EX-99.2 4 l02415aexv99w2.txt EX-99.2 PRESS RELEASE [DEVELOPERS DIVERSIFIED LOGO] DEVELOPERS DIVERSIFIED REALTY QUARTERLY FINANCIAL SUPPLEMENT For the six months ended June 30, 2003 INVESTOR RELATIONS DEPARTMENT 3300 Enterprise Parkway - Beachwood, Ohio 44122 (216) 755-5500 - (216) 755-1500 (fax) www.ddr.com DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant and other matters described in the Management's Discussion and Analysis section of the Company's Form 10-K for the year ended December 31, 2002. DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 TABLE OF CONTENTS
SECTION TAB -------------------------------------------------------------------------------- EARNINGS RELEASE & FINANCIAL STATEMENTS ................................. 1.0 FINANCIAL SUMMARY ....................................................... 2.0 - Financial Highlights 2.1 - Market Capitalization and Financial Ratios 2.2 - Market Capitalization Summary 2.3 - Significant Accounting Policies 2.4 CONSOLIDATED AND WHOLLY OWNED FINANCIAL OPERATIONS ...................... 3.0 - Summary of Capital Transactions 3.1 - Acquisitions, Dispositions, Expansions and Developments 3.2 - Summary of Consolidated Debt 3.3 - Summary of Consolidated Mortgage Principal Payments 3.4 & Corporate Debt Maturities JOINT VENTURE SUMMARIES ................................................. 4.0 - Joint Venture Financials 4.1 - Joint Venture Partnership Summaries 4.2 JOINT VENTURE FINANCIAL OPERATIONS ...................................... 5.0 - Summary of Capital Transactions 5.1 - Acquisitions, Dispositions, Expansions and Developments 5.2 - Summary of Joint Venture Debt 5.3 - Summary of Pro Rata Joint Venture Debt 5.4 - Summary of Joint Venture Mortgage Principal Payments 5.5 PORTFOLIO STATISTICS .................................................... 6.0 APPENDIX ................................................................ 7.0 - Property Listing 7.1 - Investor Information 7.2
Exhibit 99.1 DEVELOPERS DIVERSIFIED REALTY CORPORATION For Immediate Release: Contact: Scott A. Wolstein William H. Schafer Chairman Senior Vice President Chief Executive Officer Chief Financial Officer 216-755-5500 216-755-5775 DEVELOPERS DIVERSIFIED REALTY REPORTS AN 8.1% INCREASE IN FFO PER SHARE FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2003 CLEVELAND, OHIO, JULY 31, 2003 - Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust ("REIT"), today announced that second quarter 2003 Funds From Operations ("FFO"), a widely accepted measure of REIT performance, on a per share basis was $0.67 (diluted) and $0.68 (basic) compared to $0.62 (diluted) and $0.63 (basic) per share for the same period in the previous year, a per share increase of 8.1% diluted and 7.9% basic. FFO reached $58.6 million for the quarter ended June 30, 2003, as compared to $41.2 million for 2002. Net income for the three month period ended June 30, 2003 was $68.4 million, or $0.66 per share (diluted) and $0.67 (basic), compared to second quarter 2002 net income of $23.2 million, or $0.25 per share (diluted) and $0.25 (basic), an increase of 164% diluted and 168% basic. An increase in net income of $27.9 million, or $0.32 per share (diluted), is due to the gain on sale of assets, which is not included in FFO. The remainder of the increase is attributable to a full quarter of operations from the merger with JDN Realty Corporation ("JDN") on March 13, 2003 and core operations and a reduction in minority interest expense associated with preferred operating partnership units which were redeemed in 2003. On a per share basis, FFO (diluted) was $1.35 and $1.25 for the six month periods ended June 30, 2003 and 2002, respectively, an increase of 8.0%. FFO for the six months ended June 30, 2003 was $107.9 million compared to FFO for the six month period ended June 30, 2002 of $81.3 million. Net income for the six month period ended June 30, 2003 was $106.8 million, or $1.06 per share (diluted), compared to net income of $47.2 million, or $0.52 per share (diluted) for the prior comparable period. An increase in net income of $22.8 million is due to the net gain on sale of real estate assets. The remainder of the increase in net income is attributable to the merger with JDN on March 13, 2003 and core operations and a reduction in minority interest expense associated with preferred operating partnership units which were redeemed in 2003. Scott A. Wolstein, DDR's chairman and chief executive officer stated, "We are pleased to report this quarter's earnings growth, which was achieved concurrently with dramatic positive changes to the Company's balance sheet. This improvement enhanced the quality of earnings, reduced interest rate risk from variable rate indebtedness, and strengthened the Company's financial flexibility. During the second quarter, both rating agencies upgraded Developers Diversified's corporate credit outlook from Negative to Stable. We completed several capital markets transactions, including a $300 million bond issuance in July 2003 at spreads roughly half their level six months ago. In addition, we issued $385 million of new preferred stock in March and July to refinance higher yielding preferred issuances. These improvements to the Company's financial strength have long-term benefits to shareholders' interests." Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income as an indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred dividends, (ii) gains (or losses) from sales of depreciable real estate property, except for those sold through the Company's merchant building program, which are presented net of taxes, (iii) sales of securities, (iv) extraordinary items and (v) certain non-cash items. These non-cash items principally include real property depreciation, equity income from joint ventures and equity income from minority equity investments and adding the Company's proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section. LEASING: Leasing activity continues to be strong throughout the portfolio. During the second quarter of 2003, the Company executed 72 new leases aggregating approximately 291,500 square feet and 112 renewals aggregating approximately 585,600 square feet. Rental rates on new leases increased by 17.4% to $15.77 per square foot and rental rates on renewals increased by 6.7 % to $13.48 per square foot. On a blended basis, rental rates for new leases and renewals increased by 7.8% to $13.69 per square foot. At June 30, 2003, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $10.49. Excluding the impact of the properties acquired through the JDN merger, the average annualized base rent per occupied square foot for the portfolio was $10.85, as compared to $10.40 at June 30, 2002. As of June 30, 2003, the portfolio was 94.3% leased. Excluding the impact of the properties acquired through the JDN merger, the portfolio was 94.9% leased, as compared to 95.1% at June 30, 2002. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of June 30, 2003, the portfolio was 93.8% occupied. Excluding the impact of the properties acquired through the JDN merger, the portfolio was 94.8% occupied, as compared to 93.3% at June 30, 2002. Same store tenant sales performance over the trailing 12 month period within the Company's portfolio remained strong at approximately $235 per square foot for those tenants required to report. Aggregate base and percentage rental revenues relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2002, excluding properties under redevelopment) increased approximately $2.1 million (or 2.4%) for the six month period ended June 30, 2003, compared to the same period in 2002. STRATEGIC TRANSACTIONS: The Company and Coventry Real Estate Advisors ("CREA") announced the joint acquisition of the first property in connection with CREA's formation of Coventry Real Estate Fund II (the "Fund"). The Fund was formed with several institutional investors and CREA as the investment manager. The Fund and DDR have agreed to jointly acquire value-added retail properties in the United States. CREA is seeking to raise up to $250 million of equity to invest exclusively in joint ventures with DDR. The Fund will invest in a variety of well-located retail properties that present opportunities for value creation, such as retenanting, market repositioning, redevelopment or expansion. DDR will co-invest 20% in each joint venture and will be responsible for day-to-day management of the properties. Pursuant to the terms of the joint venture, DDR will earn fees for property management, leasing and construction management plus a promoted interest, along with Coventry, above a 10% preferred return after return of capital to investors. The first property acquired by the joint venture, Ward Parkway, is a 712,000 square foot shopping center located in suburban Kansas City, Missouri that was purchased for approximately $48.4 million. Ward Parkway was built in 1959 as a three-anchor regional enclosed mall and redevelopment began in 2001. A portion of the property has been converted to an open-air center. The property is anchored by Target, Dillard's, AMC Theater, Pier One Imports, SteinMart, Dick's Sporting Goods, 24-Hour Fitness and T.J. Maxx. DDR will complete the remainder of the redevelopment by converting approximately 150,000 square feet of enclosed mall space to an open-air format. The property offers additional opportunities to add value through the leasing and development of an outparcel and 12 acres of excess land. In May 2003, the Company completed the formation of DDR Markaz LLC, a joint venture transaction with an investor group led by Kuwait Financial Centre - Markaz (a Kuwaiti publicly traded company). The Company contributed seven retail properties to the joint venture. The properties are located in Richmond, California; Oviedo, Florida; Tampa, Florida; Highland, Indiana; Grove City, Ohio; Toledo, Ohio and Winchester, Virginia. In connection with this formation, DDR Markaz LLC secured $110 million, non-recourse, five-year, CMBS financing at a fixed interest rate of 4.13%. Proceeds from the transaction were used to repay variable rate indebtedness. The Company retained a 20% ownership interest in the seven properties and received cash proceeds of approximately $156 million. The Company earns fees for asset management, property management, leasing, out-parcel sales and construction management. During the first quarter of 2003, the Company's and JDN's shareholders approved a definitive merger agreement pursuant to which JDN shareholders received 0.518 shares of DDR in exchange for each share of JDN stock on March 13, 2003. The transaction valued JDN at approximately $1.1 billion, which included approximately $576 million of assumed debt at the carrying amount and $50 million of preferred voting stock. DDR acquired 102 retail assets aggregating 23 million square feet including 16 development properties comprising approximately 6 million square feet of total GLA. In March 2002, the Company announced its participation in a joint venture with Lubert-Adler Funds and Klaff Realty, L.P., which was awarded asset designation rights for all of the retail real estate interests of the bankrupt estate of Service Merchandise Corporation. The Company has a 25% interest in the joint venture. In addition, the Company earns fees for the management, leasing, development and disposition of the real estate portfolio. The designation rights enable the joint venture to determine the ultimate use and disposition of the real estate interests held by the bankrupt estate. At June 30, 2003, the portfolio consisted of approximately 80 Service Merchandise retail sites totaling approximately 4.6 million square feet. The transaction was approved in 2002 by the U.S. Bankruptcy Court in Nashville, Tennessee and subsequently the designation rights were transferred to the joint venture. EXPANSIONS: For the six month period ended June 30, 2003, the Company completed expansions and redevelopments at five shopping centers located in Birmingham, Alabama; Brandon, Florida; North Canton, Ohio; Fayetteville, North Carolina and Taylorsville, Utah at an aggregate cost of approximately $23.3 million. The Company is currently expanding/redeveloping eight shopping centers located in North Little Rock, Arkansas; Bayonet Point, Florida; Tucker, Georgia; Aurora, Ohio; Tiffin, Ohio; Erie, Pennsylvania; Monaca, Pennsylvania and Riverdale, Utah at a projected incremental cost of approximately $25.7 million. The Company is also scheduled to commence an additional expansion project at the Princeton, New Jersey shopping center. For the six month period ended June 30, 2003, one of the Company's joint ventures completed expansions and redevelopments at two shopping centers located in Shawnee, Kansas and North Olmsted, Ohio at an aggregate cost of approximately $4.4 million. The Company's joint ventures are currently expanding/redeveloping two shopping centers located in San Ysidro, California and Deer Park, Illinois at a projected incremental cost of approximately $18.2 million. DEVELOPMENT (CONSOLIDATED): During the six month period ended June 30, 2003, the Company completed the construction of five shopping centers located in Fayetteville, Arkansas; Aurora, Colorado; Parker, Colorado; St. John's, Missouri and Frisco, Texas. The Company currently has 16 shopping center projects under construction, 14 of which resulted from the merger with JDN. These projects are located in Meridian, Idaho (Phase II of the existing shopping center); Long Beach, California; Sacramento, California; Fort Collins, Colorado; Parker, Colorado; Lithonia, Georgia; McDonough, Georgia; Overland Park, Kansas; Chesterfield, Michigan; Grandville, Michigan; Lansing, Michigan; Coon Rapids, Minnesota; Apex, North Carolina; Hamilton, New Jersey; Erie, Pennsylvania; Irving, Texas and Mesquite, Texas. These projects are scheduled for completion during 2003 and 2004 and will create an additional 3.1 million square feet of retail space. The Company anticipates commencing construction on four additional shopping centers located in Norwood, Massachusetts; St. Louis, Missouri; Mt. Laurel, New Jersey and McKinney, Texas. DEVELOPMENT (JOINT VENTURES): The Company has joint venture development agreements for three shopping center projects. These three projects have an aggregate projected cost of approximately $96.7 million and are currently scheduled for completion during 2003 and 2004. At June 30, 2003, approximately $84.6 million of costs were incurred in relation to these development projects. The projects located in Long Beach, California (City Place) and Austin, Texas are being financed through the Prudential/DDR Retail Value Fund. The other project is located in St. Louis, Missouri. ACQUISITIONS: In April 2003, the Company acquired its partner's 51% equity interest in a shopping center located in Suwanee, Georgia for approximately $18 million. Upon acquisition, the Company repaid the mortgage debt assumed of $28.6 million. Additionally, the Company acquired its partner's 50% equity interest in a shopping center located in Leawood, Kansas for approximately $15.3 million, net of debt assumed of $53 million. In June 2003, the Company purchased through a 20% owned joint venture a 712,000 square foot center in Kansas City, Missouri for $48.4 million (See Strategic Transactions). DISPOSITIONS: In May 2003, the Company transferred approximately $169 million of real estate assets to a new joint venture, DDR Markaz LLC, and recognized a gain of approximately $26.3 million (See Strategic Transactions). In April 2003, the Company sold three business center properties aggregating 0.4 million square feet of gross leasable area for approximately $14.0 million and recognized a gain of approximately $0.6 million. In April and May 2003, the Company sold four properties, aggregating 0.2 million square feet of GLA acquired in the merger with JDN for approximately $24 million and recognized a gain of $0.2 million. These properties are located in Gulf Breeze, Florida (Walgreen's); Buford, Georgia; Fayetteville, Georgia and Lilburn, Georgia (Lowe's). In June 2003, the Company also sold a shopping center located in Anderson, South Carolina for approximately $1.4 million and recognized a gain of approximately $0.4 million. In April 2003, one of the Company's Retail Value Program joint ventures, in which the Company has a 24.75% ownership interest, sold a 15,000 square foot shopping located in Kansas City, Missouri for approximately $2.6 million and recognized a gain of $0.3 million of which the Company's proportionate share was $0.1 million. In June 2003, the Company's Community Centers VI joint venture, in which the Company has a 50% ownership interest, sold a 211,000 square foot shopping located in St. Louis, Missouri for approximately $22.0 million and recognized a gain of $5.2 million of which the Company's proportionate share was $2.6 million. FINANCINGS: In June 2003, the Company announced the sale of $205 million of Class H Cumulative Redeemable Preferred Shares with an annual dividend coupon of 7.375%. In addition, the Company called all outstanding shares of its 8.375% Class C Depositary Cumulative Preferred Shares aggregating $100 million on July 28, 2003 and provided notices for redemption for all outstanding shares of its 8.68% Class D Depositary Cumulative Preferred Shares aggregating $54 million for redemption on August 20, 2003. The sale of $205 million of Class H Cumulative Redeemable Preferred Shares closed on July 28, 2003. The Company also intends to call its 9.375%, $50 million Voting Preferred Shares for redemption in September 2003. In July 2003, the Company issued $300 million of seven-year senior unsecured notes with a coupon rate of 4.625%. These notes are due August 1, 2010 and were offered at 99.843% of par. Proceeds from this offering were used to repay borrowings under the Company's unsecured credit facility and to selectively prepay secured mortgage financing. Developers Diversified Realty Corporation currently owns and manages approximately 400 retail operating and development properties in 44 states comprising over 83 million square feet of real estate. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. A copy of the Company's Supplemental Financial/Operational package is available to all interested parties upon written request at our corporate office to Michelle A. Mahue, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Website which is located at http:/www.ddr.com. Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant. For more details on the risk factors, please refer to the Company's Form on 10-K as of December 31, 2002. DEVELOPERS DIVERSIFIED REALTY CORPORATION FINANCIAL HIGHLIGHTS (IN THOUSANDS - EXCEPT PER SHARE DATA)
Three Month Period Six Month Period Ended June 30, Ended June 30, 2003 2002 2003 2002 --------- --------- --------- --------- REVENUES: Minimum rent (A) $ 91,726 $ 60,973 $ 165,547 $ 121,264 Percentage and overage rents (A) 1,292 564 2,477 1,470 Recoveries from tenants 23,214 16,778 42,939 32,278 Ancillary income 448 322 796 665 Other property related income 233 350 308 574 Management fee income 2,528 2,599 5,132 5,362 Development fees 344 301 673 806 Interest income 1,156 1,883 2,759 2,560 Other (B) 2,858 1,004 5,921 4,739 --------- --------- --------- --------- 123,799 84,774 226,552 169,718 --------- --------- --------- --------- EXPENSES: Operating and maintenance 15,153 9,888 28,320 19,133 Real estate taxes 14,351 10,770 26,524 20,748 General and administrative (C) 11,189 6,893 18,913 13,381 Interest 23,136 19,028 42,128 37,887 Impairmant charge(D) 2,640 - 2,640 - Depreciation and amortization 24,296 17,321 44,116 38,229 --------- --------- --------- --------- 90,765 63,900 162,641 129,378 --------- --------- --------- --------- Income before equity in net income of joint ventures, minority equity interests, discontinued operations and gain on sales of real estate and real estate investments 33,034 20,874 63,911 40,340 Equity in net income of joint ventures (E) 6,797 10,890 16,896 17,617 Minority equity interests (F) (873) (5,595) (3,938) (11,200) --------- --------- --------- --------- Income from continuing operations 38,958 26,169 76,869 46,757 Income (loss) from discontinued operations (G) 1,398 (3,000) 1,673 (2,411) --------- --------- --------- --------- Income before gain on sales of real estate and real estate investments 40,356 23,169 78,542 44,346 Gain on sales of real estate and real estate investments 28,046 75 28,245 2,829 --------- --------- --------- --------- NET INCOME $ 68,402 $ 23,244 $ 106,787 $ 47,175 ========= ========= ========= ========= NET INCOME, APPLICABLE TO COMMON SHAREHOLDERS $ 57,140 $ 16,162 $ 83,650 $ 33,098 ========= ========= ========= ========= FUNDS FROM OPERATIONS ("FFO"): Net income applicable to common shareholders $ 57,140 $ 16,162 $ 83,650 $ 33,098 Depreciation and amortization of real estate investments 23,973 17,277 43,694 38,208 Equity in net income of joint ventures (6,797) (10,890) (16,896) (17,617) Joint ventures' FFO (E) 8,149 14,755 15,943 23,351 Minority equity interests (OP Units) 482 378 859 762 Original issuance costs associated with the Preferred OP Units redeemed (H) -- -- 4,990 -- (Gain) loss on sales and impairment charge on depreciable real estate and real estate investments, net (24,377) 3,526 (24,377) 3,526 --------- --------- --------- --------- FFO $ 58,570 $ 41,208 $ 107,863 $ 81,328 ========= ========= ========= ========= Per share data: Earnings per common share Basic $ 0.67 $ 0.25 $ 1.08 $ 0.53 ========= ========= ========= ========= Diluted $ 0.66 $ 0.25 $ 1.06 $ 0.52 ========= ========= ========= ========= Dividends Declared $ 0.41 $ 0.38 $ 0.82 $ 0.76 ========= ========= ========= ========= Funds From Operations - Basic (I) $ 0.68 $ 0.63 $ 1.37 $ 1.27 ========= ========= ========= ========= Funds From Operations - Diluted (I) $ 0.67 $ 0.62 $ 1.35 $ 1.25 ========= ========= ========= ========= Basic - average shares outstanding (thousands) 85,031 64,442 77,626 62,726 ========= ========= ========= ========= Diluted - average shares outstanding (thousands) 87,667 65,589 79,981 63,766 ========= ========= ========= =========
(A) Increases in base and percentage rental revenues for the six month period ended June 30, 2003 as compared to 2002, aggregated $44.2 million consisting of $2.1 million related to leasing of core portfolio properties (an increase of 2.4% from 2002), $16.2 million from the acquisition of thirteen shopping centers in 2002 and 2003, $26.9 million is attributed to the JDN merger and $1.3 million relating to developments and redevelopments. These amounts were offset by a decrease of $0.3 million relating to the business center properties and $2.0 million due to the transfer of eight properties to joint ventures in 2002 and 2003. Included in the rental revenues for the six month period ended June 30, 2003 and 2002 is approximately $3.0 million and $1.9 million, respectively, of revenue resulting from the recognition of straight line rents. (B) Other income for the three month period ended June 30, 2003 and 2002 included approximately $2.5 million and $1.2 million, respectively, in lease termination revenue. Other income for the six month period ended June 30, 2003 and 2002 included approximately $2.8 million in lease termination revenue in each year. Other income for the six month period ended June 30, 2003 includes approximately $2.4 million of income from the settlement of a call option relating to the MOPPRS debt assumed from JDN. Included in other income for the period ended June 30, 2003 and 2002 was approximately $0.7 million and $2.3 million, respectively, relating to the sale of certain option rights (2003) and the sale of development rights to the Wilshire project in Los Angeles, California in 2002. Offsetting these revenues for the six months ended June 30, 2003 and 2002 was a charge of $0.3 million relating to the write-off of abandoned development projects in each year. (C) General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the six month periods ended June 30, 2003 and 2002, general and administrative expenses were approximately 5.3% and 4.5%, respectively, of total revenues, including joint venture revenues, for each period. In addition to increases attributable to the merger with JDN in March 2003, included in the three and six month periods ended June 30, 2003 general and administrative expense is approximately $2.0 million and $2.5 million, respectively, of non-cash executive management incentive compensation primarily associated with performance unit grants which compares to $0.3 million and $0.8 million, respectively, during the same periods of 2002. The increase of $1.7 million is attributed to the increase in the Company's stock price in the second quarter of 2003. Excluding this additional non-cash incentive compensation, general and administrative expense, as a percentage of total revenues, including joint venture revenues, was approximately 4.7%. (D) Impairment charge relates to the potential sale of two shopping center assets, aggregating 150,000 square feet of GLA, in 2003 with a projected loss of approximately $2.6 million. (E) The following is a summary of the Company's share of the combined operating results relating to its joint ventures (in thousands):
Three month period Six month period ended June 30 , ended June 30 2003 (b) 2002 (b) 2003 (b) 2002 (b) -------- -------- -------- -------- Revenues from operations (a) $ 64,063 $ 55,113 $ 127,456 $ 109,435 -------- -------- --------- --------- Operating expense 24,640 18,790 47,577 37,144 Depreciation and amortization of real estate Investments 10,000 8,024 20,993 15,740 Interest expense 20,917 16,036 40,380 32,543 -------- -------- --------- --------- 55,557 42,850 108,950 85,427 -------- -------- --------- --------- Income from operations before gain on sale of real estate and real estate investments and tax expense 8,506 12,263 18,506 24,008 Gain on sale of real estate and real estate investments 3,090 5,473 2,332 10,925 Income from discontinued operations 61 2,469 268 5,172 Gain on sale of discontinued operations 5,197 4,955 40,887 15,596 -------- -------- --------- --------- Net income $ 16,854 $ 25,160 $ 61,993 $ 55,701 ======== ======== ========= ========= DDR Ownership interests (b) $ 7,094 $ 11,342 $ 17,531 $ 19,328 ======== ======== ========= ========= Funds From Operations from joint ventures are summarized as follows: Net income $ 16,854 $ 25,160 $ 61,993 $ 55,701 Gain on sale of real estate and real estate investments, including discontinued operations (5,125) -- (40,815) (15,348) Depreciation and amortization of real estate investments 10,068 8,601 21,481 18,104 -------- -------- --------- --------- $ 21,797 $ 33,761 $ 42,659 $ 58,457 ======== ======== ========= ========= DDRC Ownership interests (b) $ 8,149 $ 14,755 $ 15,943 $ 23,351 ======== ======== ========= ========= DDRC Partnership distributions received, net $ 12,669 $ 14,510 $ 34,110 $ 38,154 ======== ======== ========= =========
DEVELOPERS DIVERSIFIED REALTY CORPORATION FINANCIAL HIGHLIGHTS (IN THOUSANDS - EXCEPT PER SHARE DATA) (a) Revenues for the three month periods ended June 30, 2003 and 2002 included approximately $0.7 million and $0.8 million, respectively, resulting from the recognition of straight line rents of which the Company's proportionate share is $0.1 million and $0.3 million, respectively. Revenues for the six month periods ended June 30, 2003 and 2002 included approximately $1.6 million and $1.8 million, respectively, resulting from the recognition of straight line rents of which the Company's proportionate share is $0.4 million and $0.6 million, respectively. (b) At June 30, 2003 and 2002, the Company owned joint venture interests relating to 54 and 51 shopping center properties, respectively. In addition, at June 30, 2003 and 2002, respectively, the Company owned through its 25% owned joint venture, 80 and 159 shopping center sites formerly owned by Service Merchandise. The Company's share of joint venture net income has been reduced by $0.7 million and $1.6 million for the six month periods ended June 30, 2003 and 2002, respectively, to reflect additional basis depreciation and the elimination of gain on sale in relation to a property acquired by the Company from a joint venture. (F) Minority Equity Interests are comprised of the following:
Three Month Period Six Month Period Ended June 30, Ended June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Minority interests $ 391 $ 447 $ 843 $ 897 Preferred Operating Partnership Units -- 4,770 2,236 9,541 Operating Partnership Units 482 378 859 762 ------ ------ ------- ------- $ 873 $5,595 $ 3,938 $11,200 ====== ====== ======= =======
(G) The operating results relating to assets classified as discontinued operations are summarized as follows (in thousands):
Three Month Period Six Month Period Ended June 30, Ended June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Revenues $ 372 $ 1,368 $ 1,011 $ 2,950 ------- ------- ------- ------- Expenses: Operating 46 322 102 694 Depreciation 51 336 269 730 Interest 83 184 173 411 ------- ------- ------- ------- 180 842 544 1,835 ------- ------- ------- ------- 192 526 467 1,115 Gain on sales of real estate and (impairment charge), net 1,206 (3,526) 1,206 (3,526) ------- ------- ------- ------- $ 1,398 $(3,000) $ 1,673 $(2,411) ======= ======= ======= =======
(H) Represents original issuance costs from the $180 million of preferred operating partnership units issued in 1999 and 2000. These preferred units were redeemed in March 2003 with the proceeds from the issuance of the Preferred Class G shares. This represents a non-cash charge to net income available to common shareholders and is not an adjustment to net income. Moreover, this treatment is consistent with the Company's redemption of previously redeemed preferred securities, which did not reflect an adjustment to net income available to common shareholders. (I) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion, on a weighted average basis of 1.1 million and 0.9 million Operating Partnership Units (OP Units) outstanding at June 30, 2003 and 2002 into 1.1 million and 1.0 million common shares of the Company for the three month periods ended June 30, 2003 and 2002, respectively, and 1.0 million common shares of the Company for the six month periods ended June 20, 2003 and 2002. The weighted average diluted shares and OP Units outstanding were 87.8 million and 66.7 million for the three month periods ended June 30, 2003 and 2002, respectively, and 80.1 million and 64.9 million for the six month periods ended June 30, 2003 and 2002, respectively. DEVELOPERS DIVERSIFIED REALTY CORPORATION FINANCIAL HIGHLIGHTS (IN THOUSANDS) Selected Balance Sheet Data:
June 30, 2003 December 31, 2002 ------------- ----------------- ASSETS: Real estate and rental property: Land $ 845,073 $ 488,292 Buildings 2,691,584 2,109,675 Fixtures and tenant improvements 77,619 72,674 Land under development 87,420 20,028 Construction in progress 165,457 113,387 ----------- ----------- 3,867,153 2,804,056 Less accumulated depreciation (432,903) (408,792) ----------- ----------- Real estate, net 3,434,250 2,395,264 Cash 22,009 16,371 Advances to and investments in joint ventures 317,385 258,610 Notes receivable 12,775 11,662 Receivables, including straight line rent 77,795 60,074 Other assets 44,658 34,871 ----------- ----------- $ 3,908,872 $ 2,776,852 =========== =========== LIABILITIES: Indebtedness: Revolving credit facilities $ 402,813 $ 446,000 Variable rate unsecured term debt 300,000 22,120 Unsecured debt 540,500 404,900 Mortgage and other secured debt 879,339 625,778 ----------- ----------- 2,122,652 1,498,798 Dividends payable 35,197 25,378 Other liabilities 131,647 92,070 ----------- ----------- 2,289,496 1,616,246 Minority interests 44,436 215,045 Shareholders' equity 1,574,940 945,561 ----------- ----------- $ 3,908,872 $ 2,776,852 =========== ===========
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, December 31, 2003 2002 ---- ---- Land $ 431,870 368,520 Buildings 1,353,331 1,219,947 Fixtures and tenant improvements 28,175 24,356 Construction in progress 113,142 91,787 ----------- ----------- 1,926,518 1,704,610 Accumulated depreciation (149,576) (153,537) ----------- ----------- Real estate, net 1,776,942 1,551,073 Receivables, including straight line rent, net 54,126 64,642 Investment in joint ventures 14,212 12,147 Leasehold interests 25,783 26,677 Other assets 92,298 80,285 ----------- ----------- $ 1,963,361 $ 1,734,824 =========== =========== Mortgage debt (a) $ 1,196,742 $ 1,129,310 Notes and accrued interest payable to DDRC 110,234 106,485 Amounts payable to other partners 76,058 71,153 Other liabilities 76,380 61,898 ----------- ----------- 1,459,414 1,368,846 Accumulated equity 503,947 365,978 ----------- ----------- $ 1,963,361 $ 1,734,824 =========== ===========
(a) The Company's proportionate share of joint venture debt aggregated approximately $390.4 million and $387.1 million at June 30, 2003 and December 31, 2002, respectively. \ $5.1 BILLION TOTAL CAPITALIZATION AS OF JUNE 30, 2003(1), (2), (3) [PIE CHART] COMMON SHARES EQUITY(2) $ 2,469.0 49% PERPETUAL PREFERRED STOCK $ 534.0 10% FIXED RATE UNSECURED DEBT $ 433.3 8% FLOATING RATE UNSECURED DEBT $ 100.0 2% CONSTRUCTION FINANCE $ 121.2 2% VARIABLE RATE REVOLVING CREDIT AND TERM DEBT $ 602.8 12% FIXED RATE REVOLVING CREDIT DEBT $ 100.0 2% MORTGAGE DEBT(3) $ 758.1 15%
(1) FIGURES IN MILLIONS UNLESS OTHERWISE NOTED. (2) MARKET VALUE ($28.44 PER SHARE AS OF JUNE 30, 2003) INCLUDES OPERATING PARTNERSHIP UNITS EQUIVALENT TO APPROXIMATELY 1.1 MILLION OF THE COMPANY'S COMMON SHARES. (3) DOES NOT INCLUDE PROPORTIONATE SHARE OF JOINT VENTURE DEBT AGGREGATING $390.4 MILLION. DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 ================================================================================
SIX MONTH SIX MONTH PERIOD ENDED PERIOD ENDED FINANCIAL HIGHLIGHTS JUNE 30 JUNE 30 (IN THOUSANDS EXCEPT PER SHARE INFORMATION) 2003 2002 ------------ ------------ FUNDS FROM OPERATIONS: Net Income Applicable to Common Shareholders $ 83,650 $ 33,098 Depreciation and Amortization of Real Estate Investments $ 43,694 $ 38,208 Equity in Net Income From Joint Ventures ($ 16,896) ($ 17,617) Equity in Net Income From Minority Equity Investment $ 0 $ 0 Joint Venture Funds From Operations $ 15,943 $ 23,351 Minority Equity Investment Funds From Operations $ 0 $ 0 Operating Partnership Minority Interest Expense $859 $ 762 Non-Recurring & Extraordinary Charges $ 4,990(7) $ 0 Loss (Gain) on Sales of Real Estate ($ 24,377) $ 3,526 ------------ ------------ FUNDS FROM OPERATIONS $ 107,863 $ 81,329 ============ ============ PER SHARE INFORMATION: Funds From Operations - Diluted $ 1.35 $ 1.25 Net Income - Diluted $ 1.06 $ 0.52 Cash Dividends $ 0.82 $ 0.76 WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO 80,119 64,892 TOTAL MARKET CAPITALIZATION (1) $ 5,118,378 $ 3,337,585 DEBT TO TOTAL MARKET CAPITALIZATION (1) 41.33% 40.06% DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC. 50.14% 46.16% DIVIDEND PAYOUT RATIO (1) 65.62%(8) 61.31% GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2) 5.27% 4.52% GENERAL AND ADMINISTRATIVE EXPENSES $ 18,913 $ 13,381 REVENUES: DDR Revenues $ 227,913 $ 172,744 Joint Venture Revenues $ 130,640 $ 123,099 ------------ ------------ TOTAL REVENUES (3) $ 358,553 $ 295,843 ============ ============ NET OPERATING INCOME: DDR Net Operating Income $ 153,704 $ 118,509 Joint Venture Net Operating Income $ 82,169 $ 82,267 ------------ ------------ TOTAL NET OPERATING INCOME (4) $ 235,873 $ 200,776 ============ ============ REAL ESTATE AT COST: DDR Real Estate at Cost $ 3,867,153 $ 2,607,842 Joint Venture Real Estate at Cost (5) $ 2,012,103 $ 1,851,297 ------------ ------------ TOTAL REAL ESTATE AT COST (6) $ 5,879,255 $ 4,459,139 ============ ============ YEAR ENDED DECEMBER 31 FINANCIAL HIGHLIGHTS ------------------------------------------------------- (IN THOUSANDS EXCEPT PER SHARE INFORMATION) 2002 2001 2000 1999 ----------- ----------- ----------- ----------- FUNDS FROM OPERATIONS: Net Income Applicable to Common Shareholders $ 74,912 $ 65,111 $ 73,571 $ 60,135 Depreciation and Amortization of Real Estate Investments $ 76,462 $ 63,200 $ 52,975 $ 51,497 Equity in Net Income From Joint Ventures ($ 32,769) ($ 17,010) ($ 17,072) ($ 20,621) Equity in Net Income From Minority Equity Investment $ 0 ($ 1,550) ($ 6,224) ($ 6,453) Joint Venture Funds From Operations $ 44,473 $ 31,546 $ 30,512 $ 32,317 Minority Equity Investment Funds From Operations $ 0 $ 6,448 $ 14,856 $ 12,965 Operating Partnership Minority Interest Expense $ 1,450 $ 1,531 $ 4,126 $ 6,541 Non-Recurring & Extraordinary Charges $ 0 $ 2,895 $ 0 $ 0 Loss (Gain) on Sales of Real Estate $ 454 ($ 16,688) ($ 23,440) $ 1,664 ---------- ---------- ---------- ---------- FUNDS FROM OPERATIONS $ 164,983 $ 135,482 $ 129,303 $ 138,044 ========== ========== ========== ========== PER SHARE INFORMATION: Funds From Operations - Diluted $ 2.50 $ 2.38 $ 2.19 $ 2.05 Net Income - Diluted $ 1.16 $ 1.17 $ 1.31 $ 0.95 Cash Dividends $ 1.52 $ 1.48 $ 1.44 $ 1.40 WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO 65,910 56,957 59,037 68,412 TOTAL MARKET CAPITALIZATION (1) $3,460,243 $2,982,461 $2,490,917 $2,392,455 DEBT TO TOTAL MARKET CAPITALIZATION (1) 43.10% 43.87% 49.28% 48.15% DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC 48.26% 47.18% 47.82% 45.78% DIVIDEND PAYOUT RATIO (1) 60.93% 62.53% 65.19% 66.45% GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2) 4.80% 4.25% 4.27% 4.09% GENERAL AND ADMINISTRATIVE EXPENSES $ 29,392 $ 24,175 $ 20,449 $ 17,774 REVENUES: DDR Revenues $ 360,778 $ 324,148 $ 285,416 $ 263,932 Joint Venture Revenues $ 251,905 $ 244,663 $ 193,275 $ 170,714 ---------- ---------- ---------- ---------- TOTAL REVENUES (3) $ 612,683 $ 568,811 $ 478,691 $ 434,646 ========== ========== ========== ========== NET OPERATING INCOME: DDR Net Operating Income $ 243,372 $ 224,889 $ 204,922 $ 194,263 Joint Venture Net Operating Income $ 167,573 $ 166,545 $ 136,440 $ 119,544 ---------- ---------- ---------- ---------- TOTAL NET OPERATING INCOME (4) $ 410,945 $ 391,433 $ 341,362 $ 313,807 ========== ========== ========== ========== REAL ESTATE AT COST: DDR Real Estate at Cost $2,804,056 $2,493,665 $2,161,810 $2,068,274 Joint Venture Real Estate at Cost (5) $1,785,165 $1,862,515 $1,522,493 $1,441,322 ---------- ---------- ---------- ---------- TOTAL REAL ESTATE AT COST (6) $4,589,221 $4,356,179 $3,684,302 $3,509,596 ========== ========== ========== ==========
(1) See Market Capitalization and Financial Ratio section for detail calculation. (2) The calculation includes joint venture revenues. (3) Includes revenues from discontinued operations. (4) Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions. (5) Includes gross up of assets shown as equity investment in joint ventures. (6) Includes construction in progress (CIP) at June 30, 2003 of $382.2 million (includes $129.3 million of CIP included in joint ventures, of which $68.9 million represents the Company's proportionate share), and at December 31, 2002, 2001, 2000, 1999 CIP aggregated $237.8 million, $287.7 million, $305.4 million and $308.2 million, respectively. (7) Original issuance costs associated with redemption of Preferred Operating Partnership Units. (8) Includes the full dividend for shares issued in conjunction with the JDN merger, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03. The recurring quarterly payout ratio is expected to approximate 60% for the remainder of 2003. Financial Highlights 2.1 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 ================================================================================
SIX MONTH PERIOD ENDED YEAR ENDED DECEMBER 31 JUNE 30 ---------------------------------------------------- MARKET CAPITALIZATION & FINANCIAL RATIOS 2003 2002 2001 2000 1999 ------------ ---------- ---------- ---------- ---------- DDR RATIO OF DEBT TO TOTAL MARKET CAP: Total Debt $2,115,376 $1,491,481 $1,308,301 $1,227,575 $1,152,051 Total Market Capitalization * $5,118,378 $3,460,243 $2,982,461 $2,490,917 $2,392,455 ------------ ---------- ---------- ---------- ---------- 41.33% 43.10% 43.87% 49.28% 48.15% DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE 50.14% 48.26% 47.18% 47.82% 45.78% DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION: Total Debt * $2,505,735 $1,878,575 $1,688,904 $1,550,398 $1,618,685 Total Market Capitalization * $5,508,737 $3,847,336 $3,363,064 $2,813,740 $2,859,088 ------------ ---------- ---------- ---------- ---------- 45.49% 48.83% 50.22% 55.10% 56.62% DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE 54.76% 54.20% 53.85% 54.54% 54.12% INTEREST COVERAGE RATIO: Interest Expense $ 42,301 $ 77,208 $ 81,770 $ 77,030 $ 68,023 FFO Before Interest and Preferred Dividends * $ 170,333 $ 287,586 $ 263,595 $ 248,896 $ 238,486 ------------ ---------- ---------- ---------- ---------- 4.03 3.72 3.22 3.23 3.51 DEBT SERVICE COVERAGE RATIO: Debt Service * $ 46,800 $ 83,958 $ 88,764 $ 82,103 $ 73,022 FFO Before Interest and Preferred Dividends * $ 170,333 $ 287,586 $ 263,595 $ 248,896 $ 238,486 ------------ ---------- ---------- ---------- ---------- 3.64 3.43 2.97 3.03 3.27 FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO Fixed Charges $ 66,969 $ 129,353 $ 135,107 $ 124,666 $ 105,440 FFO Before Interest and Preferred Dividends * $ 170,333 $ 287,586 $ 263,595 $ 248,896 $ 238,486 ------------ ---------- ---------- ---------- ---------- 2.54 2.22 1.95 2.00 2.26 DIVIDEND PAYOUT RATIO Common Share Dividends and Operating Partnership Interest $ 70,783 $ 100,531 $ 84,721 $ 84,297 $ 91,736 Funds From Operations $ 107,863 $ 164,983 $ 135,482 $ 129,303 $ 138,044 ------------ ---------- ---------- ---------- ---------- 0.66(1) 0.61 0.63 0.65 0.66
* See Attached for Detail Calculation (1) Includes the full dividend for shares issued in conjunction with the JDN merger, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03. The recurring quarterly payout ratio is expected to approximate 60% for the remainder of 2003. Market Capitalization and Financial Ratios 2.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 ================================================================================
SIX MONTH PERIOD ENDED YEAR ENDED DECEMBER 31 JUNE 30 ------------------------------------------------- 2003 2002 2001 2000 1999 ------------ ---------- ---------- ---------- ---------- DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding 85,686 66,609 59,455 54,880 59,504 Operating Partnership Units Outstanding 1,129 911 1,038 1,051 4,702 ------------ ---------- ---------- ---------- ---------- Total 86,814 67,520 60,493 55,932 64,206 Share Price $ 28.4400 $ 21.9900 $ 19.1000 $ 13.3125 $ 12.8750 ------------ ---------- ---------- ---------- ---------- Market Value of Common Shares $ 2,469,001 $1,484,762 $1,155,410 $ 744,592 $ 826,654 Preferred Shares at Book Value $ 534,000 $ 304,000 $ 303,750 $ 303,750 $ 303,750 Preferred Units and Warrant $ 0 $ 180,000 $ 215,000 $ 215,000 $ 110,000 Total Debt $ 2,115,376 $1,491,481 $1,308,301 $1,227,575 $1,152,051 ------------ ---------- ---------- ---------- ---------- TOTAL MARKET CAPITALIZATION $ 5,118,378 $3,460,243 $2,982,461 $2,490,917 $2,392,455 ============ ========== ========== ========== ========== DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT Common Shares Outstanding 85,686 66,609 59,455 54,880 59,504 Operating Partnership Units Outstanding 1,129 911 1,038 1,051 4,702 ------------ ---------- ---------- ---------- ---------- Total 86,814 67,520 60,493 55,932 64,206 Share Price $ 28.4400 $ 21.9900 $ 19.1000 $ 13.3125 $ 12.8750 ------------ ---------- ---------- ---------- ---------- Market Value of Common Shares $ 2,469,001 $1,484,762 $1,155,410 $ 744,592 $ 826,654 Preferred Shares at Book Value $ 534,000 $ 304,000 $ 303,750 $ 303,750 $ 303,750 Preferred Units and Warrant $ 0 $ 180,000 $ 215,000 $ 215,000 $ 110,000 Total Debt $ 2,115,376 $1,491,481 $1,308,301 $1,227,575 $1,152,051 Proportionate Share of JV Debt $ 390,359 $ 387,094 $ 380,604 $ 322,823 $ 466,633 ------------ ---------- ---------- ---------- ---------- TOTAL MARKET CAPITALIZATION $ 5,508,737 $3,847,336 $3,363,064 $2,813,740 $2,859,088 ============ ========== ========== ========== ==========
Market Capitalization and Financial Ratios 2.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 ================================================================================
SIX MONTH PERIOD ENDED YEAR ENDED DECEMBER 31 JUNE 30 ------------------------------------------------- 2003 2002 2001 2000 1999 ------------ ---------- ---------- ---------- ---------- UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE Undepreciated Real Estate Assets $3,867,153 $2,804,056 $2,493,665 $2,161,810 $2,068,274 Cash and Cash Equivalents $ 22,009 $ 16,371 $ 19,070 $ 4,243 $ 5,992 Notes Receivable $ 12,775 $ 11,662 $ 5,221 $ 4,824 $ 5,590 Advances and Investments in Joint Ventures $ 317,385 $ 258,611 $ 255,327 $ 260,927 $ 299,176 Minority Equity Investment $ 0 $ 0 $ 0 $ 135,028 $ 137,234 ---------- ---------- ---------- ---------- ---------- $4,219,321 $3,090,699 $2,773,281 $2,566,831 $2,516,266 ========== ========== ========== ========== ========== DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE Undepreciated Real Estate Assets $3,867,153 $2,804,056 $2,493,665 $2,161,810 $2,068,274 Notes Receivable or Proportionate Share Thereof $ 57,501 $ 50,521 $ 22,000 $ 42,187 $ 70,025 Minority Equity Investment $ 0 $ 0 $ 0 $ 135,028 $ 137,234 Proportionate Share of JV Undepreciated Real Estate Assets $ 651,596 $ 611,224 $ 620,688 $ 503,902 $ 715,118 ---------- ---------- ---------- ---------- ---------- $4,576,250 $3,465,801 $3,136,353 $2,842,926 $2,990,652 ========== ========== ========== ========== ========== FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS FFO $ 107,863 $ 164,983 $ 135,482 $ 129,303 $ 138,044 Interest Expense $ 42,301 $ 77,208 $ 81,770 $ 77,030 $ 68,023 Preferred Dividends, Including Preferred Operating Minority Interest $ 20,169 $ 45,395 $ 46,343 $ 42,563 $ 32,419 ---------- ---------- ---------- ---------- ---------- $ 170,333 $ 287,586 $ 263,595 $ 248,896 $ 238,486 ========== ========== ========== ========== ========== DEBT SERVICE Interest Expense $ 42,301 $ 77,208 $ 81,770 $ 77,030 $ 68,023 Recurring Principal Amortization $ 4,499 $ 6,750 $ 6,994 $ 5,073 $ 4,999 ---------- ---------- ---------- ---------- ---------- $ 46,800 $ 83,958 $ 88,764 $ 82,103 $ 73,022 ========== ========== ========== ========== ========== FIXED CHARGES Debt Service $ 46,800 $ 83,958 $ 88,764 $ 82,103 $ 73,022 Preferred Dividends, Including Preferred Operating Minority Interest $ 20,169 $ 45,395 $ 46,343 $ 42,563 $ 32,419 ---------- ---------- ---------- ---------- ---------- $ 66,969 $ 129,353 $ 135,107 $ 124,666 $ 105,440 ========== ========== ========== ========== ==========
Market Capitalization and Financial Ratios 2.2 DATA INPUT FOR CALCULATION OF RATIOS
06/30/2003 03/31/2003 12/31/02 ------------- ------------- ------------- FUNDS FROM OPERATIONS Net Income Applicable to Common Shareholders 83,649,986 26,510,380 74,911,989 Depreciation of Real Property 43,694,117 19,720,765 76,462,373 Equity in net (income) loss from joint ventures (16,895,993) (10,099,392) (32,769,112) Equity in net (income) loss of minority equity investment Joint Venture FFO 15,942,980 7,793,862 44,473,189 Minority Equity Investment FFO Operating Partnership Minority Interest Expense 858,988 377,165 1,450,391 Non-Recurring & Extraordinary Charges 4,990,000 4,990,000 Gain on Sales of Real Estate (enter gain as neg #) (24,376,777) 454,168 ------------- ------------- ------------- 107,863,301 49,292,780 164,982,998 PER SHARE INFORMATION: WEIGHTED AVERAGE SHARES AND OP UNITS, Diluted, FFO 80,118,769 72,286,935 65,910,448 WEIGHTED AVERAGE SHARES, Diluted - For computing NI/Share 79,980,988 71,218,380 64,837,492 FFO, Diluted 1.35 0.68 2.50 Net Income, Diluted 1.06 0.37 1.16 REVENUES: DDR Revenues 227,913,121 103,391,199 360,778,171 Joint Venture Revenues 130,639,877 66,286,462 251,904,839 NET OPERATING INCOME: DDR Net Operating Income 153,704,413 70,271,636 243,371,703 Joint Venture Net Operating Income 82,168,546 42,471,989 167,572,985 REAL ESTATE AT COST: DDR Real Estate at Cost 3,867,152,777 3,899,181,103 2,804,056,033 Joint Venture Real Estate at Cost 2,012,102,666 1,892,548,089 1,785,165,038 GENERAL AND ADMINISTRATIVE EXPENSES 18,912,705 7,723,544 29,392,024 DIVIDEND PAYOUT RATIO Common Share Dividends / Share 0.820 0.410 1.520 Common Share Dividends (A/C 3060-005) 69,923,849 34,792,919 99,080,445 Operating Partnership Minority Interest Expense (A/C 7110-010) 858,989 377,165 1,450,391 Common Share Dividends & OP Units interest 70,782,838 35,170,084 100,530,836 DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding 85,685,693 84,987,910 66,608,623 Operating Partnership Units Outstanding 1,128,702 983,506 911,227 Share Price 28.44 24.15 21.99 Preferred Shares at Book Value (3030-015 thru -065) 534,000,000 534,000,000 304,000,000 Preferred Units and Warrant 0 0 0 Goldman Exchange Fund 0 0 180,000,000 Total Debt 2,115,376,159 2,160,097,585 1,491,481,028 ------------- ------------- ------------- 5,118,377,553 4,770,307,281 3,460,242,530 DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT Preferred Shares at Book Value 534,000,000 534,000,000 304,000,000 Total JV Debt 390,359,312 413,344,703 387,093,970 DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS & NOTES RECEIVABLE Cash and Cash Equivalents 22,009,149 26,356,517 16,370,676 Notes Receivable or proportionate share 57,501,197 40,477,203 50,521,205 DDRC Notes receivable 12,774,658 11,854,558 11,661,723 Advances and Investments in Joint Ventures 317,384,667 301,998,505 258,610,663 DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSTS & NOTES RECEIVABLE Proportionate Share of JV Undepreciated Real Estate Assets 651,596,093 659,685,410 611,223,506 Minority Equity Investments 0 0 0 FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS Interest Expense 42,301,193 19,082,479 77,207,667 DEBT SERVICE Recurring Principal Amortization (see separate worksheet) 4,498,889 2,029,695 6,749,843 FIXED CHARGES Preferred Dividends, including preferred operating minority interest 20,168,526 9,130,053 45,395,423
12/31/01 12/31/00 12/31/99 ------------- ------------- ------------- FUNDS FROM OPERATIONS Net Income Applicable to Common Shareholders 65,110,508 73,571,050 60,135,337 Depreciation of Real Property 63,199,534 52,974,727 51,496,947 Equity in net (income) loss from joint ventures (17,010,479) (17,071,898) (20,621,207) Equity in net (income) loss of minority equity investment (1,549,717) (6,223,584) (6,452,564) Joint Venture FFO 31,545,955 30,511,771 32,316,557 Minority Equity Investment FFO 6,448,148 14,855,747 12,964,524 Operating Partnership Minority Interest Expense 1,531,419 4,125,730 6,541,054 Non-Recurring & Extraordinary Charges 2,894,950 Gain on Sales of Real Estate (enter gain as neg #) (16,687,927) (23,440,165) 1,663,693 ------------- ------------- ------------- 135,482,391 129,303,378 138,044,341 PER SHARE INFORMATION: WEIGHTED AVERAGE SHARES AND OP UNITS, Diluted, FFO 56,956,515 59,036,811 68,411,633 WEIGHTED AVERAGE SHARES, Diluted - For computing NI/Share 55,888,652 55,958,676 63,468,000 FFO, Diluted 2.38 2.19 2.05 Net Income, Diluted 1.17 1.31 0.95 REVENUES: DDR Revenues 324,148,097 285,416,118 263,932,497 Joint Venture Revenues 244,663,026 193,274,515 170,713,952 NET OPERATING INCOME: DDR Net Operating Income 224,888,550 204,921,616 194,263,297 Joint Venture Net Operating Income 166,544,731 136,439,960 119,543,843 REAL ESTATE AT COST: DDR Real Estate at Cost 2,493,664,577 2,161,809,566 2,068,274,311 Joint Venture Real Estate at Cost 1,862,514,602 1,522,492,593 1,441,321,624 GENERAL AND ADMINISTRATIVE EXPENSES 24,174,800 20,449,469 17,773,682 DIVIDEND PAYOUT RATIO Common Share Dividends / Share 1.480 1.440 1.400 Common Share Dividends (A/C 3060-005) 83,189,873 80,170,852 85,195,406 Operating Partnership Minority Interest Expense (A/C 7110-010) 1,531,419 4,125,730 6,541,054 Common Share Dividends & OP Units interest 84,721,292 84,296,582 91,736,460 DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding 59,454,648 54,880,482 59,503,835 Operating Partnership Units Outstanding 1,038,027 1,051,310 4,702,282 Share Price 19.10 13.31 12.88 Preferred Shares at Book Value (3030-015 thru -065) 303,750,000 303,750,000 303,750,000 Preferred Units and Warrant 35,000,000 35,000,000 35,000,000 Goldman Exchange Fund 180,000,000 180,000,000 75,000,000 Total Debt 1,308,300,774 1,227,575,040 1,152,051,151 ------------- ------------- ------------- 2,982,460,867 2,490,917,021 2,392,454,907 DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT Preferred Shares at Book Value 303,750,000 303,750,000 303,750,000 Total JV Debt 380,603,500 322,822,762 466,633,428 DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS & NOTES RECEIVABLE Cash and Cash Equivalents 19,069,524 4,243,000 5,992,000 Notes Receivable or proportionate share 22,000,192 42,186,594 70,025,273 DDRC Notes receivable 5,220,629 4,824,000 5,589,582 Advances and Investments in Joint Ventures 255,326,542 260,926,685 299,176,302 DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSTS & NOTES RECEIVABLE Proportionate Share of JV Undepreciated Real Estate Assets 620,688,288 503,902,072 715,118,230 Minority Equity Investments 0 135,027,931 137,233,776 FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS Interest Expense 81,769,749 77,030,001 68,023,171 DEBT SERVICE Recurring Principal Amortization (see separate worksheet) 6,994,200 5,073,359 4,998,682 N/A FIXED CHARGES Preferred Dividends, including preferred operating minority interest 46,343,069 42,563,069 32,418,594
At 100% At Ownership Percentage Accounts --------------------------- ------------------------- 1090-005 (note 1 below) Balance Balance Balance Balance 1100-005 Description Ownership 3/31/2003 6/30/2003 3/31/2003 6/30/2003 -------- ------------------------ -------------- ----------- ----------- ---------- ---------- 1090-005 Hendon 1.00 1,050,000 1,050,000 0 1090-005 AIP 1.00 45,549 45,549 0 1090-005 K-Mart North Little Rock 1.00 875,000 875,000 875,000 875,000 1090-005 Plainville TIF 1.00 7,300,000 7,260,000 7,300,000 7,260,000 1090-005 Historic Van Ness 1.00 15,343,000 15,343,000 15,343,000 15,343,000 1090-005 Meridian 1.00 154,041 153,060 154,041 153,060 1090-005 Techridge 1.00 47,499 47,499 0 1090-005 Queensway Bay 1.00 -2,102 -2,102 0 1090-005 Coventry II Ward Parkway 1.00 0 2,034,709 0 2,034,709 ----------- ----------- ---------- ---------- 24,812,987 25,665,769 24,812,987 25,665,769 1100-005 Drexel 1.00 2,000 23,995 2,000 23,995 1100-005 Sawmill 1.00 16,000 16,000 0 1100-005 Liberty Fair 0.50 7,339,139 8,991,256 3,669,570 4,495,628 1100-005 Community Centers 0.80 7,314,579 7,314,579 5,851,663 5,851,663 1100-005 Coventry 0.21 5,881,879 6,047,006 1,235,195 1,269,871 1100-005 DD Dev. Co I 0.05 4,465,087 3,110,523 223,254 155,526 1100-005 RVIP II A 0.05 25,000 1,250 0 1100-005 RVIP III City Place 0.05 4,379,897 6,017,159 218,995 300,858 1100-005 RVIP VI Kansas City 0.05 2,625,746 2,714,574 131,287 135,729 1100-005 DD Dev Co II 0.05 42,668,991 55,381,888 2,133,450 2,769,094 1100-005 Coventy (PIIQ) 0.05 3,032,557 3,032,557 151,628 151,628 1100-005 KLA/SM 0.75 18,714,731 0 14,036,048 1100-005 Specialty Town Center 1.00 1,998,425 2,103,092 1,998,425 2,103,092 1100-005 Riverdale 0.40 75,000 30,000 0 1100-005 Littleton 0.05 0 259,168 0 12,958 1100-005 Hagerstown TIF 1.00 519,337 0 519,337 1100-005 Other 1.00 1,500 10,000 10,000 ----------- ----------- ----------- ---------- 79,825,800 114,239,865 15,662,716 31,835,428 104,638,787 139,905,634 40,475,703 57,501,197
Items in bold grouped as notes receivable for stmts 11,449,908 Note 1, The ownership % used is not DDR's percentage, but that of the other partner. This is done as it is assumed the cash from the note was used to finance fixed assets at the JV level. The ratio being calculated includes these fixed assets at DDR's ownership. Therefore, The numerator of the ratio (debt) was used to by assets and notes and we have accounted for 100% of the usage
Accounts 2030-005 through 2030-050 Q-1 --------------------------------------------------- Balance Balance Development 12/31/02 03/31/03 Difference --------------- --------------- --------------- 023000 PLAINVILLE, CT 7,300,000 7,300,000 0 110000 BAYONET POINT, FL 5,327,208 5,327,208 0 130000 TUPELO, MS 140000 JACKSONVILLE, FL 181000 COON RAPIDS, MN (DEVELOPMENT) 12,650,000 12,650,000 0 205000 ERIE, PA (PEACH) 26,000,000 26,000,000 0 206000 ERIE, PA (DEV) 5,995,547 5,995,547 0 288000 CANTON, OH (EVERHARD ROAD) 15,280,658 15,280,658 0 290000 BOARDMAN, OH 27,000,000 27,000,000 0 294000 SOLON, OH 297500 MT. LAURELE, NJ (DEV) 12,350,000 12,350,000 0 376000 ST. LOUIS, MO (PLZ SUNSET) 35,000,000 35,000,000 0 378000 ST.LOUIS,MO (BRENTWOOD) 26,000,000 26,000,000 0 379000 CEDAR RAPIDS, IA 10,615,420 10,552,320 63,100 381000 ST.LOUIS,MO (OLYMPIC OAKS) 4,113,979 4,046,505 67,475 382000 ST.LOUIS,MO (GRAVOIS VILLAGE) 2,393,693 2,287,126 106,567 384000 ST.LOUIS, MO (KELLER) 2,085,145 2,031,115 54,030 386000 ST.LOUIS,MO (HOME QUARTERS) 3,057,714 3,021,761 35,953 391000 INDEPENDENCE, MO 27,500,000 27,500,000 0 440000 N. CHARLESTON, SC 465000 MT. PLEASANT, SC 5,901,871 5,840,998 60,873 471000 SAULT ST. MARIE, MI 4,235,721 4,032,771 202,950 477000 WALKER, MI 480000 DETROIT, MI 8,835,864 7,397,962 1,437,902 480000 DETROIT, MI (1,000,000) 486000 MT. PLEASANT, MI 499000 MERIDIAN, ID 507000 LOGAN, UT 810,836 796,978 13,858 510000 RIVERDALE, UT (NORTH) 9,435,350 9,382,940 52,409 514000 SALT LAKE CITY, UT (HERMES BL) 641,286 536,191 105,095 554000 BIRMINGHAM, AL (BROOK) 565000 BRENTWOOD, TN 15,889,293 15,714,332 174,961 608000 WILMINGTON, NC 617000 BERLIN, VT 4,940,000 4,940,000 0 618000 BRAINERD, MN 350,000 280,000 70,000 625000 SPRING HILL, FL 4,881,570 4,847,843 33,727 635000 TOLEDO, OH 23,000,000 23,000,000 0 637000 DENVER, CO (CENTENNIAL) 39,000,000 39,000,000 0 640000 WEST PASCO, FL 4,783,894 4,783,894 0 680000 PRINCETON, NJ 26,684,235 26,603,210 81,025 685000 PRINCETON, NJ (PAVILION) 25,000,000 25,000,000 0 760000 BIRMINGHAM, AL (RIVERCHASE) 8,200,000 8,180,763 19,237 761000 COLUMBIA, SC (HARBISON) 16,850,000 16,850,000 0 762000 FT. WORTH, TX (FOSSIL CREEK) 4,725,000 4,725,000 0 763000 WICHITA, KS (EASTGATE) 11,675,000 11,675,000 0 764000 LEWISVILLE, TX (LAKEPOINTE) 21,550,000 21,550,000 0 850000 DURHAM, NC 851000 SAN ANTONIO, TX (N. BANDERA) 27,699,995 27,699,995 0 900060 IRVING, TX 1,482,794 1,441,670 41,124 900070 Commerce Park 1,847,648 1,834,050 13,597 900080 Gateway - 5 2,507,523 2,489,069 18,454 900120 Meridian Street Warehouse 1,022,822 1,015,294 7,527 900130 Northgate II - 5 4,553,133 4,519,625 33,508 900190 Plaza Southwest 2,969,435 2,947,582 21,853 900200 Westchase Park 1,167,977 1,159,382 8,595 900290 Carpenter Center 28,862,797 28,759,890 102,907 901030 Tech Ctr 29 - Phase I 7,161,404 7,126,480 34,924 901040 Tech Ctr 29 - Phase II 3,631,171 3,612,450 18,721 901050 Tech Ctr 29 - Phase III 4,176,929 4,155,749 21,180 942000 BELLEFONTAINE, OH 2,718,368 2,690,619 27,749 943000 DUBLIN, OH (PERIMETER CENTER) 9,932,572 9,877,200 55,372 948000 PICKERINGTON, OH 4,685,844 4,640,823 45,020 --------------- --------------- --------------- 564,479,697 561,450,002 2,029,695 BORROWINGS AND EXTINGUISHMENTS 130000 TUPELO, MS 0 12,200,000 (12,200,000) 140000 JACKSONVILLE, FL 0 7,000,000 (7,000,000) 294000 SOLON, OH 0 16,900,000 (16,900,000) 440000 N. CHARLESTON, SC 0 12,100,000 (12,100,000) 477000 WALKER, MI 0 8,900,000 (8,900,000) 486000 MT. PLEASANT, MI 0 8,200,000 (8,200,000) 499000 MERIDIAN, ID 35,293,386 26,500,000 8,793,386 554000 BIRMINGHAM, AL (BROOK) 0 28,700,000 (28,700,000)
608000 WILMINGTON, NC 0 22,000,000 (22,000,000) 850000 DURHAM, NC 0 7,500,000 (7,500,000) 480000 DETROIT, MI 1,000,000 846000 Leawood 637000 Toledo 465000 MT. PLEASANT, MI 565000 BRENTWOOD, TN 625000 Spring Hill --------------- --------------- --------------- Total Quartery Principal Change 599,773,082 711,450,002 (111,676,919)
DATA INPUT FOR CALCULATION OF RATIOS
09/30/2002 09/30/2001 09/30/2000 09/30/1999 -------------- -------------- -------------- --------------- FUNDS FROM OPERATIONS Net Income Applicable to Common Shareholders 51,785,000 51,729,209 57,268,404 44,368,401 Depreciation of Real Property 56,237,000 44,338,754 39,691,218 39,247,513 Equity in net (income) loss from joint ventures (22,398,000) (13,431,007) (12,401,959) (13,939,846) Equity in net (income) loss of minority equity investment 0 (1,549,717) (5,136,331) (4,925,093) Joint Venture FFO 32,145,000 23,964,438 22,199,663 22,437,280 Minority Equity Investment FFO 0 6,448,148 11,020,624 9,492,794 Operating Partnership Minority Interest Expense 1,104,124 1,147,349 3,756,238 4,895,252 Non-Recurring & Extraordinary Charges 2,894,950 Gain on Sales of Real Estate (enter gain as neg #) 3,058,000 (15,761,177) (18,979,194) 1,752,654 ------------- ------------- ------------- ------------- 121,931,124 99,780,947 97,418,663 103,328,955 PER SHARE INFORMATION: WEIGHTED AVERAGE SHARES AND OP UNITS, Diluted, FFO 65,548,076 56,601,480 60,134,977 65,966,027 WEIGHTED AVERAGE SHARES, Diluted - For computing NI/Share 64,451,461 55,526,728 56,582,000 61,313,510 FFO, Diluted 1.86 1.76 1.62 Net Income, Diluted 0.80 0.93 1.01 REVENUES: DDR Revenues 265,728,283 236,699,156 211,878,357 195,677,751 Joint Venture Revenues 189,650,642 180,272,032 139,557,811 121,933,490 NET OPERATING INCOME: DDR Net Operating Income 185,546,656 164,547,825 152,829,134 145,443,933 Joint Venture Net Operating Income 124,061,558 124,028,126 97,951,851 85,220,861 REAL ESTATE AT COST: DDR Real Estate at Cost 2,810,380,939 2,480,594,488 2,130,539,656 2,008,165,179 Joint Venture Real Estate at Cost 1,814,828,895 1,840,141,578 1,542,681,157 1,395,235,696 GENERAL AND ADMINISTRATIVE EXPENSES 20,012,451 17,838,297 14,919,002 13,243,907 DIVIDEND PAYOUT RATIO Common Share Dividends / Share 1.140 1.110 1.080 1.050 Common Share Dividends 73,768,189 61,287,873 60,414,004 64,369,233 Operating Partnership Minority Interest Expense 1,104,124 1,147,349 3,756,238 4,895,252 Common Share Dividends & OP Units interest 74,872,313 62,435,222 64,170,242 69,264,485 DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding 64,920,769 55,297,588 54,877,181 61,313,218 Operating Partnership Units Outstanding 946,159 1,038,027 1,027,984 4,702,282 Share Price 22.01 17.95 12.88 14.00 Preferred Shares at Book Value 304,000,000 303,750,000 303,750,000 303,750,000 Preferred Units and Warrant 35,000,000 35,000,000 35,000,000 35,000,000 Goldman Exchange Fund 180,000,000 180,000,000 180,000,000 75,000,000 Total Debt 1,493,249,532 1,386,537,211 1,226,491,357 1,081,874,692 ------------- ------------- ------------- ------------- 3,461,980,617 2,916,511,500 2,465,020,356 2,419,841,692 DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT Preferred Shares at Book Value 304,000,000 303,750,000 303,750,000 303,750,000 Total JV Debt 400,314,862 374,282,157 340,378,913 429,951,270 06/30/2002 06/30/2001 06/30/2000 06/30/1999 -------------- -------------- -------------- -------------- FUNDS FROM OPERATIONS Net Income Applicable to Common Shareholders 33,098,294 38,192,446 43,058,868 29,379,269 Depreciation of Real Property 38,208,492 27,807,961 26,280,042 24,056,948 Equity in net (income) loss from joint ventures (17,616,917) (9,354,627) (8,834,037) (8,426,864) Equity in net (income) loss of minority equity investment 0 (1,549,717) (2,909,331) (3,035,743) Joint Venture FFO 23,351,076 16,033,983 15,519,914 14,776,118 Minority Equity Investment FFO 0 6,448,148 7,210,465 6,166,459 Operating Partnership Minority Interest Expense 761,732 775,990 3,370,457 3,249,453 Non-Recurring & Extraordinary Charges 0 Gain on Sales of Real Estate (enter gain as neg #) 3,526,133 (12,746,576) (17,088,764) 1,752,654 ------------- ------------- ------------- ------------- 81,328,810 65,607,608 66,607,614 67,918,294 PER SHARE INFORMATION: WEIGHTED AVERAGE SHARES AND OP UNITS, Diluted, FFO 64,891,616 56,371,755 62,001,749 65,959,872 WEIGHTED AVERAGE SHARES, Diluted - For computing NI/Share 63,766,000 55,275,780 61,995,761 61,306,531 FFO, Diluted 1.25 1.16 Net Income, Diluted 0.52 0.69 REVENUES: DDR Revenues 172,744,083 153,697,675 140,515,773 129,452,000 Joint Venture Revenues 123,098,762 118,990,093 92,259,445 80,568,476 NET OPERATING INCOME: DDR Net Operating Income 118,508,740 108,010,296 100,742,504 95,904,000 Joint Venture Net Operating Income 82,267,367 83,049,790 65,949,024 56,545,127 REAL ESTATE AT COST: DDR Real Estate at Cost 2,607,842,081 2,467,544,786 2,131,353,846 1,962,227,418 Joint Venture Real Estate at Cost 1,851,297,227 1,801,699,659 1,510,446,085 1,241,333,944 GENERAL AND ADMINISTRATIVE EXPENSES 13,380,793 11,931,506 10,168,184 9,206,498 DIVIDEND PAYOUT RATIO Common Share Dividends / Share 0.760 0.740 0.720 0.700 Common Share Dividends 49,099,056 40,733,396 40,654,359 42,909,731 Operating Partnership Minority Interest Expense 761,732 775,990 3,370,457 3,249,453 Common Share Dividends & OP Units interest 49,860,788 41,509,386 44,024,816 46,159,184 DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding 64,906,113 55,136,643 54,862,281 61,306,416 Operating Partnership Units Outstanding 946,159 1,051,310 4,658,652 4,655,092 Share Price 22.50 18.38 14.95 16.88 Preferred Shares at Book Value 304,000,000 303,750,000 303,750,000 303,750,000 Preferred Units and Warrant 35,000,000 35,000,000 35,000,000 35,000,000 Goldman Exchange Fund 180,000,000 180,000,000 180,000,000 0 Total Debt 1,336,908,614 1,402,143,611 1,156,578,086 1,110,631,937 ------------- ------------- ------------- ------------- 3,337,584,734 2,953,628,187 2,565,344,597 2,562,482,385 DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT Preferred Shares at Book Value 304,000,000 303,750,000 303,750,000 303,750,000 Total JV Debt 399,438,474 359,411,644 351,345,383 390,325,419 03/31/2002 03/31/2001 03/31/2000 03/31/1999 -------------- -------------- -------------- -------------- FUNDS FROM OPERATIONS Net Income Applicable to Common Shareholders 16,936,424 15,701,956 31,161,155 15,052,828 Depreciation of Real Property 20,931,144 13,602,742 13,416,532 12,462,980 Equity in net (income) loss from joint ventures (6,726,566) (4,939,376) (5,713,259) (4,790,185) Equity in net (income) loss of minority equity investment 0 (2,950,545) (1,811,288) (1,438,830) Joint Venture FFO 8,595,958 8,167,917 8,835,603 7,574,813 Minority Equity Investment FFO 0 4,166,642 3,531,856 2,882,014 Operating Partnership Minority Interest Expense 384,254 387,864 1,692,818 1,616,601 Non-Recurring & Extraordinary Charges 0 Gain on Sales of Real Estate (enter gain as neg #) 0 (1,741,658) (16,887,157) 0 ------------- ------------- ------------- ------------- 40,121,214 32,395,542 34,226,260 33,360,221 PER SHARE INFORMATION: WEIGHTED AVERAGE SHARES AND OP UNITS, Diluted, FFO 63,003,534 56,100,000 63,813,000 65,923,090 WEIGHTED AVERAGE SHARES, Diluted - For computing NI/Share 61,963,236 54,811,473 59,925,000 61,302,262 FFO, Diluted 0.64 0.58 Net Income, Diluted 0.27 0.29 REVENUES: DDR Revenues 88,459,359 73,707,570 68,805,972 65,138,387 Joint Venture Revenues 64,481,099 57,962,006 47,439,391 39,870,605 NET OPERATING INCOME: DDR Net Operating Income 63,198,317 51,922,664 49,520,895 47,940,370 Joint Venture Net Operating Income 42,913,101 40,438,492 34,326,160 28,492,640 REAL ESTATE AT COST: DDR Real Estate at Cost 2,580,966,947 2,179,855,082 2,046,037,926 1,936,857,565 Joint Venture Real Estate at Cost 1,874,139,062 1,704,043,129 1,513,731,329 1,161,339,526 GENERAL AND ADMINISTRATIVE EXPENSES 6,480,000 5,701,427 4,987,110 4,643,869 DIVIDEND PAYOUT RATIO Common Share Dividends / Share 0.380 0.370 0.360 0.350 Common Share Dividends 24,460,134 20,334,749 20,842,253 21,452,570 Operating Partnership Minority Interest Expense 384,254 387,864 1,692,818 1,616,601 Common Share Dividends & OP Units interest 24,844,388 20,722,613 22,535,071 23,069,171 DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding 64,369,773 54,958,781 57,029,149 61,293,346 Operating Partnership Units Outstanding 963,977 1,051,310 4,702,282 4,664,031 Share Price 21.00 14.70 13.88 14.31 Preferred Shares at Book Value 453,750,000 303,750,000 303,750,000 303,750,000 Preferred Units and Warrant 35,000,000 35,000,000 35,000,000 35,000,000 Goldman Exchange Fund 180,000,000 180,000,000 75,000,000 0 Total Debt 1,189,806,172 1,247,199,200 1,138,688,626 1,080,828,695 ------------- ------------- ------------- ------------- 3,230,564,922 2,589,297,538 2,408,962,231 2,363,593,653 DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT Preferred Shares at Book Value 453,750,000 303,750,000 303,750,000 303,750,000 Total JV Debt 419,494,201 345,802,613 362,471,078 376,126,555 12/31/02 12/31/01 12/31/00 12/31/99 -------------- -------------- -------------- -------------- FUNDS FROM OPERATIONS Net Income Applicable to Common Shareholders 74,911,989 65,110,508 73,571,050 60,135,337 Depreciation of Real Property 76,462,373 63,199,534 52,974,727 51,496,947 Equity in net (income) loss from joint ventures (32,769,112) (17,010,479) (17,071,898) (20,621,207) Equity in net (income) loss of minority equity investment (1,549,717) (6,223,584) (6,452,564) Joint Venture FFO 44,473,189 31,545,955 30,511,771 32,316,557 Minority Equity Investment FFO 6,448,148 14,855,747 12,964,524 Operating Partnership Minority Interest Expense 1,450,391 1,531,419 4,125,730 6,541,054 Non-Recurring & Extraordinary Charges 2,894,950 Gain on Sales of Real Estate (enter gain as neg #) 454,168 (16,687,927) (23,440,165) 1,663,693 ------------- ------------- ------------- ------------- 164,982,998 135,482,391 129,303,378 138,044,341 PER SHARE INFORMATION: WEIGHTED AVERAGE SHARES AND OP UNITS, Diluted, FFO 65,910,448 56,956,515 59,036,811 68,411,633 WEIGHTED AVERAGE SHARES, Diluted - For computing NI/Share 64,837,492 55,888,652 55,958,676 63,468,000 FFO, Diluted 2.50 2.38 2.19 2.05 Net Income, Diluted 1.16 1.17 1.31 0.95 REVENUES: DDR Revenues 360,778,171 324,148,097 285,416,118 263,932,497 Joint Venture Revenues 251,904,839 244,663,026 193,274,515 170,713,952 NET OPERATING INCOME: DDR Net Operating Income 243,371,703 224,888,550 204,921,616 194,263,297 Joint Venture Net Operating Income 167,572,985 166,544,731 136,439,960 119,543,843 REAL ESTATE AT COST: DDR Real Estate at Cost 2,804,056,033 2,493,664,577 2,161,809,566 2,068,274,311 Joint Venture Real Estate at Cost 1,785,165,038 1,862,514,602 1,522,492,593 1,441,321,624 GENERAL AND ADMINISTRATIVE EXPENSES 29,392,024 24,174,800 20,449,469 17,773,682 DIVIDEND PAYOUT RATIO Common Share Dividends / Share 1.520 1.480 1.440 1.400 Common Share Dividends 99,080,445 83,189,873 80,170,852 85,195,406 Operating Partnership Minority Interest Expense 1,450,391 1,531,419 4,125,730 6,541,054 Common Share Dividends & OP Units interest 100,530,836 84,721,292 84,296,582 91,736,460 DDR TOTAL MARKET CAPITALIZATION Common Shares Outstanding 66,608,623 59,454,648 54,880,482 59,503,835 Operating Partnership Units Outstanding 911,227 1,038,027 1,051,310 4,702,282 Share Price 21.99 19.10 13.31 12.88 Preferred Shares at Book Value 304,000,000 303,750,000 303,750,000 303,750,000 Preferred Units and Warrant 0 35,000,000 35,000,000 35,000,000 Goldman Exchange Fund 180,000,000 180,000,000 180,000,000 75,000,000 Total Debt 1,491,481,028 1,308,300,774 1,227,575,040 1,152,051,151 ------------- ------------- ------------- ------------- 3,460,242,530 2,982,460,867 2,490,917,021 2,392,454,907 DDR TOTAL MARKET CAPITALIZATION - INCLUDING PROPORTIONATE SHARE OF JV DEBT Preferred Shares at Book Value 304,000,000 303,750,000 303,750,000 303,750,000 Total JV Debt 387,093,970 380,603,500 322,822,762 466,633,428
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS & NOTES RECEIVABLE Cash and Cash Equivalents 9,227,104 12,323,883 Notes Receivable or proportionate share 41,703,425 34,385,725 52,897,556 74,068,678 DDRC Notes receivable 11,933,061 6,967,232 2,213,483 5,953,823 Advances and Investments in Joint Ventures 253,328,081 275,972,910 289,482,092 304,155,017 DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSTS & NOTES RECEIVABLE Proportionate Share of JV Undepreciated Real Estate Assets 610,872,970 592,777,569 547,533,670 693,195,664 Minority Equity Investments 0 0 136,055,141 137,970,439 FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS Interest Expense 58,178,687 61,812,180 56,582,134 50,080,730 DEBT SERVICE Recurring Principal Amortization 5,085,825 4,463,184 3,715,168 4,019,139 1,930,752 FIXED CHARGES Preferred Dividends, including preferred operating minority interest 34,878,313 34,757,302 30,977,302 23,188,234
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS & NOTES RECEIVABLE Cash and Cash Equivalents 11,709,097 8,301,000 Notes Receivable or proportionate share 40,000,635 44,569,728 52,496,568 47,367,388 DDRC Notes receivable 11,759,614 10,260,293 2,563,483 13,839,579 Advances and Investments in Joint Ventures 265,035,466 282,451,916 288,662,958 294,061,975 DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSTS & NOTES RECEIVABLE Proportionate Share of JV Undepreciated Real Estate Assets 617,062,848 582,954,258 567,527,294 632,666,022 Minority Equity Investments 0 0 135,952,604 133,199,261 FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS Interest Expense 38,298,468 41,005,781 36,790,340 33,352,810 DEBT SERVICE Recurring Principal Amortization 4,506,487 2,816,066 2,429,414 2,804,824 1,542,104 FIXED CHARGES Preferred Dividends, including preferred operating minority interest 23,617,450 23,171,534 19,391,535 15,118,414
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS & NOTES RECEIVABLE Cash and Cash Equivalents 25,055,205 3,621,000 Notes Receivable or proportionate share 44,311,289 45,958,418 51,877,782 42,112,965 DDRC Notes receivable 27,715,754 6,057,020 5,865,996 13,680,000 Advances and Investments in Joint Ventures 262,972,642 272,825,196 289,178,437 288,538,000 DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSTS & NOTES RECEIVABLE Proportionate Share of JV Undepreciated Real Estate Assets 644,486,760 557,925,985 574,933,742 592,688,291 Minority Equity Investments 0 125,558,599 136,818,146 133,159,566 FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS Interest Expense 19,086,440 19,960,679 18,124,322 17,273,985 DEBT SERVICE Recurring Principal Amortization 2,733,834 1,397,896 1,203,523 1,483,207 771,053 FIXED CHARGES Preferred Dividends, including preferred operating minority interest 11,764,936 11,585,767 9,223,266 7,559,207
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS & NOTES RECEIVABLE Cash and Cash Equivalents 16,370,676 19,069,524 4,243,000 5,992,000 Notes Receivable or proportionate share 50,521,205 22,000,192 42,186,594 70,025,273 DDRC Notes receivable 11,661,723 5,220,629 4,824,000 5,589,582 Advances and Investments in Joint Ventures 258,610,663 255,326,542 260,926,685 299,176,302 DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSTS & NOTES RECEIVABLE Proportionate Share of JV Undepreciated Real Estate Assets 611,223,506 620,688,288 503,902,072 715,118,230 Minority Equity Investments 0 0 135,027,931 137,233,776 FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS Interest Expense 77,207,667 81,769,749 77,030,001 68,023,171 DEBT SERVICE Recurring Principal Amortization 6,749,843 6,994,200 5,073,359 4,998,682 N/A FIXED CHARGES Preferred Dividends, including preferred operating minority interest 45,395,423 46,343,069 42,563,069 32,418,594
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 SIGNIFICANT ACCOUNTING POLICIES REVENUES - Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint. - Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provision of tenants' leases. - Lease termination fees are included in other income and recognized upon termination of a tenant's lease, which generally coincides with the receipt of cash. GENERAL AND ADMINISTRATIVE EXPENSES - General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred. DEFERRED FINANCING COSTS - Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations. REAL ESTATE - Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property's estimated undiscounted future cash flows, including estimated proceeds from disposition. - Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows: Buildings 18 to 31 years Furniture/Fixtures Useful lives, which approximate and Tenant Improvements lease terms, where applicable Significant Accounting Policies 2.4 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) - Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized. - Included in land is undeveloped real estate, generally outlots or expansion pads adjacent to the shopping centers and enclosed malls owned by the Company. - Construction in progress includes shopping center developments and significant expansions and re-developments. CAPITALIZATION - The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants. - For the six month period ended June 30, 2003 and the years ended December 31, 2002, 2001, 2000 and 1999, the Company capitalized interest of $4.6 million, $9.5 million, $12.9 million, $18.2 million and $13.4 million, respectively. - In addition, the Company capitalized certain construction administration costs of $ 2.6 million for the six month period ended June 30, 2003 and $4.5 million, $3.3 million, $3.2 million, $2.4 million for the years ended December 31, 2002, 2001, 2000 and 1999, respectively. - Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life. GAIN ON SALES OF REAL ESTATE - Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete. Significant Accounting Policies 2.4 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF WHOLLY OWNED AND CONSOLIDATED CAPITAL TRANSACTIONS ACQUISITIONS, DISPOSITIONS, DEVELOPMENTS & EXPANSIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
Six Months Ended Year Ended Year Ended Year Ended Year Ended June 30, December 31, December 31, December 31, December 31, 2003 2002 2001 2000 1999 -------------- ------------- ------------- ------------- ------------ Acquisitions/Transfers $ 1,199.0 (2) $ 298.6 (4) $ 289.3 (6) $ 81.1 (7) $ 78.3 (8) Completed Expansions 23.3 8.0 13.7 13.6 43.3 Developments & Construction in Progress 43.7 66.4 72.9 81.2 75.6 Tenant Improvements & Building Renovations (1) 4.4 7.3 6.1 6.3 6.6 Furniture Fixtures & Equipment 1.1 2.3 2.5 0.4 5.3 ---------- --------- --------- --------- -------- 1,271.5 $ 382.6 $ 384.5 $ 182.6 $ 209.1 Less: Real Estate Sales & Joint Venture Transfers (208.4)(3) ($ 72.2)(5) ($ 52.7) ($ 89.1) ($ 37.6) ------------------------------------------------------------------------------------------------------------------------ Total DDR Additions (Millions) 1,063.1 $ 310.4 $ 331.8 $ 93.5 $ 171.5 ========================================================================================================================
(1) The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $7.5 million associated with its wholly owned and consolidated portfolio during 2003. (2) Includes transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers. (3) In addition to the sales listed in the disposition section, this balance includes the transfer of seven assets with an aggregate cost of $153.6 million to the joint venture with DDR Markaz LLL (Kuwait Financial Centre), these assets are shopping centers located in Richmond, CA, Winchester, VA, Tampa, FL, Toledo, OH, Highland, IN, Oviedo, FL and Grove City, OH and the sale of several outparcels. (4) Includes transfers from joint ventures of the Independence, MO shopping center, Phase IV of the Salisbury, MD shopping center, Canton, OH shopping center, Plainville, CT shopping center, and San Antonio, TX shopping center to DDR. (5) Includes a transfer to joint ventures for the newly developed shopping center in Kildeer, Illinois, the sales of shopping centers located in Cape Coral, Florida, Huntsville, Alabama, Ocala, Florida, Orlando, Florida and St. Louis, Missouri, the sale of three outlots, and a write-off of $5.0 million relating to the former K-mart space at North Little Rock, Arkansas which is being redeveloped. (6) The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001. (7) Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavilion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures. (8) Includes a transfer of the Everett development project to DDR and the Salem development project to DD Development Co. Summary of Wholly Owned Capital Transactions 3.1 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 WHOLLY OWNED AND CONSOLIDATED ACQUISITIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
Cost Acquisition Property Location GLA (1) (Millions) Date Major Tenants ----------------- -------- ---------- ----------- -------------------------------------------- Gulfport, Mississippi 539,433 $ 45.0 01/31/03 TJ Maxx, Old Navy, Cinemark, Barnes & Noble, Office Depot, Circuit City, Goody's, Academy Sports, Kirschman's Furniture and PetSmart. JDN Realty Corporation (2) 23,036,437 $ 1,073.2 03/13/03 Portfolio of 102 operating and development properties located in 15 states. Leawood, KS (3) 412,879 $ 80.8 04/25/2003 Coldwater Creek, The Gap, J. Jill, Sharper Image, The Limited, Ann Taylor, Pottery Barn, American Eagle, Restoration Hardware, ------------------------------------------------------------------------------------------------------------- Total 23,988,749 $ 1,199.0 =============================================================================================================
(1) GLA may include property managed, but not owned. (2) Includes the transfer from joint venture of the Suwanee, GA shopping center. (3) The Company previously owned a 50% joint venture interest in this asset, which was accounted for using the equity method of accounting. WHOLLY OWNED AND CONSOLIDATED DISPOSITIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
Gross Sale Proceeds Property Location GLA (Millions) Sale Date ----------------- --- ---------- --------- Fayetteville, GA 10,908 $ 3.1 3/27/2003 Buford, GA 27,806 $ 3.5 4/1/2003 Three Business Centers 395,277 $ 14.0 4/8/2003 Lilburn, GA 132,847 $ 14.0 5/1/2003 Gulf Breeze, FL 14,490 $ 3.5 5/12/2003 Andersen, SC 14,250 $ 1.4 6/20/2003 Fayetteville, GA 15,335 $ 3.0 6/27/2003 ------------------------------------------------------ Total 610,913 $ 42.5 ======================================================
Wholly Owned Acquisitions and Dispositions 3.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 WHOLLY OWNED AND CONSOLIDATED EXPANSION AND REDEVELOPMENT PROJECTS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
NOT SHOWN PROJECTS COMPLETED ------------------------------------------------------------------------------------------------------------- Birmingham, AL Retenanted the former Wal-Mart space with Lowe's Home Improvement (opened 3/03) and added a 45,600 sf expansion, which includes a Ross Dress for Less (opened 2/03) and Petco (opened 4/03) 3.964440 Brandon, FL Retenanted the former Scotty's with 66,000 sf two story Kanes Furniture store (opened 4/03). 0.6 N. Canton, OH Expansion of existing Kohl's space by approximately 20,000 sf (opened 9/02) and the addition of 7,000 sf of retail space. 2.369706 Fayetteville, NC Expansion of existing center to include a Bed, Bath & Beyond (opened 7/03) and the creation of an additional 19,672 sf of retail space. 4.023151 Taylorsville, UT Redevelopment of the center, including the demolition of the former theater to construct a 35,000 sf 24 Hour Fitness (opened 12/02), and the relocation of several small retailers to accommodate a 30,200 sf Ross Dress for Less (opened 6/03) 12.314888 --------------------------------------------------- Total Net Cost (Millions) $ 23.3 --------------------------------------------------- PROJECTS IN PROGRESS ---------------------------------------------------------------------------------------------- N. Little Rock, AR Demolished the former Kmart space to construct a Bed, Bath 5.151190 & Beyond (opened 9/02), Sports Authority (scheduled to open 8/03), and Micheal's (scheduled to 1st quarter 2004). Bayonet Point, FL Relocation of three small shops for the expansion of 2.518132 existing Beall's space by approximately 15,700 sf (scheduled to open in 8/03). Tucker, GA Expansion of existing center to include Washington Mutual 1.04252 Bank, EB Gameworks (scheduled to open 8/03) and an additional 5,600 sf of retail space Aurora, OH Expansion of the existing center to create a 38,000 sf 4.64036 Marquee Theatre (scheduled to open in 12/03). Tiffin, OH Retenanting the former Kmart with Marquee Theatre 5.829312 (scheduled to open 12/03) and 15,000 sf of additional retail space. Riverdale, UT (North) Retenanting the former Wal-Mart space with a Meier and 0.099286 Frank Department Store (scheduled to open in 8/03). Erie, PA Expansion of the existing Kohl's store by approximately 6.414185 20,250 sf. Monaca, PA Expansion of the existing center to create 38,000 sf 25.694992 Cinemark Theater and 6,160 sf of retail space --------------------------------------------------- Total Net Cost (Millions) $ 25.7 --------------------------------------------------- PROJECTS TO COMMENCE CONSTRUCTION ---------------------------------------------------------------------------------------------- Princeton, NJ Expansion of the existing center to create an additional 9.307331 76,800 sf of retail space.
Wholly Owned Expansions and Redevelopments 3.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF WHOLLY OWNED AND CONSOLIDATED DEVELOPMENT PROJECTS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
Substantial Net Cost Completion PROJECTS SUBSTANTIALLY COMPLETED GLA (Millions) Date Major Tenants --------------------------------------------------------------------------------------------------------------------------------- Fayetteville, AR 137,033 $ 10.2 1st Half 2003 PetsMart, Kohl's, Radio Shack, EB Game World, Cingular Wireless Aurora, CO 147,465 $ 27.0 1st Half 2003 Wal-Mart, Home Depot, Bed, Bath & Beyond, Office Depot, PetsMart, and 73,000 sq. ft of retail space Parker, CO 100,536 $ 17.4 1st Half 2003 Office Depot, PetsMart, Hollywood Video, Starbucks, Noodles, Wal-Mart, Home Depot, Panda Express, Fantastic Sam's Meridian (Boise), ID Phase I & II 733,051 (1)(2) $ 64.3 (1) 2000 (Phase I) Phase I: Wal*Mart Supercenter, Shopko, Shepler's, Bed Bath & Beyond, Office Depot, Old Navy, Sportsman's Warehouse, Ross Dress for Less, Marshalls, additional small retailers and restaurants 2nd Half 2003 Phase II: Craft Warehouse, Babies 'R Us, (Phase II) PetsMart and 24,800 square feet of additional retail space St. John's, MO 92,019 $ 11.7 1st Half 2003 Shop 'N Save Frisco, TX 120,884 $ 9.0 1st Half 2003 Kohl's, Great Clips PROJECTS IN PROGRESS --------------------------------------------------------------------------------------------------------------------------------- Long Beach, CA (The Pike at Rainbow Harbor) Phase I 343,651 $ 126.8 2nd Half 2003 CinemarkTheater, Gameworks, Carnival Club, and 2004 Gladstones, Outback Steakhouse, Island Burgers, Bubba Gump Shrimp, California Pizza Kitchen Sacramento, CA 6,728 $ 1.4 2nd Half 2003 Pick Up Stix, City Financial, UPS Store, GameStop and 3,200 sq. ft. of retail space Fort Collins, CO 18,540 $ 8.1 2004 Wal-Mart, Home Depot and additional small shops Parker South, CO (Phase I) 133,927 $ 14.4 2nd Half 2003 Kohl's, Bed, Bath & Beyond, Gart Sports, Michael's, Famous Footwear, Lane Bryant Lithonia, GA 160,675 $ 15.8 2nd Half 2003 Sam's Club, Best Buy, Toys 'R Us, Bed, Bath & Beyond and an additional 39,900 sf of retail space McDonough, GA 61,000 $ 6.7 2nd Half 2003 Wal-Mart, Lowe's, Cracker Barrel and 50,500 sf of retail space Overland Park, KS 91,845 $ 12.6 2004 Home Depot, Sam's Club, Aldi's Grocery, Party City, Goodyear Tire, Bank of America Chesterfield, MI 130,245 $ 15.0 2004 Petco and additional retail to be announced Grandville, MI 212,891 $ 25.7 2nd Half 2003 Lowe's, PetsMart, Shoe Carnival, Gander Mountain, Circuit City, Linens 'N Things, Party City, Cost Plus Lansing, MI 165,869 $ 13.9 2004 Wal-Mart, Lowe's, Michael's, Gander Mountain, Subway, Hallmark
Wholly Owned Developments 3.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF WHOLLY OWNED AND CONSOLIDATED DEVELOPMENT PROJECTS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
Substantial Net Cost Completion PROJECTS IN PROGRESS - CONT'D GLA (Millions) Date Major Tenants --------------------------------------------------------------------------------------------------------------------------------- Coon Rapids (Minneapolis), MN 295,290 $ 38.2 1st Half 2003 Phase I: Ulta 3 Cosmetics, Border's, (Central Quadrant, adjacent Phase D Maurice's, Lane Bryant, Sprint, PetsMart, to DDR's existing property) additional small retailers and restaurants 2004 (Phase II) Phase II: Casual Corner, Pier One, J.C. Penney Apex, NC 465,754 $ 25.2 2004 Target, Lowe's Hamilton, NJ 487,647 $ 82.9 2nd Half 2003 Wal-Mart, Lowe's, BJ's Wholesale, Kohl's, Michaels, PetsMart, Famous Footwear, Ross Dress for Less, Pier One, Linens 'N Things, Shop-Rite Erie, PA 113,363 $ 8.7 2nd Half 2003 Target, Marshall's, Bed, Bath & Beyond, Babies 'R Us, H&R Block Irving, TX 319,976 $ 29.6 2004 Wal-Mart, Sam's Club, Kohl's, PetsMart, Marquee Theater Mesquite, TX 197,460 $ 26.6 2nd Half 2003 Michael's, Linens 'N Things, Ross Dress for Less, Ultimate Electronics, Dress Barn, Famous Footwear PROJECTS TO COMMENCE CONSTRUCTION --------------------------------------------------------------------------------------------------------------------------------- Norwood, MA 115,147 $ 7.2 2004 Lowe's St. Louis, MO 99,927 $ 13.1 2004 PetsMart and other retail tenants to be announced Mt. Laurel, NJ 720,163 $ 41.3 2004 Target, Wegman's, Bed, Bath & Beyond McKinney, TX (Phase II) 98,000 $ 6.4 2004 To be announced --------------------------------------------------------------------------------------------------------------------------------- Wholly Owned Development Totals 5,569,086 $ 659.3 =================================================================================================================================
Notes: (1) Meridian project costs and square footage are aggregated for Phase I and Phase II. (2) Includes square footage which will not be Company owned. Wholly Owned Developments 3.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 WHOLLY OWNED AND CONSOLIDATED DEVELOPMENT ASSETS PLACED IN SERVICE AS OF JUNE 30, 2003
Assets Placed in Service Date (Millions) ----------------------------------------------------------- As of December 31, 2002 $ 200.5 1st Quarter 2003 $ 14.7 2nd Quarter 2003 $ 23.0 3rd Quarter 2003 $ 14.4 4th Quarter 2003 $ 133.0 Thereafter $ 273.7 ------------------------------------------------ Total $ 659.3 ================================================
WHOLLY OWNED AND CONSOLIDATED DEVELOPMENT FUNDING SCHEDULE AS OF JUNE 30, 2003 Funded as of June 30, 2003 $ 476.8 Projected Net Funding During 2003 $ 105.7 (1) Projected Net Funding Thereafter $ 76.8 (1) ------------------------------------------------ Total $ 659.3 ================================================
(1) Amount will be reduced by the additional proceeds to be obtained through the construction loans relating to the Aurora, Hamiton, Mesquite projects and proceeds from land sales. Wholly Owned Development Delivery and Funding Schedules 3.2 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF CONSOLIDATED DEBT AS OF JUNE 30, 2003
MORTGAGE MATURITY INTEREST BALANCE(000'S) DATE RATE (1) -------------- -------- -------- SENIOR DEBT: Unsecured Credit Facility: $650 Million Revolving Credit Facility 383,813 (2) 05/05 2.120 $300 Million Revolving Credit Facility 300,000 03/04 2.270 Secured Credit Facility: $30 Million Revolving Credit Facility 19,000 06/05 2.120 ------- Total Credit Facility Debt 702,813 PUBLIC DEBT: Medium Term Notes F 10,000 07/04 6.900 Medium Term Notes F 5,000 07/04 6.940 Medium Term Notes F 50,000 (3) 12/04 6.840 Medium Term Notes F 1,000 11/05 7.280 Medium Term Notes F 95,342 (4) 03/07 6.840 Medium Term Notes F 10,000 07/07 6.950 Medium Term Notes F 2,000 12/07 7.050 Medium Term Notes F 99,883 01/08 6.625 Medium Term Notes F 100,000 07/18 7.500 Unsecured Notes F 75,000 08/04 6.800 Unsecured Notes F 85,000 08/07 6.950 ------- Total Public Debt 533,224 MORTGAGE DEBT: Plainville, CT (TIF) F 7,260 04/21 7.125 Bayonet Point, FL F 5,327 08/06 9.750 Tupelo, MS F 12,157 03/08 4.410 Jacksonville, FL F 6,975 03/08 4.410 Denver, CO (Univ Hills) F 29,600 06/12 7.300 Henderson, TN F 9,835 01/19 7.660 Brown Deer, WI F 3,472 08/09 7.750 Richmond, KY (Carriage Gate) F 5,562 12/03 7.630 Allentown, PA F 19,520 06/21 6.950 Erie, PA F 25,961 04/11 6.880 Erie, PA F 2,996 04/11 6.880 Boardman, OH F 26,960 04/11 6.880 Solon, OH F 16,840 03/08 4.410 St. Louis, MO (Sunset) F 34,948 04/11 6.880 St. Louis, MO (Brentwood) F 25,961 04/11 6.880 Denver, CO (Centennial) F 38,942 04/11 6.880 Cedar Rapids, IA F 10,488 01/20 9.375 St. Louis, MO (Olympic) F 3,977 08/07 9.150
Summary of Consolidated Debt 3.3 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF CONSOLIDATED DEBT AS OF JUNE 30, 2003 (CON'T)
MORTGAGE MATURITY INTEREST BALANCE DATE RATE (1) ----------- -------- -------- St. Louis, MO (Gravois) F 2,270 07/12 8.625 St. Louis, MO (Keller) F 1,976 01/10 8.625 St. Louis, MO (Home Qtrs) F 2,985 01/15 8.800 N. Charleston, SC F 12,057 03/08 4.410 Sault St. Marie, MI F 3,826 05/07 8.375 Walker, MI F 8,868 03/08 4.410 Detroit, MI F 6,937 09/05 7.375 Mt. Pleasant, SC (GS II) F 8,171 03/08 4.410 Meridian, ID (GS II) F 26,406 03/08 4.410 Logan, UT F 783 06/12 8.750 Riverdale, UT (North) F 9,329 10/20 9.300 Salt Lake City, UT (Hermes) F 431 08/04 5.900 Birmingham, AL (GS II) F 28,598 03/08 4.410 Wilmington, NC F 21,922 03/08 4.410 Berlin, VT F 4,940 08/07 9.750 Brainerd, MN F 280 02/05 6.800 Spring Hill, FL F 5,538 09/19 9.750 West Pasco, FL F 4,784 02/12 9.625 Princeton, NJ F 26,533 03/27 8.262 Woodmont - Riverchase F 8,157 01/13 5.500 Leawood, KS F 52,964 07/09 7.310 Durham, NC F 7,473 03/08 4.410 Bellefontaine, OH F 2,662 12/16 7.500 Dublin, OH F 9,821 09/06 8.375 Pickerington, OH F 4,595 12/06 8.250 Dallas, TX (Beltline) F 1,402 12/03 8.610 Houston, TX (Commerce Park) F 1,820 12/03 8.610 Irving, TX (Gateway) F 2,470 12/03 8.610 Arlington, TX (Meridian) F 1,008 12/03 8.610 Dallas, TX (Northgate) F 4,485 12/03 8.610 Houston, TX (Plaza Southwest) F 2,925 12/03 8.610 Houston, TX (Westchase) F 1,151 12/03 8.610 Dallas, TX (Carpenter) F 28,655 01/08 7.250 Silver Springs, MD (Tech 29-1) F 7,094 02/09 7.330 Silver Springs, MD (Tech 29-2) F 3,593 09/06 9.050 Silver Springs, MD (Tech 29-3) F 4,136 11/06 8.580 Everett, MA V 29,000 12/03 2.970 Princeton, NJ V 25,000 09/25 2.620 Independence, MO V 27,500 03/06 2.620 N Canton, OH V 15,281 09/08 2.620 Coon Rapids, MN V 12,650 06/05 2.620
Summary of Consolidated Debt 3.3 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement Developers Diversified Realty Corporation SUMMARY OF CONSOLIDATED DEBT AS OF JUNE 30, 2003 (CON'T)
MORTGAGE MATURITY INTEREST BALANCE DATE RATE (1) ------------- ---------- -------- Mt. Laurel, NJ V 12,350 06/05 2.620 San Antonio, TX V 27,700 07/06 2.620 Fort Worth, TX; Lewisville, TX; Wichita, KS; Columbia, SC V 54,800 01/04 3.250 Aurora, CO V 7,741 09/04 2.470 St. John, MO V 4,444 07/04 2.470 Mesquite, TX V 15,239 04/04 2.470 Hamilton, NJ V 39,808 05/05 2.770 ---------- Total Mortgage Debt 879,339 ---------- Total Debt $2,115,376 Adjustment for Reverse Swap 7,275 (5) $2,122,652 ========== Weighted Average - Total 4.49 years 4.6% ========== Weighted Average - Fixed 6.45 years 6.5% ========== Weighted Average - Floating 2.19 years 2.5% ==========
NOTES: F - Fixed Rate Debt V - Variable Rate Debt 1. Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost amortization is approximately $1.2 million, net. 2. Senior debt of $100 million has been converted to a fixed rate of 2.34%. The remaining balance of $283.8 million is at the stated variable rate. 3. Public debt of $40 million has been converted to a variable rate of 3.655%. The remaining balance of $10 million is at the stated fixed rate. 4. Public debt of $60 million has been converted to a variable rate of 3.196%. The remaining balance of $34.7 million is at the stated fixed rate. 5. Offset included in other assets. Summary of Consolidated Debt 3.3 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June, 2003 SUMMARY OF CONSOLIDATED MORTGAGE PRINCIPAL PAYMENTS AND CORPORATE DEBT MATURITIES AS OF JUNE 30, 2003 (000's)
2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments ------------- ------------- ------------- ------------- ------------- ------------- PROPERTY MORTGAGES Plainville, CT (TIF) Bayonet Point, FL 5,327 Tupelo, MS 569 806 806 806 806 8,406 Jacksonville, FL 326 463 463 463 463 4,823 Denver, CO (Univ Hills) 1,960 2,614 2,614 2,614 2,614 2,614 Henderson, TN 801 1,068 1,068 1,068 1,068 1,068 Brown Deer, WI 333 475 513 554 599 647 Richmond, KY (Carriage Gate) 5,611 Allentown, PA 1,424 1,899 1,899 1,899 1,899 1,899 Erie, PA Erie, PA Boardman, OH Solon, OH 788 1,117 1,117 1,117 1,117 11,644 St. Louis, MO (Sunset) St. Louis, MO (Brentwood) Denver, CO (Centennial) Cedar Rapids, IA 261 287 315 346 380 417 St. Louis, MO (Olympic) 279 306 335 367 2,827 St. Louis, MO (Gravois) 243 282 310 355 389 292 St. Louis, MO (Keller) 223 243 265 289 315 343 St. Louis, MO (Home Quarters) 148 162 177 193 211 230 N. Charleston, SC 564 800 800 800 800 8,337 Sault St Marie, MI 838 911 990 1,079 418 Walker, MI 415 588 588 588 588 6,132 Detroit, MI 2,855 2,800 2,911 Mt. Pleasant, SC 382 542 542 542 542 5,650 Merridian, ID 1,190 1,751 1,751 1,751 1,751 18,304 Logan, UT 57 63 68 74 81 89 Riverdale, UT (North) 217 238 261 287 315 345 Salt Lake City, UT 428 207 Birmingham, AL 1,338 1,897 1,897 1,897 1,897 19,775 Wilmington, NC 1,026 1,454 1,454 1,454 1,454 15,158 Berlin, VT 4,940 Brainerd, MN ( K-Mart) 135 140 75 Spring Hill, FL 140 154 170 187 206 227 West Pasco, FL Princeton, NJ 303 323 358 389 423 454 Hoover, AL (Riverchase) 19 Leawood, KS Durham, NC 350 496 496 496 496 5,168 Bellefontaine, OH 114 123 133 143 154 166 2009 Payments 2010 Payments 2011 Payments Thereafter Total ------------- ------------- ------------- ---------- ------ PROPERTY MORTGAGES Plainville, CT (TIF) 7,300 7,300 Bayonet Point, FL 5,327 Tupelo, MS 12,200 Jacksonville, FL 7,000 Denver, CO (Univ Hills) 2,614 2,614 2,614 6,841 29,711 Henderson, TN 1,068 1,068 1,068 563 9,911 Brown Deer, WI 460 3,581 Richmond, KY (Carriage Gate) 5,611 Allentown, PA 1,899 1,899 1,899 3,038 19,654 Erie, PA 26,000 26,000 Erie, PA 3,000 3,000 Boardman, OH 27,000 27,000 Solon, OH 16,900 St. Louis, MO (Sunset) 35,000 35,000 St. Louis, MO (Brentwood) 26,000 26,000 Denver, CO (Centennial) 39,000 39,000 Cedar Rapids, IA 458 503 552 7,096 10,615 St. Louis, MO (Olympic) 4,114 St. Louis, MO (Gravois) 115 125 136 72 2,319 St. Louis, MO (Keller) 374 33 2,085 St. Louis, MO (Home Quarters) 252 275 300 1,109 3,058 N. Charleston, SC 12,100 Sault St Marie, MI 4,236 Walker, MI 8,900 Detroit, MI 8,566 Mt. Pleasant, SC 8,200 Merridian, ID 26,500 Logan, UT 97 105 115 61 811 Riverdale, UT (North) 379 415 456 6,523 9,435 Salt Lake City, UT 635 Birmingham, AL 28,700 Wilmington, NC 22,000 Berlin, VT 4,940 Brainerd, MN ( K-Mart) 350 Spring Hill, FL 251 276 304 3,690 5,607 West Pasco, FL 4,784 4,784 Princeton, NJ 499 543 590 22,801 26,684 Hoover, AL (Riverchase) 8,181 8,200 Leawood, KS 52,964 52,964 Durham, NC 7,500 Bellefontaine, OH 179 193 208 1,307 2,718
Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June, 2003 SUMMARY OF CONSOLIDATED MORTGAGE PRINCIPAL PAYMENTS AND CORPORATE DEBT MATURITIES AS OF JUNE 30, 2003 (CON'T)
2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments ------------- ------------- ------------- ------------- ------------- ------------- Dublin, OH 229 248 270 9,185 Pickerington, OH 186 202 219 4,079 Dallas, TX (Beltline) 1,483 Houston, TX (Commerce Park) 1,848 Irving, TX (Gateway) 2,508 Arlington, TX (Meridian) 1,023 Dallas, TX (Northgate) 4,553 Houston, TX (Plaza Southwest) 2,969 Houston, TX (Westchase) 1,168 Dallas, TX (Carpenter) 423 455 489 525 565 26,406 Silver Springs, MD (Tech 29-1) 136 145 158 170 183 196 Silver Springs, MD (Tech 29-2) 77 85 93 3,376 Silver Springs, MD (Tech 29-3) 443 443 443 2,482 Princeton, NJ (Nassau Pav) Independence, MO 27,500 N. Canton, OH 15,281 San Antonio, TX 27,700 Fort Worth, TX; Lewisville, TX; 54,800 Wichita, KS; Columbia, SC Payments Made Through 06/30/03 -5,024 ====== ====== ====== ======= ====== ======= Total - Property Mortgages 35,361 78,586 24,046 100,105 27,500 154,071 CONSTRUCTION LOANS $35.5 Million Construction Loan 29,000 (1) (National City Bank) $25 Million Construction Loan 25,000 (National City Bank) Aurora, CO 7,741 St. John, MO 4,444 Mesquite, TX 15,239 Hamilton, NJ 39,808 ====== ====== ====== ======= ====== ======= Total - Construction Loans 29,000 27,424 64,808 0 0 0 2009 Payments 2010 Payments 2011 Payments Thereafter Total ------------- ------------- ------------- ---------- ----- Dublin, OH 9,933 Pickerington, OH 4,686 Dallas, TX (Beltline) 1,483 Houston, TX (Commerce Park) 1,848 Irving, TX (Gateway) 2,508 Arlington, TX (Meridian) 1,023 Dallas, TX (Northgate) 4,553 Houston, TX (Plaza Southwest) 2,969 Houston, TX (Westchase) 1,168 Dallas, TX (Carpenter) 28,863 Silver Springs, MD (Tech 29-1) 6,173 7,161 Silver Springs, MD (Tech 29-2) 3,631 Silver Springs, MD (Tech 29-3) 3,810 Princeton, NJ (Nassau Pav) 25,000 25,000 Independence, MO 27,500 N. Canton, OH 15,281 San Antonio, TX 27,700 Fort Worth, TX; Lewisville, TX; 54,800 Wichita, KS; Columbia, SC Payments Made Through 06/30/03 -5,024 ====== ===== ======= ====== ======= Total - Property Mortgages 67,780 8,049 164,242 91,067 758,108 CONSTRUCTION LOANS $35.5 Million Construction Loan 29,000 (National City Bank) $25 Million Construction Loan 25,000 (National City Bank) Aurora, CO 7,741 St. John, MO 4,444 Mesquite, TX 15,239 Hamilton, NJ 39,808 ====== ===== ======= ====== ======= Total - Construction Loans 0 0 0 0 121,232
Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June, 2003 SUMMARY OF CONSOLIDATED MORTGAGE PRINCIPAL PAYMENTS AND CORPORATE DEBT MATURITIES AS OF JUNE 30, 2003 (CON'T)
2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments DEBT OFFERINGS Senior Notes 65,000 1,000 107,342 99,883 Unsecured Notes 75,000 85,000 ====== ======= ======= ======= ======= ======= Total - Debt Offerings 0 140,000 1,000 0 192,342 99,883 Total - Property Mortgages, 64,361 246,010 89,855 100,105 219,842 253,954 Construction Loans & Debt Offerings REVOLVING CREDIT FACILITIES $650 Million Unsecured Credit 383,813 (2) (Bank One) $300 Million Unsecured Credit 300,000 (3) (Bank of America) $30 Million Revolving Credit 19,000 (4) (National City Bank) ====== ======= ======= ======= ======= ======= Total - Debt 64,361 546,010 492,667 100,105 219,842 253,954 2009 Payments 2010 Payments 2011 Payments Thereafter Total DEBT OFFERINGS Senior Notes 100,000 373,224 Unsecured Notes 160,000 ====== ===== ======= ======= ========= Total - Debt Offerings 0 0 0 100,000 533,224 Total - Property Mortgages, 67,780 8,049 164,242 191,067 1,412,565 Construction Loans & Debt Offerings REVOLVING CREDIT FACILITIES $650 Million Unsecured Credit 383,813 (Bank One) $300 Million Unsecured Credit 300,000 (Bank of America) $30 Million Revolving Credit 19,000 (National City Bank) ====== ===== ======= ======= ========= Total - Debt 67,780 8,049 164,242 191,067 2,115,376
NOTES: (1) Balance at June 30, 2003 on revolving construction credit facilities. (2) Balance at June 30, 2003 on $650 million revolving credit facility. (3) Balance at June 30, 2003 on $300 million revolving credit facility. (4) Balance at June 30, 2003 on $30 million revolving credit facility. Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June, 2003 SUMMARY OF CONSOLIDATED MORTGAGE PRINCIPAL PAYMENTS AND CORPORATE DEBT MATURITIES AS OF JUNE 30, 2003
2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments ------------- ------------- ------------- ------------- ------------- ------------- PROPERTY MORTGAGES Plainville, CT (TIF) Bayonet Point, FL 5,327,208 Tupelo, MS 568,903 806,278 806,278 806,278 806,278 8,405,985 Jacksonville, FL 326,419 462,618 462,618 462,618 462,618 4,823,109 Denver, CO (Univ Hills) 1,960,284 2,613,712 2,613,712 2,613,712 2,613,712 2,613,712 Henderson, TN 801,225 1,068,300 1,068,300 1,068,300 1,068,300 1,068,300 Brown Deer, WI 332,901 474,960 513,105 554,315 598,834 646,927 Richmond, KY (Carriage Gate) 5,611,317 Allentown, PA 1,424,220 1,898,961 1,898,961 1,898,961 1,898,961 1,898,961 Erie, PA Erie, PA Boardman, OH Solon, OH 788,070 1,116,893 1,116,893 1,116,893 1,116,893 11,644,358 St. Louis, MO (Sunset) St. Louis, MO (Brentwood) Denver, CO (Centennial) Cedar Rapids, IA 261,484 287,080 315,180 346,032 379,903 417,090 St. Louis, MO (Olympic) 278,781 306,037 335,244 367,239 2,826,678 St. Louis, MO (Gravois) 242,822 282,102 309,630 355,259 389,043 291,874 St. Louis, MO (Keller) 223,265 243,301 265,136 288,930 314,858 343,115 St. Louis, MO (Home Quarters) 148,087 162,287 177,159 193,393 211,116 230,462 N. Charleston, SC 564,240 799,669 799,669 799,669 799,669 8,337,084 Sault St Marie, MI 837,837 910,763 989,529 1,079,405 418,186 Walker, MI 415,019 588,186 588,186 588,186 588,186 6,132,237 Detroit, MI 2,854,894 2,800,107 2,910,804 Mt. Pleasant, SC 382,377 541,924 541,924 541,924 541,924 5,649,927 Merridian, ID 1,190,284 1,751,341 1,751,341 1,751,341 1,751,341 18,304,352 Logan, UT 57,291 62,510 68,204 74,418 81,196 88,593 Riverdale, UT (North) 217,120 238,196 261,317 286,683 314,511 345,040 Salt Lake City, UT 428,333 206,663 Birmingham, AL 1,338,321 1,896,736 1,896,736 1,896,736 1,896,736 19,774,735 Wilmington, NC 1,025,891 1,453,944 1,453,944 1,453,944 1,453,944 15,158,333 Berlin, VT 4,940,000 Brainerd, MN ( K-Mart) 135,000 140,000 75,000 Spring Hill, FL 139,964 154,238 169,966 187,299 206,399 227,447 West Pasco, FL Princeton, NJ 303,278 323,399 357,990 389,156 423,036 453,799 Hoover, AL (Riverchase) 19,237 Leawood, KS Durham, NC 349,735 495,662 495,662 495,662 495,662 5,167,617 Bellefontaine, OH 114,176 123,039 132,591 142,885 153,977 165,931 2009 Payments 2010 Payments 2011 Payments Thereafter Total ------------- ------------- ------------- ---------- ------------- PROPERTY MORTGAGES Plainville, CT (TIF) 7,300,000 7,300,000 Bayonet Point, FL 5,327,208 Tupelo, MS 12,200,000 Jacksonville, FL 7,000,000 Denver, CO (Univ Hills) 2,613,712 2,613,712 2,613,712 6,841,457 29,711,437 Henderson, TN 1,068,300 1,068,300 1,068,300 563,480 9,911,105 Brown Deer, WI 459,898 3,580,940 Richmond, KY (Carriage Gate) 5,611,317 Allentown, PA 1,898,961 1,898,961 1,898,961 3,037,826 19,653,734 Erie, PA 26,000,000 26,000,000 Erie, PA 3,000,000 3,000,000 Boardman, OH 27,000,000 27,000,000 Solon, OH 16,900,000 St. Louis, MO (Sunset) 35,000,000 35,000,000 St. Louis, MO (Brentwood) 26,000,000 26,000,000 Denver, CO (Centennial) 39,000,000 39,000,000 Cedar Rapids, IA 457,917 502,740 551,951 7,096,042 10,615,419 St. Louis, MO (Olympic) 4,113,979 St. Louis, MO (Gravois) 114,649 124,938 136,150 72,226 2,318,693 St. Louis, MO (Keller) 373,701 32,840 2,085,146 St. Louis, MO (Home Quarters) 251,581 274,635 299,802 1,109,192 3,057,714 N. Charleston, SC 12,100,000 Sault St Marie, MI 4,235,721 Walker, MI 8,900,000 Detroit, MI 8,565,805 Mt. Pleasant, SC 8,200,000 Merridian, ID 26,500,000 Logan, UT 96,664 105,470 115,077 61,413 810,836 Riverdale, UT (North) 378,532 415,276 455,586 6,523,088 9,435,349 Salt Lake City, UT 634,996 Birmingham, AL 28,700,000 Wilmington, NC 22,000,000 Berlin, VT 4,940,000 Brainerd, MN ( K-Mart) 350,000 Spring Hill, FL 250,642 276,201 304,368 3,690,046 5,606,570 West Pasco, FL 4,783,894 4,783,894 Princeton, NJ 499,373 542,848 590,108 22,801,248 26,684,235 Hoover, AL (Riverchase) 8,180,763 8,200,000 Leawood, KS 52,964,335 52,964,335 Durham, NC 7,500,000 Bellefontaine, OH 178,812 192,694 207,653 1,306,609 2,718,367
Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June, 2003 SUMMARY OF CONSOLIDATED MORTGAGE PRINCIPAL PAYMENTS AND CORPORATE DEBT MATURITIES AS OF JUNE 30, 2003 (CON'T)
2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments ------------- ------------- ------------- ------------- ------------- ------------- Dublin, OH 228,593 248,490 270,119 9,185,371 Pickerington, OH 185,769 201,688 218,971 4,079,415 Dallas, TX (Beltline) 1,482,794 Houston, TX (Commerce Park) 1,847,648 Irving, TX (Gateway) 2,507,523 Arlington, TX (Meridian) 1,022,805 Dallas, TX (Northgate) 4,553,134 Houston, TX (Plaza Southwest) 2,969,435 Houston, TX (Westchase) 1,167,977 Dallas, TX (Carpenter) 423,026 454,735 488,821 525,462 564,850 26,405,905 Silver Springs, MD (Tech 29-1) 136,295 145,270 157,949 170,095 183,176 195,898 Silver Springs, MD (Tech 29-2) 77,485 84,795 92,796 3,376,141 Silver Springs, MD (Tech 29-3) 442,601 442,601 442,601 2,482,177 Princeton, NJ (Nassau Pav) Independence, MO 27,500,000 N. Canton, OH 15,280,658 San Antonio, TX 27,699,995 Fort Worth, TX; Lewisville, TX; 54,800,000 Wichita, KS; Columbia, SC Payments Made Through 06/30/03 -5,025,485 =========== ========== ========== =========== ========== =========== Total - Property Mortgages 35,360,376 78,586,486 24,046,336 100,105,102 27,499,987 154,071,449 CONSTRUCTION LOANS $35.5 Million Construction Loan 29,000,000(1) (National City Bank) $25 Million Construction Loan 25,000,000 (National City Bank) Aurora, CO 7,741,083 St. John, MO 4,443,565 Mesquite, TX 15,239,295 Hamilton, NJ 39,808,235 =========== ========== ========== =========== ========== =========== Total - Construction Loans 29,000,000 27,423,943 64,808,235 0 0 0 2009 Payments 2010 Payments 2011 Payments Thereafter Total ------------- ------------- ------------- ---------- ------------- Dublin, OH 9,932,573 Pickerington, OH 4,685,843 Dallas, TX (Beltline) 1,482,794 Houston, TX (Commerce Park) 1,847,648 Irving, TX (Gateway) 2,507,523 Arlington, TX (Meridian) 1,022,805 Dallas, TX (Northgate) 4,553,134 Houston, TX (Plaza Southwest) 2,969,435 Houston, TX (Westchase) 1,167,977 Dallas, TX (Carpenter) 28,862,799 Silver Springs, MD (Tech 29-1) 6,172,722 7,161,405 Silver Springs, MD (Tech 29-2) 3,631,217 Silver Springs, MD (Tech 29-3) 3,809,981 Princeton, NJ (Nassau Pav) 25,000,000 25,000,000 Independence, MO 27,500,000 N. Canton, OH 15,280,658 San Antonio, TX 27,699,995 Fort Worth, TX; Lewisville, TX; 54,800,000 Wichita, KS; Columbia, SC Payments Made Through 06/30/03 -5,025,485 ========== ========= =========== ========== =========== Total - Property Mortgages 67,779,799 8,048,615 164,241,668 91,067,284 758,107,103 CONSTRUCTION LOANS $35.5 Million Construction Loan 29,000,000 (National City Bank) $25 Million Construction Loan 25,000,000 (National City Bank) Aurora, CO 7,741,083 St. John, MO 4,443,565 Mesquite, TX 15,239,295 Hamilton, NJ 39,808,235 ========== ========= =========== ========== =========== Total - Construction Loans 0 0 0 0 121,232,178
Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June, 2003 SUMMARY OF CONSOLIDATED MORTGAGE PRINCIPAL PAYMENTS AND CORPORATE DEBT MATURITIES AS OF JUNE 30, 2003 (CON'T)
2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments DEBT OFFERINGS Senior Notes 65,000,000 1,000,000 107,341,710 99,882,667 Unsecured Notes 75,000,000 85,000,000 ========== =========== ============== =========== =========== =========== Total - Debt Offerings 0 140,000,000 1,000,000 0 192,341,710 99,882,667 Total - Property Mortgages, 64,360,376 246,010,429 89,854,571 100,105,102 219,841,697 253,954,116 Construction Loans & Debt Offerings REVOLVING CREDIT FACILITIES $650 Million Unsecured Credit 383,812,500(2) (Bank One) $300 Million Unsecured Credit 300,000,000(3) (Bank of America) $30 Million Revolving Credit 19,000,000(4) (National City Bank) ========== =========== ============ =========== =========== =========== Total - Debt 64,360,376 546,010,429 492,667,071 100,105,102 219,841,697 253,954,116 2009 Payments 2010 Payments 2011 Payments Thereafter Total DEBT OFFERINGS Senior Notes 100,000,000 373,224,377 Unsecured Notes 160,000,000 ========== ========= =========== =========== ============= Total - Debt Offerings 0 0 0 100,000,000 533,224,377 Total - Property Mortgages, 67,779,799 8,048,615 164,241,668 191,067,284 1,412,563,658 Construction Loans & Debt Offerings REVOLVING CREDIT FACILITIES $650 Million Unsecured Credit 383,812,500 (Bank One) $300 Million Unsecured Credit 300,000,000 (Bank of America) $30 Million Revolving Credit 19,000,000 (National City Bank) ========== ========= =========== =========== ============= Total - Debt 67,779,799 8,048,615 164,241,668 191,067,284 2,115,376,159
NOTES: (1) Balance at June 30, 2003 on revolving construction credit facilities. (2) Balance at June 30, 2003 on $650 million revolving credit facility. (3) Balance at June 30, 2003 on $300 million revolving credit facility. (4) Balance at June 30, 2003 on $30 million revolving credit facility. Summary of Consolidated Maortgage Principal Payments Corporate Debt Maturities 3.4 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 -------------------------------------------------------------------------------- JOINT VENTURES (COMBINING FINANCIAL INFORMATION) (1) (IN MILLIONS) COMBINING BALANCE SHEETS AS OF JUNE 30, 2003
Community Community RVIP III B Community Centers Centers Deer Park, IL RVIP VII Centers Four Five ------------- -------- --------- --------- --------- Real Estate Assets $ 64.9 $ 286.1 $ 337.7 $ 42.0 $ 249.7 Accumulated Depreciation (4.2) (14.9) (47.4) (5.3) (25.0) -------- -------- -------- -------- -------- Real Estate, net 60.7 271.2 290.3 36.7 224.7 -------- -------- -------- -------- -------- Receivables, Net 1.3 5.8 14.8 1.3 7.1 Other assets 1.4 14.9 17.0 2.3 5.9 -------- -------- -------- -------- -------- $ 63.4 $ 291.9 $ 322.1 $ 40.3 $ 237.7 ======== ======== ======== ======== ======== Mortgage Debt $ 47.9 $ 139.1 $ 260.8 $ 30.0 $ 156.0 Amounts payable to DDRC 0.0 0.0 7.3 0.0 0.0 Other liabilities 0.2 22.1 5.6 0.1 4.0 -------- -------- -------- -------- -------- 48.1 161.2 273.7 30.1 160.0 Accumulated equity (deficit) 15.3 130.7 48.4 10.2 77.7 -------- -------- -------- -------- -------- $ 63.4 $ 291.9 $ 322.1 $ 40.3 $ 237.7 ======== ======== ======== ======== ========
Community Community Community Centers Centers Centers Kildeer, Lennox Town Six (7) Seven Eight Merriam IL Center (2) ---------- --------- --------- -------- -------- ----------- Real Estate Assets $ 0.0 $ 15.6 $ 26.7 $ 49.0 $ 28.0 $ 21.1 Accumulated Depreciation 0.0 (0.8) (1.6) (4.5) (0.6) (2.9) ------- ------- ------- ------- ------- ------- Real Estate, net 0.0 14.8 25.1 44.5 27.4 18.2 ------- ------- ------- ------- ------- ------- Receivables, Net 0.0 0.3 1.0 2.4 0.5 1.4 Other assets 0.0 0.1 0.4 1.7 0.5 0.8 ------- ------- ------- ------- ------- ------- $ 0.0 $ 15.2 $ 26.5 $ 48.6 $ 28.4 $ 20.4 ======= ======= ======= ======= ======= ======= Mortgage Debt $ 0.0 $ 9.9 $ 17.8 $ 39.1 $ 19.5 $ 19.3 Amounts payable to DDRC 0.0 0.0 0.0 0.0 0.0 0.0 Other liabilities 0.0 0.3 0.5 0.8 0.6 0.8 ------- ------- ------- ------- ------- ------- 0.0 10.2 18.3 39.9 20.1 20.1 Accumulated equity (deficit) 0.0 5.0 8.2 8.7 8.3 0.3 ------- ------- ------- ------- ------- ------- $ 0.0 $ 15.2 $ 26.5 $ 48.6 $ 28.4 $ 20.4 ======= ======= ======= ======= ======= =======
COMBINING STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED JUNE 30, 2003
Community Community RVIP III B Community Centers Centers Deer Park, IL RVIP VII Centers Four Five ------------- -------- --------- --------- --------- Revenues from operations $ 5.1 $ 17.1 $ 26.3 $ 2.9 $ 17.4 Rental operation expenses 1.8 5.9 7.8 1.0 5.4 Depreciation and amortization expense 0.9 3.0 4.0 0.5 3.1 Interest expense 1.6 5.0 8.3 0.6 5.3 ------- ------- ------- ------- ------- 4.3 13.9 20.1 2.1 13.8 ------- ------- ------- ------- ------- Income (loss) before gain on sale 0.8 3.2 6.2 0.8 3.6 Gain (loss) on sale of real estate 0.0 0.0 0.0 0.0 0.0 Discontinued operations 0.0 0.0 0.1 0.0 0.0 Gain on sale of discontinued operations 0.0 0.0 35.6 0.0 0.0 ------- ------- ------- ------- ------- Net income (loss) $ 0.8 $ 3.2 $ 41.9 $ 0.8 $ 3.6 DDR Ownership interest *** *** 20% 35% 50% ------- ------- ------- ------- ------- $ 0.2 $ 0.7 $ 8.4 $ 0.3 $ 1.8 Amortization of basis differential 0.0 0.0 0.0 0.0 0.1 ------- ------- ------- ------- ------- $ 0.2 $ 0.7 $ 8.4 $ 0.3 $ 1.9 ======= ======= ======= ======= ======= FUNDS FROM OPERATIONS ("FFO"): Net income (loss) $ 0.8 $ 3.2 $ 41.9 $ 0.8 $ 3.6 Depreciation of real property 0.9 3.0 4.3 0.5 3.1 Less gain on sale 0.0 0.0 (35.6) 0.0 0.0 ------- ------- ------- ------- ------- $ 1.7 $ 6.2 $ 10.6 $ 1.3 $ 6.7 DDR ownership interest *** *** 20% 35% 50% ------- ------- ------- ------- ------- DDR FFO $ 0.5 $ 1.4 $ 2.2 $ 0.4 $ 3.4 ======= ======= ======= ======= =======
Community Community Community Centers Centers Centers Kildeer, Lennox Town Six (7) Seven Eight Merriam IL Center (2) ---------- --------- --------- -------- -------- ----------- Revenues from operations $ 0.0 $ 1.0 $ 2.1 $ 3.3 $ 1.9 $ 2.3 Rental operation expenses 0.0 0.3 0.8 1.0 0.6 0.6 Depreciation and amortization expense 0.0 0.1 0.2 0.6 0.0 0.2 Interest expense 0.0 0.4 0.7 0.8 0.5 0.8 ------- ------- ------- ------- ------- ------- 0.0 0.8 1.7 2.4 1.1 1.6 ------- ------- ------- ------- ------- ------- Income (loss) before gain on sale 0.0 0.2 0.4 0.9 0.8 0.7 Gain (loss) on sale of real estate 0.0 0.0 0.0 0.0 0.0 0.0 Discontinued operations 0.2 0.0 0.0 0.0 0.0 0.0 Gain on sale of discontinued operations 5.2 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- Net income (loss) $ 5.4 $ 0.2 $ 0.4 $ 0.9 $ 0.8 $ 0.7 DDR Ownership interest 50% 50% 50% 50% 10% 50% ------- ------- ------- ------- ------- ------- $ 2.7 $ 0.1 $ 0.2 $ 0.5 $ 0.1 $ 0.3 Amortization of basis differential 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- $ 2.7 $ 0.1 $ 0.2 $ 0.5 $ 0.1 $ 0.3 ======= ======= ======= ======= ======= ======= FUNDS FROM OPERATIONS ("FFO"): Net income (loss) $ 5.4 $ 0.2 $ 0.4 $ 0.9 $ 0.8 $ 0.7 Depreciation of real property 0.2 0.1 0.2 0.6 0.0 0.2 Less gain on sale (5.2) 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- $ 0.4 $ 0.3 $ 0.6 $ 1.5 $ 0.8 $ 0.9 DDR ownership interest 50% 50% 50% 50% 10% 50% ------- ------- ------- ------- ------- ------- DDR FFO $ 0.2 $ 0.1 $ 0.3 $ 0.8 $ 0.1 $ 0.5 ======= ======= ======= ======= ======= =======
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 -------------------------------------------------------------------------------- JOINT VENTURES (COMBINING FINANCIAL INFORMATION) (1) (IN MILLIONS) COMBINING BALANCE SHEETS AS OF JUNE 30, 2003
Dublin Sun Center Village Washington Liberty Leawood, Limited (2) (2) Park (3) Fair DOTRS KS (6) ----------- ------- ---------- -------- -------- -------- Real Estate Assets $ 25.6 $ 29.7 $ 0.6 $ 31.9 $ 24.9 $ 0.0 Accumulated Depreciation (4.8) (12.0) -- (11.3) (3.2) 0.0 ------- ------- ------- ------- ------- ------- Real Estate, net 20.8 17.7 0.6 20.6 21.7 0.0 ------- ------- ------- ------- ------- ------- Receivables, Net 0.9 0.7 0.0 0.4 1.0 0.0 Other assets 0.2 0.3 0.0 1.2 0.1 0.0 ------- ------- ------- ------- ------- ------- $ 21.9 $ 18.7 $ 0.6 $ 22.2 $ 22.8 $ 0.0 ======= ======= ======= ======= ======= ======= Mortgage Debt $ 21.4 $ 18.8 $ 0.0 $ 20.1 $ 11.3 $ 0.0 Amounts payable to DDRC 0.1 0.0 0.0 9.0 0.0 0.0 Other liabilities 0.5 1.3 0.1 0.3 (0.4) 0.0 ------- ------- ------- ------- ------- ------- 22.0 20.1 0.1 29.4 10.9 0.0 Accumulated equity (deficit) (0.1) (1.4) 0.5 (7.2) 11.9 0.0 ------- ------- ------- ------- ------- ------- $ 21.9 $ 18.7 $ 0.6 $ 22.2 $ 22.8 $ 0.0 ======= ======= ======= ======= ======= =======
Coon Service Littleton, Salisbury, Rapids, Phoenix, Pasadena, Merchandise CO MD MN AZ (2) CA (4) ---------- ---------- ------- --------- --------- ----------- Real Estate Assets $ 56.1 $ 2.1 $ 40.9 $ 27.4 $ 113.6 $ 150.1 Accumulated Depreciation (1.5) (0.2) (1.8) (3.7) (1.3) (0.9) ------- ------- ------- -------- -------- -------- Real Estate, net 54.6 1.9 39.1 23.7 112.3 149.2 ------- ------- ------- -------- -------- -------- Receivables, Net (0.1) 0.2 0.7 0.3 1.0 5.7 Other assets 0.6 0.2 6.0 1.5 7.1 43.2 ------- ------- ------- -------- -------- -------- $ 55.1 $ 2.3 $ 45.8 $ 25.5 $ 120.4 $ 198.1 ======= ======= ======= ======== ======== ======== Mortgage Debt $ 44.6 $ 1.9 $ 42.0 $ 17.8 $ 85.0 $ 79.9 Amounts payable to DDRC 6.6 0.0 0.0 0.0 0.1 0.4 Other liabilities 1.0 0.1 0.4 0.6 2.7 100.7 ------- ------- ------- -------- -------- -------- 52.2 2.0 42.4 18.4 87.8 181.0 Accumulated equity (deficit) 2.9 0.3 3.4 7.1 32.6 17.1 ------- ------- ------- -------- -------- -------- $ 55.1 $ 2.3 $ 45.8 $ 25.5 $ 120.4 $ 198.1 ======= ======= ======= ======== ======== ========
COMBINING STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED JUNE 30, 2003
Dublin Sun Center Village Washington Liberty Leawood, Limited (2) (2) Park (3) Fair DOTRS KS (6) ----------- ------- ---------- -------- -------- -------- Revenues from operations $ 2.0 $ 1.3 $ 0.0 $ 1.8 $ 1.8 $ 3.0 Rental operation expenses 0.5 0.6 0.0 0.6 0.5 1.4 Depreciation and amortization expense 0.3 0.5 0.0 0.5 0.3 1.7 Interest expense 0.9 0.8 0.0 1.1 0.1 1.1 ------- ------- ------- ------ ------- ------- 1.7 1.9 0.0 2.2 0.9 4.2 ------- ------- ------- ------ ------- ------- Income (loss) before gain on sale 0.3 (0.6) 0.0 (0.4) 0.9 (1.2) Gain (loss) on sale of real estate 0.0 0.0 0.0 0.0 0.0 0.0 Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 Gain on sale of discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------ ------- ------- Net income (loss) $ 0.3 ($ 0.6) $ 0.0 ($ 0.4) $ 0.9 ($ 1.2) DDR Ownership interest 79% 80% 50% *** 50% 50% ------- ------- ------- ------ ------- ------- $ 0.2 ($ 0.5) $ 0.0 ($ 0.4) $ 0.5 ($ 0.6) Amortization of basis differential (0.1) (0.1) 0.0 0.0 0.0 (0.1) ------- ------- ------- ------ ------- ------- $ 0.1 ($ 0.6) $ 0.0 ($ 0.4) $ 0.5 ($ 0.7) ======= ======= ======= ====== ======= ======= FUNDS FROM OPERATIONS ("FFO"): Net income (loss) $ 0.3 ($ 0.6) $ 0.0 ($ 0.4) $ 0.9 ($ 1.2) Depreciation of real property 0.3 0.5 0.0 0.5 0.3 1.7 Less gain on sale 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------ ------- ------- $ 0.6 ($ 0.1) $ 0.0 $ 0.1 $ 1.2 $ 0.5 DDR ownership interest 79% 80% 50% *** 50% 50% ------- ------- ------- ------ ------- ------- DDR FFO $ 0.5 ($ 0.1) $ 0.0 $ 0.1 $ 0.6 $ 0.3 ======= ======= ======= ====== ======= =======
Coon Service Littleton, Salisbury, Rapids, Phoenix, Pasadena, Merchandise CO MD MN AZ (2) CA (4) ---------- ---------- ------- --------- --------- ----------- Revenues from operations $ 4.7 $ 0.2 $ 3.5 $ 2.6 $ 7.7 $ 7.6 Rental operation expenses 1.7 0.1 1.2 0.7 2.8 6.1 Depreciation and amortization expense 0.5 0.0 0.5 0.3 1.3 1.3 Interest expense 1.2 0.1 1.3 0.7 1.9 5.9 ------- ------- ------- ------- ------- ------- 3.4 0.2 3.0 1.7 6.0 13.3 ------- ------- ------- ------- ------- ------- Income (loss) before gain on sale 1.3 0.0 0.5 0.9 1.7 (5.7) Gain (loss) on sale of real estate 0.0 0.0 0.0 0.0 0.0 1.8 Discontinued operations 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 ------- ------- ------- ------- ------- ------- Net income (loss) $ 1.3 $ 0.0 $ 0.5 $ 0.9 $ 1.7 ($ 3.9) DDR Ownership interest 50% 50% 25% 67% 25% 25% ------- ------- ------- ------- ------- ------- $ 0.7 $ 0.0 $ 0.1 $ 0.6 $ 0.4 ($ 0.9) Amortization of basis differential 0.0 0.0 0.0 (0.2) 0.0 0.0 ------- ------- ------- ------- ------- ------- $ 0.7 $ 0.0 $ 0.1 $ 0.4 $ 0.4 ($ 0.9) ======= ======= ======= ======= ======= ======= FUNDS FROM OPERATIONS ("FFO"): Net income (loss) $ 1.3 $ 0.0 $ 0.5 $ 0.9 $ 1.7 ($ 3.9) Depreciation of real property 0.5 0.0 0.5 0.3 1.3 1.3 Less gain on sale 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- $ 1.8 $ 0.0 $ 1.0 $ 1.2 $ 3.0 ($ 2.6) DDR ownership interest 50% 50% 25% 67% 25% 25% ------- ------- ------- ------- ------- ------- DDR FFO $ 0.9 $ 0.0 $ 0.3 $ 0.8 $ 0.8 ($ 0.7) ======= ======= ======= ======= ======= =======
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 -------------------------------------------------------------------------------- JOINT VENTURES (COMBINING FINANCIAL INFORMATION) (1) (IN MILLIONS) COMBINING BALANCE SHEETS AS OF JUNE 30, 2003
Round Sansone Rock, Group / Jefferson TX - DDRC DD Dev Opelika, Jackson, County, MO Land (3) LLC Co (5) AL (3) MS (3) ---------- -------- ------- ------- -------- -------- Real Estate Assets $ 5.1 $ 0.9 $ 0.7 $ 70.7 $ 0.5 $ 5.2 Accumulated Depreciation (0.1) 0.0 0.0 (0.7) 0.00 0.00 ------ ------ ------- ------- ------- ------- Real Estate, net 5.0 0.9 0.7 70.0 0.5 5.2 ------ ------ ------- ------- ------- ------- Receivables, Net 0.1 0.4 1.1 4.5 0.0 0.0 Other assets 0.1 1.6 4.6 19.2 0.0 0.0 ------ ------ ------- ------- ------- ------- $ 5.2 $ 2.9 $ 6.4 $ 93.7 $ 0.5 $ 5.2 ====== ====== ======= ======= ======= ======= Mortgage Debt $ 2.3 $ 0.0 $ 0.0 $ 2.2 $ 0.0 $ 0.0 Amounts payable to DDRC 3.0 1.9 0.0 81.8 0.0 0.0 Other liabilities 0.0 0.0 0.7 6.2 0.0 0.1 ------ ------ ------- ------- ------- ------- 5.3 1.9 0.7 90.2 0.0 0.1 Accumulated equity (deficit) (0.1) 1.0 5.7 3.5 0.5 5.1 ------ ------ ------- ------- ------- ------- $ 5.2 $ 2.9 $ 6.4 $ 93.7 $ 0.5 $ 5.2 ====== ====== ======= ======= ======= =======
Coventry II DDR Monroe, Suwanee, DDR Ward LA (3) GA (6) Markaz Parkway Total ------- --------- -------- ---------- ----------- Real Estate Assets $ 1.7 $ 0.0 $ 169.7 $ 48.3 $ 1,926.5 Accumulated Depreciation 0.00 0.00 (0.7) (0.1) (149.6) ------- --------- -------- ---------- ---------- Real Estate, net 1.7 0.0 169.0 48.2 1,777.0 ------- --------- -------- ---------- ---------- Receivables, Net 0.0 0.0 1.2 0.1 54.1 Other assets 0.0 0.0 1.4 0.0 132.3 ------- --------- -------- ---------- ---------- $ 1.7 $ 0.0 $ 171.6 $ 48.3 1,963.4 ======= ========= ======== ========== ======= Mortgage Debt $ 0.0 $ 0.0 $ 110.0 $ 0.0 $ 1,196.7 Amounts payable to DDRC 0.0 0.0 0.0 0.0 110.2 Other liabilities 0.0 0.0 2.6 0.7 152.6 ------- --------- -------- ---------- ---------- 0.0 0.0 112.6 0.7 1,459.5 Accumulated equity (deficit) 1.7 0.0 59.0 47.6 503.9 ------- --------- -------- ---------- ---------- $ 1.7 $ 0.0 $ 171.6 $ 48.3 $ 1,963.4 ======= ========= ======== ========== =======
COMBINING STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED JUNE 30, 2003 0.9
Round Sansone Rock, Group / Jefferson TX - DDRC DD Dev Opelika, County, MO Land (3) LLC Co (5) AL (3) ---------- -------- ------- ------- -------- Revenues from operations $ 0.3 $ 0.0 $ 5.6 $ 2.4 $ 0.0 Rental operation expenses 0.1 0.0 4.7 0.6 0.0 Depreciation and amortization expense 0.1 0.0 0.0 0.3 0.0 Interest expense 0.2 0.0 0.0 0.3 0.0 ------- ------- ------- ------ ------ 0.4 0.0 4.7 1.2 0.0 ------- ------- ------- ------ ------ Income (loss) before gain on sale (0.1) 0.0 0.9 1.2 0.0 Gain (loss) on sale of real estate 0.0 0.5 0.0 0.0 0.0 Discontinued operations 0.0 0.0 0.0 0.0 0.0 Gain on sale of discontinued operations 0.0 0.0 0.0 0.1 0.0 ------- ------- ------- ------ ------ Net income (loss) (0.1) $ 0.5 $ 0.9 $ 1.3 $ 0.0 DDR Ownership interest 50% 50% *** ***** 11% ------- ------- ------- ------ ------ $ 0.0 $ 0.3 $ 0.4 $ 1.3 $ 0.0 Amortization of basis differential 0.0 0.0 (0.3) 0.0 0.0 ------- ------- ------- ------ ------ $ 0.0 $ 0.3 $ 0.1 $ 1.3 $ 0.0 ======= ======= ======= ====== ====== FUNDS FROM OPERATIONS ("FFO"): Net income (loss) (0.1) $ 0.5 $ 0.9 $ 1.3 $ 0.0 Depreciation of real property 0.1 0.0 0.0 0.3 0.0 Less gain on sale 0.0 0.0 0.0 (0.1) 0.0 ------- ------- ------- ------ ------ $ 0.0 $ 0.5 $ 0.9 $ 1.5 $ 0.0 DDR ownership interest 50% 50% *** ***** 11% ------- ------- ------- ------ ------ DDR FFO $ 0.0 $ 0.3 $ 0.4 $ 1.6 $ 0.0 ======= ======= ======= ====== ======
Coventry II DDR Jackson, Monroe, Suwanee, DDR Ward MS (3) LA (3) GA (6) Markaz Parkway Total -------- ------- --------- -------- ---------- ----------- Revenues from operations $ 0.0 $ 0.0 $ 0.2 $ 3.1 $ 0.3 $ 127.5 Rental operation expenses 0.0 0.0 0.0 0.8 0.1 47.7 Depreciation and amortization expense 0.0 0.0 0.0 0.7 0.1 21.0 Interest expense 0.0 0.0 0.1 0.7 0.0 40.4 ------- ------- ------- ------- -------- -------- 0.0 0.0 0.1 2.2 0.2 109.1 ------- ------- ------- ------- -------- -------- Income (loss) before gain on sale 0.0 0.0 0.1 0.9 0.1 18.4 Gain (loss) on sale of real estate 0.0 0.0 0.0 0.0 0.0 2.3 Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.3 Gain on sale of discontinued operations 0.0 0.0 0.0 0.0 0.0 40.9 ------- ------- ------- ------- -------- -------- Net income (loss) $ 0.0 $ 0.0 $ 0.1 $ 0.9 $ 0.1 $ 61.9 DDR Ownership interest 50% 50% 49% *** 20% ------- ------- ------- ------- -------- -------- $ 0.0 $ 0.0 $ 0.1 $ 0.2 $ 0.0 $ 17.5 Amortization of basis differential 0.0 0.0 0.0 0.0 0.0 (0.7) ------- ------- ------- ------- -------- -------- $ 0.0 $ 0.0 $ 0.1 $ 0.2 $ 0.0 $ 16.9 ======= ======= ======= ======= ======== ======== FUNDS FROM OPERATIONS ("FFO"): Net income (loss) $ 0.0 $ 0.0 $ 0.1 $ 0.9 $ 0.1 $ 61.9 Depreciation of real property 0.0 0.0 0.0 0.7 0.1 21.5 Less gain on sale 0.0 0.0 0.0 0.0 0.0 (40.9) ------- ------- ------- ------- -------- -------- $ 0.0 $ 0.0 $ 0.1 $ 1.6 $ 0.2 $ 42.5 DDR ownership interest 50% 50% 49% *** 20% ------- ------- ------- ------- -------- -------- DDR FFO $ 0.0 $ 0.0 $ 0.1 $ 0.4 $ 0.0 $ 15.9 ======= ======= ======= ======= ======== ========
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 -------------------------------------------------------------------------------- (1) Amounts may differ slightly from actual results, due to rounding. (2) Asset values reflect historical cost basis due to acquisition of partnership interest (i.e. does not reflect step up in basis). (3) Represents undeveloped land. (4) The Company owns a 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. Tax expense, if applicable, is reflected at DD Development Co. Additionally, of the joint venture's total related party interest expense for the six months ended June 30, 2003, aggregating $3.6 million, $0.9 million, or 25%, is reflected in revenues from operations at DD Development Co. (5) In the second quarter of 2003, The Company merged its interests in DD Development Co. (a C-Corp) and DD Development II. The Company owns a 95% economic interest in the combined venture. This entity holds various LLC interests in the following projects owned through the Prudential Retail Value Fund: three retail sites formerly occupied by Best Products acquired from Metropolitan Life, an equity investment in a portfolio of five retail properties in Kansas City, KS (balance sheet and income statement shown below) an equity investment in a 440,000 square foot redevelopment project in Long Beach, CA (balance sheet and income statement shown below) and a note receivable secured by certain real estate, which was received in settlement of advances made to DDR OliverMcMillan. COMBINING BALANCE SHEETS AS OF JUNE 30, 2003 (in millions)
RVIP VI RVIP III Kansas Long City Beach Total -------- -------- -------- Real Estate Assets $ 30.7 $ 54.8 $ 85.5 Accumulated Depreciation (2.4) (0.6) (3.0) ------- ------- ------- Real Estate, net 28.3 54.2 82.5 ------- ------- ------- Receivables, Net 0.9 1.7 2.6 Other assets 1.6 1.0 2.6 ------- ------- ------- $ 30.8 $ 56.9 $ 87.7 ======= ======= ======= Mortgage Debt $ 18.8 $ 29.6 $ 48.4 Amounts payable to DDRC 0.0 0.0 0.0 Other liabilities 0.7 0.4 1.1 ------- ------- ------- 19.5 30.0 49.5 Accumulated equity (deficit) 11.3 26.9 38.2 ------- ------- ------- $ 30.8 $ 56.9 $ 87.7 ======= ======= =======
COMBINING STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED JUNE 30, 2003 (in millions)
RVIP VI RVIP III Kansas Long City Beach Total -------- -------- -------- Revenues from operations $ 2.3 $ 2.7 $ 5.0 Rental operation expenses 0.8 1.1 1.9 Depreciation and amortization expense 0.4 0.5 0.9 Interest expense 0.8 0.4 1.2 -------- -------- ------ 2.0 2.0 4.0 -------- -------- ------ Income (loss) before gain on sale 0.3 0.7 1.0 Gain (loss) on sale of real estate 0.0 0.0 0.0 Discontinued operations 0.0 0.0 0.0 Gain on sale of discontinued operations 0.1 0.0 0.0 -------- -------- ------ Net income (loss) $ 0.4 $ 0.7 $ 1.0 DDR Ownership interest 24.75% 24.75% -------- -------- ------ $ 0.1 $ 0.2 $ 0.3 ======== ======== ====== FUNDS FROM OPERATIONS ("FFO"): (in millions) Net income (loss) $ 0.4 $ 0.7 $ 1.0 Depreciation of real property 0.4 0.5 0.9 Less gain on sale 0.1 0.0 0.0 -------- -------- ------ $ 0.9 $ 1.2 $ 1.9 DDR ownership interest 24.75% 24.75% -------- -------- ------ DDR FFO $ 0.2 $ 0.3 $ 0.5 ======== ======== ======
(6) In the second quarter of 2003, the Company acquired the remaining interests in the joint venture. The Company consolidates the balance sheets and operations of the two entities from the date of acquisition forward. (7) Property sold in June 2003. *** See Section 4.2, Joint Venture Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect. *****See footnote (5) discussing respective ownership percentage. DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: RVIP IIIB/DDRC P&M Deer Park Town Center, LLC Date Formed: September 2000 Property Name/Location: Deer Park, IL Major Tenants: Eddie Bauer Pottery Barn Talbots Coldwater Creek Restoration Harware J. Crew Abercrombie & Fitch Pier One Imports GAP Banana Republic Barnes & Noble Chico's PARTNERSHIP STRUCTURE DDRC P&M Deer Park Town Center, LLC Ownership Percentage: 50% - RVIP IIIB 50% - Poag & McEwen Lifestyle Centers, LLC (Development Partner) (No equity contributions at this partnership level) Cash Flow Distribution: 50% - RVIP IIIB 50% - Poag & McEwen Lifestyle Centers, LLC RVIP IIIB Equity Contribution: 1% - Coventry Real Estate Partners 24.75% - DDR 74.25% - Prudential Real Estate Investors (PREI) Cash Flow Distribution: 1% - Coventry Real Estate Partners 24.75% - DDR 74.25% - Prudential Real Estate Investors Up to a leveraged 10% preferred return on equity Promote (current): 33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return and return of equity FEES TO DDR Management Fee: 2% Development Fee: 1% of hard costs for all improvements Asset Management Fee: .4% of gross asset cost (DDR's pro-rata share of Coventry's .5% fee) Leasing Fees: N/A CAPITAL STRUCTURE (IN MILLIONS) DDRC $ 3.8 Prudential 11.2 Coventry 0.3 -------- Total Capital $ 15.3 ======== Debt $ 47.9 ======== Total Debt & Equity $ 63.2 ========
Joint Venture Partnership Summaries 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Retail Value Investment Program VII LLC Date Formed: November 2000 Property Name/Location: The joint venture consists of the following ten properties: Meridian Village - Bellingham, WA Valley Central Shopping Center - Lancaster, CA San Diego Factory Outlet - San Ysidro, CA Cameron Park Place - Cameron Park, CA La Manchu Shopping Center - Fullerton, CA Downtown Pleasant Hill - Pleasant Hill, CA Olympiad Plaza - Mission Viejo, CA Richmond City Center - Richmond, CA Plaza at Puente Hills - City of Industry, CA Puget Park Shopping Center - Everett, WA Major Tenants: Office Depot Michael's Home Depot Staples IKEA Albertson's Circuit City Bed, Bath & Beyond Wal-Mart K-Mart Toys "R" Us Payless Drug Cinemark Marshalls PARTNERSHIP STRUCTURE Equity Contribution: 1% - Coventry Real Estate Partners 20% - DDR 79% - Prudential Real Estate Investors (PREI) Cash Flow Distribution: 1% - Coventry Real Estate Partners 20% - DDR 79% - Prudential Real Estate Investors Up to a leveraged 11% return on equity (10% year one, 10.5% year two, 11% thereafter) Promote (current): (i) Pro rata in proportion to the member's invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate Partners (79% owned by DDR) until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry. FEES TO DDR Management Fee: 3.20% Development Fee: N/A Asset Management Fee: .63% (DDR's pro-rata share of Coventry's .8% fee) Leasing Fees (without co-broker): 5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet) 4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet) 3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases) Renewals earn 50% of fees on new leases CAPITAL STRUCTURE (IN MILLIONS) DDR $ 26.6 PREI 103.0 Coventry 1.1 -------- Total Capital $ 130.7 ======== Debt $ 139.1 ======== Total Debt & Equity $ 269.8 ========
Joint Venture Partnership Summaries 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Community Centers, L.L.C. (One, Two, Three, Shoppers World and Community I) Date Formed: November, 1995 Property Name/Location: The joint ventures consist of the following six properties: Carillon Place - Naples, FL Perimeter Pointe - Atlanta, GA Town Center Prado - Marietta, GA Woodfield Village Green - Schaumburg, Shopper's World - Framingham, MA Fairfax Towne Center - Fairfax, VA Major Tenants: A.C. Moore Expo Design Center Publix Babies 'R Us General Cinema Ross Dress for Less Barnes & Noble Jordan Marsh/Federated Safeway Bed Bath & Beyond Kohl's Service Merchandise Best Buy L.A. Fitness Sports Clubs Sports Authority Bobs Linens 'N Things St. Joseph's Hospital Borders Books Marshalls Stein Mart Circuit City Michael's TJ Maxx Container Store Nordstrom Rack Tower Records Costco (not owned) Off 5th Toys 'R Us Crunch Fitness Office Depot United Artists Theatre DSW Shoe Warehouse OfficeMax Winn Dixie PARTNERSHIP STRUCTURE Equity Contribution: 20% - DDR 80% - DRA Advisors Cash Flow Distribution: 20% - DDR 80% - DRA Advisors FEES TO DDR Management Fee: 3.5% of gross retail income Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3% on renewals Commission on Outparcel Sales: 10% of net sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 9.7 DRA Advisors 38.7 ------------ Total Capital $ 48.4 ============ Payable to DDR $ 7.3 ============ Debt $ 260.8 ============ Total Debt & Equity $ 309.2 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDRA Community Centers Four, L.P. Date Formed: January, 1997 Property Name/Location: La Plaza Del Norte - San Antonio, TX Major Tenants: Beall's Best Buy DSW Shoe Warehouse OfficeMax Oshman's Sporting Goods Ross Stores PARTNERSHIP STRUCTURE Equity Contribution: 35% - DDR 65% - DRA Advisors Cash Flow Distribution: 35% - DDR 65% - DRA Advisors FEES TO DDR Management Fee: 3.5% of gross retail income excluding recoveries Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3% on renewals Commission on Outparcel Sales: 10% of net sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 3.6 DRA Advisors 6.6 ------- Total Capital $ 10.2 ======= Debt $ 30.0 ======= Total Debt & Equity $ 40.2 =======
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDRA Community Centers Five, L.P. Date Formed: September, 1998 Property Name/Location: The joint venture consists of the following six properties: Foothills Towne Center - Ahwatukee, AZ Maple Grove Crossing - Maple Grove, MN Arrowhead Crossing - Phoenix, AZ Tanasbourne Town Center - Portland, OR Eagan Promenade - Eagan, MN Eastchase Market - Fort Worth, TX Major Tenants: AMC Theatre Gander Mountain Oshman's Sporting Goods Ashley Homestores Haggan's Petco Babies 'R Us Kohl's Department Petsmart Barnes & Noble Linens 'N Things Pier One Bassett Furniture Mac Frugal's Ross Dress for Less Bed Bath & Beyond Mervyn's (not owned) Staples Byerly's Michael's Stein Mart Circuit City Nordstrom Rack (not owned) Target (not owned) Comp USA Office Depot TJ Maxx Cub Foods (not owned) Office Depot (not owned) Toys 'R Us (not owned) Ethan Allen (not owned) OfficeMax United Artists Theatre Famous Footwear Old Navy PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - DRA Advisors Cash Flow Distribution: 50% - DDR 50% - DRA Advisors FEES TO DDR Management Fee: 3.5% of gross retail income Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3% on renewals Commission on Outparcel Sales: 10% of net sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 38.85 DRA Advisors 38.85 ------------ Total Capital $ 77.7 ============ Debt $ 156.0 ============ Total Debt & Equity $ 233.7 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDRA Community Centers Seven, L.P. Date Formed: October, 1999 Property Name/Location: Ahwatukee Foothills Towne Center (Phase IV) - Phoenix, AZ Major Tenants: Best Buy JoAnn, Etc. PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - DRA Advisors Cash Flow Distribution: 50% - DDR 50% - DRA Advisors FEES TO DDR Management Fee: 3.5% of gross retail income Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3% on renewals Commission on Outparcel Sales: 10% of net sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 2.5 DRA Advisors 2.5 -------- Total Capital $ 5.0 ======== Debt $ 9.9 ======== Total Debt & Equity $ 14.9 ========
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDRA Community Centers Eight, L.P. Date Formed: February, 2000 Property Name/Location: Deer Valley Towne Center - Phoenix, AZ Major Tenants: Michael's OfficeMax Petsmart Ross Stores AMC Theatres (not owned) Target (not owned) PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - DRA Advisors Cash Flow Distribution: 50% - DDR 50% - DRA Advisors FEES TO DDR Management Fee: 3.5% of gross retail income Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3% on renewals Commission on Outparcel Sales: 10% of net sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 4.1 DRA Advisors 4.1 ------------ Total Capital $ 8.2 ============ Debt $ 17.8 ============ Total Debt & Equity $ 26.0 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Merriam Town Center Ltd. Date Formed: October, 1996 Property Name/Location: Merriam Town Center - Merriam, KS Major Tenants: Cinemark OfficeMax Dick's Sporting Goods Petsmart Hen House Home Depot (not owned) Marshalls PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - DRA Advisors Cash Flow Distribution: 50% - DDR 50% - DRA Advisors FEES TO DDR Management Fee: 3.5% of gross retail income Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3% on renewals Commission on Outparcel Sales: 10% of net sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 4.35 DRA Advisors 4.35 ------------ Total Capital $ 8.7 ============ Debt $ 39.1 ============ Total Debt & Equity $ 47.8 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDRA Kildeer LLC Date Formed: March 28, 2002 Property Name/Location: The Shops at Kildeer - Kildeer, IL Major Tenants: Bed, Bath & Beyond Circuit City Cost Plus Old Navy PARTNERSHIP STRUCTURE Equity Contribution: 10% - DDR 90% - DRA Advisors Cash Flow Distribution: 10% - DDR 90% - DRA Advisors Promote: After the partners have received distributions equal to their capital contributed, plus a preferred return of 15%, then the Company will receive 35% up to a preferred return of 20%, then 50% of remaining cash after a 20% preferred return has been achieved. FEES TO DDR Management Fee: 3.5% of gross income Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3% on renewals Commission on Outparcel Sales: 10% of net sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 0.8 DRA Advisors 7.5 ------------ Total Capital $ 8.3 ============ Debt $ 19.5 ============ Total Debt & Equity $ 27.8 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Lennox Town Center Limited Date Formed: February, 1998 Property Name/Location: Lennox Town Center Shopping Center - Columbus, OH Major Tenants: AMC Theatres Lennox 24 Barnes & Noble Staples Target PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - Casto Properties Cash Flow Distribution: 50% - DDR 50% - Casto Properties FEES TO DDR Management Fee: 1.312% of all rent Development Fee: N/A Leasing Fees: N/A Commission on Outparcel Sales: N/A CAPITAL STRUCTURE (IN MILLIONS) DDR $ 0.15 Casto Properties 0.15 ------------ Total Capital $ 0.3 ============ Debt $ 19.3 ============ Total Debt & Equity $ 19.6 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Sun Center Limited Date Formed: February, 1998 Property Name/Location: Sun Center - Columbus, OH Major Tenants: Babies 'R Us Big Bear Michael's Rhodes Furniture Staples Stein Mart PARTNERSHIP STRUCTURE Equity Contribution: 79.45% - DDR 20.55% - Casto Properties Cash Flow Distribution: 79.45% - DDR 20.55% - Casto Properties FEES TO DDR Management Fee: 1.312% of all rent Development Fee: N/A Leasing Fees: N/A Commission on Outparcel Sales: N/A CAPITAL STRUCTURE (IN MILLIONS) DDR $ (0.1) Casto Properties - ------------ Total Capital (1) $ (0.1) ============ Debt $ 21.4 ============ Total Debt & Equity $ 21.3 ============
(1) Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures. JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Continental Sawmill Limited Partnership Date Formed: February, 1998 Property Name/Location: Dublin Village Center - Columbus, OH Major Tenant: AMC Theatre PARTNERSHIP STRUCTURE Equity Contribution: 80.012% - DDR 19.988% - Casto Properties Cash Flow Distribution: 80.012% - DDR 19.988% - Casto Properties FEES TO DDR Management Fee: 1.312% of all rent Development Fee: N/A Leasing Fees: N/A Commission on Outparcel Sales: N/A CAPITAL STRUCTURE (IN MILLIONS) DDR $ (1.1) Casto Properties (0.3) ------------ Total Capital (1) $ (1.4) ============ Debt $ 18.8 ============ Total Debt & Equity $ 17.4 ============
(1) Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures. JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Liberty Fair Mall Associates Date Formed: January, 1993 Property Name/Location: Liberty Fair Mall - Martinsville, VA Major Tenants: Belk/Leggetts Kroger Goody's OfficeMax J.C. Penney Sears PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - The Lester Group Cash Flow Distribution: 50% - DDR 50% - The Lester Group FEES TO DDR Management Fee: 3% major tenants/5% retail tenants Development Fee: N/A Leasing Fees: 5% on new leases/3% on renewals Commission on Outparcel Sales: N/A CAPITAL STRUCTURE (IN MILLIONS) DDR $ (3.6) The Lester Group (3.6) ------------ Total Capital (1) $ (7.2) ============ Debt $ 20.1 ============ Total Debt & Equity $ 12.9 ============
(1) Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures. JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DOTRS LLC Date Formed: September, 1996 Property Name/Location: Macedonia Commons - Macedonia, Ohio Major Tenants: First National Supermarkets Kohl's Department Store Wal-Mart (not owned) PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - The State Teachers Retirement Board of Ohio Cash Flow Distribution: 50% - DDR 50% - The State Teachers Retirement Board of Ohio FEES TO DDR Management Fee: 5% of gross retail income Development Fee: 5% of hard costs for all improvements Leasing Fees: 5% on new leases, 3.5% on renewals Commission on Outparcel Sales: N/A CAPITAL STRUCTURE (IN MILLIONS) DDR $ 5.95 The State Teachers Retirement Board 5.95 ------------ Total Capital $ 11.9 ============ Debt $ 11.3 ============ Total Debt & Equity $ 23.2 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDR P&M Aspen Grove Lifestyle Center Properties LLC Date Formed: April 2001 Property Name/Location: Littleton, CO Major Tenants: Ann Taylor William Sonoma The Bombay Company Coldwater Creek Chico's Eddie Bauer Casual Corner Talbots GAP Victoria's Secret Banana Republic Pottery Barn PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - Poag & McEwen Lifestyle Center - Littleton LLC Cash Flow Distribution: 50% - DDR 50% - Poag & McEwen Lifestyle Center - Littleton LLC FEES TO DDR Management Fee: 1.40% Financing Fee: 1% of construction loan balance Development Fee: 1% of hard costs and architectural & engineering Leasing Fees: N/A CAPITAL STRUCTURE (IN MILLIONS) DDRC $ 1.45 Poag & McEwen 1.45 ------------ Total Capital $ 2.9 ============ Payable to DDR $ 6.6 ============ Debt $ 44.6 ============ Total Debt & Equity $ 54.1 ============
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDRC PDK Salisbury Phase III LLC Date Formed: March 2001 Property Name/Location: Salisbury, MD Major Tenants: Rugged Warehouse Famous Footwear Dress Barn PARTNERSHIP STRUCTURE Ownership Percentage: 50% - DDR 50% - PDK Commons Phase III L.C. Cash Flow Distribution: 50% - DDR 50% - PDK Commons Phase III L.C. FEES TO DDR Management Fee: 4% Development Fee: $.75 psf of leasehold improvements Leasing Fees: N/A CAPITAL STRUCTURE (IN MILLIONS) DDR $ 0.15 PDK Salisbury LLC 0.15 ------------ Total Capital $ 0.3 ============ Debt $ 1.9 ============ Total Debt & Equity $ 2.2 ============
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DLA Ventures LLC Date Formed: September 1999 Property Name/Location: Coon Rapids, MN (Phase I - Outer Ring) Major Tenants: Costco (not owned) Sears Kohl's JoAnn Etc. Linens 'N Things Best Buy Old Navy Sportman's Warehouse PARTNERSHIP STRUCTURE Equity Contribution: 75% - Lubert-Adler Real Estate Fund (DLA) 25% - DDR Cash Flow Distribution: 75% - Lubert-Adler Real Estate Fund 25% - DDR FEES TO DDR Management Fee: 4% Development Fee: $1,699,336 (40% at 09/30/99 and remainder payable ratably) Leasing Fees: N/A CAPITAL STRUCTURE (IN MILLIONS) ------------------------------- DLA $ 2.6 DDR 0.8 ------- Total Capital $ 3.4 ======= Debt $ 42.0 ======= Total Debt & Equity $ 45.4 =======
Joint Venture Partnership Summaries 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Shea and Tatum Associates Limited Partnership Date Formed: January 1, 1995 (acquired January 2, 2003) Property Name/Location: Paradise Village Gateway - Phoenix, AZ Major Tenants: Albertson's Bed Bath & Beyond Petsmart Ross Staples PARTNERSHIP STRUCTURE Equity Contribution: 67% - DDR 33% - Churchill Family Trust Cash Flow Distribution: 67% - DDR 33% - Churchill Family Trust FEES TO DDR Management Fee: 5% of gross income Development Fee: 5% of total costs for all improvements (excluding land) Leasing Fees (without co-broker): $3.50 per square foot for spaces < 5,000 square feet $3.00 per square foot for spaces 5,000 - 10,000 square feet $2.50 per square foot for spaces 10,000 - 25,000 square feet $2.00 per square foot for spaces 25,000 - 50,000 square feet $1.50 per square foot for spaces over 50,000 square feet Renewals earn 50% of fees on new leases 5.0% on new ground leases on years 1-5 Commission on Outparcel Sales: 5% of gross sales price CAPITAL STRUCTURE (IN MILLIONS) DDR $ 4.8 Churchill Family Trust 2.3 ---------- Total Capital $ 7.1 ========== Debt $ 17.8 ========== Total Debt & Equity $ 24.9 ==========
JOINT VENTURE PARTNERSHIP SUMMARIES 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Paseo Colorado Holdings LLC Date Formed: January 14, 2003 Property Name/Location: Paseo Colorado - Pasadena, CA Major Tenants: DSW Shoe Warehouse Equinox Health & Fitness Gelson's Market Macy's Pacific Theaters PARTNERSHIP STRUCTURE Equity Contribution: 25% - DDR 75% - Lehman Brothers Cash Flow Distribution: 25% - DDR 75% - Lehman Brothers Promote: After DDR and Lehman Brothers receive a return of equity and both partners have been allocated an amount equal to a 19% annual return, DDR will receive 50% of available proceeds. FEES TO DDR Management Fee: 3.5% of gross income Development Fee: 3.5% of total costs for all improvements (excluding land) Leasing Fees: 6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet) 4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet) 3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet) 3.0% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) 2.25% on renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet) 1.75% on renewals on years 1-5; 1.0% on remainder of term (spaces 10,000 - 20,000 square feet) $2.00 per square foot (spaces > 20,000 square feet) on new leases and renewals Commission on Outparcel Sales: 6.0% of gross sales price up to $500,000 5.0% of gross sales price over $500,000 but less than $1,000,000 4.0% of gross sales price over $1,000,000 CAPITAL STRUCTURE (IN MILLIONS) DDR $ 8.2 Lehman Brothers 24.4 ------- Total Capital $ 32.6 ======= Payable to DDR $ 0.1 ======= Debt $ 85.0 ======= Total Debt & Equity $ 117.6 =======
Joint Venture Partnership Summaries 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: KLA/SM L.L.C. Date Formed: March 2002 Property Name/Location: The Joint Venture consists of the designation rights to approximately 205 properties and leasehold interests owned by the Service Merchandise Company, Inc. These properties are located in 33 states across the United States. The Joint Venture holds the designation rights to these assets until approximately April 30, 2003. During the designation period the Joint Venture is responsible for all applicable carrying costs and may assign, sell or reject these assets at any time. At the end of the designation period, a new company to be formed between Service Merchandise and the Joint Venture will obtain title to all assets not rejected, sold or assigned and assume the debt relating to those assets. PARTNERSHIP STRUCTURE Equity Contribution: 24.63% - DDR 12.32% - Klaff Realty, L.P. 61.58% - Lubert-Adler Funds 1.47% - Random Properties Acquisition Corp I Cash Flow Distribution: 24.63% - DDR 12.32% - Klaff Realty, L.P. 61.58% - Lubert-Adler Funds 1.47% - Random Properties Acquisition Corp I Once all partners receive a return of all equity, plus a 12% preferred return thereon, plus $43 million, Service Merchandise will be entitled to share 20% of the excess. The remaining proceeds will be distributed in accordance with the percentages noted. Promote: Once all partners have received a return of all equity, plus a 10% preferred return thereon, DDR will receive 35% of available proceeds. FEES TO DDR Management Fees: 3.0% of gross revenues Development Fees: 4.5% of hard costs for all improvements for all retail tenant leases 1.5% of hard costs for all non-retail or furniture leases Leasing Fees: $0.94 per square foot for all retail tenant leases $0.31 per square foot for all non-retail or furniture leases Disposition Fees: .75% of gross sales price for all sales to retail purchasers .25% of gross sales price for all sales to non-retail or furniture purchasers CAPITAL STRUCTURE (IN MILLIONS) DDR $ 20.8 Klaff 10.4 Lubert-Adler 52.0 Random Properties Acquisition Corp. I 1.3 -------- Total Capital $ 84.5 (1) ======== Payable to DDR $ 0.4 ======== Existing Debt $ 79.9 ======== Maximum Debt Assumption $ 9.0 (2) ======== Total Debt & Equity $ 173.8 ========
(1) Total capital includes member equity loans to the joint venture of $67.4 as of June 30, 2003 (2) Represents the maximum amount of debt that could be assumed by the Joint Venture at the end of the designation period. Joint Venture Partnership Summaries 4.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Jefferson County Plaza LLC Date Formed: July 1999 Property Name/Location: Arnold, MO Major Tenants: Target (not owned) Home Depot (not owned) Shoe Carnival Sally Beauty Supply Deal$ PARTNERSHIP STRUCTURE Equity Contribution: 50% - DDR 50% - The Sansone Group (50% owned by DDR) Cash Flow Distribution: 50% - DDR 50% - The Sansone Group FEES TO DDR Management Fee: 1.50% Development Fee: NA Leasing Fees: 2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals CAPITAL STRUCTURE (IN MILLIONS) DDRC $ (0.05) The Sansone Group (0.05) ------- Total Capital $ (0.1) ======= Payable to DDR $ 3.0 ======= Debt $ 2.3 ======= Total Debt & Equity $ 5.2 =======
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: DDR Markaz LLC (Kuwaiti Financial Centre) Date Formed: May 2003 Property Name/Location: The joint venture consists of the following seven properties: Hilltop Plaza - Richmond, CA Highland Grove Shopping Center-Highland, IN Derby Square - Grove City, OH Springfield Commons Shopping Center - Toledo, OH Oviedo Park - Oviedo, FL Apple Blossom Corners - Winchester, VA North Pointe Plaza - Tampa, FL Major Tenants: Babies R Us (not owned) Lowe's (not owned) Barnes & Noble Marshalls Bed Bath & Beyond Martin's Food Store Big Bear Michael's Books-A-Million OfficeMax Borders Books (not owned) Old Navy Century Theatre Petsmart Circuit City Publix Gander Mountain Ross Dress for Less Jewel (not owned) Target (not owned) Kohl's T.J. Maxx Linens N Things Wal-mart (not owned) PARTNERSHIP STRUCTURE Equity Contribution: 80% - Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as "Markaz") 20% - DDR Cash Flow Distribution: 80% - Markaz 20% - DDR Promote (current): (i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual return, and (ii) 20% to DDR and 80% to DDR and Markaz in proportion to their equity interest. FEES TO DDR Property Management Fee: 4.0% of revenues Development Fee: 5.0% of total costs for all improvements Asset Management Fee: 5.5% of net operating income Leasing Fees (without co-broker): 6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet) 5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet) 4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet) $2.00 per square foot (spaces > 20,000 square feet) 4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases) Renewals earn 50% of fees on new leases Commission on Outparcel Sales: 6.0% of gross sales price up to $500,000 5.0% of gross sales price $500,000 - $1,000,000 4.0% of gross sales price over $1,000,000 CAPITAL STRUCTURE (IN MILLIONS) DDR $ 11.8 Markaz 47.2 -------- Total Capital $ 59.0 ======== Debt $ 110.0 ======== Total Debt & Equity $ 169.0 ========
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplemental For the six months ended June 30, 2003 ================================================================================ JOINT VENTURE INVESTMENT SUMMARY Joint Venture Name: Coventry II DDR Ward Parkway LLC Date Formed: June 2003 Property Name/Location: Kansas City, MO Major Tenants: Target (not owned) Dilliards Pier One TJ Maxx AMC Theater 24 Hour Fitness Dick's Steinmart PARTNERSHIP STRUCTURE Equity Contribution: 80% - Coventry II 20% - DDR Cash Flow Distribution: 80% - Coventry II 20% - DDR FEES TO DDR Management Fee: 3% of gross income for stabilized property (95% leased) 4% of gross income for unstabilized property Development Fee: 5% of all hard and soft costs Leasing Fees: 6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet) 4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet) 3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet) $2 per square foot (spaces > 20,000 square feet) 4% on new leases on years 1-10 (ground lease) 3% on new leases on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet; renewals) 2.25% on new leases on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet; renewals) 1.75% on new leases on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet; renewals) $2 per square foot (spaces > 20,000 square feet; renewals) CAPITAL STRUCTURE (IN MILLIONS) Coventry II $ 38.1 DDR 9.5 -------- Total Capital $ 47.6 ======== Debt $ - ======== Total Debt & Equity $ 47.6 ========
DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the twelve months ended December 31, 2001 ================================================================================ SUMMARY OF JOINT VENTURE DEBT AS OF DECEMBER 31, 2001
Mortgage Property/Entity Balance Maturity Date Interest Rate --------------- ------- ------------- ------------- Community Centers F $322,500,000 (1) 06/02 7.378 Liberty Fair Mall Associates Martinsville, VA F 20,370,100 12/09 8.46 Ohio State Teachers JV Macedonia, OH V 11,895,300 09/06 Libor + 100 Canton, OH V 10,095,596 09/02 Libor + 100 DDRA Community Centers Four San Antonio, TX F 27,527,965 11/02 7.24 Merriam Town Center Merriam, KS V 24,455,000 04/03 Libor + 175 Lennox Town Center Limited Columbus, OH F 19,856,758 07/22 8.11 Sun Center Limited Columbus, OH F 6,114,898 05/07 8.29 16,021,360 04/11 8.48 Continental Sawmill Ltd. Columbus, OH F 19,998,471 05/16 7.55 Drexel Washington Ltd. Dayton, OH F 14,130,374 01/08 7.28 DDRA Community Centers Five F 156,000,000 (2) 10/05 6.64 Town Center Plaza LLC Leawood, KS F 54,335,578 07/09 7.31 RVIP II A Salem, NH V 16,731,980 03/02 Libor +175 DDRA Community Centers Six St. Louis, MO F 12,863,100 04/10 8.56 DDRA Community Centers Seven Ahwatukee, AZ (Phase IV) F 10,000,000 01/05 8.07 DDRA Community Centers Eight Deer Valley, AZ F 18,033,633 09/10 8.01 RVIP I Best Products V 12,624,157 08/04 Libor + 175 RVIP VI Kansas City, MO 20,430,556 (3) RVIP I A Plainville, CT V 38,059,219 06/02 Libor + 180
DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the twelve months ended December 31, 2001 ================================================================================ SUMMARY OF JOINT VENTURE DEBT AS OF DECEMBER 31, 2001 (CONTINUED)
Mortgage Property/Entity Balance Maturity Date Interest Rate --------------- ------- ------------- ------------- RVIP III A Round Rock, TX V 54,511,192 01/03 Libor + 175 RVIP III B Deer Park, IL V 46,094,945 07/02 Libor + 175 RVIP IV A Hagerstown, MD V 34,000,000 01/03 Libor + 175 RVIP III C San Antonio, TX V 32,595,731 12/02 Libor + 175 DDRC PDK Salisbury Phase III LLC Salisbury, MD F 1,889,941 04/06 7.61 RVIP VII F 141,257,731 (4) RVIP VII Long Beach, CA V 7,585,579 01/04 Libor + 170 DLA Ventures, LP Coon Rapids, MN V 21,000,000 12/03 Libor + 180 DDR P&M Aspen Grove Littleton, CO V 32,779,407 05/03 Libor + 185 -------------- $1,203,758,571 ==============
[ADD WTD INTEREST RATE FOR JV DEBT] NOTES: (1) Encumbers ten shopping center properties as follows: San Diego, CA Denver, CO Naples, FL Atlanta, GA Marietta, GA Schaumburg, IL Framingham, MA Independence, MO Durham, NC Fairfax, VA (2) Encumbers six shopping center properties as follows: Ahwatukee, AZ Phoenix, AZ Eagan, MN Maple Grove, MN Portland, OR Fort Worth, TX (3) Encumbers six shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.625% and maturity dates ranging from September, 2005 to November, 2007. (4) Encumbers ten shopping center properties located in California and Washington with mortgage interest rates ranging from 7.07% to 9.5% and maturity dates ranging from March, 2004 to March, 2022. DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the twelve months ended December 31, 2001 SUMMARY OF PRO RATA JOINT VENTURE DEBT AS OF DECEMBER 31, 2001
DDR's DDR's Pro Rata Pro Rata Joint Venture Interest Debt ------------------- -------- ------------ Community Centers 20.00% 64,500,000 Liberty Fair 50.00% 10,185,050 OSTRS 50.00% 10,995,448 DDRA Comm Ctr Four 35.00% 9,634,788 Merriam Town Center 50.00% 12,227,500 Lennox Town Center 50.00% 9,928,379 Sun Center 79.45% 17,587,257 Continental Sawmill 80.012% 16,001,177 Drexel Washington 49.7918% 7,035,768 DDRA Comm Ctr Five 50.00% 78,000,000 Town Center Plaza 50.00% 27,167,789 RVIP II A 23.75% 3,973,845 DDRA Comm Ctr Six 50.00% 6,431,550 DDRA Comm Ctr Seven 50.00% 5,000,000 DDRA Comm Ctr Eight 50.00% 9,016,817 RVIP I 79.57% 10,045,042 RVIP VI 23.75% 4,852,257 RVIP I A 12.375% 4,709,828 RVIP III A 12.375% 6,745,760 RVIP III B 12.375% 5,704,249 RVIP IV A 12.375% 4,207,500 RVIP III C 12.375% 4,033,722 DDRC PDK Salisbury 50.00% 944,971 RVIP VII 20.00% 28,251,546 RVIP III Long Beach 23.5125% 1,783,559 Coon Rapids 25.00% 5,250,000 DDR P&M Aspen Grove 50.00% 16,389,704 ------------ Total $380,603,507 ============
DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF JOINT VENTURE DEBT AS OF JUNE 30, 2003
Mortgage Property/Entity Balance (000's) Maturity Date Interest Rate --------------------------------------- --------------- ------------- ------------- RVIP III Long Beach, CA V 29,621 01/04 Libor + 170 RVIP III B Deer Park, IL V 40,000 07/04 Libor + 175 V 7,864 07/04 Libor + 175 RVIP VI Kansas City, MO 18,767(1) RVIP VII F 105,151(2) V 34,000(2) Community Centers F 119,000(3) 02/05 6.00 F 17,300(3) 02/05 5.95 V 16,000(3) 02/05 Libor + 250 V 4,000(3) 02/05 Libor + 250 V 66,655(3) 03/04 Libor + 150 V 14,192(3) 03/04 Libor + 400 V 23,653(3) 03/04 Libor + 700 DDRA Community Centers Four San Antonio, TX V 30,000 10/05 Libor + 210 DDRA Community Centers Five F 156,000(4) 10/05 6.64 DDRA Community Centers Seven Ahwatukee, AZ (Phase IV) F 9,966 01/05 8.07 DDRA Community Centers Eight Deer Valley, AZ F 17,810 09/10 8.01 Merriam Town Center Merriam, KS V 30,000 06/05 Libor +205 Tax Incremental Financing Obligation F 9,075 02/16 6.90 DDRA Kildeer LLC V 4,500 08/07 Libor + 180 Kildeer, IL F 15,000 08/07 5.64 Lennox Town Center Limited Columbus, OH F 19,259 07/22 8.11 Sun Center Limited Columbus, OH F 5,912 05/07 8.29 F 15,496 04/11 8.48 Continental Sawmill Ltd. Columbus, OH F 18,779 05/06 7.55 Liberty Fair Mall Associates Martinsville,VA F 20,126 12/09 8.46 DOTRS LLC Macedonia, OH V 11,362 09/06 Libor +100
Summary of Joint Venture Debt 5.3 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF JOINT VENTURE DEBT AS OF JUNE 30, 2003 (CONTINUED)
Mortgage Property/Entity Balance (000's) Maturity Date Interest Rate --------------------------------------- --------------- ------------- ------------- DDR P&M Aspen Grove Littleton, CO V 44,589 08/03 Libor + 185 DDRC PDK Salisbury Phase III LLC Salisbury, MD F 1,866 04/06 7.61 DLA Ventures, LP CRRV Perimeter One & Two V 42,000 02/06 Libor + 245 KLA/SM LLC V 79,885 07/04 Libor + 350 Jefferson County Plaza, LLC Arnold, MO V 2,288 05/05 Libor + 175 Paradise Village Gateway Phoenix, AZ F 17,761 05/07 7.78 Paseo Colorado Holdings Pasadena, CA V 85,000 02/06 Libor + 245 DDR Markaz F 110,000 (5) 06/08 4.129 RVIP I Best Products V 2,254 08/04 Libor + 175 ---------- $1,245,130 ==========
NOTES: (1) Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.625% and maturity dates ranging from September, 2005 to November, 2007. (2) Encumbers ten shopping center properties located in California and Washington with mortgage interest rates ranging from 6.60% to 9.50% and maturity dates ranging from March, 2004 to March, 2022. (3) Encumbers six shopping center properties as follows: Atlanta, GA Framingham, MA Marietta, GA Fairfax, VA Schaumburg, IL Naples, FL (4) Encumbers six shopping center properties as follows: Ahwatukee, AZ Maple Grove, MN Phoenix, AZ Portland, OR Eagan, MN Fort Worth, TX (5) Encumbers seven shopping center properties as follows: Oviedo, FL Tampa, FL Richmond, CA Highland, IN Toledo, OH Winchester, VA Grove City, OH Summary of Joint Venture Debt 5.3 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF PRO RATA JOINT VENTURE DEBT AS OF JUNE 30, 2003
DDR's DDR's Pro Rata Pro Rata Joint Venture Interest Debt (000's) ------------------------ -------- ------------ RVIP III Long Beach 23.5125% 6,965 RVIP III B 12.3750% 5,923 RVIP VI 23.5125% 4,413 RVIP VII 20.0000% 27,830 Community Centers 20.0000% 52,160 DDRA Comm Ctr Four 35.0000% 10,500 DDRA Comm Ctr Five 50.0000% 78,000 DDRA Comm Ctr Seven 50.0000% 4,983 DDRA Comm Ctr Eight 50.0000% 8,905 Merriam Town Center 50.0000% 19,538 DDRA Kildeer, LLC 10.0000% 1,950 Lennox Town Center 50.0000% 9,629 Sun Center 79.4500% 17,009 Continental Sawmill 80.0120% 15,025 Liberty Fair 50.0000% 10,063 DOTRS LLC 50.0000% 5,681 DDR P&M Aspen Grove 50.0000% 22,294 DDRC PDK Salisbury 50.0000% 933 CRRV Perimeter One & Two 25.0000% 10,500 KLA/SM LLC 25.0000% 19,971 Jefferson County Plaza 50.0000% 1,144 Paradise Village Gateway 67.0000% 11,900 Paseo Colorado Holdings 25.0000% 21,250 KFC 20.0000% 22,000 RVIP I 79.5700% 1,793 Total $390,359 ========
Summary of Joint Pro Rata Venture Debt 5.4 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF JOINT VENTURE MORTGAGE PRINCIPAL PAYMENTS AS OF JUNE 30, 2003 (000'S)
JOINT VENTURE 2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments 2009 Payments ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- RVIP III (Long Beach, CA) 29,393 RVIP III B (Deer Park) 47,659 RVIP VI (Kansas City) 1,311 18,860 RVIP VII 1,463 73,603 1,749 1,898 8,762 1,916 2,092 Community Centers 104,934 156,300 DDRA Community Centers Four 30,000 DDRA Community Centers Five 156,000 DDRA Community Centers Seven 75 89 9,836 DDRA Community Centers Eight 157 166 184 200 217 231 255 Merriam Town Center 30,000 Merriam TIF DDRA Kildeer, LLC (Kildeer, IL) 19,500 Lennox Town Center Limited 424 459 498 540 585 635 688 Sun Center Limited Principal Mutual Life Ins Co 373 406 442 480 523 569 619 W. Lyman Case & Co 144 156 170 184 5,328 Continental Sawmill Ltd. 860 927 1,000 16,413 Liberty Fair Mall Associates 172 182 203 221 241 258 18,936 DOTRS LLC National City Bank 414 428 453 10,252 DDR P&M Aspen Grove (Littleton) 43,618 DDRC PDK Salisbury Phase III 1,874 CRRV Perimeter One & Two 42,000 KLA/SM LLC 79,885 Jefferson County Plaza LLC 2,288 Paradise Village Gateway 234 276 298 323 16,693 Paseo Colorado Holdings 4,655 6,207 6,207 67,931 DDR Markaz RVIP I (Best Products) 2,254 Payments through 6/30/03 -2,503 -------- ------- ------- ------- ------ ----- ------ Total - Debt 50,086 347,024 396,940 142,317 70,707 3,609 22,590 JOINT VENTURE 2010 Payments 2011 Payments Thereafter Total ------------- ------------- ------------- ---------- -------- RVIP III (Long Beach, CA) 29,393 RVIP III B (Deer Park) 47,659 RVIP VI (Kansas City) 20,171 RVIP VII 2,272 2,468 43,658 139,881 Community Centers 261,234 DDRA Community Centers Four 30,000 DDRA Community Centers Five 156,000 DDRA Community Centers Seven 10,000 DDRA Community Centers Eight 16,479 17,889 Merriam Town Center 30,000 Merriam TIF 9,075 9,075 DDRA Kildeer, LLC (Kildeer, IL) 19,500 Lennox Town Center Limited 746 809 14,084 19,466 Sun Center Limited Principal Mutual Life Ins Co 674 11,594 15,679 W. Lyman Case & Co 5,982 Continental Sawmill Ltd. 19,201 Liberty Fair Mall Associates 20,213 DOTRS LLC National City Bank 11,547 DDR P&M Aspen Grove (Littleton) 43,618 DDRC PDK Salisbury Phase III 1,874 CRRV Perimeter One & Two 42,000 KLA/SM LLC 79,885 Jefferson County Plaza LLC 2,288 Paradise Village Gateway 17,824 Paseo Colorado Holdings 85,000 DDR Markaz 110,000 110,000 RVIP I (Best Products) 2,254 Payments through 6/30/03 -2,503 ------ ------ ------- --------- Total - Debt 20,171 14,870 176,817 1,245,130
Summary of Joint Venture Mortage Principal Payments 5.5 DEVELOPERS DIVERSIFIED REALTY CORPORATION Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF JOINT VENTURE MORTGAGE PRINCIPAL PAYMENTS AS OF JUNE 30, 2003
JOINT VENTURE 2003 Payments 2004 Payments 2005 Payments 2006 Payments 2007 Payments 2008 Payments 2009 Payments ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- RVIP III (Long Beach, CA) 29,393,156 RVIP III B (Deer Park) 47,659,479 RVIP VI (Kansas City) 1,311,414 18,859,746 RVIP VII 1,463,192 73,602,633 1,748,770 1,898,412 8,761,556 1,916,490 2,092,301 Community Centers 104,933,879 156,300,000 DDRA Community Centers Four 30,000,000 DDRA Community Centers Five 156,000,000 DDRA Community Centers Seven 75,262 88,687 9,836,051 DDRA Community Centers Eight 157,116 166,174 184,371 199,915 216,768 231,039 254,521 Merriam Town Center 30,000,000 Merriam TIF DDRA Kildeer, LLC (Kildeer, IL) 19,500,000 Lennox Town Center Limited 423,564 459,221 497,880 539,794 585,235 634,502 687,917 Sun Center Limited Principal Mutual Life Ins Co 372,864 405,741 441,517 480,448 522,811 568,910 619,074 W. Lyman Case & Co 143,955 156,352 169,818 184,445 5,327,788 Continental Sawmill Ltd. 860,113 927,347 999,836 16,413,421 Liberty Fair Mall Associates 171,700 181,849 203,092 221,213 240,952 257,650 18,936,140 DOTRS LLC National City Bank 414,280 427,660 453,000 10,251,560 DDR P&M Aspen Grove (Littleton) 43,617,893 DDRC PDK Salisbury Phase III 1,874,097 CRRV Perimeter One & Two 42,000,000 KLA/SM LLC 79,884,556 Jefferson County Plaza LLC 2,288,371 Paradise Village Gateway 234,053 276,245 298,487 322,556 16,692,619 Paseo Colorado Holdings 4,655,250 6,207,000 6,207,000 67,930,750 DDR Markaz RVIP I (Best Products) 2,253,905 Payments through 6/30/03 -2,503,160 ---------- ----------- ----------- ----------- ---------- --------- ---------- Total - Debt 50,086,082 347,023,884 396,939,608 142,316,611 70,707,475 3,608,591 22,589,953 JOINT VENTURE 2010 Payments 2011 Payments Thereafter Total ------------- ------------- ------------- ----------- -------- RVIP III (Long Beach, CA) 29,393,156 RVIP III B (Deer Park) 47,659,479 RVIP VI (Kansas City) 20,171,161 RVIP VII 2,272,271 2,467,775 43,657,964 139,881,364 Community Centers 261,233,879 DDRA Community Centers Four 30,000,000 DDRA Community Centers Five 156,000,000 DDRA Community Centers Seven 10,000,000 DDRA Community Centers Eight 16,478,828 17,888,732 Merriam Town Center 30,000,000 Merriam TIF 9,075,450 9,075,450 DDRA Kildeer, LLC (Kildeer, IL) 19,500,000 Lennox Town Center Limited 745,828 808,615 14,083,527 19,466,083 Sun Center Limited Principal Mutual Life Ins Co 673,660 11,593,684 15,678,709 W. Lyman Case & Co 5,982,358 Continental Sawmill Ltd. 19,200,717 Liberty Fair Mall Associates 20,212,596 DOTRS LLC National City Bank 11,546,500 DDR P&M Aspen Grove (Littleton) 43,617,893 DDRC PDK Salisbury Phase III 1,874,097 CRRV Perimeter One & Two 42,000,000 KLA/SM LLC 79,884,556 Jefferson County Plaza LLC 2,288,371 Paradise Village Gateway 17,823,960 Paseo Colorado Holdings 85,000,000 DDR Markaz 110,000,000 110,000,000 RVIP I (Best Products) 2,253,905 Payments through 6/30/03 -2,503,160 ---------- ---------- ----------- ------------- Total - Debt 20,170,587 14,870,074 176,816,941 1,245,129,806
Summary of Joint Venture Mortage Principal Payments 5.5 COMPANY FEATURES(1) 371 SHOPPING CENTERS (AND INTERESTS IN RETAIL ASSETS) (2) 3 MANAGED SHOPPING CENTERS 44 STATES (INCLUDING MANAGED PROPERTIES) (2) 54.9 MILLION SQ. FT. OWNED 83.1 MILLION SQ. FT. OWNED AND MANAGED(2) (3) 94.3%/93.8% % LEASED / % OCCUPIED (4) 433 TOTAL EMPLOYEES
(1) INCLUDES SERVICE MERCHANDISE PORTFOLIO. DOES NOT INCLUDE 35 INDUSTRIAL AND OFFICE PROPERTIES. (2) INCLUDES DEVELOPMENT PROJECTS. (3) INCLUDES UNOWNED ANCHORS AT COMPANY OWNED OPERATING AND DEVELOPMENT RETAIL PROPERTIES. (4) CORE RETAIL PORTFOLIO. GROWTH IN SQUARE FOOTAGE(1) [PLOT POINTS TO COME] (1) INCLUDES SERVICE MERCHANDISE PORTFOLIO. (2) As of June 30, 2003. DDR HAS BUILT A GEOGRAPHICALLY DIVERSE PORTFOLIO OF DOMINANT SHOPPING CENTERS. [MAP] 371 OWNED RETAIL ASSETS AND 3 MANAGED RETAIL ASSETS AVERAGE ANNUALIZED BASE RENTAL RATES (1) (2) (3) [PLOT POINTS TO COME] (1) Does not include Service Merchandise Portfolio. (2) As of June 30, 2003. (3) Excluding the impact of properties acquired through the merger with JDN Realty, total rents per square foot were $10.85 and shop rents were $15.59. AVERAGE ANNUALIZED BASE RENTAL RATES
------------------------------------------------------------------------------- ANNUALIZED BASE RENT/S.F. NUMBER OF SHOP PERIOD ENDING PROPERTIES TOTAL SPACE ------------------------------------------------------------------------------- JUN.30, 2003 282 $10.49 $15.20 DEC.31, 2002 189 $10.58 $15.18 DEC.31, 2001 192 $10.03 $14.02 DEC.31, 2000 190 $ 9.66 $13.66 DEC.31, 1999 186 $ 9.20 $12.69 DEC.31, 1998 159 $ 8.99 $12.39 DEC.31, 1997 123 $ 8.49 $11.69 DEC.31, 1996 112 $ 7.85 $10.87 DEC.31, 1995 106 $ 7.60 $10.54 DEC.31, 1994 84 $ 5.89 $ 9.02 DEC.31, 1993 69 $ 5.60 $ 8.56 DEC.31, 1992 53 $ 5.37 $ 8.37 DEC.31, 1991 53 $ 5.35 $ 8.29 DEC.31, 1990 52 $ 5.27 $ 8.25 DEC.31, 1989 45 $ 4.93 $ 7.87 DEC.31, 1988 40 $ 4.81 $ 7.41 DEC.31, 1987 37 $ 4.38 $ 7.09
(1) Excluding the impact of properties acquired through the merger with JDN Realty, total rents per square foot were $10.85 and shop rents were $15.59. LEASE EXPIRATIONS BY YEAR (1) (2) [PLOT POINTS TO COME] (1) Does not include Service Merchandise Portfolio. (2) As of June 30, 2003, options not included. LEASE EXPIRATIONS BY YEAR (1)
------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- ANCHOR BASE RENT SHOP SPACE BASE RENT ------------------------------------------------------------------------------------------------------------------- YEAR LEASES REVENUE AVERAGE/S.F. LEASES REVENUE AVERAGE/S.F. (MILLIONS) (MILLIONS) ------------------------------------------------------------------------------------------------------------------- 2003 9 $ 1.1 $ 3.79 455 $ 14.2 $ 12.63 2004 28 $ 5.8 $ 5.77 692 $ 24.5 $ 13.10 2005 36 $ 7.7 $ 5.79 706 $ 27.3 $ 13.79 2006 26 $ 5.4 $ 6.17 600 $ 28.5 $ 14.94 2007 47 $ 13.5 $ 6.75 526 $ 26.6 $ 15.07 2008 39 $ 10.0 $ 6.14 326 $ 19.4 $ 14.07 2009 42 $ 14.0 $ 7.61 125 $ 11.2 $ 16.12 2010 52 $ 17.4 $ 7.93 119 $ 11.5 $ 16.90 2011 86 $ 33.6 $ 9.78 177 $ 20.0 $ 20.54 2012 74 $ 27.8 $ 8.97 131 $ 15.8 $ 21.66 ------ ------- -------- ------ ------- --------- 2003-2012 SUBTOTAL 439 $ 136.3 $ 7.70 3,857 $ 199.0 $ 15.19 TOTAL RENT ROLL AT JUNE 30, 2003 733 $ 268.8 $ 8.36 4,646 $ 220.6 $ 15.20 ---------------------------------------------------------------------------------------------
(1) DOES NOT INCLUDE SERVICE MERCHANDISE PORTFOLIO. 2Q03 LARGEST TENANTS BY SF - OWNED & UNOWNED(1) (2)
---------------------------------------------------------------------------------------------------------------------------- TOTAL OWNED UNOWNED ---------------------------------------------------------------------------------------------------------------------------- RANK TENANT UNITS GLA UNITS GLA UNITS GLA ---------------------------------------------------------------------------------------------------------------------------- 1 WAL-MART/SAM'S 70 9,816,917 28 3,195,248 42 6,621,669 2 LOWE'S HOME IMPROVEMENT 21 2,635,166 14 1,708,279 7 926,887 3 KOHL'S 26 2,169,739 25 2,089,155 1 80,584 4 TARGET/MERVYN'S 17 2,037,881 7 810,495 10 1,227,386 5 HOME DEPOT 18 1,899,894 8 778,657 10 1,121,237 6 T.J.MAXX/MARSHALL'S 41 1,437,097 41 1,437,097 0 0 7 K-MART 15 1,352,511 14 1,236,678 1 115,833 8 BEST BUY/MUSICLAND 27 989,170 26 894,241 1 94,929 9 TOYS "R" US 26 967,942 21 749,283 5 218,659 10 KROGER 16 965,883 15 808,275 1 157,608 ----------------------------------------------------------------------------------------------------------------------------
(1) INCLUDES SERVICE MERCHANDISE PORTFOLIO. (2) ASSUMES 100% OWNERSHIP OF JOINT VENTURES. RELIANCE ON MAJOR TENANTS (1) (2) (OWNED SHOPPING CENTER GLA ONLY)
--------------------------------------------------------------------------------------------------- TOTAL BASE RENT PERCENT CREDIT TENANT UNITS (MILLIONS) OF TOTAL RATINGS ---------------------------- ----- --------------- -------- --------- WAL-MART/SAM'S CLUB 28 $ 15.89 4.13% AA/Aa2 LOWE'S HOME IMPROVEMENT 14 $ 11.71 3.05% A/A3 KOHL'S 25 $ 11.42 2.97% A-/A3 T.J. MAXX/MARSHALLS 50 $ 9.06 2.36% A/A3 PETsMART 43 $ 8.41 2.19% B+/Ba3 BED BATH & BEYOND 31 $ 8.09 2.10% BBB/NR BEST BUY / MUSICLAND GROUP 27 $ 7.86 2.04% BBB-/Baa3 OFFICEMAX 37 $ 6.69 1.74% NR/NR AMC THEATER 6 $ 6.08 1.58% B/B2 GAP/OLD NAVY/BANANA REPUBLIC 34 $ 5.34 1.39% BB+/Ba3 MICHAEL'S 32 $ 5.29 1.38% BB/Ba1 KROGER 15 $ 5.00 1.30% BBB/Baa3 BARNES & NOBLE 33 $ 4.83 1.26% BB/Ba2 LINENS 'N THINGS 14 $ 4.66 1.21% NR/NR CINEMARK THEATRE 8 $ 4.53 1.18% B+/B1 TOYS "R" US 22 $ 4.14 1.08% BBB-/Baa3 ROSS STORES 22 $ 3.97 1.03% BBB/NR HOME DEPOT 8 $ 3.84 1.00% AA/Aa3 SUBTOTAL 449 $126.81 32.98% --------------------------------------------------------------------------------------------------- PORTFOLIO TOTAL 5,474 $384.49 100.0%
(1) INCLUDES SERVICE MERCHANDISE PORTFOLIO. (2) BASED ON ACTUAL PRO RATA OWNERSHIP OF REAL ESTATE ASSETS. RELIANCE ON MAJOR TENANTS(1) (2) BY GLA AND BY BASE RENTAL REVENUE
---------------------------------------------------------------------------------------------------------------------------------- BASE OWNED % TOTAL RENTAL % TOTAL RANK MAJOR TENANT (UNITS) GLA GLA RANK MAJOR TENANT (UNITS) REVENUE BASE RENT ($ MILLIONS) ---------------------------------------------------------------------------------------------------------------------------------- 1 WAL-MART / SAM'S CLUB (28) 3.00 6.83% 1 WAL-MART/SAM'S CLUB (28) $ 15.89 4.13% 2 LOWE'S HOME IMPROVEMENT (14) 1.71 3.89% 2 LOWE'S HOME IMPROVEMENT (14) $ 11.71 3.05% 3 KOHL'S (25) 1.65 3.76% 3 KOHL'S (25) $ 11.42 2.97% 4 T.J. MAXX / MARSHALLS (50) 1.20 2.73% 4 T.J. MAXX / MARSHALLS (50) $ 9.06 2.36% 5 K-MART (14) 1.16 2.64% 5 PETsMART (43) $ 8.41 2.19% 6 BEST BUY/ MUSICLAND GROUP (27) 0.77 1.75% 6 BED BATH & BEYOND (31) $ 8.09 2.10% 7 PETsMART (43) 0.74 1.69% 7 BEST BUY / MUSICLAND GROUP (27) $ 7.86 2.04% 8 KROGER (15) 0.73 1.65% 8 OFFICEMAX (37) $ 6.69 1.74% 9 BED BATH & BEYOND (31) 0.72 1.64% 9 AMC THEATER (6) $ 6.08 1.58% 10 OFFICEMAX (37) 0.69 1.58% 10 GAP/OLD NAVY/BANANA REPUBLIC (34) $ 5.34 1.39% 11 JCPENNEY/ECKARDS (26) 0.68 1.54% 11 MICHAEL'S (32) $ 5.29 1.38% 12 TARGET (7) 0.65 1.48% 12 KROGER (15) $ 5.00 1.30% 13 TOYS "R" US (22) 0.57 1.31% 13 BARNES & NOBLE (33) $ 4.83 1.26% 14 HOME DEPOT (8) 0.55 1.26% 14 LINENS 'N THINGS (14) $ 4.66 1.21% 15 MICHAEL'S (32) 0.51 1.17% 15 CINEMARK THEATRE (8) $ 4.53 1.18% 16 GOODY'S FAMILY CLOTHING (18) 0.49 1.11% 16 TOYS "R" US (22) $ 4.14 1.08% 17 WINN DIXIE (11) 0.45 1.02% 17 ROSS STORES (22) $ 3.97 1.03% 18 ROSS STORES (22) 0.42 0.96% 18 HOME DEPOT (8) $ 3.84 1.00% 19 GAP/OLD NAVY/BANANA REPUBLIC (34) 0.39 0.89% 19 STAPLES (19) $ 3.78 0.98% 20 OFFICE DEPOT (21) 0.39 0.89% 20 GOODY'S FAMILY CLOTHING (18) $ 3.72 0.97% -------------------------------- ----- ----- --------------------------------- --------- ------- SUBTOTAL: 1-20 17.47 39.80% SUBTOTAL: 1-18 $ 134.30 34.93% -------------------------------- ----- ----- --------------------------------- --------- ------- TOTAL PORTFOLIO: 43.90 100.0% TOTAL PORTFOLIO: $ 384.49 100.00% ----------------------------------------------------------------------------------------------------------------------------------
(1) INCLUDES SERVICE MERCHANDISE PORTFOLIO. (2) BASED ON ACTUAL PRO RATA OWNERSHIP OF REAL ESTATE ASSETS. [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time: 12:29:09PM Page 1 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ---------------------------------------------------------------------------------------------------------------------------------- Alabama 1 BIRMINGHAM, AL (BROOK) BROOK HIGHLAND PLAZA 35242 SC 1994 1994 100.00% 5291 HWY 280 SOUTH 2 BIRMINGHAM, AL (EASTWOOD) EASTWOOD FESTIVAL CENTER 35210 SC 1989 1995 100.00% 7001 CRESTWOOD BLVD 3 BIRMINGHAM, AL (RIVERCHASE) RIVERCHASE PROMENADE 35244 SC 1989 2002 100.00% MONTGOMERY HIGHWAY 4 DECATUR, AL SOUTHLAND PLAZA 35601 SC 1996 2003 100.00% 2019 US HWY. 31 SOUTH 5 GADSDEN, AL EAST SIDE PLAZA 35903 SC 1979 2003 100.00% 3010-3036 E. MEIGHAN BOULEVARD 6 OPELIKA, AL PEPPERELL CORNERS 36801 SC 1995 2003 100.00% 2300-2600 PEPPERELL PARKWAY OP 7 SCOTTSBORO, AL SCOTTSBORO MARKETPLACE 35766 SC 1999 2003 100.00% 24833 JOHN P REID PARKWAY Arizona 8 AHWATUKEE, AZ FOOTHILLS TOWNE CTR (II) 85044 SC 1996 1997 50.00% 4711 EAST RAY ROAD 9 PHOENIX, AZ PARADISE VILLAGE GATEWAY 85028 SC 1997 2003 67.00% TATUM & SHEA BLVDS. 10 PHOENIX, AZ (DEER VALLEY) DEER VALLEY TOWNE CENTER 85027 SC 1996 1999 50.00% 2805 WEST AGUA FRIA FREEWAY 11 PHOENIX, AZ (PEORIA) ARROWHEAD CROSSING 85382 SC 1995 1996 50.00% 7553 WEST BELL ROAD Arkansas 12 FAYETTEVILLE, AR SPRING CREEK CENTRE 72703 SC 1997 1997 100.00% 464 E. JOYCE BOULEVARD OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ Alabama 1 BIRMINGHAM, AL (BROOK) 421,893 $3,783,911 $ 9.12 98.4% WINN DIXIE STORES #417(2014), RHODES#3029/MARKS FITZGERALD(2004), GOODY'S #165(2004), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL'S #9986(2009), BOOKS-A-MILLION-4(2005), ROSS STORES, INC.(2014), LOWES HOME CENTERS(NOT OWNED) 2 BIRMINGHAM, AL (EASTWOOD) 301,074 $1,774,704 $ 7.93 74.3% OFFICE DEPOT #43(2004), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED) 3 BIRMINGHAM, AL (RIVERCHASE) 98,016 $1,217,649 $ 14.66 84.7% MARSHALL'S #411(2006), GOODY'S(NOT OWNED), TOY'S R US(NOT OWNED), KID'S R US(NOT OWNED) 4 DECATUR, AL 122,956 $ 685,666 $ 6.26 89.1% Food World #233(2021) 5 GADSDEN, AL 85,340 $ 214,323 $ 2.59 97.0% Public Wholesale(2050), FOOD WORLD(NOT OWNED) 6 OPELIKA, AL 306,224 $1,744,419 $ 5.95 95.7% Lowe's (Dark) #0398(2012), Winn-Dixie #409(2013), Wal-Mart (Dark) #355(2013), Goody's 20921 - #121(2010) 7 SCOTTSBORO, AL 40,560 $ 421,596 $ 10.39 100.0% Goody's #55(2011), WAL-MART(NOT OWNED) Arizona 8 AHWATUKEE, AZ 647,904 $9,262,535 $ 14.43 99.1% JOANN, ETC. #1917(2010), BEST BUY #177(2014), BASSETT FURNITURE(2010), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), BABIES R US #5670(2007), ROSS STORES, INC. #369(2007), OFFICEMAX #743(2012) 9 PHOENIX, AZ 223,243 $3,571,351 $ 16.59 96.4% BED BATH & BEYOND(2011), ROSS(2007), PETSMART(2015), STAPLES #0395(2005), ALBERTSONS-OSCO DRUG(NOT OWNED) 10 PHOENIX, AZ (DEER VALLEY) 197,009 $2,792,063 $ 14.17 100.0% ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAELS #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED) 11 PHOENIX, AZ (PEORIA) 346,430 $4,051,796 $ 11.98 97.6% STAPLES #289(2009), COMP USA#318(2013), MAC FRUGAL'S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162 -1(2005), CIRCUIT CITY - #3362-1(2016), OSHMAN'S SPORTING GOODS, #690(2017), BASSETT FURNITURE(2009), LINENS 'N THINGS #427-1(2011), FRY'S(NOT OWNED) Arkansas 12 FAYETTEVILLE, AR 262,827 $2,845,085 $ 10.88 99.5% T.J. MAXX #159(2005), BEST BUY(2017), GOODY'S #231(2013), OLD NAVY #6169(2005), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time: 12:29:09PM Page 2 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ------------------------------------------------------------------------------------------------------------------------------ 13 FAYETTEVILLE, AR (STEELE) STEELE CROSSING 72703 SC 2001 2003 100.00% 3533-3595 N. SHILOH DR 14 N. LITTLE ROCK, AR MCCAIN PLAZA 72117 SC 1991 1994 100.00% 4124 EAST MCCAIN BOULEVARD 15 RUSSELLVILLE, AR VALLEY PARK CENTRE 72801 SC 1992 1994 100.00% 3093 EAST MAIN STREET California 16 CAMERON PARK, CA CAMERON PARK 95682 SC 1999 2001 20.00% 4082-4092 CAMERON PARK DRIVE 17 CITY OF INDUSTRY, CA PLAZA AT PUENTE HILLS 91748 SC 1987 2001 20.00% 17647-18271 GALE AVENUE 18 FULLERTON, CA LA MANCHA 92632 SC 1973 2001 20.00% NORTH HARBOR BLVD. 19 LANCASTER, CA VALLEY CENTRAL - DISCOUNT 93536 SC 1990 2001 20.00% 44707-44765 VALLEY CENTRAL WAY 20 LONG BEACH, CA CITY PLACE 90802 SC 2002 1 * 24.75% 451 LONG BEACH BLVD. 21 MISSION VIEJO, CA OLYMPIAD PLAZA 92691 SC 1989 2001 20.00% 23002-23072 ALICIA PARKWAY 22 OCEANSIDE, CA. OCEAN PLACE CINEMAS 92054 SC 2000 1 * 100.00% 401-409 MISSION AVENUE 23 PASADENA, CA PASEO COLORADO 91101 LC 2001 2003 25.00% EAST COLORADO BOULEVARD 24 PLEASANT HILL, CA. DOWNTOWN PLEASANT HILL 94523 SC 1999 2001 20.00% TRELAHY AND CRESCENT ROADS 25 RICHMOND, CA (HILLTOP) HILLTOP PLAZA 94806 SC 1997 2002 20.00% 3401 BLUME DRIVE 26 RICHMOND, CA RICHMOND CITY CENTER 94801 SC 1993 2001 20.00% MACDONALD AVENUE OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 13 FAYETTEVILLE, AR (STEELE) 37,849 $ 493,206 $ 13.03 100.0% KOHL'S(NOT OWNED), TARGET(NOT OWNED) 14 N. LITTLE ROCK, AR 233,378 $ 1,266,963 $ 5.94 91.4% BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014) 15 RUSSELLVILLE, AR 272,245 $ 1,672,635 $ 6.38 96.3% WAL-MART STORES #58(2011), STAGE #301(2005), J.C. PENNEY #351(2012) California 16 CAMERON PARK, CA 103,414 $ 1,446,625 $ 14.96 93.5% SAFEWAY #1618(2020) 17 CITY OF INDUSTRY, CA 518,938 $ 6,180,261 $ 13.84 86.0% MILLER'S OUTPOST/HUB DIST#334(2008), OFFICE DEPOT, INC.(2012), IKEA(2007), CIRCUIT CITY #3301(2009) 18 FULLERTON, CA 109,358 $ 978,921 $ 9.51 94.1% RALPHS GROCERY STORE(2020), BALLARD WIMER BROCKETT&EDWARDS(2004) 19 LANCASTER, CA 336,403 $ 3,701,013 $ 11.11 99.0% WAL-MART #1563(2010), MOVIES 12/ CINEMARK(2017), WAL-MART #1563(STORAGE)(2000), MICHAEL'S #3541(2004), MARSHALLS #375(2007), CIRCUIT CITY #411(2011), STAPLES #88(2008), COSTCO(NOT OWNED) 20 LONG BEACH, CA 230,668 $ 2,898,247 $ 12.56 100.0% NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), ALBERTSON'S(NOT OWNED) 21 MISSION VIEJO, CA 45,600 $ 1,266,301 $ 28.23 98.4% 22 OCEANSIDE, CA. 80,450 $ 1,037,611 $ 15.39 83.8% REGAL CINEMAS(2014) 23 PASADENA, CA 556,163 $11,747,689 $ 22.27 94.9% GELSON'S MARKET(2021), EQUINOX(2017), MACY'S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011) 24 PLEASANT HILL, CA. 348,419 $ 6,064,516 $ 19.01 91.6% ALBERTSON'S(2020), MICHAEL'S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND(2010), ROSS STORES, INC(2010) 25 RICHMOND, CA (HILLTOP) 245,774 $ 3,671,080 $ 14.94 100.0% OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016) 26 RICHMOND, CA 76,692 $ 1,125,955 $ 14.68 100.0% WALGREENS#2506(2033), FOOD 4 LESS/FOODSCO(2013)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time: 12:29:09PM Page 3 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ------------------------------------------------------------------------------------------------------------------------------ 27 SAN FRANCISCO, CA VAN NESS PLAZA 215 94109 SC 1998 2002 100.00% (RETAIL) 1000 VAN NESS AVENUE 28 SAN YSIDRO, CA SAN YSIDRO VILLAGE 92173 SC 1988 2001 20.00% CAMINO DE LA PLAZA Colorado 29 ALAMOSA, CO ALAMOSA PLAZA 81101 SC 1986 2 * 100.00% 145 CRAFT DRIVE 30 AURORA, CO PIONEER HILLS 80012 SC 2002 2003 100.00% 5400-5820 SOUTH PARKER 31 DENVER, CO TAMARAC SQUARE 80231 SC 1976 2001 100.00% 7777 E. HAMPDEN 32 DENVER, CO CENTENNIAL PROMENADE 80223 SC 1997 1997 100.00% (CENTENNIAL) 9555 E. COUNTY LINE ROAD 33 DENVER, CO UNIVERSITY HILLS 80222 SC 1997 2003 100.00% (UNIVERSITY) 2730 SOUTH COLORADO BOULEVARD 34 LITTLETON, CO (DEV) ASPEN GROVE 80120 LC 2002 1 * 50.00% 7301 SOUTH SANTAFE 35 PARKER, CO PARKER PAVILIONS 80134 SC 2001 2003 100.00% 11153-11183 SOUTH PARKER ROAD 36 TRINIDAD, CO TRINIDAD PLAZA 81082 SC 1986 2 * 100.00% HWY 239 @ 125 FRONTAGE ROAD Connecticut 37 PLAINVILLE, CT CONNECTICUT COMMONS 06062 SC 1999 1 * 100.00% I-84 & RTE 9 38 WATERBURY, CT KMART PLAZA 06705 SC 1973 2 * 100.00% 899 WOLCOTT STREET Florida 39 BAYONET POINT, FL POINT PLAZA 34667 SC 1985 2 * 100.00% US 19 & SR 52 OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 27 SAN FRANCISCO, CA 123,755 $4,396,703 $35.53 100.0% AMC VAN NESS 14 THEATRES(2018), (RETAIL) CRUNCH FITNESS INT'L, INC.(2008) 28 SAN YSIDRO, CA 104,759 $ 779,111 $13.49 55.2% K-MART(NOT OWNED) Colorado 29 ALAMOSA, CO 19,875 $ 132,932 $ 8.33 80.3% CITY MARKET, INC.(NOT OWNED), BIG "R"(NOT OWNED) 30 AURORA, CO 112,158 $1,764,610 $15.73 100.0% BED BATH & BEYOND(2012), OFFICE DEPOT #2184(2017) 31 DENVER, CO 174,780 $1,682,715 $12.35 78.0% MADSTONE THEATRES(2007), The Gap, Inc.(2003) 32 DENVER, CO 408,515 $6,252,564 $15.65 97.8% GOLFSMITH GOLF CENTER(2007), (CENTENNIAL) SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL'S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN'S R.E. HOLDINGS, INC.(2012), AMERICAN FURNITURE WARHOUSE(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED) 33 DENVER, CO 244,383 $3,984,492 $16.30 100.0% Linens N Things(2013), Pier One (UNIVERSITY) Imports(2014), Officemax #416(2012), King Soopers(2017) 34 LITTLETON, CO (DEV) 229,830 $6,261,340 $27.24 100.0% 35 PARKER, CO 75,956 $1,254,360 $16.51 100.0% Office Depot #2165(2016), Ihop(2022), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED) 36 TRINIDAD, CO 63,836 $ 135,344 $ 5.24 40.4% BIG "R"(NOT OWNED) Connecticut 37 PLAINVILLE, CT 465,453 $4,199,112 $11.40 79.2% LOWE'S OF PLAINVILLE #650(2019), KOHL'S #461(2022), A.C. MOORE(2014), OLD NAVY #6187(2011), LEVITZ FURNITURE(2015), LINENS 'N THINGS(2017), LOEW'S THEATRE(NOT OWNED) 38 WATERBURY, CT 124,310 $ 417,500 $ 3.36 100.0% K MART #3152(2003), JO-ANN STORES #0254(2010) Florida 39 BAYONET POINT, FL 193,948 $1,132,366 $ 5.84 100.0% PUBLIX SUPER MARKETS #295(2005), BEALL'S #11(2002), T.J. MAXX #794(2010)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time: 12:29:09PM Page 4 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ------------------------------------------------------------------------------------------------------------------------------ 40 BRANDON, FL KMART SHOPPING CENTER 33511 SC 1972 2 * 100.00% 1602 BRANDON BL 41 BRANDON, FL (PLAZA) LAKE BRANDON PLAZA 33511 SC 1999 2003 100.00% CAUSEWAY BOULEVARD 42 BRANDON, FL (VILLAGE) LAKE BRANDON VILLAGE 33511 SC 1997 2003 100.00% CAUSEWAY BOULEVARD 43 CRYSTAL RIVER, FL CRYSTAL RIVER PLAZA 33523 SC 1986 2 * 100.00% 420 SUN COAST HWY 44 DAYTONA BEACH, FL VOLUSIA 32114 SC 1984 2001 100.00% 1808 W. INTERNATIONAL SPEEDWAY 45 FERN PARK, FL FERN PARK SHOPPING CENTER 32720 SC 1970 2 * 100.00% 6735 US #17-92 SOUTH 46 GULF BREEZE, FL GULF BREEZE MARKETPLACE 32561 SC 1998 2003 100.00% 3749-3767 GULF BREEZE PARKWAY 47 JACKSONVILLE, FL JACKSONVILLE REGIONAL 32218 SC 1988 1995 100.00% 3000 DUNN AVENUE 48 MARIANNA, FL THE CROSSROADS 32446 SC 1990 2 * 100.00% 2814-2822 HIGHWAY 71 49 MELBOURNE, FL MELBOURNE SHOPPING CENTER 32935 SC 1978 2 * 100.00% 750-850 APOLLO BOULEVARD 50 NAPLES, FL CARILLON PLACE 33942 SC 1994 1995 20.00% 5010 AIRPORT ROAD NORTH 51 OCALA, FL OCALA WEST 32674 SC 1991 2003 100.00% 2400 SW COLLEGE ROAD 52 ORMOND BEACH, FL ORMOND TOWNE SQUARE 32174 SC 1993 1994 100.00% 1458 WEST GRANADA BLVD 53 OVIEDO, FL OVIEDO PARK CROSSING 32765 SC 1999 1 * 20.00% RTE 417 & RED BUG LAKE ROAD 54 PALM HARBOR, FL THE SHOPPES OF BOOT RANCH 34685 SC 1990 1995 100.00% 300 EAST LAKEROAD OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 40 BRANDON, FL 161,900 $ 513,665 $ 3.23 98.4% K MART #4311(2007), KANE FURNITURE(NOT OWNED) 41 BRANDON, FL (PLAZA) 148,267 $1,671,448 $11.27 100.0% Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix(2019), BABIES R US(NOT OWNED) 42 BRANDON, FL (VILLAGE) 113,548 $1,387,510 $12.22 100.0% Linens 'N Things #496(2014), The Sports Authority #213(2018), LOWE'S(NOT OWNED) 43 CRYSTAL RIVER, FL 160,190 $ 880,092 $ 5.54 99.2% BEALL'S #38 -4(2012), BEALL'S OUTLET(2006), SCOTTY'S #130(2008) 44 DAYTONA BEACH, FL 75,366 $ 927,978 $12.31 100.0% TJMF, Inc.(2004), Marshalls of MA, Inc.(2005) 45 FERN PARK, FL 16,000 $ 123,200 $ 8.11 95.0% 46 GULF BREEZE, FL 29,827 $ 446,734 $15.61 96.0% LOWE'S(NOT OWNED), WAL-MART(NOT OWNED) 47 JACKSONVILLE, FL 219,735 $1,279,674 $6.41 90.8% J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009) 48 MARIANNA, FL 63,894 $ 409,488 $ 6.98 91.9% BEALL'S #54 -4(2005), WAL-MART(NOT OWNED) 49 MELBOURNE, FL 121,913 $ 152,953 $ 4.28 29.3% 50 NAPLES, FL 267,808 $2,949,332 $11.20 98.3% WINN DIXIE #739(2014), T.J. MAXX #084(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS #305(2005), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010) 51 OCALA, FL 101,438 $ 667,423 $ 7.05 93.4% The Sports Authority(2012), Winn-Dixie #2284(2004) 52 ORMOND BEACH, FL 234,045 $1,957,170 $ 8.36 100.0% BEALL'S(2018), BEALL'S #60 -4(2004), PUBLIX SUPER MARKETS #446(2013) 53 OVIEDO, FL 186,212 $1,908,262 $10.25 100.0% OFFICEMAX #531(2014), ROSS DRESS FOR LESS(2010), MICHAEL'S #9941(2009), T.J. MAXX #802(2010), LINENS 'N THINGS(2011), LOWE'S(NOT OWNED) 54 PALM HARBOR, FL 52,395 $ 857,488 $16.83 97.3% ALBERTSON'S(NOT OWNED), TARGET(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 5 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ----------------------------------------------------------------------------------------------------------------------------- 55 PENSACOLA, FL PALAFOX SQUARE 32534 SC 1988 1 * 100.00 % 8934 PENSACOLA BLVD 56 PENSACOLA, FL (MARKET) PENSACOLA MARKETPLACE 32505 SC 2000 2003 100.00 % W. FAIRFIELD DRIVE 57 SPRING HILL, FL MARINER SQUARE 34613 SC 1988 2 * 100.00 % 13050 CORTEZ BLVD. 58 TALLAHASSEE, FL CAPITAL WEST 32312 SC 1994 2003 100.00 % 4330 WEST TENNESSEE STREET 59 TAMPA, FL (DALE) NORTH POINTE PLAZA 33618 SC 1990 2 * 20.00 % 15001-15233 NORTH DALE MABRY 60 TAMPA, FL (WATERS) TOWN N' COUNTRY 33634 SC 1990 2 * 100.00 % 7021-7091 WEST WATERS AVENUE 61 TARPON SPRINGS, FL TARPON SQUARE 34689 SC 1974 2 * 100.00 % 41232 U.S. 19, NORTH 62 WEST PASCO, FL PASCO SQUARE 34653 SC 1986 2 * 100.00 % 7201 COUNTY ROAD 54 Georgia 63 ATHENS, GA ATHENS EAST 30605 SC 2000 2003 100.00 % 4375 LEXINGTON ROAD 64 ATLANTA, GA (DULUTH) PLEASANT HILL PLAZA 30136 SC 1990 1994 100.00 % 1630 PLEASANT HILL ROAD 65 ATLANTA, GA (PERIMETER) PERIMETER POINTE 30136 SC 1995 1995 20.00 % 1155 MT. VERNON HIGHWAY 66 CANTON, GA (RIVERPLACE) RIVERPLACE 30114 SC 1983 2003 100.00 % 104-150 RIVERSTONE PARKWAY 67 CANTON, GA (RIVERPOINTE) RIVER POINTE 30114 SC 1996 2003 100.00 % 1550-1558 RIVERSTONE PARKWAY 68 CARTERSVILLE, GA FELTON'S CROSSING 30120 SC 1984 2003 100.00 % 877 JOE FRANK HARRIS PARKWAY S OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ---------------------------------------------------------------------------------------------------------------------------------- 55 PENSACOLA, FL 17,150 $ 220,962 $12.88 100.0% 56 PENSACOLA, FL (MARKET) 55,795 $ 0 $ 0.00 0.0% 57 SPRING HILL, FL 188,924 $1,459,392 $ 7.97 97.0% BEALL'S #28(2006), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED) 58 TALLAHASSEE, FL 92,650 $ 580,482 $ 6.61 94.8% Lowe's (Dark) #076(2010), WAL-MART(NOT OWNED) 59 TAMPA, FL (DALE) 104,473 $1,180,818 $11.72 96.4% PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED) 60 TAMPA, FL (WATERS) 134,366 $1,086,942 $ 8.50 95.1% BEALL'S #56 -4(2005), KASH 'N KARRY-2 STOR #1745(2010), WALMART(NOT OWNED) 61 TARPON SPRINGS, FL 198,797 $1,366,625 $ 6.87 100.0% K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013) 62 WEST PASCO, FL 135,421 $1,038,803 $ 7.87 97.5% BEALL'S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED) Georgia 63 ATHENS, GA 24,000 $ 341,496 $14.23 100.0% WAL MART(NOT OWNED) 64 ATLANTA, GA (DULUTH) 99,025 $1,372,419 $14.44 96.0% OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED) 65 ATLANTA, GA (PERIMETER) 343,155 $4,822,628 $14.75 95.3% MICHAEL'S #1004(2010), STEIN MART #092(2010), BABIES R US, #8892(2007), THE SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH'S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015) 66 CANTON, GA (RIVERPLACE) 127,853 $ 962,485 $ 7.80 96.6% Staples #796(2014), Ingles(2019) 67 CANTON, GA (RIVERPOINTE) 39,000 $ 557,704 $14.30 100.0% WALMART(NOT OWNED) 68 CARTERSVILLE, GA 112,240 $ 844,180 $ 7.62 98.8% Ross Dress For Less(2013), Ingles #76(2019)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 6 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ----------------------------------------------------------------------------------------------------------------------------- 69 CHAMBLEE, GA CHAMBLEE PLAZA 30341 SC 1976 2003 100.00 % PEACHTREE INDUSTRIAL BOULEVARD 70 COLUMBUS, GA BRADLEY PARK CROSSING 31904 SC 1999 2003 100.00 % 1591 BRADLEY PARK DRIVE COLUMB 71 CUMMING, GA CUMMING MARKETPLACE 30041 SC 1997 2003 100.00 % MARKETPLACE BOULEVARD 72 CUMMING, GA (PINETREE) PINETREE VILLAGE 30040 SC 1999 2003 100.00 % 2350 ATLANTA HIGHWAY 73 DOUGLASVILLE, GA DOUGLASVILLE MARKETPLACE 30135 SC 1999 2003 100.00 % 6875 DOUGLAS BOULEVARD 74 FT. OGLETHORPE, GA FORT OGLETHORPE MARKETPLACE 30742 SC 1992 2003 100.00 % 101 BATTLEFIELD PARKWAY FORT 75 GRIFFIN, GA ELLIS CROSSING 30223 SC 1986 2003 100.00 % 649-687 NORTH EXPRESSWAY 76 LAFAYETTE, GA LAFAYETTE CENTER 30728 SC 1990 2003 100.00 % 1109 NORTH MAIN STREET 77 LAGRANGE, GA LAGRANGE - GA 30240 SC 2001 2003 100.00 % 299 COMMERCE AVENUE 78 LAWRENCEVILLE, GA FIVE FORKS VILLAGE 30044 SC 1990 2003 100.00 % 850 DOGWOOD ROAD 79 LILBURN, GA (FIVE FORKS) FIVE FORKS CROSSING 30047 SC 1990 2003 100.00 % 3055 FIVE FORKS TRICKUM ROAD 80 LITHONIA, GA TURNER HILL 30038 SC 2001 2003 100.00 % 1-20 & TURNER HILL ROAD 81 LOGANVILLE, GA MIDWAY PLAZA 30052 SC 1995 2003 100.00 % 910 ATHENS HWY 82 MADISON, GA BEACON HEIGHTS 30650 SC 1989 2003 100.00 % 1462-1532 EATONTON ROAD 83 MARIETTA, GA TOWN CENTER PRADO 30066 SC 1995 1995 20.00 % 2609 BELLS FERRY ROAD OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) --------------------------------------------------------------------------------------------------------------------------- 69 CHAMBLEE, GA 175,969 $1,172,922 $ 9.50 70.1% Save Rite #1845(2006) 70 COLUMBUS, GA 119,786 $1,285,779 $10.73 100.0% Goody's #296(2011), Petsmart #0294(2015), Michael's # 9929(2009), TARGET(NOT OWNED) 71 CUMMING, GA 317,195 $3,433,781 $10.98 98.6% Goody's #219(2012), Lowe's(2019), Michael's(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED) 72 CUMMING, GA (PINETREE) 27,600 $ 490,289 $17.76 100.0% 73 DOUGLASVILLE, GA 128,506 $1,370,989 $10.67 100.0% Best Buy(2015), Babies R Us(2006), LOWES(NOT OWNED) 74 FT. OGLETHORPE, GA 176,903 $ 464,330 $ 3.72 70.6% Kmart #3083(2007) 75 GRIFFIN, GA 64,770 $ 325,096 $ 6.31 79.6% Winn-Dixie (Dark) #1811(2006), WAL MART(NOT OWNED) 76 LAFAYETTE, GA 78,422 $ 449,729 $ 8.26 69.4% Food Lion #890(2019) 77 LAGRANGE, GA 62,990 $ 76,848 $ 1.22 100.0% Lagrange Expo Center(2003) 78 LAWRENCEVILLE, GA 89,064 $ 933,097 $10.61 98.7% Winn-Dixie (Save-Rite) #1990(2010) 79 LILBURN, GA (FIVE FORKS) 73,950 $ 687,771 $ 9.30 100.0% Kroger #394(2012) 80 LITHONIA, GA 120,775 $ 880,000 $ 7.29 100.0% Best Buy #389(2018), Bed Bath & Beyond(2012), Toys R Us #8812(2012) 81 LOGANVILLE, GA 91,196 $ 943,022 $10.62 97.4% Kroger #443(2016) 82 MADISON, GA 106,100 $ 482,956 $ 4.60 98.9% Ingles (Dark) #444(2010), Wal-Mart #1363(2009) 83 MARIETTA, GA 295,468 $3,624,387 $12.36 99.3% STEIN MART #141(2007), ROSS DRESS FOR LESS(2013), PUBLIX #548(2015), CRUNCH PITNESS INTERNATIONAL(2011)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 7 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ---------------------------------------------------------------------------------------------------------------------------------- 84 MARIETTA, GA (GARRISON) GARRISON RIDGE CROSSING 30064 SC 1997 2003 100.00% 2650 DALLAS HIGHWAY 85 MCDONOUGH, GA MCDONOUGH MARKETPLACE 30253 SC 1999 2003 100.00% NE CORNER I75 & HIGHWAY 20 86 NEWNAN, GA NEWNAN CROSSING 30264 SC 1995 2003 100.00% 955-1063 BULLSBORO DRIVE NEWNA 87 PEACHTREE CITY, GA PEACHTREE CITY MARKETPLACE 30269 SC 1999 2003 100.00% MARKETPLACE CONNECTOR PEACHT 88 STOCKBRIDGE, GA (FREEWAY) FREEWAY JUNCTION 30281 SC 1988 2003 100.00% 3797-3879 HIGHWAY 138 SE STOCK 89 STOCKBRIDGE, GA (PIKE) PIKE NURSERIES-STOCKBRIDGE 30281 SC 1997 2003 100.00% 599 HIGHWAY 138W 90 STONE MOUNTAIN, GA (RIVER) RIVERCLIFF VILLAGE 30047 SC 1999 2003 100.00% STONE MOUNTAIN HIGHWAY STONE M 91 SUWANEE, GA (JOHNS) JOHNS CREEK TOWNE CENTER 30024 SC 2001 2003 100.00% 3630 PEACHTREE PARKWAY SUWANE 92 SUWANEE, GA (NOBLE) THE VILLAGE AT NOBLE FARMS 30024 SC 1997 2003 100.00% 1145 PEACHTREE INDUSTRIAL BOUL 93 TUCKER, GA COFER CROSSING 30084 SC 1998 2003 100.00% 4349-4375 LAWRENCEVILLE HWY 94 UNION CITY, GA SHANNON SQUARE 30291 SC 1986 2003 100.00% 4720 JONESBORO ROAD 95 WARNER ROBBINS, GA WARNER ROBINS PLACE 31093 SC 1997 2003 100.00% 2724 WATSON BOULEVARD 96 WOODSTOCK, GA WOODSTOCK PLACE 30188 SC 1995 2003 100.00% 10029 HIGHWAY 928 Idaho 97 IDAHO FALLS, ID COUNTRY CLUB MALL 83401 SC 1976 1998 100.00% 1515 NORTHGATE MILE OWNED TOTAL GROSS ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY LEASABLE BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 84 MARIETTA, GA (GARRISON) 18,200 $ 308,917 $ 16.97 100.0% LOWES(NOT OWNED) 85 MCDONOUGH, GA 4,670 $ 133,000 $ 28.48 100.0% 86 NEWNAN, GA 156,497 $1,264,408 $ 8.08 100.0% Lowe's #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED) 87 PEACHTREE CITY, GA 50,367 $ 635,685 $ 12.98 97.2% Staples(2015) 88 STOCKBRIDGE, GA (FREEWAY) 162,778 $ 429,350 $ 6.14 43.0% Ingles (Dark) #1466(2009) 89 STOCKBRIDGE, GA (PIKE) 10,800 $ 244,145 $ 22.61 100.0% 90 STONE MOUNTAIN, GA (RIVER) 2,000 $ 42,000 $ 21.00 100.0% 91 SUWANEE, GA (JOHNS) 306,206 $2,772,434 $ 13.94 64.9% Kohl's #447(2022), Michael's #1587(2011), Staples #1162(2016) 92 SUWANEE, GA (NOBLE) 44,793 $ 812,093 $ 18.71 96.9% 93 TUCKER, GA 120,332 $ 936,842 $ 7.79 100.0% Goody's #299(2014), Kroger #482(2019), WALMART(NOT OWNED) 94 UNION CITY, GA 100,002 $ 803,403 $ 8.28 97.0% Ingles #407(2006), WAL MART(NOT OWNED) 95 WARNER ROBBINS, GA 107,941 $1,158,477 $ 10.85 98.9% T.J. Maxx #032(2010), Staples(2016), LOWE'S (NOT OWNED), WAL MART(NOT OWNED) 96 WOODSTOCK, GA 170,940 $1,493,562 $ 8.74 100.0% Wal-Mart #575(2020) Idaho 97 IDAHO FALLS, ID 148,593 $ 510,482 $ 7.55 45.5% OFFICE MAX #666(2011), FRED MEYER, INC.(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 8 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ---------------------------------------------------------------------------------------------------------------------------------- 98 MERIDIAN, ID MERIDIAN CROSSROADS 83642 SC 1999 1* 100.00% EAGLE AND FAIRVIEW ROAD Illinois 99 DECATUR, IL DECATUR MARKETPLACE 62521 SC 1999 2003 100.00% MARYLAND STREET 100 DEER PARK, IL DEER PARK TOWN CENTER 60074 LC 2000 1* 24.75% 20503 NORTH RAND ROAD 101 HARRISBURG, IL ARROWHEAD POINT 62946 SC 1991 1994 100.00% 701 NORTH COMMERCIAL 102 KILDEER, IL THE SHOPS AT KILDEER 60047 SC 2001 2001 10.00% 20505 NORTH HIGHWAY 12 103 MOUNT VERNON, IL TIMES SQUARE MALL 62864 MM 1974 2* 100.00% 42ND AND BROADWAY 104 SCHAUMBURG, IL WOODFIELD VILLAGE GREEN 60173 SC 1993 1995 20.00% 1430 EAST GOLF ROAD Indiana 105 BEDFORD, IN TOWN FAIR CENTER 47421 SC 1993 2* 100.00% 1320 JAMES AVENUE 106 CONNERSVILLE, IN WHITEWATER TRADE CENTER 47331 SC 1991 2* 100.00% 2100 PARK ROAD 107 HIGHLAND, IN HIGHLAND GROVE SHOPPING CENTER 46322 SC 1995 1996 20.00% HIGHWAY 41 & MAIN STREET 108 LAFAYETTE, IN PARK EAST MARKETPLACE 47905 SC 2000 2003 100.00% 4205 - 4315 COMMERCE DRIVE Iowa 109 CEDAR RAPIDS, IA NORTHLAND SQUARE 52404 SC 1984 1998 100.00% 303 -367 COLLINS ROAD, NE 110 OTTUMWA, IA QUINCY PLACE MALL 819 52501 MM 1990 2* 100.00% 1110 QUINCY AVENUE OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 98 MERIDIAN, ID 394,337 $4,308,204 $ 10.93 100.0% BED BATH & BEYOND #333(2011), OLD NAVY #6046(2005), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS(2012), SPORTSMAN'S WAREHOUSE(2015) Illinois 99 DECATUR, IL 26,375 $ 270,024 $ 11.86 86.4% WAL MART(NOT OWNED) 100 DEER PARK, IL 262,716 $6,604,507 $ 26.45 95.1% GAP # 581(2010), BARNES & NOBLE(NOT OWNED) 101 HARRISBURG, IL 167,074 $ 837,405 $ 5.43 92.3% WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY'S(2011) 102 KILDEER, IL 155,490 $2,859,463 $ 18.39 100.0% BED BATH & BEYOND(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006) 103 MOUNT VERNON, IL 268,263 $ 885,740 $ 3.71 88.9% SEARS #2181(2013), COUNTRY FAIR MARKET FRESH(2004), J.C. PENNEY #1717(2007) 104 SCHAUMBURG, IL 451,319 $7,197,865 $ 15.95 100.0% CIRCUIT CITY #3111(2009), OFF 5TH(2011), OFFICEMAX #203(2010), CONTAINER STORE(2011), SPORTS AUTHORITY STORE #675(2013), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), KLA/SM NEWCO SCHAUMBURG, LLC(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED) Indiana 105 BEDFORD, IN 223,431 $1,352,497 $ 6.05 100.0% K MART #7455(2008), GOODY'S #119 -4(2008), J.PENNEY #1324-4(2008), BUEHLER'S BUY LOW #4163(2010) 106 CONNERSVILLE, IN 141,770 $ 865,436 $ 6.16 99.2% COX NEW MARKET-4(2011), WAL-MART STORE #1729(2011) 107 HIGHLAND, IN 295,193 $3,268,843 $ 11.15 99.3% MARSHALL'S#663-1(2011), KOHL'S #229-1(2016), CIRCUIT CITY-1(2016), OFFICE MAX #590(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED) 108 LAFAYETTE, IN 35,100 $ 448,910 $ 13.32 96.0% WAL MART(NOT OWNED) Iowa 109 CEDAR RAPIDS, IA 187,068 $1,760,537 $ 9.41 100.0% T.J. MAXX #119(2004), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL'S #217(2021) 110 OTTUMWA, IA 194,703 $1,317,256 $ 7.28 93.0% HERBERGER'S #326(2005), J.C. PENNEY #2438(2005), OFFICEMAX #1033(2015), WALMART(NOT OWNED), TARGET(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 9 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ---------------------------------------------------------------------------------------------------------------------------------- Kansas 111 LEAWOOD, KS TOWN CENTER PLAZA 66209 LC 1990 1998 100.00% 5100 W 119 STREET 112 MERRIAM, KS MERRIAM TOWN CENTER 66202 SC 1998 1* 50.00% 5700 ANTIOCH ROAD 113 OLATHE, KS (DEVONSHIRE) DEVONSHIRE VILLAGE 66062 SC 1987 1998 23.75% 127th STREET & MUR-LEN ROAD 114 OVERLAND PARK, KS (CHEROKEE CHEROKEE NORTH SHOPPING CENTE 66212 SC 1987 1998 23.75% 8800-8934 W 95th STREET 115 OVERLAND PARK, KS (POINTE) OVERLAND POINTE MARKETPLACE 66213 SC 2001 2003 100.00% INTER 135TH & ANTIOCH RD 116 SHAWNEE, KS (QUIVIRA PARCEL) TEN QUIVIRA PARCEL 66216 SC 1972 1998 23.75% 63rd ST. & QUIVIRA ROAD 117 SHAWNEE, KS (TEN QUIVIRA) TEN QUIVIRA SHOPPING CENTER 66216 SC 1992 1998 23.75% 63rd STREET & QUIVIRA ROAD 118 WICHITA, KS (EASTGATE) EASTGATE PLAZA 67207 SC 1955 2002 100.00% SOUTH ROCK ROAD Kentucky 119 HAZARD, KY GRAND VUE PLAZA 41701 SC 1978 2* 100.00% KENTUCKY HIGHWAY 80 120 LEXINGTON, KY (NORTH) NORTH PARK MARKETPLACE 40511 SC 1998 2003 100.00% 524 WEST NEW CIRCLE 121 LEXINGTON, KY (SOUTH) SOUTH FARM MARKETPLACE 40503 SC 1998 2003 100.00% MAN-O-WAR BOULEVARD AND NICHOL 122 RICHMOND, KY CARRIAGE GATE 40475 SC 1992 2003 100.00% 833-847 EASTERN BY-PASS Maine 123 BRUNSWICK, ME COOK'S CORNERS 04011 SC 1965 1997 100.00% 172 BATH ROAD Maryland OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ Kansas 111 LEAWOOD, KS 291,646 $7,308,137 $ 26.39 95.0% BARNES & NOBLE #2668(2011) 112 MERRIAM, KS 344,009 $3,929,025 $ 11.42 100.0% OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK'S SPORTING GOODS # 119(2016), CINEMARK/TINSELTOWN 20(2018), HOME DEPOT #2202(NOT OWNED) 113 OLATHE, KS (DEVONSHIRE) 48,732 $ 358,769 $ 8.76 84.1% 114 OVERLAND PARK, KS (CHEROKEE 55,565 $ 649,216 $ 12.96 90.1% 115 OVERLAND PARK, KS (POINTE) 5,600 $ 98,700 $ 17.62 100.0% 116 SHAWNEE, KS (QUIVIRA PARCEL) 12,000 $ 194,271 $ 16.19 100.0% 117 SHAWNEE, KS (TEN QUIVIRA) 162,843 $ 817,845 $ 5.57 90.2% PRICE CHOPPER FOODS(2005), WESTLAKE HARDWARE #17(2005) 118 WICHITA, KS (EASTGATE) 205,200 $1,969,931 $ 11.91 80.6% OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED) Kentucky 119 HAZARD, KY 111,492 $ 387,305 $ 4.37 79.5% WRIGHT LUMBER(2007) 120 LEXINGTON, KY (NORTH) 48,920 $ 664,999 $ 14.42 94.3% Staples(2016), WAL MART(NOT OWNED) 121 LEXINGTON, KY (SOUTH) 27,643 $ 569,784 $ 20.61 100.0% LOWE'S(NOT OWNED), WAL MART(NOT OWNED) 122 RICHMOND, KY 158,041 $ 477,456 $ 8.50 35.5% Food Lion (Dark) #1203(2017), BALLARD'S(NOT OWNED) Maine 123 BRUNSWICK, ME 305,620 $2,397,250 $ 7.94 98.8% HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2004), BIG LOTS(2008), T.J. MAXX #114(2004), SEARS #2203(2012) Maryland
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 10 of 21 Property List*
OWNED DDR GR0SS ZIP TYPE OF YEAR YEAR OWNERSHIP LEASABLE CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST AREA --------------- -------- ----- -------- --------- -------- --------- -------- 124 SALISBURY, MD THE COMMONS 21801 SC 1999 1* 100.00% 98,635 E. NORTH POINT DRIVE 125 SALISBURY, MD (DEV JV) THE COMMONS(PHASE III) 21801 SC 2000 1* 50.00% 27,500 NORTH POINTE DRIVE Massachusetts 126 EVERETT, MA GATEWAY CENTER 02149 SC 2001 1* 100.00% 222,287 1 MYSTIC VIEW ROAD 127 FRAMINGHAM, MA SHOPPER'S WORLD 01701 SC 1994 1995 20.00% 768,555 1 WORCESTER ROAD Michigan 128 BAD AXE, MI HURON CREST PLAZA 48413 SC 1991 2* 100.00% 63,415 850 NORTH VAN DYKE ROAD 129 CHEBOYGAN, MI KMART SHOPPING PLAZA 49721 SC 1988 2* 100.00% 95,094 1109 EAST STATE 130 DETROIT, MI BELAIR CENTER 48234 SC 1989 1998 100.00% 343,502 8400 E. EIGHT MILE ROAD 131 GAYLORD, MI PINE RIDGE SQUARE 49735 SC 1991 2* 100.00% 190,482 1401 WEST MAIN STREET 132 GRANDVILLE, MI GRANDVILLE MARKETPLACE 49418 SC 2001 2003 100.00% 160,801 INTERSECT 44TH ST & CANAL AVE 133 HOUGHTON, MI COPPER COUNTRY MALL 49931 MM 1981 2* 100.00% 257,863 HIGHWAY M26 134 HOWELL, MI GRAND RIVER PLAZA 48843 SC 1991 2* 100.00% 215,047 3599 EAST GRAND RIVER 135 LANSING, MI THE MARKETPLACE AT DELTA 48917 SC 2000 2003 100.00% 93,269 TOWN 8305 WEST SAGINAW HWY 196 RAMP 136 MT. PLEASANT, MI INDIAN HILLS PLAZA 48858 SC 1990 2* 100.00% 248,963 4208 E BLUE GRASS ROAD TOTAL ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) --------------- ----------- --------- -------- -------------------------------- 124 SALISBURY, MD $ 1,236,428 $12.54 100.0% OFFICEMAX #798(2013), MICHAEL'S #9914(2009), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED) 125 SALISBURY, MD (DEV JV) $ 346,500 $12.60 100.0% Massachusetts 126 EVERETT, MA $ 3,453,861 $15.54 100.0% BED BATH AND BEYOND(2011), OLD NAVY #6172(2011), OFFICEMAX # 600(2020), BABIES 'R US #6443(2013), MICHAEL'S #01597(2012), COSTCO(NOT OWNED), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED) 127 FRAMINGHAM, MA $13,469,958 $17.53 100.0% TOYS R US #7505(2020), JORDON MARSH / FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS(2011), LINENS 'N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), KOHL'S(2005), GENERAL CINEMA #971(2014) Michigan 128 BAD AXE, MI $ 537,508 $ 8.70 97.5% GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED) 129 CHEBOYGAN, MI $ 429,793 $ 4.52 100.0% CARTER'S FOOD CENTER(2004), CARTER'S FOOD CENTER(2004), K MART #9245(2005), KMART(NOT OWNED) 130 DETROIT, MI $ 2,198,460 $ 9.04 70.8% PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), KIDS R US #1167(2013), TOYS R US, INC.(2021), TARGET(NOT OWNED) 131 GAYLORD, MI $ 1,047,154 $ 5.50 100.0% WAL-MART STORES #1542(2010), BUY LOW/ROUNDY'S - 4(2011) 132 GRANDVILLE, MI $ 1,868,021 $11.62 100.0% Circuit City(2017), Linen 'N Things #682(2013), Gander Mountain(2016), LOWE'S(NOT OWNED) 133 HOUGHTON, MI $ 748,914 $ 4.83 60.2% J.C. PENNEY #20430(2005), OFFICEMAX #1116(2014) 134 HOWELL, MI $ 1,307,871 $ 6.08 100.0% WAL-MART STORES #1754(2011), KROGER #633(2012) 135 LANSING, MI $ 993,036 $10.65 100.0% Michael's(2011), Gander Mountain(2015), LOWE'S(NOT OWNED), WAL MART(NOT OWNED) 136 MT. PLEASANT, MI $ 1,391,096 $ 6.11 91.5% WAL-MART STORES #1428(2009), BIG LOTS #377-4(2004), KROGER #889(2011)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 11 of 21 Property List*
OWNED DDR GROSS ZIP TYPE OF YEAR YEAR OWNERSHIP LEASABLE CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST AREA --------------- -------- ----- -------- --------- -------- --------- -------- 137 SAULT ST. MARIE, MI CASCADE CROSSINGS 49783 SC 1993 1994 100.00% 270,761 4516 I-75 BUSINESS SPUR 138 WALKER, MI (GRAND RAPIDS) GREEN RIDGE SQUARE 49504 SC 1989 1995 100.00% 133,892 3390-B ALPINE AVE NW Minnesota 139 BEMIDJI, MN PAUL BUNYAN MALL 56601 MM 1977 2* 100.00% 297,586 1201 PAUL BUNYAN DRIVE 140 BRAINERD, MN WESTGATE MALL 56401 MM 1985 2* 100.00% 260,319 1200 HIGHWAY 210 WEST 141 COON RAPIDS, MN RIVERDALE VILLAGE PERIMETER 55433 SC 1999 1* 25.00% 470,900 12921 RIVERDALE DRIVE 142 COON RAPIDS, MN (DEVELOPMENT RIVERDALE VILLAGE CENTRAL 55433 SC 2003 1* 100.00% 106,342 12921 RIVERDALE DRIVE 143 EAGAN, MN EAGAN PROMENADE 55122 SC 1997 1997 50.00% 293,007 1299 PROMENADE PLACE 144 HUTCHINSON, MN HUTCHINSON MALL 55350 MM 1981 2* 100.00% 121,001 1060 SR 15 145 MINNEAPOLIS, MN (MAPLE MAPLE GROVE CROSSING 55369 SC 1995 1996 50.00% 265,957 GROVE) WEAVER LAKE ROAD & I-94 146 ST. PAUL, MN MIDWAY MARKETPLACE 55104 SC 1995 1997 100.00% 324,354 1450 UNIVERSITY AVENUE WEST 147 WORTHINGTON, MN NORTHLAND MALL 56187 MM 1977 2* 100.00% 185,658 1635 OXFORD STREET Mississippi 148 GULFPORT, MS CROSSROADS CENTER 39503 SC 1999 2003 100.00% 464,302 CROSSROADS PARWAY 149 JACKSON, MS (JUNCTION) THE JUNCTION 39213 SC 1996 2003 100.00% 107,780 6351 I-55 NORTH3 150 JACKSON, MS (METRO) METRO STATION 39204 SC 1997 2003 100.00% 52,617 4700 ROBINSON ROAD TOTAL ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) --------------- ----------- --------- -------- -------------------------------- 137 SAULT ST. MARIE, MI $1,713,289 $ 6.37 99.3% WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN'S MARKET(2013) 138 WALKER, MI (GRAND RAPIDS) $1,450,205 $11.04 98.1% T.J. MAXX #160(2005), OFFICE DEPOT #241(2005), TARGET(NOT OWNED), MEDIA PLAY(NOT OWNED), TOYS R US(NOT OWNED), CIRCUIT CITY(NOT OWNED) Minnesota 139 BEMIDJI, MN $1,399,669 $ 4.95 95.1% K MART #9204(2007), HERBERGER'S #348(2005), J.C. PENNEY #1091-8(2008) 140 BRAINERD, MN $1,963,069 $ 7.59 99.3% K MART #9525(2004), HERBERGER'S #23(2013), MOVIES 10/WESTGATE MALL/#205(2011) 141 COON RAPIDS, MN $4,703,408 $ 9.99 100.0% KOHL'S #408(2020), JO-ANN STORES #1941(2010), LINENS 'N THINGS(2016), OLD NAVY # 5958(2007), SEARS, ROEBUCK AND CO.(2017), SPORTSMEN'S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), COSTCO(NOT OWNED) 142 COON RAPIDS, MN (DEVELOPMENT $1,855,524 $17.45 100.0% BORDERS(2023) 143 EAGAN, MN $3,466,781 $11.83 100.0% BYERLY'S(2016), PETSMART(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), MICHAEL'S #9841(2008), T.J. MAXX #379(2007), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED) 144 HUTCHINSON, MN $ 745,337 $ 6.92 89.0% J.C. PENNEY #1076-9 -4(2006), 145 MINNEAPOLIS, MN (MAPLE GROVE) $2,837,043 $10,67 100.0% KOHL'S #241(2016), BARNES & NOBLE -#2749(2011), GANDER MOUNTAIN (2011), MICHAEL'S STORES, INC. (2012), BED, BATH AND BEYOND(2012), CUB FOODS(NOT OWNED) 146 ST. PAUL, MN $2,628,578 $ 8.10 100.0% WAL-MART(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN'S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER'S(NOT OWNED) 147 WORTHINGTON, MN $ 571,050 $ 5.20 59.1% J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011) Mississippi 148 GULFPORT, MS $4,161,667 $10.50 85.4% ACADEMY(2015), GOODY'S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN (INTENDED PER LEASE(2019), OFFICE DEPOT(2014), BARNES & NOBLE(2015), BELK'S(NOT OWNED) 149 JACKSON, MS (JUNCTION) $1,101,718 $10.22 100.0% Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) 150 JACKSON, MS (METRO) $ 358,548 $ 7.95 85.7% Office Depot #414(2012), HOME DEPOT(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 12 of 21 Property List*
OWNED DDR GROSS ZIP TYPE OF YEAR YEAR OWNERSHIP LEASEABLE CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST AREA --------------- -------- ----- -------- --------- -------- --------- -------- 151 OXFORD, MS OXFORD PLACE 38655 SC 2000 2003 100.00% 71,866 2015-2035 UNIVERSITY AVENUE 152 SALTILLO, MS CROSS CREEK SHOPPING CENTER 38866 SC 1999 2003 100.00% 65,269 1040-1184 CROSS CREEK DRIVE 153 STARKVILLE, MS STARKVILLE CROSSING 39759 SC 1990 1994 100.00% 222,523 882 HIGHWAY 12 WEST 154 TUPELO, MS BIG OAKS CROSSING 38801 SC 1992 1994 100.00% 348,236 3850 N GLOSTER ST Missouri 155 ARNOLD, MO JEFFERSON COUNTY PLAZA 63010 SC 2002 1* 50.00% 32,967 VOGEL ROAD 156 FENTON, MO FENTON PLAZA 63206 SC 1970 2* 100.00% 93,548 GRAVOIS & HIGHWAY 141 157 INDEPENDENCE, MO INDEPENDENCE COMMONS 64057 SC 1995 1995 100.00% 382,955 900 EAST 39TH STREET 158 KANSAS CITY, MO (BRYWOOD) BRYWOOD CENTER 64133 SC 1972 1998 23.75% 208,234 8600 E. 63rd STREET 159 KANSAS CITY, MO (WARD PARKW WARD PARKWAY 64114 SC 1959 2003 20.00% 275,771 8600 WARD PARKWAY 160 SPRINGFIELD,MO (MORRIS) MORRIS CORNERS 65804 SC 1989 1998 100.00% 56,033 1425 EAST BATTLEFIELD 161 ST. JOHN, MO ST. JOHN CROSSINGS 63114 SC 2002 2003 100.00% 72,212 9000-9070 ST. CHARLES ROCK ROA 162 ST. LOUIS (SUNSET), MO PLAZA AT SUNSET HILL 63128 SC 1997 1998 100.00% 415,435 10980 SUNSET PLAZA 163 ST.LOUIS, MO (KELLER PLAZA) KELLER PLAZA 63129 SC 1987 1998 100.00% 52,842 4500 LEMAY FERRY ROAD 164 ST.LOUIS,MO (BRENTWOOD) PROMENADE AT BRENTWOOD 63144 SC 1998 1998 100.00% 299,584 1 BRENTWOOD PROMENADE COURT TOTAL ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) --------------- ----------- --------- -------- -------------------------------- 151 OXFORD, MS $ 284,672 $4.10 96.7 % Kroger(2020) 152 SALTILLO, MS $ 613,167 $9.39 100.0% Staples 1172(2016), HOME DEPOT (NOT OWNED) 153 STARKVILLE, MS $1,141,008 $5.13 100.0% WAL-MART STORES #112(2015), J.C. PENNEY #2447(2010), KROGER #381(2012) 154 TUPELO, MS $1,993,253 $5.72 100.0% SAM'S WHOLESALE CLUB#6329(2012), GOODY'S #39(2002), WAL-MART STORES #258(2012) Missouri 155 ARNOLD, MO $ 379,604 $13.03 88.4% HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) 156 FENTON, MO $ 769,946 $ 9.76 84.4% 157 INDEPENDENCE, MO $4,382,267 $11.56 98.9% KOHL'S DEPARTMENT #230(2016), BED, BATH BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015) 158 KANSAS CITY, MO (BRYWOOD) $ 866,665 $ 5.11 81.4% BIG LOTS #489(2004), PRICE CHOPPER(2004) 159 KANSAS CITY, MO (WARD PARKW $3,779,453 $13.71 100.0% AMC Theaters(2011), Stein Mart (2004), TJ Maxx(2013), Dick's(2016), 24 Hour Fitness(2023), TARGET(NOT OWNED), DILLARD'S(NOT OWNED) 160 SPRINGFIELD,MO (MORRIS) $ 414,474 $ 7.40 100.0% TOYS R US #9512(2013) 161 ST. JOHN, MO $ 784,662 $10.87 100.0% Shop 'N Save(2022) 162 ST. LOUIS (SUNSET), MO $4,812,201 $11.58 100.0% BED BATH AND BEYOND(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT #1089(2023), PETSMART #260(2012), BORDERS #110(2011), TOYS R US #9565(2013), COMP USA COMPUTER SUPER #1012(2013) 163 ST.LOUIS, MO (KELLER PLAZA) $ 239,970 $ 4.54 100.0% SENSIBLE CINEMAS, INC(2006), SAM'S(NOT OWNED) 164 ST.LOUIS,MO (BRENTWOOD) $3,953,786 $13.20 100.0% TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), SPORTS AUTHORITY(2013)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 13 of 21 Property List*
OWNED DDR GROSS ZIP TYPE OF YEAR YEAR OWNERSHIP LEASABLE CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST AREA --------------- -------- ----- -------- --------- -------- --------- -------- 165 ST.LOUIS,MO (GRAVOIS GRAVOIS VILLAGE 63049 SC 1983 1998 100.00% 110,992 VILLAGE) 4523 GRAVOIS VILLAGE PLAZA 166 ST.LOUIS,MO (HOME QUARTERS) HOME QUARTERS 63123 SC 1992 1998 100.00% 91,783 6303 S. LINBERGH BLVD 167 ST.LOUIS,MO (OLYMPIC OAKS) OLYMPIC OAKS VILLAGE 63121 SC 1985 1998 100.00% 92,372 12109 MANCHESTER ROAD Nevada 168 LAS VEGAS, NV (DECATUR) FAMILY CENTER @ LAS VEGAS 89102 SC 1973 1998 100.00% 49,555 14833 WEST CHARLESTON BLVD 169 LAS VEGAS, NV (MARYLAND) FAMILY PLACE @ LAS VEGAS 89102 SC 2003 1* 100.00% 21,140 14833 WEST CHARLESTON BLVD 170 RENO, NV. RENO RIVERSIDE 89505 SC 2000 2000 100.00% 52,474 EAST FIRST STREET AND SIERRA New Jersey 171 HAMILTON, NJ HAMILTON MARKETPLACE 08691 SC 2002 2003 100.00% 224,336 NJ STATE HWY 130 & KLOCKNER RD 172 PRINCETON, NJ NASSAU PARK SHOPPING CENTER 42071 SC 1995 1997 100.00% 211,743 ROUTE 1 & QUAKER BRIDGE ROAD 173 PRINCETON, NJ (PAVILION) NASSAU PARK PAVILION 42071 SC 1999 1* 100.00% 202,622 ROUTE 1 AND QUAKER BRIDGE ROAD New Mexico 174 LOS ALAMOS, NM MARI MAC VILLAGE 87533 SC 1978 2* 100.00% 97,970 800 TRINITY DRIVE North Carolina 175 ASHEVILLE, NC RIVER HILLS 28805 SC 1996 2003 100.00% 190,970 299 SWANNANOA RIVER ROAD 176 DURHAM, NC OXFORD COMMONS 27702 SC 1990 2* 100.00% 213,934 3500 OXFORD ROAD 177 FAYETTEVILLE, NC CROSS POINTE CENTRE 28314 SC 1985 2003 100.00% 164,157 5075 MORGANTON ROAD TOTAL ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) --------------- ----------- --------- -------- -------------------------------- 165 ST.LOUIS,MO (GRAVOIS $ 630,266 $ 5.84 97.2% K MART #7543(2008) VILLAGE) 166 ST.LOUIS,MO (HOME QUARTERS) $ 321,240 $ 3.50 100.0% WEEKENDS ONLY FURNITURE(2007) 167 ST.LOUIS,MO (OLYMPIC OAKS) $ 1,419,850 $15.37 100.0% T.J. MAXX #329(2006) Nevada 168 LAS VEGAS, NV (DECATUR) $ 476,795 $10.03 96.0% ALBERTSON'S(NOT OWNED) 169 LAS VEGAS, NV (MARYLAND) $ 304,800 $14.42 100.0% 170 RENO, NV. $ 33,748 $ 0.65 99.6% CENTURY THEATRE, INC.(2014) New Jersey 171 HAMILTON, NJ $ 2,022,752 $ 9.02 100.0% Kohl's(2023), Linens 'N Things(2014), Michael's(2013), Ross Dress For Less #634(2014), LOWE'S(NOT OWNED), WALMART(NOT OWNED) 172 PRINCETON, NJ $ 3,748,898 $19.17 92.4% BORDERS #131(2011), BEST BUY #578(2012), LINENS 'N THINGS #462(2011), PETSMART #577(2011), WAL-MART(NOT OWNED), SAM'S(NOT OWNED), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) 173 PRINCETON, NJ (PAVILION) $ 3,099,250 $15.30 100.0% DICK'S SPORTING GOOD #105(2015), MICHAEL'S(2009), KOHL'S #294(2019), WEGMAN'S MARKET(NOT OWNED) New Mexico 174 LOS ALAMOS, NM $ 609,099 $ 6.55 94.9% SMITH'S FOOD & DRUG CENTERS(2007), FURR'S PHARMACY #887-4(2003), BEALL'S #0180(2009) North Carolina 175 ASHEVILLE, NC $ 1,876,020 $10.12 97.1% Goody's 20923 - #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick's Sporting Goods(2017), Michael's(2008), Officemax #577(2011) 176 DURHAM, NC $ 1,211,610 $ 6.34 89.3% FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED) 177 FAYETTEVILLE, NC $1,135,189 $ 6.92 100.0% Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 14 of 21 Property List*
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ---------------------------------------------------------------------------------------------------------------------------------- 178 HENDERSONVILLE, NC EASTRIDGE CROSSING 28792 SC 1995 2003 100.00% 200 THOMPSON STREET 179 NEW BERN, NC RIVERTOWNE SQUARE 28561 SC 1989 2* 100.00% 3003 CLAREDON BLVD 180 WASHINGTON, NC PAMLICO PLAZA 27889 SC 1990 2* 100.00% 536 PAMLICO PLAZA 181 WAYNESVILLE, NC LAKESIDE PLAZA 28721 SC 1990 2* 100.00% 201 PARAGON PARKWAY 182 WILMINGTON, NC UNIVERSITY CENTRE 28403 SC 1989 2* 100.00% S. COLLEGE RD & NEW CENTRE DR. North Dakota 183 DICKINSON, ND PRAIRIE HILLS MALL 58601 MM 1978 2* 100.00% 1681 THIRD AVENUE 184 GRAND FORKS, ND OFFICE MAX 58201 SC 1978 1999 83.75% 2500S COLUMBIA ROAD Ohio 185 ASHLAND, OH CLAREMONT PLAZA 44805 SC 1977 2* 100.00% US ROUTE 42 186 AURORA, OH BARRINGTON TOWN SQUARE 44202 SC 1996 1* 100.00% 70-130 BARRINGTON TOWN SQUARE 187 BELLEFONTAINE, OH SOUTH MAIN STREET PLAZA 43311 SC 1995 1998 100.00% 2250 SOUTH MAIN STREET 188 BOARDMAN, OH SOUTHLAND CROSSING 44514 SC 1997 1* 100.00% I-680 & US ROUTE 224 189 CANTON, OH (EVERHARD ROAD) BELDEN PARK CROSSINGS 44720 SC 1995 1* 100.00% 5496 DRESSLER ROAD 190 CANTON, OH (PHASE II) BELDEN PARK CROSSINGS (II) 44720 SC 1997 1* 100.00% DRESSLER ROAD 191 CHILLICOTHE, OH CHILLICOTHE PLACE 45601 SC 1974 2* 100.00% 867 N BRIDGE STREET
OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 178 HENDERSONVILLE, NC 169,592 $ 600,340 $ 3.71 95.4% Ingles (Dark) #112(2009), Wal-Mart (Dark) #1242(2008) 179 NEW BERN, NC 68,130 $ 593,068 $ 8.70 100.0% GOODY'S #4(2007), WAL-MART(NOT OWNED) 180 WASHINGTON, NC 93,527 $ 494,957 $ 5.29 100.0% WAL-MART STORES #1354(2009), WAL-MART (NOT OWNED) 181 WAYNESVILLE, NC 181,894 $1,158,373 $ 6.37 100.0% WAL-MART STORE #1663(2011), FOOD LION #957-2(2011) 182 WILMINGTON, NC 410,491 $3,287,042 $ 9.43 84.9% BARNES & NOBLE #2762(2007), LOWE'S HOME CENTER #445 -4(2014), OLD NAVY #5471(2006), BED BATH & BEYOND # 418(2012), ROSS DRESS FOR LESS(2012), GOODY'S #175 -4(2005), SAM'S(NOT OWNED) North Dakota 183 DICKINSON, ND 267,506 $1,178,166 $ 4.58 96.1% K MART #9564(2008), HERBERGER'S #30(2005), J.C. PENNEY #1628-7(2008) 184 GRAND FORKS, ND 31,812 $ 147,540 $ 4.64 100.0% OFFICE DEPOT#2082(2010) Ohio 185 ASHLAND, OH 110,656 $ 72,773 $ 2.68 24.5% QUALITY STORES #3116(2005) 186 AURORA, OH 64,700 $ 632,086 $ 12.87 75.9% HEINEN'S(NOT OWNED) 187 BELLEFONTAINE, OH 52,399 $ 432,292 $ 8.25 100.0% GOODY'S STORE # 314(2010), STAPLES # 1146(2010) 188 BOARDMAN, OH 506,254 $4,088,531 $ 8.18 98.7% LOWE'S COMPANIES #188(2016), BABIES R US #9254(2009), STAPLES STORE #817(2012), DICKS CLOTHING & SPORTING(2012), WAL-MART STORES #2211(2017), PETSMART #558(2013), GIANT EAGLE, INC(2018) 189 CANTON, OH (EVERHARD ROAD) 248,315 $2,656,803 $ 10.84 98.7% DICK'S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2011), KOHL'S DEPARTMENT STORE#239(2016) 190 CANTON, OH (PHASE II) 227,431 $2,147,263 $ 9.79 96.4% VALUE CITY FURNITURE #55(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013) 191 CHILLICOTHE, OH 236,009 $1,834,641 $ 7.77 100.0% LOWE'S HOME CENTERS #472-2(2015), KROGER #348(2016), OFFICE MAX #617(2013)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * Does Not Include Service Merchandise Interests * BC - Business Center * LC - Lifestyle Center
Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 15 of 21 Property List*
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ------------------------------------------------------------------------------------------------------------------------------------ 192 CINCINNATI, OH GLENWAY CROSSING 45238 SC 1990 2* 100.00% 5100 GLENCROSSING WAY 193 CLEVELAND, OH (WEST 65th) KMART PLAZA - WEST 65TH 44102 SC 1977 2* 100.00% 3250 WEST 65TH STREET 194 COLUMBUS, OH (DUBLIN VILLAGE) DUBLIN VILLAGE CENTER 43017 SC 1987 1998 80.01% 6561-6815 DUBLIN CENTER DRIVE 195 COLUMBUS, OH (EASTON MARKET) EASTON MARKET 43230 SC 1998 1998 100.00% 3740 EASTON MARKET 196 COLUMBUS, OH (LENNOX TOWN) LENNOX TOWN CENTER 43212 SC 1997 1998 50.00% 1647 OLENTANGY RIVER ROAD 197 COLUMBUS, OH (SUN CENTER) SUN CENTER 43017 SC 1995 1998 79.45% 3622-3860 DUBLIN GRANVILLE RD 198 DUBLIN, OH (PERIMETER CENTER) PERIMETER CENTER 43017 SC 1996 1998 100.00% 6644-6804 PERIMETER LOOP ROAD 199 EASTLAKE, OH KMART PLAZA 44094 SC 1971 2* 100.00% 33752 VINE STREET 200 ELYRIA, OH ELYRIA SHOPPING CENTER 44035 SC 1977 2* 100.00% 825 CLEVELAND 201 GALLIPOLIS, OH GALLIPOLIS MARKETPLACE 45631 SC 1998 2003 100.00% 2145 EASTERN AVENUE 202 GROVE CITY, OH (DERBY SQUARED DERBY SQUARE SHOPPING CENTER 43123 SC 1992 1998 20.00% 2161-2263 STRINGTOWN ROAD 203 HAMILTON, OH H.H. GREG 43450 SC 1986 1998 100.00% 1371 MAIN STREET 204 HILLSBORO, OH HILLSBORO SHOPPING CENTER 45133 SC 1979 2* 100.00% 1100 NORTH HIGH STREET 205 HUBER HTS., OH NORTH HEIGHTS PLAZA 45424 SC 1990 2* 100.00% 8280 OLD TROY PIKE
OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 192 CINCINNATI, OH 235,433 $1,937,815 $ 10.77 76.4% WINN DIXIE STORES #1771 -4(2010), MICHAEL'S(2006) 193 CLEVELAND, OH (WEST 65th) 49,420 $ 266,556 $ 5.53 97.6% GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED) 194 COLUMBUS, OH (DUBLIN VILLAGE) 326,912 $1,805,607 $ 11.81 46.8% AMC THEATRE(2007), B.J.'S WHOLESALE CLUB(NOT OWNED) 195 COLUMBUS, OH (EASTON MARKET) 509,611 $6,084,314 $ 11.94 100.0% COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2015), GOLFSMITH GOLF CENTER(2013), MICHAEL'S #9876(2013), GALYAN'S(2013), DSW SHOE WAREHOUSE(2012), KITTLE'S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC.(2014), T.J. MAXX#447(2008) 196 COLUMBUS, OH (LENNOX TOWN) 352,913 $3,344,654 $ 9.48 100.0% TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021) 197 COLUMBUS, OH (SUN CENTER) 305,428 $3,353,121 $ 11.16 98.4% BABIES R US #9242(2011), MICHAEL'S(2013), RHODES FURNITURE(2012), STEIN MART #130(2007), BIG BEAR(2016), STAPLES #403(2010) 198 DUBLIN, OH (PERIMETER CENTER) 137,556 $1,544,909 $ 11.48 97.8% BIG BEAR(2016) 199 EASTLAKE, OH 4,000 $ 0 $ 0.00 0.0% KMART(NOT OWNED) 200 ELYRIA, OH 150,200 $ 521,970 $ 7.44 46.7% FIRST NAT'L SUPERMARKET #811(2010) 201 GALLIPOLIS, OH 25,950 $ 279,404 $ 12.85 83.8% WAL MART(NOT OWNED) 202 GROVE CITY, OH (DERBY SQUARE) 128,210 $1,336,917 $ 10.43 100.0% BIG BEAR(2012) 203 HAMILTON, OH 40,000 $ 230,000 $ 5.75 100.0% ROUNDY'S(2006) 204 HILLSBORO, OH 58,564 $ 193,611 $ 6.54 50.6% BOB & CARL'S(NOT OWNED) 205 HUBER HTS., OH 163,741 $1,649,321 $ 10.41 96.8% CUB FOODS(2011), WAL-MART(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * Does Not Include Service Merchandise Interests * BC - Business Center * LC - Lifestyle Center
Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 16 of 21 Property List*
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ---------------------------------------------------------------------------------------------------------------------------------- 206 LEBANON, OH COUNTRYSIDE PLACE 45036 SC 1990 2* 100.00% 1879 DEERFIELD ROAD 207 MACEDONIA, OH MACEDONIA COMMONS 44056 SC 1994 1994 50.00% MACEDONIA COMMONS BLVD. 208 MACEDONIA, OH (PHASE II) MACEDONIA COMMONS (PHASE II) 44056 SC 1999 1* 100.00% 8210 MACEDONIA COMMONS 209 NILES, OH GREAT EAST PLAZA 44446 SC 1980 1999 83.75% 909 GREAT EAST PLAZA 210 NORTH OLMSTED, OH GREAT NORTHERN PLAZA NORTH 44070 SC 1958 1997 100.00% 25859-26437 GREAT NORTHERN 211 NORTH OLMSTED, OH (BABIES) BABIES R' US PLAZA 44070 SC 1978 1999 83.75% 26520 LORAIN AVENUE 212 PATASKALA, OH VILLAGE MARKET/RITE AID CENTER 43062 SC 1980 1998 100.00% 78-80 OAK MEADOW DRIVE 213 PICKERINGTON, OH SHOPPES AT TURNBERRY 43147 SC 1990 1998 100.00% 1701-1797 HILL ROAD NORTH 214 SOLON, OH UPTOWN SOLON 44139 SC 1998 1* 100.00% KRUSE DRIVE 215 STOW, OH STOW COMMUNITY SHOPPING CENTE 44224 SC 1997 1* 100.00% KENT ROAD 216 TIFFIN, OH TIFFIN MALL 44883 MM 1980 2* 100.00% 870 WEST MARKET STREET 217 TOLEDO, OH SPRINGFIELD COMMONS SHOPPING 43528 SC 1999 1* 20.00 % S. HOLLAND-SYLVANIA ROAD 218 WESTLAKE, OH WEST BAY PLAZA 44145 SC 1974 2* 100.00% 30100 DETROIT ROAD 219 WILMINGTON, OH SOUTH RIDGE SHOPPING CENTER 45177 SC 1977 2* 100.00% 1025 S SOUTH STREET
OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 206 LEBANON, OH 17,000 $ 109,684 $ 8.99 71.8% WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED) 207 MACEDONIA, OH 233,639 $2,440,923 $ 10.45 100.0% FIRST NATL. SUPERMARKETS #26(2018), KOHL'S #235(2016), WAL-MART(NOT OWNED) 208 MACEDONIA, OH (PHASE II) 169,481 $1,601,734 $ 9.45 100.0% CINEMARK(2019), HOME DEPOT #3824(2020) 209 NILES, OH 33,000 $ 0 $ 0.00 0.0% 210 NORTH OLMSTED, OH 624,660 $7,603,362 $ 12.33 98.7% KIDS R US #1173(2008), BED BATH & BEYOND, INC.(2012), PETSMART #529(2008), HOME DEPOT USA #3803(2019), K & G MEN'S COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC'S(2012), COMP USA INC. #577(2007), BEST BUY #279(2010), MARSHALLS #8267/TJX COMPANY(2005), KRONHEIMS FURNITURE(2012), TOP'S SUPERMARKET(NOT OWNED) 211 NORTH OLMSTED, OH (BABIES) 64,942 $ 419,060 $ 7.44 86.7% BABIES R US #9284(2011) 212 PATASKALA, OH 33,270 $ 194,600 $ 5.85 100.0% CARDINAL (GARDNERS/LANCASTER)(2007) 213 PICKERINGTON, OH 59,495 $ 631,633 $ 15.02 70.7% 214 SOLON, OH 183,288 $2,812,463 $ 15.34 100.0% MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018) 215 STOW, OH 404,505 $2,839,909 $ 7.20 97.5% K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. #4096(2017), KOHL'S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET #249(2003), TARGET(NOT OWNED) 216 TIFFIN, OH 148,469 $ 685,090 $ 5.03 91.8% J.C. PENNEY #324-4(2005), AARON RENTS, INC.#C0399(2004) 217 TOLEDO, OH 241,129 $2,522,008 $ 10.66 98.1% KOHL'S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #6429(2005), BABIES R US(NOT OWNED) 218 WESTLAKE, OH 162,330 $1,283,339 $ 7.91 100.0% MARC'S #37(2004), K MART #3234(2004) 219 WILMINGTON, OH 55,130 $ 227,225 $ 4.24 97.1% SUPER VALU STORES, INC(2003)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * Does Not Include Service Merchandise Interests * BC - Business Center * LC - Lifestyle Center
Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 17 of 21 Property List*
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ---------------------------------------------------------------------------------------------------------------------------------- 220 XENIA, OH WEST PARK SQUARE 45385 SC 1994 1 * 100.00% 1700 WEST PARK SQUARE Oregon 221 PORTLAND, OR TANASBOURNE TOWN CENTER 97006 SC 1995 1996 50.00% NW EVERGREEN PKWY & NW RING RD Pennsylvania 222 ALLENTOWN, PA (WEST) WEST VALLEY MARKETPLACE 18106 SC 2001 2003 100.00% 1091 MILL CREEK ROAD 223 E. NORRITON, PA KMART PLAZA 19401 SC 1975 2 * 100.00% 2692 DEKALB PIKE 224 ERIE (PEACHSTREET), PA PEACH STREET SQUARE 16509 SC 1995 1 * 100.00% 1902 KEYSTONE DRIVE 225 ERIE, PA (MARKET) ERIE MARKETPLACE 16509 SC 2000 2003 100.00% 6660-6750 PEACH STREET 226 MONACA, PA TOWNSHIP MARKETPLACE 15061 SC 1999 2003 100.00% 115 WAGNER ROAD South Carolina 227 CAMDEN, SC SPRINGDALE PLAZA 29020 SC 1990 2 * 100.00% 1671 SPRINGDALE DRIVE 228 CHARLESTON, SC ASHLEY CROSSING 29414 SC 1991 2003 100.00% 2245 ASHLEY CROSSING DRIVE 229 COLUMBIA, SC (HARBISON) HARBISON COURT 29212 SC 1991 2002 100.00% HARBISON BLVD 230 MT. PLEASANT, SC WANDO CROSSING 29465 SC 1992 1995 100.00% 1500 HIGHWAY 17 NORTH 231 N. CHARLESTON, SC NORTH POINTE PLAZA 29406 SC 1989 2 * 100.00% 7400 RIVERS AVENUE 232 ORANGEBURG, SC NORTH ROAD PLAZA 29115 SC 1994 1995 100.00% 2795 NORTH ROAD
OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ------------------------------------------------------------------------------------------------------------------------------------ 220 XENIA, OH 104,873 $ 702,751 $ 8.01 83.7% KROGER #829(2019), WAL-MART(NOT OWNED) Oregon 221 PORTLAND, OR 309,617 $5,187,388 $ 16.75 100.0% BARNES & NOBLE #2748(2011), OFFICE DEPOT-#00954(2010), HAGGAN'S(2021), LINENS N THINGS(2017), ROSS DRESS FOR LESS #399(2008), MICHAEL'S #9887(2009), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN'S(NOT OWNED) Pennsylvania 222 ALLENTOWN, PA (WEST) 241,077 $2,252,926 $ 9.46 98.8% Wal-Mart(2021) 223 E. NORRITON, PA 173,868 $ 985,228 $ 6.79 83.4% K MART #3026(2005), BIG LOTS(2010) 224 ERIE (PEACHSTREET), PA 538,103 $4,565,155 $ 8.56 99.2% LOWE'S HOME CTR #226(2015), MEDIA PLAY-4 #8158(2011), KOHL'S-#221-4(2016), WAL-MART STORES #2278(2015), CINEMARK #186(2011), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE 3744(2020), HOME DEPOT(NOT OWNED) 225 ERIE, PA (MARKET) 33,373 $ 328,944 $ 9.86 100.0% Bed Bath & Beyond #447(2013), TARGET(NOT OWNED) 226 MONACA, PA 253,110 $1,930,102 $ 7.71 98.9% Lowe's #500(2017), Shop 'N Save(2019) South Carolina 227 CAMDEN, SC 180,127 $1,149,598 $ 6.63 96.3% WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED) 228 CHARLESTON, SC 196,048 $1,509,756 $ 8.01 96.1% Food Lion #933(2011), Wal-Mart #1748(2011) 229 COLUMBIA, SC (HARBISON) 252,689 $2,317,722 $ 12.41 73.9% Barnes & Noble #2688(2011), Marshall's #458(2007), OfficeMax #640(2011) 230 MT. PLEASANT, SC 209,139 $2,103,657 $ 10.06 100.0% PIGGLY WIGGLY #29-4(2012), OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL'S OF MA, INC.(2011), WAL-MART(NOT OWNED) 231 N. CHARLESTON, SC 294,471 $1,949,010 $ 6.79 97.5% WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED) 232 ORANGEBURG, SC 50,760 $ 500,667 $ 9.86 100.0% GOODY'S #282(2008), WAL-MART(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * Does Not Include Service Merchandise Interests * BC - Business Center * LC - Lifestyle Center
Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 18 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ------------------------------------------------------------------------------------------------------------------------------ 233 S. ANDERSON, SC CROSSROADS PLAZA 29624 SC 1990 1994 100.00% 406 HIGHWAY 28 BY-PASS 234 SIMPSONVILLE, SC FAIRVIEW STATION 29681 SC 1990 1994 100.00% 621 FAIRVIEW ROAD 235 SUMTER, SC MERCHANT'S WALK 29150 SC 1987 2003 100.00% 837-839 BROAD STREET 236 UNION, SC WEST TOWNE PLAZA 29379 SC 1990 2 * 100.00% U.S.HWY 176 BY-PASS #1 South Dakota 237 WATERTOWN, SD WATERTOWN MALL 56401 MM 1977 2 * 100.00% 1300 9TH AVENUE Tennessee 238 BRENTWOOD, TN COOL SPRINGS POINTE 37027 SC 1999 2000 100.00% I-65 AND MOORE'S LANE 239 CHATTANOOGA, TN OVERLOOK AT HAMILTON PLACE 37421 SC 1992 2003 100.00% 2288 GUNBARREL ROAD 240 COLUMBIA, TN COLUMBIA SQUARE 38401 SC 1993 2003 100.00% 845 NASHVILLE HIGHWAY 241 FARRAGUT, TN FARRAGUT POINTE 37922 SC 1991 2003 100.00% 11132 KINGSTON PIKE 242 FRANKLIN, TN ALEXANDER PLAZA 37064 SC 1983 2003 100.00% 541 ALEXANDER PLAZA 243 GOODLETTSVILLE, TN NORTHCREEK COMMONS 37072 SC 1987 2003 100.00% 101-139 NORTHCREEK BOULEVARD 244 HENDERSONVILLE, TN HENDERSONVILLE LOWE'S 37075 SC 1999 2003 100.00% 1050LOWE'S ROAD 245 MEMPHIS, TN COUNTRY BRIDGE 38002 SC 1993 2003 100.00% 9020 US HIGHWAY 64 246 MURFREESBORO, TN (MEMORIAL) MEMORIAL VILLAGE 37130 SC 1993 2003 100.00% 710 MEMORIAL BOULEVARD OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) --------------------------------------------------------------------------------------------------------------------------------- 233 S. ANDERSON, SC 81,959 $ 334,004 $ 4.08 100.0% WAL-MART STORES #644(2010) 234 SIMPSONVILLE, SC 142,133 $ 763,225 $ 5.48 98.0% INGLES MARKETS #41(2011), KOHL'S DEPARTMENT STORES(2015) 235 SUMTER, SC 19,140 $ 86,100 $ 9.41 47.8% KROGER'S (DARK)(NOT OWNED), WAL MART(NOT OWNED) 236 UNION, SC 184,331 $ 981,182 $ 5.52 96.5% WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255(2010) South Dakota 237 WATERTOWN, SD 285,372 $1,419,979 $ 7.26 68.6% HERBERGER'S #15(2004), J.C. PENNEY #0495- -4(2008), HY VEE SUPERMARKET(NOT OWNED) Tennessee 238 BRENTWOOD, TN 201,516 $2,271,989 $ 11.90 94.7% BEST BUY #170(2014), THE SPORTS AUTHORITY(2013), LINENS 'N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008) 239 CHATTANOOGA, TN 214,579 $1,051,192 $ 9.85 49.8% Best Buy #4720(2014) 240 COLUMBIA, TN 68,948 $ 487,046 $ 7.70 91.7% KROGER(2014) 241 FARRAGUT, TN 71,311 $ 507,956 $ 7.52 94.7% Bi-Lo #367(2011) 242 FRANKLIN, TN 17,999 $ 158,862 $ 8.83 100.0% BIG LOTS(NOT OWNED) 243 GOODLETTSVILLE, TN 84,441 $ 691,623 $ 8.47 96.7% Kroger #541(2012) 244 HENDERSONVILLE, TN 133,144 $1,214,939 $ 9.12 100.0% Lowe's(2019) 245 MEMPHIS, TN 64,223 $ 587,619 $ 9.15 100.0% Kroger(2012) 246 MURFREESBORO, TN (MEMORIAL) 117,750 $ 784,738 $ 6.89 96.7% Albertson's (Dark) #4730(2014)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 [DEVELOPERS DIVERSIFIED REALTY LOGO] Run Date: 07/14/2003 Time:12:29:09PM Page 19 of 21 Property List *
DDR ZIP TYPE OF YEAR YEAR OWNERSHIP CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST ------------------------------------------------------------------------------------------------------------------------------ 247 MURFREESBORO, TN (TOWNE) TOWNE CENTRE 37129 SC 1998 2003 100.00% OLD FORT PARKWAY 248 NASHVILLE, TN THE MARKETPLACE 37209 SC 1998 2003 100.00% CHARLOTTE PIKE Texas 249 FRISCO, TX FRISCO MARKETPLACE 75035 SC 2001 2003 100.00% 7010 PRESTON ROAD, 250 FT. WORTH, TX EASTCHASE MARKET 76112 SC 1995 1996 50.00% SWC EASTCHASE PKWY & I-30 251 FT. WORTH, TX (FOSSIL CREEK) FOSSIL CREEK 76137 SC 1991 2002 100.00% WESTERN CENTER BLVD 252 IRVING, TX MACARTHUR MARKETPLACE 75063 SC 1999 2003 100.00% MARKET PLACE BOULEVARD 253 LEWISVILLE, TX (LAKEPOINTE) LAKEPOINTE CROSSINGS 75067 SC 1991 2002 100.00% S STEMMONS FREEWAY 254 MCKINNEY, TX MCKINNEY MARKETPLACE 75070 SC 2000 2003 100.00% US HWY 75 & EL DORADO PKWY 255 MESQUITE, TX THE MARKETPLACE AT TOWN CENTE 75150 SC 2001 2003 100.00% SOUTHBOUND FRONTAGE RD I 635 256 NACOGDOCHES, TX NACOGDOCHES MARKETPLACE 75961 SC 1999 2003 100.00% 4604 NORTH STREET 257 SAN ANTONIO, TX LA PLAZA DEL NORTE 78216 SC 1996 1997 35.00% 125 NE LOOP 410 258 SAN ANTONIO, TX (BANDERA PT) BANDERA POINT NORTH 78227 SC 2001 1 * 100.00% STATE LOOP 1604/BANDERA ROAD Utah 259 LOGAN, UT FAMILY PLACE @ LOGAN 84321 SC 1975 1998 100.00% 400 NORTH STREET OWNED GROSS TOTAL LEASABLE ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY AREA BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ----------------------------------------------------------------------------------------------------------------------------------- 247 MURFREESBORO, TN (TOWNE) 108,180 $1,173,914 $ 11.42 95.0% T.J. Maxx #579(2008), Books-A-Million(2007), LOWE'S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED) 248 NASHVILLE, TN 167,795 $1,618,902 $ 9.65 100.0% Lowe's(2019), WAL MART(NOT OWNED) Texas 249 FRISCO, TX 97,393 $ 498,191 $ 5.21 98.2% Kohl's(2023) 250 FT. WORTH, TX 205,017 $2,012,161 $ 13.08 75.0% UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), ROSS DRESS FOR LESS #351-1(2006), TARGET(NOT OWNED), TOYS R US(NOT OWNED), OFFICE DEPOT(NOT OWNED) 251 FT. WORTH, TX (FOSSIL CREEK) 68,515 $ 805,628 $ 16.07 73.2% 252 IRVING, TX 217,676 $1,488,883 $ 6.84 100.0% Kohl's #410(2021), Regal Cinemas(2019), SAM'S CLUB(NOT OWNED), WAL MART(NOT OWNED) 253 LEWISVILLE, TX (LAKEPOINTE) 311,039 $3,106,423 $ 11.21 89.1% THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R' US(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED), GARDEN RIDGE(NOT OWNED) 254 MCKINNEY, TX 118,971 $1,172,754 $ 10.57 93.3% Kohl's(2021) 255 MESQUITE, TX 141,863 $1,783,039 $ 12.57 100.0% Ultimate Electronics(2018), Linen 'N Things (2013), Michael's(2012), Ross Dress For Less (2013), KOHL'S(NOT OWNED) 256 NACOGDOCHES, TX 57,413 $ 568,630 $ 9.90 100.0% Goody's #290(2014), Staples(2014) 257 SAN ANTONIO, TX 310,470 $4,000,908 $ 13.51 95.4% ROSS STORES, INC. #373(2007), DSW SHOE WAREHOUSE(2007), BEST BUY COMPANY#201(2012), OSHMAN'S SPORTING GOODS #236(2017), OFFICE MAX #406(2012), BEALL'S #257(2014) 258 SAN ANTONIO, TX (BANDERA PT) 278,727 $3,983,017 $ 14.37 99.5% T.J. MAXX(2011),LINENS 'N THINGS # 594(2012), OLD NAVY #6499(2006), ROSS DRESS FOR LESS(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE'S(NOT OWNED) Utah 259 LOGAN, UT 19,200 $ 97,560 $ 13.55 37.5% RITE AID(NOT OWNED)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 DEVELOPERS DIVERSIFIED REALTY LOGO Run Date: 07/14/2003 Time:12:29:09PM Page 20 of 21 Property List *
OWNED DDR GROSS ZIP TYPE OF YEAR YEAR OWNERSHIP LEASABLE CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST AREA ---------------------------- --------------------------- ----- -------- --------- -------- --------- -------- 260 MIDVALE, UT FAMILY CENTER AT FORT UNION 84047 SC 1973 1998 100.00% 661,649 50 900 EAST FT UNION BLVD 261 OGDEN, UT FAMILY CENTER AT OGDEN 84404 SC 1977 1998 100.00% 162,316 5-POINT 21-129 HARRISVILLE ROAD 262 OREM, UT FAMILY CENTER AT OREM 84058 SC 1991 1998 100.00% 150,667 1300 SOUTH STREET 263 RIVERDALE, UT FAMILY CENTER AT RIVERDALE 84405 SC 1995 1998 100.00% 590,313 510 1050 WEST RIVERDALE ROAD 264 SALT LAKE CITY, UT (33RD) FAMILY PLACE @ 33RD SOUTH 84115 SC 1978 1998 100.00% 35,459 3300 SOUTH STREET 265 TAYLORSVILLE, UT FAMILY CENTER AT MIDVALLEY 84123 SC 1982 1998 100.00% 710,713 503 5600 SOUTH REDWOOD Vermont 266 BERLIN, VT BERLIN MALL 05602 MM 1986 2 * 100.00% 174,515 282 BERLIN MALL RD., UNIT #28 Virginia 267 CHESTER, VA BERMUDA SQUARE 23831 SC 1978 2003 100.00% 107,660 12607-12649 JEFFERSON DAVIS 268 FAIRFAX, VA FAIRFAX TOWNE CENTER 22033 SC 1994 1995 20.00% 253,941 12210 FAIRFAX TOWNE CENTER 269 LYNCHBURG, VA CANDLERS STATION 24502 SC 1990 2003 100.00% 275,765 3700 CANDLERS MOUNTAIN ROAD 270 MARTINSVILLE, VA LIBERTY FAIR MALL 24112 MM 1989 2 * 50.00% 435,057 240 COMMONWEALTH BOULEVARD 271 MIDLOTHIAN, VA GENITO CROSSING 23112 SC 1985 2003 100.00% 79,407 HULL STREET ROAD 272 PULASKI, VA MEMORIAL SQUARE 24301 SC 1990 2 * 100.00% 143,299 1000 MEMORIAL DRIVE TOTAL ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ---------------------------- ---------- --------- -------- -------------------------------- 260 MIDVALE, UT $6,932,023 $ 10.62 98.6% MERVYN'S #M-0065A(2005), BABIES R US #9568(2014), OFFICE MAX #126(2007), SMITH'S FOOD & DRUGS#85(2024), MEDIA PLAY #8122(2016), BED BATH & BEYOND #198(2014), ROSS DRESS FOR LESS #502(2011), WAL-MART STORES #2207(2015) 261 OGDEN, UT $ 760,307 $ 5.54 84.6% HARMONS(2012) 262 OREM, UT $1,524,289 $ 10.12 100.0% KIDS R US # 1347(2011), MEDIA PLAY #8120(2015), OFFICE DEPOT #538(2008), JO-ANN FABRICS AND CRAFTS#1756(2012), R.C. WILLEY(NOT OWNED), TOYS R US(NOT OWNED) 263 RIVERDALE, UT $4,454,585 $ 7.86 96.0% TARGET SUPERSTORE #1753(2017), MAY COMPANY(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN'S WAREHOUSE(2009), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016) 264 SALT LAKE CITY, UT (33RD) $ 266,744 $ 8.69 86.6% 265 TAYLORSVILLE, UT $6,921,470 $ 10.55 92.3% JOLENE'S(2003), MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), SHOPKO #085(2014), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS(2014), HARMONS SUPERSTORE(NOT OWNED) Vermont 266 BERLIN, VT $1,542,425 $ 8.93 99.0% WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009) Virginia 267 CHESTER, VA $ 987,354 $ 9.92 92.4% Ukrop's(2008) 268 FAIRFAX, VA $4,283,199 $ 16.87 100.0% SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014) 269 LYNCHBURG, VA $1,797,409 $ 8.08 80.6% Goody's #174(2004), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS "R" US(NOT OWNED) 270 MARTINSVILLE, VA $2,746,793 $ 7.02 89.9% GOODY'S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017) 271 MIDLOTHIAN, VA $ 717,071 $ 9.03 100.0% Food Lion #299(2005) 272 PULASKI, VA $ 809,489 $ 6.25 90.4% WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 DEVELOPERS DIVERSIFIED REALTY LOGO Run Date: 07/14/2003 Time:12:29:09PM Page 21 of 21 Property List *
OWNED DDR GROSS ZIP TYPE OF YEAR YEAR OWNERSHIP LEASABLE CENTER/PROPERTY LOCATION CODE PROPERTY DEVELOPED ACQUIRED INTEREST AREA ---------------------------- ----------------------------- ------ -------- --------- -------- --------- -------- 273 WINCHESTER, VA APPLE BLOSSOM CORNERS 22601 SC 1990 2 * 20.00% 240,560 2190 S. PLEASANT VALLEY Washington 274 BELLINGHAM, WA MERIDIAN VILLAGE SHOPPING CTR 98226 SC 1979 2000 20.00% 208,422 NE CORNER G MERIDIAN/TELEGRAPH 275 EVERETT, WA PUGET PARK 98204 SC 1981 2001 20.00% 40,958 520 128TH STREET SW West Virginia 276 BARBOURSVILLE, WV OFFICE MAX CENTER 25504 SC 1985 1998 100.00% 70,900 5-13 MALL ROAD Wisconsin 277 BROOKFIELD, WI (SW) SHOPPERS WORLD OF BROOKFIELD 53005 SC 1967 2003 100.00% 190,142 NORTH 124TH STREET AND WEST CA 278 BROWN DEER, WI (CENTER) MARKET PLACE OF BROWN DEER 53209 SC 1989 2003 100.00% 143,372 NORTH GREEN BAY ROAD 279 BROWN DEER, WI (MARKET) BROWN DEER CENTER 53209 SC 1967 2003 100.00% 266,716 NORTH GREEN BAY ROAD 280 MILWAUKEE, WI POINT LOOMIS 53221 SC 1962 2003 100.00% 160,533 SOUTH 27TH STREET 281 MILWAUKEE, WI (SOUTH) SOUTHGATE MARKETPLACE 53215 SC 1951 2003 100.00% 54,913 SOUTH 27TH STREET 282 WEST ALLIS, WI (WEST) WEST ALLIS CENTER 53214 SC 1968 2003 100.00% 383,967 WEST CLEVELAND AVE. AND S. 108 Grand Total: 50,344,743 ============ ========== TOTAL ANNUALIZED AVERAGE PERCENT CENTER/PROPERTY BASE RENT BASE RENT OCCUPIED ANCHOR TENANTS(LEASE EXPIRATION) ---------------------------- ------------ --------- -------- -------------------------------- 273 WINCHESTER, VA $ 2,270,576 $ 9.53 99.0% MARTIN'S FOOD STORE #78(2040), KOHL'S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008) Washington 274 BELLINGHAM, WA $ 1,904,114 $ 9.79 93.4% CIRCUIT CITY #3326(2015), HOME DEPOT INC., #4715(2013), PAYLESS DRUG #05240(2004) 275 EVERETT, WA $ 472,630 $ 12.67 91.1% ALBERTSON'S(NOT OWNED) West Virginia 276 BARBOURSVILLE, WV $ 263,287 $ 3.71 100.0% DISCOUNT EMPORIUM(2006), OFFICEMAX #263(2006), VALUE CITY(NOT OWNED) Wisconsin 277 BROOKFIELD, WI (SW) $ 1,451,619 $ 7.63 100.0% T.J. Maxx #202(2005), Marshall's Mega Store(2004), Officemax #16(2005), Burlington Coat Factory #112(2007) 278 BROWN DEER, WI (CENTER) $ 990,835 $ 7.47 92.5% Marshall's Mega Store(2004), Pick 'N Save(2005) 279 BROWN DEER, WI (MARKET) $ 1,932,674 $ 7.25 100.0% Kohl's #44(2023), Michael's(2012), Officemax #17(2005), T.J. Maxx/Burlington#201(2008), Old Navy(2012) 280 MILWAUKEE, WI $ 707,571 $ 4.41 100.0% Kohl's #43(2007), Pick 'N Save(2007) 281 MILWAUKEE, WI (SOUTH) $ 380,753 $ 7.85 88.3% Always 99C(2011), MOVIES 10(NOT OWNED), WAL MART(NOT OWNED) 282 WEST ALLIS, WI (WEST) $ 1,392,012 $ 5.35 67.7% Kohl's #41(2008), Marshall's Mega Store(2004), Pick 'N Save(2008) $489,416,616 ============
* 1. Property Developed by the Company * SC - Shopping Center * 2. Original IPO Property * MM - Mini-Mall * BC - Business Center * LC - Lifestyle Center * Does Not Include Service Merchandise Interests Property Listing 7.1 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 INVESTOR INFORMATION DEVELOPERS DIVERSIFIED REALTY WWW.DDRC.COM 3300 Enterprise Parkway / Beachwood, Ohio 44122 Phone: (216) 755-5500 Fax: (216) 755-1500
OFFICERS BOARD OF DIRECTORS -------- ------------------ Scott A. Wolstein, Chairman of the Board & Scott A. Wolstein, Chairmanof the Board Chief Executive Officer Chief Executive Officer, Developers Diversified Realty David M. Jacobstein, President and David M. Jacobstein, President & Chief Operating Officer, Chief Operating Officer Developers Diversified Realty Daniel B. Hurwitz, Daniel B. Hurwitz, Executive Vice President Executive Vice President Developers Diversified Realty James A. Schoff, Senior Investment Officer Albert T. Adams, Director Chairman, Cleveland Office - Baker & Hostetler LLP Joan U. Allgood, Sr. Vice President of Corporate Affairs and Governance Dean S. Adler, Director Timothy J. Bruce, Sr. Vice President of Development Principal - Lubert-Adler Management, Inc William H. Schafer, Sr. Vice President & Chief Financial Officer Terrance R. Ahern, Director Principal - The Townsend Group Richard E. Brown, Sr. Vice President of Real Estate Operations Robert Gidel, Director Joseph G. Padanilam, Vice President of Acquisitions and Dispositions Managing Partner - Liberty Partners, LP David E. Weiss, Vice President and General Counsel Victor B. MacFarlane, Founder and Managing Principal MacFarlane Partners, LLC Ralph J. Conti, Vice President and Director of Development Barry Sholem, Director Susan Hennessey, Vice President of Human Resources Chairman, DLJ Real Estate Capital Partners Steven M. Dorsky, Vice President of Leasing - Northeast Craig Macnab, Director Managing Partner, Tandem Capital Robin Walker-Gibbons, Vice President of Leasing - Southeast Anthony L. Vodicka, Vice President of Leasing - West Michelle A. Mahue, Vice President of Investor Relations
DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 INVESTOR INFORMATION (CONTINUED) RESEARCH COVERAGE AG Edwards Bill Camp (314) 955-5368 Deutsche Bank Alex Brown Lou Taylor (212) 250-4912 Goldman Sachs David Kostin (212) 902-6781 Michael Bilerman (212) 902-1970 JP Morgan Mike Mueller (212) 622-6689 Green Street Advisors Greg Andrews (949) 640-8780 Barb Hoogland (949) 640-8780 Hilliard Lyons Tony Howard (502) 588-1142 McDonald & Company Richard Moore (216) 443-2815 Richard Sweigard (216) 563-2501 Merrill Lynch Steve Sakwa (212) 449-0335 Craig Schmidt (212) 449-1944 Morgan Stanley Matthew Ostrower (212) 761-6284 Alan Calderon (212) 761-8564 Prudential Securities Jim Sullivan (212) 778-2515 TRANSFER AGENT National City Bank Corporate Trust Operations P.O. Box 92301 Cleveland, Ohio 44193-0900 1-800-622-6757 INVESTOR RELATIONS Michelle A. Mahue VP of Investor Relations Phone: (216) 755-5455 Fax: (216) 755-1455 Email: mmahue@ddrc.com DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF JOINT VENTURE CAPITAL TRANSACTIONS ACQUISITIONS, DISPOSITIONS, DEVELOPMENTS & EXPANSIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
Six Months Ended Year Ended Year Ended Year Ended Year Ended June 30, December 31, December 31, December 31, December 31, 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- Acquisitions/Transfers $ 398.4 $ 53.0 $ 213.1 $ 91.2(6) $ 96.5(8) Completed Expansions 4.4 9.0 2.3 6.2 3.3 Developments & Construction in Progress 35.1 48.6 103.7 114.7 169.0 Tenant Improvements & Building Renovations (1) 0.3 1.6 4.9 1.9 1.5 Other Real Estate Investments 0.0 161.8(3) 0.0 0.0 0.0 Minority Equity Investment in AIP 0.0 0.0 (135.0)(5) (2.2) 42.2 -------- -------- -------- -------- -------- $ 438.2 $ 274.0 $ 189.0 $ 211.8 $ 312.5 Less: Real Estate Sales and Dispositions ($ 216.3)(2) ($ 361.4)(4) ($ 16.9) ($ 115.9)(7) ($ 26.5)(9) -------- -------- -------- -------- -------- Joint Venture Totals (Millions) $ 221.9 $ (87.4) $ 172.1 $ 95.9 $ 286.0 ================================================================================================================================
(1) The Company estimates recurring capital expenditures, including tenant improvements, of $1.6 million associated with its joint venture portfolio during 2003. (2) In addition to the sales listed in the disposition section, this balance includes the disposition of a shopping center in Dayton, OH, the sale of an outparcel, the transfer of the Leawood, KS and Suwanee, GA shopping centers to DDR and the rejection of a lease at one of the Service Merchandise. (3) Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement. (4) Includes transfers to DDR in the aggregate amounts of $58.7 million, $38.7 million, $25.6 million and $30.6 million relating to shopping centers in Plainville, CT, Independence, MO, Canton, OH and San Antonio, TX, respectively. This amount also includes sales of shopping centers in Denver, CO; Hagerstown, MD; Salem, NH, Eatontown, NJ, Durham, NC and Round Rock, TX and the sales of outlot parcels in Round Rock, TX and San Antonio, TX. (5) The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) during 2nd quarter 2001. (6) Includes transfers from DDR to joint ventures in the aggregate amount of $39.6 million relating to a development project in San Antonio, TX, a transfer of a Phoenix, AZ property, and the outparcel land at Round Rock, TX. (7) Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavillion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures. (8) Includes a transfer of $20.4 million from DDR relating to the development project in Coon Rapids, MN and the transfer of the 13 remaining Best Products sites from the Retail Value Fund, which had an aggregate cost basis of $43.9 million at December 31, 1999. (9) Includes a transfer of the Everett development project to DDR and the Salem development project to DD Development Co. Summary of Joint Venture Capital Transactions 5.1 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE ACQUISTIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
DDR's Joint Cost Acquistion Ownership Venture Property Location GLA (Millions) Date Percentage Partner ----------------- --- ---------- ---- ---------- ------- Phoenix, AZ 296,153 $ 27.4 1/2/2003 67.00% Church Family Trust Pasadena, CA 556,163 $ 113.5 1/16/2003 25.00% Lehman Brothers Suwanee, GA (1) 306,206 $ 32.0 3/13/2003 49.00% Hendon Properties JDN Realty Corporation (2) - $ 7.4 3/13/2003 Various Various DDR Markaz LLC 1,444,251 $ 169.7 5/9/2003 20.00% Markaz Kansas City, MO 712,015 $ 48.4 6/11/2003 20.00% Coventry II ---------------------------------------------------------------------------------------------------------------- Total 3,314,788 $ 398.4 ================================================================================================================
(1) This joint venture interest was acquired as part of the JDN acquisition and transferred to DDR April 2003. (2) Included in the JDN acquisition was the interest in three joint ventures that own vacant parcels of land held for development or sale. JOINT VENTURE DISPOSITIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
Gross Sale DDR's Joint Proceeds Ownership Venture Property Location GLA (Millions) Sale Date Percentage Partner ----------------- --- ---------- --------- ---------- ------- San Diego, CA 440,228 $ 95.0 3/27/2003 80.00% DRA Advisors Kansas City, MO 15,205 $ 2.6 4/23/2003 24.75% Prudential & Coventry Real Estate Partners St. Louis, MO 211,045 $ 22.0 6/19/2003 50.00% DRA Advisors Service Merchandise locations 743,834 $ 28.2 Various 25.00% Various ----------------------------------------------------------------------------------------------------------------------------------- Total 1,410,312 $147.8 ===================================================================================================================================
Joint Venture Acquisitions and Dispositions 5.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE EXPANSION AND REDEVELOPMENT PROJECTS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
DDR's Joint Ownership Venture PROJECTS COMPLETED Percentage Partner Description Not Shown --------------------------------------------------------------------------------------------------------------------------------- Shawnee, KS 23.51% Prudential Real Relocated tenant to accommodate 2.562804 Estate Investors a 25,000 sf expansion creating a 65,000 sf Price Chopper (opened 5/03). N. Olmsted, OH 79.57% Hendon Properties Expansion of existing center to create 1.884497 an additional 16,607 sf of small retail shops, including a Dollar Tree (opened 9/02), and the addition of a 4,500 sf outparcel for the Vitamin Shoppe (11/02). ----------------------------------- Total Cost (Millions) $ 4.4 4.447301 ----------------------------------- PROJECTS IN PROGRESS Percentage Not Shown --------------------------------------------------------------------------------------------------------------------------------- San Ysidro, CA 20% Prudential Real Relocation of several small shop tenants in the 5.314392 Estate Investors shopping center to accommodate a 30,000 sf Ross Dress for Less and a 31,050 sf Marshall's, both scheduled to open in 4th quarter 2003. Deer Park, IL 24.75% Poag & McEwen/Prudential Expansion of the existing center to create a 12.846949 Real Estate Investors 50,000 sf Century Theater (scheduled to open 4/04) and to create an additional 23,800 sf of small retail specialty shops and two outparcels. ----------------------------------- Total Cost (Millions) $ 18.2 18.161341 ----------------------------------- Not Shown
Joint Venture Expansions and Redevelopment 5.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 SUMMARY OF JOINT VENTURE DEVELOPMENT PROJECTS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003
DDR's DDR's Joint Total Proportionate Substantial Total Ownership Venture Cost Cost Completion Projects Substantially Completed GLA Percentage Partner (Millions) (Millions) Date ----------------------------------------------------------------------------------------------------------------------- Long Beach, CA (CityPlace) 436,440 24.75% RVIP $ 56.0 $ 13.9 2002 (Phase I & II) (Phase I) 2nd Half 2003 (Phase II) Projects in Progress ----------------------------------------------------------------------------------------------------------------------- Jefferson County (St. Louis), MO 330,051(1) 50.0% Sansone $ 9.7 $ 4.9 2004 Austin, TX 496,604(1) (2) David Berndt $ 31.0 $ 3.8 2nd Half Interests/RVIP 2003 ----------------------------------------------------------------------------------------------------------------------- Joint Venture Development Totals 1,263,095 $ 96.7 $ 22.6 ======================================================================================================================= Projects Substantially Completed Major Tenants ------------------------------------------------------------------------------------------ Long Beach, CA (CityPlace) Phase I: Wal*Mart, Nordstrom Rack, Ross Dress for (Phase I & II) Less, Albertson's Anna's Linens and Sav-On. Phase II: 71,000 square feet of additional small shop retail. Projects in Progress ------------------------------------------------------------------------------------------ Jefferson County (St. Louis), MO Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty Austin, TX Target, Toys 'R Us, Hobby Lobby, Ultimate Electronics, Ross Dress for Less, Linens 'N Things, PetsMart ------------------------------------------------------------------------------------------ Joint Venture Development Totals ==========================================================================================
Notes: (1) Includes square footage which will not be Company owned. (2) This project is currently being funded through a construction loan. DDR, Prudential, and Coventry will enter into a joint venture partnership when the project's shell construction is complete, at which time DDR will have a 12.375% ownership interest, until the buyout of David Berndt Interests occurs, at which time DDR will have a 24.75% ownership interest. The cash flow distributions for the RVIP partnership will be made at the following percentages (1% Coventry; 24.75% DDR; and 74.25% Prudential) up to a leveraged 10% preferred return on equity. Once the limited partners (DDR and Prudential) have received a 10% preferred return and return of equity, the promote structure with 33% distributed to Coventry (79% owned by DDR) goes into effect. Joint Venture Developments 5.2 DEVELOPERS DIVERSIFIED REALTY Quarterly Financial Supplement For the six months ended June 30, 2003 JOINT VENTURE DEVELOPMENT ASSETS PLACED IN SERVICE AS OF JUNE 30, 2003
Assets Placed DDR's Current in Service Proportionate Share Date (Millions) (Millions) ----------------------------------------------------------------------------------------- As of December 31, 2002 $ 38.3 $ 10.1 1st Quarter 2003 $ 1.9 $ 0.5 2nd Quarter 2003 $ 4.0 $ 1.5 3rd Quarter 2003 $ 7.2 $ 1.9 4th Quarter 2003 $ 24.3 $ 3.8 During 2004 and Thereafter $ 21.0 $ 4.8 ----------------------------------------------------------------------------------------- Total $ 96.7 $ 22.6 =========================================================================================
JOINT VENTURE DEVELOPMENT FUNDING SCHEDULE AS OF JUNE 30, 2003
DDR's JV Partners' Proceeds from Proportionate Proportionate Construction Share Share Loans Total (Millions) (Millions) (Millions) (Millions) -------------- ------------- ------------- ---------- Funded as of June 30, 2003 $ 8.8 $ 19.3 $ 56.5 $ 84.6 Projected Net Funding During 2003 0.4 0.9 3.4 4.7 Projected Net Funding Thereafter 1.6 0.0 5.8 7.4 ---------------------------------------------------------------------------------------------------------- Total $ 10.8 $ 20.2 $ 65.7 $ 96.7 ==========================================================================================================
Joint Venture Development Delivery and Funding Schedules 5.2