EX-99.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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, 2005.

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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
• Reconciliation of Supplemental Non-GAAP Financial Measures (Same Store NOI, FFO and Summary of Consolidated and JV Transactional Income)		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 and 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	Michelle M. Dawson
	Chairman and	Vice President of Investor Relations
	Chief Executive Officer	216-755-5455
	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS AN INCREASE OF 10.8%
IN DILUTED FFO PER SHARE FOR THE QUARTER ENDED DECEMBER 31, 2006

CLEVELAND, OHIO, February 12, 2007 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant community centers, today reported operating results for the fourth quarter ended December 31, 2006.

•

Funds From Operations (“FFO”) per diluted share increased 10.8% to $0.82 and net income per diluted share increased 37.5% to $0.44 for the three-months ended December 31, 2006 as compared to the prior year

•

Executed leases during the fourth quarter totaled approximately 1.3 million square feet, including 94 new leases and 144 renewals

•

Base rents increased 20.0% on new leases, 10.0% on renewals and 12.3% on a blended basis

•

Core portfolio leased percentage at December 31, 2006 was 96.2%

•

Same store net operating income (“NOI”) for the year increased 3.0% over the prior year

Scott Wolstein, Developers Diversified’s Chairman and Chief Executive Officer stated, “I’m pleased to announce this quarter’s financial results. Our operating and development portfolios continue to reflect solid performance driven by tenant demand for new store locations in the open air format. We expect this trend to continue through 2007.

“In addition, we are scheduled to close on the acquisition of Inland Retail Real Estate Inc. at the end of February which will further contribute to the 2007 operating results. Our initial equity raise of approximately $1.15 billion, comprised the $400 million of common shares we will issue directly to the Inland shareholders and the $750 million issued in December through the forward equity sale, completes a significant portion of the Inland financing. This equity, combined with anticipated proceeds from asset sales and joint ventures, provides further assurance that our overall financing plan is proceeding in line with our expectations.”

Financial Results:

FFO, a widely accepted measure of a Real Estate Investment Trust’s (“REIT”) performance, on a diluted and basic per share basis was $0.82 for the three-months ended December 31, 2006, as compared to $0.74 for the same period in the previous year, an increase of 10.8%. FFO available to common shareholders was $90.1 million, as compared to $81.7 million for the three-months ended December 31, 2006 and 2005, respectively, an increase of 10.3%. Net income available to common shareholders was $48.2 million or $0.44 per share (diluted and basic) for the three-months ended December 31, 2006, as compared to $35.1 million, or

$0.32 per share (diluted and basic) for the prior comparable period. The increase in net income and FFO for the three-months ended December 31, 2006, primarily is related to an increase in same store net operating income, lease termination income and gain on disposition of real estate offset to a lesser extent by an increase in interest expense as compared to 2005.

FFO per share was $3.41 (diluted and basic) for the year ended December 31, 2006, as compared to $3.21 (diluted) and $3.23 (basic) for the same period in the previous year, an increase of 6.2% (diluted) and 5.6% (basic). FFO available to common shareholders was $377.8 million, as compared to $355.1 million for the year ended December 31, 2006 and 2005, respectively, an increase of 6.4%. Net income available to common shareholders was $198.1 million, or $1.81 per share (diluted) and $1.82 per share (basic) for the year ended December 31, 2006, as compared to $227.5 million, or $2.08 per share (diluted) and $2.10 per share (basic) for the prior comparable period. The decrease in net income for the year ended December 31, 2006 primarily is related to a decrease in gain on disposition of real estate assets as compared to 2005.

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 disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, (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 fourth quarter of 2006, the Company executed 94 new leases aggregating 544,108 square feet and 144 renewals aggregating 804,046 square feet. Rental rates on new leases increased by 20.0% and rental rates on renewals increased by 10.0%. On a blended basis, rental rates for new leases and renewals increased by 12.3%. At December 31, 2006, the average annualized base rent per occupied square foot, including those properties owned through joint ventures and excluding the impact of the Mervyns and Brazil assets, was $11.75, as compared to $11.30 at December 31, 2005.

At December 31, 2006, the portfolio, including those properties owned through joint ventures, was 96.3% leased. Excluding the impact of the Mervyns and Brazil assets, the core portfolio was 96.2% leased, as compared to 96.3% at December 31, 2005. 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 December 31, 2006, the portfolio was 95.2% occupied. Excluding the impact of the Mervyns and Brazil assets, the core portfolio was 95.2% occupied, as compared to 95.1% at December 31, 2005.

Strategic Real Estate Transactions:

Inland Retail Real Estate Trust:

In October, 2006, the Company (“DDR”) and Inland Retail Real Estate Trust, Inc. (“IRRETI”) announced that they entered into a definitive merger agreement. Under the terms of the agreement, DDR will acquire all of the outstanding shares of IRRETI for a total merger consideration of $14.00 per share. DDR has elected to pay IRRETI shareholders a combination of $12.50 in cash and $1.50 in DDR common shares. The actual number of DDR common shares that IRRETI shareholders are entitled to receive for each IRRETI common share held will be determined by dividing $1.50 by the average closing price of DDR common shares for the 10 trading days immediately preceding the two trading days prior to the IRRETI shareholders’ meeting, scheduled for February 22, 2007.

The transaction has a total enterprise value of approximately $6.2 billion. This amount includes approximately $2.3 billion of existing debt, a significant portion of which is expected to be extinguished at closing. IRRETI’s real estate portfolio aggregates over 300 community shopping centers, neighborhood shopping centers and single tenant/net leased retail properties, comprising approximately 43.6 million square feet of total GLA.

A summary of the initial financing of the IRRETI acquisition is summarized as follows (in millions):


Total purchase price	$	6,200
Assets acquired in joint venture with TIAA (see below)		(3,000	)

Assets acquired directly by DDR		3,200
DDR equity contribution to TIAA joint venture		179

Total DDR financing requirements		3,379
Less debt assumed		(489	)

Total cash required at closing	$	2,890

DDR initial cash sources are expected to be provided as follows (in millions):


DDR common shares from forward equity Transaction	$	750
DDR common shares issued to IRRETI shareholders		395
Increase in secured term loan		150
Temporary bridge financing provided through revolving credit facilities, bridge loans and/or preferred operating partnership units		1,595	*

	$	2,890

* Amounts are expected to be repaid through asset sales and formation of new joint venture(s).

The Company announced the formation of a joint venture with TIAA-CREF to purchase a portfolio of 66 community retail centers from the IRRETI portfolio of assets for approximately $3.0 billion of total asset value. An affiliate of TIAA will contribute 85% of the equity in the joint venture, and an affiliate of DDR will contribute 15% of the equity in the joint venture. In addition to its proportionate share of earnings from the joint venture, DDR will be entitled to certain fees for asset management, leasing, property management, development/tenant coordination and acquisitions. DDR will also earn a promoted interest equal to 20% of the cash flow of the joint venture after the partners have received an internal rate of return equal to 10% on their

equity investment. The joint venture agreement is subject to certain closing conditions in accordance with the joint venture agreement.

A summary of the financing for the TIAA Joint Venture is summarized as follows (in millions):



Total purchase price	$	3,000
Less debt assumed		(286	)

Total joint venture cash required at closing	$	2,714

Joint Venture cash sources are expected to be provided as follows (in millions):



Debt financing — 10 years	$	740
Debt financing — 5 years		555
Joint Venture revolving credit facility		230
Equity Contributions:
DDR		179
TIAA —CREF		1,010

	$	2,714

In addition to the portfolio of operating properties, DDR will acquire a development pipeline of five projects and numerous potential expansion and redevelopment projects. DDR plans to generate additional value by implementing its proactive leasing, development, redevelopment and property management systems. In addition, DDR intends, immediately upon closing, to incorporate the IRRETI assets into its highly successful ancillary income program, which we anticipate will result in additional value creation.

Completion of the transaction, which is expected to occur in the first quarter of 2007, is subject to approval of the merger agreement by IRRETI shareholders and other customary closing conditions described in the merger agreement. The merger was unanimously approved by DDR’s Board of Directors. The merger was unanimously approved by IRRETI’s Board of Directors, with two related party directors recusing themselves.

Sonae Sierra Brazil BV Sarl:

In late October 2006, the Company acquired a 50% joint venture interest in Sonae Sierra Brazil, a fully integrated retail real estate company based in Sao Paulo, Brazil. Sonae Sierra Brazil is a subsidiary of Sonae Sierra, an international owner, developer and manager of shopping centers based in Portugal. Sonae Sierra Brazil is the managing partner of a partnership that owns direct and indirect interests in nine retail assets aggregating 3.5 million square feet and a property management company in Sao Paulo, Brazil that oversees the leasing and management operations of the portfolio. Sonae Sierra Brazil owns approximately 93% of the partnership and Enplanta Engenharia (“Enplanta”) owns approximately 7%. The aggregate investment in Sonae Sierra Brazil was approximately $147.5 million.

Coventry II Joint Venture:

In November 2006, the Coventry II Joint Venture acquired a 50% interest in Marley Creek Square, a 58,000 square foot neighborhood center located in Orland Park, IL at a cost of approximately $12 million. The Company is generally responsible for the day-to-day management of the property. Pursuant to the terms of the joint venture, the Company earns fees for property management plus a promoted interest, along with

Coventry, after return of capital to investors. During 2006, the Coventry II Joint Venture acquired six assets for an aggregate cost of approximately $485 million.

Dispositions:

In the fourth quarter of 2006, the Company sold five shopping center properties, including two shopping centers that were classified as held for sale at September 30, 2006, aggregating 0.6 million square feet for approximately $47.1 million and recognized a non-FFO gain of approximately $7.9 million.

Expansions:

During the year ended December 31, 2006, the Company completed eight expansions and redevelopment projects located in Birmingham, Alabama; Lakeland, Florida; Ocala, Florida; Stockbridge, Georgia; Rome, New York; Mooresville, North Carolina; Bayamon, Puerto Rico (Rio Hondo) and Ft. Union, Utah at an aggregate gross cost of $73.4 million. The Company is currently expanding/redeveloping eight shopping centers located in Gadsden, Alabama; Ottumwa, Iowa; Chesterfield, Michigan; Gaylord, Michigan; Hamilton, New Jersey; Olean, New York; Stow, Ohio and Brookfield, Wisconsin at a projected aggregate gross cost of approximately $45.4 million. At December 31, 2006, approximately $12.3 million of costs was incurred in relation to these projects. The Company anticipates commencing construction on twelve additional expansion and redevelopment projects at shopping centers located in Crystal River, Florida; Tallahassee, Florida; Louisville, Kentucky; Gulfport, Mississippi; Huber Heights, Ohio; Amherst, New York; Fayetteville, North Carolina; Allentown, Pennsylvania; Bayamon, Puerto Rico (Plaza Del Sol); Hatillo, Puerto Rico; San Juan, Puerto Rico and McKinney, Texas.

Six of the Company’s joint ventures are currently expanding/redeveloping their shopping centers located in Phoenix, Arizona; Buena Park, California; Lancaster, California; Benton Harbor, Michigan; Kansas City, Missouri and Cincinnati, Ohio at a projected gross cost of approximately $554.3 million (which includes the initial acquisition costs for the Coventry II redevelopment projects located in Phoenix, Arizona; Buena Park, California; Benton Harbor, Michigan; Kansas City, Missouri and Cincinnati, Ohio). At December 31, 2006, approximately $432.8 million of costs was incurred in relation to these projects. Three of the Company’s joint ventures anticipate commencing expansion/redevelopment projects at their shopping centers located in Deer Park, Illinois; Macedonia, Ohio and Kirkland, Washington.

Development (Wholly-Owned and Consolidated Joint Ventures):

As of December 31, 2006, the Company has substantially completed the construction of the Freehold, New Jersey; Apex, North Carolina (Beaver Creek Crossings — Phase I) and Pittsburgh, Pennsylvania shopping centers, at an aggregate gross cost of $156.7 million.

The Company currently has seven shopping center projects under construction. These projects are located in Miami, Florida; Nampa, Idaho; McHenry, Illinois; Seabrook, New Hampshire; Horseheads, New York; Apex, North Carolina (Beaver Creek Crossings — Phase II) and San Antonio, Texas. These projects are scheduled for completion during 2007 through 2008 at a projected aggregate gross cost of approximately $604.3 million and will create an additional 4 million square feet of gross leasable retail space.

The Company anticipates commencing construction in 2007 on two additional shopping centers located in Ukiah, California and Homestead, Florida. These projects have an estimated aggregate gross cost of $186.1 million and will create an additional 1.1 million square feet of gross leasable retail space.

At December 31, 2006, approximately $336.7 million of costs were incurred in relation to the above projects under construction and projects that will be commencing construction.

Development (Joint Ventures):

Four of the Company’s joint ventures currently have shopping center projects under construction. These projects are located in Bloomfield Hills, Michigan; Merriam, Kansas; Allen, Texas and San Antonio, Texas. These four projects are being developed through the Coventry II program. A significant portion of the project located in San Antonio, Texas was substantially completed during 2005. The remaining three projects are scheduled for completion during 2007 through 2009. These projects have an aggregate gross projected cost of approximately $496.5 million. At December 31, 2006, approximately $147.7 million of costs was incurred in relation to these development projects.

Financing:

In December 2006, the Company entered into forward sale agreements with three investment banks. Pursuant to the terms of the forward sale agreements, and subject to the Company’s right to elect cash settlement, the Company agreed to sell, upon physical settlement of such forward sale agreements, an aggregate of 11,599,134 of its common shares. The Company intends to use the proceeds it expects to receive upon any physical settlement of the forward sale agreements to fund a portion of its previously announced acquisition of IRRETI. The Company will not receive any proceeds from the sale of its common shares until settlement of the forward sale agreements, which is expected to occur on or before September 2007.

In anticipation with a joint venture with TIAA-CREF, an affiliate of the Company purchased two interest rate swaption agreements which limit future interest rates on approximately $1.25 billion of forecasted fixed-rate borrowings.

In October 2006, the Company entered into an aggregate $100 million of interest rate swaps which converted floating-rate debt to a weighted average fixed Libor rate of approximately 5.0%.

Developers Diversified currently owns and manages over 500 retail operating and development properties in 44 states, plus Puerto Rico and Brazil, totaling 118 million square feet. Developers Diversified Realty 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, 2005. In addition, there are risks and uncertainties related to the proposed merger with IRRETI, including approval of the transaction by the shareholders of IRRETI, the satisfaction of closing conditions to the transaction, difficulties encountered in integrating the companies, the marketing and sale of non-core assets and the effects of general and local economic and real estate conditions.

Additional Information and Where to Find It

This press release does not constitute an offer of any securities for sale. In connection with the proposed transaction, Developers Diversified and IRRETI expect to file a proxy statement/ prospectus as part of a registration statement regarding the proposed merger with the Securities and Exchange Commission. Investors and security holders are urged to read the proxy statement/prospectus because it will contain important information about Developers Diversified and IRRETI and the proposed merger. Investors and security holders may obtain a free copy of the definitive proxy statement/prospectus and other documents filed by Developers Diversified and IRRETI with the SEC at the SEC’s website at www.sec.gov. The definitive proxy statement/prospectus and other relevant documents may also be obtained free of charge from Developers Diversified and IRRETI by directing such request to: Developers Diversified Realty Corporation, Attention: Investor Relations, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or Inland Retail Real Estate Trust, Inc., Attention: Investor Relations, 2901 Butterfield Road, Oak Brook, Illinois 60523. Investors and security holders are urged to read the proxy statement, prospectus and other relevant material when they become available before making any voting or investment decisions with respect to the merger.

Developers Diversified and IRRETI and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of IRRETI in connection with the merger. Information about Developers Diversified and its directors and executive officers, and their ownership of Developers Diversified securities, is set forth in the proxy statement for the 2006 Annual Meeting of Shareholder of Developers Diversified, which was filed with the SEC on April 3, 2006. Information about IRRETI and its directors and executive officers, and their ownership of IRRETI securities, is set forth in the proxy statement for the 2006 Annual Meeting of Shareholder of IRRETI, which was filed with the SEC on October 14, 2006. Additional information regarding the interests of those persons may be obtained by reading the proxy statement/prospectus when it becomes available. As a result of this transaction, IRRETI does not intend to hold an annual shareholder meeting and instead will hold a special meeting to vote on the proposed merger.

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


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2006			2005			2006			2005
Revenues:
Minimum rents (A)	$	141,587		$	136,327		$	563,611		$	506,221
Percentage and overage rents (A)		5,656			5,278			11,294			9,965
Recoveries from tenants		46,450			42,887			177,665			156,793
Ancillary and other property income		6,114			3,854			21,048			14,425
Management, development and other fee income		8,973			6,970			30,294			22,859
Other (B)		5,632			1,174			14,186			9,300

		214,412			196,490			818,098			719,563

Expenses:
Operating and maintenance		31,185			28,106			113,468			97,599
Real estate taxes		24,898			23,080			95,620			84,756
General and administrative (C)		14,874			13,860			60,679			54,048
Depreciation and amortization		49,429			47,443			192,219			163,341

		120,386			112,489			461,986			399,744

Other income (expense):
Interest income		1,526			3,686			9,113			10,078
Interest expense		(57,266	)		(50,535	)		(221,525	)		(181,040	)
Other expense (D)		(909	)		(7	)		(446	)		(2,532	)

		(56,649	)		(46,856	)		(212,858	)		(173,494	)

Income before equity in net income of joint ventures, minority equity interests, income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate		37,377			37,145			143,254			146,325
Equity in net income of joint ventures (E)		7,381			8,890			30,337			34,873
Minority equity interests (F)		(1,949	)		(2,677	)		(8,453	)		(7,881	)
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes (G)		(165	)		213			2,481			(342	)

Income from continuing operations		42,644			43,571			167,619			172,975
Income from discontinued operations (H)		8,446			3,216			13,622			21,528

Income before gain on disposition of real estate		51,090			46,787			181,241			194,503
Gain on disposition of real estate, net of tax		10,899			2,075			72,023			88,140

Net income	$	61,989		$	48,862		$	253,264		$	282,643

Net income, applicable to common shareholders	$	48,197		$	35,070		$	198,095		$	227,474

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	48,197		$	35,070		$	198,095		$	227,474
Depreciation and amortization of real estate investments		47,377			46,610			185,449			169,117
Equity in net income of joint ventures (E)		(7,381	)		(8,890	)		(30,337	)		(34,873	)
Joint ventures’ FFO (E)		11,510			11,864			44,473			49,302
Minority equity interests (OP Units) (F)		515			729			2,116			2,916
Gain on disposition of depreciable real estate, net		(10,118	)		(3,671	)		(21,987	)		(58,834	)

FFO available to common shareholders		90,100			81,712			377,809			355,102
Preferred dividends		13,792			13,792			55,169			55,169

FFO	$	103,892		$	95,504		$	432,978		$	410,271

Per share data:
Earnings per common share
Basic	$	0.44		$	0.32		$	1.82		$	2.10

Diluted	$	0.44		$	0.32		$	1.81		$	2.08

Dividends Declared	$	0.59		$	0.54		$	2.36		$	2.16

Funds From Operations — Basic (I)	$	0.82		$	0.74		$	3.43		$	3.23

Funds From Operations — Diluted (I)	$	0.82		$	0.74		$	3.41		$	3.21

Basic — average shares outstanding (I)		108,638			108,523			109,002			108,310

Diluted — average shares outstanding (I)		109,308			109,168			109,613			109,142

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

(A)

Increases in base and percentage rental revenues for the year ended December 31, 2006 as compared to 2005, aggregated $57.0 million consisting of $12.5 million related to leasing of core portfolio properties which includes an increase from the assets located in Puerto Rico for a comparable eleven months of ownership (an increase of 2.7% from 2005), $47.4 million from the acquisition of assets, $3.5 million related to developments and redevelopments and $4.3 million due to the consolidation of a joint venture asset. These amounts were offset by a decrease of $1.4 million primarily related to one business center under redevelopment and $9.3 million due to the disposition of properties in 2006 and 2005 to joint ventures. Included in the rental revenues for the year ended December 31, 2006 and 2005 is approximately $16.0 million and $14.4 million, respectively, of revenue resulting from the recognition of straight line rents.

(B)

Other income for the three-month periods and year ended December 31, 2006 and 2005 was comprised of the following (in millions):


	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2006		2005		2006		2005
Lease termination fees	$	5.6	$	0.8	$	13.3	$	5.9
Financing fees		—		0.1		0.4		2.4
Other miscellaneous		—		0.3		0.5		1.0

	$	5.6	$	1.2	$	14.2	$	9.3

(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 year ended December 31, 2006 and 2005, general and administrative expenses were approximately 4.8% and 4.6%, respectively, of total revenues, including joint venture revenues, respectively.

(D)

Other expense is comprised of litigation settlements or costs and abandoned acquisition and development project costs.

(E)

The following is a summary of the combined operating results relating to the Company’s joint ventures:


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2006			2005			2006			2005
Revenues from operations (a)	$	123,244		$	109,779		$	430,877		$	417,434


Operating expense		45,308			41,218			146,631			147,983
Depreciation and amortization of real estate investments		22,357			21,302			81,618			82,753
Interest expense		35,697			30,177			129,708			113,466

		103,362			92,697			357,957			344,202

Income from operations before tax expense, gain on disposition of real estate and discontinued operations		19,882			17,082			72,920			73,232
Tax expense		(1,176	)		—			(1,176	)		—
Gain on disposition of real estate		161			60			398			858
(Loss) income from discontinued operations, net of tax		(503	)		(660	)		139			(486	)
Gain on disposition of discontinued operations, net of tax		433			13,527			20,343			48,982

Net income	$	18,797		$	30,009		$	92,624		$	122,586

DDR Ownership interests (b)	$	6,171		$	8,775		$	28,530		$	36,828


FFO from joint ventures are summarized as follows:
Net income	$	18,797		$	30,009		$	92,624		$	122,586
Gain on disposition of real estate, including discontinued operations		(576	)		(6,287	)		(22,013	)		(19,014	)
Depreciation and amortization of real estate investments		22,507			22,029			83,017			87,508

	$	40,728		$	45,751			153,628		$	191,080

DDR Ownership interests (b)	$	11,510		$	11,864		$	44,473		$	49,302

DDR Partnership distributions received, net (c)	$	25,240		$	12,927		$	74,090		$	126,647

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

(a)

Revenues for the three-month periods ended December 31, 2006 and 2005 included approximately $1.3 million and $1.1 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.1 million, respectively. Revenues for the year ended December 31, 2006 and 2005 included approximately $5.1 million and $6.6 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.9 million and $1.1 million, respectively.

(b)

The Company’s share of joint venture net income was increased by $1.2 million for the three-month period ended December 31, 2006, and $1.6 million for the year ended December 31, 2006 and decreased by $2.1 million for the year ended December 31, 2005. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions.

Included in gain on disposition of discontinued operations for the year ended December 31, 2006 is the sale of the joint venture asset in Killdeer, Illinois. DDR received promoted income of approximately $5.5 million which is included in FFO as “DDR ownership interests.”

At December 31, 2006 and 2005, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 117 and 110 shopping center properties, respectively. In addition, at December 31, 2006, the Company owned, through a Coventry II Joint Venture, a 20% interest in 50 shopping center sites formerly owned by Service Merchandise. At December 31, 2005, the Company, through the KLA/SM joint venture, owned an approximate 25% interest in 55 shopping center sites formerly owned by Service Merchandise.

(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:


	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2006		2005		2006		2005
Minority interests	$	1,434	$	1,948	$	6,337	$	4,965
Operating partnership units		515		729		2,116		2,916

	$	1,949	$	2,677	$	8,453	$	7,881

(G)

Interest costs within taxable REIT subsidiaries are subject to certain limitations based upon taxable income as required under Internal Revenue Code Section 163(j). The 2006 income tax benefit primarily is attributable to the Company’s ability to deduct previously incurred intercompany interest costs due to the increased gain on dispositions.

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

(H)

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


	Three-month Period				Year Ended
	Ended December 31,				December 31,
	2006		2005		2006		2005
Revenues	$	1,160	$	2,206	$	6,627	$	29,008


Expenses:
Operating		269		892		1,406		10,926
Impairment charge		—		—		—		642
Interest, net		194		349		1,342		5,152
Depreciation		133		437		1,308		7,360
Minority interests		—		3		—		67

Total expenses		596		1,681		4,056		24,147

Income before gain on disposition of real estate		564		525		2,571		4,861
Gain on disposition of real estate		7,882		2,691		11,051		16,667

Net income	$	8,446	$	3,216	$	13,622	$	21,528

(I)

For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of approximately 0.9 million and 1.3 million of Operating Partnership Units (OP Units) outstanding at December 31, 2006 and 2005, respectively, into 0.9 million and 1.3 million common shares of the Company for the three-month periods ended December 31, 2006 and 2005, respectively, and 1.0 million and 1.3 million for the years ended December 31, 2006 and 2005, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 110.4 million and 110.8 million for the three-month periods ended December 31, 2006 and 2005, respectively, and 110.8 million and 110.7 million for the years ended December 31, 2006 and 2005, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	December 31, 2006 (A)			December 31, 2005 (A)
Assets:
Real estate and rental property:
Land	$	1,768,702		$	1,721,321
Buildings		5,023,665			4,806,373
Fixtures and tenant improvements		196,275			152,958
Construction in progress		453,493			348,685

		7,442,135			7,029,337
Less accumulated depreciation		(861,266	)		(692,823	)

Real estate, net		6,580,869			6,336,514

Cash		28,378			30,655
Investments in and advances to joint ventures (B)		291,685			275,136
Notes receivable		18,161			24,996
Receivables, including straight line rent, net		152,161			112,464
Assets held for sale		5,324			—
Other assets, net		103,175			83,212

	$	7,179,753		$	6,862,977


Liabilities:
Indebtedness:
Revolving credit facilities	$	297,500		$	150,000
Variable rate unsecured term debt		—			200,000
Unsecured debt		2,218,020			1,966,268
Mortgage and other secured debt		1,733,292			1,574,733

		4,248,812			3,891,001
Dividends payable		71,269			65,799
Other liabilities		241,556			204,447

		4,561,637			4,161,247
Minority interests		121,933			131,449
Shareholders’ equity		2,496,183			2,570,281

	$	7,179,753		$	6,862,977

(A)

Amounts include the consolidation of Mervyns, a 50% owned joint venture, formed in September 2005, which includes $405.8 million and $394.7 million of real estate assets at December 31, 2006 and 2005, respectively, $258.5 million of mortgage debt at December 31, 2006 and 2005, and $77.6 million and $75.1 million of minority interests at December 31, 2006 and 2005, respectively.

(B)

Includes $91.6 million of advances to the Service Merchandise Joint Venture at December 31, 2005 that was repaid in connection with the acquisition of our partners’ interest in August 2006.

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)


	Year Ended December 31
	2006			2005			2004			2003			2002
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	198,095		$	227,474		$	219,056		$	189,056	(6)	$	69,368	(6)
Depreciation and Amortization of Real Estate Investments	$	185,449		$	169,117		$	130,537		$	93,173		$	76,462
Equity in Net Income From Joint Ventures	($	30,337	)	($	34,873	)	($	40,896	)	($	52,917	)	($	32,769	)
Joint Venture Funds From Operations	$	44,473		$	49,302		$	46,209		$	47,942		$	44,473
Operating Partnership Minority Interest Expense	$	2,116		$	2,916		$	2,607		$	1,770		$	1,450
Cumulative Effect & Extraordinary Charges	$	0		$	0		$	3,001		$	0		$	0
Gain on Sales of Real Estate	($	21,987	)	($	58,834	)	($	68,179	)	($	67,352	)	($	4,276	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	377,809		$	355,102		$	292,335		$	211,672		$	154,709
PREFERRED DIVIDENDS	$	55,169		$	55,169		$	50,706		$	51,204	(6)	$	32,602	(6)

FUNDS FROM OPERATIONS	$	432,978		$	410,271		$	343,041		$	262,877		$	187,311


PER SHARE INFORMATION:
Funds From Operations — Diluted	$	3.41		$	3.21		$	2.95		$	2.51		$	2.35
Net Income — Diluted	$	1.81		$	2.08		$	2.24		$	2.27		$	1.07
Cash Dividends	$	2.36		$	2.16		$	1.94		$	1.69		$	1.52

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		110,826			110,700			99,147			84,319			65,910

TOTAL MARKET CAPITALIZATION (1)	$	11,869,415		$	9,781,900		$	8,276,943		$	5,551,748		$	3,460,243
DEBT TO TOTAL MARKET CAPITALIZATION (1)		35.80	%		39.77	%		32.82	%		37.42	%		43.10	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		54.55	%		52.86	%		45.58	%		48.68	%		48.26	%
DIVIDEND PAYOUT RATIO (1)		68.84	%		66.98	%		67.28	%		66.03	%		62.73	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.80	%		4.55	%		4.94	%		5.35	%		4.80	%

GENERAL AND ADMINISTRATIVE EXPENSES	$	60,679		$	54,048		$	47,126		$	40,820		$	29,392

REVENUES:
DDR Revenues	$	824,725		$	748,571		$	605,246		$	478,696		$	360,778
Joint Venture Revenues	$	438,885		$	438,103		$	348,740		$	284,158		$	251,905

TOTAL REVENUES (3)	$	1,263,610		$	1,186,675		$	953,987		$	762,853		$	612,683


NET OPERATING INCOME:
DDR Net Operating Income	$	615,007		$	555,291		$	453,501		$	356,348		$	272,764
Joint Venture Net Operating Income	$	288,699		$	280,617		$	228,358		$	184,927		$	167,573

TOTAL NET OPERATING INCOME (4)	$	903,706		$	835,907		$	681,859		$	541,274		$	440,337


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	7,450,693		$	7,029,337		$	5,603,424		$	3,884,911		$	2,804,056
Joint Venture Real Estate at Cost	$	3,939,707		$	3,470,112		$	3,165,335		$	2,275,216		$	1,785,165

TOTAL REAL ESTATE AT COST (5)	$	11,390,400		$	10,499,449		$	8,768,759		$	6,160,127		$	4,589,221


(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 construction in progress (CIP) at December 31, 2006 of $611.2 million (includes $157.7 million of CIP included in joint ventures, of which $31.0 million represents the Company’s proportionate share), and at December 31, 2005, 2004, 2003, 2002 CIP aggregated $386.2 million, $271.0 million $290.7 million and $237.8 million, respectively.

(6)		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 year ended December 31, 2006

MARKET CAPITALIZATION & FINANCIAL RATIOS


	Year Ended December 31
	2006			2005			2004			2003			2002
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	4,248,812		$	3,890,709		$	2,716,426		$	2,077,558		$	1,491,481
Total Market Capitalization *	$	11,869,415		$	9,781,900		$	8,276,943		$	5,551,748		$	3,460,243

		35.80	%		39.77	%		32.82	%		37.42	%		43.10	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		54.55	%		52.86	%		45.58	%		48.68	%		48.26	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	4,774,407		$	4,401,169		$	3,137,184		$	2,446,026		$	1,878,575
Total Market Capitalization *	$	12,395,010		$	10,292,361		$	8,697,701		$	5,920,216		$	3,847,336

		38.52	%		42.76	%		36.07	%		41.32	%		48.83	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		57.59	%		55.84	%		49.27	%		53.79	%		54.20	%

INTEREST COVERAGE RATIO:
Interest Expense (1)	$	207,570		$	182,365		$	130,447		$	90,162		$	77,208
FFO Before Interest and Preferred Dividends *	$	640,548		$	592,636		$	473,488		$	353,039		$	282,856

		3.09			3.25			3.63			3.92			3.66

DEBT SERVICE COVERAGE RATIO:
Debt Service * (1)	$	239,596		$	215,519		$	152,927		$	101,890		$	83,958
FFO Before Interest and Preferred Dividends *	$	640,548		$	592,636		$	473,488		$	353,039		$	282,856

		2.67			2.75			3.10			3.46			3.37

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges (1)	$	294,765		$	270,688		$	203,633		$	142,385		$	129,353
FFO Before Interest and Preferred Dividends *	$	640,548		$	592,636		$	473,488		$	353,039		$	282,856

		2.17			2.19			2.33			2.48			2.19

DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	260,069		$	237,856		$	196,685		$	146,846		$	100,531
Funds From Operations exclusive of charge associated with preferred stock redemption	$	377,809		$	355,102		$	292,335		$	222,382		$	160,253

		0.69			0.67			0.67			0.66			0.63


*		See Attached for Detail Calculation

(1)		Amounts have been adjusted to eliminate interest and debt service costs of joint venture consolidations due to FIN 46 as FFO does not include the joint venture Partners’ proportionate share.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006


	Year Ended December 31
	2006			2005			2004		2003		2002
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		108,986			108,948			108,083		86,425		66,609
Operating Partnership Units Outstanding		872			1,350			1,350		1,129		911

Total		109,859			110,298			109,432		87,554		67,520
Share Price	$	62.95		$	47.02		$	44.37	$	33.57	$	21.99

Market Value of Common Shares	$	6,915,603		$	5,186,192		$	4,855,516	$	2,939,190	$	1,484,762

Preferred Shares at Book Value	$	705,000		$	705,000		$	705,000	$	535,000	$	304,000
Preferred Units and Warrant	$	0		$	0		$	0	$	0	$	180,000
Total Debt	$	4,248,812	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481

TOTAL MARKET CAPITALIZATION	$	11,869,415		$	9,781,900		$	8,276,943	$	5,551,748	$	3,460,243


DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		108,986			108,948			108,083		86,425		66,609
Operating Partnership Units Outstanding		872			1,350			1,350		1,129		911

Total		109,859			110,298			109,432		87,554		67,520
Share Price	$	62.95		$	47.02		$	44.37	$	33.57	$	21.99

Market Value of Common Shares	$	6,915,603		$	5,186,192		$	4,855,516	$	2,939,190	$	1,484,762

Preferred Shares at Book Value	$	705,000		$	705,000		$	705,000	$	535,000	$	304,000
Preferred Units and Warrant	$	0		$	0		$	0	$	0	$	180,000
Total Debt	$	4,248,812	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481
Proportionate Share of JV Debt	$	525,595		$	510,460		$	420,758	$	368,468	$	387,094

TOTAL MARKET CAPITALIZATION	$	12,395,010		$	10,292,361		$	8,697,701	$	5,920,216	$	3,847,336


(1)		Includes $275.2 million of consolidated joint venture debt at December 31, 2006 (of which $134.8 million represents the joint venture partners’ share) and $280.5 million at December 31, 2005.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006


	Year Ended December 31
	2006			2005			2004		2003		2002
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	7,450,693		$	7,029,337		$	5,603,424	$	3,884,911	$	2,804,056
Cash and Cash Equivalents	$	28,378		$	30,655		$	49,871	$	111,033	$	16,371
Notes Receivable	$	18,161		$	24,996		$	17,823	$	9,813	$	11,662
Investments and Advances in Joint Ventures	$	291,685		$	275,136		$	288,020	$	262,072	$	258,611

	$	7,788,917		$	7,360,124		$	5,959,138	$	4,267,829	$	3,090,699


DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	7,450,693		$	7,029,337		$	5,603,424	$	3,884,911	$	2,804,056
Notes Receivable or Proportionate Share Thereof	$	35,443		$	116,212		$	44,536	$	41,018	$	50,521
Proportionate Share of JV Undepreciated Real Estate Assets	$	804,738		$	736,109		$	719,619	$	621,113	$	611,224

	$	8,290,874		$	7,881,658		$	6,367,578	$	4,547,043	$	3,465,801


FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	377,809		$	355,102		$	292,335	$	211,672	$	154,709
Interest Expense	$	222,867		$	186,196		$	130,447	$	90,162	$	77,208
Adjustment to interest expense for consolidated joint ventures due to FIN 46	($	15,297	)	($	3,830	)	$	0	$	0	$	0
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	55,169		$	55,169		$	50,706	$	51,204	$	50,939

	$	640,548		$	592,636		$	473,488	$	353,039	$	282,856


DEBT SERVICE
Interest Expense	$	222,867		$	186,196		$	130,447	$	90,162	$	77,208
Adjustment to interest expense for consolidated joint ventures due to FIN 46	($	15,297	)	($	3,830	)	$	0	$	0	$	0
Recurring Principal Amortization	$	32,026		$	33,154		$	22,480	$	11,728	$	6,750

	$	239,596		$	215,519		$	152,927	$	101,890	$	83,958


FIXED CHARGES
Debt Service	$	239,596		$	215,519		$	152,927	$	101,890	$	83,958
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	55,169		$	55,169		$	50,706	$	40,494	$	45,395

D-42 dividend.	$	294,765		$	270,688		$	203,633	$	142,385	$	129,353

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Significant Accounting Policies

Revenues

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

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

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

General and Administrative Expenses

•

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

Deferred Financing Costs

•

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

Real Estate

•

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

•

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


Buildings		18 to 31 years
Furniture/Fixtures		Useful lives, which approximate lease
and Tenant Improvements		terms, where applicable

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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. At December 31, 2005, the Company estimated the value of the unleased outparcels and expansion pads at approximately $58 million.

•

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 years ended December 31, 2006, 2005, 2004, 2003, and 2002, the Company capitalized interest of $20.1 million, $12.5 million, $10.0 million, $11.4 million and $9.5 million, respectively.

•

In addition, the Company capitalized certain construction administration costs of $10.1 million for the year ended December 31, 2006 and $6.2 million, $5.5 million, $5.1 million and $4.5 million for the years ended December 31, 2005, 2004, 2003 and 2002, 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 year ended December 31, 2006

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

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

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


	Year Ended
	December 31,
	2006			2005
Total Revenues DDR	$	818,098		$	719,563
Total Revenues DDR Combined Joint Ventures		430,877			417,434
Operating and Maintenance — DDR		(113,468	)		(97,599	)
Real Estate Taxes — DDR		(95,620	)		(84,756	)
Operating and Maintenance and Real Estate Taxes — DDR Combined Joint Ventures		(146,631	)		(147,983	)


Combined NOI	$	893,256		$	806,659


Total Same Store NOI	$	691,168		$	671,176		3.0	%
Property NOI from other operating segments		202,088			135,483


Combined NOI	$	893,256		$	806,659

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):


	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2006			2005			2006			2005
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	48,197		$	35,070		$	198,095		$	227,474
Depreciation and Amortization of Real Estate Investments		47,377			46,610			185,449			169,117
Equity in Net Income From Joint Ventures		(7,381	)		(8,890	)		(30,337	)		(34,873	)
Joint Venture Funds From Operations		11,510			11,864			44,473			49,302
Minority Equity Interests (OP Units)		515			729			2,116			2,916
Gain on Sales of Real Estate		(10,118	)		(3,671	)		(21,987	)		(58,834	)


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	90,100		$	81,712		$	377,809		$	355,102


Preferred dividend charges		13,792			13,792			55,169			55,169

ADJUSTED FUNDS FROM OPERATIONS	$	103,892		$	95,504		$	432,978		$	410,271

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income


	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2006		2005		2006		2005		Income Statement Caption
Transactional Income Included in FFO Consolidated
Merchant Building Gains, Net	$	727	$	1,073	$	46,306	$	40,780	Gain on Sales of Real Estate
Land Sale Gains		7,936		22		14,781		5,193	Gain on Sales of Real Estate

	$	8,663	$	1,095	$	61,087	$	45,973


Transactional Income NOT Included in FFO Consolidated
Gain on Sales	$	2,236	$	980	$	10,936	$	42,167	Gain on Sales of Real Estate
Gain on Sales from Discontinued Operations		7,882		2,691		11,051		16,667	Gain on Sales of Discontinued Operations

	$	10,118	$	3,671	$	21,987	$	58,834	FFO Reconciliation


Gain on Sales of Real Estate
Merchant Building Gains, Net	$	727	$	1,073	$	46,306	$	40,780
Land Sale Gains		7,936		22		14,781		5,193
Gain on Sales		2,236		980		10,936		42,167

	$	10,899	$	2,075	$	72,023	$	88,140	Consolidated Income Statement


Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations	$	7,882	$	2,691	$	11,051	$	16,667	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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

Table 4 — Developers Diversified Realty Corporation

Summary of Joint Venture Transactional Income


	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2006		2005		2006			2005		Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Gain (Loss) on Sales from Discontinued Operations	$	14	$	7,300	$	(1,483	)	$	30,826	Gain (Loss) on Sales of Real Estate
Land Sales Gains		3		—		210			—	Gain on Sales of Real Estate

	$	17	$	7,300	$	(1,273	)	$	30,826

DDR’s Proportionate Share		4		2,359		(338	)		7,571
Promoted Income (a)		—		—		5,483			—

DDR’s Proportionate Share	$	4	$	2,359	$	5,145		$	7,571

Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	418	$	6,227	$	21,825		$	18,156	Gain on Sales of Real Estate
Other Gains on Sales		158		60		188			858	Gain on Sales of Real Estate

	$	576	$	6,287	$	22,013		$	19,014	FFO Reconciliation

DDR’s Proportionate Share	$	320	$	1,691	$	3,349		$	6,301


Gain on Sales of Real Estate
Land Sales Gains	$	3	$	—	$	210		$	—
Other Gains on Sales		158		60		188			858

	$	161	$	60	$	398		$	858	Gain on Sales of Real Estate

Gain on Sales of Real Estate From Discontinued Operations
Gain (Loss) on Sales from Discontinued Operations Included in FFO	$	14	$	7,300	$	(1,483	)	$	30,826
Gain on Sales from Discontinued Operations NOT Included in FFO		418		6,227		21,825			18,156

	$	432	$	13,527	$	20,342		$	48,982	Gain on Sales of Discontinued Operations


(a)		Included in gain on disposition of discontinued operations for the year ended December 31, 2006 is the sale of the joint venture asset in Killdeer, Illinois.

		DDR received promoted income of approximately $5.5 million which is included in DDR’s proportionate share

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Year Ended December 31, 2006


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31			December 31,			December 31,			December 31,			December 31,
	2006			2005			2004			2003			2002
Acquisitions/Transfers	$	370.2	(1)	$	1,610.8	(4)	$	2,170.8	(7)	$	1,363.6	(9)	$	298.6	(11)
Completed Expansions		73.1			41.6			25.2			26.8			8.0
Developments & Construction in Progress		246.0			246.1			203.8			104.6			66.4
Tenant Improvements & Building Renovations		11.7	(2)		7.5			6.6			6.3			7.3
Furniture Fixtures & Equipment		10.2			10.7	(5)		1.3			1.9			2.3

		711.2			1,916.7			2,407.7			1,503.2		$	382.6
Less: Real Estate Sales & Joint Venture Transfers		(289.8	)(3)		(490.8	)(6)		(689.2	)(8)		(422.4	)(10)		($72.2	)(12)


Total DDR Net Additions (Millions)	$	421.4		$	1,425.9		$	1,718.5		$	1,080.8		$	310.4


(1)		Includes transfer to DDR from joint venture of the Service Merchandise portfolio and Salisbury, MD shopping center, aggregating $111.9 and $4.0 million, respectively, the consolidation of joint venture assets for a shopping center located in Phoenix, AZ aggregating $41.4 million pursuant to EITF 04 05 and the redemption of OP units and other acquisition costs aggregating $13.2 million.

(2)		The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $13.0 million associated with its wholly owned and consolidated portfolio during 2007.

(3)		In addition to the asset sales which had an aggregate cost of $73.1, this balance includes the sale of the Service Merchandise Portfolio to Coventry II which had an aggregate cost of $112.6, the sale to Macquarie DDR Trust joint venture of seven assets with an aggregate cost of $80.5 million, plus four earnout parcels with an aggregate cost of $12.5 million, and the sale of several land parcels and outparcels.

(4)		Includes the acquisition of the Caribbean Property Group portfolio and the Mervyn’s portfolio aggregating $1,160.1 million and $409.1 million, respectively, the transfer to DDR from joint ventures of the Dublin, OH shopping center, which has an aggregate cost of $36.2 million and a $5.4 million basis adjustment to the Benderson acquisition relating to master lease adjustments.

(5)		The large increase in FF& E in 2005 is primarily attributed to certain IT projects, expansion of corporate headquarters, and fractional ownership interest in corporate jets.

(6)		In addition to the asset sales which had an aggregate cost of $219.1 million, 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.

(7)		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.

(8)		In addition to the asset sales which had an aggregate cost of $62.8 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.

(9)		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.

(10)		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.

(11)		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.

(12)		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.

Summary of Wholly Owned Capital Transactions 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Wholly Owned and Consolidated Acquisitions
for the Year Ended December 31, 2006


				Cost		Acquisition
Property Location	GLA		(1)	(Millions)		Date	Major Tenants
Pasadena, CA		556,961		$	151.0	01/13/06	Macy’s, Pacific Theatres, Gelson’s Market, DSW Show Warehouse, Loehmann’s, Equinox

San Diego, CA (College)		73,872		$	11.1	01/31/06	Mervyn’s

Phoenix, AR (Deer Valley)		453,815		$	37.6	04/21/06	Target, AMC Theatre, Ross Dress for Less, PetsMart, Michael’s, OfficeMax


Total		1,084,648		$	199.7


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

Wholly Owned and Consolidated Dispositions
for the Year Ended December 31, 2006


			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Ft. Oglethorpe, GA		176,903	$	7.7	9/6/2006
Cartersville, GA		112,240	$	11.0	10/3/2006
Canton, GA		127,853	$	11.0	11/1/2006
Harrisburg, IL		167,074	$	5.6	11/17/2006
Waynesville, NC		193,457	$	10.8	12/8/2006
Amherst, NY		55,745	$	9.7	12/20/2006
Freehold, NJ		302,920	$	18.0	12/21/2006
Niagara Falls, NY		110,668	$	13.0	12/22/2006

Total		1,246,860	$	86.8

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Year Ended December 31, 2006


*Projects Completed*

Birmingham, AL	Construction of a 8,000 sf free standing outparcel and re-tenanting the former Winn Dixie building with Dick’s (opened 10/06).

Lakeland, FL	Construction of a 77,557 sf Bealls Department Store (opened 7/06).

Ocala, FL	Recaptured the Winn Dixie and expanded the space by 6,000 sf for Hobby Lobby (opened 2/06).

Stockbridge, GA	Redemised space to accommodate a Northern Tool (opened 10/05), Farmer’s Furniture (opened 3/06) and a Goodwill Store (opened 7/06).

Rome, NY	Expansion of the shopping center to accommodate a new Marshall’s (opened 3/06).

Mooresville, NC	Construction of a Gander Mountain (opened 6/06) and relocation of Rugged Warehouse (opened 7/05).

Bayamon, PR (Rio Hondo)	Expansion of the shopping center to construct a Super Marshall’s (opened 11/05), a Comp USA in the former Marshall’s space (opened 6/06), and 19,800 sf of small shops and a freestanding outparcel.

Ft. Union, UT	Demise of former Mervyns to accommodate 30,548 sf Ross Dress for Less (opened 10/06), 16,975 sf DSW (opened 11/06), 23,400 sf Michael’s and retail shops.


Total Gross Cost (Millions)	$	73.4

Total Net Cost (Millions)	$	73.1


*Projects in Progress*

Gadsden, AL	Break-up of 64,400 sf building to create a Fred’s, Burke’s Outlet (both opened prior to 2006) and another junior anchor.

Ottumwa, IA	Recaptured Wal-Mart and release to Goody’s (opened 9/04), Dollar Tree (opened 8/05) and 35,422 sf of additional junior anchor stores.

Chesterfield, MI	Sportsman Warehouse, 25,400 sf of small shop retail and additional retail space to be announced.

Gaylord, MI	Recaptured Wal-Mart and release to Big Lots (opened 10/04), Dunhams (opened 5/05) and 39,767 sf of additional junior anchor stores.

Hamilton, NJ	Expansion of the shopping center to construct a 18,000 sf Old Navy and 4,500 sf Bombay Company.

Olean, NY	Relocate two tenants to accommodate Wal-Mart expansion to a Supercenter.

Stow, OH	Recapture 116,000 sf K-Mart and release to junior anchor stores. Create outparcels.

Brookfield, WI	Construction of 15,000 sf free standing building for Potbelly, Caribou Coffee (opened 12/06) and other retail shops.


Total Gross Cost (Millions)	$	45.4

Total Net Cost (Millions)	$	42.6


*Projects to Commence Construction*

Crystal River, FL	Construct 9,000 sf Dollar General and 15,000 sf of shops.

Tallahassee, FL	Construction of a 20,929 sf Office Depot in the former Lowe’s Home Improvement Space.

Louisville, KY	Construct a 6,000 sf free standing building for retail shops.

Gulfport, MS	Construct retail shops and restaurants on a 4.37 acre outparcel.

Huber Hts., OH	Expansion of the shopping center to construct a 45,000 sf junior anchor.

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

Fayetteville, NC	Reconfigure 18,000 sf of in-line space. Construct multi-tenant outparcel building.

Allentown, PA	Construction of 20,000 sf multi-tenant building on remaining outparcel.

Bayamon, PR (Plaza Del Sol)	144,000 sf expansion of the mall to accommodate two junior anchors and additional shop space.

Hatillo, PR	Expansion of the shopping center to accommodate a 21,000 sf junior anchor.

San Juan, PR	Redemise shop space and construct a food court.

McKinney, TX	Construction of 87,757 sf retail shops and outparcels.

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Wholly Owned and Consolidated Development Projects
for the Year Ended December 31, 2006


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

Freehold, NJ		500,000		$	51.4	$	30.4		2005 & 2006	Community Center	Wal-Mart (opened 3/06), Sam’s Club (opened 4/06), Chase Manhattan,
											Ocean First Bank, Golden Corral (scheduled to open 2nd quarter 2007)
											and other retail tenants and outparcels to be announced

Apex, NC (Beaver Creek Crossings-Phase I)		347,527		$	71.5	$	66.9		2006	Community Center	Consolidated Theaters (opened 2nd quarter 2006), Dick’s, Old Navy,
											Justice, Circuit City, TJ Maxx, Long Horn Steakhouse (opened 3rd quarter 2006)
											Borders, Red Robin (opened 4th quarter 2006) and other retail tenants to be announced

Pittsburgh, PA		367,719	(1)	$	33.8	$	15.7		2006	Community Center	Target (opened 3/06), Sportsmans Warehouse (opened 11/05), Sam’s Club (opened 6/06), PNC
											Bank and Hallmark (opened 3/06) and other retail tenants and restaurants to be announced

*Projects in Progress*

Miami, FL		633,001		$	153.8	$	141.9		2006 & 2007	Mixed-Use	Target, Linens’ N Things, Circuit City (opened 12/06), Marshalls, West Elm (scheduled to open 1st quarter 2007)
											PETsMART, Ross Dress for Less, Loehman’s and additional retail space to be announced (scheduled to open 2nd quarter 2007)


Nampa, ID		858,396		$	95.0	$	93.3		2007 & 2008	Community Center	JC Penney (scheduled to open 4th quarter 2007) and other retail tenants to be announced

McHenry, IL		426,078	(1)	$	71.4	$	65.0		2007	Community Center	Bed Bath & Beyond, Office Max (opened 4th quarter 2006), Best Buy, PETsMART (scheduled to open 1st quarter 2007),
											Dick’s (scheduled to open 2nd quarter 2007), JC Penney (scheduled to open 4th quarter 2007) and other retail tenants to be announced


Seabrook, NH		456,290	(1)	$	61.7	$	37.2		2008	Community Center	To be announced

Horseheads, NY		712,697	(1)	$	81.8	$	53.8		2007 & 2008	Community Center	Kohl’s, Circuit City (scheduled to open 4th quarter 2007), Wal-Mart (scheduled to open
											1st quarter 2008), and additional retail space to be announced

Apex, NC (Beaver Creek Crossings-Phase II)		281,996		$	47.2	$	38.6		2008	Community Center	To be announced

San Antonio, TX (Stone Oak)		665,229	(1)	$	93.4	$	84.5	(2)	2007	Community Center/Lifestyle Center	Target, Office Max, Hobby Lobby, DSW, TJ Maxx, World Market, Chico’s, Ann Taylor Loft, Joseph Banks, Coldwater Creek, Talbots, Soma, Cold Stone Creamery, Victoria’s Secret, Chili’s and other tenants to be announced



*Projects to Commence Construction*

Ukiah, CA		666,616		$	102.5	$	86.5		2009	Community Center	To be announced

Homestead, FL		399,868	(1)	$	83.6	$	53.8		2008	Community Center	To be announced

Wholly Owned Development Totals		6,315,417		$	947.1	$	767.6


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

(2)		Project cost does not include a $22.4 million payment to DBI to purchase its 50% interest in the project.

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Consolidated Debt
as of December 31, 2006


		Mortgage			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
SENIOR DEBT:
Unsecured Credit Facilities:
$1.2 Billion Revolving Credit Facility		$	297,500	(2)		06/10		5.622
$60 Million Revolving Credit Facility			0			06/10	NA
Secured Credit Facility:
$400 Million Term Loan			400,000	(3)		06/08		5.900

Total Term and Credit Facility Debt			697,500

PUBLIC DEBT:
Medium Term Notes	F		99,738	(4)		03/07		7.000
Medium Term Notes	F		10,000			07/07		7.020
Unsecured Notes	F		85,000			08/07		6.950
Medium Term Notes	F		2,000			12/07		6.960
Medium Term Notes	F		99,972			01/08		6.625
Medium Term Notes	F		274,523			01/09		3.875
Medium Term Notes	F		199,741			05/10		5.000
Medium Term Notes	F		299,759			07/10		4.625
Medium Term Notes	F		249,347			04/11		5.250
Convertible Notes	F		250,000	(5)		08/11		3.500
Medium Term Notes	F		348,610			10/12		5.375
Medium Term Notes	F		199,403			05/15		5.500
Medium Term Notes	F		100,000			07/18		7.500

Total Public Debt			2,218,095

MORTGAGE DEBT:
Phoenix, AZ (Paradise Valley)	F		16,733	(6)		05/07		7.780
Hamilton, NJ	V		65,000			05/07		6.122
St. Louis, MO (Olympic)	F		2,826			08/07		9.150
Berlin, VT	F		4,940			08/07		9.750
Mt. Laurel, NJ	V		48,000			09/07		6.222
Apex, NC	V		15,573			10/07		6.322
DDR MDT MV, LLC	V		45,923	(7)		10/07		6.042
Tupelo, MS	F		11,166			03/08		4.410
Jacksonville, FL	F		6,407			03/08		4.410
Solon, OH	F		15,467			03/08		4.410
N. Charleston, SC	F		11,074			03/08		4.410
Walker, MI	F		8,146			03/08		4.410
Mt. Pleasant, SC (GS II)	F		7,505			03/08		4.410
Meridian, ID (GS II)	F		24,254			03/08		4.410
Birmingham, AL (GS II)	F		26,267			03/08		4.410
Wilmington, NC (GS II)	F		20,135			03/08		4.410
Durham, NC (GS II)	F		6,864			03/08		4.410
Silver Springs, MD (Tech 29-1)	F		6,552			02/09		7.330
Stone Oak, TX	V		14,447	(8)		02/09		6.572

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Consolidated Debt
as of December 31, 2006 (con’t)

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate (1)

Leawood, KS

49,117

07/09

7.310

Martinsville, VA

19,435

12/09

8.460

St. Louis, MO (Keller)

1,065

01/10

8.625

Deer Valley — Phoenix, AZ

17,181

09/10

8.010

DDR MDT MV, LLC

212,550

(7)

10/10

5.211

Big Flats, NY (Big Flats I)

8,454

12/10

8.011

Plattsburgh, NY

8,253

12/10

8.000

Erie, PA

25,027

04/11

6.884

Erie, PA

2,889

04/11

6.884

Boardman, OH

25,992

04/11

6.884

St. Louis, MO (Sunset)

33,695

04/11

6.884

St. Louis, MO (Brentwood)

25,027

04/11

6.884

Denver, CO (Centennial)

37,544

04/11

6.884

Gates, NY (Westgate)

24,454

10/11

7.240

Indian Train, NC (Union TC Ph I)

6,830

10/11

7.000

Ashtabula, OH

6,801

12/11

7.000

West Pasco, FL

4,784

02/12

9.625

Denver, CO (Univ Hills)

27,800

06/12

7.300

St. Louis, MO (Gravois)

1,243

07/12

8.625

N. Charleston, SC

10,458

07/12

7.370

Mooresville, NC

23,489

12/12

6.930

Big Flats, NY (Big Flats IV)

964

01/13

7.600

Big Flats, NY (Big Flats II & III)

3,944

01/13

8.010

Buffalo, NY (Delaware Commons)

998

01/13

6.960

Jamestown, NY (Southside Plaza)

1,454

04/13

7.590

Victor, NY (Victor Square)

6,504

04/13

5.800

Mays Landing, NJ (Wrangleboro)

48,127

05/13

6.990

Beachwood, OH

3,185

07/13

7.640

W. Long Branch, NJ (Monmouth)

12,742

07/13

8.570

Boynton Beach, FL (Meadows Square)

3,937

07/13

6.720

Englewood, FL (Rotonda)

1,839

07/13

5.800

Reno, NV

3,479

02/15

9.000

Olean, NY

4,410

07/15

8.995

Mays Landing, NJ (Hamilton)

14,078

09/15

4.700

Columbus, OH (Consumer II West)

13,522

11/15

10.188

Amherst, NY (Kmart/Blvd Cons. II)

11,634

11/15

7.850

Lockport, NY (Walmart/Tops)

12,090

01/16

8.000

Merriam, KS (TIF)

7,075

02/16

6.900

Rome, NY (Freedom)

4,181

09/16

7.850

Medina, NY

3,637

11/16

7.660

Amherst, NY (Tops Transit + French)

4,910

12/16

7.680

Canandaigua, NY

5,364

01/17

6.150

Cheektowaga, NY (Walmart Thruway)

4,689

10/17

6.780

Ithaca, NY

18,272

01/18

7.050

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Consolidated Debt
as of December 31, 2006 (con’t)


		Mortgage			Maturity			Interest
		Balance(000’s)			Date			Rate (1)
Amherst, NY (Target/Blvd Cons. II)	F	$	12,859			07/18			5.670
Springville, NY	F		5,851			07/18			6.375
Niskayuna, NY (Mohawk)	F		23,715			12/18			5.750
Henderson, TN	F		8,577			01/19			7.660
Spring Hill, FL	F		4,955			09/19			9.750
Alden, NY	F		4,256			10/19			8.100
Cedar Rapids, IA	F		9,406			01/20			9.375
Plainville, CT	F		6,985			04/21			7.125
Allentown, PA	F		17,378			06/21			6.950
Princeton, NJ	F		25,310			03/27			8.262
Bayamon, PR (Rio Hondo)	F		55,802			05/28			7.180
San Juan, PR (Senorial Plaza)	F		14,490			05/28			7.180
Bayamon, PR (Rexville Plaza)	F		8,730			05/28			7.180
Arecibo, PR (Atlantico)	F		14,580			05/28			7.180

Total Mortgage Debt			1,333,292

Total Debt		$	4,248,887
Adjustment for Reverse Swap			(75	)(9)

		$	4,248,812

Weighted Average – Total					4.56		years		5.7	%

Weighted Average – Fixed		$	3,798,966		4.88		years		5.6	%

Weighted Average – Floating		$	449,921		1.88		years		6.2	%

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 2006 deferred finance cost amortization of approximately $7.75 million, net is offset by approximately $9.1 million of annualized fair market value adjustment in 2006.

2.		The LIBOR rate on $100 million of the $1.2 billion Revolving Credit Facility has been fixed at 4.942% through September 2010 via interest rate swap. The spread on this $100 million borrowing was 0.308 % on December 31, 2006 resulting in a fixed rate of 5.250% on this borrowing.

3.		Secured term loan debt of $200 million has been converted to a fixed rate of 5.99% until June 28, 2010. Secured term loan debt of $100 million has been converted to a fixed rate of 5.78% and $100 million has been converted to a fixed rate of 5.81% until October 18, 2009. The weighted average rate of all traunches, reflecting the rates fixed by interest rate swaps, is 5.90%.

4.		Public debt of $60 million has been converted to a variable rate of 7.174%. The remaining balance of $39.7 million is at the stated fixed rate.

5.		The convertible notes may net share settled with shares of DDR’s common stock once the stock price rises above $65.11 per share, however, this conversion price has been increased to $74.41 per share through the purchase of a convertible note hedge.

6.		The company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts pursuant to EITF 04-05.

7.		The company’s 50% joint venture with DDR Macquarie is consolidated within DDR’s accounts pursuant to FIN 46.

8.		The company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.

9.		Offset included in other liabilities.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2006
(000’s)


	2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		2016 Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																						6,985		6,985
Tupelo, MS		313		10,852																				11,166
Jacksonville, FL		180		6,227																				6,407
Reno, NV		64		67		73		78		84		89		96		103		2,825						3,479
Denver, CO (Univ Hills)		604		650		699		752		809		24,286												27,800
Henderson, TN		426		460		497		536		578		624		674		727		785		847		2,423		8,577
Allentown, PA		714		765		820		879		942		1,009		1,082		1,159		1,242		1,332		7,435		17,378
Erie, PA		314		331		360		386		23,636														25,027
Erie, PA		36		38		41		44		2,731														2,889
Phoenix, AZ (Deer Valley)		217		231		255		16,479																17,181
Martinsville, VA		241		258		18,936																		19,435
Boardman, OH		325		343		373		400		24,551														25,992
Solon, OH		434		15,033																				15,467
St. Louis, MO (Sunset)		421		444		483		518		31,830														33,695
St. Louis, MO (Brentwood)		314		331		360		386		23,636														25,027
Denver, CO (Centennial)		469		496		539		578		35,462														37,544
Cedar Rapids, IA		380		417		458		503		552		606		665		730		802		880		3,412		9,406
St. Louis, MO (Olympic)		2,826																						2,826
St. Louis, MO (Gravois)		389		292		115		125		136		187												1,243
St. Louis, MO (Keller)		315		343		374		33																1,065
N. Charleston, SC		311		10,763																				11,074
Walker, MI		229		7,917																				8,146
Mt. Pleasant, SC		211		7,294																				7,505
Meridian, ID		681		23,573																				24,254
Birmingham, AL		737		25,530																				26,267
Wilmington, NC		565		19,570																				20,135
Berlin, VT		4,940																						4,940
Spring Hill, FL		206		227		251		276		304		335		370		407		449		495		1,634		4,955
West Pasco, FL												4,784												4,784
Princeton, NJ		423		454		499		543		590		636		697		758		823		890		18,997		25,310
Beachwood, OH		387		420		451		487		525		567		349										3,185
Phoenix, AZ		16,733																						16,733
Leawood, KS		1,292		1,390		46,435																		49,117
Durham, NC		193		6,672																				6,864
Silver Springs, MD (Tech 29-1)		183		196		6,173																		6,552

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2006 (con’t)
(000’s)


	2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		2016 Payments		Thereafter		Total
Jamestown, NY (Southside Plaza)		178		193		208		225		242		262		147										1,454
Ithaca, NY		1,128		1,210		1,298		1,393		1,494		1,603		1,720		1,845		1,980		2,124		2,476		18,272
Columbus, OH (Consumer II West)		465		514		568		628		694		767		848		937		8,103						13,522
Olean, NY		357		390		427		467		511		559		611		669		418						4,410
N. Charleston, SC		222		239		257		277		298		9,165												10,458
W. Long Branch, NJ (Monmouth)		1,506		1,640		1,786		1,945		2,119		2,307		1,440										12,742
Big Flats, NY (Big Flats I)		1,867		2,022		2,190		2,375																8,454
Mays Landing, NJ (Wrangleboro)		2,245		2,407		2,581		2,767		2,967		3,181		31,980										48,127
Plattsburgh, NY		1,823		1,974		2,138		2,318																8,253
Amherst, NY (Kmart/Blvd Cons. II)		938		1,015		1,097		1,187		1,283		1,388		1,500		1,623		1,603						11,634
Big Flats, NY (Big Flats IV)		68		73		79		86		92		100		466										964
Lockport, NY (Walmart/Tops)		944		1,022		1,107		1,199		1,298		1,406		1,523		1,649		1,786		155				12,090
Big Flats, NY (Big Flats II)		501		543		589		639		693		751		227										3,944
Amherst, NY (Tops Transit + French)		340		367		396		427		461		498		538		580		627		677				4,910
Amherst, NY (Target/Blvd Cons. II)		808		856		905		958		1,014		1,073		1,135		1,201		1,271		1,345		2,292		12,859
Medina, NY		255		275		297		320		346		373		403		435		469		463				3,637
Mays Landing, NJ (Hamilton)		1,332		1,396		1,463		1,534		1,607		1,684		1,765		1,850		1,446						14,078
Gates, NY (Westgate)		324		349		375		404		23,002														24,454
Boynton Beach, FL (Meadows Square)		485		519		556		595		637		682		464										3,937
Rome, NY (Freedom)		295		319		345		374		404		437		472		511		552		444		27		4,181
Englewood, FL (Rotonda)		236		250		265		281		298		315		193										1,839
Mooresville, NC		300		322		345		370		397		426		21,330										23,489
Alden, NY		173		188		208		246		266		289		313		343		393		426		1,411		4,256
Indian Train, NC (Union TC Ph I)		95		102		109		117		6,407														6,830
Cheektowaga, NY (Walmart Thruway)		304		325		348		372		398		426		456		487		521		558		495		4,689
Ashtabula, OH		93		100		107		115		6,385														6,801
Buffalo, NY (Delaware Commons)		137		146		157		168		180		193		17										998
Springville, NY		353		376		401		427		455		485		517		551		587		625		1,075		5,851
Niskayuna, NY (Mohawk)		1,414		1,497		1,585		1,679		1,778		1,883		1,994		2,112		2,237		2,369		5,166		23,715
Canandaigua, NY		396		421		448		476		507		539		573		609		647		688		59		5,364
Victor, NY (Victor Square)		100		107		113		120		127		135		5,802										6,504
Bayamon, PR (Rio Hondo)		1,011		1,076		1,169		1,256		1,351		1,442		1,561		1,679		1,805		1,932		41,519		55,802
San Juan, PR (Senorial Plaza)		263		279		303		326		351		375		405		436		469		502		10,781		14,490
Bayamon, PR (Rexville Plaza)		158		168		183		197		211		226		244		263		282		302		6,495		8,730
Arecibo, PR (Atlantico)		264		281		305		328		353		377		408		439		472		505		10,848		14,580
Merriam, KS (TIF)																				7,075				7,075
DDR MDT MV, LLC		45,923						212,550																258,473
Hamilton, NJ		65,000																						65,000
Payments Made Through 9/30/06

Total — Property Mortgages		168,373		164,545		102,900		262,147		204,993		66,468		82,985		22,104		32,595		24,634		123,529		1,255,273

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2006 (con’t)
(000’s)


	2007 Payments		2008 Payments			2009 Payments		2010 Payments			2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		2015 Payments		Thereafter		Total
CONSTRUCTION LOANS
$68 Million Construction Loan							14,447																			14,447
(Compass Bank)
$20 Million Construction Loan		15,573																								15,573
(National City Bank)
$48 Million Construction Loan		48,000																								48,000
(Wachovia Bank)

Total — Construction Loans		63,573		0			14,447		0			0		0		0		0		0		0		0		78,020

DEBT OFFERINGS
Senior Notes		111,738		99,972			274,523		499,500			499,347		348,610						199,403				100,000		2,133,096
Unsecured Notes		85,000																								85,000

Total — Debt Offerings		196,738		99,972			274,523		499,500			499,347		348,610		0		0		199,403		0		100,000		2,218,095
Total — Property Mortgages,		428,684		264,517			391,870		761,647			704,340		415,078		82,985		22,104		231,999		24,634		223,529		3,551,387
Construction Loans & Debt Offerings

REVOLVING CREDIT FACILITIES & TERM LOANS
$1.2 Billion Unsecured Credit Facility									297,500	(1)																297,500
(JPMorgan Chase)
$400 Million Secured Term Loan				400,000	(1)																					400,000
(Key Bank)
$60 Million Unsecured Credit Facility									0	(1)																0
(National City Bank)

Total — Debt	$	428,684	$	664,517		$	391,870	$	1,059,147		$	704,340	$	415,078	$	82,985	$	22,104	$	231,999	$	24,634	$	223,529	$	4,248,887


Notes:

(1)		Balance at December 31, 2006 on revolving credit facilities. The $1.2 billion JPMorgan Chase facility has one one-year extension option to 2011. The $400 million Key Bank facility has two one-year extension options to 2010.

		The $60 million National City Bank facility has one one-year extension option to 2011.

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2006


	RVIP III B									RVIP VIII						Community Centers			Lennox Town			Sun Center
	Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Five			Center (2)			Limited (2)
Real Estate Assets	$	83.8		$	7.7		$	118.9		$	33.9		$	130.4		$	241.8		$	21.0			25.9
Accumulated Depreciation		(11.7	)		(1.2	)		(16.2	)		(2.7	)		(6.7	)		(42.4	)		(4.4	)		(7.1	)

Real Estate, net		72.1			6.5			102.7			31.2			123.7			199.4			16.6			18.8

Receivables, Net		1.1			0.3			3.4			1.5			1.3			6.0			1.8			0.9
Other assets		1.5			0.4			6.3			1.1			1.9			10.3			0.8			1.3
Disproportionate Share of Equity		—			—			—			—			—			—			—			—

	$	74.7		$	7.2		$	112.4		$	33.8		$	126.9		$	215.7		$	19.2		$	21.0


Mortgage Debt	$	60.0		$	2.9		$	72.1		$	23.4		$	10.8		$	280.0		$	17.5		$	20.1
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.1			0.0			0.0
Other liabilities		2.7			0.3			15.9			0.6			2.0			2.8			1.1			0.8

		62.7			3.2			88.0			24.0			12.8			282.9			18.6			20.9

Accumulated equity (deficit)		12.0			4.0			24.4			9.8			114.1			(67.2	)		0.6			0.1
Disproportionate Share of Equity		—			—			—			—			—			—			—			—

	$	74.7		$	7.2		$	112.4		$	33.8		$	126.9		$	215.7		$	19.2		$	21.0


Proportionate share of other assets/liabilities, net		($0.0	)	$	0.1			($1.3	)	$	0.5		$	0.1		$	6.8		$	0.7		$	1.1

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

Combining Statements of Operations
for the period ended December 31, 2006


	RVIP III B									RVIP VIII						Community Centers			Lennox Town			Sun Center
	Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Five			Center (2)			Limited (2)
Revenues from operations	$	12.4		$	1.0		$	15.3		$	6.2		$	12.9		$	35.0		$	4.8		$	4.6
Rental operation expenses		(4.4	)		(0.4	)		(4.6	)		(2.4	)		(3.7	)		(10.1	)		(1.4	)		(1.1	)

Net operating income		8.0			0.6			10.7			3.8			9.2			24.9			3.4			3.5
Depreciation and amortization expense		(2.4	)		(0.3	)		(2.9	)		(1.0	)		(3.2	)		(5.9	)		(0.4	)		(0.8	)
Interest expense		(3.7	)		(0.2	)		(5.8	)		(1.4	)		(0.6	)		(15.7	)		(1.5	)		(1.6	)

Income (loss) before gain on sale		1.9			0.1			2.0			1.4			5.4			3.3			1.5			1.1
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			(0.1	)		0.4			0.0			0.0			(0.4	)		0.0			0.0
Gain on sale of discontinued operations		0.0			(1.8	)		3.7			(0.0	)		0.0			0.4			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—

Net income (loss)	$	1.9			($1.8	)	$	6.1		$	1.4		$	5.4		$	3.3		$	1.5		$	1.1
DDR Ownership interest		***			***			***			***			10	%		50	%		***			***

	$	0.7			($0.5	)	$	2.0		$	0.4		$	0.5		$	1.7		$	0.7		$	0.9
Amortization of basis differential		0.0			(0.2	)		(0.3	)		0.0			0.0			1.8			(0.1	)		(0.2	)

	$	0.7			($0.7	)	$	1.7		$	0.4		$	0.5		$	3.5		$	0.6		$	0.7


Proportionate share of net operating income (6)	$	2.0		$	0.1		$	2.2		$	1.0		$	0.9		$	12.4		$	1.7		$	2.7

Proportionate share of interest expense (6)	$	0.9		$	0.1		$	1.2		$	0.4		$	0.1		$	7.9		$	0.7		$	1.3


Funds From Operations (“FFO”):

Net income (loss)	$	1.9			($1.8	)	$	6.1		$	1.4		$	5.4		$	3.3		$	1.5		$	1.1
Depreciation of real property		2.4			0.5			3.0			1.0			3.2			6.4			0.4			0.7
(Gain) loss on sale		0.0			0.0			(3.7	)		0.0			0.0			(0.4	)		0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—

	$	4.3			($1.3	)	$	5.4		$	2.4		$	8.6		$	9.3		$	1.9		$	1.8
DDR ownership interest		***			***			***			***			10	%		50	%		****			****

DDR FFO	$	1.8			($0.3	)	$	1.9		$	0.8		$	0.8		$	4.7		$	1.0		$	1.5

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2006


													Sansone Group /									Coventry II DDR
	Dublin Village (3)			DOTRS			Littleton, CO (3)			Jefferson County, MO			DDRC LLC			DDR Markaz			DDR Markaz II			Bloomfield
Real Estate Assets	$	0.1		$	25.5		$	3.2		$	6.6		$	0.3		$	167.8		$	202.5		$	71.3
Accumulated Depreciation		0.0			(5.1	)		0.0			(0.7	)		(0.2	)		(14.3	)		(11.4	)		0.0

Real Estate, net		0.1			20.4			3.2			5.9			0.1			153.5			191.1			71.3

Receivables, Net		0.0			0.9			0.0			0.1			1.0			2.7			1.1			0.0
Other assets		0.0			0.4			0.2			0.2			3.4			5.5			5.8			0.2
Disproportionate Share of Equity		—			—			—			—			—			—			—			—

	$	0.1		$	21.7		$	3.4		$	6.2		$	4.5		$	161.7		$	198.0		$	71.5


Mortgage Debt	$	0.1		$	21.0		$	0.0		$	3.7		$	0.0		$	110.0		$	150.5		$	48.0
Amounts payable to DDRC		0.0			0.0			0.0			3.1			0.0			0.9			0.3			0.0
Other liabilities		0.0			0.6			0.3			0.1			0.6			1.7			0.0			0.1

		0.1			21.6			0.3			6.9			0.6			112.6			150.8			48.1
Accumulated equity (deficit)		0.0			0.1			3.1			(0.7	)		3.9			49.1			47.2			23.4
Disproportionate Share of Equity		—			—			—			—			—			—			—			—

	$	0.1		$	21.7		$	3.4		$	6.2		$	4.5		$	161.7		$	198.0		$	71.5


Proportionate share of other assets/liabilities, net		($0.0	)	$	0.3			($0.0	)	$	0.1		$	1.9		$	1.3		$	1.4		$	0.0

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	1.6		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the period ended December 31, 2006


													Sansone Group /									Coventry II DDR
	Dublin Village (3)			DOTRS			Littleton, CO (3)			Jefferson County, MO			DDRC LLC			DDR Markaz			DDR Markaz II			Bloomfield
Revenues from operations		($0.0	)	$	4.0		$	0.0		$	0.8		$	2.7		$	22.3		$	21.6		$	0.0
Rental operation expenses		(0.0	)		(1.2	)		(0.1	)		(0.3	)		0.0			(7.7	)		(7.5	)		0.0

Net operating income		0.0			2.8			(0.1	)		0.5			2.7			14.7			14.1			0.0
Depreciation and amortization expense		0.0			(0.6	)		0.0			(0.2	)		(0.0	)		(4.3	)		(5.5	)		(0.0	)
Interest expense		(0.0	)		(0.8	)		0.0			(0.6	)		0.0			(4.7	)		(8.0	)		0.0

Income (loss) before gain on sale		0.0			1.4			(0.1	)		(0.3	)		2.7			5.8			0.6			(0.0	)
		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		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
Disproportionate Share of Income		—			—			—			—			—			—			—			—

Net income (loss)	$	0.0		$	1.4			($0.1	)		($0.3	)	$	2.7		$	5.8		$	0.6			($0.0	)
DDR Ownership interest		63	%		50	%		50	%		50	%		****			20	%		20	%		20	%

		($0.0	)	$	0.7			($0.0	)		($0.2	)	$	1.6		$	1.2		$	0.1		$	0.0

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

	$	0.0		$	0.8		$	0.0			($0.2	)	$	1.3		$	1.4		$	0.3		$	0.0


Proportionate share of net operating income (6)		($0.0	)	$	1.4			($0.0	)	$	0.2		$	1.4		$	3.0		$	2.8		$	0.0

Proportionate share of interest expense (6)	$	0.0		$	0.4		$	0.0		$	0.3		$	0.0		$	0.9		$	1.6		$	0.0


Funds From Operations (“FFO”):

Net income (loss)		($0.0	)	$	1.4			($0.1	)		($0.3	)	$	2.7		$	5.8		$	0.6		$	0.0
Depreciation of real property		0.0			0.6			0.0			0.2			0.0			4.3			5.5			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—

	$	0.0		$	2.0			($0.1	)		($0.1	)	$	2.7		$	10.1		$	6.1		$	0.0

DDR ownership interest		63	%		50	%		50	%		50	%		****			20	%		****			20	%

DDR FFO		($0.0	)	$	1.0			($0.0	)		($0.1	)	$	1.6		$	2.0		$	1.4		$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2006


	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR		Coventry II DDR		Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Buena Park			Fairplain Plaza			Marley Creek			Merriam Village		Montgomery Farm		Phoenix Spectrum			SM(4)			Totem Lakes			Tri-County Mall
Real Estate Assets	$	96.2		$	27.2		$	12.2		$	23.4	$	26.2	$	77.1		$	171.8			40.1		$	197.3
Accumulated Depreciation		(3.8	)		(0.3	)		(0.0	)		0.0		0.0		(3.3	)		(0.8	)		(1.9	)		(2.8	)

Real Estate, net		92.4			26.9			12.2			23.4		26.2		73.8			171.0			38.2			194.5

Receivables, Net		0.9			0.0			0.0			0.0		0.0		1.6			2.2			0.1			1.9
Other assets		0.7			0.3			0.1			0.3		1.1		5.3			18.2			0.4			18.9
Disproportionate Share of Equity		—			—			—			—		—		—			—			—			—

	$	94.0		$	27.2		$	12.3		$	23.7	$	27.3	$	80.7		$	191.4		$	38.7		$	215.3


Mortgage Debt	$	61.0		$	16.0		$	10.2		$	18.5	$	0.0	$	47.5		$	138.6		$	20.4		$	170.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0		0.0		0.0			0.0			0.0			0.0
Other liabilities		2.2			0.1			(0.0	)		0.2		0.1		6.9			2.9			0.2			7.8

		63.2			16.1			10.2			18.7		0.1		54.4			141.5			20.6			177.8

Accumulated equity (deficit)		30.8			11.1			2.1			5.0		27.2		26.3			49.9			18.1			37.5
Disproportionate Share of Equity		—			—			—			—		—		—			—			—			—
	$	94.0		$	27.2		$	12.3		$	23.7	$	27.3	$	80.7		$	191.4		$	38.7		$	215.3


Proportionate share of other assets/liabilities, net		($0.1	)	$	0.0		$	0.0		$	0.0	$	0.1		($0.0	)	$	3.5		$	0.1		$	2.3

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 December 31, 2006


	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Buena Park			Fairplain Plaza			Marley Creek			Merriam Village			Montgomery Farm			Phoenix Spectrum			SM(4)			Totem Lakes			Tri-County Mall
Revenues from operations		12.6			1.4			0.1			0.0			0.0			7.3			8.6			3.7			12.3
Rental operation expenses		(6.5	)		(0.5	)		0.0			(0.0	)		(0.0	)		(3.2	)		(3.8	)		(1.3	)		(4.9	)

Net operating income		6.1			0.9			0.1			(0.0	)		(0.0	)		4.1			4.8			2.4			7.4
Depreciation and amortization expense		(2.0	)		(0.3	)		(0.0	)		0.0			0.0			(1.2	)		(1.1	)		(0.7	)		(2.5	)
Interest expense		(4.0	)		(0.7	)		(0.1	)		0.0			0.0			(1.8	)		(3.8	)		(1.9	)		(7.2	)

Income (loss) before gain on sale		0.1			(0.1	)		(0.0	)		(0.0	)		(0.0	)		1.1			(0.1	)		(0.2	)		(2.3	)
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(0.0	)		0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—

Net income (loss)	$	0.1			($0.1	)		($0.0	)		($0.0	)		($0.0	)	$	1.1			($0.1	)		($0.2	)		($2.3	)
DDR Ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%

	$	0.0			($0.0	)	$	0.0			($0.0	)	$	0.0		$	0.2			($0.0	)		($0.0	)		($0.5	)

Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.2		$	0.0			($0.0	)		($0.5	)


Proportionate share of net operating income (6)	$	1.2		$	0.2		$	0.0			($0.0	)	$	0.0		$	0.8		$	1.0		$	0.5		$	1.5

Proportionate share of interest expense (6)	$	0.8		$	0.1		$	0.0		$	0.0		$	0.0		$	0.4		$	0.8		$	0.4		$	1.4


Funds From Operations (“FFO”):

Net income (loss)		0.1			(0.1	)		(0.0	)		(0.0	)		(0.0	)		1.1			(0.1	)		(0.2	)		(2.3	)
Depreciation of real property		2.0			0.3			0.0			0.0			0.0			1.2			1.1			0.7			2.5
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—

	$	2.1		$	0.2		$	0.0		$	0.0		$	0.0		$	2.3		$	1.0		$	0.5		$	0.2

DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%

DDR FFO	$	0.4		$	0.0		$	0.0			($0.0	)	$	0.0		$	0.4		$	0.2		$	0.1		$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2006


	Coventry II DDR			Coventry II DDR						DDR/Macquarie						DDR/Macquarie		Sold/Acquired JVs					DDRs Proportionate
	Ward Parkway			Westover			Sonae Sierra Brazil			Fund LLC			DDR MDT PS LLC			Management		(5)		Total			Share
Real Estate Assets	$	61.4		$	25.2		$	180.3		$	1,742.6		$	117.8		$	0.0	$	0.0		3,939.7		$	804.7
Accumulated Depreciation		(3.4	)		(0.5	)		(17.1	)		(87.7	)		(1.4	)		0.0		0.0		(247.0	)		(69.7	)
Real Estate, net		58.0			24.7			163.2			1,654.9			116.4			0.0		0.0		3,692.7			735.0

Receivables, Net		2.2			0.6			10.1			29.0			4.1			0.0		0.3		75.0			19.1
Other assets		1.0			1.9			18.7			28.5			3.1			8.5		2.2		148.2			39.8
Disproportionate Share of Equity		—			—			—			—			—			—		—		—			11.4	(7)

	$	61.2		$	27.2		$	192.0		$	1,712.4		$	123.6		$	8.5	$	2.5	$	3,915.9		$	805.3


Mortgage Debt	$	36.0		$	18.3		$	0.0		$	1,052.4		$	86.0		$	0.0	$	0.0	$	2,495.1		$	525.6
Amounts payable to DDRC		0.0			0.0			0.0			0.4			0.0		$	0.0		0.0		5.0			1.9
Other liabilities		0.7			0.7			17.7			21.1			1.7		$	2.0		0.8		94.6			24.9

		36.7			19.0			17.7			1,073.9			87.7			2.0		0.8		2,594.7			552.4

Accumulated equity (deficit)		24.5			8.2			174.3			638.5			35.9			6.5		1.7		1,321.2			241.5
Disproportionate Share of Equity		—			—			—			—			—			—		—		—			11.4	(7)

	$	61.2		$	27.2		$	192.0		$	1,712.4		$	123.6		$	8.5	$	2.5	$	3,915.9		$	805.3


Proportionate share of other assets/liabilities, net	$	0.5		$	0.2		$	5.6		$	5.3		$	0.0		$	3.1	$	0.5	$	34.0

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0	$	0.0	$	1.6

Combining Statements of Operations
for the period ended December 31, 2006


	Coventry II DDR			Coventry II DDR						DDR/Macquarie						DDR/Macquarie			Sold/Acquired JVs						DDRs Proportionate
	Ward Parkway			Westover			Sonae Sierra Brazil			Fund LLC			DDR MDT PS LLC			Management			(5)			Total			Share
Revenues from operations	$	8.1		$	3.2		$	9.1		$	194.2		$	6.3		$	1.9		$	18.5		$	430.9		$	95.5
Rental operation expenses		(3.8	)		(1.8	)		(4.2	)		(61.0	)		(2.5	)		(0.5	)		(7.6	)		(146.6	)		(31.9	)

Net operating income		4.3			1.4			4.9			133.2			3.8			1.4			10.9			284.3			63.6
Depreciation and amortization expense		(1.2	)		(0.2	)		(1.5	)		(36.8	)		(1.6	)		(0.7	)		(4.7	)		(81.7	)		(17.4	)
Interest expense		(2.6	)		(0.8	)		0.0			(52.7	)		(3.0	)		0.0			(6.4	)		(129.7	)		(29.7	)

Income (loss) before gain on sale		0.5			0.4			3.4			43.7			(0.8	)		0.7			(0.2	)		72.9			16.5
Tax expense		0.0			0.0			(1.2	)		0.0			0.0			0.0			0.0			(1.2	)		(0.6	)
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.4			0.4			0.2
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.3			0.1			(0.2	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			18.0			20.4			2.4
Disproportionate Share of Income		—			—			—			—			—			—			—			—			10.2	(8)

Net income (loss)	$	0.5		$	0.4		$	2.2		$	43.7			($0.8	)	$	0.7		$	18.4		$	92.6		$	28.5
DDR Ownership interest		20	%		20	%		50	%		***			***			***			***			***

	$	0.1		$	0.1		$	1.1		$	9.5		$	0.3		$	0.4		$	7.5		$	28.5		$	28.5

Amortization of basis differential		0.0			0.0			(0.4	)		1.1			0.0			0.0			(0.3	)		1.6			1.6

	$	0.1		$	0.1		$	0.7		$	10.6			0.3			0.4		$	7.2		$	30.1		$	30.1


Proportionate share of net operating income (6)	$	0.9		$	0.3		$	2.4		$	19.3		$	0.0		$	0.7		$	2.9		$	63.6

Proportionate share of interest expense (6)	$	0.5		$	0.2		$	0.0		$	7.6		$	0.0		$	0.0		$	1.7		$	29.7

Funds From Operations (“FFO”):
Net income (loss)		0.5			0.4			2.2			43.7			(0.8	)		0.7			18.4			92.6			28.5
Depreciation of real property		1.2			0.2			1.5			36.8			1.5			0.7			5.1			83.0			17.8
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			(17.9	)		(22.0	)		(2.9	)
Disproportionate Share of Income		—			—			—			—			—			—			—			—			0.9	(9)

	$	1.7		$	0.6		$	3.7		$	80.5		$	0.7		$	1.4		$	5.6		$	153.6		$	44.3


DDR ownership interest		20	%		20	%		50	%		***			***			***			***			***

DDR FFO	$	0.3		$	0.1		$	1.9		$	14.9		$	0.1		$	0.8		$	6.9		$	44.3

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006


(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)		Represents operating income of Coventry II DDR SM LLC as of the acquisition date of September 22, 2006.

(5)		Represents residual joint venture assets sold to the MDT Joint Venture, operating income of the joint ventures in Phoenix, Arizona; Pasedena, California; Salisbury, Maryland; and Apex, North Carolina acquired by DDR in 2006 and operating income of the RVIP III and Kildeer joint ventures, which were sold in 2006. Additionally, this amount includes the operating income of the KLA/SM joint venture assets acquired by DDR through August 2006 and subsequently sold to the Coventry II DDR SM joint venture in September 2006.

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

(7)		Adjustments represent the effect of promoted equity structures. These adjustments are primarily at the RVIP IIIB, RVIP VII, RVIP VIII, Coventry II DDR Tri-County Mall, Coventry II DDR Westover and the DDR/Macquarie Fund LLC joint ventures.

(8)		Adjustments represent the effect of promoted interests on DDR’s share of the income primarily from an asset management promote through DDR/Macquarie Fund LLC and promoted income from the sale of the shopping centers in Kildeer, IL and the RVIP VII Joint Ventures.

(9)		Adjustments associated with Coventry’s minority ownership interests primarily at the RVIP IIIB and RVIP VIII joint ventures.

***		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.

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	Retail Value Investment Program LP IIIB
Date Formed:	September 2000
Property Name/Location:	Deer Park, IL

Major Tenants:	Century Theater	Pottery Barn
	Talbots	Coldwater Creek
	Restoration Hardware	J. Crew
	Victoria’s Secret	Pier 1 Imports
	GAP	Banana Republic
	Barnes & Noble	Ann Taylor


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

Cash Flow Distribution:		1% — Coventry Real Estate Partners
		24.75% — DDR
		74.25% — Prudential Real Estate Investors
		Up to a leveraged 10% 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	$	2.6
Prudential		7.3
Coventry		2.1

Total Capital	$	12.0

Debt	$	60.0

Total Debt & Equity	$	72.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program LP VI
Date Formed:		October 1999
Property Name/Location:		Cherokee North — Overland Park, KS

Major Tenants:		Osco Drug
		Deals Nothing Over $1
		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	$	0.9
PREI		3.0
Coventry	$	0.1

Total Capital	$	4.0

Debt	$	2.9

Total Debt & Equity	$	6.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

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 2 properties:

		Downtown Pleasant Hill — Pleasant Hill, CA
		Valley Central Shopping Center — Lancaster, CA


Major Tenants:	Century Theater	Michael’s
	Ross Stores	Staples
	Wal-Mart	Bed, Bath & Beyond
	Cinemark	Albertson’s
		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:		.6% (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	$	3.4
PREI		13.6
Coventry		7.4

Total Capital	$	24.4

Debt	$	72.1

Total Debt & Equity	$	96.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	Retail Value Investment Program LP 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	Best Buy
	Ross Dress for Less


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

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

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

Fees to DDR
Management Fee:		3.5% of gross rents
Development Fee:		1% of hard costs for all improvements
Asset Management Fee:		N/A
Leasing Fees: *		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 9,999 square feet)
		4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 - 19,999 square feet)
		$2 per square foot (spaces 20,000 square feet and greater)
		3% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.5% on renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 - 9,999 square feet)
		2% on renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 19,999 square feet)
		$2 per square foot on renewals (spaces 20,000 square feet and greater)
		4% on new leases years 1-5; 2% years 6-10; (outparcels/ground leases)
		2% on renewals on years 1-5; 1% years 6-10 (outparcels/ground leases)
		6% 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	$	2.6
Prudential		7.7
Coventry		(0.5	)

Total Capital	$	9.8

Debt	$	23.4

Total Debt & Equity	$	33.2

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 year ended December 31, 2006

Joint Venture Investment Summary


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

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

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


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

Cash Flow Distribution:		10.0% — JDN QRS, Inc.
		90.0% — Prudential Insurance Company of America (PICA)

Fees to DDR
Management Fee:		4% of gross income
Construction Supervision Fee:		5% of gross cost of all development and tenant improvement work (including hard and soft costs)
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term, max 10 yrs. (spaces 5,000 — 10,000 square feet)
		4% on new leases on years 1-5; 2% on remainder of term, max 10 yrs. (spaces 10,000 — 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		3% for renewals on years 1-5; 1.5% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
		2.5% for renewals on years 1-5; 1.25% on remainder of term, max 10 yrs. (spaces 5,000 — 10,000 square feet)
		2% for renewals on years 1-5; 1% on remainder of term, max 10 yrs. (spaces 10,000 — 20,000 square feet)
		$2 per square foot for renewals with a material amendment to the lease; 1$ if renewed without a material amendment (spaces > 20,000 square feet)
		4% on new outparcels/ground leases on years 1-5; 2% on remainder of term, max 10 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	$	11.4
PICA		102.7

Total Capital	$	114.1

Debt	$	10.8

Total Debt & Equity	$	124.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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	Ethan Allen (not owned)		OfficeMax
	Ashley’s Furniture	Famous Footwear		Old Navy
	Babies ‘R Us	Gander Mountain		Petco
	Barnes & Noble	Haggan’s		Petsmart
	Bassett Furniture	JoAnn, Etc.		Pier 1 Imports
	Bed Bath & Beyond	Kohl’s Department		Ross Dress for Less
	Best Buy	Linens ‘N Things		Staples
	Byerly’s	Mac Frugal’s		Stein Mart
	Circuit City	Mervyns (not owned)		Target (not owned)
	Comp USA	Michael’s		TJ Maxx
	Cub Foods (not owned)	Nordstrom Rack (not owned)		United Artists Theatre
	DSW Shoe Warehouse	Office Depot

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	$	(33.6	)
DRA Advisors		(33.6	)

Total Capital (1)	$	(67.2	)

Payable to DDR	$	0.1

Debt	$	280.0

Total Debt & Equity	$	212.9


(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 year ended December 31, 2006

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
		Michael’s
		Staples
		Stein Mart
		Whole Food Markets

Partnership Structure
Equity Contribution:		79.45% — DDR 20.55% — Casto Properties

Cash Flow Distribution:		79.45% — DDR 20.55% — Casto Properties

Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)


DDR	$	0.1
Casto Properties		—

Total Capital (1)	$	0.1

Debt	$	20.1

Total Debt & Equity	$	20.2


(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 Supplemental
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:		Jefferson County Plaza LLC
Date Formed:		July 1999
Property Name/Location:		Arnold, MO

Major Tenants:		Deal$ Home Depot (not owned)
		Sally Beauty Supply
		Shoe Carnival
		Target (not owned)

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	$	(0.35	)
The Sansone Group	$	(0.35	)

Total Capital (1)	$	(0.70	)

Payable to DDR	$	3.1

Debt	$	3.7

Total Debt & Equity	$	6.1


(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 Supplemental
For the year ended December 31, 2006

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	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
	Giant Eagle	Ross Dress for Less
	Jewel (not owned)	Shoe Carnival
	Kohl’s	Target (not owned)
	Linens ‘N Things	T.J. Maxx
	Lowe’s (not owned)	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

Capital Structure (in millions)


DDR	$	9.8
Markaz		39.3

Total Capital	$	49.1

Payable to DDR	$	0.9

Debt	$	110.0

Total Debt & Equity	$	160.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

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 Video	Office Max
	Dollar Tree	Regal Cinemas
	Factory Card Outlet	Stein Mart
	Kroger	Tops Markets
	Linens ‘N Things

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

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

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

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

Capital Structure (in millions)


DDR	$	9.4
Markaz		37.8

Total Capital	$	47.2

Receivable from DDR	$	(1.6	)

Payable to DDR	$	0.3

Debt	$	150.5

Total Debt & Equity	$	196.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Bloomfield LLC
Date Formed:		August 2006
Property Name/Location:		Bloomfield Park — Bloomfield Hills, MI

Major Tenants:		Blue Point Ocean Grill, Bar Louie, BCBG, BCBG Girls, PacSun, Faro Design and other retail tenants and restaurants to be announced.

Partnership Structure
Coventry II DDR Harbor Bloomfield Phase I LLC

Equity Contribution:		50% — BP 1, LLC
		50% — Coventry II DDR Bloomfield LLC

Cash Flow Distribution:		50% — BP 1, LLC
		50% — Coventry II DDR Bloomfield LLC (a)

Coventry II DDR Harbor Bloomfield Phase II LLC

Equity Contribution:		70% — BP 2, LLC
		30% — Coventry II DDR Bloomfield LLC

Cash Flow Distribution:		70% — BP 2, LLC
		30% — Coventry II DDR Bloomfield LLC (b)

Coventry II DDR Bloomfield 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:		4% of all hard and soft costs
Leasing Fees:		$3 per square foot (for initial leasing during development)
		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	$	18.8
DDR		4.6

Total Capital	$	23.4

Debt	$	48.0

Total Debt & Equity	$	71.4


*		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.

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

(a)		Cash flow is distributed in the following order: 18% preferred return to Coventry II DDR Bloomfield LLC (Coventry/DDR), return of Coventry/DDR contributed capital, payment of BPI, LLC’s Deferred Sales Price, as defined in the Partnership Agreement, the remainder in accordance with the membership interests.

(b)		Cash flow is distributed in the following order: 18% preferred return to Coventry II DDR Bloomfield LLC (Coventry/DDR), return of Coventry/DDR contributed capital, the remainder in accordance with the membership interests.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

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
	Michael’s	Steve & Barry’s University
	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	$	24.6
DDR		6.1

Total Capital	$	30.7

Debt	$	61.0

Total Debt & Equity	$	91.7


*		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 year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	Coventry II DDR Fairplain LLC
Date Formed:	May 2006
Property Name/Location:	Fairplain Plaza — Benton Harbor, MI

Major Tenants:	Target (not owned)	Pier 1 Imports
	TJ Maxx	Dunham’s Sports
	Office Depot	Old Navy
	Dollar Tree	Rite Aid
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	$	8.8
DDR		2.2

Total Capital	$	11.0

Debt	$	16.0

Total Debt & Equity	$	27.0


*		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 year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Marley Creek LLC
Date Formed:		Nov-06
Property Name/Location:		Marley Creek Square — Orland, IL

Major Tenants:		Washington Mutual
		Barraco’s
		Starbucks

Partnership Structure
Coventry II DDR/Tucker Marley Creek Square LLC

Ownership Percentage:		50% — Coventry II DDR Marley Creek LLC
		50% — TDC Marley Creek, LLC

Cash Flow Distribution:		50% — Coventry II DDR Marley Creek LLC
		50% — TDC Marley Creek, LLC
		(After Coventry II DDR Marley Creek LLC receives an 18% preferred return on it’s equity contribution)

Coventry II DDR Marley Creek 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

Capital Structure (in millions)


Coventry II Fund	$	1.6
DDR		0.4

Total Capital	$	2.0

Debt	$	10.2

Total Debt & Equity	$	12.2


*		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 C

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the year ended December 31, 2006

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	$	4.0
DDR		1.0

Total Capital	$	5.0

Debt	$	18.5

Total Debt & Equity	$	23.5


*		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.

**		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 year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Montgomery Farm LLC
Date Formed:		May, 2006
Property Name/Location:		Montgomery Farm — Allen, TX

Major Tenants:		Market Street United, P.F. Changs, Eddie Bauer, Francesca’s
		Collection, Origins, Ann Taylor Loft and other retail tenants
		and restaurants to be announced.

Partnership Structure
Coventry II DDR/Trademark Montgomery Farm L.P.

Equity Contribution:		50% — Trademark Montgomery Farm L.P
		50% — Coventry II DDR Montgomery Farm LLC

Cash Flow Distribution:		50% — Trademark Montgomery Farm L.P
		50% — Coventry II DDR Montgomery Farm LLC
		(After Coventry II DDR Montgomery Farm, LLC receives a 15% preferred return on its equity contribution.)

Coventry II DDR Montgomery Farm LLC

Equity Contribution:		80% — Coventry II Fund 20% — DDR

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

Fees to DDR
Management Fee:		2% of gross income
Development Fee:		1% of all hard and soft costs
Lease Review Fee:		$1 per square foot

Capital Structure (in millions)


Coventry II Fund	$	21.8
DDR		5.5

Total Capital	$	27.3

Debt	$	—

Total Debt & Equity	$	27.3


*		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 year ended December 31, 2006

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 Wholesale
		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	$	21.0
DDR		5.3

Total Capital	$	26.3

Debt	$	47.5

Total Debt & Equity	$	73.8


*		Coventry II Fund:

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:		Service Holdings LLC
Date Formed:		September 2006
Property Name/Location:		The Joint Venture consists of 51 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:		80.00% — Coventry II Fund
		20.00% — DDR

Cash Flow Distribution:		80.00% — Coventry II Fund*
		20.00% — DDR

Fees to DDR
Management Fee:		4.0% of gross income
Development Fee:		5.0% of all hard costs
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)
		$2.00 per square foot (spaces > 20,000 square feet)
		4.0% on new leases on years 1-10 (ground leases)
		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)
Commission on Outparcel Sales:		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	$	39.9
DDR		10.0

Total Capital	$	49.9

Payable to DDR	$	—

Debt	$	138.6

Total Debt & Equity	$	188.5


*	Coventry II Fund: DDR is also 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 year ended December 31, 2006

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	Denny’s Pet World
	Trader Joe’s	CompUSA
	Big 5 Sporting Goods	Famous Footwear
	Totem Lake Theater	Ross Dress For Less
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	$	14.5
DDR		3.6

Total Capital	$	18.1

Debt	$	20.4

Total Debt & Equity	$	38.5


*		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 year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	Coventry II DDR Tri County LLC
Date Formed:	May 2006
Property Name/Location:	Tri County Mall — Cincinnati, OH

Major Tenants:	Dillard’s	Macy’s (Not Owned)
	Abercrombie & Fitch	Sears
	Limited	New York & Co.
	Victoria’s Secret	Ann Taylor Loft

Partnership Structure
Thor Gallery at Tri County, LLC

Ownership Percentage:	.5% — Thor MM Gallery at Tri County, LLC
	9.5% — Thor Gallery at Tri County Mezz, LLC
	90.0% — Coventry II DDR Tri County LLC

Equity Contribution:	.5% — Thor MM Gallery at Tri County, LLC
	9.5% — Thor Gallery at Tri County Mezz, LLC
	90.0% — Coventry II DDR Tri County LLC

Coventry II DDR Tri County LLC
Equity Contribution:	80% — Coventry II Fund
	20% — DDR

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

Fees to DDR
Management Fee:	The Greater of $650,000 or 2.5% of Gross Income
Development/Leasing Fee:	$500,000

Capital Structure (in millions)


Coventry II Fund	$	30.0
DDR		7.5

Total Capital	$	37.5

Debt	$	170.0

Total Debt & Equity	$	207.5


*		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 year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	Coventry II DDR Ward Parkway LLC
Date Formed:	June 2003
Property Name/Location:	Ward Parkway — Kansas City, MO

Major Tenants:	Target (not owned)	Old Navy
	Dillards	Off Broadway Shoes
	Pier One Imports	24 Hour Fitness
	TJ Maxx	Dick’s Sporting Goods
	AMC Theatre	Petsmart
	Steve & Barry’s University

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	$	19.6
DDR		4.9

Total Capital	$	24.5

Debt	$	36.0

Total Debt & Equity	$	60.5


*		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 year ended December 31, 2006

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 (not owned)
		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	$	6.6
DDR		1.6

Total Capital	$	8.2

Debt	$	18.3

Total Debt & Equity	$	26.5


*		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 Supplement
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	Sonae Sierra Brazil BV Sarl
Date Formed:	October 2006
Property Name/Location:	The joint venture consists of the following 9 properties:

	Parque Dom Pedro — Campinas, Brazil	Franca Shopping — Franca, Brazil
	Shopping Penha — Sao Paulo, Brazil	Tivoli — Sao Paulo, Brazil
	Boavista Shopping — Sao Paulo, Brazil	Shopping Metropole — Sao Bernardo de Campo, Brazil
	Plaza Sul — Sao Paulo, Brazil	Campo Limpo Shopping — Estrada do Campo Limpo, Brazil
	Patio Brasil Shopping — Brasilia, Brazil

Major Tenants:	Sonda
	Lojas Americanas
	Center Lider

	Renner

Management and Leasing Company:	DDR owns a 50% interest in the management and leasing company.

Partnership Structure
Sonae Sierra Brasil Limitada

Ownership Percentage:	93.19% — Sonae Sierra Brazil BV Sarl
	6.79% — Enplanta Engenharia

Cash Flow Distribution:	93.19% — Sonae Sierra Brazil BV Sarl
	6.79% — Enplanta Engenharia

Sonae Sierra Brazil BV Sarl

Equity Contribution:	50% — DDR
	50% — Sonae Sierra SGPS S.A.

Cash Flow Distribution:	50% — DDR
	50% — Sonae Sierra SGPS S.A.

Fees to DDR
None.

Capital Structure (in millions)


DDR	$	87.15	*
Sonae Sierra SGPS S.A.		87.15

Total Capital	$	174.3

Debt	$	—

Total Debt & Equity	$	174.3


*		The capital structure above reflects the historical basis of the assets. DDR acquired a 50% interest in this investment in October 2006 for approximately $148 million, of which approximately $8.4 million relates to the value of the working capital.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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


Partnership Structure
Equity:	14.82% — DDR	Cash Flow Distribution: Variable^*
	0.65% — Macquarie Bank Limited (“MBL”)
	84.53% — 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 Summeries 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
Maintenance Service Fee:		Based on time spent at the properties by DDR personnel

Capital Structure (in millions)


DDR	$	95.6
MBL		4.2
MDT		545.2

Total Capital	$	645.0

Receivable from DDR, net	$	(1.0	)

Debt	$	1,052.4

Total Debt & Equity	$	1,696.4

^*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 Partnership Summeries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	DDR MDT PS LLC
Date Formed:	June 2006
Property Name/Location:	The joint venture consists of the following 6 properties:

	The Shops at Turner Hill — Lithonia, GA	McKinney, TX — McKinney, TX
	Flatacres Marketcenter — Parker, CO	The Marketplace at Towne Center — Mesquite, TX
	Frisco Marketplace — Frisco, TX	Overland Pointe Marketplace — Overland Park, KS


Major Tenants:	Babies R Us	Linens ‘N Things
	Bed Bath & Beyond	Michael’s
	Famous Footwear	Pier 1 Imports
	Gart Sports	Ross Dress for Less
	Golf Galaxy	Toys R Us
	Kohl’s


Partnership Structure
Equity Contribution:		Preferred:
		100% — MDT (entitled to a 9% return)

		Common:
		Senior 85.5% — MDT (entitled to a 10% return)
		Subordinate 14.5% — DDR (entitled to a 10% return)

Cash Flow Distribution:		Variable*

Promote:		DDR is entitled to a 20% promote and 14.5% of the remaining 80% that is allocated to all members in proportion to their ownership interests once all cash flow distributions discussed above are achieved.

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
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:		12.5bps of the borrowings raised
Structuring & Advising Fee:		25bps of purchase price
Due Diligence Fee:		25bps of MDT’s interest in the purchase price of the acquisition
Construction Management Fee:		5.0% of the cost of capital improvements
Maintenance Service Fee:		Based on time spent at the properties by DDR personnel

Capital Structure (in millions)


DDR	$	0.7		**
MDT — preferred		12.9
MDT — senior		22.1

Total Capital	$	35.7

Receivable from DDR, net	$	(2.6	)	(primarily master lease receivable)

Debt	$	86.0

Total Debt & Equity	$	119.1

^*(i) DDR and MBL receive a Base Fee as part of their distributions. The Base Fee is a percentage (0.45%) of the fair market value of the properties held by DDR MDT PS LLC plus the book value of certain other assets held by DDR MDT PS 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. After distribution of Base Fee (ii) to MDT in an amount equal to their 9% preferred return on $12.2 million, (iii) to MDT in an amount equal to their 10% senior return on $20.8 million, (iv) to DDR in an amount equal to their 10% subordinate return on $3.5 million, (v) 20% of remaining funds to DDR with 14.5% to DDR and 85.5% to MDT of remaining 80%.

^** Due to subordination of returns, investment balance on DDR accounts is at $0.

Joint Venture Partnership Summeries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Venture Investment Summary


Joint Venture Name:	*	DDR MDT MV LLC
Date Formed:		September 2005
Property Name/Location:		The joint venture consists of 37 fee simple, leasehold and groundlease interests.
		The properties are located in California, Arizona, Nevada and Texas.

Partnership Structure
Equity Contribution:		50.0225% — DDR Cash Flow Distribution: Variable (1)
		49.9775% — 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.

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
Acquisition 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	$	78.2
MDT		78.2
MBL		—

Total Capital	$	156.4

Payable to DDR	$	0.1

Debt	$	258.5

Total Debt & Equity	$	415.0

* 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 Partnership Summeries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

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	$	4.4
Churchill Family Trust		2.1

Total Capital	$	6.5

Debt	$	16.7

Total Debt & Equity	$	23.2

*The joint venture was consolidated into DDR in accordance with EITF 04-05.

Joint Venture Partnership Summeries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Year Ended December 31, 2006


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2004			2003			2002
Acquisitions/Transfers	$	729.9	(1)	$	350.0	(5)	$	1,147.0	(7)	$	1,221.7	(9)	$	53.0
Completed Expansions		0.0			9.3			10.3			9.7			9.0
Developments & Construction in Progress		139.6	(2)		87.5			38.9			120.1			48.6
Tenant Improvements & Building Renovations (3)		9.1			6.8			0.6			0.6			1.6
Other Real Estate Investments		0.0			0.0			0.0			0.0			241.6	(11)

	$	878.6		$	453.6		$	1,196.8		$	1,352.1		$	353.8
Less: Real Estate Sales and Dispositions		($409.0	)(4)		($148.8	)(6)		($306.7	)(8)		($781.5	)(10)		($441.2	)(12)


Joint Venture Totals (Millions)	$	469.6		$	304.8		$	890.1		$	570.6			($87.4	)

(1)		Includes DPG’s acquisition of an outparcel and a basis adjustment to the previous Macquarie DDR Trust acquisition.

(2)		Includes the acquisition of 34 acres of land in Allen, TX for the development of a 429,873 square foot shopping center and 88 acres of land in Bloomfield Hills, Michigan for the development of a 602,137 square foot shopping center. Both of these shopping centers are being developed with Coventry II.

(3)		The Company estimates recurring capital expenditures, including tenant improvements, of $11 million for its joint venture portfolio during 2007.

(4)		In addition to asset sales which had an aggregate cost of $88.9, the balance includes the transfer to DDR of the Service Merchandise portfolio, five assets located in Pasadena, CA, Phoenix, AZ (two properties), Salisbury, MD and Apex, NC. These assets had an aggregate cost of $320.1 million.

(5)		In addition to the Macquarie acquisition there was a basis adjustment to the DPG Realty Holdings and DDR Markaz II LLC acquisitions.

(6)		In addition to asset sales which had an aggregate cost of $111.1 million, this balance includes the transfer to DDR of the Dublin, Ohio shopping center which had an aggregate cost of $30 million and the sale of five outparcels at Plaza at Puente Hills, which were owned by RVIP VII.

(7)		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.

(8)		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.

(9)		Balance includes the formation of Macquarie 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.

(10)		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.

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

(12)		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.

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Venture Acquisitions
for the Year Ended December 31, 2006


							DDR’s			Joint
			Cost		Acquisition		Ownership			Venture
Property Location	GLA		(Millions)		Date		Percentage			Partner
Monaca, PA		46,470	$	10.2		3/23/2006		14.50	%	Macquarie Bank Limited
Birmingham, AL		21,774	$	4.4		3/23/2006		14.50	%	Macquarie Bank Limited
Frisco, TX		107,543	$	10.4		6/7/2006		14.50	%	Macquarie Bank Limited
McKinney, TX		118,967	$	18.8		6/7/2006		14.50	%	Macquarie Bank Limited
Parker, CO		221,520	$	19.2		6/7/2006		14.50	%	Macquarie Bank Limited
Mesquite, TX		178,925	$	33.7		6/7/2006		14.50	%	Macquarie Bank Limited
Overland Park, KS		83,047	$	12.5		6/7/2006		14.50	%	Macquarie Bank Limited
Lithonia, GA		157,175	$	23.0		6/7/2006		14.50	%	Macquarie Bank Limited
Benton Harbor, MI		222,739	$	27.0		5/18/2006		20.00	%	Coventry II
Cincinnati, OH		1,336,157	$	194.4		5/4/2006		18.00	%	Coventry II
McDonough, GA		22,658	$	3.1		7/5/2006		14.50	%	Macquarie Bank Limited
Coon Rapids, MN		33,637	$	6.4		7/5/2006		14.50	%	Macquarie Bank Limited
Service Merchandise portfolio		2,748,379	$	171.6		9/21/2006		20.00	%	Coventry II
Brazilian portfolio		3,427,175	$	180.2		10/20/2006		50.00	%	Sonae Sierra Brazil
Orland, IL		57,658	$	12.2		11/15/2006		10.00	%	Coventry II


Total		8,783,824	$	727.1

Joint Venture Dispositions
for the Year Ended December 31, 2006


			Gross Sale				DDR’s			Joint
			Proceeds				Ownership			Venture
Property Location	GLA		(Millions)		Sale Date		Percentage			Partner
Service Merchandise location		51,933	$	3.2		2/15/2006		25.00	%	Various
Shawnee, KS		174,843	$	11.7		5/15/2006		24.75	%	Prudential and Coventry Partners
Olathe, KS		48,802	$	3.1		5/15/2006		24.75	%	Prudential and Coventry Partners
Kansas City, MO		208,234	$	5.2		5/15/2006		24.75	%	Prudential and Coventry Partners
Kildeer, IL		167,477	$	47.3		8/10/2006		10.00	%	DRA Advisors
Everett, WA		88,961	$	8.2		9/29/2006		20.00	%	Prudential and Coventry Partners
Fort Worth, TX		235,017	$	22.0		12/18/2006		50.00	%	DRA Advisors


Total		975,267	$	100.7

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Joint Venture Expansion and Redevelopment Projects
for the Year Ended December 31, 2006


	DDR’s			Joint
	Ownership			Venture
	Percentage			Partner	Description
*Projects in Progress*

Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing mall tenants to accommodate a new JC Penney, the relocation of Harkins Theatre, for a new Super Target as well as several new junior anchors and other retail tenants to be announced.

Buena Park, CA		20.00	%	Coventry II	Construction of Steve and Barry’s (opened 2/06), 24 Hour Fitness and redevelopment of the lower level of the mall for several 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) for development of a Wal-Mart Supercenter. Will recapture and redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates.

Benton Harbor, MI		20.00	%	Coventry II	Expansion of the existing shopping center to include an 89,000 square foot Kohl’s, a 20,087 sf PETsMART and additional retail tenants to be announced.

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), Steve and Barrys (opened 11/06) plus additional mid-size anchors and other retail tenants to be announced.

Cincinnati, OH		18.00	%	Coventry II/ Thor Equities	Major redevelopment of the former JC Penney store to include Ethan Allen and several other new retail tenants and restaurants to be announced.


Total Gross Cost (Millions)	$	554.3	(1)

Total Net Cost (Millions)	$	526.3	(1)


*Projects to Commence*

Deer Park, IL		24.75	%	Prudential Real Estate Investors	Approximately eight acres of land to be developed, which is under contract with Grace Community, retenanting of vacant shop space with Crate & Barrel, and construction of a 13,500 sf multi-tenant outparcel building.

Macedonia, OH		50.00	%	OSTRS	Retenanting vacant shop space with PETsMART.

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.


Notes:

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

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Joint Venture Development Projects
for the Year Ended December 31, 2006


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

San Antonio, TX (Westover)		560,220	(1)		10.0	%	Coventry II & David Berndt Interests	$	45.4	$	34.8	$	3.5		2005 & 2006	Community Center	Lowe’s (opened in 2003), Target, Ross Dress for Less, Sportsman Warehouse, Office Depot, PetsMart, Rack Room Shoes, Mattress Pro, Quizno’s, Radio Shack, and Sports Clips (opened in 2005). The final phase of the development includes Starbucks, Sally Beauty, GNC, Payless, Dots, Anna’s Linens, and Melrose, (opened in 2006) plus other retail tenants to be announced.

Projects in Progress

Merriam Village, KS		271,992			20.0	%	Coventry II	$	64.6	$	43.5	$	8.7		2008	Community Center	To be announced.

Bloomfield Park, MI		602,137			10.0	%	Coventry II/BP 1, LLC	$	269.5	$	165.8	$	16.6		2008 & 2009	Lifestyle Center	Blue Point Ocean Grill, Bar Louie, BCBG, BCBG Girls, PacSun, Faro Design and other retail tenants and restaurants to be announced.

Allen, TX		429,873			10.0	%	Coventry II/Trademark Property Company	$	117.0	$	93.3	$	9.3		2008	Lifestyle Center	Market Street United, P.F. Changs, Eddie Bauer, Francesca’s Collection, Origins, Ann Taylor Loft and other retail tenants and restaurants to be announced.

Joint Venture Development Totals		1,864,222						$	496.5	$	337.4	$	38.1

Notes:

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

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Joint Venture Debt
as of December 31, 2006

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III B

Deer Park, IL

60,000

10/11

5.590

RVIP VI

Overland Park, KS

2,944

11/07

7.790

RVIP VII

72,120

(1)

04/08

Libor + 95

RVIP VIII

23,356

01/09

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

5,768

05/17

7.630

Tonawanda, NY

5,046

06/21

7.660

DDRA Community Centers Five

280,000

(2)

08/10

5.295

Lennox Town Center Limited

Columbus, OH

17,546

07/22

8.110

Sun Center Limited

6,089

05/11

5.420

Columbus, OH

13,978

04/11

8.480

DOTRS LLC

Macedonia, OH

21,000

08/11

6.050

Jefferson County Plaza, LLC

Arnold, MO

3,749

08/08

Libor + 175

DDR Markaz

110,000

(3)

06/08

4.129

DDR Markaz II

150,480

(4)

11/14

5.147

Coventry II DDR Bloomfield

48,000

06/07

Libor + 110

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

Coventry II DDR Fairplain

16,000

06/07

Libor + 95

Coventry II DDR Marley Creek

10,235

07/07

Prime + 25

Coventry II DDR Merriam Village

18,539

06/08

Libor + 150

Coventry II DDR Phoenix Spectrum

47,500

01/09

Libor + 70

Coventry II DDR SM

100,000

01/08

Libor + 80

38,590

01/08

Libor + 223.7

Coventry II DDR Totem Lakes

20,400

07/07

Libor + 215

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Joint Venture Debt
as of December 31, 2006 (con’t)


		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
Coventry II DDR Tri County	F		158,000			02/15		5.655
	F		12,000			02/15		10.304

Coventry II DDR Ward Parkway	V		36,000			08/08	Libor + 125

Coventry II DDR Westover Marketplace	V		18,342			07/07	Libor + 195

DDR MDT PS, LLC	F		86,000	(5)		07/13		6.004

DDR Macquarie (6)
$125 Million Revolving Credit Facility	V		100,075	(7)		11/07	Libor + 100
JPMorgan Chase	F		9,100	(7)		11/07		4.913

Secured Financing	F		290,500	(8)		12/08		4.225
	V		50,000	(8)		12/08	Libor + 130
	F		165,250	(9)		06/09		4.180
	F		20,000	(9)		06/07		4.800
	V		29,750	(9)		06/07	Libor + 84

BJ’s Clarence	F		4,706			03/22		7.070
JoAnn Transit	F		2,932			08/13		6.250
New Hartford Consumer Square	F		34,327			11/18		5.750
Birmingham, AL (Riverchase)	F		7,758			01/13		5.500
Merriam Town Center	V		30,000			11/06	Libor + 110

DDR Macquarie Longhorn Holdings	F		85,000	(10)		01/12		4.910

DDR Macquarie Longhorn Holdings II	F		157,250	(11)		04/10		4.822
	V		26,450	(11)		04/10	Libor + 85

DDR Macquarie Longhorn Holdings III	F		39,300	(12)		04/10		5.098
		$	2,495,080

Notes:


(1) Encumbers two shopping center properties located in California.

(2) Encumbers five shopping center properties as follows:
	Ahwatukee, AZ	Maple Grove, MN	Eagan, MN
	Phoenix, AZ	Portland, OR

(3) Encumbers seven shopping center properties as follows:
	Oviedo, FL	Tampa, FL	Grove City, OH
	Richmond, CA	Highland, IN	Toledo, OH

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006


Notes (con’t):
(4) 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


(5) Encumbers seven shopping center properties as follows:
	Shops at Turner Hill (Lithonia, GA)	McKinney Marketplace (McKinney, TX)
	Turner Hill Marketplace (Lithonia, GA)	Marketplace at Town Center (Mesquite, TX)
	Flatacres Marketcenter (Parker, CO)	Frisco Marketplace (Frisco, TX)
	Overland Pointe Marketplace (Overland Park, KS)


(6) The company’s 50% joint venture associated with the Mervyns 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 Pavilions (Parker, CO)
	McDonough Marketplace (McDonough, GA)

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Pro Rata Joint Venture Debt
as of December 31, 2006


	DDR’s			DDR’s
	Pro Rata			Pro Rata		Interest
Joint Venture	Interest			Debt (000’s)		Rate (1)
RVIP III B		25.50	%	$	15,300		5.590
RVIP VI		25.50	%		751		7.790
RVIP VII		20.75	%		14,965		6.272
RVIP VIII		25.50	%		5,956		6.322
DPG Realty Holdings, LLC		10.00	%		1,081		7.644
DDRA Comm Ctr Five		50.00	%		140,000		5.417
Lennox Town Center		50.00	%		8,773		8.110
Sun Center		79.45	%		15,943		7.555
DOTRS LLC		50.00	%		10,500		6.050
Jefferson County Plaza		50.00	%		1,874		7.072
DDR Markaz		20.00	%		22,000		4.129
DDR Markaz II		20.00	%		30,096		5.147
Coventry II DDR Bloomfield		10.00	%		4,800		6.422
Coventry II DDR Buena Park		20.00	%		12,200		6.472
Coventry II DDR Fairplain		20.00	%		3,200		6.272
Coventry II DDR Marley Creek		10.00	%		1,024		8.500
Coventry II DDR Merriam Village		20.00	%		3,708		6.822
Coventry II DDR Phoenix Spectrum		20.00	%		9,500		6.022
Coventry II DDR SM		20.00	%		27,718		6.522
Coventry II DDR Totem Lakes		20.00	%		4,080		7.472
Coventry II DDR Tri County		18.00	%		30,600		5.983
Coventry II DDR Ward Parkway		20.00	%		7,200		6.572
Coventry II DDR Westover Marketplace		10.00	%		1,834		7.272
DDR Macquarie (2) (3)		14.49	%		152,492		4.969


Total				$	525,595


Fixed Rate				$	393,300
Variable Rate				$	132,295


				$	525,595


Weighted Average — Total				3.50 years			5.5	%


Weighted Average — Fixed		1,744,974		4.42 years			5.1	%


Weighted Average — Floating		750,106		1.35 Years			6.5	%

Notes:

(1)		Interest rate on floating rate debt determined by using the LIBOR rate in effect on December 31, 2006. One-month LIBOR was 5.32188% on December 31, 2006.

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

(3)		The company’s 14.49% of debt on DDR MDT PS, LLC is not reflected in this number as DDR’s position in this venture is completely subordinated with no corresponding assets reflected in the company’s financial results.

Summary of Pro Rata Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2006

Summary of Joint Venture Mortgage Principal Payments
as of December 31, 2006
(000’s)


JOINT VENTURE	2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		2016 Payments		Thereafter		Total
RVIP III B (Deer Park)										60,000														60,000
RVIP VI		2,944																						2,944
RVIP VII				72,120																				72,120
RVIP VIII						23,356																		23,356
Tonawanda, NY (Hollywood/Tops)		198		213		230		249		268		290		312		337		364		393		2,192		5,046
Tonawanda, NY (Tops/Gander Mtn.)		377		407		439		474		511		552		595		642		693		748		329		5,768
DDRA Community Centers Five								280,000																280,000
Lennox Town Center Limited		585		635		688		746		809		877		950		1,031		1,117		1,211		8,897		17,546
Sun Center Limited
Principal Mutual Life Ins Co		523		569		619		674		11,594														13,978
W. Lyman Case & Co		93		98		104		110		5,684														6,089
DOTRS LLC										21,000														21,000
Jefferson County Plaza LLC				3,749																				3,749
DDR Markaz				110,000																				110,000
DDR Markaz II																150,480								150,480
Coventry II DDR Bloomfield		48,000																						48,000
Coventry II DDR Buena Park								61,000																61,000
Coventry II DDR Fairplain		16,000																						16,000
Coventry II DDR Marley Creek		10,235																						10,235
Coventry II DDR Merriam Village				18,539																				18,539
Coventry II DDR Phoenix Spectrum						47,500																		47,500
Coventry II DDR SM				138,590																				138,590
Coventry II DDR Totem Lakes		20,400																						20,400
Coventry II DDR Tri County																		170,000						170,000
Coventry II DDR Ward Parkway				36,000																				36,000
Coventry II DDR Westover Marketplace		18,342																						18,342
DDR MDT PS, LLC														86,000										86,000
DDR Macquarie
$125M Revolver		109,175																						109,175
Secured Financing		49,750		340,500		165,250																		555,500
BJ’s Clarence		178		191		205		220		236		253		272		292		313		336		2,210		4,706
JoAnn Transit		366		390		415		441		470		500		351										2,932
New Hartford Consumer Square		2,066		2,188		2,317		2,454		2,599		2,752		2,915		3,087		3,269		3,462		7,217		34,327
Birmingham, AL (Riverchase)		129		136		145		153		162		170		6,864										7,758
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


Total — Debt		309,362		724,324		241,267		569,520		103,332		90,393		98,260		155,869		175,757		6,150		20,845		2,495,080

Summary of Joint Venture Mortage Principal Payments 5.5

Run Date: 01/15/2007
Time:11:36:42AM
Page 1 of 22
Quarter: 4Q06

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		4,685,857	DICK’S SPORTING GOODS(2017), GOODY’S(2009), REGAL CINEMAS(2014), STEIN MART(2011), OFFICE MAX(2011), MICHAEL’S(2009), HOMEGOODS(2016), BOOKS-A-MILLION(2010), ROSS DRESS FOR LESS(2014), LOWES HOME CENTERS(NOT OWNED)

2 BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD		35210	SC		1989/1999		1995		100.00	%		300,280		454,110		1,458,818	OFFICE DEPOT(2007), DOLLAR TREE(2009), BURLINGTON COAT FACTORY(2008), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)

3 BIRMINGHAM, AL (RIVERCHASE)	RIVERCHASE PROMENADE(I) MONTGOMERY HIGHWAY		35244	SC		1989		2002		14.50	%		120,108		228,416		1,761,372	MARSHALLS(2008), GOODY’S(NOT OWNED), TOY’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		271,508	FRED’S(2009), FOOD WORLD(NOT OWNED)

5 OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.00	%		306,224		306,224		1,506,377	LOWE’S(2012), GOODY’S(2010), STEVE & BARRY’S(2014)

6 SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY		35766	SC		1999		2003		100.00	%		40,560		223,750		455,004	GOODY’S(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	%		647,883		686,414		10,286,617	JO -ANN STORES(2010), BEST BUY(2014), BASSETT FURNITURE(2010), AMC THEATRE(2021), ASHLEY FURNITURE HOMESTORE(2011), BARNES & NOBLE(2012), STEIN MART(2011), BABIES R US(2007), ROSS DRESS FOR LESS(2012), OFFICE MAX(2012)

8 CHANDLER, AZ	MERVYN’S PLAZA 2992 N. ALMA SCHOOL ROAD		85224	FO		1985		2005		50.00	%		74,862		74,862		673,200	MERVYN’S(2020)

9 MESA, AZ (SUPERS)	SUPERSTITION SPRINGS CENTER 6505 E. SOUTHERN AVE		85206	FO		1990		2005		50.00	%		86,858		86,858		1,151,580	MERVYN’S(2020)

10 PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003		67.00	%		223,161		294,820		4,083,270	BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2007), PETSMART(2015), STAPLES(2010), ALBERTSONS-OSCO DRUG(NOT OWNED)

11 PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY		85027	SC		1996		1999		100.00	%		197,009		459,939		3,106,346	ROSS DRESS FOR LESS(2009), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

12 PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD		85053	FO		1979		2005		50.00	%		81,009		81,009		819,060	MERVYN’S(2020)

13 PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996		50.00	%		346,428		416,606		4,551,902	STAPLES(2009), COMPUSA(2013), MAC FRUGAL’S(2010), BARNES & NOBLE(2011), T.J. MAXX(2011), CIRCUIT CITY(2016), DSW SHOE WAREHOUSE(2017), BASSETT FURNITURE(2009), LINENS ‘N THINGS(2011), FRY’S(NOT OWNED)

14 PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD		85044	FO		1994		2005		50.00	%		76,214		76,214		855,780	MERVYN’S(2020)

15 PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1641 WEST BETHANY HOME ROAD		85015	SC		1961		2004		20.00	%		391,436		846,067		5,313,524	COSTCO WHOLESALE(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	FO		1982		2005		50.00	%		76,126		76,126		513,060	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		3,078,826	T.J. MAXX(2011), BEST BUY(2017), GOODY’S(2013), OLD NAVY(2010), BED BATH & BEYOND(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	%		50,314		261,665		1,005,371	KOHL’S(NOT OWNED), TARGET(NOT OWNED)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1

Run Date: 01/15/2007
Time:11:36:42AM
Page 2 of 22
Quarter: 4Q06

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		1,866,558	BED BATH & BEYOND(2013), T.J. MAXX(2007), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014), SPORTS AUTHORITY(2013)

20 RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994		100.00	%		205,429		205,429		1,427,695	HOBBY LOBBY(2016), STAGE(2010), J.C. PENNEY(2012)

Brazil

21 BRASILIA	PATIO BRASIL SHOPPING SCS QUADRA 07 BL A		70307-902	SC		1997/2001		2006		4.85	%		329,642		361,826		10,592,498	LOJAS AMERICANAS(2999), OTOCH(2007), RIACHUELO(2007), C&A(NOT OWNED)(2999), RENNER(2011), CENTAURO(2007)

22 CAMPINAS (SAO PAULO)	PARQUE DOM PEDRO AV. GUILHERME CAMPOS, 500		01387-001	SC		2001		2006		48.27	%		1,367,064		1,396,588		21,271,498	LOJAS AMERICANAS(2014), CASAS BAHIA(2011), CENTAURO(2012), MARISA(2016), BIG(2021), ETNA(2015), PERNAMBUCANAS(2012), RIACHUELO(2012), C&A(NOT OWNED)(2999), ZARA(2014), RENNER(2014), FNAC(2012)

23 ESTRADA DO CAMPO LIMPO(CLIMPO)	CAMPO LIMPO SHOPPING ESTRADA DO CAMPO LIMPO 459		05777-001	SC		2005		2006		9.32	%		215,390		215,390		1,952,987	C&A(2016), MARISA(2016), COMPRE BEM(2012), CASAS BAHIA(2011)

24 FRANCA	FRANCA SHOPPING AV. RIO NEGRO, 1100		14406-901	SC		1993		2006		30.06	%		194,452		194,452		1,408,105	C&A(2016), CASAS BAHIA(2009), MAGAZINE LUIZA(2010), LOJAS AMERICANAS(2014), C&C(2011)

25 SAO BERNARDO DO CAMPO (METROP)	SHOPPING METROPOLE PRACA SAMUEL SABATINE, 200		09750-902	SC		1980/95/97		2006		4.66	%		273,613		273,613		7,310,718	LOJAS AMERICANAS(2007), RENNER(2007)

26 SAO PAULO (PENHA)	SHOPPING PENHA RUA DR JOAO RIBEIRO, 304		03634-010	SC		1992/2004		2006		34.10	%		321,299		321,299		5,052,366	MARISA & FAMILIA(2014), SONDA(2014), LOJAS AMERICANAS(2013), KALUNGA(2010), C&A(2014)

27 SAO PAULO (SUL)	PLAZA SUL PRACA LEONOR KAUPA		04151-100	SC		1994		2006		9.32	%		265,322		307,759		6,791,170	LOJAS AMERICANAS(2011), C&A(NOT OWNED)(2020), LUIGI BERTOLLI(2007), CAMICADO(2010), MONDAY ACADEMIA(2009), RENNER(2010), DEPAMERICANAS(2011), DEPOSITO VIVENDA DO CAMARAO(2007), DEP SHOEBIZ(2007)

28 SAO PAULO(BOAVISTA)	BOAVISTA SHOPPING RUA BORBA GATO, 59		04747-030	SC		2004		2006		46.61	%		279,933		279,933		3,023,762	C&A(2014), MARISA & FAMILIA(2014), SONDA(2999)

29 SAU PAULO (TIVOLI)	TIVOLI SHOPPING AV. SANTA BARBARA, 777		13456-080	SC		1993/2006		2006		11.65	%		221,910		237,503		2,401,498	LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2008), C&A(NOT OWNED)(2016), PAULISTAO(2016)

California

30 ANAHEIM, CA	ANAHEIM HILLS FESTIVAL CENTER 8100 E. SANTA ANA CANYON ROAD		92808	FO		1992		2005		50.00	%		77,883		77,883		1,301,520	MERVYN’S(2020)

31 ANTIOCH, CA	COUNTY EAST SHOPPING CENTER 2602 SOMERSVILLE ROAD		94509	FO		1970		2005		50.00	%		75,339		75,339		1,181,160	MERVYN’S(2020)

32 BUENA PARK, CA	BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK		90620	SC		1965		2004		20.00	%		723,988		1,131,651		9,244,282	CIRCUIT CITY(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2011), STEVE & BARRY’S(2014), KOHL’S(2024), KRIKORIAN PREMIER THEATRES(2023), MICHAEL’S(2014), SEARS(NOT OWNED), WALMART(NOT OWNED)

33 BURBANK, CA	BURBANK TOWN CENTER 245 E. MAGNOLIA BLVD		91502	G L		1991		2005		50.00	%		89,182		89,182		1,624,860	MERVYN’S(2020)

34 CHINO, CA	CHINO TOWN SQUARE SHOPPING 5517 PHILADELPHIA STREET		91710	FO		1986		2005		50.00	%		81,282		81,282		870,060	MERVYN’S(2020)

35 CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVE		93612	G L		1988		2005		50.00	%		75,088		75,088		714,000	MERVYN’S(2020)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1

Run Date: 01/15/2007
Time:11:36:42AM
Page 3 of 22
Quarter: 4Q06

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)
36 EL CAJON, CA	WESTFIELD SHOPPING TOWN 565 FLETCHER PARKWAY		92020	G L		1989		2005			50.00	%		85,744		85,744		1,253,580	MERVYN’S(2020)

37 FAIRFIELD, CA	WESTFIELD SOLANO MALL 1451 GATEWAY BLVD		94533	FO		1981		2005			50.00	%		89,223		89,223		1,625,880	MERVYN’S(2020)

38 FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET		95630	FO		2003		2005			50.00	%		79,080		79,080		1,154,640	MERVYN’S(2020)

39 FOOTHILL RANCH, CA	FOOTHILLS RANCH TOWN CENTRE 26732 PORTOLA PKWY		92610	FO		1993		2005			50.00	%		77,934		77,934		1,050,600	MERVYN’S(2020)

40 GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD		92843	FO		1982		2005			50.00	%		83,746		83,746		752,760	MERVYN’S(2020)

41 LANCASTER, CA	VALLEY CENTRAL- DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001			20.00	%		353,483		483,787		3,784,221	MARSHALL’S(2007), CIRCUIT CITY(2011), STAPLES(2008), CINEMARK MOVIES 12(2017), WAL-MART(2010), 99 CENTS ONLY(2014), COSTCO(NOT OWNED)

42 LOMPOC, CA	MISSION PLAZA 1600 N H STREET		93436	FO		1992		2005			50.00	%		62,523		62,523		350,880	MERVYN’S(2020)

43 LONG BEACH, CA (PIKE)	THE PIKE 95 SOUTH PINE AVE		90802	SC		2005		1	*		100.00	%		220,913		254,452		3,217,049	CINEMARK(2008), BORDERS(2016), CLUB V2O(2019)

44 MADERA, CA	MADERA 1467 COUNTRY CLUB DRIVE		93638	FO		1990		2005			50.00	%		59,720		59,720		200,940	MERVYN’S(2020)

45 NORTH FULLERTON, CA	NORTH FULLERTON 200 IMPERIAL HWY		92835	FO		1991		2005			50.00	%		76,360		76,360		772,140	MERVYN’S(2020)

46 NORTHRIDGE, CA	NORTHRIDGE PLAZA 8800 CORBIN AVE		91324	LH		1980		2005			50.00	%		75,326		75,326		542,640	MERVYN’S(2020)

47 OCEANSIDE, CA	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE		92054	SC		2000		1	*		100.00	%		80,450		80,450		1,266,104	REGAL CINEMAS(2014)

48 PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W. RANCHO VISTA BLVD		93551	FO		1992		2005			50.00	%		76,550		76,550		829,260	MERVYN’S(2020)

49 PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003			100.00	%		556,961		556,961		11,295,175	GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J.JILL(2012), PF CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011)

50 PLEASANT HILL, CA	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101		94523	SC		1999/2000		2001			20.00	%		345,930		345,930		6,739,976	ALBERTSON’S(2020), MICHAEL’S(2010), BORDERS(2015), CENTURY THEATRE(2016), BED BATH & BEYOND(2010), ROSS DRESS FOR LESS(2010)

51 PORTERVILLE, CA	PORTERVILLE MARKET PLACE 1275 W. HENDERSON AVE		93257	FO		1991		2005			50.00	%		76,378		76,378		515,100	MERVYN’S(2020)

52 REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE		96002	FO		1984		2005			50.00	%		61,363		61,363		620,160	MERVYN’S(2020)

53 RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002			20.00	%		245,774		245,774		3,759,633	OFFICE MAX(2011), PETSMART(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE(2011), CIRCUIT CITY(2017), CENTURY THEATRE(2016)

54 SAN DIEGO, CA	SOUTHLAND PLAZA SHOPPING 575 SATURN BLVD		92154	FO		1982		2005			50.00	%		75,207		75,207		1,013,880	MERVYN’S(2020)

55 SAN DIEGO, CA (COLLEGE)	COLLEGE GROVE SHOPPING CENTER 3450 COLLEGE AVE		92115	FO		1991		2005			50.00	%		73,872		73,872		846,576	MERVYN’S(2021)

56 SAN FRANCISCO, CA (RETAIL)	VAN NESS PLAZA 215 1000 VAN NESS AVENUE		94109	SC		1998		2002			100.00	%		123,755		123,755		3,796,758	AMC THEATRE(2030), CRUNCH FITNESS(2008)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1

Run Date: 01/15/2007
Time:11:36:42AM
Page 4 of 22
Quarter: 4Q06

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)
57 SANTA MARIA, CA	TOWN CENTER WEST SHOPPING 201 TOWN CENTER W		93458	FO		1988		2005			50.00	%		84,886		84,886		762,960	MERVYN’S(2020)

58 SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA		95401	FO		1981		2005			50.00	%		90,348		90,348		1,526,940	MERVYN’S(2020)

59 SLATTEN RANCH, CA	SLATTEN RANCH SHOPPING CENTER 5849 LONE TREE WAY		94531	FO		2002		2005			50.00	%		78,819		78,819		1,328,040	MERVYN’S(2020)

60 SONORA, CA	SONORA CROSSROAD SHOPPING 1151 SANGUINETTI ROAD		95370	FO		1993		2005			50.00	%		62,214		62,214		733,380	MERVYN’S(2020)

61 TULARE, CA	ARBOR FAIRE SHOPPING CENTER 1675 HILLMAN STREET		93274	FO		1991		2005			50.00	%		62,947		62,947		566,100	MERVYN’S(2020)

62 UKIAH, CA	UKIAH 437 N. ORCHARD AVE		95482	FO		1990		2005			50.00	%		58,841		58,841		330,480	MERVYN’S(2020)

63 VALENCIA, CA	24235 MAGIC MOUNTAIN PKWY		91355	SC		1986		2006			100.00	%		75,590		75,590		951,000	MERVYN’S(2035)

64 WEST COVINA, CA	WEST COVINA SHOPPING CENTER 2753 E. EASTLAND CTR DRIVE		91791	G L		1979		2005			50.00	%		79,800		79,800		1,545,300	MERVYN’S(2020)

Colorado

65 ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2	*		100.00	%		19,875		161,924		76,213	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)

66 AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003			14.50	%		127,215		479,541		2,437,017	BED BATH & BEYOND(2012), OFFICE DEPOT(2017), HOME DEPOT(NOT OWNED), WAL -MART(NOT OWNED)

67 BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003			100.00	%		245,182		421,447		5,066,906	NORDSTROM RACK(2011), LINENS ‘N THINGS(2017), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(NOT OWNED)

68 DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001			100.00	%		174,780		196,580		1,936,476	REGENCY THEATRES TAMARAC SQ.(2008)

69 DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997			100.00	%		408,337		529,488		6,856,637	GOLFSMITH GOLF CENTER(2012), SOUNDTRACK(2017), ROSS DRESS FOR LESS(2008), OFFICE MAX(2012), MICHAEL’S(2007), TOYS R S(2011), BORDERS(2017), LOEHMANN’S(2012), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED)

70 DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003			100.00	%		244,383		244,383		4,107,334	LINENS ‘N THINGS(2013), PIER 1 IMPORTS(2014), OFFICE MAX(2012), KING SOOPERS(2017)

71 FORT COLLINS. CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		2004		2003			100.00	%		18,988		316,420		425,171	WAL -MART(NOT OWNED), HOME DEPOT(NOT OWNED)

72 LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		1	*		100.00	%		231,450		255,184		6,608,751	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), PIER 1 IMPORTS(2011), JOSEPH A. BANK CLOTHERS(2012), BUCA di BEPPO(2013), CHAMPPS(2022),POTTERY BARN(2014)

73 PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER SOUTH PARKER ROAD		80134	SC		2003		2003			14.50	%		116,644		221,520		2,036,712	BED BATH & BEYOND(2014), GART SPORTS(2014), MICHAEL’S(2013), KOHL’S(NOT OWNED)

74 PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003			14.50	%		89,631		409,897		1,717,576	OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

Connecticut

75 PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		1	*		14.50	%		463,394		566,537		6,078,340	LOWE’S(2019), KOHL’S(2022), DSW SHOE WAREHOUSE(2015), DICK’S SPORTING GOODS(2020), PETSMART(2015), A.C. MOORE(2014), OLD NAVY(2011), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1

Run Date: 01/15/2007
Time:11:36:42AM
Page 5 of 22
Quarter: 4Q06

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)
Florida

76 BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2	*		100.00	%		209,714		209,714		1,368,254	PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2010)

77 BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD & N. CONGRESS AVE		33461	SC		1986		2004			100.00	%		106,224		106,224		1,430,752	PUBLIX SUPER MARKETS(2011)

78 BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972/1997/2003		2	*		100.00	%		161,900		228,022		787,939	K MART(2007), KANE FURNITURE(NOT OWNED)

79 BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003			14.50	%		148,267		196,801		1,887,491	COMPUSA(2017), JO -ANN STORES(2017), PUBLIX SUPER MARKETS(2019), BABIES R US(NOT OWNED)

80 BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997/2004		2003			14.50	%		113,986		243,641		1,485,688	LINENS ‘N THINGS(2014), SPORTS AUTHORITY(2018), PETSMART(2020), LOWE’S(NOT OWNED)

81 CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986/2001		1/2	*		100.00	%		160,135		160,135		768,030	BEALL’S(2012), BEALL’S OUTLET(2011)

82 DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001			100.00	%		76,087		76,087		885,207	MARSHALLS(2010)

83 ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD		34224	SC		1991		2004			100.00	%		46,835		46,835		450,719	KASH N KARRY(2011)

84 GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY		32561	SC		1998		2003			100.00	%		29,827		333,654		415,604	LOWE’S(NOT OWNED), WAL -MART(NOT OWNED)

85 JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995			100.00	%		219,735		295,752		1,412,132	J.C. PENNEY(2007), WINN DIXIE STORES(2009)

86 JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004			100.00	%		182,098		182,098		861,692	FOOD LION(2010)

87 LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004			100.00	%		102,572		102,572		803,907	WINN DIXIE STORES(2017)

88 MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		1/2	*		100.00	%		63,894		63,894		309,150	BEALL’S(2008)

89 MIAMI, FL	THE SHOPS OF MIDTOWN 3401N. MIAMI AVENUE		33127	SC		2006		1	*		100.00	%		208,976		208,976		782,760	CIRCUIT CITY(2022)

90 NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995			14.50	%		267,808		283,208		3,141,120	WAL -MART(2014), T.J. MAXX(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS(2010), CIRCUIT CITY(2015), OFFICE MAX(2010)

91 OCALA, FL (WEST)	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003			100.00	%		104,563		104,563		832,398	SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)

92 ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BLVD		32065	SC		1993/2000		2004			100.00	%		72,531		135,473		695,320	BEALL’S(2009), ALBERTSON’S(NOT OWNED)

93 ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994			100.00	%		234,042		234,042		1,925,447	BEALL’S(2018), ROSS DRESS FOR LESS(2016), PUBLIX SUPER MARKETS(2013)

94 OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		1	*		20.00	%		186,212		321,249		2,020,892	OFFICE MAX(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S(2009), T.J. MAXX(2010), LINENS ‘N THINGS(2011), LOWE’S(NOT OWNED)

95 PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995			100.00	%		52,395		229,188		963,566	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1

Run Date: 01/15/2007
Time:11:36:42AM
Page 6 of 22
Quarter: 4Q06

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)
96 PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988/1997/1999		1/2	*		100.00	%		17,150		236,892		243,830	WALMART(NOT OWNED)

97 SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2	*		100.00	%		188,924		393,000		1,625,916	BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)

98 TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003			100.00	%		58,386		231,035		437,776	BEALL’S OUTLET(2009), WAL -MART(NOT OWNED)

99 TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2	*		20.00	%		104,460		222,388		1,301,376	PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)

100 TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004			100.00	%		215,817		215,817		1,771,557	NORTHERN TOOL(2015), BABIES R US(2008), PEARL ARTIST & CRAFT SUPPLY(2007)

101 TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2	*		100.00	%		134,309		249,690		1,026,791	BEALL’S(2007), KASH N KARRY(2010), WALMART(NOT OWNED)

102 TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2	*		100.00	%		198,797		199,447		1,402,282	K MART(2009), BIG LOTS(2012), STAPLES(2013)

103 WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2	*		100.00	%		135,421		215,661		793,789	BEALL’S OUTLET(2013), DOLLAR GENERAL(2016), WALMART(NOT OWNED)

Georgia

104 ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003			100.00	%		24,000		218,879		304,884	WAL MART(NOT OWNED)

105 ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994			100.00	%		99,025		219,025		664,794	WAL -MART(NOT OWNED)

106 ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995			14.50	%		343,155		352,755		4,784,540	STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015)

107 CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003			100.00	%		175,969		175,969		928,495	POP-N-SHOP(2006)

108 COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003			100.00	%		119,786		242,786		1,339,825	GOODY’S(2011), PETSMART(2015), MICHAEL’S(2009), TARGET(NOT OWNED)

109 CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997/1999		2003			100.00	%		308,557		652,642		3,755,272	GOODY’S(2012), LOWE’S(2019), MICHAEL’S(2010), OFFICE MAX(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)

110 DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003			100.00	%		86,158		261,353		1,450,285	BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)

111 LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003			100.00	%		75,622		78,422		466,121	FARMERS HOME FURNITURE(2009), FOOD LION(2019)

112 LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003			10.00	%		89,064		89,064		496,220

113 LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003			10.00	%		73,910		73,910		700,052	KROGER(2012)

114 LITHONIA, GA	THE SHOPS AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003			14.50	%		113,675		293,670		1,655,283	BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED)

115 LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003			20.00	%		91,196		91,196		960,455	KROGER(2016)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 7 of 22 Quarter: 4Q06

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)
116 MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003			100.00	%		85,105		85,105		481,872	INGLES(2010), FRED’S(2011)

117 MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995			14.50	%		301,297		311,194		3,898,122	STEIN MART(2007), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)

118 MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003			14.50	%		53,158		360,729		845,151	OFFICE DEPOT(2016), LOWES(NOT OWNED), WALMART(NOT OWNED)

119 NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003			100.00	%		156,497		426,723		1,291,915	LOWE’S(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)

120 STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003			100.00	%		162,778		162,778		829,736	FRED’S(2013), NORTHERN TOOL(2015), FARMERS HOME FURNITURE(2011), GOODWILL INDUSTRIES(2011)

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

122 STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003			100.00	%		2,000		2,000		46,200

123 SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003			100.00	%		285,336		285,336		3,906,154	BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)

124 TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003			100.00	%		130,832		279,020		1,283,169	GOODY’S(2014), KROGER(2019), WALMART(NOT OWNED)

125 UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003			100.00	%		100,002		181,954		510,696	WAL MART(NOT OWNED)

126 WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003			100.00	%		107,941		459,700		1,209,282	T.J. MAXX(2010), STAPLES(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

127 WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003			100.00	%		44,691		44,691		323,533

Idaho

128 IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976/1992/1997		1998			100.00	%		148,593		306,201		750,828	OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

129 MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004		1	*		100.00	%		461,023		731,482		6,190,132	BED BATH & BEYOND(2011), OLD NAVY(2010), SHOPKO(2020), OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2012), MARSHALLS(2012), SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013), BABIES R US(NOT OWNED), WALMART(NOT OWNED)

Illinois

130 DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003			100.00	%		22,775		194,775		257,970	WAL MART(NOT OWNED)

131 DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	L C		2000/2004		1	*		24.75	%		286,889		391,084		7,702,840	GAP # 581(2010), BARNES & NOBLE(NOT OWNED), CENTURY CINEMAS(NOT OWNED), PIER 1 IMPORTS(201), BANANA REPUBLIC(2010), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWEAR(2011), COLDWATER CREEK(2010), J.CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOTS PETITES(2011), WILLIAMS- SONOMA(2013), JOSEPH A. BANKCLOTHERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS(2011), J.JILL(2013), BOMBAY(2007), AMERICAN EAGLE(2007), VICTORIA’s SECRET(2007)

132 MCHENRY, IL	THE SHOPS AT FOX RIVER 3340 SHOPPERS DRIVE		60050	SC		2006		1	*		100.00	%		41,400		41,400		304,200

133 MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	M M		1974/1998/2000		2	*		100.00	%		269,328		269,328		1,001,627	SEARS(2013), GOODY’S(2015), J.C. PENNEY(2007)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 8 of 22 Quarter: 4Q06

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 ORLAND PARK, IL	MARLEY CREEK SQUARE 179TH & SOUTH WOLF ROAD		60467	SC		2006		2006			50.00	%		57,658		62,558		407,539

135 ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004			100.00	%		149,498		149,498		1,448,664	HOME DEPOT(2012)

136 SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995			14.50	%		508,815		674,504		8,690,198	CIRCUIT CITY(2009), OFF 5TH(2011), PETSMART(2014), HOMEGOODS(2014), OFFICE MAX(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS(2009), NORDSTROM RACK(2009), BORDERS(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)

Indiana

137 BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993/1997		2	*		100.00	%		223,431		223,431		1,155,653	K MART(2008), GOODY’S(2008), J.C. PENNEY(2008)

138 HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996			20.00	%		312,546		524,410		3,559,373	MARSHALLS(2011), KOHL’S(2016), CIRCUIT CITY(2016), OFFICE MAX(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)

139 LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE		47905	SC		2000		2003			100.00	%		35,100		243,850		378,350	WAL MART(NOT OWNED)

Iowa

140 CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE		52404	SC		1984		1998			100.00	%		187,068		207,405		1,871,609	T.J. MAXX(2010), OFFICE MAX(2010), BARNES & NOBLE(2010), KOHL’S(2021)

141 OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	M M		1990/1999/2002		1/2	*		100.00	%		241,427		344,677		1,334,540	HERBERGER’S(2020), J.C. PENNEY(2010), GOODY’S(2014), TARGET(NOT OWNED)

Kansas

142 LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	L C		1996/2002		1998			100.00	%		308,628		490,999		7,990,126	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),THE JONES STORE(2009)

143 MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC		1998/2004		1	*		14.50	%		351,234		473,740		4,192,624	OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2008), DICK’S SPORTING GOODS(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)

144 OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC		1987/2002		1998			24.75	%		60,765		60,981		792,150

145 OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC		2001/2004		2003			14.50	%		42,632		361,759		906,347	HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), BABIES R US(NOT OWNED)

146 WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC		1955		2002			100.00	%		203,997		253,997		2,048,017	OFFICE MAX(2007), T.J. MAXX(2011), BARNES & NOBLE(2012), KCBB, INC BURLINGTON(NOT OWNED)

Kentucky

147 FLORENCE, KY (TURFWAY)	TURFWAY PLAZA 6825 TURFWAY ROAD		41042	SC		1975/1998		2004			100.00	%		133,985		133,985		968,461	OFFICE DEPOT(2011), PARTY TOWN(2016), BIG LOTS(2008)

148 FRANKFORT, KY (EASTWOOD)	EASTWOOD SHOPPING CENTER 260 VERSAILLES ROAD		40601	SC		1963/1994		2004			100.00	%		155,104		155,104		849,673	SEARS(2011)

149 LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE		40511	SC		1998		2003			100.00	%		46,647		228,878		610,374	STAPLES(2016), WAL MART(NOT OWNED)
	524 WEST NEW CIRCLE

150 LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O -WAR BOULEVARD AND NICHOL		40503	SC		1998		2003			100.00	%		27,643		344,280		595,780	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 9 of 22 Quarter: 4Q06

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 LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY		40228	SC		1973/1989/1998		2004			100.00	%		120,777		120,777		644,549	VALU DISCOUNT(2009)

152 RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003			100.00	%		158,041		229,313		257,700	FOOD LION(2017), BALLARD’S(NOT OWNED)

Maine

153 BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997			100.00	%		301,992		310,229		2,603,208	HOYTS CINEMAS(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX(2010), SEARS(2012)

Maryland

154 SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999		1	*		100.00	%		126,135		350,012		1,683,102	BEST BUY(2013), MICHAEL’S(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

Massachusetts

155 EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		1	*		100.00	%		222,287		639,807		4,535,719	BED BATH & BEYOND(2011), OLD NAVY(2011), OFFICE MAX(2020), BABIES R US(2013), MICHAEL’S(2012), COSTCO(NOT OWNED)

156 FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995			14.50	%		769,276		778,701		14,428,379	TOYS R US(2020), MACY’S FURNTURE GALLERY(2020), T.J. MAXX(2010), BABIES R US(2013), DSW SHOE WAREHOUSE(2012), A.C. MOORE(2007), MARSHALLS(2011), BOBS(2011), LINENS ‘N THINGS(2011), SPORTS AUTHORITY(2015), PETSMART(2011), BEST BUY(2014), BARNES & NOBLE(2011), AMC THEATRE(2014), KOHL’S(2010)

Michigan

157 BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		1993			100.00	%		63,415		134,574		396,808	FARMER JACK(2012), WAL -MART(NOT OWNED)

158 BENTON HARBOR, MI	FAIRPLAIN PLAZA 1000 NAPIER AVE		49022	SC		1998		2006			20.00	%		222,739		413,399		1,546,949	OFFICE DEPOT(2008), T.J. MAXX(2009), KOHL’S(NOT OWNED), TARGET(NOT OWNED)

159 CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		1994			100.00	%		70,076		145,827		255,713	K MART(2010), KMART(NOT OWNED)

160 DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998			100.00	%		343,619		450,349		2,453,512	NATIONAL WHOLESALE LIQUIDATORS(2016), PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS(2008), KIDS R US(2013), FORMAN MILLS(2012), TARGET(NOT OWNED)

161 GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991/2004		1993			100.00	%		150,203		150,203		682,194	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BUY LOW(2011)

162 GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2003		2003			14.50	%		201,726		352,098		2,542,211	CIRCUIT CITY(2017), LINENS ‘N THINGS(2013), GANDER MOUNTAIN(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED)

163 HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981/1999		1/2	*		100.00	%		257,863		257,863		995,195	STEVE & BARRY’S(2013), J.C. PENNEY(2010), OFFICE MAX(2014)

164 HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		1993			100.00	%		215,047		215,047		994,340	ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011)

165 LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000/2001		2003			100.00	%		135,697		489,104		1,449,584	MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

166 MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990		2	*		100.00	%		249,680		249,680		1,665,584	WAL-MART(2009), T.J. MAXX(2014), KROGER(2011)

167 SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993/1998		1994			100.00	%		270,761		270,761		1,727,682	WAL-MART(2012), J.C. PENNEY(2008), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)

168 WALKER, MI (ALPINE AVE)	GREEN RIDGE SQUARE II 3410 ALPINE AVENUE		49504	SC		1991/1995		2004			100.00	%		91,749		91,749		930,669	CIRCUIT CITY(2010), BED BATH & BEYOND(2015)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 10 of 22 Quarter: 4Q06

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 WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995			100.00	%		133,538		303,447		1,551,937	T.J. MAXX(2011), OFFICE DEPOT(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED)

Minnesota

170 BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	M M		1977/1998		2	*		100.00	%		297,803		297,803		1,516,618	K MART(2007), HERBERGER’S(2010), J.C. PENNEY(2008)

171 BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	M M		1985/1998		1/2	*		100.00	%		260,319		260,319		1,853,790	STEVE & BARRY’S(2013), HERBERGER’S(2013), MOVIES 10(2011)

172 COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE		55433	SC		2003		1	*		14.50	%		551,867		940,371		8,948,743	KOHL’S(2020), JO -ANN STORES(2010), LINENS ‘N THINGS(2016), BORDERS(2023), OLD NAVY(2012), SPORTSMAN’S WAREHOUSE(2017), BEST BUY(2013), DSW SHOE WAREHOUSE(2016), SEARS(NOT OWNED), COSTCO(NOT OWNED), J.C. PENNEY(NOT OWNED)

173 EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		55122	SC		1997/2001		1997			50.00	%		278,211		342,014		3,559,763	BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2007), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)

174 HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	M M		1981		1/2	*		100.00	%		121,001		209,843		449,534	J.C. PENNEY(2011), HENNEN’S FURNITURE(NOT OWNED)

175 MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I -94		55369	SC		1995/2002		1996			50.00	%		265,957		354,321		3,002,577	KOHL’S(2016), BARNES & NOBLE(2011), GANDER MOUNTAIN(2011), MICHAEL’S(2012), BED BATH & BEYOND(2012), CUB FOODS(NOT OWNED)

176 ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997			14.50	%		324,354		473,596		2,684,640	WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), MERVYN’S(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)

177 WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	M M		1977		1/2	*		100.00	%		185,658		185,658		533,516	J.C. PENNEY(2007), HY VEE FOOD STORES(2011)

Mississippi

178 GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003			100.00	%		457,119		532,250		5,285,910	ACADEMY SPORTS(2015), BED BATH & BEYOND(2014), ROSS DRESS FOR LESS(2015), GOODY’S(2011), T.J. MAXX(2009), CINEMARK(2019), OFFICE DEPOT(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED)

179 JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003			100.00	%		107,780		326,319		1,173,321	PETSMART(2012), OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

180 JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003			100.00	%		52,617		182,300		293,052	OFFICE DEPOT(2012), HOME DEPOT(NOT OWNED)

181 OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003			20.00	%		13,200		71,866		331,088	KROGER(NOT OWNED)

182 SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003			100.00	%		55,749		173,269		545,774	STAPLES(2016), HOME DEPOT(NOT OWNED)

183 STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994			100.00	%		133,691		268,254		915,148	J.C. PENNEY(2010), KROGER(2042), LOWE’S(NOT OWNED)

184 TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994			100.00	%		348,236		348,236		1,926,726	SAM’S CLUB(2012), GOODY’S(2007), WAL -MART(2012)

Missouri

185 ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		1	*		50.00	%		42,091		290,147		426,080	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

186 FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2	*		100.00	%		93,420		100,420		932,664

187 INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995			14.50	%		386,066		403,166		5,022,374	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 11 of 22 Quarter: 4Q06

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 KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003			20.00	%		358,373		681,878		5,341,077	DICK’S SPORTING GOODS(2016), 24 HOUR FITNESS(2023), PETSMART(2016), STEVE & BARRY’S(2014), AMC THEATRE(2011), OFF BROADWAY SHOES(2015), T.J. MAXX(2013), TARGET(NOT OWNED), DILLARD’S(NOT OWNED)

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

190 ST. JOHN, MO	ST JOHN CROSSING 9000-9070 ST CHARLES ROCK RD		63114	SC		2003		2003			100.00	%		93,513		93,513		1,016,406	SHOP ‘N SAVE(2022)

191 ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998			100.00	%		415,435		450,938		5,519,995	TOYS R US(2013), COMPUSA(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)

192 ST.LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998			100.00	%		52,842		169,699		528,029	KELLER PLAZA 8(2011), SAM’S(NOT OWNED)

193 ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998			100.00	%		67,628		67,628		1,052,058	OFFICE MAX(2014)

194 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(2023), BED BATH & BEYOND(2009), PETSMART(2014), LANE HOME FURNISHINGS(2013)

195 ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998			100.00	%		110,992		114,992		597,912	K MART(2008)

196 ST.LOUIS,MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998			100.00	%		92,372		92,372		1,167,973	T.J. MAXX(2008)

Nevada

197 CARSON CITY, NV	EAGLE STATION 3871 S. CARSON STREET		89701	F O		1983		2005			50.00	%		60,494		60,494		543,660	MERVYN’S(2020)

198 LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		1	*		100.00	%		24,032		27,300		431,256

199 LAS VEGAS, NV(LOMA)	LOMA VISTA SHOPPING CENTER 4700 MEADOW LANE		89107	F O		1979		2005			50.00	%		75,687		75,687		765,000	MERVYN’S(2020)

200 LAS VEGAS, NV(NELLIS)	NELLIS CROSSING SHOPPING 1300 S. NELLIS BLVD		89104	F O		1986		2005			50.00	%		76,016		76,016		683,400	MERVYN’S(2020)

201 RENO, NV (SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CTR PKWY		89511	F O		2002		2005			50.00	%		79,239		79,239		623,220	MERVYN’S(2020)

202 RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000			100.00	%		52,474		52,474		693,866	CENTURY THEATRE(2014)

203 SW LAS VEGAS, NV	GRAND CANYON PARKWAY S. C. 4265 S. GRAND CANYON DRIVE		89147	F O		2003		2005			50.00	%		79,294		79,294		890,460	MERVYN’S(2020)

New Jersey

204 FREEHOLD, NJ	aREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT 537)		07728	SC		2005		1	*		100.00	%		0		307,270		0	WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)

205 HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003			100.00	%		446,940		935,620		7,906,961	STAPLES(2015), KOHL’S(2023), LINENS ‘N THINGS(2014), MICHAEL’S(2013), ROSS DRESS FOR LESS(2014), SHOPRITE(2028), BARNES & NOBLE(2014), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED)

206 MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE		08330	SC		2001		2004			100.00	%		398,870		398,870		5,967,617	REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015), CIRCUIT CITY(2020)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 11 of 22 Quarter: 4Q06

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 MAYS LANDING, NJ (WRANGLEBORO	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD		08330	SC		1997		2004			100.00	%		839,019		839,019		9,564,888	BEST BUY(2017), BORDERS(2017), KOHL’S(2018), STAPLES(2012), BABIES R US(2013), BJ’S WHOLESALE CLUB(2016), DICK’S SPORTING GOODS(2013), LINENS ‘N THINGS(2012), MICHAEL’S(2008), TARGET(2023), PETSMART(2013)

208 MT. LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE.		08054	SC		2005		1	*		100.00	%		284,177		713,973		6,671,795	BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO-ANN STORES(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), WEGMANS(NOT OWNED), TARGET(NOT OWNED), COSTCO(NOT OWNED)

209 PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		02071	SC		1995		1997			100.00	%		287,686		796,495		5,497,412	BORDERS(2011), BEST BUY(2012), LINENS ‘N THINGS(2011), PETSMART(2011), BABIES R US(2016), TARGET(NOT OWNED)

210 PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		02071	SC		1999/2004		1	*		100.00	%		202,622		309,285		4,057,254	DICK’S SPORTING GOODS(2015), MICHAEL’S(2009), KOHL’S(2019)

211 WEST LONG BRANCH, NJ(MONMOUTH)	MONMOUTH CONSUMER CENTER 310 STATE HIGHWAY #36		07764	SC		1993		2004			100.00	%		292,999		292,999		4,035,362	SPORTS AUTHORITY(2012), BARNES & NOBLE(2009), PETSMART(2008), HOME DEPOT(2013)

New Mexico

212 LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2	*		100.00	%		93,021		93,021		662,544	SMITH’S FOOD & DRUG(2007), FURR’S PHARMACY(2008), BEALLS(2009)

New York

213 ALDEN, NY (TOPS)	TOPS PLAZA - ALDEN 12775 BROADWAY		14004	SC		1999		2004			100.00	%		67,992		67,992		711,350	TOPS MARKETS(2019)

214 AMHERST, NY	TOPS PLAZA - AMHERST 3035 NIAGARA FALLS BLVD.		14828	SC		1986		2004			20.00	%		145,192		145,192		1,141,412	TOPS MARKETS(2010)

215 AMHERST, NY (BOULEVARD CONSUME	BOULEVARD CONSUMER SQUARE 1641-1703 NIAGARA FALLS BLVD		14228	SC		1998/2001/2003		2004			100.00	%		573,952		709,114		6,473,693	TARGET(2019), K MART(2007), BABIES R US(2015), BARNES & NOBLE(2014), BEST BUY(2016), BED BATH & BEYOND(2018), A.C. MOORE(2013), LOWES(NOT OWNED)

216 AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD		14228	SC		1978/1982/1990/1998		2004			100.00	%		199,504		199,504		2,106,207	BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)

217 AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD		14226	SC		1960/1973/1982/1988/ 2003		2004			100.00	%		58,413		58,413		630,581

218 AMHERST, NY (TOPS-TRANSIT COMM	TOPS PLAZA - TRANSIT/N. FRENCH 9660 TRANSIT ROAD		14226	SC		1995/1998		2004			100.00	%		114,177		114,177		1,172,939	TOPS MARKETS(2016)

219 AMHERST, NY (UNIVERSITY PLAZA)	UNIVERSITY PLAZA 3500 MAIN STREET		14226	SC		1965/1995/2002		2004			100.00	%		162,879		162,879		1,436,220	A.J. WRIGHT(2012), TOPS MARKETS(2009)

220 ARCADE, NY	TOPSPLAZA-ARCADE ROUTE 39		14009	SC		1995		2004			10.00	%		65,915		65,915		662,409	TOPS MARKETS(2015)

221 AVON, NY	TOPS PLAZA-AVON 270 E. MAIN STREET		14414	SC		1997/2002		2004			10.00	%		63,288		63,288		454,162	TOPS MARKETS(2017)

222 BATAVIA, NY (BJS)	BJs PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004			14.50	%		95,846		95,846		821,821	BJ’S WHOLESALE CLUB(2016)

223 BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN STREET		14020	SC		1990		2004			14.50	%		49,431		49,431		530,599

224 BATAVIA, NY (MARTIN’S PLAZA)	MARTIN’S PLAZA 8351 LEWISTON ROAD		14020	SC		1994		2004			14.50	%		37,140		115,161		445,778	MARTIN’S(NOT OWNED)

225 BIG FLATS, NY (CONSUMER SQUARE	BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64		14814	SC		1993/2001		2004			100.00	%		641,264		641,264		6,171,908	DICK’S SPORTING GOODS(2008), WAL-MART(2013), SAM’S CLUB(2013), TOPS MARKETS(2013), BED BATH & BEYOND(2014), MICHAEL’S(2010), OLD NAVY(2009), STAPLES(2011), BARNES & NOBLE(2011), T.J. MAXX(2007)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 13 of 22 Quarter: 4Q06

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 BUFFALO, NY (DELAWARE CONSUMER	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE		14216	SC		1995	2004	100.00%	238,531	238,531	2,138,328	A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)

227 BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951 - 2023 ELMWOOD AVENUE		14207	SC		1997	2004	100.00%	133,940	133,940	1,524,235	REGAL CINEMAS(2017), OFFICE DEPOT(2012)

228 BUFFALO, NY (MARSHALLS)	MARSHALLS PLAZA 2150 DELAWARE AVENUE		14216	SC		1960/1975/1983/1995	2004	100.00%	82,196	82,196	795,587	MARSHALLS(2009)

229 CANANDAIGUA, NY	TOPS PLAZA 5150 North Street		14424	SC		2002	2004	100.00%	57,498	57,498	769,500	TOPS MARKETS(2023)

230 CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS 2015 WALDEN AVENUE		14225	SC		1994	2004	14.50%	26,500	26,500	609,500	BORDERS(2015)

231 CHEEKTOWAGA, NY (THRUWAY PLAZA	THRUWAY PLAZA 2195 HARLEM ROAD		14225	SC		1965/1995/1997/2004	2004	100.00%	371,512	503,844	2,656,718	WAL-MART(2017), MOVIELAND 8 THEATRES(2019), TOPS MARKETS(2019), A.J. WRIGHT(2015), VALUE CITY FURNITURE(2009), M & T BANK(2017), HOME DEPOT(NOT OWNED)

232 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	1,567,462	TOPS MARKETS(2013)

233 CHEEKTOWAGA, NY (UNION CONSUME	UNION CONSUMER SQUARE 3733 - 3735 UNION ROAD		14225	SC		1989/1998/2004	2004	14.50%	386,548	386,548	4,390,405	MARSHALLS(2009), OFFICE MAX(2010), SAM’S CLUB(2024), CIRCUIT CITY(2016), JO –ANN STORES(2015)

234 CHEEKTOWAGA, NY (UNION)	UNION ROAD PLAZA 3637 UNION ROAD		14225	SC		1979/1982/1997/2003	2004	14.50%	174,438	174,438	1,198,011	DICK’S SPORTING GOODS(2015)

235 CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE 2130-2190 WALDEN AVENUE		14225	SC		1994/1999	2004	14.50%	68,002	68,002	267,125

236 CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700 - 1750 WALDEN AVENUE		14225	SC		1997/1999/2004	2004	14.50%	255,964	255,964	2,330,224	OFFICE DEPOT(2009), LINENS ’N THINGS(2015), MICHAEL’S(2013), TARGET(2015)

237 CHILI, NY (KMART)	CHILI PLAZA 800 PAUL ROAD		14606	SC		1998	2004	100.00%	116,868	120,368	748,189	SEARS(2019)

238 CICERO, NY (BEAR RD)	BEAR ROAD PLAZA 709-729 NORTH MAIN STREET		13212	SC		1978/1988/1995	2004	100.00%	59,483	59,483	447,223

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

240 CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/2004	2004	14.50%	520,876	520,876	4,160,296	BJ’S WHOLESALE CLUB(2021), DICK’S SPORTING GOODS(2011), LINENS ’N THINGS(2015), MICHAEL’S(2010), WAL-MART(2019)

241 CLARENCE, NY (JOANN)	JOANN PLAZA 4101 TRANSIT ROAD		14221	SC		1994	2004	14.50%	92,720	202,720	743,588	OFFICE MAX(2009), JO -ANN STORES(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)

242 CORTLAND, NY (TOPS PLAZA)	TOPS PLAZA - CORTLAND STAPLES 3836 ROUTE 281		13045	SC		1995	2004	100.00%	134,223	134,223	1,731,453	TOPS MARKETS(2016), STAPLES(2017)

243 DANSVILLE, NY (TOPS)	TOPS PLAZA – DANSVILLE 23-65 FRANKLIN STREET		14437	SC		2001	2004	100.00%	67,400	67,400	629,039	TOPS MARKETS(2021)

244 DEPEW, NY	TOPS PLAZA – DEPEW 5175 BROADWAY		14043	SC		1980/1990/1996	2004	100.00%	148,245	148,245	1,573,914	TOPS MARKETS(2016), BIG LOTS(2011)

245 DEWITT, NY (DEWITT COMMONS)	MARSHALLS PLAZA 3401 ERIE BOULEVARD EAST		13214	SC		2001/2003	2004	100.00%	304,177	304,177	2,969,020	TOYS R US(2018), OLD NAVY(2011), MARSHALLS(2019), BED BATH & BEYOND(2018), A.C. MOORE(2014), SYRACUSE ORTHOPEDIC SPECIALIST(2017)

246 DEWITT, NY (MICHAELS/CHUCK E C	MICHAELS – DEWITT 3133 ERIE BOULEVARD		13214	SC		2002	2004	100.00%	49,713	49,713	570,166	MICHAEL’S(2010)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 14 of 22 Quarter: 4Q06

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 ELMIRA, NY	TOPS PLAZA-ELMIRA HUDSON STREET		14904	SC		1997	2004	10.00%	98,330	98,330	1,117,100	TOPS MARKETS(2017)

248 GATES, NY (WESTGATE PLAZA)	WESTGATE PLAZA 2000 CHILI AVENUE		14624	SC		1998	2004	100.00%	334,752	334,752	3,219,908	WAL-MART(2021), STAPLES(2015)

249 GREECE, NY	JOANN/PETSMART PLAZA 3042 WEST RIDGE ROAD		14626	SC		1993/1999	2004	100.00%	75,916	75,916	799,191	PETSMART(2008), JO-ANN STORES(2015)

250 HAMBURG, NY (BJS)	BJS PLAZA – HAMBURG 4408 MILESTRIP ROAD		14075	SC		1990/1997	2004	100.00%	175,965	175,965	1,725,858	OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)

251 HAMBURG, NY (DICKS-MCKINLEY)	MCKINLEY PLACE 3701 MCKINLEY PARKWAY		14075	SC		1990/2001	2004	100.00%	128,944	128,944	1,450,399	DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2009)

252 HAMBURG, NY (HAMBURG VILLAGE)	HAMBURG VILLAGE SQUARE 140 PINE STREET		14075	SC		1960/1972/1984/1996	2004	100.00%	92,717	92,717	881,916

253 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(2012)

254 HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP CENTER 3540 MCKINLEY PARKWAY		14075	SC		1999	2004	100.00%	106,774	106,774	1,472,383	OLD NAVY(2010), JO-ANN STORES(2015)

255 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(2015)

256 HAMLIN, NY	TOPS PLAZA-HAMLIN 1800 LAKE ROAD		14464	SC		1997	2004	10.00%	60,488	60,488	491,705	TOPS MARKETS(2017)

257 IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST		14622	SC		1972/1984/1997	2004	20.00%	226,812	226,812	2,206,041	REGAL CINEMAS(2022), A.J. WRIGHT(2014)

258 IRONDEQUOIT, NY (RIDGEVIEW)	RIDGEVIEW PLACE 1850 RIDGE ROAD EAST		14617	SC		2000	2004	100.00%	64,732	64,732	847,629

259 ITHACA, NY (TOPS PLAZA)	TOPS PLAZA - ITHACA 614 - 722 SOUTH MEADOW		14850	SC		1990/1999/2003	2004	100.00%	229,320	229,320	3,554,447	OFFICE DEPOT(2014), TOPS MARKETS(2022), MICHAEL’S(2013), BARNES & NOBLE(2018)

260 JAMESTOWN, NY	TOPS PLAZA - JAMESTOWN 75 WASHINGTON STREET		14702	SC		1997	2004	20.00%	98,001	98,001	1,178,454	TOPS MARKETS(2018)

261 JAMESTOWN, NY (SOUTHSIDE)	SOUTHSIDE PLAZA 708-744 FOOTE AVENUE		14701	SC		1980/1997	2004	100.00%	63,140	63,140	573,269	QUALITY MARKET(2017)

262 LANCASTER, NY (REGAL)	REGAL CENTER 6703-6733 TRANSIT ROAD		14221	SC		1997	2004	14.50%	112,949	112,949	927,990	REGAL CINEMAS(2017)

263 LEROY, NY	TOPS PLAZAl - LEROY 128 WEST MAIN STREET		14482	SC		1997	2004	20.00%	62,747	62,747	583,543	TOPS MARKETS(2017)

264 LOCKPORT, NY	WAL-MART/TOPS PLAZA - LOCKPORT 5789 & 5839 TRANSIT RD & HAMM		14094	SC		1993	2004	100.00%	296,582	296,582	2,718,853	WAL-MART(2015), TOPS MARKETS(2021), SEARS HARDWARE(2011)

265 MEDINA, NY (TOPS)	TOPS PLAZA - MEDINA 11200 MAPLE RIDGE ROAD		14103	SC		1996	2004	100.00%	80,028	80,028	526,400	TOPS MARKETS(2016)

266 NEW HARTFORD, NY	CONSUMER SQUARE 4725 - 4829 COMMERCIAL DRIVE		13413	SC		2002	2004	14.50%	514,717	514,717	6,115,602	BARNES & NOBLE(2013), BED BATH & BEYOND(2018), BEST BUY(2013), STAPLES(2018), MICHAEL’S(2013), WAL-MART(2022), T.J. MAXX(2012)

267 NEW HARTFORD, NY (TOPS)	TOPS PLAZA - NEW HARTFORD 40 KELLOPP ROAD		13413	SC		1998	2004	100.00%	127,740	127,740	1,180,160	HANAFORD BROTHERS(2018)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 15 of 22 Quarter: 4Q06

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 (HOME DEPOT)	HOME DEPOT PLAZA - N FALLS 720 & 750 BUILDERS WAY		14304	SC		1994/2000	2004	100.00%	43,842	154,510	577,615	REGAL CINEMAS(2019), HOME DEPOT(NOT OWNED)

269 NIAGARA FALLS, NY (PINE PLAZA)	PINE PLAZA 8207-8351 NIAGARA FALLS BLVD		14304	SC		1980/1992/1998	2004	100.00%	83,273	83,273	709,286	OFFICE MAX(2015)

270 NIAGARA FALLS, NY (TOPS-PORTAG	TOPS - PORTAGE 1000 PORTAGE ROAD		14301	SC		1991	2004	100.00%	117,014	117,014	1,200,084	TOPS MARKETS(2013)

271 NIAGARA FALLS, NY (WEGMANS)	WEGMANS PLAZA - N FALLS 1575 - 1653 MILITARY ROAD		14304	SC		1998	2004	100.00%	122,876	122,876	701,855	WEGMAN'S FOOD MARKETS(2023)

272 NISKAYUNA, NY	MOHAWK COMMONS 402 - 442 BALLTOWN ROAD		12121	SC		2002	2004	100.00%	399,901	530,375	4,569,092	PRICE CHOPPER(2022), LOWE'S(2022), MARSHALLS(2012), BARNES & NOBLE(2014), BED BATH & BEYOND(2019), TARGET(NOT OWNED)

273 NORTH TONAWANDA, NY (MID-CITY	MID-CITY PLAZA 955-987 PAYNE AVENUE		14120	SC		1960/1976/1980/1995/2004	2004	100.00%	215,998	215,998	2,044,760	TOPS MARKETS(2024)

274 NORWICH, NY (TOPS)	TOPS PLAZA-NORWICH 54 EAST MAIN STREET		13815	SC		1997	2004	10.00%	85,453	85,453	1,098,685	TOPS MARKETS(2018)

275 OLEAN, NY (WAL -MART)	WAL -MART PLAZA - OLEAN 3142 WEST STATE STREET		14760	SC		1993/2004	2004	100.00%	285,400	401,406	2,249,822	WAL -MART(2014), EASTWYNN THEATRES(2014), BJ'S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)

276 ONTARIO, NY	TOPS PLAZA - ONTARIO BLOCKBUST 6254-6272 FURNACE ROAD		14519	SC		1998	2004	20.00%	77,040	77,040	787,174	TOPS MARKETS(2019)

277 ORCHARD PARK, NY	CROSSROAD PLAZA 3245 SOUTHWESTERN BOULEVARD		14127	SC		2000	2004	20.00%	167,805	279,920	1,763,751	TOPS MARKETS(2022), STEIN MART(2012), LOWES(NOT OWNED)

278 PLATTSBURGH, NY	CONSUMER SQUARE Rt. 3 - CORNELIA ROAD		12901	SC		1993/2004	2004	100.00%	491,513	491,513	3,452,394	SAM'S CLUB(2013), WAL -MART(2020), T.J. MAXX(2013), PETSMART(2014), MICHAEL'S(2011)

279 ROCHESTER, NY (HEN-JEF)	HEN-JEF PLAZA 400 JEFFERSON RD @ HENRIETTA		14620	SC		1983/1993	2004	100.00%	159,517	159,517	1,242,067	CITY MATTRESS(2009), COMPUSA(2008), PETSMART(2008), TILE SHOP, THE(2015)

280 ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD ROAD		14625	SC		1959/1965/1972/1980/1986/1994	2004	20.00%	278,241	278,241	3,234,166	LINENS 'N THINGS(2008), TOPS MARKETS(2014)

281 ROCHESTER, NY(HENRIETTA PLAZA)	HENRIETTA PLAZA 1100 JEFFERSON ROAD		14467	SC		1972/1980/1988/1999	2004	100.00%	245,426	245,426	1,857,705	BIG LOTS(2010), OFFICE DEPOT(2009), TOPS MARKETS(2013)

282 ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST		13440	SC		1978/2000/2001	2004	100.00%	194,467	197,397	1,192,712	STAPLES(2015), J.C. PENNEY(2008), TOPS MARKETS(2021), MARSHALLS(2016)

283 SPRINGVILLE, NY	SPRINGVILLE PLAZA 172 - 218 SOUTH CASCADE DRIVE		14141	SC		1980/1999/2004	2004	100.00%	105,636	105,636	910,679	TOPS MARKETS(2023), SALVATION ARMY(2009)

284 TONAWANDA, NY (DEL-TON)	DEL-TON PLAZA 4220 DELAWARE AVENUE		14150	SC		1985/1996	2004	100.00%	55,473	55,473	375,366

285 TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD		14150	SC		1976/1985/1996	2004	100.00%	121,846	121,846	1,117,828	COMPUSA(2010), OFFICE DEPOT(2011)

286 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	1,342,313	BON TON(2010), BON TON HOME STORE(2010), TOPS MARKETS(2020)

287 TONAWANDA, NY (TOPS)	TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET		14150	SC		1997	2004	10.00%	97,014	97,014	1,237,690	TOPS MARKETS(2017)

288 TONAWANDA, NY (TOPS/GANDER MTN	YOUNGMAN PLAZA 750 YOUNG STREET		14150	SC		1985/ 2003	2004	10.00%	310,921	318,166	2,324,541	BJ’S WHOLESALE CLUB(2010), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKET (2021)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 16 of 22 Quarter: 4Q06

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 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		1,473,725	A.J. WRIGHT(2014), HANAFORD BROTHERS(2025)

290 VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE		14564	SC		2000		2004			100.00	%		56,134		56,134		913,696

291 WARSAW, NY	TOPS PLAZA — WARSAW 2382 ROUTE 19		14569	SC		1998		2004			20.00	%		74,105		74,105		715,721	TOPS MARKETS(2015)

292 WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD		14224	SC		1975/1983/1987/1995		2004			100.00	%		139,453		139,453		1,399,505	HOME DEPOT(2016)

293 WEST SENECA, NY (SENECA RIDGE)	SENECA — RIDGE PLAZA 3531 SENECA STREET		14224	SC		1980/1996/2004		2004			100.00	%		62,403		62,403		291,082

294 WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE		14221	SC		1986/1995/2003		2004			100.00	%		98,846		98,846		1,028,789

295 WILLIAMSVILLE, NY(PREMIER)	PREMIER PLACE 7864 — 8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004			14.50	%		142,536		142,536		1,295,070	PREMIER LIQUORS(2010), STEIN MART(2008)

North Carolina

296 APEX, NC	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET		27502	SC		2005		1	*		100.00	%		116,429		444,711		2,255,511	LINENS ‘N THINGS(2016), OFFICE MAX(2014), LOWE’S(NOT OWNED), SUPER TARGET(NOT OWNED)

297 APEX, NC (SOUTH)	BEAVER CREEK CROSSINGS SOUTH 1335 W WILLIAMS STREET		27502	SC		2006		1	*		100.00	%		207,524		219,764		2,150,267	DICK’S SPORTING GOODS(2017), CONSOLIDATED THEATRES(2026), T.J. MAXX(2016), CIRCUIT CITY(2021), BORDERS(2022)

298 ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		28805	SC		1996		2003			14.50	%		190,970		190,970		2,014,236	GOODY’S(2007), CARMIKE CINEMAS(2017), CIRCUIT CITY(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2008), OFFICE MAX(2011)

299 DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2	*		100.00	%		203,069		321,335		1,262,491	FOOD LION(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)

300 FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003			100.00	%		196,279		196,279		1,500,496	DEVELOPERS REALTY CORP.(2012), T.J. MAXX(2011), BED BATH & BEYOND(2014)

301 HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995/2004		2003			100.00	%		124,432		159,429		655,227	EPIC THEATRES(2018), INGLES(2009), BURKE’S OUTLET(2011), BIG LOTS(NOT OWNED)

302 INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD		28079	SC		1999		2004			100.00	%		96,160		96,160		909,365	FOOD LION(2020)

303 MOORSEVILLE, NC	MOORESVILLE CONSUMER SQUARE I 355 WEST PLAZA DRIVE		28117	SC		1999		2004			100.00	%		472,182		472,182		4,327,214	WAL -MART(2019), GOODY’S(2010), GANDER MOUNTAIN(2021)

304 NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989/1999		1/2	*		100.00	%		68,130		200,228		598,928	GOODY’S(2012), WAL -MART(NOT OWNED)

305 WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990/1999		1/2	*		100.00	%		80,269		265,053		527,902	GOODY’S(2009), OFFICE DEPOT(2009), WAL -MART(NOT OWNED)

306 WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2	*		100.00	%		411,887		518,735		3,536,859	LOWE’S(2014), OLD NAVY(2011), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), STEVE & BARRY’S(2014), BADCOCK FURNITURE(2014), SAM’S(NOT OWNED)

North Dakota

307 DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		1/2	*		100.00	%		266,502		266,502		1,120,171	K MART(2008), HERBERGER’S(2010), J.C. PENNEY(2008)

Ohio


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 17 of 22 Quarter: 4Q06

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 ASHTABULA, OH (TOPS)	TOPS PLAZA — ASHTABULA 1144 WEST PROSPECT ROAD		44004	SC		2000		2004			100.00	%		57,874		57,874		904,720	TOPS MARKETS(2021)

309 AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996/2004		1	*		100.00	%		102,683		159,982		1,036,287	CINEMARK(2011), HEINEN’S(NOT OWNED)

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

311 BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		44514	SC		1997		1	*		100.00	%		506,254		511,654		4,185,018	LOWE’S(2016), BABIES R US(2009), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL -MART(2017), PETSMART(2013), GIANT EAGLE(2018)

312 CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		1	*		14.50	%		478,106		593,610		5,194,192	VALUE CITY FURNITURE(2011), H.H. GREGG APPLIANCES(2011), JO -ANN STORES(2008), PETSMART(2013), DICK’S SPORTING GOODS(2010), DSW SHOE WAREHOUSE(2012), KOHL’S(2016), TARGET(NOT OWNED)

313 CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974/1998		1/2	*		20.00	%		106,262		106,262		1,019,135	KROGER(2041), OFFICE MAX(2013)

314 CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET		45601	SC		1998		1	*		100.00	%		130,497		130,497		822,132	LOWE’S(2015)

315 CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		2	*		100.00	%		235,433		235,433		1,926,940	STEVE & BARRY’S(2014), MICHAEL’S(2011)

316 CINCINNATI, OH(TRI COUNTY)	TRI COUNTY MALL 117000 PRINCETON PK		45246	SC		1960/1990/1992		2005			18.00	%		667,659		1,180,139		10,052,257	DILLARD’S(2018), MACY’S(NOT OWNED), SEAR(NOT OWNED)

317 COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST COLUMBUS 3630 SOLDANO BLVD		43228	SC		1989/2003		2004			100.00	%		356,515		356,515		2,238,410	KROGER(2014), TARGET(2011)

318 COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998			100.00	%		227,003		336,084		1,574,433	AMC THEATRE(2007), MAX SPORTS CENTER(2007), B.J.’S WHOLESALE CLUB(NOT OWNED)

319 COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998			100.00	%		509,611		509,611		6,010,166	COMPUSA(2013), STAPLES(2013), PETSMART(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S(2008), DICK’S SPORTING GOODS(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND(2014), T.J. MAXX(2008)

320 COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		43212	SC		1997		1998			50.00	%		352,913		352,913		3,458,841	TARGET(2016), BARNES & NOBLE(2007), STAPLES(2011), AMC THEATRE(2021)

321 COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998			79.45	%		305,428		305,428		3,610,228	BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2012), WHOLE FOOD MARKETS(2016), STAPLES(2010)

322 DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD		43017	SC		1996		1998			100.00	%		137,556		137,556		1,514,461	GIANT EAGLE(2014)

323 ELYRIA, OH	ELYRIA SHOPPING CENTER 841 CLEVELAND ST		44035	SC		1977		2	*		100.00	%		92,125		92,125		704,695	TOPS MARKETS(2010)

324 GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE		45631	SC		1998		2003			100.00	%		25,950		205,908		337,254	WAL MART(NOT OWNED)

325 GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998			20.00	%		128,210		128,210		1,124,578	GIANT EAGLE(2016)

326 HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		1993			100.00	%		163,819		278,376		1,346,389	CUB FOODS(2011), WAL -MART(NOT OWNED)

327 LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990/2002		1993			100.00	%		17,000		110,480		79,374	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 18 of 22 Quarter: 4Q06

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)
328 MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994			50.00	%		233,619		372,786		3,050,811	TOPS MARKETS(2019), KOHL’S(2016), WAL -MART(NOT OWNED)

329 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(2020)

330 NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997			14.50	%		624,587		665,487		8,111,991	BEST BUY(2010), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2012),

331 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 FOODS(2007)

332 PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998			100.00	%		59,495		61,872		628,011

333 SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		1 *			100.00	%		183,255		183,255		2,792,384	MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2009), BORDERS(2018)

334 STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		44224	SC		1997/2000		1	*		100.00	%		404,480		506,563		2,986,704	K MART(2006), BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019),

335 TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980/2004		1/2	*		100.00	%		170,868		170,868		731,821	CINEMARK(2011), J.C. PENNEY(2010)

336 TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		1	*		20.00	%		241,129		271,729		2,779,908	KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2010), OLD NAVY(2010)

337 TOLEDO, OH (DICKS)	DICKS — TOLEDO 851 WEST ALEXIS ROAD		43612	SC		1995		2004			100.00	%		80,160		80,160		501,000	DICK’S SPORTING GOODS(2016)

338 WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974/1997/2000		1/2	*		100.00	%		162,330		162,330		1,370,403	MARC’S(2009), K MART(2009)

339 XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994/1997/2001		1	*		100.00	%		104,873		203,282		738,682	KROGER(2019), WAL -MART(NOT OWNED)

Oregon

340 PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996			50.00	%		309,617		566,457		5,586,982	LINENS ‘N THINGS(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE(2011), MICHAEL’S(2009), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED)

Pennsylvania

341 ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001/2004		2003			100.00	%		259,239		259,239		2,698,873	WAL -MART(2021)

342 E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975/1997		1/2	*		100.00	%		173,876		179,376		1,331,209	K MART(2010), BIG LOTS(2010)

343 ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995/1998/2003		1	*		100.00	%		557,769		679,074		4,779,195	LOWE’S(2015), PETSMART(2015), CIRCUIT CITY(2020), KOHL’S(2016), WAL -MART(2015), CINEMARK(2011), HOME DEPOT(NOT OWNED)

344 ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2003		2003			14.50	%		107,537		238,387		1,065,115	MARSHALLS(2013), BED BATH & BEYOND(2013), BABIES R US(2015), TARGET(NOT OWNED)

345 ERIE, PA (TOPS-ERIE)	TOPS PLAZA — ERIE 1520 WEST 25TH STREET		16505	SC		1995		2004			100.00	%		103,691		103,691		1,325,624	TOPS MARKETS(2016)

346 HANOVER, PA (BJS)	BJS — HANOVER 1785 AIRPORT ROAD SOUTH		18109	SC		1991		2004			100.00	%		112,230		112,230		858,844	BJ’S WHOLESALE CLUB(2011)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 19 of 22 Quarter: 4Q06

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)
347 MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003			14.50	%		298,589		298,589		2,757,341	CINEMARK(2019), LOWE’S(2016), SHOP ‘N SAVE(2019)

348 MT. NEBO, PA	MT NEBO POINT MT. NEBO RD & LOWRIES RUN RD		15237	SC		2005		1	*		100.00	%		72,882		336,267		1,124,207	SPORTSMAN’S WAREHOUSE(2020), SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)

Puerto Rico

349 ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR #KM 80.3		00612	MM		1980/1993		2005			100.00	%		215,451		224,950		3,209,401	K MART(2013), CAPRI DEL ATLANTICO(2013)

350 BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS		00961	MM		1998/2003/2004		2005			100.00	%		526,373		675,594		15,807,439	WAL -MART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)

351 BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8		00961	SC		1980/2002		2005			100.00	%		126,023		132,309		1,553,961	PUEBLO XTRA(2009), TIENDAS CAPRI(2013)

352 BAYAMON, PR (RIO HONDO)	RIO HONDO PR #22, PR #167		00961	MM		1982/2001		2005			100.00	%		461,321		526,623		11,457,429	TIENDAS CAPRI(2009), COMPUSA(2021), K MART(2011), PUEBLO XTRA(2012), MARSHALLS(2015), RIO HONDO CINEMA(NOT OWNED)

353 CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1		00987	SC		1997		2005			100.00	%		385,665		601,535		7,534,321	OFFICE MAX(2015), WAL -MART(2024), BORDERS(2017), OLD NAVY(2009), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED), CARIBBEAN CINEMAS(NOT OWNED)

354 CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE RD #1 & PR #735		00736	SC		1999/2004		2005			100.00	%		261,126		339,840		3,173,157	WAL -MART(2021), CAYEY CINEMA CORP.(NOT OWNED)

355 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(2012), PUEBLO XTRA(2012)

356 GUAYAMA, PR (PLAZA WAL -MART)	PLAZA WAL -MART ROAD PR #3 KM 135.0		00784	SC		1994		2005			100.00	%		163,598		163,598		1,676,518	WAL -MART(2018)

357 HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD #2,KM 81.9		00659	MM		1992		2005			100.00	%		505,877		671,306		10,959,561	J.C. PENNEY(2012), PUEBLO XTRA(2012), WAL -MART(2012), TOYS R’ US/KID’SRUS(NOT OWNED)

358 HUMACAO, PR (PALMA REAL)	PALMA REAL STATE ROAD #3, KM 78.20		00791	SC		1995		2005			100.00	%		340,608		442,614		6,440,284	CAPRI STORES(2011), PUEBLO XTRA(2020), CINEVISTA THEATRES(2006), WAL — MART(2020), PEP BOYS(NOT OWNED), J C PENNY(NOT OWNED)

359 ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE RD #2 & #454, KM 111.6		00662	SC		1994		2005			100.00	%		238,410		259,016		3,644,244	PUEBLO XTRA(2014), WAL -MART(2019)

360 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(2015)

361 SAN GERMAN, PR (DEL OESTE)	DEL OESTE ROAD PR #2 INT PR #122		00683	SC		1991		2005			100.00	%		174,172		184,746		2,317,077	K MART(2016), PUEBLO XTRA(2011)

362 SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177		00926	MM	1978/Mutiple			2005			100.00	%		169,136		209,596		2,597,385	K MART(2010), PUEBLO EXT(NOT OWNED)

363 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		2,088,246	K MART(2015), PUEBLO XTRA(2010)

South Carolina

364 CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993			100.00	%		180,127		363,405		1,275,113	STEVE & BARRY’S(2014), BELK(2015), WAL -MART SUPER CENTER(NOT OWNED)

365 CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003			100.00	%		188,883		196,048		1,459,549	FOOD LION(2011), WAL -MART(2011)

366 COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002			14.50	%		236,707		296,196		2,863,329	BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE MAX(2011), BABIES ‘R’ US #8890(NOT OWNED)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 20 of 22 Quarter: 4Q06

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)
367 MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992/2000		1995			100.00	%		209,139		325,236		1,759,609	OFFICE DEPOT(2010), T.J. MAXX(2007), MARSHALLS(2011), WAL -MART(NOT OWNED)

368 N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		2	*		100.00	%		294,471		375,451		2,066,522	WAL -MART(2009), OFFICE MAX(2007), HELIG MEYERS(NOT OWNED)

369 N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVENUE		29406	SC		1980/1993		2004			100.00	%		235,501		235,501		1,071,400	NORTHERN TOOL(2016), BIG LOTS(2009)

370 ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994/1999		1995			100.00	%		50,760		247,434		532,648	GOODY’S(2008), WAL -MART(NOT OWNED)

371 S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994			100.00	%		13,600		13,600		53,812

372 SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994			100.00	%		142,086		142,086		881,915	INGLES(2011), KOHL’S(2015)

373 UNION, SC	WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1		29379	SC		1990		1993			100.00	%		184,331		184,331		651,550	WAL -MART(2009), BELK(2010)

South Dakota

374 WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2	*		100.00	%		240,262		282,262		1,574,446	DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2009), J.C. PENNEY(2008), HY VEE SUPERMARKET(NOT OWNED)

Tennessee

375 BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999/2004		2000			14.50	%		201,414		201,414		2,572,784	BEST BUY(2014), ROSS DRESS FOR LESS(2015), LINENS ‘N THINGS(2014), DSW SHOE WAREHOUSE(2008)

376 CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992/2004		2003			100.00	%		207,244		207,244		1,797,167	BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)

377 COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003			10.00	%		68,948		68,948		502,041	KROGER(2022)

378 FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003			10.00	%		71,311		71,311		536,825	FOOD CITY(2011)

379 GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003			20.00	%		84,441		84,441		728,601	KROGER(2012)

380 HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050LOWE’S ROAD		37075	SC		1999		2003			100.00	%		133,144		133,144		1,222,439	LOWE’S(2019)

381 JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS		37604	SC		2005		2003			100.00	%		4,060		92,308		413,892	KOHL’S(NOT OWNED)

382 MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003			100.00	%		117,697		117,697		747,140	MURFREESBORO ATHLETIC CLUB(2014)

383 MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003			14.50	%		108,023		390,645		1,320,615	T.J. MAXX(2008), BOOKS-A-MILLION(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)

384 NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003			14.50	%		167,795		367,879		1,673,979	LOWE’S(2019), WAL MART(NOT OWNED)

Texas

385 AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003			24.75	%		282,798		572,036		4,250,669	ROSS DRESS FOR LESS(2014), LINENS ‘N THINGS(2014), HOBBY LOBBY(2018), BEST BUY(2017), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED), CHICK-FIL-A(NOT OWNED)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 21 of 22 Quarter: 4Q06

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)
386 FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD		75035	SC		2003		2003			14.50	%		20,959		107,543		731,059	KOHL’S(NOT OWNED)

387 IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003			14.50	%		146,941		598,651		2,084,490	HOLLYWOOD THEATERS(2016), 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		3,509,234	99 CENTS ONLY STORE(2009), ROOMSTORE, THE(2007), PETSMART(2009), BEST BUY(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			14.50	%		118,967		183,810		1,168,375	KOHL’S(2021), ALBERTSON’S(NOT OWNED)

390 MESQUITE, TX	THE MARKETPLACE AT TOWNE CENTE SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003			14.50	%		170,625		378,775		2,349,200	LINENS ‘N THINGS(2013), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), HOME DEPOT(NOT OWNED), 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	%		278,721		887,911		4,374,724	T.J. MAXX(2011), LINENS ‘N THINGS(2012), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(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	FO		1985		2005			50.00	%		76,597		76,597		430,440	MERVYN’S(2020)

393 SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151@LOOP 410		78209	SC		2005		1	*		10.00	%		188,062		490,262		2,620,336	PETSMART(2016), OFFICE DEPOT(2016), SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), LOWES(NOT OWNED), TARGET(NOT OWNED)

Utah

394 LOGAN, UT	FAMILY PLACE @ LOGAN 400 NORTH STREET		84321	SC		1975		1998			100.00	%		19,200		44,200		209,194	RITE AID(NOT OWNED)

395 MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998			100.00	%		612,257		612,257		7,171,398	BABIES R US(2014), OFFICE MAX(2012), SMITH’S FOOD & DRUG(2024), MEDIA PLAY(2009), BED BATH & BEYOND(2014), WAL-MART(2015), ROSS(2016)

396 OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998			100.00	%		162,316		162,316		661,027	HARMONS(2012)

397 OREM, UT	FAMILY CENTER AT OREM 1300 SOUTH STREET		84058	SC		1991		1998			100.00	%		150,667		281,931		1,621,278	KIDS R US(2011), MEDIA PLAY(2009), OFFICE DEPOT(2008), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED)

398 RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998			100.00	%		593,398		596,198		4,882,292	MEIER & FRANK DEPARTMENT STORE(2011), OFFICE MAX(2008), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET SUPERSTORE(2017), MEDIA PLAY(2009), CIRCUIT CITY(2016)

399 RIVERDALE, UT (WEBER)	FAMILY CENTER @ RIVERDALE 526 1050 WEST RIVERDALE ROAD		84405	SC		2005		1	*		100.00	%		35,347		386,110		335,796	JO-ANN STORES(2015), SAM’S CLUB(NOT OWNED), SUPER WALMART(NOT OWNED)

400 SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET		84115	SC		1978		1998			100.00	%		34,209		34,209		200,588

401 TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998			100.00	%		641,256		713,256		6,231,524	SHOPKO(2014), JO-ANN STORES(2015), GART SPORTS(2017), 24 HOUR FITNESS(2017), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2014), HOME USA WAREHOUSE(2012), MEDIA PLAY(2009), PETSMART(2012), HARMONS SUPERSTORE(NOT OWNED)

Vermont

402 BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		2	*		100.00	%		174,624		174,624		1,667,090	WAL-MART(2014), J.C. PENNEY(2009)

Virginia

403 CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003			100.00	%		116,310		116,310		1,214,315	UKROP’S(2008)


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 01/15/2007 Time:11:36:42AM Page 22 of 22 Quarter: 4Q06

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)
404 FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995			14.50	%		253,392		253,392		4,849,085	SAFEWAY(2019), T.J. MAXX(2009), TOWER RECORDS(2009), BED BATH & BEYOND(2010), UNITED ARTISTS THEATRE(2014)

405 LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003			100.00	%		270,765		337,765		2,277,564	GOODY’S(2008), CINEMARK(2015), CIRCUIT CITY(2009), STAPLES(2013), T.J. MAXX(2009), STEVE & BARRY’S(2014), TOYS “R” US(NOT OWNED)

406 LYNCHBURG, VA (FAIRVIEW)	FAIRVIEW SQUARE 2215 FLORIDA AVENUE		24501	SC		1992		2004			100.00	%		85,209		85,209		362,745	FOOD LION(2012)

407 MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2	*		50.00	%		435,057		479,256		2,796,347	GOODY’S(2007), BELK(2009), J.C. PENNEY(2009), SEARS(2009), OFFICE MAX(2012), KROGER(2017), MCDONALD’S(NOT OWNED)

408 MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003			100.00	%		79,407		79,407		677,383	FOOD LION(2010)

409 PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		1993			100.00	%		143,299		143,299		813,944	WAL-MART(2011), FOOD LION(2011)

410 WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		2	*		20.00	%		240,560		240,560		2,427,948	MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2013)

Washington

411 KIRKLAND, WA	TOTEM LAKES UPPER TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004			20.00	%		228,210		274,189		2,720,261	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)

West Virginia

412 BARBOURSVILLE, WV	BARBOURSVILLE CENTER 5-13 MALL ROAD		25504	SC		1985		1998			100.00	%		70,900		133,396		389,425	DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED)

Wisconsin

413 BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003			14.50	%		182,722		190,142		1,420,459	T.J. MAXX(2010), MARSHALLS MEGA STORE(2009), OFFICE MAX(2010), BURLINGTON COAT FACTORY(2012)

414 BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		53209	SC		1967		2003			14.50	%		266,716		266,716		1,951,845	KOHL’S(2023), MICHAEL’S(2012), OFFICE MAX(2010), T.J. MAXX(2007), OLD NAVY(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		1,133,461	MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2010)

416 MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET		53221	SC		1962		2003			100.00	%		160,533		160,533		707,571	KOHL’S(2007), PICK ‘N SAVE(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(2008), MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2008)

					Grand Total:									77,778,931		104,482,081		899,016,580


		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease



Does Not Include Service Merchandise Interests		Property Listing 7.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Investor Information
Developers Diversified
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

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., Chairman & Chief Executive Officer, McDonald Investments, Inc., Retired

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 & Chief Financial Officer

Robin R. Walker-Gibbons, Executive Vice President of Leasing

David C. Dieterle, Senior Vice President of Leasing – Southeast Region

Steven M. Dorsky, Senior Vice President of Leasing – Northern Region

Marc A. Hays, Senior Vice President of Leasing – Specialty Centers

Daniel M. Herman, Senior Vice President of Development

John S. Kokinchak, SCSM, CLS, Senior Vice President of Property Management

Joseph G. Padanilam, Senior Vice President of Acquisitions and Dispositions

Christa A. Vesy, Senior Vice President and Chief Accounting Officer

Anthony L. Vodicka, Senior Vice President of Leasing – Western Region

David E. Weiss, Senior Vice President and General Counsel

Nan R. Zieleniec, Senior Vice President of Human Resources

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2006

Investor Information (Continued)

Research Coverage


AG Edwards
David AuBuchon			(314) 955-5452

Citigroup Smith Barney
Jonathan Litt			(212) 816-0231
Ambika Goel			(212) 816-6981

Deutsche Bank Securities
Lou Taylor			(212) 250-4912
Christeen Kim			(212) 250-8705

Goldman Sachs
Dennis Maloney			(212) 902-1970
Jay Habermann			(917) 343-4260

Green Street Advisors
Jim Sullivan			(949) 640-8780

Hilliard Lyons
Tony Howard			(502) 588-1142

Lehman Brothers
David Harris			(212) 526-1790

Merrill Lynch
Steve Sakwa			(212) 449-0335
Craig Schmidt			(212) 449-1944

JP Morgan
Michael Mueller			(212) 622-6689
Joe Dazio			(212) 622-6416

Research Coverage, continued


Morgan Stanley
Matthew Ostrower			(212) 761-6284
Mick Chiang			(212) 761-6385

RBC Capital Markets
Rich Moore			(216) 378-7625

UBS
Scott Crowe			(212) 713-1419
Jeff Spector			(212) 713-6144

Wachovia Securities
Jeff Donnelly			(617) 603-4262

Transfer Agent
National City Bank
Corporate Trust Operations
P.O. Box 92301
Cleveland, Ohio 44193-0900
1-800-622-6757

Investor Relations
Michelle M. Dawson
VP of Investor Relations
Phone: (216) 755-5455
Fax: (216) 755-1455
Email: mdawson@ddr.com


	December 31, 2006			December 31, 2005
Land	$	933,916		$	894,477
Buildings		2,788,863			2,480,025
Fixtures and tenant improvements		59,166			58,060
Construction in progress		157,762			37,550

		3,939,707			3,470,112
Accumulated depreciation		(247,012	)		(195,708	)

Real estate, net		3,692,695			3,274,404
Receivables, including straight line rent, net		75,024			76,744
Leasehold interests		15,195			23,297
Other assets		132,984			109,490

	$	3,915,898		$	3,483,935


Mortgage debt (a)	$	2,495,080		$	2,173,401
Notes and accrued interest payable to DDR		4,960			108,020
Other liabilities		94,648			78,406

		2,594,688			2,359,827
Accumulated equity		1,321,210			1,124,108

	$	3,915,898		$	3,483,935


	Assets Placed
	in Service
Date	(Millions)

As of December 31, 2005	$	18.4
1st Quarter 2006	$	1.2
2nd Quarter 2006	$	17.4
3rd Quarter 2006	$	15.9
4th Quarter 2006	$	74.5
Projected 2007	$	168.5
Thereafter	$	471.7

Total	$	767.6


Funded as of December 31, 2006	$	439.0
Projected Net Funding During 2007	$	154.8
Projected Net Funding Thereafter	$	173.8

Total	$	767.6


DDR	$	0.05
The State Teachers Retirement Board		0.05

Total Capital	$	0.1

Debt	$	21.0

Total Debt & Equity	$	21.1


Notes:

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


	Assets Placed		DDR’s Current
	in Service		Proportionate Share
Date	(Millions)		(Millions)
As of December 31, 2005	$	14.3	$	1.4
1st Quarter 2006	$	1.2	$	0.1
2nd Quarter 2006	$	1.4	$	0.1
3rd Quarter 2006	$	1.4	$	0.2
4th Quarter 2006	$	2.0	$	0.2
Projected 2007	$	31.7	$	3.2
Projected Thereafter	$	285.4	$	32.9

Total	$	337.4	$	38.1


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of December 31, 2006	$	12.6	$	50.3	$	84.9	$	147.8
Projected Net Funding During 2007		1.5		6.0		80.4	$	87.9
Projected Net Funding Thereafter		1.9		7.7		92.1	$	101.7

Total	$	16.0	$	64.0	$	257.4	$	337.4