Exhibit 99.2

Partnership Structure

Equity Contribution:

14.75% - DDR

Cash Flow Distribution:

Variable^*

2.68% - Macquarie Bank Limited (“MBL”)

82.57% - Macquarie DDR Trust (“MDT”)

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant and other matters described in the Management’s Discussion and Analysis section of the Company’s Form 10-K for the year ended December 31, 2004.

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

TABLE OF CONTENTS


Section	Tab
Earnings Release & Financial Statements		1.0
Financial Summary		2.0
• Financial Highlights		2.1
• Market Capitalization and Financial Ratios		2.2
• Market Capitalization Summary		2.3
• Significant Accounting Policies		2.4
• Non-GAAP Financial Measures		2.5
Consolidated and Wholly Owned Financial Operations		3.0
• Summary of Capital Transactions		3.1
• Acquisitions, Dispositions, Expansions and Developments		3.2
• Summary of Consolidated Debt		3.3
• Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities		3.4
Joint Venture Summaries		4.0
• Joint Venture Financials		4.1
• Joint Venture Partnership Summaries		4.2
Joint Venture Financial Operations		5.0
• Summary of Capital Transactions		5.1
• Acquisitions, Dispositions, Expansions and Developments		5.2
• Summary of Joint Venture Debt		5.3
• Summary of Pro Rata Joint Venture Debt		5.4
• Summary of Joint Venture Mortgage Principal Payments		5.5
Portfolio Statistics		6.0
Appendix		7.0
• Property Listing		7.1
• Investor Information		7.2

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


Contact:	Scott A. Wolstein	William H. Schafer
	Chairman	Sr. Vice President and Chief Financial Officer
	Chief Executive Officer	216-755-5500
	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS A 26.8%
INCREASE IN FFO PER SHARE FOR THE THREE MONTH PERIOD
ENDED MARCH 31, 2005

CLEVELAND, OHIO, May 2, 2005 - Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that first quarter 2005 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.90 (diluted) and $0.90 (basic) as compared to $0.71 (diluted) and $0.72 (basic) per share for the same period in the previous year, a per share increase of 26.8% diluted and 25.0% basic. FFO available to common shareholders reached $99.1 million for the quarter ended March 31, 2005, as compared to $62.8 million for 2004, an increase of 57.8%. Net income available to common shareholders for the three month period ended March 31, 2005 increased 128.4% to $91.8 million or $0.84 per share (diluted) and $0.85 (basic) compared to first quarter 2004 net income of $40.2 million, or $0.46 per share (diluted) and $0.47 (basic). The increase in net income for the quarter ended March 31, 2005 is primarily related to an increase on gain on sales of real estate, primarily to the Company’s joint venture with MDT, the acquisition of assets from Benderson Development Company, Inc., and related entities (“Benderson”) in May 2004 and the acquisition of 15 Puerto Rican real estate assets from Caribbean Property Group, LLC and related entities (“CPG”) in late January 2005.

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

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

Leasing:

Leasing activity continues to be strong throughout the portfolio. During the first quarter of 2005, the Company executed 144 new leases aggregating 652,000 square feet and 159 renewals aggregating 709,000 square feet. Rental rates on new leases increased by 18.9% to $15.20 per square foot and rental rates on renewals increased by 6.2% to $11.56 per square foot as compared to previously occupied rental rates. On a blended basis, rental rates for new leases and renewals increased by 10.2% to $13.31 per square foot.

At March 31, 2005, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $11.27. Excluding the impact of the properties acquired from CPG and Benderson, the average annualized base rent per occupied square foot for the portfolio was $11.30, as compared to $10.94 at March 31, 2004.

At March 31, 2005, the portfolio, including those properties owned through joint ventures, was 95.5% leased. Excluding the impact of the properties acquired from CPG and Benderson, the portfolio was 95.2% leased, as compared to 95.0% at March 31, 2004. 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 March 31, 2005, the portfolio was 94.9% occupied. Excluding the impact of the properties acquired from CPG and Benderson, the portfolio was 94.7% occupied, as compared to 94.4% at March 31, 2004.

Same store Net Operating Income (“NOI”) relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2004, excluding properties under redevelopment) increased approximately $1.7 million (or 1.7%) for the three months ended March 31, 2005.

Strategic Real Estate Transactions:

Caribbean Properties Group

In January 2005, the Company completed the acquisition of 15 Puerto Rican retail real estate assets, totaling nearly 5.0 million square feet from CPG, at an aggregate cost of approximately $1.15 billion. The financing for the transaction was provided by the assumption of approximately $660 million of existing debt and line of credit borrowings on the Company’s $1.0 billion senior unsecured credit facility and the application of a $30 million deposit funded in 2004.

MDT Joint Venture

During the first quarter of 2005, the Company sold nine properties to the MDT Joint Venture for approximately $284.2 million and recognized gains totaling $62.6 million of which $23.7 million represented merchant building gains from recently developed shopping centers. In April 2005, the Company sold an additional three properties to the MDT Joint Venture for approximately $63.8 million and will recognize additional merchant building gains of approximately $14.5 million in the second quarter of 2005. The Company maintains an approximate 14.5% ownership in the properties. The Company has been engaged for all day-to-day operations of the properties and will receive its share of ongoing fees for property management, leasing and construction management, in addition to other periodic fees for financing and due diligence.

Expansions:

During the three month period ended March 31, 2005, the Company completed four expansion and redevelopment projects located in Tallahassee, Florida; Suwanee, Georgia; Hendersonville, North Carolina and Johnson City, Tennessee at an aggregate cost of $13.5 million. The Company is currently expanding/redeveloping six shopping centers located in Gadsden, Alabama; Ottumwa, Iowa; Gaylord,

Michigan; Princeton, New Jersey; Allentown, Pennsylvania and Erie, Pennsylvania at a projected incremental cost of approximately $17.9 million. The Company is also scheduled to commence construction on two additional expansion and redevelopment projects at its shopping centers located in Ocala, Florida and Amherst, New York.

During the three month period ended March 31, 2005, a joint venture of the Company completed the expansion of its shopping center located in Merriam, Kansas at an aggregate cost of $1.2 million. Three of the Company’s joint ventures are currently expanding/redeveloping their shopping centers located in Phoenix, Arizona; Lancaster, California and Kansas City, Missouri at a projected incremental cost of approximately $47.7 million. Two of the Company’s joint ventures are also scheduled to commence additional expansion/redevelopment projects at their shopping centers located in Deer Park, Illinois and Kirkland, Washington.

Development (Consolidated):

During the three month period ended March 31, 2005, the Company substantially completed the construction of its shopping center located in Overland Park, Kansas.

The Company currently has seven shopping center projects under construction. These projects are located in Miami, Florida; Chesterfield, Michigan; Lansing, Michigan; Freehold, New Jersey; Mount Laurel, New Jersey; Apex, North Carolina (Beaver Creek Crossings – Phase I) and Pittsburgh, Pennsylvania. These projects are scheduled for completion during 2005 and 2006 at a projected aggregate cost of approximately $285.2 million and will create an additional 2.8 million square feet of retail space. At March 31, 2005, approximately $170.4 million of costs were incurred in relation to these development projects.

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

Development (Joint Ventures):

The Company has joint venture development agreements for four shopping center projects. These projects have an aggregate projected cost of approximately $107.4 million. These projects are located in Merriam, Kansas; Jefferson County (St. Louis), Missouri; Apex, North Carolina (Beaver Creek Crossings – Phase II), adjacent to a wholly-owned development project; and San Antonio, Texas. The projects located in Merriam, Kansas and San Antonio, Texas are being developed through the Coventry II program. A portion of the project located in Jefferson County (St. Louis), Missouri has been substantially completed. The remaining projects are scheduled for completion in 2005 and 2006. At March 31, 2005, approximately $33.8 million of costs were incurred in relation to these development projects.

Dispositions:

In April 2005, one of the Company’s RVIP joint ventures sold a 77,000 square foot shopping center in Richmond, California (Richmond City Center) for approximately $13 million. The joint venture will recognize a gain of approximately $2 million in the second quarter of 2005.

Financings:

In April 2005, the Company issued $400 million of senior unsecured notes, $200 million of five-year notes and $200 million of ten-year notes. The five-year notes have an interest rate of 5.0%, are due on May 3, 2010 and were offered at 99.806% of par. The ten-year notes have an interest rate of 5.5%, are due on May 1,

2015 and were offered at 99.642% of par. The effective interest rate, after taking into account the treasury rate locks that were previously entered into by the Company will adjust the five-year rate to approximately 4.95% and ten-year rate to approximately 5.37%. Proceeds from the offering were primarily used to repay indebtedness of the Company’s subsidiary, DDR PR Ventures LLC, S.E. (“DDR PR”), under the Company’s primary revolving credit facility.

In March 2005, the Company amended and restated its $1 billion primary revolving credit facility with JP Morgan Securities, Inc. and Banc of America Securities LLC as joint lead arrangers. The amendments extended the maturity date to May 2008, decreased the borrowing rate over LIBOR to 0.675%, modified certain covenants and allowed for the future expansion of the credit facility to $1.25 billion.

In March 2005, the Company amended its secured revolving credit facilities with National City Bank. This amendment created a $60 million unsecured facility, reduced the interest rate over LIBOR to 0.675%, extended the maturity date to May 2008 and modified certain covenants.

Developers Diversified Realty Corporation currently owns and manages approximately 470 retail operating and development properties in 44 states, plus Puerto Rico, comprising approximately 107 million square feet of real estate. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Michelle M. Dawson, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Website which is located at http://www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities 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, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2004.

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


	Three Month Period
	Ended March 31,
	2005			2004
Revenues:
Minimum rents (A)	$	128,846		$	87,508
Percentage and overage rents (A)		2,033			1,728
Recoveries from tenants		38,335			25,443
Ancillary income		1,820			764
Other property related income		1,091			898
Management fee income		4,292			3,111
Development fees		488			191
Other (B)		2,143			3,539

		179,048			123,182

Expenses:
Operating and maintenance		25,131			16,022
Real estate taxes		21,668			15,342
General and administrative (C)		13,643			10,444
Depreciation and amortization		41,397			24,800

		101,839			66,608

Other income (expense):
Interest income		1,009			1,360
Interest expense		(41,964	)		(24,710	)
Other expense		(300	)		(20	)

		(41,255	)		(23,370	)
Income before equity in net income of joint ventures, minority equity interests, income tax of taxable REIT subsidiaries, discontinued operations, gain on sales of real estate and cumulative effect of adoption of a new accounting standard		35,954			33,204
Equity in net income of joint ventures (D)		6,510			18,221
Minority equity interests (E)		(1,406	)		(1,145	)
Income tax of taxable REIT subsidiaries and franchise taxes		(167	)		(671	)

Income from continuing operations		40,891			49,609
Loss from discontinued operations (F)		—			(192	)

Income before gain on sales of real estate and cumulative effect of adoption of a new accounting standard		40,891			49,417
Gain on sales of real estate, net of tax		64,659			4,370

Income before cumulative effect of adoption of a new accounting standard		105,550			53,787
Cumulative effect of adoption of a new accounting standard (G)		—			(3,001	)

Net income	$	105,550		$	50,786

Net income, applicable to common shareholders	$	91,758		$	40,182

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	91,758		$	40,182
Depreciation and amortization of real estate investments		40,842			24,757
Equity in net income of joint ventures (D)		(6,510	)		(18,221	)
Joint ventures’ FFO (D)		11,315			12,676
Minority equity interests (OP Units) (E)		729			572
Gain on sales of depreciable real estate, net		(39,063	)		(160	)
Cumulative effect of adoption of a new accounting standard (G)		—			3,001

FFO available to common shareholders		99,071			62,807
Preferred dividends		13,792			10,604

FFO	$	112,863		$	73,411

Per share data:
Earnings per common share
Basic	$	0.85		$	0.47

Diluted	$	0.84		$	0.46

Dividends Declared	$	0.56		$	0.46

Funds From Operations — Basic (H)	$	0.90		$	0.72

Funds From Operations – Diluted (H)	$	0.90		$	0.71

Basic – average shares outstanding (thousands) (H)		108,005			86,344

Diluted — average shares outstanding (thousands) (H)		110,244			87,646

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

(A) Increases in base and percentage rental revenues for the three month period ended March 31, 2005 as compared to 2004, aggregated $40.6 million consisting of $0.9 million related to leasing of core portfolio properties (an increase of 1.4% from 2004), $46.2 million from the acquisition of assets, and $2.0 million related to developments and redevelopments. These amounts were offset by a decrease of $0.2 million relating to the business center properties and $8.3 million due to the sale of properties to joint ventures in 2004 and 2005. Included in the rental revenues for the three month periods ended March 31, 2005 and 2004 is approximately $2.6 million and $1.6 million, respectively, of revenue resulting from the recognition of straight line rents.

(B) Other income for the three month periods ended March 31, 2005 and 2004 was comprised of the following (in millions):


	Three Month Period
	Ended March 31,
	2005		2004
Lease termination fees	$	0.5	$	3.5
Financing fees		1.4		—
Other miscellaneous		0.2		—

	$	2.1	$	3.5

(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 three month periods ended March 31, 2005 and 2004, general and administrative expenses were approximately 4.8% and 5.1%, respectively, of total revenues, including joint venture revenues, for each period.

(D) 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
	ended March 31,
	2005 (b)			2004 (b)
Revenues from operations (a)	$	104,518		$	74,437

Operating expense		36,772			25,454
Depreciation and amortization of real estate investments		19,725			10,591
Interest expense		25,963			18,045

		82,460			54,090

Income from operations before gain on sale of real estate and discontinued operations		22,058			20,347
Gain (loss) on sale of real estate		303			(14	)
Income (loss) from discontinued operations, net of tax		323			(309	)
Gain on sale of discontinued operations, net of tax		1,001			24,024

Net income	$	23,685		$	44,048

DDR Ownership interests (b)	$	6,494		$	18,301

Funds From Operations from joint ventures are summarized as follows:
Net income	$	23,685			44,048
Gain on sale of real estate, including discontinued operations		(330	)		(23,967	)
Depreciation and amortization of real estate investments		19,882			11,052

	$	43,237		$	31,133

DDRC Ownership interests (b)	$	11,315		$	12,676

DDRC Partnership distributions received, net	$	11,141		$	28,316

(a) Revenues for the three month periods ended March 31, 2005 and 2004 included approximately $1.4 million and $1.1 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million in each period.

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

(b)   Included in the Company’s equity in net income and FFO from joint ventures for the three months ended March 31, 2004, is approximately $2.9 million of gain related to the sale of joint venture property at the end of 2003. This amount was recorded as a gain at the joint venture level in 2003 but was deferred by DDR until certain construction and leasing obligations were achieved.

    The Company’s share of joint venture net income has been reduced by $0.1 million for the three month period ended March 31, 2004 to reflect additional basis depreciation and adjustments to gain on sale.

    At March 31, 2005 and 2004, the Company owned joint venture interests relating to 111 and 103 shopping center properties, respectively. In addition, at March 31, 2005 and 2004, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 60 and 69 shopping center sites formerly owned by Service Merchandise, respectively.

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


	Three Month Period
	Ended March 31,
	2005		2004
Minority interests	$	677	$	573
Operating partnership units		729		572

	$	1,406	$	1,145

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


	Three Month Period
	Ended March 31,
	2004
Revenues	$	1,952

Expenses:
Operating		865
Interest		243
Depreciation		339
Minority interests		4

Total expenses		1,451

Income before loss on sale of real estate		501
Loss on sales of real estate		(693	)

Net income	$	(192	)

(G) The Company recorded a charge of $3.0 million in 2004 as a cumulative effect of adoption of a new accounting standard (FIN 46) attributable to the consolidation of the shopping center in Martinsville, Virginia. This amount represents the minority partner’s share of cumulative losses in the partnership.

(H) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of 1.3 million and 1.1 million Operating Partnership Units (OP Units) outstanding at March 31, 2005 and 2004 into 1.3 million and 1.1 million common shares of the Company for the three month periods ended March 31, 2005 and 2004, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding were 110.5 million and 88.9 million for the three month periods ended March 31, 2005 and 2004, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	March 31, 2005			December 31, 2004
Assets:
Real estate and rental property:
Land	$	1,517,345		$	1,238,242
Buildings		4,665,360			3,998,972
Fixtures and tenant improvements		135,770			120,350
Construction in progress		267,264			245,860

		6,585,739			5,603,424
Less accumulated depreciation		(596,521	)		(568,231	)

Real estate, net		5,989,218			5,035,193
Cash		51,428			49,871
Advances to and investments in joint ventures		292,115			288,020
Notes receivable		17,890			17,823
Receivables, including straight line rent, net		88,925			84,843
Other assets, net		88,401			107,797

	$	6,527,977		$	5,583,547

Liabilities:
Indebtedness:
Revolving credit facilities	$	440,000		$	60,000
Variable rate unsecured term debt		200,000			350,000
Unsecured debt		1,219,558			1,220,143
Mortgage and other secured debt		1,743,113			1,088,547

		3,602,671			2,718,690
Dividends payable		65,589			62,089
Other liabilities		211,213			192,514

		3,879,473			2,973,293
Minority interests		55,315			55,935
Shareholders’ equity		2,593,189			2,554,319

	$	6,527,977		$	5,583,547

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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


	March 31,			December 31,
	2005			2004
Land	$	888,074		$	798,852
Buildings		2,506,015			2,298,424
Fixtures and tenant improvements		48,514			42,922
Construction in progress		29,702			25,151

		3,472,305			3,165,349
Accumulated depreciation		(160,685	)		(143,170	)

Real estate, net		3,311,620			3,022,179
Receivables, including straight line rent, net		65,029			68,596
Leasehold interests		27,198			26,727
Other assets		115,681			96,264

	$	3,519,528		$	3,213,766

Mortgage debt (a)	$	2,060,079		$	1,803,420
Notes and accrued interest payable to DDR		28,912			20,616
Amounts payable to other partners		46,507			46,161
Other liabilities		79,176			75,979

		2,214,674			1,946,176
Accumulated equity		1,304,854			1,267,590

	$	3,519,528		$	3,213,766

(a) The Company’s proportionate share of joint venture debt aggregated approximately $455.7 million and $420.8 million at March 31, 2005 and December 31, 2004, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2005


	Three Month			Three Month
	Period Ended			Period Ended
FINANCIAL HIGHLIGHTS	March 31			March 31			Year Ended December 31
(In Thousands Except Per Share Information)	2005			2004			2004			2003			2002			2001
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	91,758		$	40,182		$	219,056		$	189,056	(7)	$	69,368	(7)	$	65,111
Depreciation and Amortization of Real Estate Investments	$	40,843		$	24,757		$	130,537		$	93,173		$	76,462		$	63,200
Equity in Net Income From Joint Ventures	$	(6,511	)	$	(18,221	)	$	(40,896	)	$	(52,917	)	$	(32,769	)	$	(17,010	)
Equity in Net Income From Minority Equity Investment	$	0		$	0		$	0		$	0		$	0		$	(1,550	)
Joint Venture Funds From Operations	$	11,315		$	12,676		$	46,209		$	47,942		$	44,473		$	31,546
Minority Equity Investment Funds From Operations	$	0		$	0		$	0		$	0		$	0		$	6,448
Operating Partnership Minority Interest Expense	$	729		$	572		$	2,607		$	1,770		$	1,450		$	1,531
Cumulative Effect & Extraordinary Charges	$	0		$	3,001		$	3,001		$	0		$	0		$	0
Gain on Sales of Real Estate	$	(39,063	)	$	(160	)	$	(68,179	)	$	(67,352	)	$	(4,276	)	$	(16,688	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	99,071		$	62,807		$	292,335		$	211,672		$	154,709		$	132,587
PREFERRED DIVIDENDS	$	13,792		$	10,605		$	50,706		$	51,204	(7)	$	32,602	(7)	$	27,262

FUNDS FROM OPERATIONS	$	112,864		$	73,411		$	343,041		$	262,877		$	187,311		$	159,849

PER SHARE INFORMATION:
Funds From Operations — Diluted	$	0.90		$	0.71		$	2.95		$	2.51		$	2.35		$	2.33
Net Income — Diluted	$	0.84		$	0.46		$	2.24		$	2.27		$	1.07		$	1.17
Cash Dividends	$	0.54		$	0.46		$	1.94		$	1.69		$	1.52		$	1.48
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		110,471			88,908			99,147			84,319			65,910			56,957
TOTAL MARKET CAPITALIZATION (1)	$	8,675,674		$	6,162,863		$	8,276,943		$	5,551,748		$	3,460,243		$	2,982,461
DEBT TO TOTAL MARKET CAPITALIZATION (1)		41.51	%		33.70	%		32.82	%		37.42	%		43.10	%		43.87	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		51.84	%		48.44	%		45.58	%		48.68	%		48.26	%		47.18	%
DIVIDEND PAYOUT RATIO (1)		59.91	%		64.47	%		67.28	%		66.03	%		62.73	%		63.90	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.80	%		5.12	%		4.94	%		5.35	%		4.80	%		4.25	%
GENERAL AND ADMINISTRATIVE EXPENSES	$	13,643		$	10,444		$	47,126		$	40,820		$	29,392		$	24,175
REVENUES:
DDR Revenues	$	179,048		$	126,474		$	605,246		$	478,696		$	360,778		$	324,148
Joint Venture Revenues	$	105,358		$	77,422		$	348,740		$	284,158		$	251,905		$	244,663

TOTAL REVENUES (3)	$	284,406		$	203,896		$	953,987		$	762,853		$	612,683		$	568,811

NET OPERATING INCOME:
DDR Net Operating Income	$	132,082		$	93,237		$	453,501		$	356,348		$	272,764		$	248,838
Joint Venture Net Operating Income	$	68,391		$	50,475		$	228,358		$	184,927		$	167,573		$	166,545

TOTAL NET OPERATING INCOME (4)	$	200,473		$	143,712		$	681,859		$	541,274		$	440,337		$	415,383

REAL ESTATE AT COST:
DDR Real Estate at Cost	$	6,585,739		$	4,004,187		$	5,603,424		$	3,884,911		$	2,804,056		$	2,493,665
Joint Venture Real Estate at Cost (5)	$	3,472,305		$	2,190,633		$	3,165,335		$	2,275,216		$	1,785,165		$	1,862,515

TOTAL REAL ESTATE AT COST (6)	$	10,058,044		$	6,194,820		$	8,768,759		$	6,160,127		$	4,589,221		$	4,356,179

(1) See Market Capitalization and Financial Ratio section for detail calculation.

(2) The calculation includes joint venture revenues.

(3) Includes revenues from discontinued operations.

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

(5) Includes FMV purchase price gross up of assets shown as equity investment in joint ventures.

(6) Includes construction in progress (CIP) at March 31, 2005 of $297.0 million (includes $29.7 million of CIP included in joint ventures, of which $5.1 million represents the Company’s proportionate share), and at December 31, 2004, 2003, 2002, 2001 CIP aggregated $271.0 million, $290.7 million $237.8 million and $287.7 million, respectively.

(7) Amounts were adjusted to include original issuance costs associated with the redemption of Preferred Operating Partnership Units and preferred stock of $10,710,000 for the year ended December 31, 2003 and $5,543,734 for the year ended December 31, 2002 pursuant to EITF topic NO. D-42.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2005


	Three Month
	Period Ended
	March 31			Year Ended December 31
MARKET CAPITALIZATION & FINANCIAL RATIOS	2005			2004			2003			2002			2001
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	3,601,425		$	2,716,426		$	2,077,558		$	1,491,481		$	1,308,301
Total Market Capitalization *	$	8,675,674		$	8,276,943		$	5,551,748		$	3,460,243		$	2,982,461

		41.51	%		32.82	%		37.42	%		43.10	%		43.87	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		51.84	%		45.58	%		48.68	%		48.26	%		47.18	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	4,057,145		$	3,137,184		$	2,446,026		$	1,878,575		$	1,688,904
Total Market Capitalization *	$	9,131,393		$	8,697,701		$	5,920,216		$	3,847,336		$	3,363,064

		44.43	%		36.07	%		41.32	%		48.83	%		50.22	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		54.84	%		49.27	%		53.79	%		54.20	%		53.85	%
INTEREST COVERAGE RATIO:
Interest Expense	$	41,964		$	130,447		$	90,162		$	77,208		$	81,770
FFO Before Interest and Preferred Dividends *	$	154,828		$	473,488		$	353,039		$	282,856		$	260,700

		3.69			3.63			3.92			3.66			3.19
DEBT SERVICE COVERAGE RATIO:
Debt Service *	$	49,698		$	152,927		$	101,890		$	83,958		$	88,764
FFO Before Interest and Preferred Dividends *	$	154,828		$	473,488		$	353,039		$	282,856		$	260,700

		3.12			3.10			3.46			3.37			2.94
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges	$	63,491		$	203,633		$	142,385		$	129,353		$	135,107
FFO Before Interest and Preferred Dividends *	$	154,828		$	473,488		$	353,039		$	282,856		$	260,700

		2.44			2.33			2.48			2.19			1.93
DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	59,351		$	196,685		$	146,846		$	100,531		$	84,721
Funds From Operations exclusive of charge associated with preferred stock redemption	$	99,071		$	292,335		$	222,382		$	160,253		$	132,587

		0.60			0.67			0.66			0.63			0.64

* See Attached for Detail Calculation

(1) Includes the full dividend for shares issued in conjunction with the JDN merger during Q-1 2003, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2005


	Three Month
	Period Ended
	March 31		Year Ended December 31
	2005		2004		2003		2002		2001
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		108,568		108,083		86,425		66,609		59,455
Operating Partnership Units Outstanding		1,350		1,350		1,129		911		1,038

Total		109,918		109,432		87,554		67,520		60,493
Share Price	$	39.7500	$	44.3700	$	33.5700	$	21.9900	$	19.1000

Market Value of Common Shares	$	4,369,248	$	4,855,516	$	2,939,190	$	1,484,762	$	1,155,410
Preferred Shares at Book Value	$	705,000	$	705,000	$	535,000	$	304,000	$	303,750
Preferred Units and Warrant	$	0	$	0	$	0	$	180,000	$	215,000
Total Debt	$	3,601,425	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301

TOTAL MARKET CAPITALIZATION	$	8,675,674	$	8,276,943	$	5,551,748	$	3,460,243	$	2,982,461

DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		108,568		108,083		86,425		66,609		59,455
Operating Partnership Units Outstanding		1,350		1,350		1,129		911		1,038

Total		109,918		109,432		87,554		67,520		60,493
Share Price	$	39.7500	$	44.3700	$	33.5700	$	21.9900	$	19.1000

Market Value of Common Shares	$	4,369,248	$	4,855,516	$	2,939,190	$	1,484,762	$	1,155,410
Preferred Shares at Book Value	$	705,000	$	705,000	$	535,000	$	304,000	$	303,750
Preferred Units and Warrant	$	0	$	0	$	0	$	180,000	$	215,000
Total Debt	$	3,601,425	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301
Proportionate Share of JV Debt	$	455,720	$	420,758	$	368,468	$	387,094	$	380,604

TOTAL MARKET CAPITALIZATION	$	9,131,393	$	8,697,701	$	5,920,216	$	3,847,336	$	3,363,064

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2005


	Three Month
	Period Ended
	March 31		Year Ended December 31
	2005		2004		2003		2002		2001
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	6,585,739	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665
Cash and Cash Equivalents	$	51,428	$	49,871	$	111,033	$	16,371	$	19,070
Notes Receivable	$	17,889	$	17,823	$	9,813	$	11,662	$	5,221
Advances and Investments in Joint Ventures	$	292,115	$	288,020	$	262,072	$	258,611	$	255,327

	$	6,947,172	$	5,959,138	$	4,267,829	$	3,090,699	$	2,773,281

DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	6,585,739	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665
Notes Receivable or Proportionate Share Thereof	$	50,444	$	44,536	$	41,018	$	50,521	$	22,000
Proportionate Share of JV Undepreciated Real Estate Assets	$	761,575	$	719,619	$	621,113	$	611,224	$	620,688

	$	7,397,758	$	6,367,578	$	4,547,043	$	3,465,801	$	3,136,353

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	99,071	$	292,335	$	211,672	$	154,709	$	132,587
Interest Expense	$	41,964	$	130,447	$	90,162	$	77,208	$	81,770
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	13,792	$	50,706	$	51,204	$	50,939	$	46,343

	$	154,828	$	473,488	$	353,039	$	282,856	$	260,700

DEBT SERVICE
Interest Expense	$	41,964	$	130,447	$	90,162	$	77,208	$	81,770
Recurring Principal Amortization	$	7,734	$	22,480	$	11,728	$	6,750	$	6,994

	$	49,698	$	152,927	$	101,890	$	83,958	$	88,764

FIXED CHARGES
Debt Service	$	49,698	$	152,927	$	101,890	$	83,958	$	88,764
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash D-42 dividend.	$	13,792	$	50,706	$	40,494	$	45,395	$	46,343

	$	63,491	$	203,633	$	142,385	$	129,353	$	135,107

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

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 and Tenant Improvements		Useful lives, which approximate lease terms, where applicable

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

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 three month period ended March 31, 2005 and the years ended December 31, 2004, 2003, 2002 and 2001, the Company capitalized interest of $2.4 million, $10.0 million, $11.4 million, $9.5 million and $12.9 million, respectively.

• In addition, the Company capitalized certain construction administration costs of $2.1 million for the three month period ended March 31, 2005 and $5.5 million, $5.1 million, $4.5 million and $3.3 million for the years ended December 31, 2004, 2003, 2002 and 2001, 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 three months ended March 31, 2005

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

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

Reconciliation of Same Store Net Operating Income (NOI) to Total Revenues and Certain Expenses


	Three Month Period
	March 31,
	2005			2004
Total Revenues DDR	$	179,048		$	123,182
Total Revenues DDR Combined Joint Ventures		104,518			74,437
Operating and Maintenance — DDR		(25,131	)		(16,022	)
Real Estate Taxes — DDR		(21,668	)		(15,342	)
Operating and Maintenance — DDR Combined Joint Ventures		(36,772	)		(25,454	)


Combined NOI	$	199,995		$	140,801


Total Same Store NOI	$	104,545		$	102,834		1.7	%
Property NOI from other operating segments		95,450			37,967

Combined NOI	$	199,995		$	140,801

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

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

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions


	Three Months
	Ended			Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2003			2002			2001
Acquisitions/Transfers	$	1,142.9		$	2,170.8	(3)	$	1,363.6	(5)	$	298.6	(7)	$	289.3	(9)
Completed Expansions		13.5			25.2			26.8			8.0			13.7
Developments & Construction in Progress		37.7			203.8			104.6			66.4			72.9
Tenant Improvements & Building Renovations (1)		2.5			6.6			6.3			7.3			6.1
Furniture Fixtures & Equipment		1.1			1.3			1.9			2.3			2.5

		1,197.7			2,407.7			1,503.2		$	382.6		$	384.5
Less: Real Estate Sales & Joint Venture Transfers		(215.4	) (2)		(689.2	) (4)		(422.4	) (6)		($72.2	) (8)		($52.7	)

Total DDR Net Additions (Millions)	$	982.3		$	1,718.5		$	1,080.8		$	310.4		$	331.8

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

(2) This balance includes the transfer of seven assets with an aggregate cost of $214.1 million to the Macquarie DDR Trust joint venture, and the sale of several outparcels.

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

(4) In addition to the asset sales which had an aggregate cost of $62.6 million, this balance includes the sale of several land parcels with an aggregate cost of $41.1 million. This balance also includes the transfer of twelve assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust joint venture, the transfer of twelve assets with an aggregate cost of $124.0 to the DPG Realty Holdings joint venture and the transfer of thirteen assets with an aggregate cost of $203.2 to the DDR Markaz II joint venture.

(5) Includes the merger of JDN and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.

(6) In addition to asset sales which had an aggregate cost of $62.9 million, this balance includes the transfer of seven assets with an aggregate cost of $153.6 million to the joint venture with DDR Markaz LLC (Kuwait Financial Centre), these assets are shopping centers located in Richmond, CA, Winchester, VA, Tampa, FL, Toledo, OH, Highland, IN, Oviedo, FL and Grove City, OH and the sale of several outparcels, which had an aggregate cost of $13.5 million. The balance also includes the transfer of six assets with an aggregate cost of $192.4 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Canton, OH, North Olmsted, OH, Independence, MO and St. Paul, MN.

(7) 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.

(8) 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.

(9) The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001.

Summary of Wholly Owned Capital Transactions 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Three Month Period Ended March 31, 2005


*Projects Completed*
Tallahassee, FL	Retenanting of former Lowe’s with Bealls (opened 04/04), Cato and It’s Fashion (opened 01/05) plus an additional junior anchor.
Suwanee, GA	Retenanting of former K-Mart with PetsMart (opened 4/05) and Shoe Gallery (opened 03/04) plus an additional junior anchor.
Hendersonville, NC	Recapture of former Wal-Mart space; demolition of 45,000 sq ft for Epic Theater, Big Lots and an additional junior anchor.
Johnson City, TN	Kohl’s to construct 88,248 sf retail building (opened 4/05), plus construction of 25,000 sf additional retail space.

Total Net Cost (Millions)	$	13.5


*Projects in Progress*
Gadsden, AL	Break-up of 64,400 sf building to create a 20,000 sf Fred’s (opened 05/04), a 14,000 sf Burke’s Outlet (opened 12/04) and another junior anchor.
Ottumwa, IA	Recapture Wal-Mart and release to 34,500 sf Goody’s (opened 9/04) and 47,422 sf of additional junior anchor stores.
Gaylord, MI	Recapture Wal-Mart and release to 38,594 sf Big Lots and 72,213 sf additional junior anchor stores.
Princeton, NJ	Expansion of the existing center to create a 37,200 sf Babies ‘R Us and additional 39,600 sf of retail space including West Elm, Snip Its, Yankee Candle, Barbeques Galore, and other retailers to be announced.
Allentown, PA	Construction of 18,200 sf outparcel building for retail tenants including Sleepys, Super Cuts, Quiznos, Cold Stone Creamery and other retailers to be announced.
Erie, PA	Construct 6,700 sf free standing building for retail shops.

Total Net Cost (Millions)	$	17.9


*Projects to Commence Construction*
Amherst, NY	Construct 5,300 sf free standing building for retail shops.
Ocala, FL	Recaptured the Winn Dixie and expanding the space 6,000 sf for Hobby Lobby.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Wholly Owned and Consolidated Development Projects
for the Three Month Period Ended March 31, 2005


					Substantial
			Net Cost		Completion
	GLA		(Millions)		Date		Major Tenants
*Projects Substantially Completed*
Overland Park, KS		83,642	$	9.1		2005	Home Depot, Sam’s Club, Aldi’s Grocery, Party City, Goodyear Tire, Bank of America, Babies ‘R Us (opened 12/04), Golf Galaxy (opened 3/05), CiCi’s Pizza and 3,427 sf of additional retail space
*Projects in Progress*
Miami, FL		622,423	$	98.4		2006	To be announced
Chesterfield, MI		105,400	$	13.6		2005 & 2006	25,400 sf of small shop retail and additional retail space
Lansing, MI		177,369	$	16.3		2005	Wal-Mart, Lowe’s, Michael’s, Gander Mountain, PetsMart (scheduled to open 3rd quarter 2005).
Freehold, NJ		500,000	$	26.3		2005	Wal-Mart and Sam’s Club and other retail tenants and outparcels to be announced
Mt. Laurel, NJ		715,251	$	57.1		2004 & 2005	Target, Bed, Bath & Beyond, Lane Bryant, Payless Shoe Source (opened 4th quarter 2004). Costco and Panera Bread (opened 1st quarter 2005). TJ Maxx, PetsMart, JoAnn’s, DSW, and Golf Galaxy (all scheduled to open 2nd quarter 2005), and The Sports Authority (scheduled to open 3rd quarter 2005), Wegman’s (scheduled to open 1st quarter 2006), and other retail tenants and outparcels to be announced
Apex, NC (Beaver Creek Crossings - Phase I) (1)		341,965	$	57.0		2006	To be announced
Pittsburgh, PA		358,605	$	16.4		2006	Target, Sportsmans Warehouse and other retail tenants to be announced
*Projects to Commence Construction*
Norwood, MA		107,015	$	25.5		2006	To be announced
McKinney, TX (Phase II)		87,757	$	7.3		2006	To be announced

Wholly Owned Development Totals		3,099,427	$	327.1

(1) The asset is being developed with First Carolina Properties who has a 20% minority interest.

Wholly Owned Developments 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Consolidated Debt
as of March 31, 2005


		Mortgage			Maturity		Interest
		Balance (000's)			Date		Rate (1)
SENIOR DEBT:
Unsecured Credit Facility:
$200 Million Term Loan		$	200,000			05/07		3.460
$1 Billion Revolving Credit Facility			440,000			05/08		3.377
$60 Million Revolving Credit Facility			0			05/08

Total Term and Credit Facility Debt			640,000

PUBLIC DEBT:
Medium Term Notes	F		1,000			11/05		7.280
Medium Term Notes	F		97,540	(2)		03/07		7.000
Medium Term Notes	F		10,000			07/07		7.020
Unsecured Notes	F		85,000			08/07		6.950
Medium Term Notes	F		2,000			12/07		6.960
Medium Term Notes	F		99,927			01/08		6.625
Medium Term Notes	F		274,123			01/09		3.875
Medium Term Notes	F		299,641			07/10		4.625
Medium Term Notes	F		249,081			04/11		5.250
Medium Term Notes	F		100,000			07/18		7.500

Total Public Debt			1,218,312

MORTGAGE DEBT:
Hamilton, NJ	F		30,000			05/05		2.942
Hamilton, NJ	V		26,971			05/05		4.420
MPR Portfolio	V		175,000	(3)		07/05		5.099
MPR Portfolio (Mezzanine)	V		25,000	(3)		07/05		8.870
Detroit, MI	F		1,366			11/05		7.375
CPR Portfolio	V		365,000	(4)		04/06		5.570
San Antonio, TX	V		25,000			07/06		4.370
Bayonet Point, FL	F		5,327			08/06		9.750
Silver Springs, MD (Tech 29-2)	F		3,446			09/06		9.050
Dublin, OH	F		9,390			09/06		8.375
Pickerington, OH	F		4,245			12/06		8.250
Sault St. Marie, MI	F		2,247			05/07		8.375
St. Louis, MO (Olympic)	F		3,448			08/07		9.150
Berlin, VT	F		4,940			08/07		9.750
Mt. Laurel, NJ	V		38,250			09/07		3.770
Apex, NC	V		15,573			10/07		3.870
Dallas, TX (Carpenter)	F		27,866			01/08		7.250
Tupelo, MS	F		11,680			03/08		4.410
Jacksonville, FL	F		6,702			03/08		4.410
Solon, OH	F		16,180			03/08		4.410
N. Charleston, SC	F		11,584			03/08		4.410
Walker, MI	F		8,521			03/08		4.410
Mt. Pleasant, SC (GS II)	F		7,850			03/08		4.410
Meridian, ID (GS II)	F		25,370			03/08		4.410

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Consolidated Debt
as of March 31, 2005 (con’t)

Mortgage

Maturity

Interest

Balance

Date

Rate (1)

Birmingham, AL (GS II)

27,477

03/08

4.410

Wilmington, NC (GS II)

21,062

03/08

4.410

Durham, NC (GS II)

7,180

03/08

4.410

Silver Springs, MD (Tech 29-1)

6,840

02/09

7.330

Leawood, KS

51,163

07/09

7.310

Martinsville, VA

19,804

12/09

8.460

St. Louis, MO (Keller)

1,554

01/10

8.625

Big Flats, NY (Big Flats I)

11,378

12/10

8.011

Plattsburgh, NY

11,109

12/10

8.000

Erie, PA

25,523

04/11

6.880

Erie, PA

2,946

04/11

6.880

Boardman, OH

26,506

04/11

6.880

St. Louis, MO (Sunset)

34,360

04/11

6.880

St. Louis, MO (Brentwood)

25,523

04/11

6.880

Denver, CO (Centennial)

38,286

04/11

6.880

Gates, NY (Westgate)

24,964

10/11

7.240

Indian Train, NC (Union TC Ph I)

6,980

10/11

7.000

Ashtabula, OH

6,948

12/11

7.000

West Pasco, FL

4,784

02/12

9.625

Denver, CO (Univ Hills)

28,757

06/12

7.300

St. Louis, MO (Gravois)

1,748

07/12

8.625

N. Charleston, SC

10,784

07/12

7.370

Moorseville, NC

23,963

12/12

6.930

Big Flats, NY (Big Flats IV)

1,069

01/13

7.600

Big Flats, NY (Big Flats II)

4,728

01/13

8.010

Buffalo, NY (Delaware Commons)

1,215

01/13

6.960

Jamestown, NY (Southside Plaza)

1,735

04/13

7.590

Victor, NY (Victor Square)

6,665

04/13

5.800

Mays Landing, NJ (Wrangleboro)

51,698

05/13

6.990

Beachwood, OH

3,795

07/13

7.640

W. Long Branch, NJ (Monmouth)

15,087

07/13

8.570

Boynton Beach, FL (Meadows Square)

4,723

07/13

6.720

Englewood, FL (Rotonda)

2,203

07/13

5.800

Reno, NV

3,600

02/15

5.950

Olean, NY

4,962

07/15

8.995

Mays Landing, NJ (Hamilton)

16,264

09/15

4.700

Columbus, OH (Consumer II West)

14,231

11/15

10.188

Amherst, NY (Kmart/Blvd Cons. II)

13,109

11/15

7.850

Lockport, NY (Walmart/Tops)

13,571

01/16

8.000

Merriam, KS (TIF)

8,575

02/16

6.900

Rome, NY (Freedom)

4,642

09/16

7.850

Medina, NY

4,038

11/16

7.660

Bellefontaine, OH

2,449

12/16

7.500

Amherst, NY (Tops Transit + French)

5,446

12/16

7.680

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Consolidated Debt
as of March 31, 2005 (con’t)


		Mortgage			Maturity		Interest
		Balance			Date		Rate (1)
Canandaigua, NY	F	$	6,001			01/17		6.150
Cheektowaga, NY (Walmart Thruway)	F		5,173			10/17		6.780
Ithaca, NY	F		20,065			01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		14,168			07/18		5.670
Springville, NY	F		6,417			07/18		6.375
Niskayuna, NY (Mohawk)	F		26,001			12/18		5.750
Henderson, TN	F		9,246			01/19		7.660
Spring Hill, FL	F		5,271			09/19		9.750
Alden, NY	F		4,527			10/19		8.100
Cedar Rapids, IA	F		9,991			01/20		9.375
Riverdale, UT (North)	F		8,917			10/20		9.300
Plainville, CT	F		7,190			04/21		7.125
Allentown, PA	F		18,514			06/21		6.950
Princeton, NJ	V		24,998			09/25		4.370
Princeton, NJ	F		25,963			03/27		8.262
Bayamon, PR (Rio Hondo)	F		57,391			05/28		7.180
San Juan, PR (Seniorial Plaza)	F		14,903			05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,979			05/28		7.180
Arecibo, PR (Atlantico)	F		14,996			05/28		7.180

Total Mortgage Debt			1,743,113

Total Debt		$	3,601,425
Adjustment for Reverse Swap			1,246	(5)

		$	3,602,671

Weighted Average — Total					5.18 years			5.4	%

Weighted Average — Fixed					6.95 years			6.0	%

Weighted Average — Floating					2.39 years			4.4	%

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 2005 deferred finance cost amortization of approximately $7.0 million, net is offset by approximately $12.5 million of fair market value adjustment.

2. Public debt of $60 million has been converted to a variable rate of 4.285%. The remaining balance of $37.5 million is at the stated fixed rate.

3. Encumbers five shopping center properties as follows:


Plaza Del Norte		Plaza Vega Baja
Plaza Del Oeste		Plaza Wal-Mart
Plaza Fajardo

4. Encumbers six shopping center properties as follows:


Camino Real		Plaza Escorial
Plaza Cayey		Plaza Isabella
Plaza Del Sol		Plaza Palma Real

5. Offset included in other assets.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2005
(000’s)


	2005 Payments		2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																						7,190		7,190
Bayonet Point, FL				5,327																				5,327
Tupelo, MS		287		300		313		10,852																11,752
Jacksonville, FL		164		172		180		6,227																6,743
Reno, NV		32		59		64		67		73		78		84		89		96		103		2,854		3,600
Denver, CO (Univ Hills)		522		562		604		650		699		752		809		24,286								28,884
Henderson, TN		366		395		426		460		497		536		578		624		674		727		4,055		9,337
Allentown, PA		621		666		714		765		820		879		942		1,009		1,082		1,159		10,009		18,665
Erie, PA		273		293		314		331		360		386		23,640										25,596
Erie, PA		31		33		36		38		41		44		2,731										2,954
Martinsville, VA		203		221		241		258		18,936														19,859
Boardman, OH		283		303		325		343		373		400		24,555										26,581
Solon, OH		397		415		434		15,033																16,280
St. Louis, MO (Sunset)		366		392		421		444		483		518		31,834										34,458
St. Louis, MO (Brentwood)		273		293		314		331		360		386		23,640										25,596
Denver, CO (Centennial)		408		438		469		496		539		578		35,467										38,395
Cedar Rapids, IA		315		346		380		417		458		503		552		606		665		730		5,094		10,067
St. Louis, MO (Olympic)		335		367		2,826																		3,529
St. Louis, MO (Gravois)		310		355		389		292		115		125		136		162								1,883
St. Louis, MO (Keller)		265		289		315		343		374		33												1,619
N. Charleston, SC		284		297		311		10,763																11,656
Sault St Marie, MI		990		1,079		418																		2,487
Walker, MI		209		219		229		7,917																8,573
Detroit, MI		2,922																						2,922
Mt. Pleasant, SC		193		201		211		7,294																7,899
Merridian, ID		623		651		681		23,573																25,527
Riverdale, UT (North)		261		287		315		345		379		415		456		500		548		602		4,873		8,980
Birmingham, AL		674		705		737		25,530																27,646
Wilmington, NC		517		541		565		19,570																21,192
Berlin, VT						4,940																		4,940
Spring Hill, FL		170		187		206		227		251		276		304		335		370		407		2,578		5,312
West Pasco, FL																4,784								4,784
Princeton, NJ		358		389		423		454		499		543		590		636		697		758		20,711		26,057
Beachwood, OH		332		359		387		420		451		487		525		567		349						3,876
Leawood, KS		1,117		1,201		1,292		1,390		46,435														51,435
Durham, NC		176		184		193		6,672																7,225
Bellefontaine, OH		133		143		154		166		179		193		208		224		241		260		582		2,481
Dublin, OH		270		9,185																				9,455
Pickerington, OH		219		4,079																				4,298
Dallas, TX (Carpenter)		489		525		565		26,406																27,985
Silver Springs, MD (Tech 29-1)		158		170		183		196		6,173														6,880
Silver Springs, MD (Tech 29-2)		93		3,376																				3,469

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2005 (con’t)
(000’s)


	2005 Payments		2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		Thereafter		Total
Jamestown, NY (Southside Plaza)		153		165		178		193		208		225		242		262		147						1,773
Ithaca, NY		980		1,052		1,128		1,210		1,298		1,393		1,494		1,603		1,720		1,845		6,579		20,303
Columbus, OH (Consumer II West)		380		420		465		514		568		628		694		767		848		937		8,103		14,322
Olean, NY		298		326		357		390		427		467		511		559		611		669		419		5,034
N. Charleston, SC		192		206		222		239		257		277		298		9,140								10,831
W. Long Branch, NJ (Monmouth)		1,269		1,382		1,506		1,640		1,786		1,945		2,119		2,307		1,440						15,394
Big Flats, NY (Big Flats I)		1,592		1,724		1,867		2,022		2,190		2,374												11,767
Mays Landing, NJ (Wrangleboro)		1,953		2,094		2,245		2,407		2,581		2,767		2,967		3,181		31,981						52,174
Plattsburgh, NY		1,554		1,683		1,823		1,974		2,138		2,317												11,489
Amherst, NY (Kmart/Blvd Cons. II)		802		868		938		1,015		1,097		1,187		1,283		1,388		1,500		1,623		1,603		13,304
Big Flats, NY (Big Flats IV)		58		63		68		73		79		86		92		100		464						1,083
Lockport, NY (Walmart/Tops)		805		872		944		1,022		1,107		1,199		1,298		1,406		1,523		1,649		1,942		13,767
Big Flats, NY (Big Flats II)		426		462		501		543		589		639		693		751		228						4,832
Amherst, NY (Tops Transit + French)		291		315		340		367		396		427		461		498		538		580		1,303		5,516
Amherst, NY (Target/Blvd Cons. II)		722		764		808		856		905		958		1,014		1,073		1,135		1,201		4,908		14,345
Medina, NY		219		236		255		275		297		320		346		373		403		435		932		4,092
Mays Landing, NJ (Hamilton)		1,213		1,271		1,332		1,396		1,463		1,534		1,607		1,684		1,765		1,850		1,446		16,562
Gates, NY (Westgate)		280		301		324		349		375		404		23,004										25,039
Boynton Beach, FL (Meadows Square)		389		453		485		519		556		595		637		682		513						4,828
Rome, NY (Freedom)		253		273		295		319		345		374		404		437		472		511		1,019		4,703
Englewood, FL (Rotonda)		210		223		236		250		265		281		298		315		176						2,255
Moorseville, NC		261		279		300		322		345		370		397		426		21,334						24,032
Alden, NY		148		160		173		188		208		246		266		289		313		343		2,229		4,563
Indian Train, NC (Union TC Ph I)		82		88		95		102		109		117		6,408										7,002
Cheektowaga, NY (Walmart Thruway)		265		284		304		325		348		372		398		426		456		487		1,574		5,238
Ashtabula, OH		81		87		93		100		107		115		6,386										6,969
Buffalo, NY (Delaware Commons)		119		127		137		146		157		168		180		193		26						1,254
Springville, NY		311		331		353		376		401		427		455		485		517		551		2,287		6,492
Niskayuna, NY (Mohawk)		1,260		1,335		1,414		1,497		1,585		1,679		1,778		1,883		1,994		2,112		9,771		26,310
Canandaigua, NY		351		373		396		421		448		476		507		539		573		609		1,395		6,087
Victor, NY (Victor Square)		89		95		100		107		113		120		127		135		5,803						6,689
Bayamon, PR (Rio Hondo)		811		941		1,011		1,076		1,169		1,256		1,351		1,442		1,561		1,679		45,256		57,554
San Juan, PR (Seniorial Plaza)		211		244		263		279		303		326		351		375		405		436		11,752		14,945
Bayamon, PR (Rexville Plaza)		127		147		158		168		183		197		211		226		244		263		7,080		9,004
Arecibo, PR (Atlantico)		212		246		264		281		305		328		353		377		408		439		11,825		15,038
CPR Portfolio				365,000																				365,000
MPR Portfolio		175,000																						175,000
MPR Portfolio (Mezzanine)		25,000																						25,000
Merriam, KS (TIF)																						8,575		8,575
Princeton, NJ (Nassau Pav)																						24,998		24,998
San Antonio, TX				25,000																				25,000
Payments Made Through 3/31/05		-9,241																						-9,241
Total — Property Mortgages		224,765		444,897		41,952		191,231		103,202		33,723		205,680		67,142		83,819		22,966		212,942		1,632,319

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2005 (con’t)
(000’s)


	2005 Payments		2006 Payments		2007 Payments			2008 Payments			2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		Thereafter		Total
CONSTRUCTION LOANS
$20 Million Construction Loan						15,573																				15,573
(National City Bank)
$48 Million Construction Loan						38,250																				38,250
(Wachovia Bank)
Hamilton, NJ		56,971																								56,971

Total — Construction Loans		56,971		0		53,823			0			0		0		0		0		0		0		0		110,794

DEBT OFFERINGS
Senior Notes		1,000				109,540			99,927			274,123		299,641		249,081								100,000		1,133,312
Unsecured Notes						85,000																				85,000

Total — Debt Offerings		1,000		0		194,540			99,927			274,123		299,641		249,081		0		0		0		100,000		1,218,312
Total — Property Mortgages,		282,737		444,897		290,315			291,158			377,325		333,364		454,761		67,142		83,819		22,966		312,942		2,961,425
Construction Loans & Debt Offerings

REVOLVING CREDIT FACILITIES & TERM LOANS
$1 Billion Unsecured Credit									440,000	(1)																440,000
(JPMorgan Chase)
$200 Million Unsecured Credit						200,000	(1)																			200,000
(JPMorgan Chase)
$60 Million Unsecured Credit									0	(1)																0
(National City Bank)

Total — Debt	$	282,737	$	444,897	$	490,315		$	731,158		$	377,325	$	333,364	$	454,761	$	67,142	$	83,819	$	22,966	$	312,942	$	3,601,425

Notes:

(1) Balance at March 31, 2005 on revolving credit facilities. The $1 billion JPMorgan Chase facility has one one-year extension option to 2009. The $200 million JPMorgan Chase facility has one one-year extension option to 2008.
The $60 million National City Bank facility has one one-year extension option to 2009.

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2005


				RVIP III B									RVIP VIII Tech						Community Centers			Community Centers			Community Centers
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Ridge LLC			DPG			(5)			Five			Seven
Real Estate Assets	$	48.6		$	84.2		$	32.2		$	173.2		$	32.2		$	128.7		$	0.0		$	249.8		$	15.6
Accumulated Depreciation		(2.1	)		(7.8	)		(4.0	)		(16.7	)		(1.1	)		(1.3	)		0.0			(34.8	)		(1.3	)

Real Estate, net		46.5			76.4			28.2			156.5			31.1			127.4			0.0			215.0			14.3

Receivables, Net		1.5			(0.1	)		0.9			3.7			0.3			0.8			0.2			6.4			0.2
Other assets		0.1			0.8			1.1			7.4			1.3			3.1			1.2			6.9			0.4

	$	48.1		$	77.1		$	30.2		$	167.6		$	32.7		$	131.3		$	1.3		$	228.3		$	14.9

Mortgage Debt	$	28.0		$	55.4		$	18.3		$	107.0		$	23.3		$	11.7		$	0.0		$	156.0		$	11.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.5			2.7			0.8			16.8			0.6			2.2			3.3			3.5			0.2

		28.5			58.1			19.1			123.8			23.9			13.9			3.3			159.5			11.2
Accumulated equity (deficit)		19.6			19.0			11.1			43.9			8.8			117.4			(2.0	)		68.8			3.7

	$	48.1		$	77.1		$	30.2		$	167.6		$	32.7		$	131.3		$	1.3		$	228.3		$	14.9

Proportionate share of other assets/liabilities, net	$	0.3			($0.5	)	$	0.3			($1.2	)	$	0.3		$	0.2			($1.0	)	$	4.9		$	0.2

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

Combining Statements of Operations
for the period ended March 31, 2005


				RVIP III B									RVIP VIII Tech						Community Centers			Community Centers			Community Centers
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Ridge LLC			DPG			(5)			Five			Seven
Revenues from operations	$	1.4		$	3.1		$	1.2		$	4.5		$	1.3		$	3.3		$	0.0		$	8.6		$	0.5
Rental operation expenses		(0.6	)		(1.0	)		(0.6	)		(1.8	)		(0.4	)		(0.8	)		0.0			(2.5	)		(0.1	)

Net operating income		0.8			2.1			0.6			2.7			0.9			2.5			0.0			6.1			0.4
Depreciation and amortization expense		(0.3	)		(0.6	)		(0.2	)		(1.0	)		(0.2	)		(0.7	)		0.0			(1.5	)		(0.1	)
Interest expense		(0.3	)		(0.6	)		(0.4	)		(1.4	)		(0.3	)		(0.2	)		0.0			(2.7	)		(0.2	)

Income (loss) before gain on sale		0.2			0.9			0.0			0.3			0.4			1.6			0.0			1.9			0.1
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.3			0.0			0.0
Discontinued operations		0.0			0.0			0.0			(0.0	)		0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

Net income (loss)	$	0.2		$	0.9		$	0.0		$	0.3		$	0.4		$	1.6		$	0.3		$	1.9		$	0.1
DDR Ownership interest		***			***			***			***			***			10	%		***			50	%		50	%

	$	0.1		$	0.3			($0.0	)	$	0.1		$	0.2		$	0.2		$	0.3		$	1.0		$	0.1
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.1		$	0.4		$	0.0		$	0.1		$	0.2		$	0.2		$	0.2		$	1.0		$	0.1

Proportionate share of net operating income	$	0.2		$	0.5		$	0.1		$	0.6		$	0.2		$	0.3		$	0.0		$	3.0		$	0.2

Proportionate share of interest expense	$	0.1		$	0.2		$	0.1		$	0.3		$	0.1		$	0.0		$	0.0		$	1.3		$	0.1

Funds From Operations (“FFO”):
Net income (loss)	$	0.2		$	0.9			($0.0	)	$	0.3		$	0.4		$	1.6		$	0.3		$	1.9		$	0.1
Depreciation of real property		0.3			0.6			0.2			1.0			0.2			0.7			0.0			1.5			0.1
(Gain) loss on sale		0.0			0.0			0.0			(0.0	)		0.0			0.0			(0.3	)		0.0			0.0

	$	0.5		$	1.5		$	0.2		$	1.3		$	0.6		$	2.3		$	0.0		$	3.4		$	0.2
DDR ownership interest		***			***			***			***			***			10	%		***			50	%		50	%

DDR FFO	$	0.1		$	0.5		$	0.0		$	0.3		$	0.2		$	0.2		$	0.1		$	1.7		$	0.1

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2005


	Community						Lennox Town			Sun Center			Dublin Village			Dublin Village
	Centers Eight			Kildeer, IL			Center (2)			Limited (2)			(2)			(2) (3)			DOTRS			Littleton, CO (3)			Salisbury, MD
Real Estate Assets	$	26.7		$	31.0		$	21.0		$	25.6		$	29.3		$	0.1		$	25.1		$	3.1		$	2.1
Accumulated Depreciation		(2.5	)		(1.8	)		(3.6	)		(5.9	)		(13.2	)		0.0			(4.1	)		0.0			(0.2	)

Real Estate, net		24.2			29.2			17.4			19.7			16.1			0.1			21.0			3.1			1.9

Receivables, Net		0.9			0.3			1.3			0.7			0.3			0.0			0.7			0.0			0.0
Other assets		0.8			0.6			0.5			1.0			1.4			0.0			0.5			0.0			0.1

	$	25.9		$	30.1		$	19.2		$	21.4		$	17.8		$	0.1		$	22.2		$	3.1		$	2.0

Mortgage Debt	$	17.5		$	19.5		$	18.5		$	21.0		$	0.0		$	0.0		$	10.6		$	0.0		$	1.8
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.6			0.7			0.5			0.5			0.4			0.0			0.3			0.0			0.0

		18.1			20.2			19.0			21.6			0.4			0.0			10.9			0.0			1.8
Accumulated equity (deficit)		7.8			9.9			0.2			(0.2	)		17.4			0.1			11.3			3.1			0.2

	$	25.9		$	30.1		$	19.2		$	21.4		$	17.8		$	0.1		$	22.2		$	3.1		$	2.0

Proportionate share of other assets/liabilities, net	$	0.6		$	0.0		$	0.6		$	0.9		$	1.0			($0.0	)	$	0.5			($0.0	)	$	0.1

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

Combining Statements of Operations
for the period ended March 31, 2005


	Community						Lennox Town			Sun Center			Dublin Village			Dublin Village
	Centers Eight			Kildeer, IL			Center (2)			Limited (2)			(2)			(2) (3)			DOTRS			Littleton, CO (3)			Salisbury, MD
Revenues from operations	$	1.1		$	1.0		$	1.1		$	1.0		$	0.5		$	0.0		$	1.0		$	0.0		$	0.1
Rental operation expenses		(0.4	)		(0.2	)		(0.3	)		(0.3	)		(0.2	)		(0.0	)		(0.3	)		(0.0	)		(0.0	)

Net operating income		0.7			0.8			0.8			0.7			0.3			0.0			0.7			0.0			0.1
Depreciation and amortization expense		(0.1	)		(0.2	)		(0.1	)		(0.2	)		(0.2	)		0.0			(0.1	)		0.0			(0.1	)
Interest expense		(0.4	)		(0.3	)		(0.4	)		(0.4	)		0.0			0.0			(0.1	)		0.0			(0.0	)

Income (loss) before gain on sale		0.2			0.3			0.3			0.1			0.1			0.0			0.5			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

Net income (loss)	$	0.2		$	0.3		$	0.3		$	0.1		$	0.1		$	0.0		$	0.5		$	0.0		$	0.0
DDR Ownership interest		50	%		10	%		***			***			***			***			50	%		50	%		50	%

	$	0.1		$	0.0		$	0.2		$	0.1		$	0.1			($0.0	)	$	0.2			($0.0	)	$	0.0
Amortization of basis differential		0.0			0.0			0.0			0.0			(0.1	)		0.0			0.0			0.0			0.0

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

Proportionate share of net operating income	$	0.4		$	0.1		$	0.4		$	0.6		$	0.2			($0.0	)	$	0.3			($0.0	)	$	0.0

Proportionate share of interest expense	$	0.2		$	0.0		$	0.2		$	0.3		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0

Funds From Operations (“FFO”):
Net income (loss)	$	0.2		$	0.3		$	0.3		$	0.1		$	0.1		$	0.0		$	0.5		$	0.0		$	0.0
Depreciation of real property		0.1			0.2			0.1			0.2			0.2			0.0			0.1			0.0			0.1
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.4		$	0.5		$	0.4		$	0.3		$	0.3		$	0.0		$	0.6		$	0.0		$	0.1
DDR ownership interest		50	%		10	%		***			***			***			***			50	%		50	%		50	%

DDR FFO	$	0.2		$	0.1		$	0.2		$	0.3		$	0.2			($0.0	)	$	0.3			($0.0	)	$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2005


	Coon Rapids, MN								Service			Jefferson County,					Sansone Group /
	(5)		Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			Apex IV (3)		DDRC LLC			DDR Markaz			DDR Markaz II
Real Estate Assets	$	0.0	$	27.5		$	112.4		$	132.8		$	5.9		$	7.7	$	0.4		$	167.2		$	201.9
Accumulated Depreciation		0.0		(4.7	)		(7.2	)		(5.8	)		(0.3	)		0.0		(0.2	)		(7.5	)		(2.2	)

Real Estate, net		0.0		22.8			105.2			127.0			5.6			7.7		0.2			159.7			199.7

Receivables, Net		0.0		1.2			2.1			11.9			0.1			0.0		1.6			1.6			2.0
Other assets		1.0		0.7			4.0			39.2			0.1			0.0		2.1			6.6			7.3

	$	1.0	$	24.7		$	111.3		$	178.1		$	5.8		$	7.7	$	3.9		$	167.9		$	209.0

Mortgage Debt	$	0.0	$	17.3		$	85.0		$	61.3		$	2.8		$	0.0	$	0.0		$	110.0		$	150.5
Amounts payable to DDRC		0.0		0.0			0.1			15.5			3.1			7.5		0.0			0.8			0.7
Other liabilities		0.8		0.4			0.4			61.3			0.1			0.0		0.9			2.2			(0.8	)

		0.8		17.7			85.5			138.1			6.0			7.5		0.9			113.0			150.4
Accumulated equity (deficit)		0.2		7.0			25.8			40.0			(0.2	)		0.2		3.0			54.9			58.6

	$	1.0	$	24.7		$	111.3		$	178.1		$	5.8		$	7.7	$	3.9		$	167.9		$	209.0

Proportionate share of other assets/liabilities, net	$	0.1	$	1.0		$	1.4		$	8.9		$	0.1		$	0.0	$	1.4		$	1.2		$	2.0

Disproportionate amount payable to DDR	$	0.0	$	0.0		$	0.0		$	0.0		$	1.5		$	6.0	$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the period ended March 31, 2005


	Coon Rapids, MN								Service			Jefferson County,						Sansone Group /
	(5)		Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			Apex IV (3)			DDRC LLC			DDR Markaz			DDR Markaz II
Revenues from operations	$	0.0	$	1.3		$	4.1		$	6.2		$	0.2		$	0.0		$	3.3		$	5.3		$	5.2
Rental operation expenses		0.0		(0.3	)		(1.5	)		(3.1	)		(0.1	)		0.0			(2.7	)		(1.7	)		(1.8	)

Net operating income		0.0		1.0			2.6			3.1			0.1			0.0			0.6			3.6			3.4
Depreciation and amortization expense		0.0		(0.2	)		(0.9	)		(1.8	)		(0.0	)		0.0			0.0			(1.0	)		(1.3	)
Interest expense		0.0		(0.4	)		(1.3	)		(2.2	)		(0.1	)		0.0			0.0			(1.2	)		(2.0	)

Income (loss) before gain on sale		0.0		0.4			0.4			(0.9	)		0.0			0.0			0.6			1.4			0.1
Gain (loss) on sale of real estate		0.0		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0		0.0			0.0			0.4			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0		0.0			0.0			1.0			0.0			0.0			0.0			0.0			0.0

Net income (loss)	$	0.0	$	0.4		$	0.4		$	0.4		$	0.0		$	0.0		$	0.6		$	1.4		$	0.1
DDR Ownership interest		***		67	%		25	%		25	%		50	%		20	%		50	%		20	%		***

	$	0.0	$	0.3		$	0.1		$	0.1			($0.0	)	$	0.0		$	0.3		$	0.3		$	0.0
Amortization of basis differential		0.0		0.0			(0.1	)		0.0			0.0			0.0			(0.1	)		0.0			0.1

	$	0.0	$	0.3		$	0.0		$	0.1		$	0.0		$	0.0		$	0.2		$	0.2		$	0.1

Proportionate share of net operating income	$	0.0	$	0.6		$	0.6		$	0.8		$	0.1		$	0.0		$	0.3		$	0.7		$	0.7

Proportionate share of interest expense	$	0.0	$	0.2		$	0.3		$	0.5		$	0.0		$	0.0		$	0.0		$	0.2		$	0.4

Funds From Operations (“FFO”):
Net income (loss)	$	0.0	$	0.4		$	0.4		$	0.4		$	0.0		$	0.0		$	0.6		$	1.4		$	0.1
Depreciation of real property		0.0		0.2			0.9			1.9			0.0			0.0			0.0			1.0			1.3
(Gain) loss on sale		0.0		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.0	$	0.6		$	1.3		$	2.3		$	0.0		$	0.0		$	0.6		$	2.4		$	1.4
DDR ownership interest		***		67	%		25	%		25	%		50	%		20	%		50	%		20	%		***

DDR FFO	$	0.0	$	0.4		$	0.3		$	0.6		$	0.0		$	0.0		$	0.3		$	0.5		$	0.4

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2005


	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie
	Ward Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park			Merriam, KS			Fund LLC			Management LLC		Total
Real Estate Assets	$	51.8		$	38.3		$	48.8		$	13.4		$	91.5		$	6.8		$	1,637.4		$	0.0	$	3,472.3
Accumulated Depreciation		(1.6	)		(0.8	)		(1.2	)		0.0			(0.6	)		0.0			(28.5	)		0.0		(160.7	)

Real Estate, net		50.2			37.5			47.6			13.4			90.9			6.8			1,608.9			0.0		3,311.6

Receivables, Net		0.9			0.2			0.7			0.0			0.1			0.0			24.7			0.0		65.0
Other assets		0.7			0.5			1.5			0.0			1.1			2.3			43.3			5.4		142.9

	$	51.8		$	38.2		$	49.8		$	13.4		$	92.1		$	9.1		$	1,676.9		$	5.4	$	3,519.5

Mortgage Debt	$	31.5		$	26.0		$	39.0		$	5.8		$	61.0		$	0.0		$	970.4		$	0.0	$	2,060.1
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.1			0.1			1.0		28.9
Other liabilities		1.0			0.5			1.5			0.0			2.6			9.0			11.7			0.3		125.7

		32.5			26.5			40.5			5.8			63.6			9.1			982.2			1.3		2,214.7
Accumulated equity (deficit)		19.3			11.7			9.2			7.6			28.5			0.0			694.7			4.1		1,304.9

	$	51.8		$	38.2		$	49.8		$	13.4		$	92.1		$	9.1		$	1,676.9		$	5.4	$	3,519.5

Proportionate share of other assets/liabilities, net	$	0.1		$	0.0		$	0.1			($0.0	)		($0.3	)		($1.4	)	$	8.2		$	2.5	$	32.4

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0	$	7.6

Combining Statements of Operations
for the period ended March 31, 2005


	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie
	Ward Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park			Merriam, KS			Fund LLC			Management LLC			Total
Revenues from operations	$	1.5		$	1.0		$	2.0		$	0.0		$	3.0		$	0.0		$	41.1		$	0.6		$	104.5
Rental operation expenses		(0.7	)		(0.4	)		(0.9	)		0.0			(1.2	)		0.0			(12.6	)		(0.1	)		(36.8	)

Net operating income		0.8			0.6			1.1			0.0			1.8			0.0			28.5			0.5			67.7
Depreciation and amortization expense		(0.2	)		(0.2	)		(0.4	)		0.0			(0.4	)		0.0			(7.6	)		(0.1	)		(19.7	)
Interest expense		(0.4	)		(0.3	)		(0.5	)		0.0			(0.7	)		0.0			(9.5	)		0.0			(26.0	)

Income (loss) before gain on sale		0.2			0.1			0.2			0.0			0.7			0.0			11.4			0.4			22.1
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.3
Discontinued operations		0.0			0.0			0.0			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			0.0			0.0			0.0			1.0

Net income (loss)	$	0.2		$	0.1		$	0.2		$	0.0		$	0.7		$	0.0		$	11.4		$	0.4		$	23.7
DDR Ownership interest		20	%		20	%		20	%		10	%		20	%		20	%		***			50	%

	$	0.0		$	0.0		$	0.0		$	0.0		$	0.1		$	0.0		$	2.2		$	0.2		$	6.5
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.2			0.0			0.0

	$	0.0		$	0.0		$	0.0		$	0.0		$	0.1		$	0.0		$	2.5		$	0.2		$	6.5

Proportionate share of net operating income	$	0.2		$	0.1		$	0.2		$	0.0		$	0.4		$	0.0		$	4.1		$	0.3		$	16.2

Proportionate share of interest expense	$	0.1		$	0.1		$	0.1		$	0.0		$	0.1		$	0.0		$	1.4		$	0.0		$	6.5

Funds From Operations (“FFO”):
Net income (loss)	$	0.2		$	0.1		$	0.2		$	0.0		$	0.7		$	0.0		$	11.4		$	0.4		$	23.7
Depreciation of real property		0.2			0.2			0.4			0.0			0.4			0.0			7.6			0.1			19.9
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			(0.3	)

	$	0.4		$	0.3		$	0.6		$	0.0		$	1.1		$	0.0		$	19.0		$	0.5		$	43.2
DDR ownership interest		20	%		20	%		20	%		10	%		20	%		20	%		***			50	%

DDR FFO	$	0.1		$	0.1		$	0.1		$	0.0		$	0.2		$	0.0		$	3.4		$	0.3		$	11.3

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

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

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

(3) Represents undeveloped land.

(4) The Company owns an approximate 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. Tax expense, if applicable, is reflected in DDR Consolidated Statement of Operations. The joint venture’s total related party interest expense for the three months ended March 31, 2005 totaled $0.3 million, of which $0.1 million, or approximately 25%, is reflected in revenues from operations in the Company’s Consolidated Statement of Operations.

(5) Real estate assets sold to the MDT joint venture in 2003 and 2004.

*** See Section 4.2, Joint Venture Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program LP III
Date Formed:		January 1998
Property Name/Location:		City Place - Long Beach, CA

Major Tenants:		Wal-Mart
		Ross Dress for Less
		Nordstrom Rack
		Anna’s Linens
		Hometown Buffet
		Payless Shoe Source

Partnership Structure
Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% return on equity

Promote (current):		33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return on equity

Fees to DDR
Management Fee:		3.5% of gross rents
Construction Management Fee:		5% of cost of construction (including architectural & engineering and other soft costs)
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:		N/A

Capital Structure (in millions)


DDR	$	4.8
PREI		14.5
Coventry		0.2

Total Capital	$	19.6

Debt	$	28.0

Total Debt & Equity	$	47.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:	RVIP IIIB
Date Formed:	September 2000
Property Name/Location:	Deer Park, IL

Major Tenants:	Eddie Bauer	Pottery Barn
	Talbots	Coldwater Creek
	Restoration Harware	J. Crew
	Abercrombie & Fitch	Pier One Imports
	GAP	Banana Republic
	Barnes & Noble	Chico’s
	Century Theater

Partnership Structure
RVIP IIIB


Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% preferred return on equity

Promote (current):		33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity

Fees to DDR
Management Fee:		3.5% of gross rents
Development Fee:		1% of hard costs for all improvements
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:		N/A

Capital Structure (in millions)


DDRC	$	4.4
Prudential		13.0
Coventry		1.6

Total Capital	$	19.0

Debt	$	55.4

Total Debt & Equity	$	74.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program LP VI
Date Formed:		October 1999
Property Name/Location:		The joint venture consists of the following four properties:


		Ten Quivira Plaza - Shawnee, KS Cherokee North - Overland Park, KS		Devonshire Village - Olathe, KS Brywood Center - Kansas City, MO


Major Tenants:	Price Chopper	La Petite Academy
	Big Lots	Osco Drug
	Dollar General	Deal$
	Sherwin Williams	Westlake Hardware
	Eckerd Drug
	Hollywood Video


Partnership Structure
Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)
		Up to a leveraged 10% preferred return on equity

Promote (current):		33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity

Fees to DDR
Management Fee:		3.5% of gross operating revenues
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)

Capital Structure (in millions)


DDR	$	2.8
PREI		8.3
Coventry		0.1

Total Capital	$	11.1

Debt	$	18.3

Total Debt & Equity	$	29.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program VII LLC
Date Formed:		November 2000
Property Name/Location:		The joint venture consists of the following six properties:


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

Major Tenants:	Office Depot	Michael’s
	Century Theater	Staples
	Ross Stores	Albertson’s
	Circuit City	Bed, Bath & Beyond
	Wal-Mart	K-Mart
	T.J. Maxx	Kroger
	Cinemark	Marshalls


Partnership Structure
Equity Contribution:		1% - Coventry Real Estate Partners
		20% - DDR
		79% - Prudential Real Estate Investors (PREI)
Cash Flow Distribution:		1% - Coventry Real Estate Partners
		20% - DDR
		79% - Prudential Real Estate Investors
		Up to a leveraged 11% return on equity (10% year one, 10.5% year two, 11% thereafter)

Promote (current):		(i) Pro rata in proportion to the member’s invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate Partners (75% owned by DDR) until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry.

Fees to DDR
Management Fee:		3.2% of gross rents
Construction Management Fee:		5% of hard and soft costs
Asset Management Fee: Leasing Fees (without co-broker):		.63% (DDR’s pro-rata share of Coventry’s .8% fee) 5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet)
		4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet)
		3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases)
		Renewals earn 50% of fees on new leases

Capital Structure (in millions)


DDR	$	8.0
PREI		31.8
Coventry		4.1

Total Capital	$	43.9

Debt	$	107.0

Total Debt & Equity	$	150.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


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


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

Partnership Structure
RVIP VIII


Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% preferred return on equity

Promote (current):		33% Coventry Real Estate Partners (75% owned by DDR)
		once limited partners have received a 10% preferred return and return of equity

Fees to DDR
Management Fee:		3.5% of gross rents
Development Fee:		1% of hard costs for all improvements
Asset Management Fee:		N/A
Leasing Fees: *		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 9,999 square feet)
		4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 - 19,999 square feet)
		$2 per square foot (spaces 20,000 square feet and greater)
		3% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.5% on renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 - 9,999 square feet)
		2% on renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 19,999 square feet)
		$2 per square foot on renewals (spaces 20,000 square feet and greater)
		4% on new leases years 1-5; 2% years 6-10 (outparcels/ground leases)
		2% on renewals on years 1-5; 1% years 6-10 (outparcels/ground leases)
		6% of Gross Sales Price up to $500,000 (Outparcel Sales)
		5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales)
		4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Development Fee: *		5% of all development and tenant improvement work performed
Tenant Coordination Fee: *		$5,000 for each in-line space less than 10,000 square feet

Capital Structure (in millions)


DDRC	$	2.2
Prudential		6.9
Coventry		(0.3	)

Total Capital	$	8.8

Debt	$	23.3

Total Debt & Equity	$	32.1

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


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

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

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


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

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

Capital Structure (in millions)


JDN	$	11.7
PICA		105.7

Total Capital	$	117.4

Debt	$	11.7

Total Debt & Equity	$	129.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

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	Old Navy
	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

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	$	34.4
DRA Advisors		34.4

Total Capital	$	68.8


Debt	$	156.0


Total Debt & Equity	$	224.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		DDRA Community Centers Seven, L.P.
Date Formed:		October, 1999
Property Name/Location:		Ahwatukee Foothills Towne Center (Phase IV) - Phoenix, AZ
Major Tenants:		Best Buy
		JoAnn, Etc.

Partnership Structure
Equity Contribution:		50% - DDR
		50% - DRA Advisors

Cash Flow Distribution:		50% - DDR
		50% - DRA Advisors

Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)


DDR	$	1.9
DRA Advisors		1.9


Total Capital	$	3.7


Debt	$	11.0


Total Debt & Equity	$	14.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

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	$	3.9
DRA Advisors		3.9

Total Capital	$	7.8


Debt	$	17.5


Total Debt & Equity	$	25.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		DDRA Kildeer LLC
Date Formed:		March 28, 2002
Property Name/Location:		The Shops at Kildeer - Kildeer, IL
Major Tenants:		Bed, Bath & Beyond
		Circuit City
		Cost Plus
		Old Navy

Partnership Structure
Equity Contribution:		10% - DDR
		90% - DRA Advisors

Cash Flow Distribution:		10% - DDR
		90% - DRA Advisors

Promote:		After the partners have received distributions equal to their capital contributed, plus a preferred return of 15%, then the Company will receive 35% up to a preferred return of 20%, then 50% of remaining cash after a 20% preferred return has been achieved.

Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)


DDR	$	1.0
DRA Advisors		8.9

Total Capital	$	9.9


Debt	$	19.5


Total Debt & Equity	$	29.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

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
		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	$	(0.2	)
Casto Properties		(0.0	)

Total Capital (1)	$	(0.2	)


Debt	$	21.0


Total Debt & Equity	$	20.8

(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 three month period ended March 31, 2005

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	$	5.6
The State Teachers Retirement Board		5.6

Total Capital	$	11.3


Debt	$	10.6


Total Debt & Equity	$	21.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

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	$	4.7
Churchill Family Trust		2.3

Total Capital	$	7.0


Debt	$	17.3


Total Debt & Equity	$	24.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Paseo Colorado Holdings LLC
Date Formed:		January 14, 2003
Property Name/Location:		Paseo Colorado - Pasadena, CA

Major Tenants:		DSW Shoe Warehouse
		Equinox Health & Fitness
		Gelson’s Market
		Loehmann’s
		Macy’s
		Pacific Theaters

Partnership Structure
Equity Contribution:		25% - DDR
		75% - Lehman Brothers

Cash Flow Distribution:		25% - DDR
		75% - Lehman Brothers

Promote:		After DDR and Lehman Brothers receive a return of equity and both partners have been allocated an amount equal to a 19% annual return, DDR will receive 50% of available proceeds.

Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		3.5% of total costs for all improvements (excluding land)
Leasing Fees:		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		3.0% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% on renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% on renewals on years 1-5; 1.0% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet) on new leases and renewals
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price over $500,000 but less than $1,000,000
		4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	6.4
Lehman Brothers		19.4

Total Capital	$	25.8


Debt	$	85.0


Total Debt & Equity	$	110.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		KLA/SM L.L.C.
Date Formed:		March 2002
Property Name/Location:		The Joint Venture consists of 59 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc.. The Joint Venture also owns designation rights to 1 asset for which it has not obtained final title through the bankruptcy court. This asset is in the process of being designated to the Joint Venture. In total, these properties are located in 26 states across the United States.

Partnership Structure
Equity Contribution:		24.63% - DDR
		12.32% - Klaff Realty, L.P.
		61.58% - Lubert-Adler Funds
		1.47% - Random Properties Acquisition Corp I

Cash Flow Distribution:		24.63% - DDR
		12.32% - Klaff Realty, L.P.
		61.58% - Lubert-Adler Funds
		1.47% - Random Properties Acquisition Corp I
		Once all partners receive a return of all equity, plus a 12% preferred return thereon, plus $43 million, Service Merchandise will be entitled to share 20% of the excess. The remaining proceeds will be distributed in accordance with the percentages noted.

Promote:		Once all partners have received a return of all equity, plus a 10% preferred return thereon, DDR will receive 35% of available proceeds.

Fees to DDR
Management Fees:		3.0% of gross revenues
Development Fees:		4.5% of hard costs for all improvements for all retail tenant leases
		1.5% of hard costs for all non-retail or furniture leases
Leasing Fees:		$0.94 per square foot for all retail tenant leases
		$0.31 per square foot for all non-retail or furniture leases
Disposition Fees:		.75% of gross sales price for all sales to retail purchasers
		.25% of gross sales price for all sales to non-retail or furniture purchasers

Capital Structure (in millions)


DDR	$	25.1
Klaff		12.6
Lubert-Adler		62.8
Random Properties Acquisition Corp. I		1.5

Total Capital	$	102.0	(1)

Payable to DDR	$	0.2

Existing Debt	$	61.3

Debt to be Assumed	$	1.8	(2)

Total Debt & Equity	$	165.3

(1) Total capital includes member equity loans to the joint venture of $62.0 million as of March 31, 2005, of which DDR’s proportionate share is $15.3 million.

(2) Represents the maximum amount of debt that could be assumed by the Joint Venture concurrent with the designation of the final undesignated property in Orlando, FL.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Jefferson County Plaza LLC
Date Formed:		July 1999
Property Name/Location:		Arnold, MO
Major Tenants:		Target (not owned)
		Home Depot (not owned)
		Shoe Carnival
		Sally Beauty Supply
		Deal$

Partnership Structure
Equity Contribution:		50% - DDR
		50% - The Sansone Group (50% owned by DDR)

Cash Flow Distribution:		50% - DDR
		50% - The Sansone Group

Fees to DDR
Management Fee:		1.5% of gross rental income
Development Fee:		NA
Leasing Fees:		2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals

Capital Structure (in millions)


DDRC	$	(0.1	)
The Sansone Group		(0.1	)

Total Capital (1)	$	(0.2	)


Payable to DDR	$	3.1


Debt	$	2.8


Total Debt & Equity	$	5.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2004

Joint Venture Investment Summary


Joint Venture Name:		DDR/1st Carolina Apex Phase IV LLC
Date Formed:		November 2004
Property Name/Location:		Beaver Creek Crossings - Phase II, Apex, NC
Major Tenants:		Kohl’s and other retail tenants to be announced

Partnership Structure
Equity Contribution:		80% - 1st Carolina Holdings, LLC
		20% - DDR

Cash Flow Distribution:		80% - 1st Carolina Holdings, LLC
		20% - DDR

Fees to DDR
Management Fee:		4% of gross income
Development Fee:		1% of the project cost
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
		4% on new leases on years 1-5; 2% 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 1-5, 2% on years 6-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.5% for renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		2% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)
		2% on years 1-5, 1% on years 6-10 (ground lease renewals)
		5% of termination fees collected from tenants
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
		4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Tenant Coordination Fee:		5% of the project cost

Capital Structure (in millions)


1st Carolina	$	0.2
DDR		0.0

Total Capital	$	0.2

Payable to DDR	$	7.5

Debt	$	0.0

Total Debt & Equity	$	7.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three month period ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:	DDR Markaz LLC (Kuwaiti Financial Centre)
Date Formed:	May 2003
Property Name/Location:	The joint venture consists of the following seven properties:

	Hilltop Plaza - Richmond, CA	Highland Grove Shopping Center - Highland, IN
	Derby Square - Grove City, OH	Springfield Commons Shopping Center - Toledo, OH
	Oviedo Park - Oviedo, FL	Apple Blossom Corners - Winchester, VA
	North Pointe Plaza - Tampa, FL

Major Tenants:	Babies R Us (not owned)	Marshalls
	Barnes & Noble	Martin’s Food Store
	Bed Bath & Beyond	Michael’s
	Books-A-Million	OfficeMax
	Borders Books (not owned)	Old Navy
	Century Theatre	Petsmart
	Circuit City	Publix
	Gander Mountain	Ross Dress for Less
	Jewel (not owned)	Target (not owned)
	Kohl’s	T.J. Maxx
	Linens ’N Things	Wal-mart (not owned)
	Lowe’s (not owned)

Partnership Structure
Equity Contribution:	80% - Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as “Markaz”)
	20% - DDR

Cash Flow Distribution:	80% - Markaz
	20% - DDR

Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual internal rate of return, and (ii) 20% to DDR and 80% to DDR and Markaz in proportion to their equity interest.

Fees to DDR
Property Management Fee:	4.0% of revenues
Development Fee:	5.0% of total costs for all improvements
Asset Management Fee:	5.5% of net operating income
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	11.0
Markaz		43.9

Total Capital	$	54.9

Payable to DDR	$	0.8

Debt	$	110.0

Total Debt & Equity	$	165.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three month period ended March 31, 2005

Joint Venture Investment Summary


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

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

Major Tenants:	AJ Wright	Lowe’s (not owned)
	Blockbuster	Office Max
	Dollar Tree	Regal Cinemas
	Factory Card Outlet	Stein Mart
	Kroger	Tops Markets
	Linens ’N Things

Partnership Structure
Equity Contribution:	80% - Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as “Markaz”)
	20% - DDR

Cash Flow Distribution:	80% - Markaz
	20% - DDR

Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 11.5% annual internal rate of return, and (ii) 50% to DDR and 50% to DDR and Markaz in proportion to their equity interest.

Fees to DDR
Property Management Fee:	4.0% of revenues
Development Fee:	5.0% of total costs for all improvements
Asset Management Fee:	6.25% of net operating income
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	11.7
Markaz		46.9

Total Capital	$	58.6

Receivable from DDR	$	(2.6	)

Payable to DDR	$	0.7

Debt	$	150.5

Total Debt & Equity	$	207.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Ward Parkway LLC
Date Formed:		June 2003
Property Name/Location:		Kansas City, MO
Major Tenants:		Target (not owned)
		Dilliards
		Pier One
		TJ Maxx
		AMC Theater
		24 Hour Fitness
		Dick’s

Partnership Structure
Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund *
		20% - DDR

Fees to DDR
Management Fee:		4% of gross income
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		2% on renewals on years 1-10 (ground lease)
		6% of gross sales price £ $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
		4% of gross sales price > $1,000,000 (outparcel sales)
Construction Management Fee:		5% of all development and tenant improvement work performed
Tenant Coordination Fee:		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	15.4
DDR		3.9

Total Capital	$	19.3

Debt	$	31.5

Total Debt & Equity	$	50.8

* Coventry II Fund:

DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Totem Lakes LLC
Date Formed:		January 2004
Property Name/Location:		Totem Lakes Mall - Kirkland, WA
Major Tenants:		Guitar Center
		Trader Joe’s
		Big 5 Sporting Goods
		Totem Lake Theater
		Rite Aid
		Ross Dress For Less
		Famous Footwear
		CompUSA

Partnership Structure
Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund *
		20% - DDR

Fees to DDR
Management Fee:		4% of gross income
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		2% on renewals on years 1-10 (ground lease)
		6% of gross sales price £ $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
		4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee:		5% of all development and tenant improvement work performed
Tenant Coordination Fee:		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	9.4
DDR		2.3

Total Capital	$	11.7

Debt	$	26.0

Total Debt & Equity	$	37.7

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Phoenix Spectrum LLC
Date Formed:		March 2004
Property Name/Location:		Spectrum Mall - Phoenix, AZ
Major Tenants:		Wal-Mart
		Costco
		Ross Dress For Less
		PetsMart
		Walgreens
		Harkins Theater
		Famous Footwear

Partnership Structure
Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund *
		20% - DDR

Fees to DDR
Management Fee:		4% of gross income
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		2% on renewals on years 1-10 (ground lease)
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
		4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee:		5% of all development and tenant improvement work performed
Tenant Coordination Fee:		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	7.4
DDR		1.8

Total Capital	$	9.2


Debt	$	39.0


Total Debt & Equity	$	48.2

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


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

Partnership Structure
DDR DB 151 Ventures LP

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

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

Coventry II DDR Westover LLC

Equity Contribution:		80% - Coventry II Fund*
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund*
		20% - DDR

Fees to DDR
Management Fee:		4% of gross income
Development Fee:		1% of all project costs less land
Leasing Fees: **		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		2% on renewals on years 1-10 (ground lease)
		6% of Gross Sales Price up to $500,000 (Outparcel Sales)
		5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales)
		4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Construction Management Fee: **		5% of all development and tenant improvement work performed
Tenant Coordination Fee: **		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	6.1
DDR		1.5

Total Capital	$	7.6


Debt	$	5.8


Total Debt & Equity	$	13.4

*DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the three months ended March 31, 2005

Joint Venture Investment Summary


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

Partnership Structure
Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund *
		20% - DDR

Fees to DDR
Management Fee:		4% of gross income
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet) 4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		2% on renewals on years 1-10 (ground lease) 6% of gross sales price ≤ $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales) 4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee:		5% of all development and tenant improvement work performed
Tenant Coordination Fee:		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	22.8
DDR		5.7

Total Capital	$	28.5


Debt	$	61.0


Total Debt & Equity	$	89.5

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Merriam Village LLC
Date Formed:		March 2005
Property Name/Location:		Merriam Village, Merriam, Kansas
Major Tenants:		To be announced

Partnership Structure
Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund * 20% - DDR

Fees to DDR
Management Fee:		4% of gross income
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		2% on renewals on years 1-10 (ground lease)
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
		4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee: **		5% of all development and tenant improvement work performed
Tenant Coordination Fee: **		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	—
DDR		—

Total Capital	$	—

Payable to DDR	$	0.1

Debt	$	—

Total Debt & Equity	$	0.1

* Coventry II Fund:

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three month period ended March 31, 2005

Joint Venture Investment Summary


Joint Venture Name:	DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.)
Date Formed:	November 2003
Property Name/Location:	The joint venture consists of the following 45 properties:

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


Major Tenants:	AMC Theatres	DSW Shoe Warehouse/Filene’s Basement	PetsMart
	AC Moore	Famous Footwear	Plainville Theatre
	Barnes & Noble Superstores	General Cinema	Pier 1 Imports
	Bed Bath & Beyond	Home Depot/Expo Design Center	Publix Supermarkets
	Best Buy	Jo-Ann Stores	Regal Cinemas
	BJ’s Wholesale Club	Kohl’s	Ross Dress for Less
	Bobs	Linens ‘N Things	Safeway
	Borders Books	Lowe’s	Sports Authority
	Catherine’s/Fashion Bug/Lane Bryant	Marquee Cinema	Stein Mart
	Cinemark Theatres	Michael’s	TJ Maxx/Marshalls
	Circuit City	Office Depot	Toys “R” Us/Babies “R” Us/Kids “R” Us
	Comp USA	OfficeMax	United Artists Theatre
	Cub Foods/Shop ’N Save	Old Navy (Gap, Inc.)	Wal-Mart/Sam’s Club
	Dick’s Sporting Goods	Party City

Joint Venture Partnership Summaries 4.2


Promote:		Quarterly Base special income allocation to DDR and MBL. If certain criteria are met, there is a special income allocation to DDR and MBL for a Performance Fee.

Fees to DDR
Property Management Fee:		4.0% of gross revenues
Development Fee:		5.0% of total costs for all improvements
Leasing Fees (without co-broker):		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on years 6-10 (outparcels and ground leases)
		Renewals earn 50% of fees on new leases for spaces less than 20,000 square feet. For spaces of 20,000 square feet or more, renewals earn $2.00 per square foot for an amendment to a material term of a lease or $1.00 per square foot where there is no amendment to a material term of the lease.
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 $1,000,000 or over
Sponsor’s Fee:		DDR received $2.9 million which was paid upon completion of the Australian initial public offering.
Acquisition Fees:		Up to 1.0% of the purchase price for third party assets
Disposition Fee:		Market rate not to exceed 1% of the sale price of the property to a third party
Debt Placement Fee:		50bp of the borrowings raised
Due Diligence Fee:		12.5bp of MDT’s interest in the purchase price of the acquisition

Capital Structure (in millions)


DDR	$	103.1
MBL		18.7
MDT		577.0

Total Capital	$	698.8


Receivable from DDR	$	(6.5)


Payable to DDR	$	1.1


Debt	$	970.4


Total Debt & Equity	$	1,663.8

^*DDR received a promoted distribution which approximates $0.6 million for the three month period ended March 31, 2005.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Three Month Period Ended March 31, 2005


	Three Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2003			2002			2001
Acquisitions/Transfers	$	282.9		$	1,147.0	(3)	$	1,221.7	(5)	$	53.0		$	213.1
Completed Expansions		1.2			10.3			9.7			9.0			2.3
Developments & Construction in Progress		22.4			38.9			120.1			48.6			103.7
Tenant Improvements & Building Renovations (1)		0.8			0.6			0.6			1.6			4.9
Other Real Estate Investments		0.0			0.0			0.0			161.8	(7)		0.0
Minority Equity Investment in AIP		0.0			0.0			0.0			0.0			(135.0	) (9)

	$	307.3		$	1,196.8		$	1,352.1		$	274.0		$	189.0
Less: Real Estate Sales and Dispositions		($0.3	) (2)		($306.7	) (4)		($781.5	) (6)		($361.4	) (8)		($16.9	)

Joint Venture Totals (Millions)	$	307.0		$	890.1		$	570.6			($87.4	)	$	172.1

(1) The Company estimates recurring capital expenditures, including tenant improvements, of $2 million associated with its joint venture portfolio during 2005.

(2) The sale of a Service Merchandise asset.

(3) Balance includes $14.9 for the purchase of Poag & McEwen’s interest and David Berndt interests in RVIP IIIB and RVIP VIII, respectively, $5.2 million for the purchase of a fee interest in several assets in the Service Merchandise portfolio and the $3.0 million earnout for an outparcel in Kildeer, IL.

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

(5) Balance includes the $87.7 million of equity investments previously held by DD Development Company for shopping centers in Long Beach, CA, Shawnee, KS, Overland Pointe, KS, Olathe, KS and Kansas City, MO.

(6) In addition to the assets sales which had an aggregate cost of $167.5 million, this balance includes the disposition of shopping centers located in Dayton and Niles, OH, the sale of an outparcel, the transfer of the Leawood, KS and Suwanee, GA shopping centers to DDR and the rejection of two of the Service Merchandise leases, the aggregate cost of these transactions was $116.6 million. During the fourth quarter the shopping centers located in Coon Rapids, MN, Naples, FL, Atlanta, GA, Marietta, GA, Schaumburg, IL, Framingham, MA and Fairfax, VA, which had an aggregate cost of $379.2 million, were sold to the Macquarie DDR Trust joint venture, and $118.2 million of assets owned by DD Development Company were consolidated into DDR.

(7) Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement.

(8) 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.

(9) The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) during 2nd quarter 2001.

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Joint Venture Expansion and Redevelopment Projects
for the Three Month Period Ended March 31, 2005


	DDR’s			Joint
	Ownership			Venture
*Projects Substantially Complete*	Percentage			Partner	Description
Merriam, KS		14.50	%	MDT	Expansion of the 7,300 sf outparcel to include Quiznos, Nextel, Fast Frame, and other retail tenants.
Total Cost (Millions)	$	1.2

*Projects in Progress*	Percentage
Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing tenants to accommodate the relocation of Harkins Theatre and new anchor tenants, several junior anchors and other retail tenants to be announced.

Lancaster, CA		20.00	%	Prudential Real Estate Investors	Relocate existing Wal-Mart to the area previously occupied by House to Home and Costco, which were demolished so that 20 acres of the land could be sold to Wal-Mart for development of a Supercenter. Relocated existing 99 Cent store and will redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates.

Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center to accommodate PetsMart(scheduled to open 4th quarter 2005), Old Navy (scheduled to open 3rd quarter 2005) and several mid-size anchors and other retail tenants to be announced.

Total Cost (Millions)	$	47.7

*Projects to Commence*	Percentage
Deer Park, IL		24.75	%	Prudential Real Estate Investors	Approximately eight acres of land to be developed.

Kirkland, WA		20.00	%	Coventry II	Large-scale redevelopment to include the relocation of several existing tenants, plus an expansion of the existing center to create additional GLA for two anchors, junior anchors, small shops and restaurants to be announced.

Joint Venture Expansions and Redevelopment 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Joint Venture Development Projects
for the Three Month Period Ended March 31, 2005


								DDR’s
				DDR’s	Joint	Total		Proportionate		Substantial
	Total			Ownership	Venture	Cost		Cost		Completion
Projects in Progress	GLA			Percentage	Partner	(Millions)		(Millions)		Date	Major Tenants
Jefferson County (St. Louis), MO		330,051	(1)	50.0%	Sansone	$	9.7	$	4.8	2004	Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty
Apex, NC (Beaver Creek Crossings-Phase II)		285,467		20.0%	First Carolina Properties	$	31.4	$	6.3	2006	Kohl’s and other retail tenants to be announced.
San Antonio, TX		294,769		10.0%	David Berndt Interests & Coventry II	$	31.3	$	3.1	2005	Target, Lowe’s, Ross Dress for Less, Sportsman Warehouse, Office Depot, PetsMart and other retail tenants to be announced.
Projects to Commence Construction
Merriam Village, KS		307,598		20%	Coventry II	$	35.1	$	7.0	2006	To be announced.

Joint Venture Development Totals		1,217,885				$	107.4	$	21.3

Notes:

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

Joint Venture Developments 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Joint Venture Development
Assets Placed in Service as of March 31, 2005


	Assets Placed		DDR’s Current
	in Service		Proportionate Share
Date	(Millions)		(Millions)
As of December 31, 2004	$	4.5	$	2.3
1st Quarter 2005	$	0.0	$	0.0
2nd Quarter 2005	$	0.0	$	0.0
3rd Quarter 2005	$	0.0	$	0.0
4th Quarter 2005	$	18.0	$	2.2
During 2006 and Thereafter	$	84.9	$	16.8

Total	$	107.4	$	21.3

Joint Venture Development
Funding Schedule as of March 31, 2005


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of March 31, 2005	$	12.2	$	13.0	$	8.6	$	33.8
Projected Net Funding		3.2		1.6		35.4		40.2
During 2005 Projected Net Funding Thereafter		0.0		0.0		33.4		33.4

Total	$	15.4	$	14.6	$	77.4	$	107.4

Joint Venture Development Delivery and Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Joint Venture Debt
as of March 31, 2005

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III

Long Beach, CA

28,000

03/07

Libor + 150

RVIP III B

Deer Park, IL

55,368

07/06

Libor + 150

RVIP VI

18,300

(1)

RVIP VII

98,720

(2)

04/07

Libor + 140

6,200

(2)

06/05

Libor + 140

2,052

(2)

07/07

8.3750

RVIP VIII

23,259

01/06

Libor + 175

DDRA Community Centers Five

156,000

(3)

10/05

6.64

DDRA Community Centers Seven

Ahwatukee, AZ (Phase IV)

11,000

12/05

Libor + 100

DDRA Community Centers Eight

Deer Valley, AZ

17,516

09/10

8.01

DDRA Kildeer LLC

4,500

08/07

Libor + 180

Kildeer, IL

15,000

08/07

5.64

Lennox Town Center Limited

Columbus, OH

18,463

07/22

8.11

Sun Center Limited

6,239

05/11

5.42

Columbus, OH

14,793

04/11

8.48

DOTRS LLC

Macedonia, OH

10,637

09/06

Libor + 100

DDRC PDK Salisbury Phase III LLC

Salisbury, MD

1,834

04/06

7.61

KLA/SM LLC

32,041

07/05

Libor + 350

12,565

11/13

6.2555

16,683

10/13

6.365

Jefferson County Plaza, LLC

Arnold, MO

2,819

05/05

Libor + 175

Paradise Village Gateway

Phoenix, AZ

17,282

05/07

7.78

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Joint Venture Debt
as of March 31, 2005 (continued)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

Paseo Colorado Holdings

55,000

02/06

5.78

Pasadena, CA

30,000

02/06

5.32

DDR Markaz

110,000

(4)

06/08

4.129

DDR Markaz II

150,480

(5)

11/14

5.147

Coventry II DDR Ward Parkway

31,500

08/06

Libor + 240

Coventry II DDR Totem Lakes

26,000

07/07

Libor + 215

Coventry II DDR Phoenix Spectrum

39,000

07/06

Libor + 275

Coventry II DDR Westover Marketplace

5,773

07/07

Libor + 195

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

DPG Realty Holdings, LLC

Tonawanda, NY

6,337

05/17

7.630

Tonawanda, NY

5,357

06/21

7.660

DDR Maquarie

$100 Million Revolving Credit Facility

52,909

(6)

11/05

Libor + 137.5

JPMorgan Chase

9,100

(6)

11/05

4.913

Secured Financing

290,500

(7)

11/08

4.225

50,000

(7)

12/08

Libor + 130

165,250

(8)

06/09

4.180

20,000

(8)

06/07

4.800

29,750

(8)

06/07

Libor + 84

BJ’s Clarence

4,989

03/22

7.070

JoAnn Transit

3,520

08/13

6.250

New Hartford Consumer Square

37,669

11/18

5.750

Birmingham, AL (Riverchase)

7,975

01/13

5.500

Merriam Town Center

30,000

11/06

Libor + 25

DDR Macquarie Longhorn Holdings

85,000

(9)

01/12

4.910

DDR Macquarie Longhorn Holdings II

157,250

(10)

04/10

4.822

26,450

(10)

04/10

Libor + 85

2,060,080

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Notes:

(1) Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.16% and maturity dates ranging from October 2007 to November 2007.

(2) Encumbers five shopping center properties located in California and Washington.

(3) Encumbers six shopping center properties as follows:


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

(4) Encumbers seven shopping center properties as follows:

(5) Encumbers thirteen shopping center properties as follows:


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

(6) Encumbers three shopping center properties as follows:


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

(7) Encumbers seven shopping center properties as follows:

(8) Encumbers ten shopping center properties as follows:

(9) Encumbers four shopping center properties as follows:


		Pioneer Hills (Aurora, CO)		Harbison Court (Columbia, SC)
		MacArthur Marketplace (Irving, TX)		Lakepointe Crossing (Lewisville, TX)

(10) Encumbers eight shopping center properties as follows:


		Plainville Commons (Plainville, CT)		Cool Springs Pointe (Brentwood, TN)
		Riverdale Village (Coon Rapids, MN)		Shoppers World of Brookfield (Brookfield, WI)
		Brandon Village (Brandon, FL)		Brown Deer Center (Brown Deer, WI)
		Brandon Plaza (Brandon, FL)		Brown Deer Marketplace (Brown Deer, WI)

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Pro Rata Joint Venture Debt
as of March 31, 2005


	DDR’s			DDR’s
	Pro Rata			Pro Rata		Interest
Joint Venture	Interest			Debt (000’s)		Rate (1)
RVIP III Long Beach		25.50	%	$	7,140		4.370
RVIP III B		25.50	%		14,119		4.370
RVIP VI		25.50	%		4,666		8.098
RVIP VII		20.75	%		22,197		4.349
RVIP VIII		25.50	%		5,931		4.620
DDRA Comm Ctr Five		50.00	%		78,000		6.640
DDRA Comm Ctr Seven		50.00	%		5,500		3.870
DDRA Comm Ctr Eight		50.00	%		8,758		8.010
DDRA Kildeer, LLC		10.00	%		1,950		5.416
Lennox Town Center		50.00	%		9,231		8.110
Sun Center		79.45	%		16,710		7.573
DOTRS LLC		50.00	%		5,319		3.870
DDRC PDK Salisbury		50.00	%		917		7.610
KLA/SM LLC		24.63	%		15,096		6.345
Jefferson County Plaza		50.00	%		1,410		4.620
Paradise Village Gateway		67.00	%		11,579		7.780
Paseo Colorado Holdings		25.00	%		21,250		5.618
DDR Markaz		20.00	%		22,000		4.129
DDR Markaz II		20.00	%		30,096		5.147
Coventry II DDR Ward Parkway		20.00	%		6,300		5.270
Coventry II DDR Totem Lakes		20.00	%		5,200		5.020
Coventry II DDR Phoenix Spectrum		20.00	%		7,800		5.620
Coventry II DDR Westover Marketplace		10.00	%		577		4.820
Coventry II DDR Buena Park		20.00	%		12,200		4.020
DPG Realty Holdings, LLC		10.00	%		1,169		7.643
DDR Maquarie		14.49	%		140,606		4.417


Total				$	455,720


	Fixed
	Rate			$	319,210
	Variable
	Rate				136,510

				$	455,720


Weighted Average — Total				4.01 years			4.9	%

Weighted Average — Fixed				4.92 years			5.2	%

Weighted Average — Floating				2.06 years			4.5	%

Notes:
(1) Interest rate on floating rate debt determined by using the LIBOR rate in effect on March 31, 2005. One-month LIBOR was 2.87% on March 31, 2005.

Summary of Pro Rata Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2005

Summary of Joint Venture Mortgage Principal Payments
as of March 31, 2005


	2005		2006		2007		2008		2009		2010		2011		2012		2013		2014
JOINT VENTURE	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
RVIP III (Long Beach, CA)						28,000																		28,000
RVIP III B (Deer Park)				55,368																				55,368
RVIP VI		293		317		17,761																		18,371
RVIP VII		6,297		106		100,593																		106,996
RVIP VIII				23,259																				23,259
DDRA Community Centers Five		156,000																						156,000
DDRA Community Centers Seven		11,000																						11,000
DDRA Community Centers Eight		184		200		217		231		255		16,479												17,565
DDRA Kildeer, LLC (Kildeer, IL)						19,500																		19,500
Lennox Town Center Limited		498		540		585		635		688		746		809		877		950		1,031		11,226		18,583
Sun Center Limited
Principal Mutual Life Ins Co		442		480		523		569		619		674		11,594										14,900
W. Lyman Case & Co		84		88		93		98		104		110		5,684										6,260
DOTRS LLC
National City Bank		453		10,295																				10,748
DDRC PDK Salisbury Phase III				1,834																				1,834
KLA/SM LLC		32,041																29,248						61,289
Jefferson County Plaza LLC		2,819																						2,819
Paradise Village Gateway		298		323		16,733																		17,354
Paseo Colorado Holdings				85,000																				85,000
DDR Markaz								110,000																110,000
DDR Markaz II																				150,480				150,480
Coventry II DDR Ward Parkway				31,500																				31,500
Coventry II DDR Totem Lakes						26,000																		26,000
Coventry II DDR Phoenix Spectrum				39,000																				39,000
Coventry II DDR Westover Marketplace						5,773																		5,773
Coventry II DDR Buena Park												61,000												61,000
Tonawanda, NY (Hollywood/Tops)		170		183		198		213		230		249		268		290		312		337		2,949		5,399
Tonawanda, NY (Tops/Gander Mtn.)		324		350		377		407		439		474		511		552		595		642		1,770		6,442
DDR Macquarie
Bank One $100M Revolver		62,009																						62,009
Secured Financing						49,750		340,500		165,250														555,500
BJ’s Clarence		155		166		178		191		205		220		236		253		272		292		2,859		5,027
JoAnn Transit		323		344		366		390		415		441		470		500		351						3,599
New Hartford Consumer Square		1,842		1,951		2,066		2,188		2,317		2,454		2,599		2,752		2,915		3,087		13,949		38,120
Birmingham, AL (Riverchase)		116		122		129		136		145		153		162		170		6,864						7,996
Merriam Town Center				30,000																				30,000
DDR Macquarie Longhorn Hldgs																85,000								85,000
DDR Macquarie Longhorn Hldgs II												183,700												183,700
Payments through 3/31/05		-1,311																						-1,311

Total — Debt		274,037		281,425		268,842		455,557		170,666		266,699		22,332		90,393		41,508		155,869		32,752		2,060,080

Summary of Joint Venture Mortgage Principal Payments 5.5

Exhibit 99.2


		Run Date: 04/22/2005 Time:10:58:15AM Page 1 of 21 Quarter: 1Q05

Property List ^*


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

1	BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH		35242	SC		1994/2003		1994		100.0	%		423,493		550,410		3,992,325	WINN DIXIE STORES #417(2014), GOODY’S #165(2009), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009), BOOKS-A-MILLION #181(2010), ROSS STORES #637(2014), LOWES HOME CENTERS(NOT OWNED)

2	BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD		35210	SC		1989/1999		1995		100.0	%		297,721		297,721		1,908,077	OFFICE DEPOT #43(2007), DOLLAR TREE #1130(2009), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)

3	BIRMINGHAM, AL (RIVERCHASE)	RIVERCHASE PROMENADE MONTGOMERY HIGHWAY		35244	SC		1989		2002		14.5	%		98,016		98,016		1,559,448	MARSHALL’S #411(2006), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED), KID’S R US(NOT OWNED)

4	GADSDEN, AL	EAST SIDE PLAZA 3010-3036 E. MEIGHAN BOULEVARD		35903	SC		1979/2004		2003		100.0	%		85,196		85,196		281,489	FRED’S(2009), FOOD WORLD(NOT OWNED)

5	OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.0	%		187,327		187,327		1,189,884	Lowe’s #0398(2012), Goody’s 20921 — #121(2010), Winn-Dixie #409(2013)

6	SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY		35766	SC		1999		2003		100.0	%		40,560		40,560		438,012	Goody’s #55(2011), WAL-MART(NOT OWNED)

Arizona

7	AHWATUKEE, AZ	FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD		85044	SC		1996/1997/1999		1997		50.0	%		640,587		663,983		9,432,032	JO-ANN, ETC. #1917(2010), BEST BUY #177(2014), BASSETT FURNITURE(2010), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), BABIES R US #5670(2007), ROSS STORES, INC. #369(2007), OFFICEMAX #743(2012)

8	PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003		67.0	%		223,207		296,117		4,064,132	BED BATH & BEYOND(2011), ROSS #364(2007), PETSMART #1071(2015), STAPLES #0395(2005), ALBERTSONS-OSCO DRUG(NOT OWNED)

9	PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY		85027	SC		1996		1999		50.0	%		197,009		197,009		3,073,565	ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAEL’S #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

10	PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996		50.0	%		346,428		346,428		3,992,174	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), BASSETT FURNITURE(2009), LINENS ‘N THINGS #427-1(2011), FRY’S(NOT OWNED)

11	PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1703 WEST BETHANY HOME ROAD		85015	SC		1961		2004		20.0	%		427,453		719,584		5,615,769	COSTCO WHOLESALE CORP #665(2020), ROSS DRESS FOR LESS(2013), PETsMART(2019), HARKINS THEATRE(2002), WALMART(NOT OWNED), DILLARD’S(NOT OWNED)

Arkansas

12	FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD		72703	SC		1997/1999/2000/2001		1997		14.5	%		262,827		262,827		2,968,878	T.J. MAXX #159(2005), BEST BUY(2017), GOODY’S #231(2013), OLD NAVY #02625(2010), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)

13	FAYETTEVILLE, AR (STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR		72703	SC		2003		2003		14.5	%		50,293		136,877		989,215	KOHL’S(NOT OWNED), TARGET(NOT OWNED)

14	N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991/2004		1994		100.0	%		262,763		262,763		1,830,668	BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014), Michael’s Stores(2014), SPORTS AUTHORITY(2013)

15	RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994		100.0	%		272,245		272,245		1,680,852	WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012)

California

16	BUENA PARK, CA	BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK		90620	SC		1965		2004		20.0	%		699,740		699,740		8,484,539	Circuit City #405(2018), DSW Shoe Warehouse(2013), Ross Dress for Less(2010), Bed Bath & Beyond(2011), Burlington Coat Factory(2011), Kohls Department Store #589(2024), Krikorian Premier Theatres(2023), Michaels(2014), SEARS(NOT OWNED), WALMART(NOT OWNED)

17	CITY OF INDUSTRY, CA (I)	PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE		91748	SC		1987		2001		20.0	%		53,057		53,057		741,927	SAMS CLUB(NOT OWNED), TOYS R US(NOT OWNED), SAM ASH MUSIC(NOT OWNED), OFFICE 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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 2 of 21 Quarter: 1Q05

Property List ^*


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

18	LANCASTER, CA	VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001		20.0	%		336,403		355,281		3,841,078	MARSHALLS #375(2007), CIRCUIT CITY #411(2011), STAPLES #88(2008), MOVIES 12/ CINEMARK (2017), WAL-MART #1563(2010), COSTCO(NOT OWNED)

19	LONG BEACH, CA	CITY PLACE 95 SOUTH PINE AVE		90802	SC		2002/2003/2004		1*		24.8	%		282,273		282,273		4,059,501	NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), MRS. FIELDS(2013), ALBERTSON’S/SOLD PROPERTY(NOT OWNED)

20	LONG BEACH, CA (PIKE)	THE PIKE 95 SOUTH PINE AVE		90802	SC		2005		1*		100.0	%		93,417		107,423		2,607,816	CINEMARK(2008), CLUB V 20(2019)

21	OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE		92054	SC		2000		1*		100.0	%		80,450		80,450		1,116,024	REGAL CINEMAS(2014)

22	PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003		25.0	%		550,978		550,978		10,874,495	GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J.JILL(2012), DELMONICOS SEAFOOD(2012), PF CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011)

23	PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101		94523	SC		1999/2000		2001		20.0	%		347,678		347,678		6,257,713	COSTCO(NOT OWNED)(2020), MICHAEL’S #2109(2010), BORDERS BOOK & (2015), CENTURY THEATRES, INC(2016), MUSIC BED,BATH & BEYOND #261(2010), ROSS STORES #449(2010)

24	RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002		20.0	%		245,774		245,774		3,676,914	OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS #375(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016)

25	RICHMOND, CA	RICHMOND CITY CENTER MACDONALD AVENUE		94801	SC		1993		2001		20.0	%		76,692		76,692		1,233,386	FOOD 4 LESS/FOODSCO(2013)

26	SAN FRANCISCO, CA (RETAIL)	VAN NESS PLAZA 215 1000 VAN NESS AVENUE		94109	SC		1998		2002		100.0	%		123,755		123,755		3,796,164	AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008)

27	SAN YSIDRO, CA	SAN YSIDRO VILLAGE CAMINO DE LA PLAZA		92173	SC		1988/2003		2000		20.0	%		160,668		258,862		2,406,390	ROSS DRESS FOR LESS #672(2014), MARSHALLS #0515(2013), K-MART(NOT OWNED)

Colorado

28	ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2		100.0	%		19,533		89,582		82,965	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)

29	AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003		14.5	%		127,215		139,541		2,388,137	BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

30	BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003		100.0	%		245,217		252,070		5,166,694	Nordstrom(2011), Linen’s ‘N Things #614(2017), Best Buy(2016), Office Depot(2016), GREAT INDOORS(NOT OWNED)

31	DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001		100.0	%		164,734		186,534		2,019,231	REGENCY THEATRES TAMARAC SQ.(2008)

32	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997		100.0	%		408,337		408,337		6,281,674	GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL’S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN’S R.E. HOLDINGS, INC. (2012), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED)

33	DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003		100.0	%		244,383		244,383		3,648,389	Linens N Things #119(2013), Pier 1 Imports #1116(2014), Officemax #416(2012), King Soopers/Krogers(2017)

34	FORT COLLINS. CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		1		2003		100.0	%		18,988		18,988		364,953	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)

35	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		1 *		100.0	%		227,800		251,534		6,769,489	COLDWATER CREEK(2011), TALBOTS(2012),ANN TAYLOR(2012), J.CREW(2012), BANANA REPUBLIC(2012), GAP(2012), WILLIAMS-SONOMA(2014), J.JILL(2012), BOMBAY COMPANY(2012), POTTERY BARN(2014), PIER 1 IMPORTS(2011), JOSEPH A. BANK CLOTHERS(2012), BUCA di BEPPO(2013), CHAMPPS(2022)

36	PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER SOUTH PARKER ROAD		80134	SC		2003		1 *		100.0	%		111,844		128,199		1,835,236	BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013), KOHL’S(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 3 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
37	PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003		100.0	%		89,487		97,009		1,570,164	Office Depot #2165(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

Connecticut
38	PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		1*		14.5	%		439,271		542,414		6,127,772	LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), DICK’S SPORTING GOODS(2020), PETSMART(2015), A.C. MOORE(2014), OLD NAVY #02758(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED), LOEW’S THEATRE(NOT OWNED)

Florida

39	BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2		100.0	%		209,720		209,720		1,326,058	PUBLIX SUPER MARKETS #295(2010), BEALL’S #11(2014), T.J. MAXX #794(2010)

40	BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD & N. CONGRESS AVE		33461	SC		1986		2004		100.0	%		106,224		106,224		1,419,454	Publix Super Markets #14(2006)

41	BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972/1997/2003		2*		100.0	%		161,900		228,022		643,153	K MART #4311(2007), KANE FURNITURE(NOT OWNED)

42	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003		14.5	%		148,267		176,113		1,843,752	Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix Super Markets #663(2019), BABIES R US(NOT OWNED)

43	BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997/2004		2003		14.5	%		113,986		113,986		1,479,328	Linens ‘N Things #496(2014), Sports Authority #213(2018), PETSMART(2020), LOWE’S(NOT OWNED)

44	CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986/2001		1/2		100.0	%		160,135		160,135		741,232	BEALL’S #38 -4(2012), BEALL’S OUTLET #191(2006)

45	DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001		100.0	%		76,087		76,087		836,264	Marshalls of MA, Inc.(2010)

46	ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD		34224	SC		1991		2004		100.0	%		46,835		46,835		459,559	Kash n Karry #1885(2011)

47	FERN PARK, FL	FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH		32720	SC		1970		1/2		100.0	%		16,000		16,000		137,400

48	GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY		32561	SC		1998		2003		100.0	%		29,827		29,827		470,806	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)

49	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995		100.0	%		219,735		219,735		1,345,943	J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)

50	JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004		100.0	%		182,098		182,098		1,000,358	Food Lion #833(2010)

51	LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004		100.0	%		102,572		102,572		781,929	Winn-Dixie #631(2017)

52	MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		1/2		100.0	%		36,212		36,212		315,151	BEALL’S #54 -4(2005), WAL-MART(NOT OWNED)

53	MELBOURNE, FL	MELBOURNE SHOPPING CENTER 750-850 APOLLO BOULEVARD		32935	SC		1978		1/2		100.0	%		41,733		41,733		179,285

54	NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995		14.5	%		267,808		267,808		3,090,457	WINN DIXIE #739(2014), T.J. MAXX #084(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS #305(2010), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010)

55	OCALA, FL	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003		100.0	%		40,075		40,075		359,859	Sports Authority(2012)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 4 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR	Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership	Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest	Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
56	ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BLVD		32065	SC		1993/2000		2004	100.0 %		72,531		72,531		676,257	Bealls Dept Store #47(2009), ALBERTSON’S(NOT OWNED)

57	ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994	100.0 %		228,049		228,049		1,971,840	BEALL’S #60(2018), ROSS DRESS(2016), PUBLIX SUPER MARKETS #446(2013)

58	OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		1 *	20.0 %		186,212		186,212		1,955,907	OFFICEMAX #531(2014), ROSS DRESS FOR LESS #439(2010), MICHAEL’S #9941(2009), T.J. MAXX #802(2010), LINENS ‘N THINGS #663(2011), LOWE’S(NOT OWNED)

59	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995	100.0 %		52,395		52,395		895,501	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)

60	PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988/1997/1999		1/2	100.0 %		17,150		17,150		204,590	WALMART(NOT OWNED)

61	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2	100.0 %		188,924		192,924		1,533,311	BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED)

62	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003	100.0 %		61,593		61,593		403,374	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)

63	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2	20.0 %		104,460		104,460		1,181,261	PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED)

64	TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004	100.0 %		216,284		216,284		1,581,029	Home Depot #237(2009), Pearl Artist & Craft Supply(2007)

65	TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2	100.0 %		134,366		134,366		1,080,064	BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED)

66	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2	100.0 %		198,797		199,447		1,456,216	K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)

67	WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2	100.0 %		135,421		135,421		732,808	BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED)

Georgia

68	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003	100.0 %		24,000		24,000		331,464	WAL MART(NOT OWNED)

69	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994	100.0 %		88,805		88,805		1,208,374	OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED)

70	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995	14.5 %		343,155		352,755		5,294,884	STEIN MART #092(2010), BABIES R US, #8892(2007), SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015)

71	CANTON, GA (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003	100.0 %		121,853		121,853		871,367	Staples #796(2014), Ingles # 96(2019)

72	CARTERSVILLE, GA	FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S		30120	SC		1984		2003	100.0 %		112,240		112,240		868,774	Ross Dress For Less #582(2013), Ingles #76(2020)

73	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003	100.0 %		175,969		175,969		1,228,754	Save Rite #2718(2006)

74	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003	100.0 %		119,786		119,786		1,133,699	Goody’s #296(2011), Petsmart #0294(2015), Michael’s # 9929(2009), TARGET(NOT OWNED)

75	CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997/1999		2003	100.0 %		308,557		318,695		3,665,623	Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 5 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
76	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003		100.0	%		86,158		128,506		1,341,384	Best Buy(2015), Babies R Us(2006), LOWES(NOT OWNED)

77	FT. OGLETHORPE, GA	FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT		30742	SC		1992		2003		100.0	%		176,903		176,903		465,815	K Mart #3083(2007)

78	LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.0	%		75,622		78,422		490,745	FARMERS FURNITURE(2009), Food Lion #890(2019)

79	LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		10.0	%		89,064		89,064		946,356	Winn-Dixie (Save-Rite) #2735(2010)

80	LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003		10.0	%		73,950		73,950		673,672	Kroger #394(2012)

81	LITHONIA, GA	THE SHOPPES AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003		100.0	%		92,475		142,475		1,300,213	Best Buy #389(2018), Bed Bath & Beyond #516(2013), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED)

82	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		20.0	%		91,196		91,196		960,284	Kroger #443(2016)

83	MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.0	%		105,849		105,849		492,146	Ingles #444 (DARK)(2010), Wal-Mart #1363(2009)

84	MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995		14.5	%		301,297		311,194		3,753,532	STEIN MART #141(2007), ROSS DRESS FOR LESS #572(2013), PUBLIX SUPER MARKETS #548(2015), CRUNCH FITNESS INTERNATIONAL(2011)

85	MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003		100.0	%		30,500		30,500		566,639	LOWES(NOT OWNED), WALMART(NOT OWNED)

86	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.0	%		156,497		156,497		1,290,340	Lowe’s #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)

87	STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.0	%		156,551		156,551		261,222	Ingles #466(2009)

88	STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.0	%		0		10,800		244,145

89	STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003		100.0	%		2,000		2,000		42,000

90	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003		100.0	%		233,319		233,319		3,020,660	Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016), SHOE GALLERY(2014)

91	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003		100.0	%		130,832		137,757		1,208,911	Goody’s #299(2014), Kroger #482(2019), WALMART(NOT OWNED)

92	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.0	%		100,002		100,002		779,439	Ingles #407(2006), WAL MART(NOT OWNED)

93	WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.0	%		107,941		107,941		1,251,999	T.J. Maxx #032(2010), Staples(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

94	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.0	%		170,940		170,940		1,381,166	Wal-Mart #575(2020)

Idaho

95	IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976/1992/1997		1998		100.0	%		148,593		148,593		723,797	OFFICE MAX #666(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 6 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
96	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004		1*		100.0	%		459,719		521,436		5,978,465	BED BATH & BEYOND #333(2011), OLD NAVY #02448(2005), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS #871(2012), SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013), BABIES R US(NOT OWNED), WALMART(NOT OWNED)

Illinois

97	DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003		100.0	%		22,775		22,775		228,606	WAL MART(NOT OWNED)

98	DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000/2004		1*		24.8	%		286,889		342,174		8,387,186	GAP # 581(2010), BARNES & NOBLE(NOT OWNED), CENTURY CINEMAS(NOT OWNED), PIER 1 IMPORTS(201), BANANA REPUBLIC(2010), AMBERCROMBIE&FITCH(2005), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWEAR(2011), COLDWATER CREEK(2010), J.CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOTS PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANKCLOTHERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS(2011), J.JILL(2013)

99	HARRISBURG, IL	ARROWHEAD POINT 701 NORTH COMMERCIAL		62946	SC		1991		1994		100.0	%		167,074		167,074		847,463	WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY’S(2011)

100	KILDEER, IL	THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12		60047	SC		2001		2001		10.0	%		161,770		167,477		3,158,415	BED BATH & BEYOND #415(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006)

101	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	MM		1974/1998/2000		2*		100.0	%		243,736		243,736		917,847	SEARS #2181(2013), J.C. PENNEY #1717(2007), GOODY’S(2016)

102	ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004		100.0	%		149,498		149,498		1,455,647	Home Depot #1906(2012)

103	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995		14.5	%		459,354		509,354		8,220,715	CIRCUIT CITY #3111(2009), OFF 5TH(2011), OFFICEMAX #203(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), KLA/SM NEWCO SCHAUMBURG, LLC(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)

Indiana

104	BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993/1997		2*		100.0	%		223,431		223,431		1,306,699	K MART #7455(2008), GOODY’S #119 -4(2008), J.C. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010)

105	CONNERSVILLE, IN	WHITEWATER TRADE CENTER 2100 PARK ROAD		47331	SC		1991		2*		100.0	%		141,770		141,770		859,763	COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011)

106	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996		20.0	%		312,546		312,546		3,284,677	MARSHALL’S#663-1(2011), KOHL’S #229-1(2016), CIRCUIT CITY-1(2016), OFFICE MAX #590(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)

107	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE		47905	SC		2000		2003		100.0	%		35,100		35,100		392,973	WAL MART(NOT OWNED)

Iowa

108	CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE		52404	SC		1984		1998		100.0	%		187,068		187,068		1,858,809	T.J. MAXX #119(2010), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021)

109	OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM		1990/1999/2002		1/2		100.0	%		227,148		227,148		1,450,944	HERBERGER’S #326(2020), J.C. PENNEY #2438(2010), OFFICEMAX #1033(2015), GOODY’S #391(2014), TARGET(NOT OWNED)

Kansas

110	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC		1996/2002		1998		100.0	%		251,767		379,538		6,906,180	BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), AMBERCROMBIE & FITCH(2009), VICTORIA’S SECRET(2009), EXPRESS/BATH&BODY/STRUCTURE(2009), GAP/GAP BODY(2008), GAP KIDS(2005), J.JILL(2013), POTTERY BARN(2009), WILLIAMS-SONOMA(2009), AMERICAN EAGLE(2013), PACIFIC SUNWEAR(2012), BRAVO CUCINA ITALIANA(2013), RESTORATION HARDWARE(2012), HOULIHANS(2025), BRISTOL SEAFOOD BAR & GRILL(2011), BOMBAY(2006)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 7 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
111	MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC		1998/2004		1*		14.5	%		348,536		348,536		4,074,426	TARGET(NOT OWNED)(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK’S SPORTING GOODS # 119(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)

112	OLATHE, KS (DEVONSHIRE)	DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD		66062	SC		1987		1998		24.8	%		48,802		48,802		356,440

113	OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC		1987/2002		1998		24.8	%		60,765		60,981		735,119

114	OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC		2001/2004		2003		100.0	%		30,418		67,833		604,496	HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), BABIES R US(NOT OWNED)

115	SHAWNEE, KS (QUIVIRA PARCEL)	TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD		66216	SC		1972		1998		24.8	%		12,000		12,000		206,911

116	SHAWNEE, KS (TEN QUIVIRA)	TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD		66216	SC		1999/2003		1998		24.8	%		162,843		162,843		930,355	PRICE CHOPPER FOODS(2008), WESTLAKE HARDWARE #17(2005)

117	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC		1955		2002		100.0	%		203,997		253,997		1,993,681	OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED)

Kentucky

118	FLORENCE, KY (TURFWAY)	Turfway Plaza 6825 Turfway Rd		41042	SC		1975/1998		2004		100.0	%		133,985		133,985		849,332	Party Town & Office Depot #176(2006), Big Lots, Inc. #00296B(2008)

119	FRANKFORT, KY (EASTWOOD)	Eastwood Shopping Center 260 Versailles Road		40601	SC		1963/1994		2004		100.0	%		155,104		155,104		568,169	Sears, Roebuck & Co. #2090(2006)

120	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE		40511	SC		1998		2003		100.0	%		48,920		48,920		629,819	Staples #1214(2016), WAL MART(NOT OWNED)

121	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL		40503	SC		1998		2003		100.0	%		27,643		27,643		584,832	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

122	LOUISVILLE, KY (OUTER LOOP)	Outer Loop Plaza 7505 Outer Loop Highway		40228	SC		1973/1989/1998		2004		100.0	%		120,477		120,477		609,306	Valu Discount, Inc. #3354(2009)

123	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003		100.0	%		153,241		153,241		376,059	Food Lion #1203(2017), BALLARD’S(NOT OWNED)

Maine

124	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997		100.0	%		301,992		306,529		2,542,720	HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX #114(2010), SEARS #2203(2012)

Maryland

125	SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999		1*		100.0	%		98,635		102,759		1,371,468	BEST BUY(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

126	SALISBURY, MD (DEV JV)	THE COMMONS(PHASE III) NORTH POINTE DRIVE		21801	SC		2000		1*		50.0	%		27,500		27,500		243,250

Massachusetts

127	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		1*		100.0	%		222,287		353,842		4,364,862	BED BATH AND BEYOND #310(2011), OLD NAVY #02746(2011), OFFICEMAX # 600(2020), BABIES R US #6443(2013), MICHAEL’S #01597(2012), COSTCO(NOT OWNED)

128	FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995		14.5	%		729,276		738,476		13,463,395	TOYS R US(2020), JORDON MARSH / FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US #6450(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS # 031(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), GENERAL CINEMA #971(2014), KOHL’S # 575(2010)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 8 of 21 Quarter: 1Q05

Property List ^*


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

129	BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		1993		100.0	%		53,815		53,815		503,508	GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)

130	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		1994		100.0	%		86,544		86,544		203,776	K MART #9245(2010), KMART(NOT OWNED)

131	DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998		100.0	%		237,512		339,242		2,137,094	NATIONAL WHOLESALE LIQUIDATORS(2016), PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), KIDS R US #1167(2013), TOYS R US, INC.(2011)

132	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991/2004		1993		100.0	%		185,482		185,482		698,345	Big Lots(2010), BUY LOW/ROUNDY’S — 4(2011)

133	GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2003		2003		100.0	%		199,343		214,518		2,481,777	Circuit City(2017), Linens ‘N Things#682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED)

134	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981/1999		1/2		100.0	%		136,842		136,842		698,098	J.C. PENNEY #20430(2010), OFFICEMAX #1116(2014)

135	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		1993		100.0	%		202,847		202,847		1,288,455	Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(2012)

136	LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000/2001		2003		100.0	%		95,369		95,369		934,726	Michael’s #1590(2011), Gander Mountain(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

137	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990		2*		100.0	%		249,680		249,680		1,659,484	WAL-MART STORES #1428(2009), TJX(2014), KROGER #889(2011)

138	SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993/1998		1994		100.0	%		268,521		268,521		1,738,196	WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013)

139	WALKER, MI (ALPINE AVE)	GREEN RIDGE SQUARE II 3410 ALPINE AVENUE		49504	SC		1991/1995		2004		100.0	%		88,133		88,133		902,807	Circuit City #3632(2003), BED BATH AND BEYOND(2015)

140	WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995		100.0	%		133,877		133,877		1,398,297	T.J. MAXX #160(2011), OFFICE DEPOT #241(2010), BED BATH AND BEYOND(NOT OWNED), TARGET(NOT OWNED), TOYS R US(NOT OWNED)

Minnesota

141	BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	MM		1977/1998		2*		100.0	%		290,143		290,143		1,478,160	K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2008)

142	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	MM		1985/1998		1/2		100.0	%		249,283		249,283		1,616,162	HERBERGER’S #323(2013), MOVIES 10/WESTGATE MALL/#205(2011)

143	COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE		55433	SC		2003		1*		14.5	%		518,261		744,441		8,699,530	KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), BORDERS(2023), OLD NAVY #03546(2007), SPORTSMEN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED), J.C. PENNEY(NOT OWNED)

144	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		55122	SC		1997/2001		1997		50.0	%		278,211		278,211		3,448,508	BYERLY’S(2016), PETSMART #469(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), T.J. MAXX #379(2007), BED BATH & BEYOND #457(2012), ETHAN ALLEN FURNITURE(NOT OWNED)

145	HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	MM		1981		1/2		100.0	%		109,973		109,973		542,936	J.C. PENNEY #1076-9 -4(2006), HENNEN’S FURNITURE(NOT OWNED)

146	MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94		55369	SC		1995/2002		1996		50.0	%		265,957		265,957		2,837,043	KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAEL’S STORES, INC. #2752(2012), BED, BATH AND BEYOND #456(2012), CUB FOODS(NOT OWNED)

147	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997		14.5	%		324,354		324,354		2,606,377	WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 9 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
148	WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	MM		1977		1/2		100.0	%		170,239		170,239		511,436	J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)

Mississippi

149	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003		100.0	%		457,027		532,158		5,179,304	ACADEMY(2015), BED, BATH AND BEYOND #589(2014), ROSS DRESS FOR LESS #820(2015), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED)

150	JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003		100.0	%		107,780		107,780		1,084,752	Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

151	JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003		100.0	%		52,617		52,617		331,788	Office Depot #414(2012), HOME DEPOT(NOT OWNED)

152	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003		20.0	%		13,200		71,866		321,368	KROGER(NOT OWNED)

153	SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003		100.0	%		55,749		65,269		561,707	Staples 1172(2016), HOME DEPOT(NOT OWNED)

154	STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994		100.0	%		133,691		133,691		899,590	J.C. PENNEY #2447(2010), KROGER #381(2042), LOWE’S(NOT OWNED)

155	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994		100.0	%		348,236		348,236		1,964,152	SAM’S CLUB #6329(2012), GOODY’S #39(2007), WAL-MART STORES #258(2012)

Missouri

156	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		1*		50.0	%		34,567		34,567		463,364	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

157	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2		100.0	%		93,548		100,548		898,095

158	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995		14.5	%		386,070		386,070		4,114,216	KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)

159	KANSAS CITY, MO (BRYWOOD)	BRYWOOD CENTER 8600 E. 63rd STREET		64133	SC		1972		1998		24.8	%		208,234		208,234		892,469	BIG LOTS #489(2009), PRICE CHOPPER(2009)

160	KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003		20.0	%		205,357		524,931		3,977,682	Dick’s(2016), 24 Hour Fitness(2023), AMC Theaters(2011), T.J. Maxx(2013), TARGET(NOT OWNED), DILLARD’S(NOT OWNED)

161	SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998		100.0	%		56,033		56,033		491,757	TOYS R US #9512(2013)

162	ST. JOHN, MO	ST JOHN CROSSING 9000-9070 ST CHARLES ROCK RD		63114	SC		2003		2003		100.0	%		93,513		93,513		956,725	Shop N Save(2022)

163	ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998		100.0	%		415,435		450,938		5,329,582	TOYS R US #9565(2013), COMPUSA COMPUTER SUPER #1012(2013), BED BATH AND BEYOND #460(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT #1089(2023), PETSMART #260(2012), BORDERS #110(2011)

164	ST.LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998		100.0	%		51,820		62,854		456,308	SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED)

165	ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998		100.0	%		66,128		66,128		1,076,958	OFFICE MAX(2014)

166	ST.LOUIS,MO (BRENTWOOD)	PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT		63144	SC		1998		1998		100.0	%		299,584		299,584		4,022,889	TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), LANE HOME FURNISHINGS(2013)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 10 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
167	ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998		100.0	%		109,242		113,242		573,492	K MART #7543(2008)

168	ST.LOUIS,MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998		100.0	%		92,372		92,372		1,393,059	T.J. MAXX #329(2006)

Nevada

169	LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		1*		100.0	%		24,032		27,300		428,856

170	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000		100.0	%		52,474		52,474		692,279	CENTURY THEATRE, INC.(2014)

New Jersey

171	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003		100.0	%		425,168		457,705		6,880,124	Kohl’s #469(2023), Linens ‘N Things #142(2014), Michael’s #03716(2013), Ross Dress For Less #634(2014), Shop Rite(2028), BARNES & NOBLE(2014), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED)

172	MAYS LANDING, NJ (HAMILTON)	Hamilton Commons 4215 Black Horse Pike		08330	SC		2001		2004		100.0	%		406,418		406,418		5,751,042	Regal Cinemas #311729(2021), Ross Stores #518(2012), Bed Bath and Beyond, Inc #38(2017), Marshalls #377(2012), SPORTS AUTHORITY #459(2015), CIRCUIT CITY(2020)

173	MAYS LANDING, NJ (WRANGLEBORO	Wrangleboro Consumer Square 2300 Wrangleboro Road		08330	SC		1997		2004		100.0	%		839,446		839,446		9,439,390	Best Buy Stores, L.P. #581(2017), Borders #193(2017), Kohls Store #279(2018), Staples #784(2012), Babies R Us # 6373(2013), BJs Wholesale Club #74(2016), Dicks Sporting Goods, Inc. #85(2013), Seamans Furniture(2012), Linens N Things #148(2012), Michaels #9832(2008), Target Stores #T-1109A(2023), Petsmart #576(2013)

174	MT. LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE.		08054	SC		2005		1*		100.0	%		88,070		221,720		3,048,540	BED BATH & BEYOND(2015), WEGMANS(NOT OWNED), TARGET(NOT OWNED), COSTCO(NOT OWNED)

175	PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		02071	SC		1995		1997		100.0	%		211,807		211,807		3,809,350	BORDERS #131(2011), BEST BUY #578(2012), LINENS ‘N THINGS #462(2011), PETSMART #577(2011), TARGET(NOT OWNED)

176	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		02071	SC		1999/2004		1*		100.0	%		202,622		309,285		4,001,229	DICK’S SPORTING GOOD #105(2015), MICHAEL’S(2009), KOHL’S #294(2019)

177	WEST LONG BRANCH, NJ(MONMOUTH)	Consumer Centre (Monmouth, NJ) 310 State Highway #36		07764	SC		1993		2004		100.0	%		292,999		292,999		3,790,506	SportsAuthority #803(2012), Barnes and Noble #1885(2009), Petsmart #0760(2008), Home Depot #0907(2013)

New Mexico

178	LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2		100.0	%		93,021		93,021		612,837	SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2008), BEALL’S #0180(2009)

New York

179	ALDEN, NY (TOPS)	Tops Plaza — Alden 12775 Broadway		14004	SC		1999		2004		100.0	%		67,992		67,992		736,269	Tops Markets #261(2019)

180	AMHERST, NY	3035 Niagara Falls Blvd. Tops Plaza		14828	SC		1986		2004		20.0	%		145,192		145,192		1,161,149	Tops Markets #207(2010)

181	AMHERST, NY (BOULEVARD CONSUME	K Mart — N.F.Blvd. Amherst 1641-1703 Niagara Falls Blvd		14228	SC		1998/2001/2003		2004		100.0	%		680,287		680,287		6,195,472	Target Stores #T-1010A(2019), K Mart #4199(2007), Babies R Us #9282(2015), Barnes & Noble #2958(2014), Best Buy #459(2016), Bed Bath & Beyond # 532(2018), A.C. Moore(2013)

182	AMHERST, NY (BURLINGTON/JOANN)	Burlington Plaza 1551 Niagara Falls Boulevard		14228	SC		1978/1982/1990/1998		2004		100.0	%		199,504		199,504		2,053,382	Burlington Coat #62(2014), Jo-Ann Fabrics and Crafts#1930(2014)

183	AMHERST, NY (DICKS)	Dicks Sporting Goods-Amherst 281 Meyer Road		14226	SC		1993/2003		2004		100.0	%		55,745		55,745		720,783	Dicks Sporting Goods # 11(2015)

184	AMHERST, NY (SHERIDAN/HARLEM)	Sheridan Harlem Plaza 4990 Harlem Road		14226	SC		1960/1973/1982/1988/ 2003		2004		100.0	%		58,413		58,413		526,163


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 11 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
185	AMHERST, NY (TOPS-TRANSIT COMM	Tops Parcel-Transit/N. French 9660 Transit Road		14226	SC		1995/1998		2004		100.0	%		112,427		112,427		1,062,889	Tops Markets(2016)

186	AMHERST, NY (UNIVERSITY PLAZA)	University Plaza 3500 Main Street		14226	SC		1965/1995/2002		2004		100.0	%		162,879		162,879		1,340,035	A.J. Wright #162(2012), Tops Markets #42(2009)

187	ARCADE, NY	TOPS PLAZA-ARCADE ROUTE 39		14009	SC		1995		2004		10.0	%		65,915		65,915		638,354	Tops Markets # 238(2015)

188	AVON, NY	TOPS PLAZA-AVON 270 E. MAIN STREET		14414	SC		1997/2002		2004		10.0	%		62,988		62,988		488,356	Tops Markets (B) #4(2017)

189	BATAVIA, NY (BJS)	BJs PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004		14.5	%		95,846		95,846		770,278	BJs Wholesale Club #311(2016)

190	BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN STREET		14020	SC		1990		2004		14.5	%		49,431		49,431		439,613

191	BATAVIA, NY (TOPS PLAZA)	TOPS PLAZA 8351 LEWISTON ROAD		14020	SC		1994		2004		14.5	%		37,140		37,140		430,150	TOPS(NOT OWNED)

192	BIG FLATS, NY (CONSUMER SQUARE	Big Flats Consumer Square 830 County Route 64		14814	SC		1993/2001		2004		100.0	%		641,264		641,264		5,979,488	Dicks Sporting Goods, Inc. #25(2008), Wal-Mart #10-1976(2013), Wal-Mart-Sams #6431(2013), Tops Markets #542(2013), Bed, Bath, and Beyond #448(2014), Michaels #2035(2010), Old Navy #02324(2009), Staples #279(2011), Barnes and Noble #2825(2011), TJ Maxx #198(2007)

193	BUFFALO, NY (DELAWARE CONSUMER	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE		14216	SC		1995		2004		100.0	%		229,707		229,707		2,010,140	Target Stores #T-1013A(2015), A.J. Wright #174(2012), OfficeMax #834(2012)

194	BUFFALO, NY (ELMWOOD)	Elmwood Regal Center 1951 — 2023 Elmwood Avenue		14207	SC		1997		2004		100.0	%		133,940		133,940		1,492,266	Regal Cinema #330341(2017), Office Depot #412(2012)

195	BUFFALO, NY (MARSHALLS)	Marshalls Plaza 2150 Delaware Avenue		14216	SC		1960/1975/1983/1995		2004		100.0	%		82,196		82,196		765,140	Marshalls #331(2009)

196	CANANDAIGUA, NY	TOPS PLAZA 5150 North Street		14424	SC		2002		2004		100.0	%		57,498		57,498		769,500	Tops Markets #432(2023)

197	CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS 2015 WALDEN AVENUE		14225	SC		1994		2004		14.5	%		26,500		26,500		609,500	Borders #100(2015)

198	CHEEKTOWAGA, NY (DICKS)	DICKS PLAZA 3637 UNION ROAD		14225	SC		1979/1982/1997/2003		2004		14.5	%		174,438		174,438		1,192,596	Dicks Sporting Goods, Inc.(2015)

199	CHEEKTOWAGA, NY (THRUWAY PLAZA	Thruway Plaza 2195 Harlem Road		14225	SC		1965/1995/1997/2004		2004		100.0	%		347,202		347,202		2,399,258	Wal-Mart #01-2586(2017), MovieLand 8 Theatres(2019), Tops Markets #131(2019), Value City Furniture #76(2009), M & T Bank(2007), HOME DEPOT(NOT OWNED)

200	CHEEKTOWAGA, NY (TOPS UNION)	Tops Plaza — Union Road 3825 — 3875 Union Road		14225	SC		1978/1989/1995/2004		2004		20.0	%		151,357		151,357		1,752,019	Tops Markets #202(2013)

201	CHEEKTOWAGA, NY (UNION CONSUME	UNION CONSUMER SQUARE 3733 — 3735 UNION ROAD		14225	SC		1989/1998/2004		2004		14.5	%		379,220		379,220		4,193,948	Marshalls #366(2009), Office Max #320(2010), Sams Club #6673(2024), Circuit City Stores #3151(2016), Jo-Ann ETC. #1931(2015)

202	CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE 2130-2190 WALDEN AVENUE		14225	SC		1994/1999		2004		14.5	%		68,002		68,002		674,528	Media Play #8290(2010)

203	CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700 — 1750 WALDEN AVENUE		14225	SC		1997/1999/2004		2004		14.5	%		255,964		255,964		2,201,464	Office Depot #00673(2009), Linens N Things(2015), Michaels #3862(2013), Target Stores #T-1014A(2015)

204	CHILI, NY (KMART)	Chili Plaza 800 Paul Road		14606	SC		1998		2004		100.0	%		116,868		120,368		748,189	Sears, Roebuck and Co.(2019)

205	CICERO, NY (BEAR RD)	Bear Road Plaza 709-729 North Main Street		13212	SC		1978/1988/1995		2004		100.0	%		59,483		59,483		454,913


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 12 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
206	CLARENCE, NY (BARNES)	BARNES & NOBLE 7370 TRANSIT ROAD		14031	SC		1992		2004		14.5	%		16,030		16,030		304,249

207	CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/ 2004		2004		14.5	%		454,956		454,956		3,963,721	BJS Wholesale Club, Inc.(2021), Dicks Sporting Goods, Inc.(2011), Linens N Things #622(2015), Michaels #2014(2010), Wal-Mart #2355(2015)

208	CLARENCE, NY (JOANN)	JOANN PLAZA 4101 TRANSIT ROAD		14221	SC		1994		2004		14.5	%		92,720		92,720		743,588	Office Max #81(2009), JO-ANN FABRICS(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)

209	CLARENCE, NY (PREMIER)	PREMIER PLACE, 7864 — 8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004		14.5	%		142,536		142,536		1,365,870	Premier Liquors — I(2010), Stein Mart #155(2008)

210	CORTLAND, NY (TOPS PLAZA)	Tops Plaza — Cortland, NY 3836 Route 281		13045	SC		1995		2004		100.0	%		134,223		134,223		1,688,442	Tops Markets #517(2016), Staples #1235(2017)

211	DANSVILLE, NY (TOPS)	Tops Plaza — Dansville 23-65 Franklin Street		14437	SC		2001		2004		100.0	%		62,400		62,400		626,969	Tops Markets #520(2021), Blockbuster(2014)

212	DEPEW, NY	Tops D & L Plaza 5175 Broadway		14043	SC		1980/1990/1996		2004		100.0	%		148,245		148,245		1,437,720	Tops Markets #114(2016), Big Lots #00391 B(2011)

213	DEWITT, NY (DEWITT COMMONS)	Marshalls Plaza — Dewitt, NY 3401 Erie Boulevard East		13214	SC		2001/2003		2004		100.0	%		318,809		318,809		2,389,186	Toys R Us #7525(2018), Marshalls #217(2019), Bed, Bath & Beyond #515(2018), A.C. Moore(2014), Syracuse Orthopedic Specialist(2017)

214	DEWITT, NY (MICHAELS/CHUCK E C	Michaels-Dewitt 3133 Erie Boulevard		13214	SC		2002		2004		100.0	%		49,713		49,713		570,166	Michaels #2011(2010)

215	ELMIRA, NY	TOPS PLAZA-ELMIRA HUDSON STREET		14904	SC		1997		2004		10.0	%		98,330		98,330		1,117,100	Tops Market #551(2017)

216	GATES, NY (WESTGATE PLAZA)	Westgate Plaza 2000 Chili Avenue		14624	SC		1998		2004		100.0	%		327,809		327,809		3,108,040	Wal-Mart #2859(2021), Staples the Office Superstore(2015)

217	GREECE, NY	West Ridge Plaza 3042 West Ridge Road		14626	SC		1993/1999		2004		100.0	%		75,916		75,916		799,191	Petsmart #774(2008), Jo-Ann etc. #1949(2015)

218	HAMBURG, NY (BJS)	BJs Plaza — Hamburg, NY 4408 Milestrip Road		14075	SC		1990/1997		2004		100.0	%		175,965		175,965		1,685,409	OfficeMax #0027(2010), BJs Wholesale Club #35(2010)

219	HAMBURG, NY (DICKS-MCKINLEY)	McKinley Place 3701 McKinley Parkway		14075	SC		1990/2001		2004		100.0	%		128,944		128,944		1,413,676	Dicks Sporting Goods #12(2011), Rosas Home Store(2009)

220	HAMBURG, NY (HAMBURG VILLAGE)	Hamburg Village Square 140 Pine Street		14075	SC		1960/1972/1984/1996		2004		100.0	%		92,717		92,717		871,467

221	HAMBURG, NY (HOME DEPOT)	Home Depot Plaza — Hamburg, NY 4405 Milestrip Road		14219	SC		1999/2000		2004		100.0	%		139,413		139,413		1,506,174	Home Depot #1286(2012)

222	HAMBURG, NY (MILESTRIP)	McKinley Milestrip Center 3540 McKinley Parkway		14075	SC		1999		2004		100.0	%		106,774		106,774		1,397,536	Old Navy #03046(2005), Jo-Ann Fabrics & Crafts #1932(2015)

223	HAMBURG, NY (TOPS)	SOUTH PARK PLAZA-TOPS 6150 SOUTH PARK AVENUE		14075	SC		1990/1992		2004		10.0	%		84,000		84,000		730,500	Tops Markets #236(2015)

224	HAMLIN, NY	TOPS PLAZA-HAMLIN 1800 LAKE ROAD		14464	SC		1997		2004		10.0	%		60,488		60,488		489,395	Tops Markets (B) #4(2017)

225	IRONDEQUOIT, NY (CULVER RIDGE)	Culver Ridge Plaza 2255 Ridge Road East		14622	SC		1972/1984/1997		2004		20.0	%		226,382		226,382		2,502,635	Regal Cinemas, Inc. #330332(2022), A.J. WRIGHT(2014)

226	IRONDEQUOIT, NY (RIDGEVIEW)	Ridgeview Place 1850 Ridge Road East		14617	SC		2000		2004		100.0	%		65,229		65,229		762,818


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 13 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
227	ITHACA, NY (TOPS PLAZA)	Tops Plaza, Ithaca 614 — 722 South Meadow		14850	SC		1990/1999/2003		2004		100.0	%		229,320		229,320		3,676,145	OFFICE MAX #908(2014), Tops Markets #525(2021), Michaels #3718(2013), Barnes & Noble Booksellers2122(2018)

228	JAMESTOWN, NY	Tops Plaza — Jamestown 75 Washington Street		14702	SC		1997		2004		20.0	%		98,001		98,001		1,272,966	Tops Markets (B) #2 — Jamestow(2018)

229	JAMESTOWN, NY (SOUTHSIDE)	Southside Plaza 708-744 Foote Avenue		14701	SC		1980/1997		2004		100.0	%		63,140		63,140		593,122	Quality Market #6661(2017)

230	LANCASTER, NY (REGAL)	REGAL CENTER 6703-6733 TRANSIT ROAD		14221	SC		1997		2004		14.5	%		112,949		112,949		921,583	Regal Cinema #33294(2017)

231	LEROY, NY	Tops Parcel — LeRoy, NY 128 West Main Street		14482	SC		1997		2004		20.0	%		62,747		62,747		581,515	Tops Markets, Inc. #2 — Leroy(2017)

232	LOCKPORT, NY	Wal-Mart/Tops Plaza-Lockport 5789 & 5839 Transit Rd. & Hamm		14094	SC		1993		2004		100.0	%		296,582		296,582		2,621,761	Wal-Mart #10-2107(2015), Tops Markets #21(2021), Sears Hardware #5073(2006)

233	MEDINA, NY (TOPS)	Tops Plaza — Medina 11200 Maple Ridge Road		14103	SC		1996		2004		100.0	%		80,028		80,028		526,400	Tops Market #248(2016)

234	NEW HARTFORD, NY	CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE		13413	SC		2002		2004		14.5	%		516,801		516,801		5,699,626	Barnes & Noble #2133(2013), Bed Bath & Beyond #511(2018), Best Buy #545(2013), Staples the Office Superstore(2018), Michaels #2770(2013), Wal-Mart #1677-02(2022), TJ Maxx #865(2012)

235	NEW HARTFORD, NY (TOPS)	Tops Plaza — Kellogg Rd. 40 Kellogg Road		13413	SC		1998		2004		100.0	%		127,740		127,740		1,294,912	Tops Markets #570(2018)

236	NIAGARA FALLS, NY (HOME DEPOT)	Home Depot Plaza — N. Falls 720 & 750 Builders Way		14304	SC		1994/2000		2004		100.0	%		154,510		154,510		1,461,852	Home Depot #1287(2019), Regal Cinemas #330393(2019)

237	NIAGARA FALLS, NY (PINE PLAZA)	Pine Plaza 8207-8351 Niagara Falls Blvd.		14304	SC		1980/1992/1998		2004		100.0	%		82,755		82,755		805,729	OfficeMax #328(2015)

238	NIAGARA FALLS, NY (WEGMANS)	Wegmans Plaza 1575 — 1653 Military Road		14304	SC		1998		2004		100.0	%		122,876		122,876		597,836	Wegmans Food Markets, Inc.(2023)

239	NIAGRA FALLS, NY (TOPS-PORTAGE	Tops Parcel — Portage Road 1000 Portage Road		14301	SC		1991		2004		100.0	%		116,903		116,903		1,139,727	Tops Markets/Eckerd Corp #009(2013)

240	NISKAYUNA, NY	Mohawk Commons — Niskayuna, NY 402 — 442 Balltown Road		12121	SC		2002		2004		100.0	%		404,994		404,994		4,374,105	Price Chopper # 191(2022), Lowes Home Centers #1612(2022), Marshalls #0528(2012), Barnes & Noble # 2180(2014), Bed, Bath and Beyond # 566(2019), TARGET(NOT OWNED)

241	NORTH TONAWANDA, NY (MID-CITY	Mid — City Plaza 955-987 Payne Avenue		14120	SC		1960/1976/1980/1995/ 2004		2004		100.0	%		212,418		212,418		2,091,330	Sears, Roebuck and Company #50(2006), TOPS(2024)

242	NORWICH, NY (TOPS)	TOPS PLAZA-NORWICH 54 EAST MAIN STREET		13815	SC		1997		2004		10.0	%		85,453		85,453		1,101,525	Tops Markets #560(2018)

243	OLEAN, NY (WAL-MART)	Wal-Mart Plaza — Olean 3142 West State Street		14760	SC		1993/2004		2004		100.0	%		285,400		285,400		2,249,634	Wal-Mart #2159(2014), Eastwynn Theatres, Inc.(2014), BJs Wholesale Club #302(2014), HOME DEPOT(NOT OWNED)

244	ONTARIO, NY	Tops Plaza — Ontario 6254-6272 Furnace Road		14519	SC		1998		2004		20.0	%		77,040		77,040		756,687	Tops Markets #4 — Ontario(2019)

245	ORCHARD PARK, NY	Southwestern Boulevard 3245 Southwestern Boulevard		14127	SC		2000		2004		20.0	%		167,805		167,805		1,895,014	Tops Markets #108 — Orchard(2022), Stein Mart #269(2012), LOWES(NOT OWNED)

246	PLATTSBURGH, NY	Plattsburgh Consumer Square Rt. 3 — Cornelia Road		12901	SC		1993/2004		2004		100.0	%		484,806		484,806		3,414,354	Wal-Mart-Sams #6456(2013), Wal-Mart #01-1994(2020), TJ Maxx #423(2013), PetsMart #1290(2014), Michaels #1555(2011)

247	ROCHESTER, NY (HEN-JEF)	Hen-Jef Plaza 400 Jefferson Rd @ Henrietta		14620	SC		1983/1993		2004		100.0	%		159,517		159,517		1,141,189	City Mattress(2009), Comp USA #1557(2008), PETsMART #773(2008), The Tile Shop(2015)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 14 of 21 Quarter: 1Q05

Property List ^*


							Year			DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
248	ROCHESTER, NY (PANORAMA)	Panorama Plaza 1601 Penfield Road		14625	SC		1959/1965/1972/1980/ 1986/1994		2004		20.0	%		273,541		273,541		3,445,625	Linens N Things #371(2008), Tops Markets #417(2014)

249	ROCHESTER, NY(HENRIETTA PLAZA)	Henrietta Plaza 1100 Jefferson Road		14467	SC		1972/1980/1988/1999		2004		100.0	%		245,426		245,426		2,074,445	Big Lots, Inc. #01474 B(2010), Office Depot #2011(2009), Tops Markets #415(2013)

250	ROME, NY (FREEDOM)	Freedom Plaza 205-211 Erie Boulevard West		13440	SC		1978/2000/2001		2004		100.0	%		161,967		161,967		853,212	Staples the Office Superstore(2015), J.C. Penney #2008(2008), Tops Markets #572(2021)

251	SPRINGVILLE, NY	Springville Plaza 172 - 218 South Cascade Drive		14141	SC		1980/1999/2004		2004		100.0	%		107,924		107,924		902,505	Tops Markets(2023), SALVATION ARMY(2009)

252	TONAWANDA, NY (DEL-TON)	Del-Ton Plaza 4220 Delaware Avenue		14150	SC		1985/1996		2004		100.0	%		55,473		55,473		357,498

253	TONAWANDA, NY (OFFICE DEPOT)	Office Depot Plaza 2309 Eggert Road		14150	SC		1976/1985/1996		2004		100.0	%		121,846		121,846		1,106,048	CompUSA Inc., Stores LP. #29-4(2010), Office Depot #398(2011)

254	TONAWANDA, NY (SHER/DELAWARE)	Sheridan/Delaware Plaza 1692-1752 Sheridan Drive		14223	SC		1950/1965/1975/1986/ 2000		2004		100.0	%		188,200		188,200		1,265,236	The Bon Ton #63(2010), Bon-Ton Home Store(2010), Tops Markets #239(2020)

255	TONAWANDA, NY (TOPS)	TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET		14150	SC		1997		2004		10.0	%		97,014		97,014		1,236,230	Tops Markets #228(2017)

256	TONAWANDA, NY (TOPS/GANDER MTN	YOUNGMANN PLAZA 750 YOUNG STREET		14150	SC		1985/2003		2004		10.0	%		310,921		310,921		2,213,383	BJ’s Wholesale Club #6(2010), Big Lots #1629(2012), Gander Mountain Company #251(2015), Tops Markets #226(2021)

257	UTICA, NY (TOPS MOHAWK ST.)	Tops Plaza — Mohawk St., Utica 1154 Mohawk Street		13501	SC		1961/1972/1988/1998		2004		100.0	%		190,376		190,376		1,663,204	A.J. Wright(2014), Tops Markets (B) #5(2019)

258	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE		14564	SC		2000		2004		100.0	%		56,134		56,134		947,180

259	WARSAW, NY	Tops Parcel — Warsaw 2382 Route 19		14569	SC		1998		2004		20.0	%		74,105		74,105		711,298	Tops Markets (B) #2 — Warsaw(2015)

260	WEST SENECA, NY (HOME DEPOT)	Home Depot Plaza 1881 Ridge Road		14224	SC		1975/1983/1987/1995		2004		100.0	%		139,453		139,453		1,336,264	Home Depot #1231(2016)

261	WEST SENECA, NY (SENECA RIDGE)	Seneca — Ridge Plaza 3531 Seneca Street		14224	SC		1980/1996/2004		2004		100.0	%		62,403		62,403		551,570	Sears, Roebuck & Co. #5163(2006)

262	WILLIAMSVILLE, NY	Williamsville Place 5395 Sheridan Drive		14221	SC		1986/1995/2003		2004		100.0	%		92,382		92,382		1,106,084

North Carolina

263	APEX, NC	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET		27502	SC		2005		1*		100.0	%		67,745		67,745		1,228,380	OFFICEMAX(2014), LOWE’S(NOT OWNED), SUPER TARGET(NOT OWNED)

264	ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		28805	SC		1996		2003		14.5	%		190,970		190,970		1,989,799	Goody’s 20923 — #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick’s Sporting Goods(2017), Michael’s(2008), Officemax #577(2011)

265	DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2		100.0	%		203,934		203,934		1,167,500	FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)

266	FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003		100.0	%		196,279		196,279		1,552,134	Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond #560(2014)

267	HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995/2004		2003		100.0	%		47,530		47,530		258,172	Ingles #112(2009)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 15 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
268	INDIAN TRAIL, NC	Union Town Center — Phase I Independence & Faith Church Rd		28079	SC		1999		2004		100.0	%		91,360		91,360		874,642	Food Lion #1614(2020)

269	MOORESVILLE, NC	Mooresville Consumer Square 355 West Plaza Drive		28117	SC		1999		2004		100.0	%		447,946		447,946		3,586,381	Wal-Mart #1156(2019), Goodys #322(2010)

270	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989/1999		1/2		100.0	%		68,130		68,130		610,223	GOODY’S #4(2007), WAL-MART(NOT OWNED)

271	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990/1999		1/2		100.0	%		93,527		93,527		463,101	WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)

272	WAYNESVILLE, NC	LAKESIDE PLAZA 201 PARAGON PARKWAY		28721	SC		1990		2 *		100.0	%		180,894		180,894		1,143,976	WAL-MART STORE #1663(2011), FOOD LION #957-2(2011)

273	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2		100.0	%		410,491		410,491		3,265,362	BARNES & NOBLE #2762(2007), LOWE’S HOME CENTER #445 -4(2014), OLD NAVY #03841(2006), BED BATH & BEYOND # 418(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175 -4(2005), BADCOCK FURNITURE(2014), SAM’S(NOT OWNED)

North Dakota

274	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		1/2		100.0	%		263,502		263,502		1,064,706	K MART #9564(2008), HERBERGER’S #330(2005), J.C. PENNEY #1628-7(2008)

275	GRAND FORKS, ND	OFFICE MAX 2500 S COLUMBIA ROAD		58201	SC		1978		1999		83.8	%		31,812		31,812		0

Ohio

276	ASHLAND, OH	CLAREMONT PLAZA US ROUTE 42		44805	SC		1977		1/2		100.0	%		110,505		110,505		72,234	TRACTOR SUPPLY(2010)

277	ASHTABULA, OH (TOPS)	Tops Plaza — Ashtabula 1144 West Prospect Road		44004	SC		2000		2004		100.0	%		57,874		57,874		898,312	Tops Markets #884(2021)

278	AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996/2004		1 *		100.0	%		64,700		102,683		1,277,463	MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED)

279	BELLEFONTAINE, OH	SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET		43311	SC		1995		1998		100.0	%		52,399		52,399		432,292	GOODY’S STORE # 314(2010), STAPLES # 1146(2010)

280	BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		44514	SC		1997		1 *		100.0	%		506,254		511,654		4,117,827	LOWE’S COMPANIES #188(2016), BABIES R US #9254(2009), STAPLES STORE #817(2012), DICKS CLOTHING & SPORTING(2012), WAL-MART STORES #2211(2017), PETSMART #558(2013), GIANT EAGLE, INC # 4075(2018)

281	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		1 *		14.5	%		478,106		478,106		5,022,784	AMERICAN SIGNATURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013), DICK’S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2012), KOHL’S DEPARTMENT STORE#239(2016), TARGET(NOT OWNED)

282	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974/1998		1/2		20.0	%		105,512		105,512		1,012,509	KROGER #348(2041), OFFICE MAX #617(2013)

283	CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET		45601	SC		1974/1998		1/2		100.0	%		130,497		130,497		822,132	LOWE’S HOME CENTERS #472-2(2015)

284	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		2 *		100.0	%		235,433		235,433		1,347,996	MICHAEL’S(2006)

285	CLEVELAND, OH (WEST 65th)	KMART PLAZA — WEST 65TH 3250 WEST 65TH STREET		44102	SC		1977		1/2		100.0	%		49,420		49,420		289,196	GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED)

286	COLUMBUS, OH (CONSUMER SQUARE)	Consumer Square West, Columbus 3630 Soldano Blvd.		43228	SC		1989/2003		2004		100.0	%		356,515		356,515		2,362,471	Office Max #282(2010), Kroger Store #598(2014), Target Stores #T-668(2011)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 16 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
287	COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998		80.0	%		326,912		326,912		1,699,821	AMC THEATRE(2007), MAX SPORTS CENTER(2006), B.J.’S WHOLESALE CLUB(NOT OWNED)

288	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998		100.0	%		509,611		509,611		6,180,788	COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2008), GALYAN’S #410(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC. #195(2014), T.J. MAXX#447(2008)

289	COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		43212	SC		1997		1998		50.0	%		352,913		352,913		3,358,654	TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021)

290	COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998		79.5	%		305,428		305,428		3,073,945	BABIES R US #9242(2011), MICHAEL’S #2873(2013), STEIN MART #130(2007), BIG BEAR(2016), STAPLES #403(2010)

291	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD		43017	SC		1996		1998		100.0	%		137,556		137,556		1,518,759	GIANT EAGLE(2014)

292	ELYRIA, OH	ELYRIA SHOPPING CENTER 825 CLEVELAND		44035	SC		1977		1/2		100.0	%		85,125		85,125		626,445	TOPS MARKETS #811(2010)

293	GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE		45631	SC		1998		2003		100.0	%		25,950		25,950		321,042	WAL MART(NOT OWNED)

294	GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998		20.0	%		128,210		128,210		803,078

295	HAMILTON, OH	H.H. GREGG 1371 MAIN STREET		43450	SC		1986		1998		100.0	%		40,000		40,000		230,000	ROUNDY’S(2006)

296	HILLSBORO, OH	HILLSBORO SHOPPING CENTER 1100 NORTH HIGH STREET		45133	SC		1979		1/2		100.0	%		58,564		58,564		168,771

297	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		1993		100.0	%		160,219		160,219		1,327,146	CUB FOODS(2011), WAL-MART(NOT OWNED)

298	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990/2002		1993		100.0	%		17,000		17,000		174,484	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)

299	MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994		50.0	%		233,639		246,539		2,792,158	FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)

300	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS		44056	SC		1999		1*		100.0	%		169,481		169,481		1,601,734	CINEMARK(2019), HOME DEPOT #3824(2020)

301	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997		14.5	%		624,480		626,880		7,723,798	BEST BUY #279(2010), BED BATH & BEYOND, INC. #458(2012), MARSHALLS #267(2006), PETSMART #529(2008), KRONHEIMS FURNITURE(2012), HOME DEPOT #3803(2019), K & G MEN’S COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC’S(2012), COMPUSA INC. #577(2008), TOP’S SUPERMARKET(NOT OWNED)

302	PATASKALA, OH	VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE		43062	SC		1980		1998		100.0	%		33,270		33,270		194,600	CARDINAL (GARDNERS/LANCASTER)(2007)

303	PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998		100.0	%		59,495		61,872		588,815

304	SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		1*		100.0	%		183,288		183,288		2,644,866	MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)

305	STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		44224	SC		1997/2000		1*		100.0	%		404,480		404,480		2,978,925	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)

306	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980/2004		1/2		100.0	%		163,199		163,199		795,639	MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2010)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 17 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
307	TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		1*		20.0	%		241,129		271,729		2,744,714	KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #03786(2005)

308	TOLEDO, OH (DICKS)	Dicks Sporting Goods 851 W. Alexis Road		43612	SC		1995		2004		100.0	%		80,160		80,160		501,000	Dicks Sporting Goods #1563(2016)

309	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974/1997/2000		1/2		100.0	%		162,330		162,330		1,369,983	MARC’S #37(2009), K MART #3234(2009)

310	WILMINGTON, OH	SOUTH RIDGE SHOPPING CENTER 1025 S SOUTH STREET		45177	SC		1977		1/2		100.0	%		55,130		55,130		229,424	COMMUNITY MARKETS(2013)

311	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994/1997/2001		1*		100.0	%		97,373		104,861		762,556	KROGER #829(2019), WAL-MART(NOT OWNED)

Oregon

312	PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996		50.0	%		309,617		309,617		5,120,030	LINENS N THINGS(2017), ROSS DRESS FOR LESS #399(2008), BARNES & NOBLE #2748(2011), MICHAEL’S #9887(2009), OFFICE DEPOT-#00954(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED)

Pennsylvania

313	ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001/2004		2003		100.0	%		241,077		241,077		2,312,117	Wal-Mart #2641(2021)

314	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975/1997		1/2		100.0	%		173,876		179,376		1,318,809	K MART #3026(2005), BIG LOTS #1713(2010)

315	ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995/1998/2003		1*		100.0	%		557,769		564,599		5,076,611	LOWE’S HOME CTR #226(2015), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE 3744(2020), MEDIA PLAY-4 #8158(2011), KOHL’S-#221-4(2016), WAL-MART STORES #2278(2015), CINEMARK #186(2011), HOME DEPOT(NOT OWNED)

316	ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2003		2003		14.5	%		107,537		112,987		1,051,339	Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED)

317	ERIE, PA (TOPS-ERIE)	Tops Parcel-Erie 1520 West 25th Street		16505	SC		1995		2004		100.0	%		99,631		99,631		1,250,882	Tops Markets (B) #602(2016)

318	HANOVER, PA (BJS)	BJs, Hanover — Allentown, PA 1785 Airport Road South		18109	SC		1991		2004		100.0	%		112,230		112,230		784,631	BJs Wholesale Club #21(2011)

319	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003		14.5	%		253,110		253,110		1,999,010	Lowe’s #500(2027), Shop ‘N Save(2019)

320	MONACA, PA (CINEMARK)	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999		2003		100.0	%		39,702		39,702		648,136	CINEMARK #344(2019)

Puerto Rico

321	ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR #KM 80.3		00612	MM		1980/1993		2005		100.0	%		212,249		221,748		3,291,382	K MART #7566(2013), CAPRI DEL ATLANTICO(2013)

322	BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS		00961	MM		1998/2003/2004		2005		100.0	%		526,326		563,499		15,432,969	WAL*MART #2501(2022), OLD NAVY #5830(2007), SCIENCE PARK CINEMA CORP.(2019), MIKASA(2009), BED BATH & BEYOND, STORE #381(2017), HOME DEPOT (NOT OWNED)

323	BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8		00961	SC		1980/2002		2005		100.0	%		126,098		132,384		1,310,000	PUEBLO XTRA #156(2009), TIENDAS CAPRI(2013)

324	BAYAMON, PR (RIO HONDO)	RIO HONDO PR #22, PR #167		00961	MM		1982/2001		2005		100.0	%		386,216		451,518		9,342,041	CAYEY CINEMA CORP.(NOT OWNED)(2009), MARSHALLS #749(2009), K MART #7570(2013), XTRA #159(2012), RIO HONDO CINEMA(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 18 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
325	CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1		00987	SC		1997		2005		100.0	%		385,665		489,865		7,341,195	OFFICEMAX STORE #1117(2015), WAL*MART PUERTO RICO, INC.(2024), BORDERS STORE #482(2017), OLD NAVY(2009), SAMS WHOLESALE CLUB(2024), HOME DEPOT(NOT OWNED), CARIBBEAN CINEMAS(NOT OWNED)

326	CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE RD #1 & PR #735		00736	SC		1999/2004		2005		100.0	%		261,402		340,116		2,732,023	WAL*MART #2721(2021), CAYEY CINEMA CORP.(NOT OWNED)

327	FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940		00738	SC		1992		2005		100.0	%		245,402		251,402		3,750,159	Wal*Mart #1822(2012), Pueblo Xtra #171(2012)

328	GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART ROAD PR #3 KM 135.0		00784	SC		1994		2005		100.0	%		163,598		163,598		1,599,382	Wal*Mart #2072(2018)

329	HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD #2,KM 81.9		00659	MM		1992		2005		100.0	%		505,591		671,020		10,563,651	Almacenes Pitusa(2003), JC Penney #651(2012), Pueblo Xtra #166(2012), Wal*Mart #1854(2012), TOYS R’ US/KID’SRUS(NOT OWNED), SEARS(NOT OWNED)

330	HUMACAO, PR (PALMA REAL)	PALMA REAL STATE ROAD #3, KM 78.20		00791	SC		1995		2005		100.0	%		336,699		438,705		6,076,801	CAPRI STORES(2011), XTRA/PUEBLO INTERNATIONAL, INC(2020), CINEVISTA THEATRES(2005), WAL*MART #2240(2020), PEP BOYS(NOT OWNED), J C PENNY(NOT OWNED)

331	ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE RD #2 & #454,KM 111.6		00662	SC		1994		2005		100.0	%		236,730		257,336		3,294,395	PUEBLO INTERNATONAL, LLC(2014), WAL-MART PUERTO RICO, INC#2085(2019)

332	SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE RD PR #122		00683	SC		1991		2005		100.0	%		22,356		49,172		292,000	PEP BOYS #907(2015)

333	SAN GERMAN, PR (DEL OESTE)	DEL OESTE ROAD PR #2 INT PR #122		00683	SC		1991		2005		100.0	%		174,172		184,746		2,241,565	K-Mart #3896(2016), Pueblo Xtra #163(2011)

334	SAN JUAN, PR (SENIORIAL PLAZA)	SENIORIAL PLAZA PR #53 & PR #177		00926	MM	1978/Mutiple			2005		100.0	%		169,138		209,598		2,540,080	RIO HONDO CINEMA(NOT OWNED)(2005), PUEBLO EXT(NOT OWNED)

335	VEGA BAJA, PR (PLZA VEGA BAJA)	PLAZA VEGA BAJA ROAD PR #2 INT PR #155		00693	SC		1990		2005		100.0	%		173,408		183,618		2,037,041	K-Mart Corp #3679(2015), Pueblo Xtra #158(2010)

South Carolina

336	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993		100.0	%		177,427		177,427		963,186	BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)

337	CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003		100.0	%		188,883		196,048		1,558,710	Food Lion #933(2011), Wal-Mart #1748(2011)

338	COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002		14.5	%		259,551		259,551		2,665,473	Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #712(2014), Marshall’s #458(2007), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED)

339	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992/2000		1995		100.0	%		209,139		209,139		1,963,966	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)

340	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		2*		100.0	%		294,471		294,471		2,067,867	WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED)

341	N. CHARLESTON, SC(N CHARL CTR)	North Charleston Center 5900 Rivers Avenue		29406	SC		1980/1993		2004		100.0	%		220,361		220,361		1,310,891	Babies R Us(2005), Big Lots #00004 B(2009)

342	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994/1999		1995		100.0	%		50,760		50,760		524,714	GOODY’S #282(2008), WAL-MART(NOT OWNED)

343	S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994		100.0	%		22,050		22,050		94,462

344	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994		100.0	%		142,133		142,133		878,374	INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(2015)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 19 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
345	UNION, SC	WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1		29379	SC		1990		1993		100.0	%		184,331		184,331		985,854	WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255(2010)

South Dakota

346	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2		100.0	%		285,372		285,372		1,288,205	HERBERGER’S #315(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED)

Tennessee

347	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999/2004		2000		14.5	%		201,516		201,516		2,468,894	BEST BUY #170(2014), ROSS DRESS FOR LESS #823(2015), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)

348	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992/2004		2003		100.0	%		214,918		214,918		1,660,364	Best Buy #4720(2014), Hobby Lobby(2014), Fresh Market(2014)

349	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003		10.0	%		68,948		68,948		496,314	KROGER #538(2022)

350	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003		10.0	%		71,311		71,311		526,291	Bi-Lo #367(2011)

351	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003		20.0	%		84,441		84,441		727,215	Kroger #541(2012)

352	HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050LOWE’S ROAD		37075	SC		1999		2003		100.0	%		133,144		133,144		1,222,439	Lowe’s(2019)

353	MEMPHIS, TN	9020 US Highway 64		38002	SC		1993		2003		100.0	%		64,223		64,223		543,385	Kroger #436(2012)

354	MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003		100.0	%		117,750		117,750		730,664	Murfreesboro Athletic Club(2014)

355	MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003		14.5	%		108,180		108,180		1,310,610	T.J. Maxx #579(2008), Books-A-Million(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)

356	NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003		14.5	%		167,795		167,795		1,653,111	Lowe’s(2019), WAL MART(NOT OWNED)

Texas

357	AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003		24.8	%		279,877		329,877		4,200,663	ROSS DRESS FOR LESS #706(2014), LINEN N THINGS #291(2014), HOBBY LOBBY(2018), ULTIMATE ELECTRONICS(2019), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED)

358	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD,		75035	SC		2003		2003		100.0	%		15,359		101,943		576,241	KOHL’S(NOT OWNED)

359	FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996		50.0	%		205,017		235,017		2,030,911	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)

360	FT. WORTH, TX (FOSSIL CREEK)	FOSSIL CREEK WESTERN CENTER BLVD		76137	SC		1991		2002		100.0	%		68,492		68,492		873,609

361	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003		14.5	%		147,010		248,844		2,602,529	Marquee Cinema(2018), OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)

362	LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002		14.5	%		311,039		311,039		3,551,108	99 CENTS ONLY STORE(2009), THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED)

363	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY		75070	SC		2000		2003		100.0	%		118,970		118,970		1,263,963	Kohl’s #416(2021), ALBERTSON’S(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 20 of 21 Quarter: 1Q05

Property List ^*


						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
364	MESQUITE, TX	THE MARKETPLACE AT TOWN CENTER SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003		100.0	%		164,625		169,625		2,283,544	Ultimate Electronics(2018), Linen ‘N Things #267(2013), Michael’s(2012), Ross Dress For Less #603(2013), KOHL’S(NOT OWNED)

365	SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD		78227	SC		2001/2002		1*		100.0	%		278,727		416,727		4,189,475	T.J. MAXX(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #03797(2006), ROSS DRESS FOR LESS #509(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED), KOHL’S(NOT OWNED)

Utah

366	LOGAN, UT	FAMILY PLACE @ LOGAN 400 NORTH STREET		84321	SC		1975		1998		100.0	%		19,200		19,200		205,560	RITE AID(NOT OWNED)

367	MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998		100.0	%		657,269		657,269		6,839,713	MERVYN’S #M-0065A(2015), BABIES R US #9568(2014), OFFICE MAX #126(2007), SMITH’S FOOD & DRUGS#85(2024), MEDIA PLAY #8122(2016), BED BATH & BEYOND #198(2014), ROSS DRESS FOR LESS #502(2011), WAL-MART STORES #2207(2015)

368	OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998		100.0	%		162,316		162,316		761,654	HARMONS(2012)

369	OREM, UT	FAMILY CENTER AT OREM 1300 SOUTH STREET		84058	SC		1991		1998		100.0	%		150,667		150,667		1,590,874	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)

370	RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998		100.0	%		593,113		596,198		4,623,468	MEIER & FRANK(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN’S WAREHOUSE(2009), TARGET SUPERSTORE #1753(2017), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016)

371	SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET		84115	SC		1978		1998		100.0	%		34,209		34,209		224,021

372	TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998		100.0	%		746,890		746,890		7,204,387	SHOPKO #085(2014), Jo-Ann Stores #2074(2015), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS #658(2014), HOME USA WAREHOUSE(2012), MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), HARMONS SUPERSTORE(NOT OWNED)

Vermont

373	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		2*		100.0	%		174,515		174,515		1,579,962	WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)

Virginia

374	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003		100.0	%		116,310		116,310		1,221,536	Ukrop’s(2008)

375	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995		14.5	%		253,392		253,392		4,710,815	SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND #65(2010), UNITED ARTISTS #33191(2014)

376	LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003		100.0	%		275,765		275,765		2,097,883	Goody’s #174(2006), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED)

377	LYNCHBURG, VA (FAIRVIEW)	Fairview Square 2215 Florida Avenue		24501	SC		1992		2004		100.0	%		87,209		87,209		338,376	Food Lion #992(2012)

378	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2		50.0	%		430,232		430,232		2,788,167	GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017)

379	MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003		100.0	%		79,407		79,407		701,281	Food Lion #299(2010)

380	PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		1993		100.0	%		143,299		143,299		886,566	WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)

381	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		2*		20.0	%		240,560		240,560		2,372,288	MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 04/22/2005 Time:10:58:15AM Page 21 of 21 Quarter: 1Q05

Property List ^*


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

382	EVERETT, WA	PUGET PARK 520 128TH STREET SW		98204	SC		1981		2001		20.0	%		41,065		41,065		448,344	ALBERTSON’S(NOT OWNED)

383	KIRKLAND, WA	TOTEM LAKES TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004		20.0	%		175,805		221,784		2,750,961	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)

West Virginia

384	BARBOURSVILLE, WV	OFFICE MAX CENTER 5-13 MALL ROAD		25504	SC		1985		1998		100.0	%		70,900		70,900		383,825	DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED)

Wisconsin

385	BROOKFIELD, WI (CARX)	SW OF BROOKFIELD (CARX) NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		100.0	%		7,420		7,420		133,560

386	BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		14.5	%		182,722		182,722		1,383,239	T.J. Maxx #202(2005), Marshall’s Mega Store # 737(2009), Officemax #16(2010), Burlington Coat Factory #112(2007)

387	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		53209	SC		1967		2003		14.5	%		266,716		266,716		1,935,459	Kohl’s #44(2023), Michael’s(2012), Officemax #17(2010), T.J. Maxx/Burlington#201(2007), Old Navy #3792(2012)

388	BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD		53209	SC		1989		2003		14.5	%		143,372		143,372		1,029,892	Marshall’s Mega Store #736(2009), Pick ‘N Save #6867(2005)

389	MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET		53221	SC		1962		2003		100.0	%		160,533		160,533		707,571	Kohl’s #43(2007), Pick ‘N Save # 6845(2007)

390	WEST ALLIS, WI (WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108		53214	SC		1968		2003		100.0	%		246,081		259,981		1,421,496	Kohl’s #41(2008), Marshall’s Mega Store #738(2009), Pick ‘N Save #6846(2008)

						Grand Total:								71,287,591		75,485,923		779,351,282


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center

Property Listing 7.1

Does Not Include Service Merchandise Interests

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Investor Information
Developers Diversified Realty
www.ddr.com
3300 Enterprise Parkway
Beachwood, Ohio 44122
Phone: (216) 755-5500
Fax: (216) 755-1500

Board of Directors
Scott A. Wolstein, Chairman of the Board & Chief Executive Officer, Developers Diversified Realty

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

Terrance R. Ahern, Principal, The Townsend Group

Mohsen Anvari, Professor, Department of Banking and Finance at Case Western Reserve University’s Weatherhead School of Management

Robert H. Gidel, Managing Partner, Liberty Partners, L.P.

Victor B. MacFarlane, Managing Principal, MacFarlane Partners

Craig Macnab, Chief Executive Officer, Commercial Net Lease Realty

Scott D. Roulston, Managing Partner, Fairport Asset Management, LLC

Barry A. Sholem, Principal, MDS Capital, L.P.

William B. Summers Jr., Non-Executive Chairman, McDonald Investments, Inc.

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

David M. Jacobstein, President & Chief Operating Officer

Daniel B. Hurwitz, Executive Vice President

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

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

Timothy J. Bruce, Sr. Vice President of Development

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

Steven M. Dorsky, Sr. Vice President of Leasing – Northern Region Managing Partner, Liberty Partners, LP

Anthony L. Vodicka, Sr. Vice President of Leasing – Western Region

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

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2005

Investor Information (Continued)

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

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

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

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

Hilliard Lyons
Tony Howard (502) 588-1142

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

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

Lehman Brothers
David Harris (212) 526-1790
Alexander Goldfarb (212) 526-5232

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

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

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

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

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

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

	(b)	Included in the Company’s equity in net income and FFO from joint ventures for the three months ended March 31, 2004, is approximately $2.9 million of gain related to the sale of joint venture property at the end of 2003. This amount was recorded as a gain at the joint venture level in 2003 but was deferred by DDR until certain construction and leasing obligations were achieved.

		The Company’s share of joint venture net income has been reduced by $0.1 million for the three month period ended March 31, 2004 to reflect additional basis depreciation and adjustments to gain on sale.

		At March 31, 2005 and 2004, the Company owned joint venture interests relating to 111 and 103 shopping center properties, respectively. In addition, at March 31, 2005 and 2004, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 60 and 69 shopping center sites formerly owned by Service Merchandise, respectively.

(1)		See Market Capitalization and Financial Ratio section for detail calculation.
(2)		The calculation includes joint venture revenues.
(3)		Includes revenues from discontinued operations.
(4)		Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions.
(5)		Includes FMV purchase price gross up of assets shown as equity investment in joint ventures.
(6)		Includes construction in progress (CIP) at March 31, 2005 of $297.0 million (includes $29.7 million of CIP included in joint ventures, of which $5.1 million represents the Company’s proportionate share), and at December 31, 2004, 2003, 2002, 2001 CIP aggregated $271.0 million, $290.7 million $237.8 million and $287.7 million, respectively.
(7)		Amounts were adjusted to include original issuance costs associated with the redemption of Preferred Operating Partnership Units and preferred stock of $10,710,000 for the year ended December 31, 2003 and $5,543,734 for the year ended December 31, 2002 pursuant to EITF topic NO. D-42.

•		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.

•		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.

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

•		For the three month period ended March 31, 2005 and the years ended December 31, 2004, 2003, 2002 and 2001, the Company capitalized interest of $2.4 million, $10.0 million, $11.4 million, $9.5 million and $12.9 million, respectively.

•		In addition, the Company capitalized certain construction administration costs of $2.1 million for the three month period ended March 31, 2005 and $5.5 million, $5.1 million, $4.5 million and $3.3 million for the years ended December 31, 2004, 2003, 2002 and 2001, respectively.

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


	Assets Placed in Service
Date	(Millions)
As of December 31, 2004	$	40.6
1st Quarter 2005	$	4.1
2nd Quarter 2005	$	20.5
3rd Quarter 2005	$	9.3
4th Quarter 2005	$	18.7
Thereafter	$	233.9

Total	$	327.1

Wholly Owned and Consolidated Development Funding Schedule as of March 31, 2005

Funded as of March 31, 2005	$	184.2
Projected Net Funding During 2005	$	87.2	(1)
Projected Net Funding Thereafter	$	55.6	(1)

Total	$	327.1

1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized 2005 deferred finance cost amortization of approximately $7.0 million, net is offset by approximately $12.5 million of fair market value adjustment.

2.		Public debt of $60 million has been converted to a variable rate of 4.285%. The remaining balance of $37.5 million is at the stated fixed rate.

3.		Encumbers five shopping center properties as follows:

Notes:

(1)		Balance at March 31, 2005 on revolving credit facilities. The $1 billion JPMorgan Chase facility has one one-year extension option to 2009. The $200 million JPMorgan Chase facility has one one-year extension option to 2008. The $60 million National City Bank facility has one one-year extension option to 2009.


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


DDR	$	0.1
PDK Salisbury LLC		0.1

Total Capital	$	0.2


Debt	$	1.8


Total Debt & Equity	$	2.0

(1)	Total capital includes member equity loans to the joint venture of $62.0 million as of March 31, 2005, of which DDR’s proportionate share is $15.3 million.

(2)	Represents the maximum amount of debt that could be assumed by the Joint Venture concurrent with the designation of the final undesignated property in Orlando, FL.

(1)		Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.16% and maturity dates ranging from October 2007 to November 2007.

(2)		Encumbers five shopping center properties located in California and Washington.

(3)		Encumbers six shopping center properties as follows: