2	)		(5.4	)

Real estate, net		28.7			108.3			151.3			404.8			281.6			60.6			184.6			181.4			15.6

Receivables, net		1.0			1.4			1.9			25.0			7.5			0.6			4.9			1.7			1.6
Other assets		0.8			2.0			3.5			36.7			34.9			1.7			5.2			6.0			0.6
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	30.5		$	111.7		$	156.7		$	466.5		$	324.0		$	62.9		$	194.7		$	189.1		$	17.8


Mortgage debt	$	23.4		$	9.3		$	110.0		$	102.9		$	226.2		$	34.1		$	280.0		$	150.5		$	27.0
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.3			0.0			0.0			0.3			0.0
Other liabilities		1.0			1.7			0.5			44.9			5.7			0.7			3.3			0.5			0.8

		24.4			11.0			110.5			147.8			232.2			34.8			283.3			151.3			27.8
Accumulated equity (deficit)		6.1			100.7			46.2			318.7			91.8			28.1			(88.6	)		37.8			(10.0	)
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	30.5		$	111.7		$	156.7		$	466.5		$	324.0		$	62.9		$	194.7		$	189.1		$	17.8


	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0
Proportionate share of other assets/liabilities, net	$	0.2		$	0.2		$	0.5		$	8.3		$	7.4		$	0.2		$	3.4		$	1.4		$	0.7

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

Combining Statements of Operations For the six months ended June 30, 2009

										Sonae Sierra															Lennox Town
	RVIP VIII			DPG Realty			TRT DDR			Brazil			DDR-SAU Retail						DDRA Community			DDR Markaz			Center
	Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			II LLC			Limited (2)
Revenues from operations	$	2.4		$	5.8		$	7.3		$	33.1		$	16.8		$	3.5		$	17.3		$	10.4		$	2.6
Rental operation expenses (4)		(1.3	)		(1.7	)		(2.8	)		(10.7	)		(6.3	)		(1.0	)		(5.5	)		(3.9	)		(0.9	)

Net operating income		1.1			4.1			4.5			22.4			10.5			2.5			11.8			6.5			1.7
Depreciation and amortization expense		(0.5	)		(1.4	)		(2.3	)		(6.0	)		(7.8	)		(0.7	)		(3.0	)		(2.7	)		(0.2	)
Interest expense		(0.2	)		(0.2	)		(3.0	)		(2.4	)		(6.1	)		(1.1	)		(7.8	)		(4.1	)		(0.8	)

Income (loss) before gain on sale of real estate		0.4			2.5			(0.8	)		14.0			(3.4	)		0.7			1.0			(0.3	)		0.7
Tax expense		0.0			0.0			0.0			(3.9	)		0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations (4)		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			(0.0	)		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—

Net income (loss)	$	0.4		$	2.5			($0.8	)	$	10.1			($3.4	)	$	0.7		$	1.0			($0.3	)	$	0.7
DDR ownership interest		25.75	%		10	%		10	%		50	%		20	%		14.5	%		50	%		20	%		50	%

	$	0.4		$	0.3			($0.1	)	$	5.1			($0.7	)	$	0.1		$	0.5			($0.1	)	$	0.4
Amortization of basis differential		—			—			0.1			(1.3	)		—			—			0.2			0			—

	$	0.4		$	0.3		$	0.0		$	3.8			($0.7	)	$	0.1		$	0.7		$	0.0		$	0.4


Proportionate share of net operating income (5)	$	0.3		$	0.4		$	0.4		$	11.2		$	2.1		$	0.4		$	5.9		$	1.3		$	0.8

Proportionate share of interest expense (5)	$	0.1		$	0.0		$	0.3		$	1.2		$	1.2		$	0.2		$	3.9		$	0.8		$	0.4


Funds From Operations (“FFO”):

Net income (loss)	$	0.4		$	2.5			($0.8	)	$	10.1			($3.4	)	$	0.7		$	1.0			($0.3	)	$	0.7
Depreciation of real property		0.5			1.5			2.3			6.1			7.8			0.8			3.1			2.7			0.2
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—

	$	0.9		$	4.0		$	1.5		$	16.2		$	4.4		$	1.5		$	4.1		$	2.4		$	0.9
DDR ownership interest		26	%		10	%		10	%		50	%		20	%		14.52	%		50	%		20	%		50	%

DDR FFO	$	0.3		$	0.4		$	0.1		$	8.3		$	0.9		$	0.2		$	2.0		$	0.6		$	0.5

Joint Venture Financial Summary 3.2.c

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2009


	Sun Center									Jefferson			Sansone			Sold/Acquired						DDR’s
	Limited			Dublin			DOTRS			County			Group /			and						Proportionate
	(2)			Village (3)			LLC			Plaza LLC			DDRC LLC			Other JVs (6)			Total			Share
Real estate assets	$	25.6		$	0.1		$	26.6		$	7.0		$	0.0		$	50.8		$	9,274.8		$	1,938.5
Accumulated depreciation		(8.4	)		0.0			(6.1	)		(1.2	)		0.0			(7.7	)		(706.5	)		(176.2	)

Real estate, net		17.2			0.1			20.5			5.8			0.0			43.1			8,568.3			1,762.3

Receivables, net		0.7			0.0			0.9			0.0			0.0			0.6			150.8			39.3
Other assets		0.7			0.0			1.0			0.6			3.4			1.8			370.4			85.7
Disproportionate share of equity		—			—			—			—			—			—			—			13.3	(7)

	$	18.6		$	0.1		$	22.3		$	6.4		$	3.4		$	45.5		$	9,089.5		$	1,900.6


Mortgage debt	$	18.4		$	0.0		$	21.0		$	3.6		$	0.0		$	27.1		$	5,769.0		$	1,209.9
Amounts payable to DDR		0.0			0.1			0.0			4.2			0.0			0.0			73.2			9.4
Other liabilities		0.5			(0.1	)		0.7			0.2			0.8			2.4			252.6			60.7

		18.9			0.0			21.7			8.0			0.8			29.5			6,094.8			1,280.0
Accumulated equity (deficit)		(0.3	)		0.1			0.6			(1.6	)		2.6			16.0			2,994.7			607.3
Disproportionate share of equity		—			—			—			—			—			—			—			13.3	(7)

	$	18.6		$	0.1		$	22.3		$	6.4		$	3.4		$	45.5		$	9,089.5		$	1,900.6


Proportionate share of other assets/liabilities, net	$	0.6			($0.0	)	$	0.6		$	0.2		$	1.3		$	0.1		$	64.3

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	2.1		$	0.0		$	0.0		$	60.5

Combining Statements of Operations For the six months ended June 30, 2009

	Sun Center									Jefferson			Sansone			Sold/Acquired						DDR’s
	Limited			Dublin			DOTRS			County			Group /			and						Proportionate
	(2)			Village (3)			LLC			Plaza LLC			DDRC LLC			Other JVs (6)			Total			Share
Revenues from operations	$	2.3			($0.0	)	$	2.1		$	0.5		$	0.1		$	4.3		$	445.2		$	104.8
Rental operation expenses (4)		(0.7	)		(0.0	)		(0.7	)		(0.2	)		0.1			(2.2	)		(188.3	)		(43.9	)

Net operating income		1.6			0.0			1.4			0.3			0.2			2.1			256.9			60.9
Depreciation and amortization expense		(0.5	)		0.0			(0.3	)		(0.1	)		0.0			(1.0	)		(125.7	)		(27.0	)
Interest expense		(0.8	)		(0.0	)		(0.7	)		(0.3	)		(0.1	)		(1.2	)		(154.0	)		(33.4	)

Income (loss) before gain on sale of real estate		0.3			(0.0	)		0.4			(0.1	)		0.1			(0.1	)		(22.8	)		0.5
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			(4.5	)		(2.1	)
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			9.4			1.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			(26.7	)		(26.7	)		(5.3	)
Discontinued operations (4)		0.0			0.0			0.0			0.0			0.0			0.0			(12.3	)		(3.1	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(6.1	)		(1.4	)
Disproportionate share of income		—			—			—			—			—			—			—			(0.7	)(8)

Net income (loss)	$	0.3		$	0.0		$	0.4			($0.1	)	$	0.1			($26.8	)		($63.0	)		($11.1	)
DDR ownership interest		79	%		63	%		50	%		50	%		50	%		*	**		*	**		*	**

	$	0.2			($0.0	)	$	0.2			($0.1	)	$	0.3			($5.5	)		($11.1	)		($11.1	)
Amortization of basis differential		(0.1	)		—			—			—			(0.2	)		(0.3	)		1.8			1.8

	$	0.1		$	0.0		$	0.2			($0.1	)	$	0.1			($5.8	)		($9.3	)		($9.3	)


		—			—			—			—			—			—			—
Proportionate share of net operating income (5)	$	1.3			($0.0	)	$	0.7		$	0.1		$	0.0		$	0.4		$	60.9

Proportionate share of interest expense (5)	$	0.6		$	0.0		$	0.3		$	0.1		$	0.0		$	0.3		$	33.4


Funds From Operations (“FFO”):

Net income (loss)	$	0.3		$	0.0		$	0.4			($0.1	)	$	0.1			($26.8	)		($63.0	)		($11.1	)
Depreciation of real property		0.6			0.0			0.3			0.1			0.0			0.8			127.0			27.5
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			—			0.0
Disproportionate share of income		—			—			—			—			—			—			—			2.5	(9)

	$	0.9			($0.0	)	$	0.7		$	0.0		$	0.1			($26.0	)	$	64.0		$	18.9

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

DDR FFO	$	0.7			($0.0	)	$	0.4		$	0.0		$	0.3			($5.2	)	$	18.9

Joint Venture Financial Summary 3.2.d

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009


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

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

(3)		Represents undeveloped land.

(4)		The DDR Macquarie Fund reported impairment losses on three assets under contract to be sold. Of this amount, approximately $20.2 million was reported as a component of operating expenses and $13.7 million was reported as a component of discontinued operations relating to the one asset classified as held for sale pursuant to SFAS No. 144.

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

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

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

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

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

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

Joint Venture Financial Summary 3.2.e

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

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


	Six Months Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers	$	0.0		$	10.9		$	3,048.7	(3)
Completed Expansions Incremental Development Cost		0.0			27.8			32.7
Developments & Construction in Progress		90.4			421.4			429.6
Recurring Tenant Improvements & Third Party Leasing Commissions		6.9			11.6			12.5
Furniture, Fixtures & Equipment		1.5			6.3			13.0
Foreign Currency Adjustments		7.3			(41.3	)		0.0

		106.1			436.7			3,536.5
Less: Real Estate Sales & Joint Venture Transfers		(332.3	)(1)		(312.9	)(2)		(2,001.3	)(4)



Net (Deductions)/Additions		($226.2	)	$	123.8		$	1,535.2


(1)		In addition to the asset sales listed on Page 4.2, this balance includes gross impairment charges aggregating approximately $144.6 million relating to assets previously occupied by Mervyns and consolidated assets that are either under contract or being marketed for sale.

(2)		In addition to asset sales ($183.3 million), this balance includes the sale of seven outparcels and gross impairment charges aggregating approximately $79.9 million relating to assets previously occupied by Mervyns and other consolidated assets.

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

(4)		In addition to asset sales ($610 million), this balance includes the following sales to joint ventures: TRT DDR Venture I GP ($99 million), DDR Domestic Retail Fund I ($1,229 million), Macquarie DDR Trust ($50 million); and 11 outparcel sales.

Summary of Joint Venture Capital Transactions
(In Millions)


	Six Months Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers		($9.4	)(1)	$	111.4	(3)	$	4,987.4	(4)
Completed Expansions Incremental Development Cost		0.0			52.8			21.9
Developments & Construction in Progress		87.3			315.8			142.7
Recurring Tenant Improvements & Third Party Leasing Commissions		5.3			18.4			9.8
Foreign Currency Adjustments		62.7			(106.2	)		48.5

	$	145.9		$	392.2		$	5,210.3
Less: Real Estate Sales and Dispositions		($147.0	)(2)		($61.9	)(3)		($204.3	)(5)



Net (Deductions)/Additions		($1.1	)	$	330.3		$	5,006.0


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

(2)		In addition to the asset sales listed on Page 4.2, this balance includes the disposition of the Ward Parkway shopping center located in Kansas City, MO ($64.9 million) and impairment charges on assets that are under contract for sale of $33.9 million.

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

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

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

Summary of Wholly-Owned and Joint Venture Capital Transactions 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Operating Property Acquisitions

There were no significant third party acquisitions for the six month period ended June 30, 2009.

Operating Property Dispositions


									Gross
			DDR’s						Sales
Disposition			Effective						Price
Date	Location	Property Name	Ownership			JV Partner	Total GLA		(Millions)		Major Tenants
Consolidated
1/15/2009	Ormond Beach, FL	Ormond Towne Square		100	%	N/A		234,042	$	22.0	Beall’s, Ross Dress for Less, Publix Super Market
4/09/2009	Tyler, TX	CVS Pharmacy		100	%	N/A		9,504	$	1.5	CVS
4/21/2009	Orange Park, FL	The Village Shopping Center		100	%	N/A		72,511	$	5.9	Beall’s
5/22/2009	Brick, NJ	Brick Center Plaza		100	%	N/A		114,028	$	14.9	Best Buy, Bed Bath & Beyond
5/29/2009	Warner Robins, GA	Lowe’s Home Improvement		100	%	N/A		131,575	$	9.1	Lowe’s Home Improvement
5/29/2009	Baytown, TX	Lowe’s Home Improvement		100	%	N/A		125,357	$	8.9	Lowe’s Home Improvement
6/19/2009	Tonawanda, NY	Sheridan Delaware Plaza		100	%	N/A		188,200	$	9.0	Bon Ton Home Store, Tops Markets
6/19/2009	Amherst, NY	Sheridan Harlem Plaza		100	%	N/A		58,413	$	3.9
6/19/2009	Dewitt, NY	Dewitt Commons		100	%	N/A		306,177	$	27.1	Toys R Us, Old Navy, Marshalls, Bed Bath & Beyond
6/25/2009	Pensacola, FL	Palafox Square		100	%	N/A		17,150	$	2.1

Total Dispositions								1,256,957	$	104.4


Note: The Company also sold five former Mervyns locations in the first quarter of 2009.
Joint Venture Acquisitions
*There were no significant third party acquisitions for the six month period ended June 30, 2009.*
Joint Venture Dispositions

			DDR’s						Gross Sales
Disposition			Effective						Price
Date	Location	Property Name	Ownership			JV Partner	Total GLA		(Millions)		Major Tenants
2/19/2009	Lilburn, GA	Five Forks Crossing		10	%	Prudential Real Estate Investors		73,910	$	8.1	Kroger
5/20/2009	Batavia, NY	Tops Plaza		14.5	%	Macquarie DDR Trust		37,140	$	4.4	Tops Markets
5/22/2009	St. Petersburg, FL	Tyrone Square		20	%	Coventry II		80,703	$	10.5	Joann Fabrics, Homegoods
5/28/2009	Amherst, NY	7370 Transit Road		14.5	%	Macquarie DDR Trust		16,030	$	1.6
6/1/2009	Nashville, TN	The Marketplace		14.5	%	Macquarie DDR Trust		167,795	$	14.4	Lowe’s

Total Dispositions								375,578	$	39.0

Wholly-Owned and Joint Venture Acquisitions and Dispositions 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Wholly-Owned and Consolidated Development Projects


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

Projects in Process
Homestead, FL	Homestead Pavilion		394,916		272,610	$	79.7	$	82.8	$	41.2	2H08	Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples, Bed, Bath & Beyond
Boise (Nampa), ID	Nampa Gateway Center		921,162		431,689	$	126.7	$	89.2	$	10.0	2H07	JCPenney, Macy’s, The Sports Authority, Idaho Athletic Club
Boston (Norwood), MA	The Shoppes at Elmway Farms		72,243		56,343	$	26.7	$	18.8	$	0.0	1H10
Elmira (Horseheads), NY	Southern Tier Crossings		697,795		350,987	$	56.5	$	45.7	$	24.2	1H07	Kohl’s, Wal-Mart, Dick’s, Joann Fabrics, PetsMart, Ulta, Mens Warehouse
Raleigh (Apex), NC	Apex Promenade		78,830		72,830	$	16.9	$	11.7	$	6.7	1H09	HH Gregg
Austin (Kyle), TX (1)	Kyle Marketplace		805,618		443,092	$	77.3	$	51.8	$	0.0	2H09	Target, Kohl’s

			2,970,564		1,627,551	$	383.8	$	300.0	$	82.1


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

Land and Construction Related Projects Primarily on Hold (2)


	DDR’s
	Effective			Total
Location	Ownership			Acreage

Ukiah (Mendocino), CA		50	%		75.7
New Haven (Guilford), CT		100	%		26.0
Tampa (Brandon), FL		100	%		46.3
Tampa (Wesley Chapel), FL		100	%		10.0
Atlanta (Douglasville), GA		100	%		28.5
Atlanta (Union City), GA		100	%		85.0
Chicago (Grayslake), IL		50	%		106.0
Boston, MA (Seabrook, NH)		100	%		50.9
Gulfport, MS		100	%		86.2
Raleigh (Apex), NC		100	%		52.6
San Antonio (Schertz), TX		50	%		85.0
Isabela, Puerto Rico		80	%		11.1
Oconomowoc, WI		50	%		121.6
Toronto (Brampton), CAN		50	%		43.0
Toronto (East Gwillimbury — Bayview/Greenlane), CAN		50	%		39.0
Toronto (East Gwillimbury — Hwy 404/Greenlane East), CAN		50	%		44.0
Toronto (East Gwillimbury — Hwy 404/Greenlane West), CAN		50	%		29.0
Toronto (Richmond Hill), CAN		50	%		52.0
Togliatti, Russia		75	%		61.2
Yaroslavl, Russia		75	%		8.0
Other Misc. Land (14 sites)		100	%	Various

					1,061.1


(2)		The costs incurred for these land and construction related projects as of June 30, 2009 were $579.5 million, which includes our partners’ ownership interest of $141.1 million.

Wholly-Owned and Consolidated Developments 4.3 a

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Joint Venture Development Projects


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


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

Dallas (Allen), TX	Watters Creek		831,413		797,665		10.0	%	Coventry II/ Trademark Property Company	$	171.2	$	171.5	$	108.0	$	17.1	1H08	Market Street United, Borders, DSW ShoeWarehouse, The Cheesecake Factory

Manaus, Brazil (1)	Manauara		502,529		502,529		47.4	%	Sonae Sierra	$	156.5	$	143.1	$	92.8	$	74.2	1H09	C & A, Riachuelo, Marisa, Renner, Saraiva Megastore, Bemol, Dinamica, Hitech Import


			1,579,124		1,458,826					$	371.4	$	360.1	$	200.8	$	100.0


(1)		A portion of the increase in the estimated net cost is due to foreign currency translation rates.

Joint Venture Developments 4.3 b

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Development Assets Placed in Service
(In Millions)


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

As of June 30, 2009	$	82.1	$	200.8	$	54.6
Projected 2H 09	$	96.9	$	95.5	$	33.4
Projected Thereafter	$	204.8	$	75.1	$	12.0

	$	383.8	$	371.4	$	100.0

Development Funding Schedule
(In Millions)


				Unconsolidated Joint Venture Funding
				DDR		JV Partners’		Proceeds from
	Consolidated			Proportionate		Proportionate		Construction			Total
	Funding			Share		Share		Loans			JV Funding
Funded as of June 30, 2009	$	300.0		$	57.8	$	100.2	$	202.1		$	360.1
Projected Net Funding 2H 09	$	17.3	(1)	$	7.2	$	8.8	$	4.2		$	20.2
Projected Net Funding Thereafter	$	66.5		$	0.6	$	2.4	$	(11.9	)	$	(8.9	)

	$	383.8		$	65.6	$	111.4	$	194.4		$	371.4


(1)		In addition to this Projected Net Funding amount the Company may spend up to $36.9 million for additional development, including expansions and redevelopment projects, tenant coordination work and the corporate headquarters.

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

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

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

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

Projects in Progress

Miami (Plantation), FL

The Fountains

100

N/A

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

Chesterfield, MI

Chesterfield Corners

100

N/A

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

Fayetteville, NC

Cross Pointe Center

100

N/A

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

Total Net Cost (Millions)

109.4

(1)

(1) At June 30, 2009, approximately $82.4 million of costs had been incurred in relation to the projects in progress.

Summary of Significant Joint Venture Redevelopment or Expansion Projects

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

Projects in Progress

Buena Park, CA

Buena Park Mall & Entertainment

20.0

Coventry II

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

Los Angeles (Lancaster), CA

Valley Central
Discount

21.0

Prudential
Real Estate
Investors

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

Benton Harbor, MI

Fairplain Plaza

20.0

Coventry II

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

Total Net Cost (Millions)

154.3

(1) (2)

DDR’s Proportionate Share (Millions)

31.1


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

(2)		At June 30, 2009, approximately $118.9 million of costs had been incurred in relation to the projects in progress and DDR’s pro-rata share was $23.9 million.

Wholly-Owned and Joint Venture Expansions and Redevelopments 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Recently Developed Assets


					DDR’s Effective
	Location	Related Project	Owned GLA		Ownership

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

	Total			5,935,924

Summary of Recently Developed Assets 4.6

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Recently Expanded and Redeveloped Assets


					DDR’s Effective
	Location	Related Project	Owned GLA		Ownership

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

	Total			10,779,794

Summary of Recently Expanded and Redeveloped Assets 4.7

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Average Annualized Base Rental Rates PSF


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

Jun. 30, 2009		629	$	12.49	$	18.55
Dec. 31, 2008		649	$	12.43	$	18.43
Dec. 31, 2007		657	$	12.33	$	18.14
Dec. 31, 2006		409	$	11.74	$	17.46
Dec. 31, 2005		380	$	11.30	$	16.62
Dec. 31, 2004		373	$	11.13	$	16.14
Dec. 31, 2003		274	$	10.82	$	15.55
Dec. 31, 2002		189	$	10.58	$	15.18
Dec. 31, 2001		192	$	10.03	$	14.02
Dec. 31, 2000		190	$	9.66	$	13.66
Dec. 31, 1999		186	$	9.20	$	12.69
Dec. 31, 1998		159	$	8.99	$	12.39
Dec. 31, 1997		123	$	8.49	$	11.69
Dec. 31, 1996		112	$	7.85	$	10.87
Dec. 31, 1995		106	$	7.60	$	10.54
Dec. 31, 1994		84	$	5.89	$	9.02
Dec. 31, 1993		69	$	5.60	$	8.56
Dec. 31, 1992		53	$	5.37	$	8.37


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

Portfolio Summary 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Lease Expirations by Year as of June 30, 2009


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

2009		41	$	11.2	$	7.02		2.0	%		1,310	$	55.0	$	16.80		8.9	%
2010		115	$	34.2	$	8.01		6.1	%		1,638	$	85.3	$	17.27		13.8	%
2011		143	$	45.8	$	9.57		8.1	%		1,754	$	102.6	$	18.38		16.6	%
2012		163	$	58.5	$	8.69		10.4	%		1,584	$	97.9	$	18.90		15.8	%
2013		144	$	47.6	$	8.35		8.5	%		1,438	$	89.4	$	18.12		14.5	%
2014		168	$	62.6	$	9.42		11.1	%		875	$	54.9	$	17.77		8.9	%
2015		104	$	46.9	$	9.65		8.3	%		244	$	22.4	$	18.82		3.6	%
2016		91	$	41.9	$	9.53		7.4	%		194	$	20.6	$	20.72		3.3	%
2017		85	$	43.2	$	10.01		7.7	%		199	$	21.7	$	19.91		3.5	%
2018		61	$	28.0	$	9.28		5.0	%		233	$	27.4	$	17.70		4.4	%

2009 - 2018 Subtotal		1,115	$	419.9	$	8.95		74.6	%		9,469	$	577.2	$	18.44		93.3	%
Total Rent Roll		1,335	$	562.5	$	9.20		100.0	%		9,751	$	618.6	$	19.38		100.0	%

Portfolio Summary 5.3

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009

Largest Tenants by GLA and Base Rental Revenues ⁽¹⁾



				% of
		Owned		Total			Credit Ratings				Base Rental		% of Total			Credit Ratings
	Major Tenant (units)	GLA		GLA			(S&P/Moody’s)			Major Tenant (units)	Rev. ($M)		Base Rent			(S&P/Moody’s)


1.	Wal-Mart / Sam’s Club (44)		4.9		7.5	%	AA / Aa2		1.	Wal-Mart / Sam's Club (44)		$31.3		4.8	%	AA / Aa2

2.	Kmart / Sears (37)		2.0		3.1	%	BB- / Ba2		2.	T.J. Maxx / Marshalls (96)		$13.4		2.1	%		A / A3

3.	Lowe’s Home Improvement (18)		1.9		2.9	%		A+ / A2	3.	Petsmart (99)		$12.9		2.0	%	BB / NR

4.	T.J. Maxx / Marshall’s (96)		1.6		2.5	%		A / A3	4.	Lowe’s Home Improvement (18)		$11.8		1.8	%		A+ / A2

5.	Kohl’s (36)		1.4		2.2	%	BBB+ / Baa1		5.	Bed Bath and Beyond (58)		$11.1		1.7	%	BBB / NR

6.	Bed, Bath, & Beyond (58)		1.0		1.6	%	BBB / NR		6.	Kohl’s (36)		$10.0		1.5	%	BBB+ / Baa1

7.	PetSmart (99)		1.0		1.5	%	BB / NR		7.	Rite Aid (40)		$9.7		1.5	%	B- / Caa3

8.	Kroger (39)		1.0		1.5	%	BBB- / Baa2		8.	Michael's (74)		$9.6		1.5	%	B- / Caa2

9.	Target (9)		1.0		1.5	%		A+ / A2	9.	Dick’s Sporting Goods (35)		$8.6		1.3	%	NR / NR

10.	Home Depot (12)		0.9		1.4	%	BBB+ / Baa1		10.	Tops Markets (26)		$8.5		1.3	%	NR / Ba3

11.	J.C. Penney (22)		0.9		1.4	%	BB / Ba1		11.	Office Max (54)		$8.4		1.3	%		B / B1

12.	Michael’s (74)		0.8		1.2	%	B- / Caa2		12.	Barnes and Noble (38)		$8.3		1.3	%	NR / Ba2

13.	Dick’s Sporting Goods (35)		0.8		1.2	%	NR / NR		13.	GAP / Banana Republic / Old Navy (64)		$8.3		1.3	%	BB+ / Ba2

14.	Toys R Us (34)		0.7		1.1	%		B / B2	14.	Best Buy (29)		$7.9		1.2	%	BBB- / Baa2

15.	Office Max (54)		0.7		1.1	%		B / B1	15.	Kroger (39)		$7.8		1.2	%	BBB- / Baa2

16.	Tops Markets (26)		0.7		1.1	%	NR / Ba3		16.	Home Depot (12)		$7.2		1.1	%	BBB+ / Baa1

17.	Publix Supermarkets (55)		0.7		1.1	%	NR / NR		17.	Kmart / Sears (37)		$7.2		1.1	%	BB- / Ba2

18.	Ross Stores (54)		0.7		1.1	%	BBB / NR		18.	Staples (41)		$6.8		1.0	%	BBB / Baa2

19.	GAP / Banana Republic / Old Navy (64)		0.6		0.9	%	BB+ / Ba2		19.	Ross Stores (54)		$6.5		1.0	%	BBB / NR

20.	Burlington Coat Factory (11)		0.6		0.9	%	B- / Caa1		20.	Cinemark Theatre (14)		$6.1		0.9	%		B+ / B3


	Subtotal 1-20		23.9		36.9	%				Subtotal 1-20		$201.4		30.8	%

	Total Portfolio		64.8		100.0	%				Total Portfolio		$653.1		100.0	%


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

Portfolio Summary 5.5

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Consolidated Debt
as of June 30, 2009

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

SENIOR DEBT:

Unsecured Credit Facilities:

$1.25 Billion Revolving Credit Facility

1,169,503

06/10

Libor + 75

$75 Million Revolving Credit Facility

06/10

Libor + 75

Secured Credit Facility:

$800 Million Term Loan

800,000

02/11

Libor + 87.5

Total Term and Credit Facility Debt

1,969,503

PUBLIC DEBT:

Medium Term Notes

193,507

05/10

5.000

Medium Term Notes

260,710

08/10

4.625

Medium Term Notes

185,595

04/11

5.250

Convertible Notes

155,943

(2)

08/11

3.500

Convertible Notes

380,076

(3)

03/12

3.000

Medium Term Notes

345,795

10/12

5.375

Medium Term Notes

199,582

05/15

5.500

Medium Term Notes

100,000

07/18

7.500

Total Public Debt

1,821,209

MORTGAGE DEBT:

Shoppes at Wendover Village, Greensboro, NC

5,450

(4)

06/09

4.222

Town Center Plaza, Leawood, KS

45,702

07/09

7.310

Adams Farm, Greensboro, NC

6,700

08/09

4.652

DDR MDT MV, LLC

13,650

(5)

10/09

Libor + 72

Lee Vista, Orlando, FL

16,950

11/09

7.000

Kyle Crossing, Kyle, TX

13,486

(6)(8)

01/10

Libor + 300

Cibolo Creek Center, Schertz, TX

3,240

(6)

01/10

Libor + 225

Tech Center 29, Silver Springs, MD

6,068

02/10

7.330

Middletown Village, Middletown, RI

10,000

02/10

4.531

Plant City Crossing, Plant City, FL

5,900

05/10

4.700

Windsor Court SC, Windsor, CT

8,015

06/10

4.390

Edgewater Town Ctr, Edgewater, NJ

14,000

06/10

4.685

Mill Pond Village, Cary, NC

8,500

07/10

4.758

Valley Park Commons, Hagerstown, MD

6,770

07/10

4.440

East Hanover Plaza, East Hanover, NJ

9,280

07/10

4.685

Sony Theatre, East Hanover, NJ

6,445

07/10

4.685

Oakley Plaza, Asheville, NC

5,175

08/10

4.290

Deer Valley Town Center, Phoenix, AZ

16,607

09/10

8.010

Capital Crossing, Raleigh, NC

5,478

09/10

4.300

Downtown Short Pump, Richmond, VA

18,480

09/10

4.900

DDR MDT MV, LLC

116,271

(5)

10/10

5.211

Tequesta Shops Plaza, Tequesta, FL

5,200

10/10

5.300

Summary of Consolidated Debt 6.1.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Consolidated Debt
as of June 30, 2009 (con’t)

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

Shops on the Circle, Dothan, AL

11,322

11/10

7.920

Terrell Plaza, Terrell, TX

6,366

(6)(8)

11/10

Libor + 400

Big Flats Consumer Square I, Big Flats, NY

3,494

12/10

8.011

Plattsburgh Consumer Square, Plattsburgh, NY

3,411

12/10

8.000

Denbigh Village, Newport News, VA

11,457

12/10

4.940

Camfield Corners, Charlotte, NC

5,150

12/10

5.040

Homestead Pavilion, Homestead, FL

63,367

03/11

Libor + 120

Peach Street Square I, Erie, PA

24,197

04/11

6.884

Peach Street Square II, Erie, PA

2,792

04/11

6.884

Southland Crossings, Boardman, OH

25,128

04/11

6.884

Plaza at Sunset Hills, St. Louis, MO

32,574

04/11

6.884

The Promenade at Brentwood, St. Louis, MO

24,197

04/11

6.884

Centennial Promenade, Denver, CO

36,296

04/11

6.884

DDRC Headquarters, Beachwood, OH

27,106

04/11

Libor + 110

Hamilton Marketplace, Hamilton, NJ

40,000

(8)

05/11

Libor + 600

Southern Tier Crossing, Horseheads, NY

30,618

09/11

Libor + 150

Union Town Center, Indian Train, NC

6,580

10/11

7.000

Westgate Plaza, Gates, NY

23,596

10/11

7.240

Ashtabula Commons, Ashtabula, OH

6,487

12/11

7.000

Paradise Village Gateway, Phoenix, AZ

20,100

(7)

03/12

5.385

Gravois Village Plaza, St. Louis, MO

392

06/12

8.625

University Hills, Denver, CO

26,202

07/12

7.300

N. Charleston Center, N. Charleston, SC

9,907

07/12

7.370

Cortez Plaza, Bradenton, FL

11,946

07/12

7.150

Duvall Village, Bowie, MD

8,315

10/12

7.040

Walgreen’s, Rockford, IL

3,223

11/12

4.863

Walgreen’s, Dearborn Hts, MI

3,550

11/12

4.863

Walgreen’s, Livonia, MI

2,477

11/12

4.863

Mooresville Consumer Square, Mooresville, NC

22,697

12/12

6.930

Big Flats Consumer Square IV, Big Flats, NY

784

01/13

7.600

Big Flats Consumer Square II, Big Flats, NY

2,610

01/13

8.010

Delaware Consumer Square, Buffalo, NY

638

01/13

6.960

Walgreen’s, Oshkosh, WI

2,817

02/13

4.863

Walgreen’s, Westland, MI

2,625

03/13

4.863

Paseo Colorado, Pasadena, CA

79,100

04/13

5.000

Family Center at Meridian, Meridian, ID

7,440

04/13

5.000

Meridian Crossroads, Meridian, ID

29,760

04/13

5.000

University Center, Wilmington, NC

24,500

04/13

5.000

Aspen Grove, Littleton, CO

42,200

04/13

5.000

Plaza Escorial, Carolina, PR

57,500

04/13

5.000

Plaza Rio Hondo, Bayamon, PR

109,500

04/13

5.000

Victor Square, Victor, NY

6,241

04/13

5.800

Wrangleboro Consumer Sq. I & II, Mays Landing, NJ

42,207

05/13

6.990

Monmouth Consumer Sq., W. Long Branch, NJ

8,723

07/13

8.570

Summary of Consolidated Debt 6.1.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Consolidated Debt
as of June 30, 2009 (con’t)

Loan

Maturity

Interest

Balance(000’s)

Date

Rate(1)

Rotonda Plaza, Englewood, FL

1,221

07/13

5.800

Nassau Park/Presidential Commons

60,000

05/14

9.000

Reno Riverside, Reno, NV

3,233

(8)

02/15

Prime + 170

Wal-Mart Plaza, Olean, NY

3,453

07/15

8.995

Hamilton Commons, Mays Landing, NJ

10,626

09/15

4.700

Consumer Square West, Columbus, OH

12,267

11/15

10.188

Boulevard Consumer Sq. (Kmart), Amherst, NY

9,143

11/15

7.850

Tops Plaza, Lockport, NY

9,582

01/16

8.000

Merriam Town Center, Merriam, KS (TIF)

3,575

02/16

6.900

Freedom Plaza, Rome, NY

3,403

09/16

7.850

Transit Commons, Amherst, NY

4,010

12/16

7.680

Thruway Plaza (Wal-Mart), Cheektowaga, NY

3,889

10/17

6.780

Tops Plaza, Ithaca, NY

15,296

01/18

7.050

Boulevard Consumer Square, Amherst, NY

10,748

07/18

5.670

Mohawk Commons, Niskayuna, NY

20,023

12/18

5.750

Lowes, Henderson, TN

7,446

01/19

7.660

Plaza Isabela, Isabela, PR

23,500

06/19

7.590

Plaza Cayey, Cayey, PR

22,250

06/19

7.590

Plaza Wal-Mart, Guayama, PR

12,500

06/19

7.590

Plaza Fajardo, Fajardo, PR

26,750

06/19

7.590

Mariner Square, Spring Hill, FL

4,399

09/19

9.750

Northland Square, Cedar Rapids, IA

8,385

01/20

9.375

Connecticut Commons, Plainville, CT (TIF)

6,470

04/21

7.125

West Valley Marketplace, Allentown, PA

15,496

07/21

6.950

Liberty Fair Mall, Martinsville, VA

18,794

12/29

8.460

Gulfport Promenade, Gulfport, MS

60,000

12/37

SIFMA + 5

Total Mortgage Debt

1,633,416

Consolidated Debt

5,424,128

Add: Joint Venture Partner Share of Consolidated Debt

140,574

Total Consolidated Debt Including Joint Venture Share

5,564,702


			Wtd. Avg.	Wtd. Avg.
			Maturity	Interest Rate
Fixed Rate	$	3,899,738	2.95 years		5.4	%
Variable Rate	$	1,664,964	2.10 years		1.4	%

	$	5,564,702	2.70 years		4.2	%

Summary of Consolidated Debt 6.1.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Consolidated Debt
as of June 30, 2009 (con’t)


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

DERIVATIVE INSTRUMENTS


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



Notes:

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

1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost amortization of approximately $11.0 million net, is offset by approximately $3.6 million of annualized fair market value adjustments in 2009.

2.		The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.23 per share. The principal balance on these notes is to be settled in cash. Included in this amount is $6.8 million recorded at June 30, 2009 for the accretion of the convertible debt to comply with accounting standards.

3.		The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.56 per share. The principal balance on these notes is to be settled in cash. Included in this amount is $22.0 million recorded at June 30, 2009 for the accretion of the convertible debt to comply with accounting standards.

4.		The Company has entered into a 6-month forebearance agreement with the lender.

5.		The Company’s joint venture with MDT DDR MV, LLC is consolidated within DDR’s accounts. DDR effectively owns 54.7027% of the debt.

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

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

8.		The following loans have floor interest rates:


Loan		Floor
Kyle Crossing, Kyle, TX		1mo. LIBOR of 2.00%
Terrell Plaza, Terrell, TX		1mo. LIBOR of 1.00%
Hamilton Marketplace, Hamilton, NJ		1mo. LIBOR of 2.50%
Reno Riverside, Reno, NV		5.95%

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

Summary of Consolidated Debt 6.1.d

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Joint Venture Debt

as of June 30, 2009

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDRTC Core Retail Fund, LLC

DDRTC Holdings Pool 1, LLC (25 assets)

736,559

03/17

5.4475

DDRTC Holdings Pool 3, LLC (17 assets)

555,034

03/12

5.480

DDRTC Holdings Pool 5, LLC (12 assets)

197,300

02/10

Libor + 65

DDRTC Holdings Pool 6, LLC

Walks at Highwood Preserve I & II

3,700

05/10

4.372

Aiken Exchange

7,350

05/10

4.372

Oak Summit

8,200

06/10

4.272

Wytheville Commons

5,590

06/10

4.302

Warwick Center

16,939

06/10

4.130

Columbiana Station

25,900

06/10

4.040

Heritage Pavilion

21,500

07/10

4.460

Fayette Pavilion I & II

53,250

07/10

5.620

North Hill Commons

2,475

11/10

5.240

Cox Creek Shopping Center

14,099

03/12

7.090

Cypress Trace

16,000

04/12

5.000

Waterfront Marketplace

28,741

08/12

6.350

Waterfront Town Center

37,865

08/12

6.350

Creeks at Virginia Center

25,557

08/12

6.370

Willoughby Hills Shopping Center

13,532

07/18

6.980

DDR Domestic Retail Fund I

Paradise Promenade, Davie, FL

6,400

06/09

4.322

Village Ctr, Racine, WI

13,200

04/10

4.440

West Falls Plaza, West Patterson, NJ

11,075

06/10

4.685

Southampton Village, Tyrone, GA

6,700

05/11

4.663

Village Center Outlot, Racine, WI

2,070

07/11

5.170

Center Pointe Plaza, Easley, SC

4,250

08/11

5.320

Shoppes on the Ridge, Lake Wales, FL

9,628

12/11

4.740

Publix Brooker Creek, Palm Harbor, FL

5,000

12/11

4.610

Watercolor Crossing, Santa Rosa, FL

4,355

01/12

4.760

Heather Island Plaza, Ocala, FL

6,155

12/12

5.001

Hilliard Rome, Columbus, OH

10,933

01/13

5.870

Meadows Square, Boynton Beach, FL

2,641

07/13

6.720

DDR Domestic Retail Fund I (25 assets)

885,000

07/17

5.600

DDR Macquarie (1)(2)

$305 Million Revolving Credit Facility (10 assets)

267,900

04/10

Libor + 40

Secured Portfolio Financing (6 assets)

268,000

09/15

6.400

65,320

09/11

Libor + 240

Secured Portfolio Financing

152,705

08/09

4.180

BJ’s Clarence

4,236

03/22

7.070

Joann Transit

1,973

08/13

6.250

New Hartford Consumer Square

28,931

11/18

5.750

Birmingham, AL (Riverchase)

7,421

01/13

5.500

DDR Macquarie Longhorn Holdings (4 assets)

85,000

01/12

4.910

DDR Macquarie Longhorn Holdings II (7 assets)

157,250

04/10

4.822

3,570

04/10

Libor + 85

Summary of Joint Venture Debt 6.2.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Joint Venture Debt

as of June 30, 2009 (con’t)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDR Macquarie (1)(2)

DDR Macquarie Longhorn Holdings III (3 assets)

39,300

04/10

5.098

Macquarie DDR US Trust Credit Facility

48,365

03/10

Libor + 150

DDR MDT PS, LLC (7 assets)

86,000

07/13

6.004

Coventry II DDR Bloomfield

48,000

12/08

Libor + 250

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

Coventry II DDR Fairplain

16,000

09/09

Libor + 275

Coventry II DDR Marley Creek

10,750

07/10

Libor + 125

Coventry II DDR Merriam Village (4)

17,039

01/09

5.000

Coventry II DDR Montgomery Farm (4)

115,907

07/10

Libor + 300

12,220

07/10

Libor + 600

Coventry II DDR Phoenix Spectrum

46,000

01/10

Libor + 70

Coventry II DDR SM

75,133

01/10

Libor + 80

32,695

01/10

Libor + 223.65

Coventry II DDR Totem Lakes

29,500

09/09

Libor + 275

Coventry II DDR Tri County

153,574

02/15

5.655

11,664

02/15

10.304

Coventry II DDR Westover Marketplace

20,856

07/09

Libor + 125

RVIP III B

Deer Park, IL

60,000

10/11

5.590

RVIP VII (2 assets)

72,120

04/10

Libor + 400

RVIP VIII

23,356

01/10

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

4,769

05/17

7.630

Tonawanda, NY

4,522

06/21

7.660

TRT DDR Holdings I LLC (3 assets)

110,000

05/17

5.510

DDR SAU Retail Fund, LLC

Blockbuster

993

10/10

4.890

Cascade Crossing

4,954

10/10

4.890

Hickory Flat Village

8,689

10/10

4.890

Flat Shoals Crossing

6,063

10/10

4.760

Deshon Plaza

6,038

10/10

4.760

Shops at John’s Creek

2,762

10/10

4.890

Waynesboro Commons

3,178

10/10

4.890

Brookhaven

10,397

12/10

4.890

Lewandowski Commons

12,465

03/11

5.770

South Square

12,597

10/12

5.060

North Hampton Market (Phase I & II)

10,501

10/12

5.080

Oakland Market Place

3,560

10/12

5.040

Summary of Joint Venture Debt 6.2.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Joint Venture Debt

as of June 30, 2009 (con’t)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDR SAU Retail Fund, LLC

Shoppes at Wendover II

14,382

10/12

5.060

Crossroads Square

4,869

12/12

5.310

Cascade Corners

3,979

12/12

5.420

Hilander Village

9,404

12/12

5.410

Glenlake Plaza

8,234

12/12

5.440

Broadmoor Plaza

11,048

12/12

5.440

Milan Plaza

2,161

12/12

5.490

West Towne Commons

4,797

12/12

5.440

American Way

6,662

12/12

5.440

Kroger Junction

3,827

12/12

5.440

Kroger Plaza

1,806

12/12

5.440

Willowbrook Commons

6,998

03/13

5.410

The Point

15,800

04/13

5.640

Harper Hill Commons

10,350

04/13

5.790

Plaza at Carolina Forest

14,203

05/13

5.970

Alexander Pointe

5,129

08/13

5.920

Patterson Place

20,338

12/13

5.670

Cole DDR MT Independence

34,100

01/12

5.950

DDRA Community Centers Five (5 assets)

280,000

08/10

5.295

DDR Markaz II (13 assets)

150,480

11/14

5.147

Lennox Town Center Limited

1,000

06/17

6.440

Columbus, OH

26,000

06/17

5.640

Sun Center Limited

5,846

05/11

5.420

Columbus, OH

12,583

04/11

8.480

DOTRS LLC

Macedonia, OH

21,000

08/11

6.050

Jefferson County Plaza, LLC

Arnold, MO

3,648

08/12

Libor + 200

Sonae Sierra Brazil Limitadas

1,752

07/09

98% of CDI

4,492

08/09

CDI + 500

2,507

09/09

CDI + 700

25,755

02/10

CDI + 500

7,436

06/10

CDI + 366

5,043

09/10

CDI + 870

55,939

12/20

8.500

Central Park Solon LLC (4)

3,354

08/09

Libor + 400

RO & SW Realty LLC

23,777

06/11

5.960

Total

5,768,969

Wtd. Avg.

Interest

Total Joint Venture Debt:

Maturity

Rate

Fixed Rate

4,551,951

4.95 years

5.5

Variable Rate

1,217,018

0.71 years

2.5

5,768,969

4.06 years

4.9

Summary of Joint Venture Debt 6.2.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Pro Rata Joint Venture Debt

as of June 30, 2009 (con’t)


	DDR’s			DDR’s
	Pro Rata			Pro Rata
Property/Entity	Interest			Debt (000's)
DDRTC Core Retail Fund, LLC		15.00	%	$	265,439
DDR Domestic Retail Fund I		20.00	%		193,482
DDR Macquarie Fund		23.90	%		258,529
Macquarie DDR US Trust Credit Facility		9.41	%		4,549
DDR MDT PS, LLC		9.41	%		8,089
Coventry II DDR Bloomfield		10.00	%		4,800
Coventry II DDR Buena Park		20.00	%		12,200
Coventry II DDR Fairplain		20.00	%		3,200
Coventry II DDR Marley Creek		10.00	%		1,075
Coventry II DDR Merriam Village		20.00	%		3,408
Coventry II DDR Montgomery Farm		10.00	%		12,813
Coventry II DDR Phoenix Spectrum		20.00	%		9,200
Coventry II DDR SM		20.00	%		21,566
Coventry II DDR Totem Lakes		20.00	%		5,900
Coventry II DDR Tri County		20.00	%		33,048
Coventry II DDR Westover Marketplace		20.00	%		4,171
RVIP III B		25.75	%		15,450
RVIP VII		21.00	%		15,145
RVIP VIII		25.75	%		6,014
DPG Realty Holdings, LLC		10.00	%		929
TRT DDR Holdings I LLC		10.00	%		11,000
DDR SAU Retail Fund, LLC		20.00	%		45,237
Cole DDR MT Independence		14.52	%		4,951
DDRA Community Centers Five		50.00	%		140,000
DDR Markaz II		20.00	%		30,096
Lennox Town Center Limited		50.00	%		13,500
Sun Center Limited		79.45	%		14,642
DOTRS LLC		50.00	%		10,500
Jefferson County Plaza, LLC		50.00	%		1,824
Sonae Sierra Brazil Limitadas		50.00	%		51,462
Central Park Solon LLC		50.00	%		1,677
RO & SW Realty LLC		25.25	%		6,004


				$	1,209,899


	Fixed Rate			$	968,769
	Variable Rate			$	241,130


				$	1,209,899

Summary of Joint Venture Debt 6.2.d

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

DERIVATIVE INSTRUMENTS (3)


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

Notes:

(1)		The Company’s joint venture with MDT that owes with the Mervyns Portfolio is not reflected as it is consolidated within DDR’s accounts.

(2)		MDT has entered into swaps and forward swaps to fix the interest rate on floating rate debt or future fixed rate financing.

(3)		Does not include interest rate caps.

(4)		The following loans have floor interest rates:


Loan		Floor
Coventry II DDR Merriam Village		1mo. LIBOR of 2.00%
Coventry II DDR Montgomery Farm		1mo. LIBOR of 1.50%
Central Park Solon LLC		1mo. LIBOR of 3.00%

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

Summary of Joint Venture Debt 6.2.e

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2009

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities (1)
as of June 30, 2009
(000’s)


	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018
	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
CONSOLIDATED DEBT
Property Mortgages	$	88,082	$	312,107	$	199,985	$	142,954	$	432,347	$	76,593	$	26,595	$	14,832	$	10,559	$	7,901	$	177,279	$	1,489,233
Construction Loans		0		23,092		30,618		0		90,473		0		0		0		0		0		0		144,183
Public Debt		0		454,217		341,538		725,871		0		0		199,582		0		0		100,000		0		1,821,209

Subtotal		88,082		789,416		572,141		868,825		522,820		76,593		226,178		14,832		10,559		107,901		177,279		3,454,625
Revolving Credit Facilities & Term Loan ⁽²⁾		0		0		1,169,503		800,000		0		0		0		0		0		0		0		1,969,503

Consolidated Debt	$	88,082	$	789,416	$	1,741,645	$	1,668,825	$	522,820	$	76,593	$	226,178	$	14,832	$	10,559	$	107,901	$	177,279	$	5,424,128
Add: JV Partner Shared Consolidated Debt	$	0	$	130,674	$	0	$	9,900	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	140,574

Total Consolidated Debt Including JV Share	$	88,082	$	920,090	$	1,741,645	$	1,678,725	$	522,820	$	76,593	$	226,178	$	14,832	$	10,559	$	107,901	$	177,279	$	5,564,702


JOINT VENTURE DEBT
Total JV Debt	$	241,838	$	1,165,227	$	476,041	$	1,191,064	$	250,785	$	159,910	$	425,981	$	7,369	$	1,765,944	$	6,335	$	78,474	$	5,768,969
DDR’s Proportionate Share		53,343		334,821		116,499		186,448		43,810		31,910		95,575		1,386		313,413		1,278		31,415		1,209,899

Total Consolidated Debt & Proportionate Share JV Debt	$	141,426	$	1,254,911	$	1,858,144	$	1,865,173	$	566,630	$	108,502	$	321,752	$	16,218	$	323,971	$	109,179	$	208,693	$	6,774,601

Notes:


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

(2)		Balance at June 30, 2009 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012. The $75 million PNC Bank facility has one one-year extension option to 2011.

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

Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2009


Corporate Headquarters	Investor Relations
3300 Enterprise Parkway	Thomas C. Morabito
Beachwood, Ohio 44122	Toll Free: (877) 225-5337
Main: (216) 755-5500	Direct: (216) 755-5455
Website: www.ddr.com	Email: tmorabito@ddr.com

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

Deutsche Bank Securities
John Perry	john.perry@db.com	(212) 250-4912
Vincent Chao	vincent.chao@db.com	(212) 250-6799

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

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

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

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

Banc of America Securities Merrill Lynch
Craig Schmidt	craig_schmidt@ml.com	(212) 449-1944
Lindsay Schroll	lindsay_schroll@ml.com	(212) 449-6246

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

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

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

Investor Contact Information 7.0


688		Shopping Centers and Interests in Retail Assets

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

115		Million Sq. Ft. Owned ⁽¹⁾

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

88.5	%	Portfolio % Leased Including Former Mervyn’s Assets

90.7	%	Portfolio % Leased Excluding Former Mervyn’s Assets


(1)		Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments and redevelopments in process and scheduled to commence in 2009, total owned GLA was 65.8 million square feet.

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