Exhibit 99.2

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, the loss of a major tenant 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
Quarterly Financial Supplement
For the nine months ended September 30, 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 Chairman Chief Executive Officer 216-755-5500		Michelle M. Dawson Vice President of Investor Relations 216-755-5455

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO OF $0.74
PER SHARE FOR THE THREE MONTH PERIOD
ENDED SEPTEMBER 30, 2005

CLEVELAND, OHIO, October 27, 2005 - Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that third quarter 2005 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.74 (diluted and basic) as compared to $0.72 (diluted and basic) per share for the same period in the previous year, an increase of 2.8%. FFO available to common shareholders was $81.8 million for the quarter ended September 30, 2005, as compared to $74.9 million for the third quarter of 2004, an increase of 9.2%. Net income available to common shareholders for the three month period ended September 30, 2005 increased 52.4% to $46.5 million or $0.43 per share (diluted and basic) compared to third quarter 2004 net income of $30.5 million, or $0.30 per share (diluted and basic). The increase in net income for the quarter ended September 30, 2005 is primarily related to the acquisition of 15 properties from Caribbean Property Group (“CPG”) in January 2005 and gain on sale of real estate assets.

On a per share basis, FFO (diluted) was $2.47 and $2.26 for the nine month periods ended September 30, 2005 and 2004, respectively, an increase of 9.3%. FFO available to common shareholders for the nine months ended September 30, 2005 was $273.4 million compared to FFO available to common shareholders for the nine month period ended September 30, 2004 of $219.3 million. Net income available to common shareholders for the nine month period ended September 30, 2005 was $192.4 million, or $1.76 per share (diluted) and $1.78 (basic) in 2005, compared to net income available to common shareholders of $145.0 million, or $1.52 per share (diluted) and $1.53 (basic) for the prior comparable period. The increase in net income is primarily attributable to an increase on gain on sales of real estate, primarily to the Company’s MDT Joint Venture, the acquisition of assets from Benderson in May 2004 and the acquisition of 15 properties from CPG in January 2005.

Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “I am pleased to report this quarter’s earnings which reflect the continued solid operating performance of our community center portfolio. In addition to our strong operating results, we have also improved our balance sheet by terming out our maturities, reducing our exposure to variable rate debt and creating a significant amount of liquidity and cash flow. As we continue to focus on our core competencies of leasing and developing retail real estate, I believe we are well positioned to capture future opportunities to further enhance our growth and capital structure.”

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, is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred

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 third quarter of 2005, the Company executed 128 new leases aggregating approximately 770,000 square feet and 207 renewals aggregating approximately 745,000 square feet. Rental rates on new leases increased by 10.3% to $12.48 per square foot and rental rates on renewals increased by 11.0% to $14.06 per square foot as compared to previously occupied rental rates. On a blended basis, rental rates for new leases and renewals increased by 10.8% to $13.25 per square foot. At September 30, 2005, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $11.22.

At September 30, 2005, the portfolio, including those properties owned through joint ventures, was 96.0% leased. Excluding the impact of the properties acquired from Benderson Development, Caribbean Property Group and Mervyn’s, the portfolio was 95.7% leased, as compared to 95.4% at September 30, 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 September 30, 2005, the portfolio was 95.0% occupied. Excluding the impact of the properties acquired from Benderson Development, Caribbean Property Group and Mervyn’s, the portfolio was 94.8% occupied, as compared to 94.5% at September 30, 2004.

Same store Net Operating Income (“NOI”) relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2004, including those owned through joint ventures and excluding properties under redevelopment) increased approximately $6.0 million (or 2.1%) for the nine months ended September 30, 2005.

Strategic Real Estate Transactions:

Mervyn’s Stores

In mid September 2005, the Company formed a joint venture (the “Mervyn’s Joint Venture”) with Macquarie DDR Trust (“MDT”), which acquired the underlying real estate of 35 operating Mervyn’s stores for approximately $375.5 million. The Mervyn’s Joint Venture, owned 50% by the Company and 50% by MDT, obtained approximately $244.0 million of debt, of which $212.6 million is a five-year secured non-recourse financing at a fixed rate of approximately 5.2% and $31.4 million is at LIBOR plus 72 basis points for two years. The Company owns a 50% interest in the Mervyn’s Joint Venture and is responsible for the day-to-day management of the assets and receives fees in accordance with the same fee schedule as the Company’s other joint venture with MDT for property management. The Mervyn’s Joint Venture is expected to acquire two additional assets in the fourth quarter of 2005. The Company funded its portion of the equity in the Mervyn’s Joint Venture with the Company’s primary revolving credit facility.

During the third quarter, the Company earned approximately $2.5 million of acquisition and financing fees from MDT. Pursuant to Financial Interpretation 46 (“FIN 46”), the Company is required to consolidate the Mervyn’s Joint Venture and, therefore, the $2.5 million of fees earned are accounted for as reduction of

basis in the real estate assets. As a result, these fees are eliminated in consolidation and not reflected in net income or FFO.

On September 30, 2005, the Company also purchased an additional Mervyn’s site for the Company’s wholly-owned portfolio in a shopping center, currently owned by the Company, in Salt Lake City, Utah for approximately $14.4 million. The Company expects to purchase a second Mervyn’s site in California for the Company’s wholly-owned portfolio in the fourth quarter of 2005.

Sale of Office and Industrial Assets

On September 30, 2005, the Company sold 25 office and industrial buildings aggregating approximately 3.2 million square feet for approximately $177.0 million, which includes a contingent purchase price of approximately $7.0 million in subordinated equity, based on the portfolio’s subsequent performance, including proceeds from a potential disposition. The Company recorded a gain of approximately $5.3 million which does not include any contingent purchase price.

Expansions:

During the nine month period ended September 30, 2005, the Company completed five expansions and redevelopment projects located in Tallahassee, Florida; Suwanee, Georgia; Hendersonville, North Carolina; Allentown, Pennsylvania and Johnson City, Tennessee at an aggregate cost of $16.8 million. The Company is currently expanding/redeveloping twelve shopping centers located in Gadsden, Alabama; Hoover, Alabama; Ocala, Florida; Stockbridge, Georgia; Ottumwa, Iowa; Gaylord, Michigan; Princeton, New Jersey; Rome, New York; Mooresville, North Carolina; Erie, Pennsylvania and two projects in Bayamon, Puerto Rico, at a projected incremental cost of approximately $62.4 million. The Company is also scheduled to commence construction on an additional expansion and redevelopment project at its shopping center located in Amherst, New York.

During the nine month period ended September 30, 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. Four of the Company’s joint ventures are currently expanding/redeveloping their shopping centers located in Phoenix, Arizona; Lancaster, California; St. Petersburg, Florida and Kansas City, Missouri at a projected incremental cost of approximately $61.0 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 nine month period ended September 30, 2005, the Company substantially completed the construction of three shopping center projects located in Overland Park, Kansas; Lansing, Michigan and Mt. Laurel, New Jersey.

The Company currently has seven shopping center projects under construction. These projects are located in Miami, Florida; Nampa, Idaho; Chesterfield, Michigan; Freehold, New Jersey; Apex, North Carolina (Beaver Creek Crossings — Phase I); Pittsburgh, Pennsylvania and San Antonio, Texas. These projects are scheduled for completion during 2005 through 2007 at a projected aggregate cost of approximately $349.7 million and will create an additional 3.4 million square feet of retail space. At September 30, 2005, approximately $152 million of costs were incurred in relation to these development projects.

The Company anticipates commencing construction in 2005 and early 2006 on six additional shopping centers located in Homested, Florida; McHenry, Illinois; Norwood, Massachusetts; Seabrook, New Hampshire; Horseheads, New York 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 $119.2 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 during 2005 through 2007. At September 30, 2005, approximately $57.1 million of costs were incurred in relation to these development projects.

Dispositions:

In addition to the sale of business centers discussed above, in the third quarter of 2005, the Company sold five shopping center properties aggregating 0.4 million square feet for approximately $12.8 million and recognized a non-FFO gain of approximately $5.7 million. The Company sold several out parcels during the third quarter and recognized a gain of approximately $1.3 million from these sales.

In August 2005, one of the Company’s joint ventures with Coventry Real Estate Partners sold a 283,000 square foot shopping center in Long Beach, California for approximately $75.6 million. The joint venture recorded an aggregate gain of $20.2 million. In conjunction with this transaction, the Company recognized a contribution to FFO of $3.7 million through its investment in the joint venture.

Financings:

In October 2005, the Company issued $350 million of seven-year senior unsecured notes. The 5.375% notes are due on October 15, 2012 and were offered at 99.52% of par. The notes are redeemable prior to maturity at par value plus a make-whole premium. If the notes are redeemed within 90 days of the maturity date, no make-whole premium will be paid. The effective interest rate, after taking into account the treasury rate locks that were previously entered into by the Company, will adjust the seven-year rate to an effective rate of 5.1%. Proceeds from the offering were used for general corporate purposes, including repayment of floating rate debt on the Company’s revolving credit facilities. After taking into account the above transaction the Company’s total floating rate debt was approximately 20% of total consolidated debt at September 30, 2005.

In July 2005, the Company’s Community Centers V and VII joint ventures closed on several loans aggregating $298.0 million of which $280.0 million bears a fixed rate of 5.295% for five years and the remaining $18.0 million bears a floating rate of LIBOR plus 2.0% for two years. The loan proceeds were used to repay existing debt of approximately $167.0 million, with a weighted average interest rate of 6.5%. The additional $131 million was remitted to DDR, of which $65.2 million related to the repayment of an advance made to certain joint venture partners in the Community Centers V and VII joint ventures in April 2005.

Developers Diversified Realty Corporation currently owns and manages approximately 500 retail operating and development properties in 44 states, plus Puerto Rico, comprising approximately 113 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						Nine Month Period
	Ended September 30,						Ended September 30,
	2005			2004			2005			2004
Revenues:
Minimum rents (A)	$	126,863		$	115,682		$	375,563		$	295,698
Percentage and overage rents (A)		1,335			1,565			4,915			4,657
Recoveries from tenants		39,527			30,896			115,233			83,605
Ancillary income		2,797			857			6,601			2,161
Other property related income		1,333			1,257			3,998			3,276
Management fee income		4,701			3,761			13,976			10,463
Development fees		745			930			1,913			1,724
Other (B)		3,771			2,184			8,126			12,151

		181,072			157,132			530,325			413,735

Expenses:
Operating and maintenance		22,989			15,779			70,400			44,207
Real estate taxes		21,808			20,556			62,585			53,427
General and administrative (C)		14,146			11,486			40,188			32,980
Depreciation and amortization		39,965			35,584			117,321			88,679

		98,908			83,405			290,494			219,293

Other income (expense):
Interest income		2,959			811			6,392			3,168
Interest expense		(46,942	)		(35,789	)		(131,683	)		(88,597	)
Other expense (D)		(660	)		(1,427	)		(2,526	)		(1,460	)

		(44,643	)		(36,405	)		(127,817	)		(86,889	)

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		37,521			37,322			112,014			107,553
Equity in net income of joint ventures (E)		11,418			5,322			25,984			30,486
Minority equity interests (F)		(2,605	)		(1,199	)		(5,204	)		(3,338	)
Income benefit (tax) of taxable REIT subsidiaries and franchise taxes		10			(881	)		(555	)		(2,257	)

Income from continuing operations		46,344			40,564			132,239			132,444
Income from discontinued operations (G)		11,402			2,637			15,478			5,979

Income before gain on sales of real estate and cumulative effect of adoption of a new accounting standard		57,746			43,201			147,717			138,423
Gain on sales of real estate, net of tax		2,531			1,115			86,065			46,492

Income before cumulative effect of adoption of a new accounting standard		60,277			44,316			233,782			184,915
Cumulative effect of adoption of a new accounting standard (H)		—			—			—			(3,001	)

Net income	$	60,277		$	44,316		$	233,782			181,914

Net income, applicable to common shareholders	$	46,485		$	30,524		$	192,405			145,000

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	46,485		$	30,524		$	192,405		$	145,000
Depreciation and amortization of real estate investments		42,172			36,925			122,506			92,890
Equity in net income of joint ventures (E)		(11,418	)		(5,322	)		(25,984	)		(30,486	)
Joint ventures’ FFO (E)		15,358			10,642			37,438			34,384
Minority equity interests (OP Units) (F)		729			719			2,187			1,916
(Gain) loss on sales of depreciable real estate, net		(11,543	)		1,399			(55,162	)		(27,400	)
Cumulative effect of adoption of a new accounting standard (H)		—			—			—			3,001

FFO available to common shareholders		81,783			74,887			273,390			219,305
Preferred dividends		13,792			13,792			41,377			36,914

FFO	$	95,575		$	88,679		$	314,767		$	256,219

Per share data:
Earnings per common share
Basic	$	0.43		$	0.30		$	1.78		$	1.53

Diluted	$	0.43		$	0.30		$	1.76		$	1.52

Dividends Declared	$	0.54		$	0.51		$	1.62		$	1.43

Funds From Operations — Basic (I)	$	0.74		$	0.72		$	2.49		$	2.28

Funds From Operations — Diluted (I)	$	0.74		$	0.72		$	2.47		$	2.26

Basic — average shares outstanding (thousands) (I)		108,431			102,079			108,239			94,509

Diluted — average shares outstanding (thousands) (I)		109,211			103,030			110,453			96,921

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

(A)		Increases in base and percentage rental revenues for the nine month period ended September 30, 2005 as compared to 2004, aggregated $76.3 million consisting of $4.5 million related to leasing of core portfolio properties (an increase of 2.3% from 2004), $100.7 million from the acquisition of assets, and $5.4 million related to developments and redevelopments. These amounts were offset by a decrease of $1.6 million relating to the Company’s remaining seven business center properties and $32.7 million due to the sale of properties to joint ventures in 2004 and 2005. Included in the rental revenues for the nine month period ended September 30, 2005 and 2004 is approximately $9.0 million and $5.3 million, respectively, of revenue resulting from the recognition of straight line rents.

(B)		Other income for the three and nine month periods ended September 30, 2005 and 2004 was comprised of the following (in millions):


	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2005		2004		2005		2004
Lease termination fees and bankruptcy settlements	$	3.6	$	2.2	$	5.1	$	9.1
Financing fees		—		—		2.3		3.0
Other miscellaneous		0.2		—		0.7		0.1

	$	3.8	$	2.2	$	8.1	$	12.2

(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 nine month periods ended September 30, 2005 and 2004, general and administrative expenses were approximately 4.6% of total revenues, including joint venture revenues, for each period.

(D)		Other expense is comprised of abandoned acquisition and development project costs and certain litigation costs. In 2005, the Company incurred certain non-recurring litigation costs of $1.6 million.

(E)		The following is a summary of the Company’s share of the combined operating results relating to its joint ventures (in thousands):


	Three Month Period						Nine Month Period
	Ended September 30,						Ended September 30,
	2005 (b)			2004 (b)			2005			2004
Revenues from operations (a)	$	108,641		$	83,175		$	319,064		$	233,505

Operating expense		37,817			28,551			111,481			79,919
Depreciation and amortization of real estate investments		22,214			20,653			63,814			44,209
Interest expense		29,636			20,060			87,106			55,062

		89,667			69,264			262,401			179,190

Income from operations before gain on sale of real estate and discontinued operations		18,974			13,911			56,663			54,315
Gain on sale of real estate		38			4,834			797			4,826
(Loss) income from discontinued operations, net of tax		(154	)		(62	)		(378	)		1,065
Gain on sale of discontinued operations, net of tax		26,773			993			35,495			24,885

Net income	$	45,631		$	19,676		$	92,577		$	85,091

DDR Ownership interests (b)	$	14,086		$	6,061		$	28,083		$	31,426

Funds From Operations from joint ventures are summarized as follows:
Net income	$	45,631		$	19,676		$	92,577		$	85,091
Gain on sale of real estate, including discontinued operations		(22,594	)		(4,834	)		(12,727	)		(24,250	)
Depreciation and amortization of real estate investments		22,554			21,827			65,478			46,263

	$	45,591		$	36,669		$	145,328		$	107,104

DDRC Ownership interests (b)	$	15,358		$	10,642		$	37,438		$	34,384

DDRC Partnership distributions received, net (c)	$	90,250		$	12,866		$	113,720		$	61,920

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

	(a)		Revenues for the three month periods ended September 30, 2005 and 2004 included approximately $2.0 million and $1.7 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.4 million and $0.5 million, respectively. Revenues for the nine month periods ended September 30, 2005 and 2004 included approximately $5.6 million and $4.4 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $1.0 million, in each period.

	(b)		Included in the Company’s equity in net income and FFO from joint ventures for the nine months ended September 30, 2004, is approximately $3.2 million of gain related to the sale of a 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 $2.6 million and $0.7 million for the three month period ended September 30, 2005 and 2004, respectively and by $2.1 million and $1.0 million for the nine month period ended September 30, 2005 and 2004, respectively, to reflect additional basis depreciation and adjustments to gain on sale.

			At September 30, 2005 and 2004, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 112 and 74 shopping center properties, respectively. In addition, at September 30, 2005 and 2004, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 55 and 66 shopping center sites formerly owned by Service Merchandise, respectively.

	(c)		Distributions include funds received from asset sales and refinancings in addition to ongoing operating distributions.

(F)

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


	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2005		2004		2005		2004
Minority interests	$	1,876	$	480	$	3,017	$	1,422
Operating partnership units		729		719		2,187		1,916

	$	2,605	$	1,199	$	5,204	$	3,338

(G)

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


	Three Month Period					Nine Month Period
	Ended September 30,					Ended September 30,
	2005		2004			2005		2004
Revenues	$	6,345	$	8,695		$	19,550	$	25,965


Expenses:
Operating		2,974		3,295			8,217		9,694
Impairment charge		—		586			642		586
Interest, net		1,171		1,413			3,625		4,291
Depreciation		1,773		2,099			5,501		6,073
Minority interests		3		(15	)		64		(39	)

Total expenses		5,921		7,378			18,049		20,605

Income before gain on sale of real estate		424		1,317			1,501		5,360
Gain on sales of real estate(1)		10,978		1,320			13,977		619

Net income	$	11,402	$	2,637		$	15,478	$	5,979

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

(1)

During 2005, the Company’s gain on sales of real estate was reduced by $1.9 million relating to debt prepayment costs incurred as a result of the sales transaction. This debt prepayment has been accounted for as a cost of sale and neither the gross gain on sale nor the related costs of the sale have been included in FFO.

(H)		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.

(I)		For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of 1.3 million and 1.4 million Operating Partnership Units (OP Units) outstanding at September 30, 2005 and 2004 into 1.3 million and 1.4 million common shares of the Company for each of the three month periods ended September 30, 2005 and 2004, respectively, and 1.3 million for each of the nine month periods ended September 30, 2005 and 2004, on a weighted average basis. The weighted average diluted shares and OP Units outstanding were 110.8 million and 104.6 million for the three month periods ended September 30, 2005 and 2004, respectively, and 110.7 million and 97.1 million for the nine month periods ended September 30, 2005 and 2004, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	September 30, 2005(1)			December 31, 2004
Assets:
Real estate and rental property:
Land	$	1,815,470		$	1,238,242
Buildings		4,597,943			3,998,972
Fixtures and tenant improvements		138,236			120,350
Construction in progress		372,250			245,860

		6,923,899			5,603,424
Less accumulated depreciation		(632,717	)		(568,231	)

Real estate, net		6,291,182			5,035,193

Cash		38,880			49,871
Advances to and investments in joint ventures		295,022	(2)		288,020
Notes receivable		17,245			17,823
Receivables, including straight line rent, net		103,018			84,843
Other assets, net		95,005			107,797

	$	6,840,352		$	5,583,547


Liabilities:
Indebtedness:
Revolving credit facilities	$	440,000		$	60,000
Variable rate unsecured term debt		200,000			350,000
Unsecured debt		1,618,727			1,220,143
Mortgage and other secured debt		1,578,507			1,088,547

		3,837,234			2,718,690
Dividends payable		65,753			62,089
Other liabilities		218,467			192,514

		4,121,454			2,973,293
Minority interests		126,321			55,935
Shareholders’ equity		2,592,577			2,554,319

	$	6,840,352		$	5,583,547

	(1)		Amounts include the consolidation of the Mervyn’s, 50% owned joint venture, formed in September 2005, of $368.6 million of real estate assets, $244.0 million of mortgage debt and $70.5 million of minority interests.

	(2)		Includes $94.1 million of advances to the Service Merchandise Joint Venture funded in the second quarter of 2005.

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:


	September 30, 2005			December 31, 2004
Land	$	895,165		$	798,852
Buildings		2,516,155			2,298,424
Fixtures and tenant improvements		54,867			42,922
Construction in progress		45,047			25,151

		3,511,234			3,165,349
Accumulated depreciation		(197,103	)		(143,170	)

Real estate, net		3,314,131			3,022,179
Receivables, including straight line rent, net		75,399			68,596
Leasehold interests		23,790			26,727
Other assets		129,653			96,264

	$	3,542,973		$	3,213,766


Mortgage debt (a)	$	2,205,887		$	1,803,420
Notes and accrued interest payable to DDR		106,390			20,616
Amounts payable to other partners		—			46,161
Other liabilities		86,544			75,979

		2,398,821			1,946,176
Accumulated equity		1,144,152			1,267,590

	$	3,542,973		$	3,213,766

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $516.8 million and $420.8 million at September 30, 2005 and December 31, 2004, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Nine Months Ended September 30, 2005


FINANCIAL HIGHLIGHTS	Nine Month			Nine Month
(In Thousands Except Per Share Information)	Period Ended			Period Ended
	September 30			September 30			Year Ended December 31
	2005			2004			2004			2003			2002			2001
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	192,405		$	145,000		$	219,056		$	189,056	(7)	$	69,368	(7)	$	65,111
Depreciation and Amortization of Real Estate Investments	$	122,506		$	92,891		$	130,537		$	93,173		$	76,462		$	63,200
Equity in Net Income From Joint Ventures	$	(25,984	)	$	(30,486	)	$	(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	$	37,438		$	34,384		$	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	$	2,187		$	1,916		$	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	$	(55,163	)	$	(27,400	)	$	(68,179	)	$	(67,352	)	$	(4,276	)	$	(16,688	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	273,390		$	219,305		$	292,335		$	211,672		$	154,709		$	132,587
PREFERRED DIVIDENDS	$	41,377		$	36,914		$	50,706		$	51,204	(7)	$	32,602	(7)	$	27,262

FUNDS FROM OPERATIONS	$	314,767		$	256,219		$	343,041		$	262,877		$	187,311		$	159,849


PER SHARE INFORMATION:
Funds From Operations — Diluted	$	2.47		$	2.26		$	2.95		$	2.51		$	2.35		$	2.33
Net Income — Diluted	$	1.74		$	1.52		$	2.24		$	2.27		$	1.07		$	1.17
Cash Dividends	$	1.62		$	1.43		$	1.94		$	1.69		$	1.52		$	1.48

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		110,663			97,050			99,147			84,319			65,910			56,957

TOTAL MARKET CAPITALIZATION (1)	$	9,689,099		$	8,044,592		$	8,276,943		$	5,551,748		$	3,460,243		$	2,982,461
DEBT TO TOTAL MARKET CAPITALIZATION (1)		39.60	%		40.75	%		32.82	%		37.42	%		43.10	%		43.87	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		52.75	%		52.57	%		45.58	%		48.68	%		48.26	%		47.18	%
DIVIDEND PAYOUT RATIO (1)		65.22	%		64.24	%		67.28	%		66.03	%		62.73	%		63.90	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.56	%		4.80	%		4.94	%		5.35	%		4.80	%		4.25	%

GENERAL AND ADMINISTRATIVE EXPENSES	$	40,188		$	32,981		$	47,126		$	40,820		$	29,392		$	24,175

REVENUES:
DDR Revenues	$	549,875		$	439,700		$	605,246		$	478,696		$	360,778		$	324,148
Joint Venture Revenues	$	331,401		$	247,678		$	348,740		$	284,158		$	251,905		$	244,663

TOTAL REVENUES (3)	$	881,276		$	687,378		$	953,987		$	762,853		$	612,683		$	568,811


NET OPERATING INCOME:
DDR Net Operating Income	$	408,673		$	333,496		$	453,501		$	356,348		$	272,764		$	248,838
Joint Venture Net Operating Income	$	216,566		$	160,272		$	228,358		$	184,927		$	167,573		$	166,545

TOTAL NET OPERATING INCOME (4)	$	625,240		$	493,769		$	681,859		$	541,274		$	440,337		$	415,383


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	6,923,899		$	5,939,694		$	5,603,424		$	3,884,911		$	2,804,056		$	2,493,665
Joint Venture Real Estate at Cost (5)	$	3,511,234		$	2,674,135		$	3,165,335		$	2,275,216		$	1,785,165		$	1,862,515

TOTAL REAL ESTATE AT COST (6)	$	10,435,133		$	8,613,829		$	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 September 30, 2005 of $417.3 million (includes $45.0 million of CIP included in joint ventures, of which $6.5 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 Nine Months Ended September 30, 2005


MARKET CAPITALIZATION & FINANCIAL RATIOS	Nine Month
	Period Ended
	September 30			Year Ended December 31
	2005			2004			2003			2002			2001
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	3,837,234		$	2,716,426		$	2,077,558		$	1,491,481		$	1,308,301
Total Market Capitalization *	$	9,689,099		$	8,276,943		$	5,551,748		$	3,460,243		$	2,982,461

		39.60	%		32.82	%		37.42	%		43.10	%		43.87	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		52.75	%		45.58	%		48.68	%		48.26	%		47.18	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	4,354,018		$	3,137,184		$	2,446,026		$	1,878,575		$	1,688,904
Total Market Capitalization *	$	10,205,882		$	8,697,701		$	5,920,216		$	3,847,336		$	3,363,064

		42.66	%		36.07	%		41.32	%		48.83	%		50.22	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		55.85	%		49.27	%		53.79	%		54.20	%		53.85	%

INTEREST COVERAGE RATIO:
Interest Expense	$	135,310		$	130,447		$	90,162		$	77,208		$	81,770
FFO Before Interest and Preferred Dividends *	$	450,077		$	473,488		$	353,039		$	282,856		$	260,700

		3.33			3.63			3.92			3.66			3.19
DEBT SERVICE COVERAGE RATIO:
Debt Service *	$	159,436		$	152,927		$	101,890		$	83,958		$	88,764
FFO Before Interest and Preferred Dividends *	$	450,077		$	473,488		$	353,039		$	282,856		$	260,700

		2.82			3.10			3.46			3.37			2.94
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges	$	200,812		$	203,633		$	142,385		$	129,353		$	135,107
FFO Before Interest and Preferred Dividends *	$	450,077		$	473,488		$	353,039		$	282,856		$	260,700

		2.24			2.33			2.48			2.19			1.93
DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	178,295		$	196,685		$	146,846		$	100,531		$	84,721
Funds From Operations exclusive of charge associated with preferred stock redemption	$	273,390		$	292,335		$	222,382		$	160,253		$	132,587

		0.65			0.67			0.66			0.63			0.64


*		See Attached for Detail Calculation

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Nine Months Ended September 30, 2005


	Nine Month
	Period Ended
	September 30		Year Ended December 31
	2005		2004		2003		2002		2001
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		108,861		108,083		86,425		66,609		59,455
Operating Partnership Units Outstanding		1,350		1,350		1,129		911		1,038

Total		110,211		109,432		87,554		67,520		60,493
Share Price	$	46.7000	$	44.3700	$	33.5700	$	21.9900	$	19.1000

Market Value of Common Shares	$	5,146,864	$	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	$	3,837,234	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301

TOTAL MARKET CAPITALIZATION	$	9,689,099	$	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		108,861		108,083		86,425		66,609		59,455
Operating Partnership Units Outstanding		1,350		1,350		1,129		911		1,038

Total		110,211		109,432		87,554		67,520		60,493
Share Price	$	46.7000	$	44.3700	$	33.5700	$	21.9900	$	19.1000

Market Value of Common Shares	$	5,146,864	$	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	$	3,837,234	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301
Proportionate Share of JV Debt	$	516,784	$	420,758	$	368,468	$	387,094	$	380,604

TOTAL MARKET CAPITALIZATION	$	10,205,882	$	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 Nine Months Ended September 30, 2005


	Nine Month
	Period Ended
	September 30		Year Ended December 31
	2005		2004		2003		2002		2001
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	6,923,899	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665
Cash and Cash Equivalents	$	38,880	$	49,871	$	111,033	$	16,371	$	19,070
Notes Receivable	$	17,245	$	17,823	$	9,813	$	11,662	$	5,221
Advances and Investments in Joint Ventures	$	295,022	$	288,020	$	262,072	$	258,611	$	255,327

	$	7,275,046	$	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	$	6,923,899	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665
Notes Receivable or Proportionate Share Thereof	$	110,275	$	44,536	$	41,018	$	50,521	$	22,000
Proportionate Share of JV Undepreciated Real Estate Assets	$	761,645	$	719,619	$	621,113	$	611,224	$	620,688

	$	7,795,819	$	6,367,578	$	4,547,043	$	3,465,801	$	3,136,353


FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	273,390	$	292,335	$	211,672	$	154,709	$	132,587
Interest Expense	$	135,310	$	130,447	$	90,162	$	77,208	$	81,770
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	41,377	$	50,706	$	51,204	$	50,939	$	46,343

	$	450,077	$	473,488	$	353,039	$	282,856	$	260,700


DEBT SERVICE
Interest Expense	$	135,310	$	130,447	$	90,162	$	77,208	$	81,770
Recurring Principal Amortization	$	24,126	$	22,480	$	11,728	$	6,750	$	6,994

	$	159,436	$	152,927	$	101,890	$	83,958	$	88,764


FIXED CHARGES
Debt Service	$	159,436	$	152,927	$	101,890	$	83,958	$	88,764
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	41,377	$	50,706	$	40,494	$	45,395	$	46,343

D-42 dividend.	$	200,812	$	203,633	$	142,385	$	129,353	$	135,107

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 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 nine months ended September 30, 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 nine month period ended September 30, 2005 and the years ended December 31, 2004, 2003, 2002 and 2001, the Company capitalized interest of $8.3 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 $4.7 million for the nine month period ended September 30, 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 nine months ended September 30, 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


	Nine Month Period
	September 30,
	2005			2004
Total Revenues DDR	$	530,325		$	413,735
Total Revenues DDR Combined Joint Ventures		319,064			233,505
Operating and Maintenance — DDR		(70,400	)		(44,207	)
Real Estate Taxes — DDR		(62,585	)		(53,427	)
Operating and Maintenance — DDR Combined Joint Ventures		(111,481	)		(79,919	)


Combined NOI	$	604,923		$	469,687


Total Same Store NOI	$	293,372		$	287,366		2.1	%
Property NOI from other operating segments		311,551			182,321

Combined NOI	$	604,923		$	469,687

Non-GAAP Financial Measures 2.5


*Developers Diversified Realty*
Quarterly Financial Supplement
For the nine months ended September 30, 2005

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):


	Three Month Period						Nine Month Period
	Ended September 30,						Ended September 30,
	2005			2004			2005			2004
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	46,485		$	30,524		$	192,405		$	145,000
Depreciation and Amortization of Real Estate Investments		42,172			36,925			122,506			92,890
Equity in Net Income From Joint Ventures		(11,418	)		(5,322	)		(25,984	)		(30,486	)
Joint Venture Funds From Operations		15,358			10,642			37,438			34,384
Operating Partnership Minority Interest Expense		729			719			2,187			1,916
Gain on Sales of Real Estate		(11,543	)		1,399			(55,162	)		(27,400	)
Cumulative effect of adoption of a new accounting standard		—			—			—			3,001

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	81,783		$	74,887		$	273,390		$	219,305


Preferred dividend charges in accordance with EITF Topic No. D-42		13,792			13,792			41,377			36,914

ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	95,575		$	88,679		$	314,767		$	256,219

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions


	Nine Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2003			2002			2001
Acquisitions/Transfers	$	1,544.7		$	2,170.8	(4)	$	1,363.6	(6)	$	298.6	(8)	$	289.3	(10)
Completed Expansions		16.8			25.2			26.8			8.0			13.7
Developments & Construction in Progress		221.3			203.8			104.6			66.4			72.9
Tenant Improvements & Building Renovations		5.4	(1)		6.6			6.3			7.3			6.1
Furniture Fixtures & Equipment		7.0	(2)		1.3			1.9			2.3			2.5

		1,795.2			2,407.7			1,503.2		$	382.6		$	384.5
Less: Real Estate Sales & Joint Venture Transfers		(474.6	)(3)		(689.2	)(5)		(422.4	)(7)		($72.2	)(9)		($52.7	)


Total DDR Net Additions (Millions)	$	1,320.6		$	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)		The large increase in FF& E in 2005 is primarily attributed to certain IT projects and fractional ownership interest in corporate jets.

(3)		In addition to the asset sales this balance includes the transfer of twelve assets with an aggregate cost of $258.6 million to the Macquarie DDR Trust joint venture and the sale of several outparcels.

(4)		Includes the acquisition of the Benderson portfolio aggregating $2,014.4 million, 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.

(5)		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.

(6)		Includes the merger of JDN which had an aggregate value of $1,064.0, the acquisition of a shopping center in Broomfield, CO aggregating $55.5, and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers aggregating $125.9, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.

(7)		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.

(8)		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.

(9)		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.

(10)		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 nine months ended September 30, 2005

Wholly Owned and Consolidated Acquisitions
for the Nine Month Period Ended September 30, 2005


				Cost		Acquisition
Property Location	GLA		(1)	(Millions)		Date	Major Tenants
Caribbean Property Group		4,851,922		$	1,161.4	01/27/05	Portfolio of 15 operating properties located in Puerto Rico

Mervyns		2,732,439		$	383.3	09/16/05	Portfolio of 36 open and operating Mervyns stores


Total		7,584,361		$	1,544.7


(1)		GLA may include property managed, but not owned.

Wholly Owned and Consolidated Dispositions
for the Nine Month Period Ended September 30, 2005


			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Wilmington, OH		55,130	$	2.0		5/17/2005
Cleveland, OH		49,420	$	2.2		6/30/2005
Hillsboro, OH		58,564	$	1.2		7/12/2005
Ashland, OH		110,505	$	0.8		7/12/2005
Melbourne, FL		121,913	$	1.1		7/25/2005
Connersville, IN		141,770	$	8.6		9/20/2005
American Industrial Properties		3,213,001	$	177.0		9/30/2005

Total		3,750,303	$	192.9

Wholly Owned Acquisition and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Nine Month Period Ended September 30, 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; redemised for Epic Theater (opened 6/05), Big Lots (opened 4/05) and an additional junior anchor.

Allentown, PA		Construction of 18,200 sf outparcel building for retail tenants including Sleepys, Super Cuts, Quiznos, Cold Stone Creamery (all opened 3rd quarter 2005) and other retailers to be announced.

Johnson City, TN		Kohl’s constructed 88,248 sf store (opened 4/05), plus construction of 25,000 sf additional retail space.



Total Net Cost (Millions)	$	16.8


*Projects in Progress*

Gadsden, AL		Break-up of 64,400 sf building to create a Fred’s (opened 05/04), a Burke’s Outlet (opened 12/04) and another junior anchor

Hoover, AL		Constructed a David’s Bridal (opened 7/05), West Marine (scheduled to open 4th quarter 2005) and renovating the shopping center.

Ocala, FL		Recaptured the Winn Dixie and expanding the space by 6,000 sf for Hobby Lobby

Stockbridge, GA		Redemised space to accommodate a Northern Tool (opened 10/05) and other junior anchors to be announced.

Ottumwa, IA		Recaptured Wal-Mart and release to Goody’s (opened 9/04) and 47,422 sf of additional junior anchor stores.

Gaylord, MI		Recaptured Wal-Mart and release to Big Lots, Dunhams and 39,767 sf of additional junior anchor stores.

Princeton, NJ		Expansion of the shopping center to create a Babies ‘R Us (opened 9/05) and additional 39,600 sf of retail space including West Elm (opened 10/05), Snip Its, Yankee Candle, Barbeques Galore, and other retailers to be announced.

Rome, NY		Expansion of the shopping center to accommodate a new Marshall’s (scheduled to open 1st quarter 2006).

Mooresville, NC		Construction of a Gander Mountain and relocation of Rugged Warehouse.

Erie, PA		Construction of a 6,700 sf free standing building for retail shops (scheduled to open 4th quarter 2005).

Bayamon, PR (Plaza Del Sol)		Construction of parking deck expansion to accommodate a new junior anchor.

Bayamon, PR (Rio Hondo)		Expansion of the shopping center to construct a Super Marshall’s (scheduled to open 4th quarter 2005), a Comp USA in the former Marshall’s space (scheduled to open 2nd quarter 2006), and 19,800 sf of small shops and a freestanding outparcel.



Total Net Cost (Millions)	$	62.4


*Projects to Commence Construction*

Amherst, NY		Construct 5,300 sf free standing building for retail shops.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Wholly Owned and Consolidated Development Projects
for the Nine Month Period Ended September 30, 2005


						Substantial
				Net Cost		Completion
	GLA			(Millions)		Date		Major Tenants
*Projects Substantially Completed*

Overland Park, KS		410,554	(1)	$	9.9		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(opened 5/05) and 3,427 sf of additional retail space

Lansing, MI		464,428	(1)	$	17.4		2005	Wal-Mart, Lowe's, Michael's, Gander Mountain, PetsMart (opened 6/05)

Mt. Laurel, NJ		715,251	(1)	$	57.6	2004 & 2005		Target, Bed, Bath & Beyond, Lane Bryant, Payless ShoeSource (opened 4th quarter 2004). Costco and Panera Bread (opened 1st quarter 2005). TJ Maxx, PetsMart, JoAnn's, DSW, and Golf Galaxy (opened 2nd quarter 2005), and The Sports Authority (opened 3rd quarter 2005), Wegman's (scheduled to open 1st quarter 2006), and other retail tenants and outparcels to be announced

*Projects in Progress*

Miami, FL		634,211		$	103.9	2006 & 2007		To be announced

Nampa, ID		668,600		$	52.6	2006 & 2007		To be announced

Chesterfield, MI		256,549	(1)	$	12.5	2005 & 2006		Wal-Mart and 25,400 sf of small shop retail and additional retail space

Freehold, NJ		500,000		$	28.5		2005	Wal-Mart and Sam's Club (scheduled to open 1st quarter 2006) and other retail tenants and outparcels to be announced

Apex, NC (Beaver Creek Crossings-Phase I)(2)		334,599		$	56.6		2006	Consolidated Theaters (scheduled to open 2nd quarter 2006) and other retail tenants to be announced

Pittsburgh, PA		367,307	(1)	$	16.1		2006	Target, Sportsmans Warehouse, Sam's Club and other retail tenants and restaurants to be announced

San Antonio, TX (Stone Oak)(3)		664,495	(1)	$	79.5		2006	Target and other tenants to be announced.

*Projects to Commence Construction*


Homestead, FL		399,719	(1)	$	51.9		2007	To be announced

McHenry, IL		412,771	(1)	$	58.9	2006 & 2007		Dick's and other retail tenants to be announced

Norwood, MA		107,015		$	25.6		2007	To be announced

Seabrook, NH		397,558	(1)	$	41.4		2007	To be announced

Horseheads, NY		699,165	(1)	$	48.4		2007	To be announced

McKinney, TX (Phase II)		87,757		$	7.3		2006	To be announced


Wholly Owned Development Totals		7,119,979		$	668.1


(1)		Includes square footage not owned by the company.

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

(3)		The asset is being developed with David Berndt Interest who has a 50% interest.

Wholly Owned Developements 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Consolidated Debt
as of September 30, 2005

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate (1)

SENIOR DEBT:

Unsecured Credit Facility:

$200 Million Term Loan

200,000

05/07

4.470

$1 Billion Revolving Credit Facility

425,000

05/08

4.205

$60 Million Revolving Credit Facility

15,000

05/08

4.494

Secured Credit Facility:

$400 Million Term Loan

220,000

06/08

4.520

Total Term and Credit Facility Debt

860,000

PUBLIC DEBT:

Medium Term Notes

1,000

11/05

7.280

Medium Term Notes

98,168

(2)

03/07

7.000

Medium Term Notes

10,000

07/07

7.020

Unsecured Notes

85,000

08/07

6.950

Medium Term Notes

2,000

12/07

6.960

Medium Term Notes

99,940

01/08

6.625

Medium Term Notes

274,237

01/09

3.875

Medium Term Notes

199,644

05/10

5.000

Medium Term Notes

299,675

07/10

4.625

Medium Term Notes

249,157

04/11

5.250

Medium Term Notes

199,314

05/15

5.500

Medium Term Notes

100,000

07/18

7.500

Total Public Debt

1,618,136

MORTGAGE DEBT:

Detroit, MI

210

11/05

7.375

San Antonio, TX

12,500

07/06

5.364

San Antonio, TX

5,000

07/06

5.864

Bayonet Point, FL

5,327

08/06

9.750

Silver Springs, MD (Tech 29-2)

3,400

09/06

9.050

Dublin, OH

9,255

09/06

8.375

Pickerington, OH

4,136

12/06

8.250

Sault St. Marie, MI

1,752

05/07

8.375

Hamilton, NJ

65,000

05/07

4.664

St. Louis, MO (Olympic)

3,280

08/07

9.150

Berlin, VT

4,940

08/07

9.750

Mt. Laurel, NJ

44,091

09/07

4.764

Apex, NC

15,573

10/07

4.864

DDR MDT MV, LLC

31,428

(3)

10/07

4.584

Tupelo, MS

11,539

03/08

4.410

Jacksonville, FL

6,621

03/08

4.410

Solon, OH

15,984

03/08

4.410

N. Charleston, SC

11,444

03/08

4.410

Walker, MI

8,418

03/08

4.410

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Consolidated Debt
as of September 30, 2005 (con’t)

Mortgage

Maturity

Interest

Balance

Date

Rate (1)

Mt. Pleasant, SC (GS II)

7,756

03/08

4.410

Meridian, ID (GS II)

25,064

03/08

4.410

Birmingham, AL (GS II)

27,144

03/08

4.410

Wilmington, NC (GS II)

20,808

03/08

4.410

Durham, NC (GS II)

7,094

03/08

4.410

Silver Springs, MD (Tech 29-1)

6,763

02/09

7.330

Leawood, KS

50,605

07/09

7.310

Martinsville, VA

19,709

12/09

8.460

St. Louis, MO (Keller)

1,422

01/10

8.625

DDR MDT MV, LLC

212,550

(3)

10/10

5.211

Big Flats, NY (Big Flats I)

10,586

12/10

8.011

Plattsburgh, NY

10,336

12/10

8.000

Erie, PA

25,388

04/11

6.884

Erie, PA

2,930

04/11

6.884

Boardman, OH

26,366

04/11

6.884

St. Louis, MO (Sunset)

34,179

04/11

6.884

St. Louis, MO (Brentwood)

25,388

04/11

6.884

Denver, CO (Centennial)

38,084

04/11

6.884

Gates, NY (Westgate)

24,831

10/11

7.240

Indian Train, NC (Union TC Ph I)

6,941

10/11

7.000

Ashtabula, OH

6,909

12/11

7.000

West Pasco, FL

4,784

02/12

9.625

Denver, CO (Univ Hills)

28,496

06/12

7.300

St. Louis, MO (Gravois)

1,603

07/12

8.625

N. Charleston, SC

10,689

07/12

7.370

Moorseville, NC

23,839

12/12

6.930

Big Flats, NY (Big Flats IV)

1,042

01/13

7.600

Big Flats, NY (Big Flats II & III)

4,516

01/13

8.010

Buffalo, NY (Delaware Commons)

1,156

01/13

6.960

Jamestown, NY (Southside Plaza)

1,659

04/13

7.590

Victor, NY (Victor Square)

6,622

04/13

5.800

Mays Landing, NJ (Wrangleboro)

50,722

05/13

6.990

Beachwood, OH

3,629

07/13

7.640

W. Long Branch, NJ (Monmouth)

14,452

07/13

8.570

Boynton Beach, FL (Meadows Square)

4,508

07/13

6.720

Englewood, FL (Rotonda)

2,115

07/13

5.800

Reno, NV

3,569

02/15

7.950

Olean, NY

4,813

07/15

8.995

Mays Landing, NJ (Hamilton)

15,657

09/15

4.700

Columbus, OH (Consumer II West)

14,041

11/15

10.188

Amherst, NY (Kmart/Blvd Cons. II)

12,708

11/15

7.850

Lockport, NY (Walmart/Tops)

13,169

01/16

8.000

Merriam, KS (TIF)

7,975

02/16

6.900

Rome, NY (Freedom)

4,517

09/16

7.850

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Consolidated Debt
as of September 30, 2005 (con’t)


		Mortgage			Maturity		Interest
		Balance			Date		Rate (1)
Medina, NY	F	$	3,929			11/16		7.660
Bellefontaine, OH	F		2,383			12/16		7.500
Amherst, NY (Tops Transit + French)	F		5,300			12/16		7.680
Canandaigua, NY	F		5,826			01/17		6.150
Cheektowaga, NY (Walmart Thruway)	F		5,041			10/17		6.780
Ithaca, NY	F		19,575			01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		13,807			07/18		5.670
Springville, NY	F		6,261			07/18		6.375
Niskayuna, NY (Mohawk)	F		25,371			12/18		5.750
Henderson, TN	F		9,066			01/19		7.660
Spring Hill, FL	F		5,186			09/19		9.750
Alden, NY	F		4,454			10/19		8.100
Cedar Rapids, IA	F		9,833			01/20		9.375
Riverdale, UT (North)	F		8,786			10/20		9.300
Plainville, CT	F		7,100			04/21		7.125
Allentown, PA	F		18,203			06/21		6.950
Princeton, NJ	F		25,793			03/27		8.262
Bayamon, PR (Rio Hondo)	F		56,970			05/28		7.180
San Juan, PR (Seniorial Plaza)	F		14,794			05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,913			05/28		7.180
Arecibo, PR (Atlantico)	F		14,886			05/28		7.180

Total Mortgage Debt			1,358,507

Total Debt		$	3,836,643

Adjustment for Reverse Swap			591	(4)

		$	3,837,234

Weighted Average — Total					5.32 years			5.5	%

Weighted Average — Fixed		$	2,739,482		6.53 years			5.8	%

Weighted Average — Floating		$	1,097,160		2.31 years			4.5	%

Notes:


F — Fixed Rate Debt		V — Variable Rate Debt


1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized 2005 deferred finance cost amortization of approximately $7.5 million, net is offset by approximately $12.5 million of annualized fair market value adjustment in 2005.
2.		Public debt of $60 million has been converted to a variable rate of 5.285%. The remaining balance of $38.2 million is at the stated fixed rate.
3.		The company’s 50% joint venture with DDR Macquarie is consolidated within DDR’s accounts pursuant to FIN 46
4.		Offset included in other assets.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of September 30, 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)																						7,100		7,100
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
Meridian, 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		0																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
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 nine months ended September 30, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of September 30, 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
Merriam, KS (TIF)																						7,975		7,975
DDR MDT MV, LLC						31,428						212,550												243,978
San Antonio, TX				12,500																				12,500
San Antonio, TX				5,000																				5,000
Hamilton, NJ						65,000																		65,000
Payments Made Through 9/30/05		-25,520																						-25,520

Total — Property Mortgages		7,997		71,871		137,814		164,825		103,202		246,273		205,680		67,142		83,819		22,966		187,254		1,298,844

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of September 30, 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 (National City Bank)						15,573																				15,573
$48 Million Construction Loan (Wachovia Bank)						44,091																				44,091

Total — Construction Loans		0		0		59,664			0			0		0		0		0		0		0		0		59,664

DEBT OFFERINGS
Senior Notes		1,000				110,168			99,940			274,237		499,319		249,157								299,314		1,533,137
Unsecured Notes						85,000																				85,000

Total — Debt Offerings		1,000		0		195,168			99,940			274,237		499,319		249,157		0		0		0		299,314		1,618,136

Total — Property Mortgages, Construction Loans & Debt Offerings		8,997		71,871		392,646			264,765			377,440		745,592		454,837		67,142		83,819		22,966		486,568		2,976,643

REVOLVING CREDIT FACILITIES & TERM LOANS
$1 Billion Unsecured Credit (JPMorgan Chase)									425,000	(1)																425,000
$400 Million Secured Term (Key Bank)									220,000																	220,000
$200 Million Unsecured Term (JPMorgan Chase)						200,000	(1)																			200,000
$60 Million Unsecured Credit (National City Bank)									15,000	(1)																15,000

Total — Debt	$	8,997	$	71,871	$	592,646		$	924,765		$	377,440	$	745,592	$	454,837	$	67,142	$	83,819	$	22,966	$	486,568	$	3,836,643

Notes:


(1)		Balance at September 30, 2005 on revolving credit facilities. The $1 billion JPMorgan Chase facility has one one-year extension option to 2009. The $400 million Key Bank facility has two one-year extension options to 2010. The $200 million JPMorgan 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 nine months ended September 30, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2005


			RVIP III B									RVIP VIII						Community Centers		Community Centers			Community Centers
	RVIP III (3)		Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			(5)		Five			Seven (6)
Real Estate Assets	$	0.8	$	84.5		$	32.4		$	159.2		$	33.8		$	129.1		$	0.0	$	265.4		$	0.0
Accumulated Depreciation		0.0		(8.9	)		(4.5	)		(17.0	)		(1.5	)		(3.0	)		0.0		(38.9	)		0.0

Real Estate, net		0.8		75.6			27.9			142.2			32.3			126.1			0.0		226.5			0.0

Receivables, Net		0.5		0.8			0.5			3.7			0.9			1.4			0.1		7.1			0.0
Other assets		1.0		1.1			1.4			8.6			1.0			2.0			0.8		9.7			0.0

	$	2.3	$	77.5		$	29.8		$	154.5		$	34.2		$	129.5		$	0.9	$	243.3		$	0.0


Mortgage Debt	$	0.0	$	55.4		$	18.2		$	100.7		$	23.4		$	11.4		$	0.0	$	298.0		$	0.0
Amounts payable to DDRC		0.0		0.0			0.0			0.0			0.0			0.0			0.0		0.0			0.0
Other liabilities		0.3		3.0			0.9			18.0			1.4			2.4			0.7		5.2			0.0

		0.3		58.4			19.1			118.7			24.8			13.8			0.7		303.2			0.0
Accumulated equity (deficit)		2.0		19.1			10.7			35.8			9.4			115.7			0.2		(59.9	)		0.0

	$	2.3	$	77.5		$	29.8		$	154.5		$	34.2		$	129.5		$	0.9	$	243.3		$	0.0


Proportionate share of other assets/liabilities, net	$	0.3		($0.3	)	$	0.2			($1.2	)	$	0.1		$	0.1		$	0.1	$	5.8		$	0.0

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 September 30, 2005


				RVIP III B									RVIP VIII						Community Centers			Community Centers			Community Centers
	RVIP III (3)			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			(5)			Five			Seven (6)
Revenues from operations	$	0.0		$	9.3		$	3.2		$	13.1		$	4.3		$	9.9		$	0.0		$	26.3		$	0.9
Rental operation expenses		0.0			(3.3	)		(1.9	)		(4.4	)		(1.4	)		(2.4	)		0.0			(8.1	)		(0.3	)

Net operating income		0.0			6.0			1.3			8.7			2.9			7.5			0.0			18.2			0.6
Depreciation and amortization expense		0.0			(1.8	)		(0.7	)		(2.9	)		(0.9	)		(2.4	)		0.0			(4.5	)		(0.1	)
Interest expense		0.0			(2.0	)		(1.0	)		(4.1	)		(0.9	)		(0.5	)		0.0			(9.3	)		(0.3	)

Income (loss) before gain on sale		0.0			2.2			(0.4	)		1.7			1.1			4.6			0.0			4.4			0.2
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.8			0.0			0.0
Discontinued operations		0.3			0.0			0.0			(0.0	)		0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		20.3			0.0			0.0			9.3			0.0			0.0			0.0			0.0			0.0

Net income (loss)	$	20.6		$	2.2			($0.4	)	$	11.0		$	1.1		$	4.6		$	0.8		$	4.4		$	0.2
DDR Ownership interest		***			***			***			***			***			10	%		***			50	%		50	%

	$	8.1		$	0.9			($0.1	)	$	4.1		$	0.3		$	0.5		$	0.8		$	2.2		$	0.1
Amortization of basis differential		(2.6	)		0.0			0.0			0.0			0.0			0.0			(0.4	)		0.0			0.0

	$	5.5		$	0.9			($0.1	)	$	4.1		$	0.3		$	0.5		$	0.4		$	2.2		$	0.1


Proportionate share of net operating income	$	0.0		$	1.5		$	0.3		$	1.8		$	0.7		$	0.8		$	0.0		$	9.1		$	0.3

Proportionate share of interest expense	$	0.0		$	0.5		$	0.3		$	0.9		$	0.2		$	0.1		$	0.0		$	4.6		$	0.1


Funds From Operations (“FFO”):

Net income (loss)	$	20.6		$	2.2			($0.4	)	$	11.0		$	1.1		$	4.6		$	0.8		$	4.4		$	0.2
Depreciation of real property		0.8			1.8			0.7			3.0			0.9			2.4			0.0			4.5			0.1
(Gain) loss on sale		(2.6	)		0.0			0.0			(9.3	)		0.0			0.0			(0.8	)		0.0			0.0

	$	18.8		$	4.0		$	0.3		$	4.7		$	2.0		$	7.0		$	0.0		$	8.9		$	0.3
DDR ownership interest		***			***			***			***			***			10	%		***			50	%		50	%

DDR FFO	$	4.1		$	1.5		$	0.1		$	1.2		$	0.7		$	0.7		$	0.2		$	4.5		$	0.2

Joint Venture Financials 4.1


*Developers Diversified Realty*
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 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		$	25.5		$	29.2		$	0.1		$	25.4		$	3.1		$	2.2
Accumulated Depreciation		(2.7	)		(2.1	)		(3.8	)		(6.2	)		(16.4	)		0.0			(4.4	)		0.0			(0.3	)

Real Estate, net		24.0			28.9			17.2			19.3			12.8			0.1			21.0			3.1			1.9

Receivables, Net		0.8			0.4			1.5			0.7			0.2			0.0			0.7			0.0			0.0
Other assets		0.7			0.4			0.6			1.0			2.0			0.0			0.4			0.1			0.1

	$	25.5		$	29.7		$	19.3		$	21.0		$	15.0		$	0.1		$	22.1		$	3.2		$	2.0


Mortgage Debt	$	17.4		$	19.5		$	18.2		$	20.8		$	0.0		$	0.0		$	10.4		$	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			0.5			0.9			0.6			0.4			0.0			0.3			0.1			0.0

		18.0			20.0			19.1			21.4			0.4			0.0			10.7			0.1			1.8
Accumulated equity (deficit)		7.5			9.7			0.2			(0.4	)		14.6			0.1			11.4			3.1			0.2

	$	25.5		$	29.7		$	19.3		$	21.0		$	15.0		$	0.1		$	22.1		$	3.2		$	2.0


Proportionate share of other assets/liabilities, net	$	0.4		$	0.0		$	0.6		$	0.9		$	1.5			($0.0	)	$	0.4			($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 September 30, 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	$	3.3		$	3.0		$	3.5		$	3.0		$	1.6		$	0.0		$	2.9		$	0.0		$	0.3
Rental operation expenses		(1.1	)		(0.7	)		(1.0	)		(0.8	)		(0.6	)		(0.0	)		(0.9	)		(0.1	)		(0.1	)

Net operating income		2.2			2.3			2.5			2.2			1.0			(0.0	)		2.0			(0.1	)		0.2
Depreciation and amortization expense		(0.4	)		(0.5	)		(0.3	)		(0.6	)		(3.6	)		0.0			(0.4	)		0.0			(0.1	)
Interest expense		(1.1	)		(0.8	)		(1.1	)		(1.3	)		0.0			(0.0	)		(0.3	)		0.0			(0.1	)

Income (loss) before gain on sale		0.7			1.0			1.1			0.3			(2.6	)		(0.0	)		1.3			(0.1	)		(0.0	)
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			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)	$	0.7		$	1.0		$	1.1		$	0.3			($2.6	)		($0.0	)	$	1.3			($0.1	)		($0.0	)
DDR Ownership interest		50	%		10	%		***			***			80	%		63	%		50	%		50	%		50	%

	$	0.4		$	0.1		$	0.5		$	0.3			($2.1	)		($0.0	)	$	0.6			($0.0	)		($0.0	)
Amortization of basis differential		0.0			0.0			0.0			(0.1	)		0.5			0.0			0.0			0.0			0.0
	$	0.4		$	0.1		$	0.5		$	0.2			($1.6	)		($0.0	)	$	0.6			($0.0	)		($0.0	)


Proportionate share of net operating income	$	1.1		$	0.2		$	1.3		$	1.7		$	0.8		$	0.0		$	1.0			($0.0	)	$	0.1

Proportionate share of interest expense	$	0.5		$	0.1		$	0.6		$	1.0		$	0.0		$	0.0		$	0.2		$	0.0		$	0.1


Funds From Operations (“FFO”):

Net income (loss)	$	0.7		$	1.0		$	1.1		$	0.3			($2.6	)		($0.0	)	$	1.3			($0.1	)		($0.0	)
Depreciation of real property		0.4			0.5			0.3			0.6			3.6			0.0			0.4			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

	$	1.1		$	1.5		$	1.4		$	0.9		$	1.0			($0.0	)	$	1.7			($0.1	)	$	0.1
DDR ownership interest		50	%		10	%		***			***			80	%		63	%		50	%		50	%		50	%

DDR FFO	$	0.6		$	0.2		$	0.7		$	0.8		$	0.8			($0.0	)	$	0.9			($0.0	)	$	0.0

Joint Venture Financials 4.1


Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2005


										Service			Jefferson County,						Sansone Group /
	Coon Rapids, MN (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		$	113.4		$	128.9		$	6.4		$	9.3		$	0.4		$	167.3		$	202.2
Accumulated Depreciation		0.0			(4.9	)		(8.8	)		(7.5	)		(0.4	)		0.0			(0.3	)		(9.4	)		(4.9	)

Real Estate, net		0.0			22.6			104.6			121.4			6.0			9.3			0.1			157.9			197.3

Receivables, Net		(0.0	)		1.2			2.0			12.9			0.0			0.0			1.5			2.4			2.6
Other assets		0.8			0.9			4.4			44.3			0.4			0.1			2.5			6.8			5.9

	$	0.8		$	24.7		$	111.0		$	178.6		$	6.4		$	9.4		$	4.1		$	167.1		$	205.8


Mortgage Debt	$	0.0		$	17.1		$	85.0		$	29.1		$	3.5		$	0.0		$	0.0		$	110.0		$	150.5
Amounts payable to DDRC		0.0			0.0			0.0			94.3			3.1			7.6			0.0			0.9			0.3
Other liabilities		0.6			0.8			1.2			14.8			0.1			0.6			0.8			2.9			(0.2	)

		0.6			17.9			86.2			138.2			6.7			8.2			0.8			113.8			150.6
Accumulated equity (deficit)		0.2			6.8			24.8			40.4			(0.3	)		1.2			3.3			53.3			55.2

	$	0.8		$	24.7		$	111.0		$	178.6		$	6.4		$	9.4		$	4.1		$	167.1		$	205.8


Proportionate share of other assets/liabilities, net	$	0.1		$	0.9		$	1.3		$	10.4		$	0.1			($0.1	)	$	1.6		$	1.3		$	1.7

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	71.1		$	1.5		$	6.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the period ended September 30, 2005


										Service			Jefferson County,						Sansone Group /
	Coon Rapids, MN (5)			Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			Apex IV (3)			DDRC LLC			DDR Markaz			DDR Markaz II
Revenues from operations	$	0.0		$	3.9		$	12.4		$	18.3		$	0.6		$	0.0		$	9.2		$	15.9		$	15.7
Rental operation expenses		0.0			(1.0	)		(4.7	)		(9.3	)		(0.2	)		0.0			(7.4	)		(5.1	)		(5.3	)

Net operating income		0.0			2.9			7.7			9.0			0.4			0.0			1.8			10.8			10.4
Depreciation and amortization expense		0.0			(0.6	)		(2.6	)		(5.0	)		(0.1	)		0.0			0.0			(3.1	)		(4.1	)
Interest expense		0.0			(1.0	)		(4.0	)		(7.2	)		(0.4	)		0.0			0.0			(3.5	)		(6.0	)

Income (loss) before gain on sale		0.0			1.3			1.1			(3.2	)		(0.1	)		0.0			1.8			4.2			0.3
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			(0.7	)		0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			5.9			0.0			0.0			0.0			0.0			0.0

Net income (loss)	$	0.0		$	1.3		$	1.1		$	2.0			($0.1	)	$	0.0		$	1.8		$	4.2		$	0.3
DDR Ownership interest		25	%		67	%		25	%		25	%		50	%		20	%		***			20	%		20	%

	$	0.0		$	0.9		$	0.3		$	0.5			($0.1	)	$	0.0		$	1.0		$	0.8		$	0.1
Amortization of basis differential		0.0			(0.3	)		0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.0		$	0.6		$	0.3		$	0.5			($0.1	)	$	0.0		$	1.0		$	0.8		$	0.1


Proportionate share of net operating income	$	0.0		$	1.9		$	1.9		$	2.2		$	0.2		$	0.0		$	0.9		$	2.2		$	2.1

Proportionate share of interest expense	$	0.0		$	0.7		$	1.0		$	1.8		$	0.2		$	0.0		$	0.0		$	0.7		$	1.2


Funds From Operations (“FFO”):

Net income (loss)		($0.0	)	$	1.3		$	1.1		$	2.0			($0.1	)	$	0.0		$	1.8		$	4.2		$	0.3
Depreciation of real property		0.0			0.6			2.6			5.7			0.1			0.0			0.0			3.1			4.1
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

		($0.0	)	$	1.9		$	3.7		$	7.7			($0.0	)	$	0.0		$	1.8		$	7.3		$	4.4
DDR ownership interest		25	%		67	%		25	%		25	%		50	%		20	%		***			20	%		20	%

DDR FFO	$	0.0		$	1.3		$	0.9		$	1.9			($0.0	)	$	0.0		$	1.0		$	1.5		$	1.1

Joint Venture Financials 4.1


Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 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	$	56.5		$	38.7		$	50.2		$	27.1		$	91.8		$	17.4	$	1,704.7		$	0.0	$	3,511.2
Accumulated Depreciation		(2.1	)		(1.1	)		(1.8	)		0.0			(1.4	)		0.0		(45.0	)		0.0		(197.1	)

Real Estate, net		54.4			37.6			48.4			27.1			90.4			17.4		1,659.7			0.0		3,314.1

Receivables, Net		1.8			0.2			0.9			0.0			0.3			0.0		30.3			0.0		75.4
Other assets		1.4			0.6			1.7			0.0			0.9			0.3		46.2			5.5		153.5

	$	57.6		$	38.4		$	51.0		$	27.1		$	91.6		$	17.7	$	1,736.2		$	5.5	$	3,543.0


Mortgage Debt	$	31.5		$	26.0		$	39.0		$	19.4		$	61.0		$	17.4	$	1,021.2		$	0.0	$	2,205.9
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0		0.2			0.0		106.4
Other liabilities		1.9			0.9			1.7			0.1			2.6			0.0		22.2			0.1		86.5

		33.4			26.9			40.7			19.5			63.6			17.4		1,043.6			0.1		2,398.8
Accumulated equity (deficit)		24.2			11.5			10.3			7.6			28.0			0.3		692.6			5.4		1,144.2

	$	57.6		$	38.4		$	51.0		$	27.1		$	91.6		$	17.7	$	1,736.2		$	5.0	$	3,543.0


Proportionate share of other assets/liabilities, net	$	0.3			($0.0	)	$	0.2			($0.0	)		($0.3	)	$	0.1	$	7.9		$	2.5	$	37.1

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0	$	0.0		$	0.0	$	78.7

Combining Statements of Operations
for the period ended September 30, 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	$	4.6		$	2.9		$	6.1		$	0.0		$	9.0		$	0.0		$	134.7		$	1.2		$	319.1
Rental operation expenses		(2.3	)		(1.0	)		(3.0	)		(0.0	)		(4.2	)		0.0			(40.7	)		(0.2	)		(111.5	)

Net operating income		2.3			1.9			3.1			(0.0	)		4.8			0.0			94.0			1.0			207.6
Depreciation and amortization expense		(0.7	)		(0.5	)		(0.9	)		0.0			(1.3	)		0.0			(25.3	)		(0.4	)		(63.9	)
Interest expense		(1.3	)		(1.1	)		(1.8	)		0.0			(2.1	)		0.0			(35.9	)		(0.0	)		(87.1	)

Income (loss) before gain on sale		0.3			0.3			0.4			(0.0	)		1.4			0.0			32.8			0.6			56.6
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.8
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			(0.4	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			35.5

Net income (loss)	$	0.3		$	0.3		$	0.4			($0.0	)	$	1.4		$	0.0		$	32.8		$	0.6		$	92.5
DDR Ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		***			50	%

	$	0.1		$	0.1		$	0.1			($0.0	)	$	0.3		$	0.0		$	7.3		$	0.3		$	28.2
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.8			0.0			(2.1	)

	$	0.1		$	0.1		$	0.1			($0.0	)	$	0.3		$	0.0		$	8.1		$	0.3		$	26.0


Proportionate share of net operating income	$	0.5		$	0.4		$	0.6			($0.0	)	$	0.9		$	0.0		$	13.6		$	0.5		$	48.7

Proportionate share of interest expense	$	0.3		$	0.2		$	0.3		$	0.0		$	0.4		$	0.0		$	5.2		$	0.0		$	21.1


Funds From Operations (“FFO”):

Net income (loss)	$	0.3		$	0.3		$	0.4			($0.0	)	$	1.4		$	0.0		$	32.8		$	0.6		$	92.5
Depreciation of real property		0.7			0.5			0.9			0.0			1.3			0.0			25.3			0.4			65.5
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			(12.7	)

	$	1.0		$	0.8		$	1.3			($0.0	)	$	2.7		$	0.0		$	58.1		$	1.0		$	145.3
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		***			50	%

DDR FFO	$	0.2		$	0.2		$	0.3			($0.0	)	$	0.5		$	0.0		$	11.3		$	0.5		$	37.4

Joint Venture Financials 4.1


Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 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 nine months ended September 30, 2005 totaled $5.4 million, of which $3.3 million 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.

(6)		Community Centers Seven merged into Community Centers Five in the third quarter of 2005.

***		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 nine months ended September 30, 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:		None (Property Sold on 8/2/05)

Partnership Structure		1% — Coventry Real Estate Partners
Equity Contribution:		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	$	0.2
PREI		1.0
Coventry		0.8

Total Capital	$	2.0

Debt	$	—

Total Debt & Equity	$	2.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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
	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		12.9
Coventry		1.8
Total Capital	$	19.1
Debt	$	55.4
Total Debt & Equity	$	74.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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	Devonshire Village — Olathe, KS
	Cherokee North — Overland Park, KS	Brywood Center — Kansas City, MO

Major Tenants:	Price Chopper	La Petite Academy
	Big Lots	Osco Drug
	Sherwin Williams	Deals Nothing Over $1
	Eckerd Drug	Westlake Hardware
	Hollywood Video	Bargains 365

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	$	2.6
PREI		8.0
Coventry		0.1
Total Capital	$	10.7
Debt	$	18.2
Total Debt & Equity	$	28.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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		Puget Park Shopping Center — Everett, WA
	Valley Central Shopping Center — Lancaster, CA

Major Tenants:	Century Theater	Michael’s
	Ross Stores	Staples
	Circuit City	Bed, Bath & Beyond
	Wal-Mart	K-Mart
	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:	.63% (DDR’s pro-rata share of Coventry’s .8% fee)
Leasing Fees (without co-broker):	5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet)
	4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet)
	3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases

Capital Structure (in millions)


DDR	$	6.1
PREI		23.9
Coventry		5.8
Total Capital	$	35.8
Debt	$	100.7
Total Debt & Equity	$	136.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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
	1% — Coventry Real Estate Partners
Equity Contribution:	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 (outparcesl/ground leases)
	6% on Gross Sales Price up to $500,000 (outparcels)
	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	$	2.5
Prudential		7.4
Coventry		(0.5	)
Total Capital	$	9.4
Debt	$	23.4
Total Debt & Equity	$	32.8

* 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 nine months ended September 30, 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
		Five Forks Village — Lawrenceville, GA

	Bi-Lo
Major Tenants:	BJ’s Wholesale Club
	Gander Mountain Company
	Kroger
	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 sqaure feet)
	4% on new outparacesl/ground leases on years 1-5; 2% on remainder of term, max 10 years
	2% on renewal outparcels/ground leases on years 1-5; 1% on remainder of term, max 10 years
	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	$	11.6
PICA		104.1
Total Capital	$	115.7
Debt	$	11.4
Total Debt & Equity	$	127.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005


	Joint Venture Investment Summary

Joint Venture Name:	DDRA Community Centers Five, L.P.
Date Formed:	September, 1998; DDRA CC Seven, L.P. merged July, 2005
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	Famous Footwear	OfficeMax
	Ashley Homestores	Gander Mountain	Old Navy
	Babies ‘R Us	Haggan’s	Petco
	Barnes & Noble	JoAnn, Etc.	Petsmart
	Bassett Furniture	Kohl’s Department	Pier One
	Bed Bath & Beyond	Linens ‘N Things	Ross Dress for Less
	Best Buy	Mac Frugal’s	Staples
	Byerly’s	Mervyn’s (not owned)	Stein Mart
	Circuit City	Michael’s	Target (not owned)
	Comp USA	Nordstrom Rack (not owned)	TJ Maxx
	Cub Foods (not owned)	Office Depot	Toys ‘R Us (not owned)
	DSW Shoe Warehouse	Office Depot (not owned)	United Artists Theatre
	Ethan Allen (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:		5.0% 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 (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	$	(29.9	)
DRA Advisors		(29.9	)

Total Capital (1)	$	(59.8	)


Debt	$	298.0


Total Debt & Equity	$	238.2

(1) Equity position is attributable to the Company refinancing mortgage debt at the fair market value of the assets, which is different than the historical net assets of the joint venture.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 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	$	3.7
DRA Advisors		3.7

Total Capital	$	7.4


Debt	$	17.4


Total Debt & Equity	$	24.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 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		8.8

Total Capital	$	9.8


Debt	$	19.5


Total Debt & Equity	$	29.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005


		Joint Venture Investment Summary

Joint Venture Name:		Sun Center Limited
Date Formed:		February, 1998
Property Name/Location:		Sun Center - Columbus, OH
Major Tenants:		Ashley Furniture Homestore
		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		(0.1	)

Total Capital (1)	$	(0.3	)


Debt	$	20.8


Total Debt & Equity	$	20.5

(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 nine months ended September 30, 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	$	5.7
The State Teachers Retirement Board		5.7

Total Capital	$	11.4


Debt	$	10.4


Total Debt & Equity	$	21.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 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	$	4.6
Churchill Family Trust		2.2

Total Capital	$	6.8


Debt	$	17.1


Total Debt & Equity	$	23.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 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	$	6.2
Lehman Brothers		18.6

Total Capital	$	24.8


Debt	$	85.0


Total Debt & Equity	$	109.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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 55 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc. In total, these properties are located in 24 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	$	9.9
Klaff		5.0
Lubert-Adler		24.9
Random Properties Acquisition
Corp. I		0.6

Total Capital	$	40.4

Payable to DDR	$	94.3	(1)

Existing Debt	$	29.1

Total Debt & Equity	$	163.8

(1) Includes mortgage note to DDR for $94.1 million.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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	$	3.5

Total Debt & Equity	$	6.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 2005

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:		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	$	1.0

Total Capital	$	1.2

Payable to DDR	$	7.6

Debt	$	-

Total Debt & Equity	$	8.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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	Petco
	Circuit City	Petsmart
	Gander Mountain	Publix
	Jewel (not owned)	Ross Dress for Less
	Kohl’s	Shoe Carnival
	Linens ‘N Things	Target (not owned)
	Lowe’s (not owned)	T.J. Maxx
		Wal-mart (not owned)

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

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

Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual 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


DDR	$	10.7
Markaz		42.6

Total Capital	$	53.3

Payable to DDR	$	0.9

Debt	$	110.0

Total Debt & Equity	$	164.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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


DDR	$	11.0
Markaz		44.2

Total Capital	$	55.2

Receivable from DDR	$	(2.0	)

Payable to DDR	$	0.3

Debt	$	150.5

Total Debt & Equity	$	204.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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) Old Navy
		Dilliards Off Broadway Shoes
		Pier One
		TJ Maxx
		AMC Theater
		24 Hour Fitness
		Dick’s
		Petsmart

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	$	19.3
DDR		4.9

Total Capital	$	24.2


Debt	$	31.5


Total Debt & Equity	$	55.7

* 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 nine months ended September 30, 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	$	9.2
DDR		2.3

Total Capital	$	11.5


Debt	$	26.0


Total Debt & Equity	$	37.5

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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
		Big 5 Sporting Goods

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	$	8.2
DDR		2.1

Total Capital	$	10.3


Debt	$	39.0


Total Debt & Equity	$	49.3

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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	$	19.4


Total Debt & Equity	$	27.0

*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 nine months ended September 30, 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:	Ross Dress For Less	Circuit City
	PetsMart	Office Depot
	Kohl’s	Walmart
	Bed Bath & Beyond	Sears
	Michaels
	DSW Shoe Warehouse
	Krikorian Premier Theater

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	$	22.4
DDR		5.6

Total Capital	$	28.0


Debt	$	61.0


Total Debt & Equity	$	89.0

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 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		0.20
DDR		0.05

Total Capital	$	0.3


Payable to DDR	$	-


Debt	$	17.4


Total Debt & Equity	$	17.7

* 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 nine month period ended September 30, 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 48 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		Lakepointe 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		Parker Pavilions - Parker, CO
		McDonough Marketplace - McDonough, GA		Grandville Marketplace - Grandville, MI


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


Partnership Structure
Equity Contribution:	14.77% - DDR	Cash Flow Distribution:	Variable^*
	2.71% - Macquarie Bank Limited (“MBL”)
	82.52% - Macquarie DDR Trust (“MDT”)

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

Joint Venture Partnership Summaries 4.2


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
Construction Management Fee:		5.0% of the cost of capital improvements

Capital Structure (in millions)


DDR	$	103.1
MBL		18.9
MDT		576.1

Total Capital	$	698.1


Receivable from DDR, net	$	(6.0	)


Debt	$	1,021.2


Total Debt & Equity	$	1,713.3

^*DDR and MBL receive a Base Fee as part of their distributions. The Base Fee is a percentage of the fair market value of the properties held by DDR Macquarie Fund LLC plus the book value of certain other assets held by DDR Macquarie Fund LLC. The prorata share of distributions made to MDT is reduced by the Base Fee. As such, the distribution percentages as well as the dollar amount of the distribution vary depending on the amount of the Base Fee.

Joint Venture Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 30, 2005

Joint Venture Investment Summary


Joint Venture Name: *	DDR MDT MV LLC
Date Formed:	September, 2005
Property Name/Location:	The joint venture consists of 35 fee simple, leasehold and groundlease interests. The joint venture will purchase 2 additional properties during the 4th quarter. The properties are located in California, Arizona, Nevada and Texas.

Partnership Structure
Equity Contribution:	50.0004% — DDR	Cash Flow Distribution: Variable (1)
	49.9943% — Macquarie DDR Trust (“MDT”)
	.0054% — Macquarie Bank Limited (“MBL”)

Promote:	Quarterly Base Fee 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
Acquistion Fee	Up to 1.0% of the purchase price for third party assets
Debt Placement Fee	12.5bp of the borrowings raised
Structuring & Advisory Fee	25bp of Purchase Price
Disposition Fee:	Market rate not to exceed 1% of the sale price of the property to a third party
Due Diligence Fee:	12.5bp of MDT’s interest in the purchase price of the acquisition
Construction Management Fee:	5.0% of the cost of capital improvements

Capital Structure (in millions)


DDR	$	70.5
MDT		70.5
MBL		—

Total Capital	$	141.0


Receivable to DDR	$	—


Debt	$	244.0


Total Debt & Equity	$	385.0

* The joint venture was consolidated into DDR in accordance with FIN 46.

⁽¹⁾DDR and MBL receive a Base Fee as part of their distributions. The Base Fee is a percentage of the fair market value of the properties held by DDR MDT MV LLC plus the book value of certain other assets held by DDR MDT MV LLC. The prorata share of distributions made to MDT is reduced by the Base Fee. As such, the distribution percentages as well as the dollar amount of the distribution vary depending on the amount of the Base Fee.

Joint Venture Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine Month Period Ended September 30, 2005


	Nine Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2003			2002			2001
Acquisitions/Transfers	$	349.3		$	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		73.0			38.9			120.1			48.6			103.7
Tenant Improvements & Building Renovations (1)		2.0			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)

	$	425.5		$	1,196.8		$	1,352.1		$	274.0		$	189.0

Less: Real Estate Sales and Dispositions		($79.6	)(2)		($306.7	)(4)		($781.5	)(6)		($361.4	)(8)		($16.9	)


Joint Venture Totals (Millions)	$	345.9		$	890.1		$	570.6			($87.4	)	$	172.1


(1)		The Company estimates recurring capital expenditures, including tenant improvements, of $2.5 million associated with its joint venture portfolio during 2005.

(2)		In addition to asset sales which had an aggregate cost of $73.3 million, this balance includes the sale of three outparcels at Plaza at Puente Hills, which were owned by RVIP VII.

(3)		Balance includes the acquisition of three Coventry II assets aggregating $174.1 million, the formation of DPG and DDR Markaz II aggregating $128.7 and $201.6, respectively, MDT’s acquisition of an additional $619.5 million of assets, plus the acquisition of the Poag & McEwen’s interest and David Berndt’s interest in RVIP IIIB and RVIP VIII, respectively, for $14.9 million, the purchase of a fee interest in several assets in the Service Merchandise portfolio for $5.2 million and a $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 formation of Macquire DDR Trust and DDR Markaz aggregating $735.9 and $169.3, respectively, plus several new joint ventures with assets aggregating $228.8 million and the consolidation 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 which aggregated $87.7 million.

(6)		In addition to asset 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 nine months ended September 30, 2005

Joint Venture Acquisitions
for the Nine Month Period Ended September 30, 2005

DDR's

Joint

Cost

Acquisition

Ownership

Venture

Property Location

GLA

(Millions)

Date

Percentage

Partner

Macquarie DDR Trust

2,437,685

349.3

(1)

Various

14.50

Macquarie Bank Limited

Total

2,437,685

349.3

Joint Venture Dispositions
for the Nine Month Period Ended September 30, 2005


			Gross Sale				DDR's			Joint
			Proceeds				Ownership			Venture
Property Location	GLA		(Millions)		Sale Date		Percentage			Partner
Richmond, CA		76,692	$	14.0		4/1/2005		20.00	%	Prudential & Coventry Real Estate Partners
Service Merchandise locations		351,445	$	14.7	Various			25.00	%	Various
Long Beach, CA		342,699	$	75.6		8/2/2005		24.75	%	Prudential & Coventry Real Estate Partners


Total		770,836	$	104.3

Joint Venture Acquisitions and Dispositions 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Joint Venture Expansion and Redevelopment Projects
for the Nine Month Period Ended September 30, 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, 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 99 Cent Store (relocated), House to Home and Costco (which were demolished) so that 20 acres of land could be sold to Wal-Mart for development of a Supercenter. Will recapture and redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates.

St. Petersburg, FL		24.63	%	KLA/SM	Demise of former Service Merchandise building for 24,650 sf Homegoods, 8,000 sf Boater's World, 35,000 sf Joann's and construction of outparcel.

Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center to accommodate PetsMart (opened 7/05), Old Navy (opened 9/05) and additional mid-size anchors and other retail tenants to be announced.


Total Cost (Millions)	$	61.0


*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, a theater, small shops and restaurants to be announced.

Joint Venture Expansions and Redevelopment 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Joint Venture Development Projects
for the Nine Month Period Ended September 30, 2005


								DDR's
				DDR's	Joint	Total		Proportionate		Substantial
	Total			Ownership	Venture	Cost		Cost		Completion
Projects Substantially Complete	GLA			Percentage	Partner	(Millions)		(Millions)		Date	Major Tenants

Jefferson County (St. Louis), MO		330,051		(1) 50.0%	Sansone	$	9.7	$	4.8	2005	Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty
Projects in Progress

Apex, NC (Beaver Creek Crossings-Phase II)		261,945		20.0%	First Carolina Properties	$	39.9	$	8.0	2006	To be announced.
San Antonio, TX (Westover)		554,769	(1)	10.0%	David Berndt Interests & Coventry II	$	34.6	$	3.5	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	2007	To be announced.

Joint Venture Development Totals		1,454,363				$	119.2	$	23.3

Notes:


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

Joint Venture Developements 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Joint Venture Development
Assets Placed in Service as of September 30, 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	$	1.9	$	0.9
3rd Quarter 2005	$	0.0	$	0.0
4th Quarter 2005	$	18.0	$	2.2
During 2006 and Thereafter	$	94.8	$	17.9

Total	$	119.2	$	23.3

Joint Venture Development
Funding Schedule as of September 30, 2005


	DDR's		JV Partners'		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of September 30, 2005	$	13.5	$	6.4	$	37.2	$	57.1
Projected Net Funding During 2005		0.2		0.5		9.8	$	10.5
Projected Net Funding Thereafter		0.6		2.3		48.7	$	51.6

Total	$	14.3	$	9.2	$	95.7	$	119.2

Joint Venture Developement Delivery and Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Joint Venture Debt
as of September 30, 2005

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III B
Deer Park, IL

55,368

07/06

Libor + 150

RVIP VI

18,153

(1)

RVIP VII

98,720

(2)

04/07

Libor + 140

2,003

(2)

07/07

8.375

RVIP VIII

23,356

01/06

Libor + 175

DDRA Community Centers Five

18,000

(3)

07/07

Libor + 200

280,000

(3)

08/10

5.295

DDRA Community Centers Eight
Deer Valley, AZ

17,430

09/10

8.010

DDRA Kildeer LLC

4,500

08/07

Libor + 180

Kildeer, IL

15,000

08/07

5.640

Lennox Town Center Limited
Columbus, OH

18,214

07/22

8.110

Sun Center Limited

6,198

05/11

5.420

Columbus, OH

14,572

04/11

8.480

DOTRS LLC
Macedonia, OH

10,413

09/06

Libor +100

DDRC PDK Salisbury Phase III LLC
Salisbury, MD

1,824

04/06

7.610

KLA/SM LLC

12,492

11/13

6.256

16,588

10/13

6.365

Jefferson County Plaza, LLC
Arnold, MO

3,548

08/08

Libor + 175

Paradise Village Gateway
Phoenix, AZ

17,133

05/07

7.780

Paseo Colorado Holdings

30,000

02/06

Libor + 245

Pasadena, CA

55,000

02/06

5.780

DDR Markaz

110,000

(4)

06/08

4.129

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Joint Venture Debt
as of September 30, 2005 (continued)

Mortgage

Property/Entity

Balance (000's)

Maturity Date

Interest Rate

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

19,415

07/07

Libor + 195

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

Coventry II DDR Merriam Village

17,361

06/08

Libor + 150

DPG Realty Holdings, LLC

Tonawanda, NY

6,174

05/17

7.630

Tonawanda, NY

5,273

06/21

7.660

DDR Maquarie (6)

$125 Million Revolving Credit Facility

65,644

(7)

11/07

Libor + 100

JPMorgan Chase

9,100

(7)

11/07

4.913

Secured Financing

290,500

(8)

12/08

4.225

50,000

(8)

12/08

Libor + 130

165,250

(9)

06/09

4.180

20,000

(9)

06/07

4.800

29,750

(9)

06/07

Libor + 84

BJ’s Clarence

4,912

03/22

7.070

JoAnn Transit

3,359

08/13

6.250

New Hartford Consumer Square

36,748

11/18

5.750

Birmingham, AL (Riverchase)

7,910

01/13

5.500

Merriam Town Center

30,000

11/06

Libor + 110

DDR Macquarie Longhorn Holdings

85,000

(10)

01/12

4.910

DDR Macquarie Longhorn Holdings II

157,250

(11)

04/10

4.822

26,450

(11)

04/10

Libor + 85

DDR Macquarie Longhorn Holdings III

39,300

(12)

04/10

5.098

2,205,887

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 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 four 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:

	Oviedo, FL	Tampa, FL	Grove City, OH
	Richmond, CA	Highland, IN	Toledo, OH
	Winchester, VA

(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)	The company’s 50% joint venture associated with the Mervyn’s Portfolio acquisition is not reflected below as it is consolidated within DDR’s accounts pursuant to FIN 46.

(7)	Encumbers three shopping center properties as follows:

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

(8)	Encumbers seven shopping center properties as follows:

	Independence, MO	Framingham, MA	Fairfax, VA
	Schaumburg, IL	Atlanta, GA	Naples, FL
	Marietta, GA

(9)	Encumbers ten shopping center properties as follows:

	Clarence, NY	Monaca, PA	Nashville, TN
	Cheektowaga, NY	Erie, PA	Coon Rapids, MN
	Batavia, NY	Murfreesboro, TN	Ashville, NC
	Fayetteville, AR

(10)	Encumbers four shopping center properties as follows:

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

(11)	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)

(12)	Encumbers three shopping center properties as follows:

	Grandville Marketplace (Grandville, MI)	Parker Pavillions (Parker, CO)
	McDonough Marketplace (McDonough, GA)

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Pro Rata Joint Venture Debt
as of September 30, 2005


		DDR's			DDR's
		Pro Rata			Pro Rata			Interest
Joint Venture		Interest			Debt (000's)			Rate (1)
RVIP III B			25.50	%	$	14,119			5.364
RVIP VI			25.50	%		4,629			8.098
RVIP VII			20.75	%		20,900			5.326
RVIP VIII			25.50	%		5,956			5.614
DDRA Comm Ctr Five			50.00	%		149,000			5.329
DDRA Comm Ctr Eight			50.00	%		8,715			8.010
DDRA Kildeer, LLC			10.00	%		1,950			5.645
Lennox Town Center			50.00	%		9,107			8.110
Sun Center			79.45	%		16,502			7.566
DOTRS LLC			50.00	%		5,206			4.864
DDRC PDK Salisbury			50.00	%		912			7.610
KLA/SM LLC			24.63	%		7,162			6.318
Jefferson County Plaza			50.00	%		1,774			5.614
Paradise Village Gateway			67.00	%		11,479			7.780
Paseo Colorado Holdings			25.00	%		21,250			5.968
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			6.264
Coventry II DDR Totem Lakes			20.00	%		5,200			6.014
Coventry II DDR Phoenix Spectrum			20.00	%		7,800			6.614
Coventry II DDR Westover Marketplace			10.00	%		1,941			5.814
Coventry II DDR Buena Park			20.00	%		12,200			5.014
Coventry II DDR Merriam Village			20.00	%		3,472			5.364
DPG Realty Holdings, LLC			10.00	%		1,145			7.643
DDR Maquarie			14.49	%		147,968	(2)		4.640

Total					$	516,784


	Fixed Rate				$	386,134
	Variable Rate				$	130,650

					$	516,784


Weighted Average — Total					4.04 years				5.1	%

Weighted Average — Fixed			1,565,863		4.97 years				5.0	%

Weighted Average — Floating			640,024		1.77 Years				5.4	%

Notes:


(1)		Interest rate on floating rate debt determined by using the LIBOR rate in effect on September 30, 2005. One-month LIBOR was 3.864% on September 30, 2005.

(2)		The company’s 50% joint venture associated with the Mervyn’s Portfolio acquisition is not reflected as it is consolidated within DDR’s accounts pursuant to FIN 46.

Summary of Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Summary of Joint Venture Mortgage Principal Payments
as of September 30, 2005
(000’s)


	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 B (Deer Park)				55,368																				55,368
RVIP VI		293		317		17,761																		18,371
RVIP VII		97		106		100,593																		100,796
RVIP VIII				23,356																				23,356
DDRA Community Centers Five						18,000						280,000												298,000
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				1,824																				1,824
KLA/SM LLC																		29,080						29,080
Jefferson County Plaza LLC								3,548																3,548
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						19,415																		19,415
Coventry II DDR Buena Park												61,000												61,000
Coventry II DDR Merriam Village								17,361																17,361
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						74,744																		74,744
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
DDR Macquarie Longhorn Hldgs III												39,300												39,300
Payments through 9/30/05		-3,949																						-3,949

Total — Debt		1,329		281,512		347,228		476,466		170,666		585,999		22,332		90,393		41,340		155,869		32,752		2,205,887

Summary of Joint Venture Debt 5.5


		Run Date: 10/19/2005 Time:11:38:12AM Page 1 of 22 Quarter: 3Q05

Retail 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	100.00 %		423,493		550,410		3,726,650	GOODY’S #165(2009), REGAL CINEMAS, INC. #010401(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	100.00 %		301,074		454,904		1,855,740	OFFICE DEPOT #43(2007), DOLLAR TREE #1130(2009), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.#010402(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)

3	BIRMINGHAM, AL (RIVERCHASE)	RIVERCHASE PROMENADE MONTGOMERY HIGHWAY		35244	SC		1989		2002	14.50 %		98,016		228,344		1,419,021	MARSHALL’S #411(2008), 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	100.00 %		85,196		130,899		277,605	FRED’S(2009), FOOD WORLD(NOT OWNED)

5	OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003	100.00 %		190,127		190,127		1,166,504	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	100.00 %		40,560		223,750		440,712	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	50.00 %		647,904		686,435		9,224,370	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 DRESS FOR LESS. #369(2007), OFFICEMAX #743(2012)

8	CHANDLER, AZ	MERVYN’S PLAZA 2992 N. ALMA SCHOOL ROAD		85224	SC		1985		2005	50.00 %		74,862		74,862		660,000	MERVYN’S(2020)

9	MESA, AZ (SUPERS)	SUPERSTITION SPRINGS CENTER 6505 E. SOUTHERN AVE		85206	MM		1990		2005	50.00 %		86,858		86,858		1,129,000	MERVYN’S(2020)

10	PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003	67.00 %		223,208		296,118		4,148,402	BED BATH & BEYOND(2011), ROSS #364(2007), PETSMART #131(2015), STAPLES #0395(2010), ALBERTSONS-OSCO DRUG(NOT OWNED)

11	PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY		85027	SC		1996		1999	50.00 %		197,009		459,939		3,076,529	ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAEL’S #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

12	PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD		85053	SC		1979		2005	50.00 %		81,009		81,009		803,000	MERVYN’S(2020)

13	PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996	50.00 %		346,428		416,606		4,337,632	STAPLES #289(2009), COMP USA #318(2013), MAC FRUGAL’S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162(2011), CIRCUIT CITY - #3362-1(2016), DSW SHOE WAREHOUSE #29264(2017), BASSETT FURNITURE(2009), LINENS ‘N THINGS #427-1(2011), FRY’S(NOT OWNED)

14	PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD		85044	SC		1994		2005	50.00 %		76,214		76,214		839,000	MERVYN’S(2020)

15	PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1703 WEST BETHANY HOME ROAD		85015	SC		1961		2004	20.00 %		419,846		874,477		5,200,120	COSTCO WHOLESALE CORP #665(2020), ROSS DRESS FOR LESS(2013), PETsMART(2019), HARKINS THEATRE(2002), WALMART(NOT OWNED), DILLARD’S(NOT OWNED)

16	TUCSON, AZ	SANTA CRUZ PLAZA 3660 S. 16TH AVE		85713	SC		1982		2005	50.00 %		76,126		76,126		503,000	MERVYN’S(2020)

Arkansas

17	FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD		72703	SC		1997/1999/2000/2001		1997	14.50 %		262,827		590,161		2,977,792	T.J. MAXX #159(2011), 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)

18	FAYETTEVILLE, AR (STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR		72703	SC		2003		2003	14.50 %		50,293		261,644		990,412	KOHL’S(NOT OWNED), TARGET(NOT OWNED)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 2 of 22 Quarter: 3Q05

Retail 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)

19	N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991/2004		1994	100.00%		295,013		295,013		1,850,996	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)

20	RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994	100.00%		272,245		272,245		1,682,715	WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012)
California

21	ANAHEIM, CA	ANAHEIM HILLS FESTIVAL CENTER 8100 E. SANTA ANA CANYON ROAD		92808	SC		1992		2005	50.00%		77,883		77,883		1,276,000	MERVYN’S(2020)

22	ANTIOCH, CA	COUNTY EAST SHOPPING CENTER 2602 SOMERSVILLE ROAD		94509	MM		1970		2005	50.00%		75,339		75,339		1,158,000	MERVYN’S(2020)

23	BUENA PARK, CA	BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK		90620	SC		1965		2004	20.00%		736,900		1,144,563		7,958,709	Circuit City #405(2018), DSW Shoe Warehouse(2013), Ross Dress for Less #440(2010), Bed Bath & Beyond(2011), Kohls Department Store #589(2024), Krikorian Premier Theatres(2023), Michaels(2014), SEARS(NOT OWNED), WALMART(NOT OWNED)

24	CHINO, CA	CHINO TOWN SQUARE SHOPPING 5517 PHILADELPHIA STREET		91710	SC		1986		2005	50.00%		81,282		81,282		853,000	MERVYN’S(2020)

25	CITY OF INDUSTRY, CA (I)	PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE		91748	SC		1987		2001	20.00%		9,467		480,952		230,000	SAMS CLUB(NOT OWNED), TOYS R US(NOT OWNED), SAM ASH MUSIC(NOT OWNED), OFFICE DEPOT(NOT OWNED)

26	CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVE		93612	MM		1988		2005	50.00%		77,561		77,561		700,000	MERVYN’S(2020)

27	EL CAJON, CA	WESTFIELD SHOPPING TOWN 565 FLETCHER PARKWAY		92020	MM		1989		2005	50.00%		85,744		85,744		1,229,000	MERVYN’S(2020)

28	FAIRFIELD, CA	WESTFIELD SOLANO MALL 1451 GATEWAY BLVD		94533	MM		1981		2005	50.00%		89,223		89,223		1,594,000	MERYVN’S(2020)

29	FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET		95630	SC		2003		2005	50.00%		79,080		79,080		1,132,000	MERVYN’S(2020)

30	FOOTHILL RANCH, CA	FOOTHILLS RANCH TOWN CENTRE 26732 PORTOLA PKWY		92610	SC		1993		2005	50.00%		77,934		77,934		1,030,000	MERVYN’S(2020)

31	GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD		92843	SC		1982		2005	50.00%		83,746		83,746		738,000	MERVYN’S(2020)

32	LANCASTER, CA	VALLEY CENTRAL - DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001	20.00%		348,281		478,585		3,672,305	MARSHALLS #375(2007), CIRCUIT CITY #6464(2011), STAPLES #88(2008), MOVIES 12/CINEMARK(2017), WAL-MART #1563(2010), COSTCO(NOT OWNED)

33	LOMPAC, CA	MISSION PLAZA 1600 N H STREET		93436	SC		1992		2005	50.00%		62,523		62,523		344,000	MERVYN’S(2020)

34	LONG BEACH, CA (PIKE)	THE PIKE 95 SOUTH PINE AVE		90802	SC		2005		1 *	100.00%		169,774		189,847		2,739,189	CINEMARK(2008), CLUB V 20(2019)

35	MADERA, CA	MADERA 1467 COUNTRY CLUB DRIVE		93638	SC		1990		2005	50.00%		59,720		59,720		197,000	MERVYN’S(2020)

36	NORTH FULLERTON, CA	NORTH FULLERTON 200 IMPERIAL HWY		92835	SC		1991		2005	50.00%		76,360		76,360		757,000	MERVYN’S(2020)

37	NORTHRIDGE, CA	NORTHRIDGE PLAZA 8800 CORBIN AVE		91324	SC		1980		2005	50.00%		75,455		75,455		532,000	MERVYN’S(2020)

38	OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE		92054	SC		2000		1 *	100.00%		80,450		80,450		1,077,785	REGAL CINEMAS(2014)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 3 of 22 Quarter: 3Q05

Retail 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)

39	PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W. RANCHO VISTA BLVD		93551	MM		1992		2005		50.00	%		76,550		76,550		813,000	MERVYN’S(2020)

40	PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003		25.00	%		556,961		556,961		10,733,537	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)

41	PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101		94523	SC		1999/2000		2001		20.00	%		347,678		347,678		6,549,179	ALBERTSON’S #7062(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND #261(2010), ROSS STORES #449(2010)


42	PORTERVILLE, CA	PORTERVILLE MARKET PLACE 1275 W. HENDERSON AVE		93257	SC		1991		2005		50.00	%		76,378		76,378		505,000	MERVYN’S(2020)

43	REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE		96002	SC		1984		2005		50.00	%		61,363		61,363		608,000	MERVYN’S(2020)

44	RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002		20.00	%		245,774		245,774		3,639,839	OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS #375(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016)

45	SAN DIEGO, CA	SOUTHLAND PLAZA SHOPPING 575 SATURN BLVD		92154	SC		1982		2005		50.00	%		75,207		75,207		994,000	MERVYN’S(2020)

46	SAN FRANCISCO, CA (RETAIL)	VAN NESS PLAZA 215 1000 VAN NESS AVENUE		94109	SC		1998		2002		100.00	%		123,755		123,755		3,796,164	AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008)

47	SAN YSIDRO, CA	SAN YSIDRO VILLAGE CAMINO DE LA PLAZA		92173	SC		1988/2003		2000		20.00	%		160,668		258,862		2,589,413	ROSS DRESS FOR LESS #672(2014), MARSHALLS #0515(2013), K-MART(NOT OWNED)

48	SANTA MARIA, CA	TOWN CENTER WEST SHOPPING 201 TOWN CENTER W		93458	SC		1988		2005		50.00	%		84,886		84,886		748,000	MERVYN’S(2020)

49	SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA		95401	MM		1981		2005		50.00	%		90,348		90,348		1,497,000	MERVYN’S(2020)

50	SLATTEN RANCH, CA	SLATTEN RANCH SHOPPING CENTER 5849 LONE TREE WAY		94531	SC		2002		2005		50.00	%		78,819		78,819		1,302,000	MERVYN’S(2020)

51	SONORA, CA	SONORA CROSSROAD SHOPPING 1151 SANGUINETTI ROAD		95370	SC		1993		2005		50.00	%		62,214		62,214		719,000	MERVYN’S(2020)

52	TULARE, CA	ARBOR FAIRE SHOPPING CENTER 1675 HILLMAN STREET		93274	SC		1991		2005		50.00	%		62,947		62,947		555,000	MERVYN’S(2020)

53	UKIAH, CA	UKIAH 437 N. ORCHARD AVE		95482	SC		1990		2005		50.00	%		58,841		58,841		324,000	MERVYN’S(2020)

54	WEST COVINA, CA	WEST COVINA SHOPPING CENTER 2753 E. EASTLAND CTR DRIVE		91791	SC		1979		2005		50.00	%		82,028		82,028		1,515,000	MERVYN’S(2020)
Colorado

55	ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2		100.00	%		19,875		161,924		77,023	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)

56	AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003		14.50	%		127,215		479,541		2,405,326	BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

57	BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003		100.00	%		245,217		421,482		5,233,943	Nordstrom(2011), Linen’s N Things(2017), Best Buy(2016), Office Depot(2016), GREAT INDOORS(NOT OWNED)

58	DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001		100.00	%		174,780		196,580		1,864,470	REGENCY THEATRES TAMARAC SQ.(2008)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 4 of 22 Quarter: 3Q05

Retail 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)
59	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997		100.00	%		408,337		529,488		6,566,357	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)

60	DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003		100.00	%		244,383		244,383		3,655,164	Linens N Things #119(2013), Pier 1 Imports #1116(2014), Officemax #416(2012), King Soopers/Krogers(2017)

61	FORT COLLINS. CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		1		2003		100.00	%		18,988		316,420		412,082	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)

62	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		1 *		100.00	%		227,800		251,534		6,502,460	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)

63	PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER SOUTH PARKER ROAD		80134	SC		2003		1 *		100.00	%		111,844		216,720		1,835,485	BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013), KOHL’S(NOT OWNED)

64	PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003		14.50	%		89,631		410,868		1,708,292	Office Depot #2165(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

Connecticut

65	PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		1 *		14.50	%		463,394		566,537		6,490,709	LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), DSW SHOE WAREHOUSE(2015), DICK’S SPORTING GOODS #185(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

66	BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2		100.00	%		209,720		209,720		1,331,944	PUBLIX SUPER MARKETS #295(2010), BEALL’S #11(2014), T.J. MAXX #794(2010)

67	BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD & N. CONGRESS AVE		33461	SC		1986		2004		100.00	%		106,224		106,224		1,448,893	Publix Super Markets #14(2006)

68	BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972/1997/2003		2 *		100.00	%		161,900		228,022		777,663	K MART #4311(2007), KANE FURNITURE(NOT OWNED)

69	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003		14.50	%		148,267		196,801		1,863,459	Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix Super Markets #663(2019), BABIES R US(NOT OWNED)

70	BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997/2004		2003		14.50	%		113,986		243,641		1,479,328	Linens ‘N Things #496(2014), Sports Authority #213(2018), PETSMART(2020), LOWE’S(NOT OWNED)

71	CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986/2001		1/2		100.00	%		160,135		160,135		995,432	BEALL’S #38 -4(2012), BEALL’S OUTLET #191(2006), TECHNOLOGY CONSERVATION GROUP(2006)

72	DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001		100.00	%		76,087		76,087		853,878	Marshalls of MA, Inc.(2010)

73	ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD		34224	SC		1991		2004		100.00	%		46,835		46,835		444,497	Kash n Karry #1885(2011)

74	FERN PARK, FL	FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH		32720	SC		1970		1/2		100.00	%		16,000		133,020		137,400

75	GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY		32561	SC		1998		2003		100.00	%		29,827		333,654		476,494	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)

76	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995		100.00	%		219,735		295,752		1,293,391	J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 5 of 22 Quarter: 3Q05

Retail 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)

77	JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004		100.00	%		182,098		182,098		1,011,925	Food Lion #833(2010)

78	LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004		100.00	%		102,572		102,572		808,403	Winn-Dixie #631(2017)

79	MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		1/2		100.00	%		63,894		155,155		258,938	BEALL’S #54 -4(2005), WAL-MART(NOT OWNED)

80	NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995		14.50	%		267,808		283,208		3,173,608	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)

81	OCALA, FL	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003		100.00	%		40,075		40,075		359,859	Sports Authority(2012)

82	ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BLVD		32065	SC		1993/2000		2004		100.00	%		72,531		135,473		678,499	Bealls Dept Store #47(2009), ALBERTSON’S(NOT OWNED)

83	ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994		100.00	%		234,042		234,042		1,952,620	BEALL’S #60(2018), ROSS DRESS(2016), PUBLIX SUPER MARKETS #446(2013)

84	OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		1 *		20.00	%		186,212		321,249		1,958,408	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)

85	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995		100.00	%		52,395		229,188		923,745	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)

86	PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988/1997/1999		1/2		100.00	%		17,150		236,892		207,030	WALMART(NOT OWNED)

87	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2		100.00	%		188,924		393,000		1,574,135	BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED)

88	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003		100.00	%		58,386		231,035		433,866	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)

89	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2		20.00	%		104,460		222,388		1,291,619	PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED)

90	TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004		100.00	%		216,284		216,284		1,481,300	BABIES R US(2008), Pearl Artist & Craft Supply(2007)

91	TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2		100.00	%		134,366		249,747		1,058,185	BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED)

92	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2		100.00	%		198,797		199,447		1,461,463	K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)

93	WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2		100.00	%		135,421		215,661		881,523	BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED)

Georgia

94	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003		100.00	%		24,000		218,879		338,196	WAL MART(NOT OWNED)

95	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994		100.00	%		99,025		219,025		1,052,073	OFFICE DEPOT #076-2(2007), WAL-MART(NOT OWNED)

96	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995		14.50	%		343,155		352,755		5,325,404	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)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 6 of 22 Quarter: 3Q05

Retail 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)

97	CANTON, GA (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003		100.00	%		127,853		127,853		886,815	Staples #796(2014), Ingles # 96(2019)

98	CARTERSVILLE, GA	FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S		30120	SC		1984		2003		100.00	%		112,240		112,240		836,606	Ross Dress For Less #582(2013), Ingles #76(2020)

99	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003		100.00	%		175,969		175,969		1,241,968	Save Rite #2718(2006)

100	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003		100.00	%		119,786		242,786		1,167,464	Goody’s #296(2011), Petsmart #0294(2015), Michael’s # 9929(2009), TARGET(NOT OWNED)

101	CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997/1999		2003		100.00	%		308,557		652,642		3,598,915	Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)

102	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003		100.00	%		86,158		261,353		1,416,572	Best Buy(2015), Babies R Us(2011), LOWES(NOT OWNED)

103	FT. OGLETHORPE, GA	FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT		30742	SC		1992		2003		100.00	%		176,903		176,903		673,184	Dollar General(2015), K Mart #3083(2007)

104	LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.00	%		75,622		78,422		481,625	FARMERS FURNITURE(2009), Food Lion #890(2019)

105	LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		10.00	%		89,064		89,064		624,111

106	LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003		10.00	%		73,950		73,950		654,400	Kroger #394(2012)

107	LITHONIA, GA	THE SHOPPES AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003		100.00	%		96,075		276,070		1,328,425	Best Buy #389(2018), Bed Bath & Beyond #516(2013), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED)

108	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		20.00	%		91,196		91,196		965,728	Kroger #443(2016)

109	MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.00	%		105,849		105,849		493,439	Ingles #444 (DARK)(2010), Wal-Mart #1363(2009)

110	MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995		14.50	%		301,297		311,194		3,835,174	STEIN MART #141(2007), ROSS DRESS FOR LESS #572(2013), PUBLIX SUPER MARKETS #548(2015), CRUNCH FITNESS INTERNATIONAL(2011)

111	MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003		14.50	%		30,500		338,071		569,537	LOWES(NOT OWNED), WALMART(NOT OWNED)

112	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.00	%		156,497		426,723		1,246,300	Lowe’s #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)

113	STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.00	%		162,778		162,778		286,422	Ingles #466(2009)

114	STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.00	%		0		10,800		244,145

115	STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003		100.00	%		2,000		2,000		42,000

116	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003		100.00	%		261,626		261,626		3,405,653	PetsMart(2020), Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016), SHOE GALLERY(2014)

117	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003		100.00	%		130,832		279,020		1,186,268	Goody’s #299(2014), Kroger #482(2019), WALMART(NOT OWNED)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 7 of 22 Quarter: 3Q05

Retail 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)

118	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.00	%		100,002		181,954		663,067	Ingles #407(2006), WAL MART(NOT OWNED)

119	WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.00	%		107,941		459,700		1,289,019	T.J. Maxx #032(2010), Staples(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

120	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.00	%		170,940		170,940		1,266,275	Wal-Mart #575(2020)
Idaho

121	IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976/1992/1997		1998		100.00	%		148,593		306,201		723,797	OFFICE MAX #666(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

122	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004	1 *			100.00	%		459,719		725,178		6,023,902	BED BATH & BEYOND #333(2011), OLD NAVY #02448(2010), 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

123	DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003		100.00	%		22,775		194,775		254,610	WAL MART(NOT OWNED)

124	DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000/2004	1 *			24.75	%		286,889		391,084		8,182,469	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)

125	HARRISBURG, IL	ARROWHEAD POINT 701 NORTH COMMERCIAL		62946	SC		1991		1994		100.00	%		167,074		167,074		847,463	WAL-MART STORES #237(2011), MAD PRICER(2011)

126	KILDEER, IL	THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12		60047	SC		2001		2001		10.00	%		161,770		167,477		3,158,415	BED BATH & BEYOND #415(2012), CIRCUIT CITY(2017), OLD NAVY #03641(2006)

127	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	MM		1974/1998/2000	2 *			100.00	%		269,328		269,328		983,355	SEARS #2181(2013), GOODY’S #407(2015), J.C. PENNEY #1717(2007)

128	ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004		100.00	%		149,498		149,498		1,488,437	Home Depot #1906(2012)

129	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995		14.50	%		508,815		674,504		8,406,394	CIRCUIT CITY #3111(2009), OFF 5TH(2011), PETSMART(2014), HOMEGOODS #229(2014), 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), PRAIRIE ROCK RESTAURANT(NOT OWNED)
Indiana

130	BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993/1997	2 *			100.00	%		223,431		223,431		1,312,413	K MART #7455(2008), GOODY’S #119 -4(2008), J.C. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010)

131	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996		20.00	%		312,546		524,410		3,354,461	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)

132	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE		47905	SC		2000		2003		100.00	%		35,100		243,850		392,973	WAL MART(NOT OWNED)
Iowa

133	CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 — 367 COLLINS ROAD, NE		52404	SC		1984		1998		100.00	%		187,068		207,405		1,858,809	T.J. MAXX #119(2010), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217 (2021)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 8 of 22 Quarter: 3Q05

Retail 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)

134	OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM		1990/1999/2002		1/2		100.00	%		241,427		344,677		1,503,384	HERBERGER’S #326(2020), J.C. PENNEY #2438(2010), OFFICEMAX #1033(2015), GOODY’S #391(2014), TARGET(NOT OWNED)
Kansas

135	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC		1996/2002		1998		100.00	%		291,459		473,830		6,795,940	BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), VICTORIA’S SECRET(2009), EXPRESS/BATH&BODY/STRUCTURE(2009), GAP/GAP BODY(2008), GAP KIDS(2005), J.JILL(2013), POTTERY BARN(2009), WILLIAMS-SONOMA(2009), AMERICAN EAGLE(2013), PACIFIC SUNWEAR(2012), BRAVO CUCINA ITALIANA(2013), RESTORATION HARDWARE(2012), HOULIHANS(2025), BRISTOL SEAFOOD BAR & GRILL(2011), BOMBAY(2006)

136	MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC		1998/2004	1 *			14.50	%		351,234		473,740		4,107,326	OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK’S SPORTING GOODS # 119(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)

137	OLATHE, KS (DEVONSHIRE)	DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD		66062	SC		1987		1998		24.75	%		48,802		48,802		321,568

138	OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC		1987/2002		1998		24.75	%		60,765		60,981		735,119

139	OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC		2001/2004		2003		100.00	%		36,518		328,800		727,154	HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), BABIES R US(NOT OWNED)

140	SHAWNEE, KS (QUIVIRA PARCEL)	TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD		66216	SC		1972		1998		24.75	%		12,000		12,000		206,911

141	SHAWNEE, KS (TEN QUIVIRA)	TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD		66216	SC		1999/2003		1998		24.75	%		162,843		162,843		937,231	PRICE CHOPPER FOODS # 439(2008), WESTLAKE HARDWARE #17(2010)

142	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC		1955		2002		100.00	%		203,997		253,997		1,956,137	OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED)
Kentucky

143	FLORENCE, KY (TURFWAY)	TURFWAY PLAZA 6825 TURFWAY ROAD		41042	SC		1975/1998		2004		100.00	%		133,985		133,985		854,582	Party Town & Office Depot #176(2006), Big Lots #00296B(2008)

144	FRANKFORT, KY (EASTWOOD)	EASTWOOD SHOPPING CENTER 260 VERSAILLES ROAD		40601	SC		1963/1994		2004		100.00	%		155,104		155,104		622,789	Sears, Roebuck & Co. #2090(2006)

145	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE		40511	SC		1998		2003		100.00	%		48,920		228,878		632,311	Staples #1214(2016), WAL MART(NOT OWNED)

146	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL		40503	SC		1998		2003		100.00	%		27,643		344,280		588,528	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

147	LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY		40228	SC		1973/1989/1998		2004		100.00	%		120,777		120,777		611,506	Valu Discount, Inc. #3354(2009)

148	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003		100.00	%		158,041		229,313		264,300	Food Lion #1203(2017), BALLARD’S(NOT OWNED)
Maine

149	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997		100.00	%		301,992		310,229		2,544,238	HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS #01694(2008), T.J. MAXX #114(2010), SEARS #2203(2012)
Maryland

150	SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999	1 *			100.00	%		98,635		322,512		1,310,784	BEST BUY(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 9 of 22 Quarter: 3Q05

Retail 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)

151	SALISBURY, MD (DEV JV)	THE COMMONS(PHASE III) NORTH POINTE DRIVE		21801	SC		2000	1 *		50.00%		27,500		27,500		243,250

Massachusetts

152	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001	1 *		100.00%		222,287		639,807		4,381,062	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)

153	FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995	14.50%		769,276		778,701		14,264,564	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)

Michigan

154	BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		1993	100.00%		63,415		134,574		503,508	GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)

155	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		1994	100.00%		53,588		129,339		203,776	K MART #9245(2010), KMART(NOT OWNED)

156	DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998	100.00%		343,619		450,349		2,272,694	NATIONAL WHOLESALE LIQUIDATORS(2016), PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS(2008), KIDS R US #1167(2013), TOYS R US, INC.(2011)

157	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991/2004		1993	100.00%		190,482		190,482		692,450	Dunham’s(2011), Big Lots(2010), BUY LOW/ROUNDY’S — 4(2011)

158	GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2003		2003	14.50%		201,726		352,098		2,557,705	Circuit City(2017), Linens ‘N Things#682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED)

159	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981/1999		1/2	100.00%		257,863		257,863		610,845	J.C. PENNEY #20430(2010), OFFICEMAX #1116(2014)

160	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		1993	100.00%		215,047		215,047		1,336,305	Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(2012)

161	LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000/2001		2003	100.00%		115,469		468,876		1,208,938	Michael’s #1590(2011), Gander Mountain(2015), Petsmart(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

162	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990	2 *		100.00%		249,680		249,680		1,667,584	WAL-MART STORES #1428(2009), TJX(2014), KROGER #889(2011)

163	SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993/1998		1994	100.00%		270,761		270,761		1,732,322	WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), DUNHAM’S ATHLEISURE CORP.(2011), GLEN’S MARKET(2013)

164	WALKER, MI (ALPINE AVE)	GREEN RIDGE SQUARE II 3410 ALPINE AVENUE		49504	SC		1991/1995		2004	100.00%		91,749		91,749		815,395	Circuit City #3632(2003), BED BATH AND BEYOND(2015)

165	WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995	100.00%		133,627		398,465		1,397,798	T.J. MAXX #160(2011), OFFICE DEPOT #241(2010), BED BATH AND BEYOND(NOT OWNED), TARGET(NOT OWNED), TOYS R US(NOT OWNED)

Minnesota

166	BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	MM		1977/1998	2 *		100.00%		297,803		297,803		1,519,005	K MART #9204(2007), HERBERGER’S #348(2010), J.C. PENNEY #1091-8(2008)

167	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	MM		1985/1998		1/2	100.00%		260,319		260,319		1,919,630	STEVE & BARRY’S UNIVERSITY(2013), HERBERGER’S #323(2013), MOVIES 10/WESTGATE MALL/#205(2011)

168	COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE		55433	SC		2003	1 *		14.50%		518,261		906,765		8,536,393	KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), BORDERS(2023), OLD NAVY #03546(2007), SPORTSMAN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED), J.C. PENNEY(NOT OWNED)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 10 of 22 Quarter: 3Q05

Retail 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)

169	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		55122	SC		1997/2001		1997	50.00%		278,211		342,014		3,483,988	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)

170	HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	MM		1981		1/2	100.00%		121,001		209,843		483,798	J.C. PENNEY #1076-9 -4(2006), HENNEN’S FURNITURE(NOT OWNED)

171	MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94		55369	SC		1995/2002		1996	50.00%		265,957		354,321		2,858,943	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) WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S

172	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997	14.50%		324,354		473,596		2,628,817	#312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)

173	WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	MM		1977		1/2	100.00%		185,658		185,658		514,934	J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)

Mississippi

174	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003	100.00%		457,027		532,158		5,267,054	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)

175	JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003	100.00%		107,780		326,319		1,104,916	Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

176	JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003	100.00%		52,617		182,300		331,788	Office Depot #414(2012), HOME DEPOT(NOT OWNED)

177	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003	20.00%		13,200		71,866		324,968	KROGER(NOT OWNED)

178	SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003	100.00%		55,749		173,269		548,407	Staples 1172(2016), HOME DEPOT(NOT OWNED)

179	STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994	100.00%		133,691		268,254		904,781	J.C. PENNEY #2447(2010), KROGER #381(2042), LOWE’S(NOT OWNED)

180	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994	100.00%		348,236		348,236		1,895,912	SAM’S CLUB #6329(2012), GOODY’S #39(2007), WAL-MART STORES #258(2012)

Missouri

181	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		1*	50.00%		36,567		284,623		503,364	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

182	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2	100.00%		93,420		100,420		901,961

183	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995	14.50%		386,070		403,170		4,079,836	KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)

184	KANSAS CITY, MO (BRYWOOD)	BRYWOOD CENTER 8600 E. 63rd STREET		64133	SC		1972		1998	24.75 %		208,234		208,234		893,469	BIG LOTS #489(2009), PRICE CHOPPER #106(2009)

185	KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003	20.00%		261,891		586,465		4,300,607	Dick’s #116(2016), 24 Hour Fitness(2023), AMC Theaters(2011), OFF BROADWAY SHOES(2015), T.J. Maxx(2013), TARGET(NOT OWNED), DILLARD’S(NOT OWNED)

186	SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998	100.00%		56,033		56,033		491,757	TOYS R US #9512(2013)

187	ST. JOHN, MO	ST JOHN CROSSING 9000-9070 ST CHARLES ROCK RD		63114	SC		2003		2003	100.00%		93,513		93,513		982,993	Shop N Save(2022)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 11 of 22 Quarter: 3Q05

Retail 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)

188	ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998	100.00%		415,435		450,938		5,391,290	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)

189	ST.LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998	100.00%		52,842		169,699		467,039	SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED)

190	ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998	100.00%		67,628		67,628		1,114,458	OFFICE MAX(2014)

191	ST.LOUIS,MO (BRENTWOOD)	PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT		63144	SC		1998		1998	100.00%		299,584		299,584		4,022,889	TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), LANE HOME FURNISHINGS(2013)

192	ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998	100.00%		110,992		114,992		602,682	K MART #7543(2008)

193	ST.LOUIS,MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998	100.00%		92,372		92,372		1,436,827	T.J. MAXX #329(2008)

Nevada

194	CARSON CITY, NV	EAGLE STATION 3871 S. CARSON STREET		89701	SC		1983		2005	50.00%		60,494		60,494		533,000	MERVYN’S(2020)

195	LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		1 *	100.00%		24,032		27,300		428,856

196	LAS VEGAS, NV(LOMA)	LOMA VISTA SHOPPING CENTER 4700 MEADOW LANE		89107	SC		1979		2005	50.00%		75,687		75,687		750,000	MERVYN’S(2020)

197	LAS VEGAS, NV(NELLIS)	NELLIS CROSSING SHOPPING 1300 S. NELLIS BLVD		89104	SC		1986		2005	50.00%		76,016		76,016		670,000	MERVYN’S(2020)

198	RENO, NV (SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CTR PKWY		89511	SC		2002		2005	50.00%		79,239		79,239		611,000	MERVYN’S(2020)

199	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000	100.00%		52,474		52,474		692,801	CENTURY THEATRE, INC.(2014)

200	SW LAS VEGAS, NV	GRAND CANYON PARKWAY S.C. 4265 S. GRAND CANYON DRIVE		89147	SC		2003		2005	50.00%		79,294		79,294		873,000	MERVYN’S(2020)

New Jersey

201	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003	100.00%		446,940		938,523		7,340,156	STAPLES(2015), 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)

202	MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE		08330	SC		2001		2004	100.00%		398,870		398,870		5,789,669	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)

203	MAYS LANDING, NJ (WRANGLEBORO	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD		08330	SC		1997		2004	100.00%		839,446		839,446		9,123,598	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)

204	MT. LAUREL, NJ (DEV)	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE.		08054	SC		2005		1 *	100.00%		268,667		683,963		5,949,094	BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO ANN FABRICS(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), WEGMANS(NOT OWNED), TARGET(NOT OWNED), COSTCO(NOT OWNED)

205	PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		02071	SC		1995		1997	100.00%		250,766		759,575		4,224,188	BORDERS #131(2011), BEST BUY #578(2012), LINENS ‘N THINGS #462(2011), PETSMART #577(2011), BABIES R US(2016), TARGET(NOT OWNED)

206	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		02071	SC		1999/2004		1 *	100.00%		202,622		309,285		4,028,229	DICK’S SPORTING GOOD #105(2015), MICHAEL’S #9936(2009), KOHL’S #294(2019)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 12 of 22 Quarter: 3Q05

Retail 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)

207	WEST LONG BRANCH, NJ(MONMOUTH)	CONSUMER CENTER 310 STATE HIGHWAY #36		07764	SC		1993		2004	100.00%		292,999		292,999		3,880,952	Sports Authority #464(2012), Barnes and Noble #1885(2009), Petsmart #0760(2008), Home Depot #0907(2013)

New Mexico

208	LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2	100.00%		93,021		93,021		653,933	SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2008), BEALL’S #0180 (2009)

New York

209	ALDEN, NY (TOPS)	TOPS PLAZA — ALDEN 12775 BROADWAY		14004	SC		1999		2004	100.00%		67,992		67,992		736,269	Tops Markets #261(2019)

210	AMHERST, NY	TOPS PLAZA — AMHERST 3035 NIAGARA FALLS BLVD.		14828	SC		1986		2004	20.00%		145,192		145,192		1,170,181	Tops Markets #207(2010)

211	AMHERST, NY (BOULEVARD CONSUME	K MART PLAZA 1641-1703 NIAGARA FALLS BLVD		14228	SC		1998/2001/2003		2004	100.00%		709,114		709,114		6,387,386	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)

212	AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD		14228	SC		1978/1982/1990/1998		2004	100.00%		199,504		199,504		2,062,900	Burlington Coat #62(2014), Jo-Ann Fabrics and Crafts#1930(2014)

213	AMHERST, NY (DICKS)	DICKS SPORTING GOODS-AMHERST 281 MEYER ROAD		14226	SC		1993/2003		2004	100.00%		55,745		55,745		720,783	Dicks Sporting Goods # 11(2015)

214	AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD		14226	SC		1960/1973/1982/1988/ 2003		2004	100.00%		58,413		58,413		565,814

215	AMHERST, NY (TOPS-TRANSIT COMM	TOPS PLAZA — TRANSIT/N. FRENCH 9660 TRANSIT ROAD		14226	SC		1995/1998		2004	100.00%		112,427		112,427		1,079,588	Tops Markets(2016)

216	AMHERST, NY (UNIVERSITY PLAZA)	UNIVERSITY PLAZA 3500 MAIN STREET		14226	SC		1965/1995/2002		2004	100.00%		162,879		162,879		1,374,959	A.J. Wright #162(2012), Tops Markets #42(2009)

217	ARCADE, NY	TOPS PLAZA-ARCADE ROUTE 39		14009	SC		1995		2004	10.00%		65,915		65,915		643,559	Tops Markets #238(2015)

218	AVON, NY	TOPS PLAZA-AVON 270 E. MAIN STREET		14414	SC		1997/2002		2004	10.00%		63,288		63,288		453,412	Tops Markets (B) #4(2017)

219	BATAVIA, NY (BJS)	BJs PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004	14.50%		95,846		95,846		770,278	BJs Wholesale Club #311(2016)

220	BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN STREET		14020	SC		1990		2004	14.50%		49,431		49,431		522,519

221	BATAVIA, NY (TOPS PLAZA)	TOPS PLAZA 8351 LEWISTON ROAD		14020	SC		1994		2004	14.50%		37,140		115,161		435,154	TOPS(NOT OWNED)

222	BIG FLATS, NY (CONSUMER SQUARE	BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64		14814	SC		1993/2001		2004	100.00%		641,264		641,264		6,043,609	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), T.J. Maxx #198 (2007)

223	BUFFALO, NY (DELAWARE CONSUMER	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE		14216	SC		1995		2004	100.00%		237,297		237,297		2,058,982	A.J. Wright #174(2012), OfficeMax #834(2012), Target Stores #T-1013A(2015)

224	BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE		14207	SC		1997		2004	100.00%		133,940		133,940		1,497,835	Regal Cinema #330341(2017), Office Depot #412(2012)

225	BUFFALO, NY (MARSHALLS)	MARSHALLS PLAZA 2150 DELAWARE AVENUE		14216	SC		1960/1975/1983/1995		2004	100.00%		82,196		82,196		838,129	Marshalls #331(2009)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 13 of 22 Quarter: 3Q05

Retail 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)
226	CANANDAIGUA, NY	TOPS PLAZA 5150 North Street		14424	SC		2002		2004		100.00	%		57,498		57,498		769,500	Tops Markets #432(2023)

227	CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS 2015 WALDEN AVENUE		14225	SC		1994		2004		14.50	%		26,500		26,500		609,500	Borders #100(2015)

228	CHEEKTOWAGA, NY (THRUWAY PLAZA	THRUWAY PLAZA 2195 HARLEM ROAD		14225	SC		1965/1995/1997/2004		2004		100.00	%		369,202		501,534		2,598,758	Wal-Mart #01-2586(2017), MovieLand 8 Theatres(2019), Tops Markets #131(2019), A.J. WRIGHT(2015), Value City Furniture #76(2009), M & T Bank(2007), HOME DEPOT(NOT OWNED)

229	CHEEKTOWAGA, NY (TOPS UNION)	TOPS PLAZA — UNION ROAD 3825-3875 UNION ROAD		14225	SC		1978/1989/1995/2004		2004		20.00	%		151,357		151,357		1,757,154	Tops Markets #202(2013)

230	CHEEKTOWAGA, NY (UNION CONSUME	UNION CONSUMER SQUARE 3733-3735 UNION ROAD		14225	SC		1989/1998/2004		2004		14.50	%		386,548		386,548		4,227,104	Marshalls #366(2009), Office Max #320(2010), Sam’s Club #6673(2024), Circuit City Stores #3151(2016), Jo-Ann ETC.#1931(2015)

231	CHEEKTOWAGA, NY (UNION)	UNION ROAD PLAZA 3637 UNION ROAD		14225	SC		1979/1982/1997/2003		2004		14.50	%		174,438		174,438		1,194,071	Dicks Sporting Goods, Inc. #10(2015)

232	CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE 2130-2190 WALDEN AVENUE		14225	SC		1994/1999		2004		14.50	%		68,002		68,002		681,625	Media Play #8290(2010)

233	CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700-1750 WALDEN AVENUE		14225	SC		1997/1999/2004		2004		14.50	%		255,964		255,964		2,216,083	Office Depot #00673(2009), Linens N Things(2015), Michaels #3862(2013), Target Stores #T-1014A(2015)

234	CHILI, NY (KMART)	CHILI PLAZA 800 PAUL ROAD		14606	SC		1998		2004		100.00	%		116,868		120,368		748,189	Sears, Roebuck and Co.(2019)

235	CICERO, NY (BEAR RD)	BEAR ROAD PLAZA 709-729 NORTH MAIN STREET		13212	SC		1978/1988/1995		2004		100.00	%		59,483		59,483		477,788

236	CLARENCE, NY (BARNES)	BARNES & NOBLE 7370 TRANSIT ROAD		14031	SC		1992		2004		14.50	%		16,030		16,030		304,249

237	CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/ 2004		2004		14.50	%		520,876		520,876		4,144,525	BJS Wholesale Club, Inc.(2021), Dicks Sporting Goods #14(2011), Linens N Things(2015), Michaels #2014(2010), Wal-Mart #2355(2019)

238	CLARENCE, NY (JOANN)	JOANN PLAZA 4101 TRANSIT ROAD		14221	SC		1994		2004		14.50	%		92,720		202,720		743,588	Office Max #81(2009), JO-ANN FABRICS(2015), BIG LOTS #01852(2015), HOME DEPOT(NOT OWNED)

239	CLARENCE, NY (PREMIER)	PREMIER PLACE 7864-8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004		14.50	%		142,536		142,536		1,375,325	Premier Liquors — I(2010), Stein Mart #155(2008)

240	CORTLAND, NY (TOPS PLAZA)	TOPS PLAZA — CORTLAND STAPLES 3836 ROUTE 281		13045	SC		1995		2004		100.00	%		134,223		134,223		1,687,565	Tops Markets #517(2016), Staples #1235(2017)

241	DANSVILLE, NY (TOPS)	TOPS PLAZA — DANSVILLE 23-65 FRANKLIN STREET		14437	SC		2001		2004		100.00	%		62,400		62,400		626,969	Tops Markets #520(2021)

242	DEPEW, NY	TOPS PLAZA — DEPEW 5175 BROADWAY		14043	SC		1980/1990/1996		2004		100.00	%		148,245		148,245		1,442,393	Tops Markets #114(2016), Big Lots #00391 B(2011)

243	DEWITT, NY (DEWITT COMMONS)	MARSHALLS PLAZA 3401 ERIE BOULEVARD EAST		13214	SC		2001/2003		2004		100.00	%		318,612		318,612		2,389,186	Toys R Us #7525(2018), Marshalls #217(2019), Bed, Bath & Beyond #515(2018), A.C. Moore(2014), Syracuse Orthopedic Specialist(2017)

244	DEWITT, NY (MICHAELS/CHUCK E C	MICHAELS — DEWITT 3133 ERIE BOULEVARD		13214	SC		2002		2004		100.00	%		49,713		49,713		570,166	Michaels #2011(2010)

245	ELMIRA, NY	TOPS PLAZA-ELMIRA HUDSON STREET		14904	SC		1997		2004		10.00	%		98,330		98,330		1,117,100	Tops Market #551(2017)

246	GATES, NY (WESTGATE PLAZA)	WESTGATE PLAZA 2000 CHILI AVENUE		14624	SC		1998		2004		100.00	%		335,199		335,199		3,087,394	Wal-Mart #2859(2021), Staples the Office Superstore(2015)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 14 of 22 Quarter: 3Q05

Retail 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)
247	GREECE, NY	WEST RIDGE PLAZA 3042 WEST RIDGE ROAD		14626	SC		1993/1999		2004		100.00	%		75,916		75,916		799,191	Petsmart #774(2008), Jo-Ann etc. #1949(2015)

248	HAMBURG, NY (BJS)	BJS PLAZA — HAMBURG 4408 MILESTRIP ROAD		14075	SC		1990/1997		2004		100.00	%		175,965		175,965		1,702,495	OfficeMax #0027(2010), BJs Wholesale Club #35(2010)

249	HAMBURG, NY(DICKS-MCKINLEY)	MCKINLEY PLACE 3701 MCKINLEY PARKWAY		14075	SC		1990/2001		2004		100.00	%		128,944		128,944		1,380,410	Dicks Sporting Goods #12(2011), Rosas Home Store(2009)

250	HAMBURG, NY (HAMBURGVILLAGE)	HAMBURG VILLAGE SQUARE 140 PINE STREET		14075	SC		1960/1972/1984/1996		2004		100.00	%		92,717		92,717		890,877

251	HAMBURG, NY (HOME DEPOT)	HOME DEPOT PLAZA — HAMBURG 4405 MILESTRIP ROAD		14219	SC		1999/2000		2004		100.00	%		139,413		139,413		1,507,396	Home Depot #1286(2012)

252	HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP CENTER 3540 MCKINLEY PARKWAY		14075	SC		1999		2004		100.00	%		106,774		106,774		1,421,108	Old Navy #03046(2010), Jo-Ann Fabrics & Crafts #1932(2015)

253	HAMBURG, NY (TOPS)	SOUTH PARK PLAZA-TOPS 6150 SOUTH PARK AVENUE		14075	SC		1990/1992		2004		10.00	%		84,000		84,000		730,500	Tops Markets #236(2015)

254	HAMLIN, NY	TOPS PLAZA-HAMLIN 1800 LAKE ROAD		14464	SC		1997		2004		10.00	%		60,488		60,488		490,070	Tops Markets (B) #4(2017)

255	IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST		14622	SC		1972/1984/1997		2004		20.00	%		226,812		226,812		2,417,271	Regal Cinemas, Inc. #330332(2022), A.J. WRIGHT #0211(2014)

256	IRONDEQUOIT, NY (RIDGEVIEW)	RIDGEVIEW PLACE 1850 RIDGE ROAD EAST		14617	SC		2000		2004		100.00	%		64,732		64,732		837,438

257	ITHACA, NY (TOPS PLAZA)	TOPS PLAZA — ITHACA 614 — 722 SOUTH MEADOW		14850	SC		1990/1999/2003		2004		100.00	%		229,320		229,320		3,678,845	OFFICE MAX #908(2014), Tops Markets #525(2021), Michaels #3718(2013), Barnes & Noble Booksellers2122(2018)

258	JAMESTOWN, NY	TOPS PLAZA — JAMESTOWN 75 WASHINGTON STREET		14702	SC		1997		2004		20.00	%		98,001		98,001		1,272,966	Tops Markets (B) #2 — Jamestow(2018)

259	JAMESTOWN, NY (SOUTHSIDE)	SOUTHSIDE PLAZA 708-744 FOOTE AVENUE		14701	SC		1980/1997		2004		100.00	%		63,140		63,140		571,170	Quality Market #6661(2017)

260	LANCASTER, NY (REGAL)	REGAL CENTER 6703-6733 TRANSIT ROAD		14221	SC		1997		2004		14.50	%		112,949		112,949		948,593	Regal Cinema #33294(2017)

261	LEROY, NY	TOPS PLAZAl — LEROY 128 WEST MAIN STREET		14482	SC		1997		2004		20.00	%		62,747		62,747		564,043	Tops Markets, Inc. #2 — Leroy(2017)

262	LOCKPORT, NY	WAL-MART/TOPS PLAZA — LOCKPORT 5789 & 5839 TRANSIT RD & HAMM		14094	SC		1993		2004		100.00	%		296,582		296,582		2,621,761	Wal-Mart #10-2107(2015), Tops Markets #21(2021), Sears Hardware #5073(2006)

263	MEDINA, NY (TOPS)	TOPS PLAZA — MEDINA 11200 MAPLE RIDGE ROAD		14103	SC		1996		2004		100.00	%		80,028		80,028		526,400	Tops Market #248(2016)

264	NEW HARTFORD, NY	CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE		13413	SC		2002		2004		14.50	%		516,497		516,497		5,917,485	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), T.J. Maxx #865(2012)

265	NEW HARTFORD, NY (TOPS)	TOPS PLAZA — NEW HARTFORD 40 KELLOPP ROAD		13413	SC		1998		2004		100.00	%		127,740		127,740		1,243,912	Tops Markets #570(2018)

266	NIAGARA FALLS, NY (HOMEDEPOT)	HOME DEPOT PLAZA — N FALLS 720 & 750 BUILDERS WAY		14304	SC		1994/2000		2004		100.00	%		154,510		154,510		1,461,852	Home Depot #1287(2019), Regal Cinemas #330393(2019)

267	NIAGARA FALLS, NY (PINEPLAZA)	PINE PLAZA 8207-8351 NIAGARA FALLS BLVD		14304	SC		1980/1992/1998		2004		100.00	%		82,755		82,755		735,412	OfficeMax #328(2015)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 15 of 22 Quarter: 3Q05

Retail 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	NIAGARA FALLS, NY (TOPS-PORTAG	TOPS — PORTAGE 1000 PORTAGE ROAD		14301	SC		1991		2004		100.00	%		116,903		116,903		1,139,727	Tops Markets/Eckerd Corp #009(2013)

269	NIAGARA FALLS, NY (WEGMANS)	WEGMANS PLAZA — N FALLS 1575 — 1653 MILITARY ROAD		14304	SC		1998		2004		100.00	%		122,876		122,876		705,141	Wegmans Food Markets, Inc.(2023)

270	NISKAYUNA, NY	MOHAWK COMMONS 402 — 442 BALLTOWN ROAD		12121	SC		2002		2004		100.00	%		399,901		530,375		4,429,977	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)

271	NORTH TONAWANDA, NY (MID-CITY	MID-CITY PLAZAza 955-987 PAYNE AVENUE		14120	SC		1960/1976/1980/1995/ 2004		2004		100.00	%		212,418		212,418		2,168,532	Sears, Roebuck and Company #50(2006), TOPS(2024)

272	NORWICH, NY (TOPS)	TOPS PLAZA-NORWICH 54 EAST MAIN STREET		13815	SC		1997		2004		10.00	%		85,453		85,453		1,101,525	Tops Markets #560(2018)

273	OLEAN, NY (WAL-MART)	WAL-MART PLAZA — OLEAN 3142 WEST STATE STREET		14760	SC		1993/2004		2004		100.00	%		285,400		401,406		2,291,507	Wal-Mart #2159(2014), Eastwynn Theatres, Inc.(2014), BJs Wholesale Club #302(2014), HOME DEPOT(NOT OWNED)

274	ONTARIO, NY	TOPS PLAZA — ONTARIO BLOCKBUST 6254-6272 FURNACE ROAD		14519	SC		1998		2004		20.00	%		77,040		77,040		757,947	Tops Markets #4 — Ontario(2019)

275	ORCHARD PARK, NY	CROSSROAD PLAZA 3245 SOUTHWESTERN BOULEVARD		14127	SC		2000		2004		20.00	%		167,805		279,920		1,939,639	Tops Markets #108 — Orchard(2022), Stein Mart #269(2012), LOWES(NOT OWNED)

276	PLATTSBURGH, NY	CONSUMER SQUARE Rt. 3 — CORNELIA ROAD		12901	SC		1993/2004		2004		100.00	%		491,506		491,506		3,415,479	Wal-Mart-Sams #6456(2013), Wal-Mart #01-1994(2020), T.J. Maxx #423(2013), PetsMart #1290(2014), Michaels #1555(2011)

277	ROCHESTER, NY (HEN-JEF)	HEN-JEF PLAZA 400 JEFFERSON RD @ HENRIETTA		14620	SC		1983/1993		2004		100.00	%		159,517		159,517		1,118,833	City Mattress(2009), Comp USA #1557(2008), PETsMART #773(2008), The Tile Shop(2015)

278	ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD ROAD		14625	SC		1959/1965/1972/1980/ 1986/1994		2004		20.00	%		278,241		278,241		3,465,161	Linens N Things #371(2008), Tops Markets #417(2014)

279	ROCHESTER, NY(HENRIETTA PLAZA)	HENRIETTA PLAZA 1100 JEFFERSON ROAD		14467	SC		1972/1980/1988/1999		2004		100.00	%		245,426		245,426		1,921,020	Big Lots #01474 B(2010), Office Depot #2011(2009), Tops Markets #415(2013)

280	ROME, NY (FREEDOM)	FREEDON PLAZA 205-211 ERIE BOULEVARD WEST		13440	SC		1978/2000/2001		2004		100.00	%		161,967		161,967		853,212	Staples the Office Superstore(2015), J.C. Penney #2008(2008), Tops Markets #572(2021)

281	SPRINGVILLE, NY	SPRINGVILLE PLAZA 172 — 218 SOUTH CASCADE DRIVE		14141	SC		1980/1999/2004		2004		100.00	%		107,924		107,924		904,715	Tops Markets(2023), SALVATION ARMY(2009)

282	TONAWANDA, NY (DEL-TON)	DEL-TON PLAZA 4220 DELAWARE AVENUE		14150	SC		1985/1996		2004		100.00	%		55,473		55,473		364,512

283	TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD		14150	SC		1976/1985/1996		2004		100.00	%		121,846		121,846		1,108,448	CompUSA Inc., Stores LP. #29-4(2010), Office Depot #398(2011)

284	TONAWANDA, NY (SHER/DELAWARE)	SHERIDAN/DELAWARE PLAZA 1692-1752 SHERIDAN DRIVE		14223	SC		1950/1965/1975/1986/ 2000		2004		100.00	%		188,200		188,200		1,352,158	The Bon Ton #63(2010), Bon-Ton Home Store(2010), Tops Markets #239(2020)

285	TONAWANDA, NY (TOPS)	TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET		14150	SC		1997		2004		10.00	%		97,014		97,014		1,236,230	Tops Markets #228(2017)

286	TONAWANDA, NY (TOPS/GANDER MTN	YOUNGMANN PLAZA 750 YOUNG STREET		14150	SC		1985/2003		2004		10.00	%		310,921		310,921		2,281,267	BJ’s Wholesale Club #6(2010), Big Lots #1629(2012), Gander Mountain Company #251(2015), Tops Markets #226(2021)

287	UTICA, NY (TOPS MOHAWK ST.)	TOPS PLAZA — DOLLAR TREE 1154 MOHAWK STREET		13501	SC		1961/1972/1988/1998		2004		100.00	%		191,047		191,047		1,664,513	A.J. Wright #0208(2014), Tops Markets (B) #5(2019)

288	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE		14564	SC		2000		2004		100.00	%		56,134		56,134		898,696


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 16 of 22 Quarter: 3Q05

Retail 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)
289	WARSAW, NY	TOPS PLAZA — WARSAW 2382 ROUTE 19		14569	SC		1998		2004		20.00	%		74,105		74,105		711,298	Tops Markets (B) #2 — Warsaw(2015)

290	WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD		14224	SC		1975/1983/1987/1995		2004		100.00	%		139,453		139,453		1,340,342	Home Depot #1231(2016)

291	WEST SENECA, NY (SENECA RIDGE)	SENECA — RIDGE PLAZA 3531 SENECA STREET		14224	SC		1980/1996/2004		2004		100.00	%		62,403		62,403		551,570	Sears, Roebuck & Co. #5163(2006)

292	WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE		14221	SC		1986/1995/2003		2004		100.00	%		92,382		92,382		969,268

North Carolina

293	APEX, NC	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET		27502	SC		2005		1 *		100.00	%		110,433		439,315		2,183,106	LINEN’S N THINGS #1180(2016), OFFICEMAX(2014), LOWE’S(NOT OWNED), SUPER TARGET(NOT OWNED)

294	ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		28805	SC		1996		2003		14.50	%		190,970		190,970		1,996,049	Goody’s 20923 — #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick’s Sporting Goods #205(2017), Michael’s(2008), Officemax #577(2011)

295	DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2		100.00	%		203,934		322,200		1,195,566	FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)

296	FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003		100.00	%		196,279		196,279		1,551,651	Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond #560(2014)

297	HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995/2004		2003		100.00	%		88,590		123,587		571,623	EPIC THEATRES(2018), Ingles #112(2009), BIG LOTS(NOT OWNED)

298	INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD		28079	SC		1999		2004		100.00	%		102,360		102,360		833,292	Food Lion #1614(2020)

299	MOORESVILLE, NC	MOORESVILLE CONSUMER SQUARE 355 WEST PLAZA DRIVE		28117	SC		1999		2004		100.00	%		405,081		405,081		3,489,907	Wal-Mart #1156(2019), Goodys #322(2010)

300	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989/1999		1/2		100.00	%		68,130		200,228		593,786	GOODY’S #4(2007), WAL-MART(NOT OWNED)

301	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990/1999		1/2		100.00	%		93,527		278,311		465,600	WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)

302	WAYNESVILLE, NC	LAKESIDE PLAZA 201 PARAGON PARKWAY		28721	SC		1990		2 *		100.00	%		181,894		181,894		1,149,676	WAL-MART STORE #1663(2011), FOOD LION #957-2(2011)

303	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2		100.00	%		411,349		518,197		3,071,106	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(2006), BADCOCK FURNITURE(2014), SAM’S(NOT OWNED)

North Dakota

304	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		1/2		100.00%			266,502		266,502		1,081,195	K MART #9564(2008), HERBERGER’S #330(2010), J.C. PENNEY #1628-7(2008)

Ohio

305	ASHTABULA, OH (TOPS)	TOPS PLAZA — ASHTABULA 1144 WEST PROSPECT ROAD		44004	SC		2000		2004		100.00%			57,874		57,874		900,712	Tops Markets #884(2021)

306	AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996/2004		1 *		100.00%			64,700		159,982		1,284,589	MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED)

307	BELLEFONTAINE, OH	SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET		43311	SC		1995		1998		100.00%			52,399		52,399		445,579	GOODY’S STORE # 314(2010), STAPLES # 1146(2010)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 17 of 22 Quarter: 3Q05

Retail 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)

308	BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		44514	SC		1997		1 *		100.00	%		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 # 4075(2018)

309	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		1 *		14.50	%		478,106		593,610		5,026,339	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)

310	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974/1998		1/2		20.00	%		105,512		105,512		1,017,930	KROGER #348(2041), OFFICE MAX #617(2013)

311	CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET		45601	SC		1974/1998		1/2		100.00	%		130,497		130,497		822,132	LOWE’S HOME CENTERS #472-2(2015)

312	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		2 *		100.00	%		164,544		164,544		1,307,271	MICHAEL’S(2006)

313	COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST COLUMBUS 3630 SOLDANO BLVD		43228	SC		1989/2003		2004		100.00	%		356,515		356,515		2,376,306	Office Max #282(2010), Kroger Store #598(2014), Target Stores #T-668(2011)

314	COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998		80.01	%		326,912		435,993		1,688,832	AMC THEATRE(2007), MAX SPORTS CENTER(2006), B.J.’S WHOLESALE CLUB(NOT OWNED)

315	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998		100.00	%		509,611		509,611		6,211,183	COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2008), DICK’S #410(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC. #195 (2014), T.J. MAXX#447(2008)

316	COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		43212	SC		1997		1998		50.00	%		352,913		352,913		3,373,193	TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021)

317	COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998		79.45	%		305,428		305,428		3,547,945	BABIES R US #9242(2011), MICHAEL’S #2873(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART #130(2007), WHOLE FOOD MARKETS(2016), STAPLES #403 (2010)

318	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD		43017	SC		1996		1998		100.00	%		137,556		137,556		1,523,113	GIANT EAGLE(2014)

319	ELYRIA, OH	ELYRIA SHOPPING CENTER 825 CLEVELAND		44035	SC		1977		1/2		100.00	%		85,125		85,125		626,445	TOPS MARKETS #811(2010)

320	GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE		45631	SC		1998		2003		100.00	%		25,950		205,908		346,350	WAL MART(NOT OWNED)

321	GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998		20.00	%		128,210		128,210		830,014

322	HAMILTON, OH	H.H. GREGG 1371 MAIN STREET		43450	SC		1986		1998		100.00	%		40,000		40,000		230,000	ROUNDY’S(2006)

323	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		1993		100.00	%		163,819		278,376		1,368,206	CUB FOODS(2011), WAL-MART(NOT OWNED)

324	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990/2002		1993		100.00	%		17,000		110,480		176,581	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)

325	MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994		50.00	%		233,639		374,506		3,023,398	FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)

326	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS		44056	SC		1999		1 *		100.00	%		169,481		169,481		1,601,734	CINEMARK(2019), HOME DEPOT #3824(2020)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 18 of 22 Quarter: 3Q05

Retail 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)
327	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997	14.50%		624,587		665,487		7,793,104	BEST BUY #279(2010), DSW(2015), BED BATH & BEYOND, INC. #458(2012), MARSHALLS (2008), PETSMART #529(2008), HOME DEPOT #3803(2019), K & G MEN’S #267 COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC’S(2012), COMPUSA INC. #577(2008), TOPS SUPERMARKET(NOT OWNED)

328	PATASKALA, OH	VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE		43062	SC		1980		1998	100.00%		33,270		33,270		201,200	CARDINAL (GARDNERS/LANCASTER)(2007)

329	PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998	100.00%		59,495		61,872		545,809

330	SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		1 *	100.00%		183,255		183,255		2,613,206	MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286 (2018)

331	STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		44224	SC		1997/2000		1 *	100.00%		404,480		506,563		2,889,695	K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. (2017), KOHL’S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET # 4096 #249(2003), TARGET(NOT OWNED)

332	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980/2004		1/2	100.00%		170,868		170,868		781,545	MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2010)

333	TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		1 *	20.00%		241,129		271,729		2,751,314	KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #03786(2010)

334	TOLEDO, OH (DICKS)	DICKS — TOLEDO 851 WEST ALEXIS ROAD		43612	SC		1995		2004	100.00%		80,160		80,160		501,000	Dicks Sporting Goods #49(2016)

335	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974/1997/2000		1/2	100.00%		162,330		162,330		1,380,354	MARC’S #37(2009), K MART #3234(2009)

336	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994/1997/2001		1 *	100.00%		104,873		203,282		763,736	KROGER #829(2019), WAL-MART(NOT OWNED)

Oregon

337	PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996	50.00%		309,617		566,457		5,173,392	LINENS N THINGS(2012), ROSS DRESS FOR LESS #399(2008), BARNES & NOBLE (2011), MICHAEL’S #9887(2009), OFFICE DEPOT-#00954(2010), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED) # 2748 HAGGAN’S(2021),

Pennsylvania

338	ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001/2004		2003	100.00%		257,177		257,177		2,630,617	Wal-Mart #2641(2021)

339	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975/1997		1/2	100.00%		173,876		179,376		1,324,809	K MART #3026(2010), BIG LOTS #1713(2010)

340	ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995/1998/2003		1 *	100.00%		557,769		679,074		5,093,274	LOWE’S HOME CTR #226(2015), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE (2020), MEDIA PLAY-4 #8158(2011), KOHL’S-#221-4(2016), 3744 WAL-MART STORES (2015), CINEMARK #186(2011), HOME #2278 DEPOT(NOT OWNED)

341	ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2003		2003	14.50%		107,537		238,387		1,051,339	Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED)

342	ERIE, PA (TOPS-ERIE)	TOPS PLAZA — ERIE 1520 WEST 25TH STREET		16505	SC		1995		2004	100.00%		99,631		99,631		1,253,532	Tops Markets (B) #602(2016)

343	HANOVER, PA (BJS)	BJS — HANOVER 1785 AIRPORT ROAD SOUTH		18109	SC		1991		2004	100.00%		112,230		112,230		784,631	BJs Wholesale Club #21(2011)

344	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003	14.50%		253,110		253,110		1,999,010	Lowe’s #500(2027), Shop N Save(2019)

345	MONACA, PA (CINEMARK)	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999		2003	100.00%		45,651		45,651		672,024	CINEMARK #344(2019)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 19 of 22 Quarter: 3Q05

Retail 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)

Puerto Rico

346	ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR #KM 80.3		00612	MM		1980/1993		2005		100.00	%		215,346		224,845		3,307,164	K MART #7566(2013), CAPRI DEL ATLANTICO(2013)

347	BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS		00961	MM		1998/2003/2004		2005		100.00	%		526,150		675,371		15,276,061	WAL*MART #2501(2022), OLD NAVY #5830(2007), SCIENCE PARK CINEMA CORP.(2019), BED BATH & BEYOND, STORE #381(2017), HOME DEPOT(NOT OWNED)

348	BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8		00961	SC		1980/2002		2005		100.00	%		126,098		132,384		1,313,348	PUEBLO XTRA #156(2009), TIENDAS CAPRI(2013)

349	BAYAMON, PR (RIO HONDO)	RIO HONDO PR #22, PR #167		00961	MM		1982/2001		2005		100.00	%		396,556		461,858		10,033,101	TIENDAS CAPRI(2009), MARSHALLS #749(2009), K MART #7570(2013), XTRA #159(2012), RIO HONDO CINEMA(NOT OWNED)

350	CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1		00987	SC		1997		2005		100.00	%		385,665		601,535		7,414,354	OFFICEMAX STORE #1117(2015), WAL*MART PUERTO RICO, INC.(2024), BORDERS #482(2017), OLD NAVY(2009), SAM’S WHOLESALE CLUB(2024), HOME DEPOT(NOT OWNED), CARIBBEAN CINEMAS(NOT OWNED)

351	CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE RD #1 & PR #735		00736	SC		1999/2004		2005		100.00	%		261,126		339,840		2,732,023	WAL*MART #2721(2021), CAYEY CINEMA CORP.(NOT OWNED)

352	FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940		00738	SC		1992		2005		100.00	%		245,319		251,319		3,823,351	Wal*Mart #1822(2012), Pueblo Xtra #171(2012)

353	GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART ROAD PR #3 KM 135.0		00784	SC		1994		2005		100.00	%		163,598		163,598		1,671,794	Wal*Mart #2072(2018)

354	HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD #2,KM 81.9		00659	MM		1992		2005		100.00	%		505,591		671,020		10,564,599	Almacenes Pitusa(2003), J.C. Penney #651(2012), Pueblo Xtra #166(2012), Wal*Mart #1854(2012), TOYS R’ US/KID’SRUS(NOT OWNED)

355	HUMACAO, PR (PALMA REAL)	PALMA REAL STATE ROAD #3, KM 78.20		00791	SC		1995		2005		100.00	%		340,608		442,614		6,112,050	CAPRI STORES(2011), XTRA/PUEBLO INTERNATIONAL, INC(2020), CINEVISTA THEATRES(2005), WAL*MART #2240(2020), PEP BOYS(NOT OWNED), J C PENNY(NOT OWNED)

356	ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE RD #2 & #454,KM 111.6		00662	SC		1994		2005		100.00	%		238,410		259,016		3,317,891	PUEBLO INTERNATONAL, LLC(2014), WAL-MART PUERTO RICO, INC#2085(2019)

357	SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE RD PR #122		00683	SC		1991		2005		100.00	%		22,356		49,172		315,950	PEP BOYS #907(2015)

358	SAN GERMAN, PR (DEL OESTE)	DEL OESTE ROAD PR #2 INT PR #122		00683	SC		1991		2005		100.00	%		174,172		184,746		2,259,765	K Mart #3896(2016), Pueblo Xtra #163(2011)

359	SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177		00926	MM	1978/Mutiple			2005		100.00	%		168,607		209,067		2,506,555	K MART #9789(2005), PUEBLO EXT(NOT OWNED)

360	VEGA BAJA, PR (PLZA VEGA BAJA)	PLAZA VEGA BAJA ROAD PR #2 INT PR #155		00693	SC		1990		2005		100.00	%		174,728		184,938		2,099,309	K Mart Corp #3679(2015), Pueblo Xtra #158(2010)

South Carolina

361	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993		100.00	%		180,127		363,405		996,649	BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)

362	CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003		100.00	%		188,883		196,048		1,592,156	Food Lion #933(2011), Wal-Mart #1748(2011)

363	COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002		14.50	%		259,551		319,040		2,714,644	Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #712(2014), Marshall’s #458(2012), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED)

364	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992/2000		1995		100.00	%		209,139		325,236		1,715,260	OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL’S OF MA, INC.(2011), WAL-MART(NOT OWNED)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 20 of 22 Quarter: 3Q05

Retail 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)

365	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		2 *	100.00%		294,471		375,451		2,053,568	WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED)

366	N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVENUE		29406	SC		1980/1993		2004	100.00%		235,501		235,501		1,237,408	Babies R Us(2005), Big Lots #00004 B(2009)

367	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994/1999		1995	100.00%		50,760		247,434		526,479	GOODY’S #282(2008), WAL-MART(NOT OWNED)

368	S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994	100.00%		22,050		22,050		94,462

369	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994	100.00%		142,080		142,080		836,512	INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(2015)

370	UNION, SC	WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1		29379	SC		1990		1993	100.00%		184,331		184,331		783,522	WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010)

South Dakota

371	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2	100.00%		285,372		327,372		1,291,948	HERBERGER’S #315(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED)

Tennessee

372	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999/2004		2000	14.50%		201,414		201,414		2,568,734	BEST BUY #170(2014), ROSS DRESS FOR LESS #823(2015), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)

373	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992/2004		2003	100.00%		214,918		214,918		1,665,415	Best Buy #4720(2014), Hobby Lobby #317(2014), Fresh Market(2014)

374	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003	10.00%		68,948		68,948		498,289	KROGER #538(2022)

375	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003	10.00%		71,311		71,311		472,039	Bi-Lo #367(2011)

376	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003	20.00%		84,441		84,441		711,346	Kroger #541(2012)

377	HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050LOWE’S ROAD		37075	SC		1999		2003	100.00%		133,144		133,144		1,222,439	Lowe’s(2019)

378	JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS		37604	SC		2005		2003	100.00%		0		88,248		352,992	KOHL’S(NOT OWNED)

379	MEMPHIS, TN	COUNTRY BRIDGE 9020 US HIGHWAY 64		38002	SC		1993		2003	100.00%		64,223		64,223		549,818	Kroger #436(2012)

380	MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003	100.00%		117,750		117,750		700,043	Murfreesboro Athletic Club(2014)

381	MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003	14.50%		108,180		390,802		1,310,610	T.J. Maxx #579(2008), Books-A-Million(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)

382	NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003	14.50%		167,795		367,879		1,655,391	Lowe’s(2019), WAL MART(NOT OWNED)

Texas

383	AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003	24.75 %		281,231		570,469		3,831,757	ROSS DRESS FOR LESS #706(2014), LINEN N THINGS #291(2014), HOBBY LOBBY #306(2018), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED), CHICK-FIL-A(NOT OWNED)


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

Property Listing 7.1

Does Not Include Service Merchandise Interests



		Run Date: 10/19/2005 Time:11:38:12AM Page 21 of 22 Quarter: 3Q05

Retail 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)

384	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD,		75035	SC		2003		2003	100.00%		19,759		106,343		626,106	KOHL’S(NOT OWNED)

385	FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996	50.00%		205,017		385,039		2,123,252	UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), ROSS DRESS FOR LESS #351-1(2011), TARGET(NOT OWNED), TOYS R US(NOT OWNED), OFFICE DEPOT(NOT OWNED)

386	FT. WORTH, TX (FOSSIL CREEK)	FOSSIL CREEK WESTERN CENTER BLVD		76137	SC		1991		2002	100.00%		68,492		68,492		877,035

387	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003	14.50%		146,941		598,651		2,609,714	Marquee Cinema(2018), OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)

388	LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002	14.50%		311,039		567,069		3,551,446	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)

389	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY		75070	SC		2000		2003	100.00%		118,970		183,813		1,267,690	Kohl’s #416(2021), ALBERTSON’S(NOT OWNED)

390	MESQUITE, TX	THE MARKETPLACE AT TOWN CENTER SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003	100.00%		164,625		260,775		1,950,936	Linen ‘N Things #267(2013), Michael’s(2012), Ross Dress For Less #603(2013), KOHL’S(NOT OWNED)

391	SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD		78227	SC		2001/2002		1 *	100.00%		278,706		887,896		4,299,392	T.J. MAXX #0808(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #6499(2011), ROSS DRESS FOR LESS #509(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED), KOHL’S(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CREDIT UNION(NOT OWNED), RAQUETBALL & FITNESS(NOT OWNED)

392	SAN ANTONIO, TX (INGRAM)	INGRAM PARK 6157 NW LOOP 410		78238	SC		1985		2005	50.00%		76,597		76,597		422,000	MERVYN’S(2020)

Utah

393	LOGAN, UT	FAMILY PLACE @ LOGAN 400 NORTH STREET		84321	SC		1975		1998	100.00%		19,200		44,200		208,422	RITE AID(NOT OWNED)

394	MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998	100.00%		741,469		741,469		8,009,441	MERVYN’S #M-0065A(2020), 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)

395	OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998	100.00%		162,316		162,316		722,162	HARMONS(2012)

396	OREM, UT	FAMILY CENTER AT OREM 1300 SOUTH STREET		84058	SC		1991		1998	100.00%		150,667		281,931		1,595,890	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)

397	RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998	100.00%		593,113		596,198		4,444,841	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)

398	SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET		84115	SC		1978		1998	100.00%		34,209		34,209		245,015

399	TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998	100.00%		746,890		818,890		7,349,091	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

400	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		2 *	100.00%		174,515		174,515		1,614,962	WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)

Virginia


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

Property Listing 7.1

Does Not Include Service Merchandise Interests


		Run Date: 10/19/2005 Time:11:38:12AM Page 22 of 22 Quarter: 3Q05

Retail 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)

401	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003	100.00%		116,310		116,310		1,191,148	Ukrop’s(2008)

402	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995	14.50%		253,392		253,392		4,732,451	SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS #822(2009), BED, BATH & BEYOND #65(2010), UNITED ARTISTS #33191(2014)

403	LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003	100.00%		270,765		337,765		2,049,967	Goody’s #174(2006), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED)


404	LYNCHBURG, VA (FAIRVIEW)	FAIRVIEW SQUARE 2215 FLORIDA AVENUE		24501	SC		1992		2004	100.00%		85,209		85,209		338,376	Food Lion #992(2012)

405	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2	50.00%		435,057		435,057		2,732,846	GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 - (2009), OFFICEMAX #744(2012), KROGER 4 #R-350(2017)

406	MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003	100.00%		79,407		79,407		703,017	Food Lion #299(2010)

407	PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		1993	100.00%		143,299		143,299		888,123	WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)

408	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		2 *	20.00%		240,560		240,560		2,431,382	MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A- MILLION #954(2008)

Washington

409	EVERETT, WA	PUGET PARK 520 128TH STREET SW		98204	SC		1981		2001	20.00%		41,065		88,961		481,270	ALBERTSON’S(NOT OWNED)

410	KIRKLAND, WA	TOTEM LAKES UPPER TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004	20.00%		178,205		224,184		2,759,280	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)

West Virginia

411	BARBOURSVILLE, WV	OFFICE MAX CENTER 5-13 MALL ROAD		25504	SC		1985		1998	100.00%		70,900		133,396		383,825	DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED)

Wisconsin

412	BROOKFIELD, WI (CARX)	SW OF BROOKFIELD (CARX) NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003	100.00%		7,420		7,420		133,560

413	BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003	14.50%		182,722		190,142		1,383,239	T.J. Maxx #202(2005), Marshall’s Mega Store # 737(2009), Officemax #16(2010), Burlington Coat Factory #112(2007)

414	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		53209	SC		1967		2003	14.50%		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)

415	BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD		53209	SC		1989		2003	14.50%		143,372		143,372		1,159,492	ANNA’S LINEN(2008), Marshall’s Mega Store #736(2009), Pick ‘N Save #6867(2005)

416	MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET		53221	SC		1962		2003	100.00%		160,533		160,533		707,571	Kohl’s #43(2007), Pick ‘N Save # 6845(2007)

417	WEST ALLIS, WI (WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108		53214	SC		1968		2003	100.00%		246,081		259,981		1,421,496	Kohl’s #41(2008), Marshall’s Mega Store #738(2009), Pick ‘N Save #6846(2008)
						Grand Total:						74,412,045		99,752,567		811,809,417


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

Property Listing 7.1

Does Not Include Service Merchandise Interests

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 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, Chief Executive Officer & Chairman of the Board, Developers Diversified Realty

Dean S. Adler, Principal, Lubert-Adler Partners, L.P.

Terrance R. Ahern, Principal, The Townsend Group

Mohsen Anvari, Dean of School of Business Administration, University of San Diego

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, Chief Executive Officer & Chairman of the Board

David M. Jacobstein, President & Chief Operating Officer

Daniel B. Hurwitz, Senior Executive Vice President & Chief Investment Officer

Joan U. Allgood, Executive Vice President, Corporate Transactions and Governance

Richard E. Brown, Executive Vice President of Real Estate Operations

Timothy J. Bruce, Executive Vice President of Development

William H. Schafer, Executive Vice President and Chief Financial Officer

Robin R. Walker-Gibbons, Executive Vice President of Leasing

David Dieterle, Senior Vice President of Leasing — Southeast Region

Steven M. Dorsky, Senior Vice President of Leasing — Northern Region

Anthony L. Vodicka, Senior Vice President of Leasing — Western Region

Nan Zieleniec, Senior Vice President of Human Resources

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2005

Investor Information (Continued)


Research Coverage

Citigroup Smith Barney
Michael Bilerman		(212) 816-1383
David Carlisle		(212) 816-1382

Deutsche Bank Securities
Lou Taylor		(212) 250-4912
Chris Capolongo		(212) 250-7726

AG Edwards
David AuBuchon		(314) 955-5452

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

KeyBanc Capital Markets
Richard Moore		(216) 443-2815
Mike Salinsky		(216) 563-2348

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

JP Morgan
Michael Mueller		(212) 622-6689
Joe Dazio		(212) 622-6416

Morgan Stanley
Matthew Ostrower		(212) 761-6284
Mickey Chiang		(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 Dawson
VP of Investor Relations
Phone: (216) 755-5455
Fax: (216) 755-1455
Email: mdawson@ddr.com


Funded as of September 30, 2005	$	315.9
Projected Net Funding During 2005	$	41.0
Projected Net Funding Thereafter	$	311.2

Total	$	668.1


		Joint Venture Investment Summary

Joint Venture Name:		Continental Sawmill Limited Partnership
Date Formed:		February, 1998
Property Name/Location:		Dublin Village Center - Columbus, OH
Major Tenant:		AMC Theatre

Partnership Structure
Equity Contribution:		80.012% - DDR
		19.988% - Casto Properties

Cash Flow Distribution:		80.012% - DDR
		19.988% - Casto Properties

Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A


DDR	$	11.7
Casto Properties		2.9

Total Capital	$	14.6


Debt	$	-


Total Debt & Equity	$	14.6


		Joint Venture Investment Summary

Joint Venture Name:		DDRC PDK Salisbury Phase III LLC
Date Formed:		March 2001
Property Name/Location:		Salisbury, MD
Major Tenants:		Rugged Warehouse
		Dress Barn

Partnership Structure
Ownership Percentage:		50% - DDR
		50% - PDK Commons Phase III L.C.

Cash Flow Distribution:		50% - DDR
		50% - PDK Commons Phase III L.C.

Fees to DDR
Management Fee:		4% of gross rental income
Development Fee:		$.75 psf of leasehold improvements
Leasing Fees:		N/A


DDR	$	0.1
PDK Salisbury LLC		0.1

Total Capital	$	0.2


Debt	$	1.8


Total Debt & Equity	$	2.0