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Total Gross Cost (Millions)

Total Net Cost (Millions)

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

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, 2006.

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

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 Non-GAAP Financial Measures		2.5

Joint Venture Financial Summary		3.0

Investment Summary		4.0
• Capital Transactions		4.1
• Acquisitions		4.2
• Dispositions		4.3
• Expansion and Redevelopment Projects		4.4
• Development Projects		4.5
• Development Delivery Schedules		4.6
• Development Funding Schedules		4.7

Portfolio Summary		5.0

Debt Summary		6.0
• Consolidated Debt		6.1
• Consolidated Mortgage Principal Payments and Corporate Debt Maturities		6.2
• Joint Venture Debt		6.3
• Pro Rata Joint Venture Debt		6.4
• Joint Venture Mortgage Principal Payments		6.5

Investor Contact Information		7.0

Appendix (available online at www.ddr.com under Investor Relations)

• Property List
• Joint Venture Partnership Summaries

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


Contact:		Scott A. Wolstein Chairman and Chief Executive Officer 216-755-5500		Michelle M. Dawson Vice President of Investor Relations 216-755-5455

DEVELOPERS DIVERSIFIED REALTY REPORTS AN INCREASE OF 16.7%
IN DILUTED FFO PER SHARE FOR THE QUARTER ENDED MARCH 31, 2007

CLEVELAND, OHIO, April 26, 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 first quarter ended March 31, 2007.

	•		Funds From Operations (“FFO”) per diluted share increased 16.7% to $0.91 and net income per diluted share increased 27.3% to $0.42 for the three-months ended March 31, 2007, as compared to the prior year

	•		Executed leases during the first quarter totaled approximately 2.4 million square feet, including 155 new leases and 272 renewals

	•		Base rents increased 24.1% on new leases, 10.7% on renewals and 12.6% on a blended basis

	•		Core portfolio leased percentage at March 31, 2007 was 95.9%

	•		Same store net operating income (“NOI”) for the quarter increased 2.3% over the prior year quarter

Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “ I am pleased to announce this quarter’s financial results, which reflect solid market fundamentals and continued strong tenant demand in our operating and development portfolios from both traditional community center retail names and a growing number of specialty retailers. During the quarter, we successfully closed the acquisition of Inland Retail Real Estate Trust and our joint venture with TIAA-CREF. These transactions showcased many of the strengths and competencies of our Company. Through the integration process, we now control all of the leasing, accounting and property management functions of the former IRRETI assets. We can now leverage our national asset management platform to increase efficiencies and enhance the operating results of the assets, which will strengthen our portfolio as a whole and lead to increased shareholder value.”

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 $0.91 for the three-months ended March 31, 2007, as compared to $0.78 for the same period in the previous year, an increase of 16.7%. FFO available to common shareholders was $106.2 million for the three-months ended March 31, 2007, as compared to $86.2 million for the first quarter of 2006, an increase of 23.2%. Net income available to common shareholders was $48.7 million or $0.42 per share (diluted and basic) for the three-months ended March 31, 2007, as compared to $35.9 million, or $0.33 per share (diluted and basic) for the prior comparable period. The increase in net income and FFO for the

three-months ended March 31, 2007, primarily is related to the merger with Inland Retail Real Estate Trust, Inc. (“IRRETI”) and the release of certain valuation reserves.

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 first quarter of 2007, the Company executed 155 new leases aggregating 704,549 square feet and 272 renewals aggregating 1,711,577 square feet. Rental rates on new leases increased by 24.1% and rental rates on renewals increased by 10.7%. On a blended basis, rental rates for new leases and renewals increased by 12.6%. At March 31, 2007, the average annualized base rent per occupied square foot, including those properties owned through joint ventures and excluding the impact of the Mervyns assets, was $12.36, as compared to $11.50 at March 31, 2006.

At March 31, 2007, the portfolio, including those properties owned through joint ventures, was 96.0% leased. Excluding the impact of the Mervyns, Brazil, and Inland assets, the core portfolio was 95.9% leased, as compared to 95.9% at March 31, 2006. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of March 31, 2007, the portfolio was 95.0% occupied. Excluding the impact of the Mervyns, Brazil, and Inland assets, the core portfolio was 94.8% occupied, as compared to 95.0% at March 31, 2006.

Strategic Real Estate Transactions:

Inland Retail Real Estate Trust:

On February 27, 2007, the Company merged with IRRETI. The Company acquired all of the outstanding shares of IRRETI for a total merger consideration of $14.00 per share, of which $12.50 per share was funded in cash and $1.50 per share in the form of DDR common shares. As a result, the Company issued 5.7 million of DDR common shares to the IRRETI shareholders for a total consideration of approximately $394.1 million.

The IRRETI merger was recorded at a total cost of approximately $6.2 billion. Real estate related assets of approximately $3.0 billion were recorded by the Company and the joint venture with TIAA-CREF, respectively. The IRRETI real estate portfolio consists of 316 community shopping centers, neighborhood shopping centers and single tenant/net leased retail properties, comprising approximately 44.2 million square

feet of total GLA of which 66 shopping centers comprising approximately 23.1 million square feet of total GLA are in the joint venture with TIAA-CREF.

Acquisitions:

During the first quarter, the Company’s joint venture in Brazil acquired an additional 73% interest in Shopping Metropole Center and, as such, the joint venture now owns 83% in this shopping center. The Company’s proportionate share aggregated approximately $24.7 million for its share of this acquisition.

In January 2007, the Company acquired the remaining 25% minority interest in Coventry I and, as such, the Company now owns 100% of this entity. The aggregate purchase price was approximately $13.8 million.

Dispositions:

In the first quarter of 2007, the Company sold six shopping center properties, including one shopping center that was classified as held for sale at December 31, 2006, aggregating 0.7 million square feet for approximately $51.9 million and recognized a non-FFO gain of approximately $2.8 million.

Expansions:

During the three month period ended March 31, 2007, the Company completed a redevelopment project located in Ft. Union, Utah for an aggregate gross cost of $26.4 million. The Company is currently expanding/redeveloping ten shopping centers located in Gadsden, Alabama; Crystal River, Florida; Plantation, Florida (which was acquired in the merger with IRRETI); 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 $71.7 million. At March 31, 2007, approximately $16.5 million of costs had been incurred in relation to these projects. The Company anticipates commencing construction on eleven additional expansion and redevelopment projects at shopping centers located in 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.

Seven 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; Cincinnati, Ohio and Macedonia, Ohio at a projected gross cost of approximately $559.8 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 March 31, 2007, approximately $443.1 million of costs had been incurred in relation to these projects. Two of the Company’s joint ventures anticipate commencing expansion/redevelopment projects at their shopping centers located in Deer Park, Illinois and Kirkland, Washington.

Development (Wholly-Owned and Consolidated Joint Ventures):

The Company currently has ten shopping center projects under construction, which includes three projects that were acquired in the merger with IRRETI. These projects are located in Brandon, Florida; Miami, Florida; Douglasville, Georgia; Nampa, Idaho; McHenry, Illinois; Seabrook, New Hampshire; Horseheads, New York; Apex, North Carolina (Beaver Creek Crossings — Phase II and the Promenade at Beaver Creek) and San Antonio, Texas. These projects are scheduled for completion during 2007 through 2009 at a projected aggregate gross cost of approximately $716.9 million and will create an additional 4.5 million square feet of gross leasable retail space.

The Company anticipates commencing construction in 2007 on five additional shopping centers, which includes two projects that were acquired in the merger with IRRETI. These projects are located in Ukiah, California; Homestead, Florida; Wesley Chapel, Florida; Union City, Georgia and Gulfport, Mississippi. These projects have an estimated aggregate gross cost of $342.7 million and will create approximately 2.1 million square feet of additional gross leasable retail space.

At March 31, 2007, approximately $456.4 million of costs were incurred in relation to the above projects under construction and projects that will be commencing construction.

In addition to the above developments, the Company has identified several development sites in its development pipeline reflecting an aggregate estimated cost of over $1 billion. While there are no assurances that any of these projects will be developed, they provide a source of potential development projects over the next several years.

Development (Joint Ventures):

Three of the Company’s joint ventures have shopping center projects under construction. These projects are located in Merriam, Kansas; Bloomfield Hills, Michigan and Allen, Texas. These three projects are being developed through the Coventry II program. The three projects are scheduled for completion during 2007 through 2009. These projects have an aggregate gross projected cost of approximately $526.7 million. At March 31, 2007, approximately $130.7 million of costs had been incurred in relation to these development projects.

Financings:

Term Loan:

In February 2007, the Company amended its secured term loan agreement with KeyBank National Association. The facility was amended to increase the loan to $550 million, and at the Company’s option, up to $800 million, to extend the maturity date to February 2011 and to reduce the interest rate to LIBOR plus 0.70% based on the Company’s current credit rating.

Bridge Financing:

In February 2007, the Company entered into a $750 million Bridge Facility with Bank of America, N.A. The Bridge Facility has a maturity date of August 2007 and bears interest at LIBOR plus 0.75%. The Company has the right to extend the facility for an additional three-month period. At March 31, 2007, total borrowings under the Credit Agreement aggregated $550 million.

Common Shares:

In addition to the 5.7 million shares issued to the IRRETI shareholders valued at approximately $394.1 million discussed above, in February 2007, the Company received approximately $751.0 million in exchange for 11.6 million of its common shares upon the closing of the forward sale agreements entered into in December 2006.

Preferred Operating Partnership Units:

In 2007, a subsidiary of the Company, issued to a designee of Wachovia Bank, N.A. (“Wachovia”), 20,000,000 preferred units (“Preferred Units”), with a liquidation preference of $25 per unit, aggregating

$500 million. The Preferred Units have a distribution rate equal to three-month LIBOR plus 0.75% through June 2007.

The Company has the right to redeem the Preferred Units at any time at a redemption price equal to the aggregate liquidation preference of the Preferred Units, subject to a varying discount of up to 3% if redeemed prior to February 26, 2008, plus any accumulated unpaid distributions on the Preferred Units.

Convertible Notes:

In March 2007, the Company issued $600 million of Senior Convertible Notes due 2012 (the “Senior Convertible Notes”). The Senior Convertible Notes were issued at par and pay interest in cash semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2007. The Senior Convertible Notes are senior unsecured obligations and rank equally with all other senior unsecured indebtedness. The Senior Convertible Notes have an initial conversion price of approximately $74.75 per common share and would be subject to net settlement. The Senior Convertible Notes may only be converted prior to maturity based on certain provisions in the governing note documents. A total of $117.0 million of the net proceeds from Senior Convertible Notes were used to repurchase common stock.

Concurrent with the issuance of the Senior Convertible Notes, the Company purchased an option on its common stock in a private transaction in order to effectively increase the conversion premium from 20% to 40% or a conversion price of $87.21 per share at March 31, 2007. This option allows the Company to receive shares of the Company’s common stock, up to a maximum of approximately 1.1 million shares, from counterparties equal to the amounts of common stock and/or cash related to the excess conversion value that it would pay to the holders of the Senior Convertible Notes upon conversion. The option, which cost $32.6 million, was recorded as a reduction of shareholders’ equity.

Preferred F Shares:

In April 2007, the Company redeemed all outstanding shares of its 8.6% Class F Cumulative Redeemable Preferred Shares, aggregating $150 million, at a redemption price of $25.10750 per Class F Preferred Share (the sum of $25.00 per share and a dividend per share of $0.10750 prorated to the redemption date). The Company had the right to revoke the notice of redemption of theses shares until April 2, 2007, the redemption date. The Company will record a non-cash charge to net income available to common shareholders of approximately $5.4 million in the second quarter of 2007 relating to the write-off of original issuance costs.

Developers Diversified currently owns and manages over 800 retail operating and development properties in 45 states, plus Puerto Rico and Brazil, totaling 162.1 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 Web site which is located at http://www.ddr.com.

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


	Three-Month Period
	Ended March 31,
	2007			2006
Revenues:
Minimum rents (A)	$	158,785		$	137,487
Percentage and overage rents (A)		2,041			2,078
Recoveries from tenants		48,040			41,550
Ancillary and other property income		4,722			4,373
Management, development and other fee income		9,082			6,359
Other (B)		7,709			7,482

		230,379			199,329


Expenses:
Operating and maintenance		28,946			25,652
Real estate taxes		27,317			22,764
General and administrative (C)		21,518			15,410
Depreciation and amortization		54,444			46,251

		132,225			110,077


Other income (expense):
Interest income		3,695			3,121
Interest expense		(63,550	)		(53,268	)
Other expense (D)		(225	)		(500	)

		(60,080	)		(50,647	)

Income before equity in net income of joint ventures, minority equity interests, income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate		38,074			38,605
Equity in net income of joint ventures (E)		6,281			5,469
Minority equity interests (F)		(5,839	)		(2,274	)
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes (G)		15,053			(449	)

Income from continuing operations		53,569			41,351
Income from discontinued operations (H)		2,957			1,151

Income before gain on disposition of real estate		56,526			42,502
Gain on disposition of real estate, net of tax		6,010			7,225

Net income	$	62,536		$	49,727

Net income, applicable to common shareholders	$	48,744		$	35,935

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	48,744		$	35,935
Depreciation and amortization of real estate investments		52,449			45,032
Equity in net income of joint ventures (E)		(6,281	)		(5,469	)
Joint ventures’ FFO (E)		13,559			9,940
Minority equity interests (OP Units) (F)		569			534
Gain on disposition of depreciable real estate, net		(2,857	)		220

FFO available to common shareholders		106,183			86,192
Preferred dividends		13,792			13,792

FFO	$	119,975		$	99,984

Per share data:
Earnings per common share
Basic	$	0.42		$	0.33

Diluted	$	0.42		$	0.33

Dividends Declared	$	0.66		$	0.59

Funds From Operations — Basic (I)	$	0.91		$	0.78

Funds From Operations — Diluted (I)	$	0.91		$	0.78

Basic — average shares outstanding (I)		114,851			108,962

Diluted — average shares outstanding (I)		115,661			109,609

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

	(A)		Increases in base and percentage rental revenues for the three month period ended March 31, 2007, as compared to 2006, aggregated $21.8 million consisting of $2.9 million related to leasing of core portfolio properties (an increase of 2.3% from 2006), $17.9 million from the merger with IRRETI, $1.5 million from the acquisition of assets, $1.6 million related to developments and redevelopments and $0.2 million from an increase in occupancy at the business centers. These amounts were offset by a decrease of $2.3 million due to the disposition of properties in 2006. Included in the rental revenues for the three month period ended March 31, 2007 and 2006, is approximately $3.1 million and $3.6 million, respectively, of revenue resulting from the recognition of straight line rents.

	(B)		Other income for the three-month periods ended March 31, 2007 and 2006 was comprised of the following (in millions):


	Three-Month Period
	Ended December 31,
	2007		2006
Acquisition fees	$	6.3	$	—
Lease termination fees		1.3		7.1
Other miscellaneous		0.1		0.4

	$	7.7	$	7.5

	(C)		General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the three month period ended March 31, 2007 and 2006, general and administrative expenses were approximately 5.7% and 5.0%, respectively, of total revenues, including joint venture revenues, respectively. For the three months ended March 31, 2007, the Company recorded a severance charge of approximately $4.1 million to general and administrative expense in 2007 in connection with David M. Jacobstein’s resignation as President of the Company. Excluding this charge, general and administrative expenses were approximately 4.6% of total revenues in the first quarter of 2007.

	(D)		Other expense primarily relates to abandoned acquisition and development project costs.

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

(E)

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


	Three-Month Period
	Ended March 31,
	2007			2006
Revenues from operations (a)	$	145,767		$	104,007

Operating expense		48,691			35,323
Depreciation and amortization of real estate investments		30,599			19,850
Interest expense		45,990			28,431

		125,280			83,604

Income from operations before tax expense, gain on disposition of real estate and discontinued operations		20,487			20,403
Income tax expense		(2,249	)		—
Gain on disposition of real estate		—			38
Income from discontinued operations, net of tax		—			308
(Loss) gain on disposition of discontinued operations, net of tax		(341	)		212

Net income	$	17,897		$	20,961

DDR Ownership interests (b)	$	6,511		$	5,315

FFO from joint ventures are summarized as follows:
Net income	$	17,897		$	20,961
Gain on disposition of real estate, including discontinued operations		—			(30	)
Depreciation and amortization of real estate investments		30,963			20,204

	$	48,860		$	41,135

DDR Ownership interests (b)	$	13,559		$	9,940

DDR Partnership distributions received, net (c)	$	10,218		$	8,024

	(a)		Revenues for the three-month periods ended March 31, 2007 and 2006 included approximately $1.3 million and $1.4 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.3 million, respectively.

	(b)		The Company’s share of joint venture net income was decreased by $0.3 million and increased by $0.1 million for the three-month periods ended March 31, 2007 and 2006, respectively. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions.

			At March 31, 2007 and 2006, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 212 and 107 shopping center properties, respectively. In addition, at March 31, 2007, the Company owned 48 shopping center sites formerly owned by Service Merchandise through its 20% owned joint venture with Coventry II. At March 31, 2006, 52 of these Service Merchandise sites were formerly owned through an approximate 25% owned joint venture.

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

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

(F)

Minority equity interests are comprised of the following:


	Three-Month Period
	Ended March 31,
	2007		2006
Minority interests	$	1,488	$	1,740
Operating partnership units		569		534
Preferred operating partnership units		3,782		—

	$	5,839	$	2,274

	(G)		During the first quarter of 2007, the Company released to income approximately $15 million of previously established valuation allowances against certain deferred tax assets as management has determined, due to several factors, that it is more likely than not that the deferred tax asset will be realized. The release was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to its merchant building program.

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


	Three-Month Period
	Ended March 31,
	2007		2006
Revenues	$	581	$	3,196

Expenses:
Operating		138		621
Interest, net		154		732
Depreciation		151		692

Total expenses		443		2,045

Income before gain on disposition of real estate		138		1,151
Gain on disposition of real estate		2,819		—

Net income	$	2,957	$	1,151

(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 of Operating Partnership Units (OP Units) outstanding at March 31, 2007 and 2006, into 0.9 million and 1.2 million common shares of the Company for the three-month periods ended March 31, 2007 and 2006, respectively. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 116.9 million and 111.0 million for the three-month periods ended March 31, 2007 and 2006, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	March 31, 2007 (A)			December 31, 2006 (A)
Assets:
Real estate and rental property:
Land	$	2,685,499		$	1,768,702
Buildings		7,089,914			5,023,665
Fixtures and tenant improvements		262,611			196,275
Construction in progress		415,986			453,493

		10,454,010			7,442,135
Less accumulated depreciation		(910,767	)		(861,266	)

Real estate, net		9,543,243			6,580,869

Cash		79,721			28,378
Investments in and advances to joint ventures		536,335			291,685
Notes receivable		18,439			18,161
Receivables, including straight line rent, net		147,206			152,161
Assets held for sale		—			5,324
Other assets, net		235,744			103,175

	$	10,560,688		$	7,179,753


Liabilities:
Indebtedness:
Revolving credit facilities and term loan	$	1,197,500		$	297,500
Unsecured debt		2,718,624			2,218,020
Mortgage and other secured debt		2,216,731			1,733,292

		6,132,855			4,248,812

Dividends payable		90,067			71,269
Other liabilities		272,267			241,556

		6,495,189			4,561,637
Minority interests		601,034			121,933
Shareholders’ equity		3,464,465			2,496,183

	$	10,560,688		$	7,179,753

(A)

Amounts include the consolidation of Mervyns, a 50% owned joint venture, which includes $405.8 million of real estate assets at March 31, 2007 and December 31, 2006, $258.5 million of mortgage debt at March 31, 2007 and December 31, 2006, and $77.0 million and $77.6 million of minority interests at March 31, 2007 and December 31, 2006, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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


	March 31, 2007			December 31, 2006

Land	$	1,935,717		$	933,916
Buildings		5,022,244			2,788,863
Fixtures and tenant improvements		123,265			59,166
Construction in progress		181,694			157,762

		7,262,920			3,939,707
Accumulated depreciation		(282,943	)		(247,012	)

Real estate, net		6,979,977			3,692,695
Receivables, including straight line rent, net		101,782			75,024
Leasehold interests		14,901			15,195
Other assets		276,621			132,984

	$	7,373,281		$	3,915,898


Mortgage debt (a)	$	4,503,562		$	2,495,080
Notes and accrued interest payable to DDR		9,327			4,960
Other liabilities		150,280			94,648

		4,663,169			2,594,688
Accumulated equity		2,710,112			1,321,210

	$	7,373,281		$	3,915,898

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $837.5 million and $525.6 million at March 31, 2007 and December 31, 2006, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2007


	Three Month			Three Month
	Period Ended			Period Ended
FINANCIAL HIGHLIGHTS	March 31			March 31			Year Ended December 31
(In Thousands Except Per Share Information)	2007			2006			2006			2005			2004			2003
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	48,744		$	35,935		$	198,095		$	227,474		$	219,056		$	189,056	(6)
Depreciation and Amortization of Real Estate Investments	$	52,449		$	45,032		$	185,449		$	169,117		$	130,537		$	93,173
Equity in Net Income From Joint Ventures		($6,281	)		($5,469	)		($30,337	)		($34,873	)		($40,896	)		($52,917	)
Joint Venture Funds From Operations	$	13,559		$	9,940		$	44,473		$	49,302		$	46,209		$	47,942
Operating Partnership Minority Interest Expense	$	569		$	534		$	2,116		$	2,916		$	2,607		$	1,770
Cumulative Effect & Extraordinary Charges	$	0		$	0		$	0		$	0		$	3,001		$	0
Gain on Sales of Real Estate		($2,857	)	$	221			($21,987	)		($58,834	)		($68,179	)		($67,352	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	106,183		$	86,192		$	377,809		$	355,102		$	292,335		$	211,672
PREFERRED DIVIDENDS	$	13,792		$	13,792		$	55,169		$	55,169		$	50,706		$	51,204	(6)

FUNDS FROM OPERATIONS	$	119,975		$	99,984		$	432,978		$	410,271		$	343,041		$	262,877


PER SHARE INFORMATION:
Funds From Operations — Diluted	$	0.91		$	0.78		$	3.41		$	3.21		$	2.95		$	2.51
Net Income — Diluted	$	0.42		$	0.33		$	1.81		$	2.08		$	2.24		$	2.27
Cash Dividends	$	0.66		$	0.59		$	2.36		$	2.16		$	1.94		$	1.69

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		116,850			110,973			110,826			110,700			99,147			84,319

TOTAL MARKET CAPITALIZATION (1)	$	15,250,454		$	10,833,305		$	11,869,415		$	9,781,900		$	8,276,943		$	5,551,748
DEBT TO TOTAL MARKET CAPITALIZATION (1)		40.21	%		37.60	%		35.80	%		39.77	%		32.82	%		37.42	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		55.31	%		53.54	%		54.55	%		52.86	%		45.58	%		48.68	%
DIVIDEND PAYOUT RATIO (1)		78.19	%		75.67	%		68.84	%		66.98	%		67.28	%		66.03	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		5.73%	(7)		4.99	%		4.80	%		4.55	%		4.94	%		5.35	%

GENERAL AND ADMINISTRATIVE EXPENSES	$	21,518	(7)	$	15,410		$	60,679		$	54,048		$	47,126		$	40,820

REVENUES:
DDR Revenues	$	229,335		$	202,526		$	824,725		$	748,571		$	605,246		$	478,696
Joint Venture Revenues	$	145,990		$	106,508		$	438,885		$	438,103		$	348,740		$	284,158

TOTAL REVENUES (3)	$	375,325		$	309,033		$	1,263,610		$	1,186,675		$	953,987		$	762,853


NET OPERATING INCOME:
DDR Net Operating Income	$	174,559		$	153,488		$	615,007		$	555,291		$	453,501		$	356,348
Joint Venture Net Operating Income	$	94,944		$	70,303		$	288,699		$	280,617		$	228,358		$	184,927

TOTAL NET OPERATING INCOME (4)	$	269,503		$	223,790		$	903,706		$	835,907		$	681,859		$	541,274


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	10,454,010		$	7,296,969		$	7,450,693		$	7,029,337		$	5,603,424		$	3,884,911
Joint Venture Real Estate at Cost	$	7,262,920		$	3,350,316		$	3,939,707		$	3,470,112		$	3,165,335		$	2,275,216

TOTAL REAL ESTATE AT COST (5)	$	17,716,930		$	10,647,285		$	11,390,400		$	10,499,449		$	8,768,759		$	6,160,127


(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 March 31, 2007 of $597.7 million (includes $181.7 million of CIP included in joint ventures, of which $25.0 million represents the Company’s proportionate share), and at December 31, 2006, 2005, 2004, 2003 CIP aggregated $611.2, $386.2 million, $271.0 million and $290.7 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 pursuant to EITF topic number D-42.

(7)		The 2007 general and administrative expenses include severance charges of $4.1 million. Excluding this charge, general and administrative expenses are approximately 4.6% of total revenue.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2007


	Three Month
	Period Ended
	March 31			Year Ended December 31
MARKET CAPITALIZATION & FINANCIAL RATIOS	2007			2006			2005			2004			2003
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	6,132,855		$	4,248,812		$	3,890,709		$	2,716,426		$	2,077,558
Total Market Capitalization *	$	15,250,454		$	11,869,415		$	9,781,900		$	8,276,943		$	5,551,748

		40.21	%		35.80	%		39.77	%		32.82	%		37.42	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		55.31	%		54.55	%		52.86	%		45.58	%		48.68	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	6,970,325		$	4,774,407		$	4,401,169		$	3,137,184		$	2,446,026
Total Market Capitalization *	$	16,087,924		$	12,395,010		$	10,292,361		$	8,697,701		$	5,920,216

		43.33	%		38.52	%		42.76	%		36.07	%		41.32	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		58.93	%		57.59	%		55.84	%		49.27	%		53.79	%

INTEREST COVERAGE RATIO:
Interest Expense (1)	$	59,899		$	207,570		$	182,365		$	130,447		$	90,162
FFO Before Interest and Preferred Dividends *	$	179,874		$	640,548		$	592,636		$	473,488		$	353,039

		3.00			3.09			3.25			3.63			3.92

DEBT SERVICE COVERAGE RATIO:
Debt Service * (1)	$	67,770		$	239,596		$	215,519		$	152,927		$	101,890
FFO Before Interest and Preferred Dividends *	$	179,874		$	640,548		$	592,636		$	473,488		$	353,039

		2.65			2.67			2.75			3.10			3.46

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges (1)	$	81,562		$	294,765		$	270,688		$	203,633		$	142,385
FFO Before Interest and Preferred Dividends *	$	179,874		$	640,548		$	592,636		$	473,488		$	353,039

		2.21			2.17			2.19			2.33			2.48

DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	83,023		$	260,069		$	237,856		$	196,685		$	146,846
Funds From Operations exclusive of charge associated with preferred stock redemption	$	106,183		$	377,809		$	355,102		$	292,335		$	222,382

		0.78			0.69			0.67			0.67			0.66


*		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 Three Months Ended March 31, 2007


	Three Month
	Period Ended
	March 31			Year Ended December 31
	2007			2006			2005			2004		2003
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		124,935			108,986			108,948			108,083		86,425
Operating Partnership Units Outstanding		862			872			1,350			1,350		1,129

Total		125,796			109,859			110,298			109,432		87,554
Share Price	$	62.90		$	62.95		$	47.02		$	44.37	$	33.57

Market Value of Common Shares	$	7,912,599		$	6,915,603		$	5,186,192		$	4,855,516	$	2,939,190

Preferred Shares at Book Value	$	705,000		$	705,000		$	705,000		$	705,000	$	535,000
Preferred Units	$	500,000		$	0		$	0		$	0	$	0
Total Debt	$	6,132,855	(1)	$	4,248,812	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558

TOTAL MARKET CAPITALIZATION	$	15,250,454		$	11,869,415		$	9,781,900		$	8,276,943	$	5,551,748


DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		124,935			108,986			108,948			108,083		86,425
Operating Partnership Units Outstanding		862			872			1,350			1,350		1,129

Total		125,796			109,859			110,298			109,432		87,554
Share Price	$	62.90		$	62.95		$	47.02		$	44.37	$	33.57

Market Value of Common Shares	$	7,912,599		$	6,915,603		$	5,186,192		$	4,855,516	$	2,939,190

Preferred Shares at Book Value	$	705,000		$	705,000		$	705,000		$	705,000	$	535,000
Preferred Units and Warrant	$	500,000		$	0		$	0		$	0	$	0
Total Debt	$	6,132,855	(1)	$	4,248,812	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558
Proportionate Share of JV Debt	$	837,470		$	525,595		$	510,460		$	420,758	$	368,468

TOTAL MARKET CAPITALIZATION	$	16,087,924		$	12,395,010		$	10,292,361		$	8,697,701	$	5,920,216


(1)		Includes $288.5 million of consolidated joint venture debt at March 31, 2007 (of which $139.1 million represents the joint venture partners’ share) and $275.2 and $280.5 million at December 31, 2006 and 2005, respectively.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Three Months Ended March 31, 2007


	Three Month
	Period Ended
	March 31			Year Ended December 31
	2007			2006			2005			2004		2003
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	10,454,010		$	7,450,693		$	7,029,337		$	5,603,424	$	3,884,911
Cash and Cash Equivalents	$	79,721		$	28,378		$	30,655		$	49,871	$	111,033
Notes Receivable	$	18,439		$	18,161		$	24,996		$	17,823	$	9,813
Investments and Advances in Joint Ventures	$	536,335		$	291,685		$	275,136		$	288,020	$	262,072

	$	11,088,505		$	7,788,917		$	7,360,124		$	5,959,138	$	4,267,829


DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	10,454,010		$	7,450,693		$	7,029,337		$	5,603,424	$	3,884,911
Notes Receivable or Proportionate Share Thereof	$	34,608		$	35,443		$	116,212		$	44,536	$	41,018
Proportionate Share of JV Undepreciated Real Estate Assets	$	1,338,432		$	804,738		$	736,109		$	719,619	$	621,113

	$	11,827,050		$	8,290,874		$	7,881,658		$	6,367,578	$	4,547,043


FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	106,183		$	377,809		$	355,102		$	292,335	$	211,672
Interest Expense	$	63,704		$	222,867		$	186,196		$	130,447	$	90,162
Adjustment to interest expense for consolidated joint ventures due to FIN 46	$	(3,805	)	$	(15,297	)	$	(3,830	)	$	0	$	0
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	13,792		$	55,169		$	55,169		$	50,706	$	51,204

	$	179,874		$	640,548		$	592,636		$	473,488	$	353,039


DEBT SERVICE
Interest Expense	$	63,704		$	222,867		$	186,196		$	130,447	$	90,162
Adjustment to interest expense for consolidated joint ventures due to FIN 46	$	(3,805	)	$	(15,297	)	$	(3,830	)	$	0	$	0
Recurring Principal Amortization	$	7,871		$	32,026		$	33,154		$	22,480	$	11,728

	$	67,770		$	239,596		$	215,519		$	152,927	$	101,890


FIXED CHARGES
Debt Service	$	67,770		$	239,596		$	215,519		$	152,927	$	101,890
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	13,792		$	55,169		$	55,169		$	50,706	$	40,494

D-42 dividend.	$	81,562		$	294,765		$	270,688		$	203,633	$	142,385

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Significant Accounting Policies

Revenues

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

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

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

General and Administrative Expenses

•

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

Deferred Financing Costs

•

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

Real Estate

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

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


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

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

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, 2006, the Company estimated the value of the unleased outparcels and expansion pads at approximately $59 million.

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

•		The estimated value of the Company’s joint venture promotes is approximately $65 million based on estimated fair market value of real estate assets and estimated 2007 income.

•		The estimated value of the Company’s non-income producing real estate assets and furniture, fixtures and equipment is approximately $110 million.

Capitalization

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

•		For the three month period ended March 31, 2007 and for the years ended December 31, 2006, 2005, 2004 and 2003, the Company capitalized interest of $ 5.6 million, $20.1 million, $12.5 million, $10.0 million and $11.4 million, respectively.

•		In addition, the Company capitalized certain construction administration costs of $3.1 million for the three month period ended March 31, 2007 and $10.1 million, $6.2 million, $5.5 million and $5.1 million for the years ended December 31, 2006, 2005, 2004, and 2003, respectively.

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

Gain on Sales of Real Estate

•

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

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

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:


	Three-Month Period
	March 31,
	2007			2006
Total Revenues DDR	$	230,379		$	199,329
Total Revenues DDR Combined Joint Ventures		145,767			104,007
Operating and Maintenance — DDR		(28,946	)		(25,652	)
Real Estate Taxes — DDR		(27,317	)		(22,764	)
Operating and Maintenance and Real Estate Taxes- DDR Combined Joint Ventures		(48,691	)		(35,323	)


Combined NOI	$	271,192		$	219,597


Total Same Store NOI	$	177,642		$	173,733		2.3	%
Property NOI from other operating segments		93,550			45,864


Combined NOI	$	271,192		$	219,597

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

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
	Ended March 31,
	2007			2006
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	48,744		$	35,935
Depreciation and Amortization of Real Estate Investments		52,449			45,032
Equity in Net Income From Joint Ventures		(6,281	)		(5,469	)
Joint Venture Funds From Operations		13,559			9,940
Minority Equity Interests (OP Units)		569			534
Gain on Sales of Real Estate		(2,857	)		220


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	106,183		$	86,192


Preferred dividend charges		13,792			13,792

FUNDS FROM OPERATIONS	$	119,975		$	99,984


ADDITIONAL FAS 141 DISCLOSURES:
Below (Above) Market Rent Amortization	$	336		$	374
Pro Rata Share of JV Below (Above) Market Rent Amortization		2			0

Debt Premium Amortization Income (Expense)	$	2,123		$	2,294
Pro Rata Share of JV Debt Premium Amortization Income (Expense)		9			5

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

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

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income


	Three-Month Period
	Ended March 31,
	2007		2006			Income Statement Caption
Transactional Income Included in FFO
Consolidated
Merchant Building Gains, Net	$	533	$	5,721		Gain on Sales of Real Estate
Land Sale Gains		5,439		1,724		Gain on Sales of Real Estate

	$	5,972	$	7,445


Transactional Income NOT Included in FFO
Consolidated
Gain (Loss) on Sales	$	38	$	(220	)	Gain on Sales of Real Estate
Gain on Sales from Discontinued Operations		2,819		—		Gain on Sales of Discontinued Operations

	$	2,857	$	(220	)	FFO Reconciliation


Gain on Sales of Real Estate
Merchant Building Gains, Net	$	533	$	5,721
Land Sale Gains		5,439		1,724
Gain (Loss) on Sales		38		(220	)

	$	6,010	$	7,225		Consolidated Income Statement


Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations	$	2,819	$	—		Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

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
	Ended March 31,
	2007			2006		Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
(Loss) Gain on Sales from Discontinued Operations	$	(341	)	$	212	Gain (Loss) on Sales of Real Estate
Land Sales Gains		—			—	Gain on Sales of Real Estate

	$	(341	)	$	212

DDR’s Proportionate Share		(68	)		54
Promoted Income (a)		—			—

DDR’s Proportionate Share	$	(68	)	$	54


Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—		$	—	Gain on Sales of Real Estate
Other Gains on Sales		—			38	Gain on Sales of Real Estate

	$	—		$	38	FFO Reconciliation

DDR’s Proportionate Share	$	—		$	30


Gain on Sales of Real Estate
Land Sales Gains	$	—		$	—
Other Gains on Sales		—			38

	$	—		$	38	Gain on Sales of Real Estate


Gain on Sales of Real Estate From Discontinued Operations
(Loss) Gain on Sales from Discontinued Operations Included in FFO	$	(341	)	$	212
Gain on Sales from Discontinued Operations NOT Included in FFO		—			—

	$	(341	)	$	212	Gain on Sales of Discontinued Operations

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2007


	RVIP III B									RVIP VIII Tech						Community Centers			Lennox Town Center			Sun Center			Dublin Village
	Deer Park, IL			RVIP VI			RVIP VII			Ridge LLC			DPG			Five			(2)			Limited (2)			(3)
Real Estate Assets	$	83.9		$	7.7		$	121.2		$	33.9		$	130.5		$	241.7		$	21.0		$	25.9		$	0.1
Accumulated Depreciation		(12.2	)		(1.2	)		(16.9	)		(3.0	)		(7.5	)		(43.8	)		(4.5	)		(7.3	)		0.0

Real Estate, net		71.7			6.5			104.3			30.9			123.0			197.9			16.5			18.6			0.1

Receivables, Net		1.9			0.3			3.9			1.5			1.8			5.8			1.6			1.0			0.0
Other assets		1.6			0.5			5.9			1.5			2.3			5.6			0.5			0.9			0.0
Disproportionate Share of Equiity		—			—			—			—			—			—			—			—			—

	$	75.2		$	7.3		$	114.1		$	33.9		$	127.1		$	209.3		$	18.6		$	20.5		$	0.1


Mortgage Debt	$	60.0		$	2.9		$	72.1		$	23.4		$	10.7		$	280.0		$	17.4		$	19.9		$	0.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.1			0.0			0.0			0.1
Other liabilities		3.1			0.4			16.3			1.0			2.1			5.0			0.8			0.8			0.0

		63.1			3.3			88.4			24.4			12.8			285.1			18.2			20.7			0.1
Accumulated equity (deficit)		12.1			4.0			25.7			9.5			114.3			(75.8	)		0.4			(0.2	)		0.0
Disproportionate Share of Equity		—			—			—			—			—			—			—			—			—

	$	75.2		$	7.3		$	114.1		$	33.9		$	127.1		$	209.3		$	18.6		$	20.5		$	0.1


Proportionate share of other assets/liabilities, net	$	0.1		$	0.1		($	1.4	)	$	0.5		$	0.2		$	3.2		$	0.6		$	0.9		($	0.0	)

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

Combining Statements of Operations
for the period ended March 31, 2007


	RVIP III B									RVIP VIII Tech						Community Centers			Lennox Town Center			Sun Center			Dublin Village
	Deer Park, IL			RVIP VI			RVIP VII			Ridge LLC			DPG			Five			(2)			Limited (2)			(3)
Revenues from operations	$	3.0		$	0.3		$	3.6		$	1.5		$	3.3		$	8.7		$	1.2		$	1.2		$	0.0
Rental operation expenses		(1.1	)		(0.1	)		(1.0	)		(0.6	)		(0.8	)		(2.4	)		(0.3	)		(0.3	)		(0.0	)

Net operating income		1.9			0.2			2.6			0.9			2.5			6.3			0.9			0.9			0.0
Depreciation and amortization expense		(0.6	)		(0.1	)		(0.7	)		(0.2	)		(0.8	)		(1.5	)		(0.1	)		(0.2	)		0.0
Interest expense		(0.8	)		0.0			(1.4	)		(0.4	)		(0.2	)		(3.9	)		(0.4	)		(0.4	)		0.0

Income (loss) before gain on sale		0.5			0.1			0.5			0.3			1.5			0.9			0.4			0.3			0.0
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	)		0.1			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)	$	0.5		$	0.1		$	0.6		$	0.3		$	1.5		$	0.9		$	0.4		$	0.3		$	0.0
DDR Ownership interest		***			***			***			***			10	%		50	%		***			***			63	%

	$	0.2		$	0.0		$	0.1		$	0.1		$	0.1		$	0.5		$	0.2		$	0.2		($	0.0	)
Amortization of basis differential		0.0			(0.1	)		0.0			0.0			0.0			0.1			0.0			0.0			0.0

	$	0.2		($	0.1	)	$	0.1		$	0.1		$	0.1		$	0.6		$	0.2		$	0.2		$	0.0


Proportionate share of net operating income (5)	$	0.5		$	0.0		$	0.6		$	0.2		$	0.2		$	3.2		$	0.4		$	0.7		($	0.0	)

Proportionate share of interest expense (5)	$	0.2		$	0.0		$	0.3		$	0.1		$	0.0		$	1.9		$	0.2		$	0.3		$	0.0


Funds From Operations (“FFO”):

Net income (loss)	$	0.5		$	0.1		$	0.6		$	0.3		$	1.5		$	0.9		$	0.4		$	0.3		$	0.0
Depreciation of real property		0.6			0.1			0.7			0.3			0.8			1.5			0.1			0.2			0.0
(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		—			—			—			—			—			—			—			—			—

	$	1.1		$	0.2		$	1.3		$	0.6		$	2.3		$	2.4		$	0.5		$	0.5		$	0.0
DDR ownership interest		***			***			***			***			10	%		50	%		***			***			63	%

DDR FFO	$	0.5		$	0.0		$	0.5		$	0.2		$	0.2		$	1.2		$	0.2		$	0.4		($	0.0	)

Joint Venture Financials 3.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2007


																			Coventry II			Coventry II			Coventry II
							Jefferson County,			Sansone Group /						DDR Markaz			DDR			DDR Buena			DDR Fairplain
	DOTRS			Littleton, CO (3)			MO			DDRC LLC			DDR Markaz			II			Bloomfield			Park			Plaza
Real Estate Assets	$	25.5		$	3.1		$	6.6		$	0.3		$	167.8		$	202.8		$	75.0		$	97.4		$	27.4
Accumulated Depreciation		(5.2	)		0.0			(0.7	)		(0.2	)		(15.3	)		(12.7	)		0.0			(4.3	)		(0.4	)

Real Estate, net		20.3			3.1			5.9			0.1			152.5			190.1			75.0			93.1			27.0

Receivables, Net		0.9			0.0			0.1			1.0			3.2			1.0			0.0			1.1			0.0
Other assets		0.8			0.3			0.2			3.4			5.4			5.5			1.0			1.5			0.4
Disproportionate Share of Equiity		—			—			—			—			—			—			—			—			—

	$	22.0		$	3.4		$	6.2		$	4.5		$	161.1		$	196.6		$	76.0		$	95.7		$	27.4


Mortgage Debt	$	21.0		$	0.0		$	3.7		$	0.0		$	110.0		$	150.5		$	48.0		$	61.0		$	16.0
Amounts payable to DDRC		0.0			0.0			3.2			0.0			1.0			0.4			0.0			0.0			0.0
Other liabilities		0.6			0.3			0.2			0.6			1.7			(0.4	)		1.1			2.8			0.4

		21.6			0.3			7.1			0.6			112.7			150.5			49.1			63.8			16.4
Accumulated equity (deficit)		0.4			3.1			(0.9	)		3.9			48.4			46.1			26.9			31.9			11.0
Disproportionate Share of Equity		—			—			—			—			—			—			—			—			—

	$	22.0		$	3.4		$	6.2		$	4.5		$	161.1		$	196.6		$	76.0		$	95.7		$	27.4


Proportionate share of other assets/liabilities, net	$	0.5		($	0.0	)	$	0.1		$	1.9		$	1.4		$	1.4		($	0.0	)	($	0.0	)	$	0.0

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

Combining Statements of Operations
for the period ended March 31, 2007


																			Coventry II			Coventry II			Coventry II
							Jefferson County,			Sansone Group /						DDR Markaz			DDR			DDR Buena			DDR Fairplain
	DOTRS			Littleton, CO (3)			MO			DDRC LLC			DDR Markaz			II			Bloomfield			Park			Plaza
Revenues from operations	$	0.9		$	0.0		$	0.2		$	0.3		$	5.5		$	5.4		$	0.0		$	3.3		$	0.7
Rental operation expenses		(0.3	)		(0.0	)		(0.1	)		0.0			(1.7	)		(1.9	)		(0.0	)		(1.4	)		(0.3	)

Net operating income		0.6			(0.0	)		0.1			0.3			3.8			3.5			0.0			1.9			0.4
Depreciation and amortization expense		(0.1	)		0.0			(0.0	)		0.0			(1.1	)		(1.3	)		0.0			(0.5	)		(0.1	)
Interest expense		(0.3	)		0.0			(0.2	)		0.0			(1.2	)		(2.0	)		0.0			(1.0	)		(0.3	)

Income (loss) before gain on sale		0.2			(0.0	)		(0.1	)		0.3			1.5			0.2			(0.0	)		0.4			0.0
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)	$	0.2		($	0.0	)	($	0.1	)	$	0.3		$	1.5		$	0.2		($	0.0	)	$	0.4		$	0.0
DDR Ownership interest		50	%		50	%		50	%		***			20	%		20	%		20	%		20	%		20	%

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

	$	0.1		$	0.0		($	0.1	)	$	0.2		$	0.4		$	0.0		($	0.0	)	$	0.1		$	0.0


Proportionate share of net operating income (5)	$	0.3		($	0.0	)	$	0.0		$	0.2		$	0.8		$	0.7		($	0.0	)	$	0.4		$	0.1

Proportionate share of interest expense (5)	$	0.2		$	0.0		$	0.1		$	0.0		$	0.2		$	0.4		$	0.0		$	0.2		$	0.1


Funds From Operations (“FFO”):

Net income (loss)	$	0.2		($	0.0	)	($	0.1	)	$	0.3		$	1.5		$	0.2		($	0.0	)	$	0.4		$	0.0
Depreciation of real property		0.1			0.0			0.1			0.0			1.1			1.3			0.0			0.5			0.1
(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		—			—			—			—			—			—			—			—			—

	$	0.3		($	0.0	)	($	0.0	)	$	0.3		$	2.6		$	1.5		$	0.0		$	0.9		$	0.1
DDR ownership interest		50	%		50	%		50	%		***			20	%		***			20	%		20	%		20	%

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

Joint Venture Financials 3.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2007


								Coventry II DDR			Coventry II
	Coventry II DDR			Coventry II DDR		Coventry II DDR		Phoenix			Service Holdings			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Marley Creek			Merriam Village		Montgomery Farm		Spectrum			LLC			Totem Lakes			Tri-County Mall			Ward Parkway			Westover
Real Estate Assets	$	12.5		$	24.2	$	31.6	$	83.6		$	165.1		$	40.4		$	200.2		$	61.9		$	25.6
Accumulated Depreciation		(0.1	)		0.0		0.0		(3.6	)		(1.6	)		(2.1	)		(3.8	)		(3.6	)		(0.6	)

Real Estate, net		12.4			24.2		31.6		80.0			163.5			38.3			196.4			58.3			25.0

Receivables, Net		0.0			0.0		0.0		2.0			3.5			0.3			2.3			1.5			0.4
Other assets		0.2			0.7		0.6		7.0			21.5			0.3			16.8			1.4			0.6
Disproportionate Share of Equity		—			—		—		—			—			—			—			—			—

	$	12.6		$	24.9	$	32.2	$	89.0		$	188.5		$	38.9		$	215.5		$	61.2		$	26.0


Mortgage Debt	$	10.2		$	18.5	$	0.0	$	47.5		$	132.2		$	20.4		$	169.8		$	36.0		$	18.7
Amounts payable to DDRC		0.0			0.0		0.0		0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.1			0.3		0.1		7.8			5.1			0.4			8.8			1.3			1.1

		10.3			18.8		0.1		55.3			137.3			20.8			178.6			37.3			19.8
Accumulated equity (deficit)		2.3			6.1		32.1		33.7			51.2			18.1			36.9			23.9			6.2
Disproportionate Share of Equity		—			—		—		—			—			—			—			—			—

	$	12.6		$	24.9	$	32.2	$	89.0		$	188.5		$	38.9		$	215.5		$	61.2		$	26.0


Proportionate share of other assets/liabilities, net	$	0.0		$	0.1	$	0.0	$	0.2		$	4.0		$	0.0		$	1.9		$	0.4		($	0.0	)

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

Combining Statements of Operations
for the period ended March 31, 2007


										Coventry II DDR			Coventry II
	Coventry II DDR			Coventry II DDR			Coventry II DDR			Phoenix			Service Holdings			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Marley Creek			Merriam Village			Montgomery Farm			Spectrum			LLC			Totem Lakes			Tri-County Mall			Ward Parkway			Westover
Revenues from operations	$	0.1		$	0.0		$	0.0		$	2.0		$	7.3		$	0.9		$	4.6		$	2.2		$	1.0
Rental operation expenses		(0.1	)		(0.0	)		(0.0	)		(0.7	)		(3.0	)		(0.3	)		(2.2	)		(1.0	)		(0.5	)

Net operating income		0.0			(0.0	)		(0.0	)		1.3			4.3			0.6			2.4			1.2			0.5
Depreciation and amortization expense		(0.1	)		0.0			0.0			(0.3	)		(1.1	)		(0.2	)		(0.9	)		(0.3	)		(0.1	)
Interest expense		(0.2	)		0.0			0.0			(0.5	)		(3.1	)		(0.4	)		(2.5	)		(0.6	)		(0.3	)

Income (loss) before gain on sale		(0.3	)		(0.0	)		(0.0	)		0.5			0.1			0.0			(1.0	)		0.3			0.1
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			(0.3	)		0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—

Net income (loss)	($	0.3	)	($	0.0	)	($	0.0	)	$	0.5		($	0.2	)	$	0.0		($	1.0	)	$	0.3		$	0.1
DDR Ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%

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

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


Proportionate share of net operating income (5)	$	0.0		($	0.0	)	($	0.0	)	$	0.3		$	0.9		$	0.1		$	0.5		$	0.2		$	0.1

Proportionate share of interest expense (5)	$	0.0		$	0.0		$	0.0		$	0.1		$	0.6		$	0.1		$	0.5		$	0.1		$	0.1


Funds From Operations (“FFO”):

Net income (loss)	($	0.3	)	($	0.0	)	($	0.0	)	$	0.5		($	0.2	)	$	0.0		($	1.0	)	$	0.3		$	0.1
Depreciation of real property		0.1			0.0			0.0			0.3			1.4			0.2			0.9			0.3			(0.0	)
(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		—			—			—			—			—			—			—			—			—

	($	0.2	)	$	0.0		$	0.0		$	0.8		$	1.2		$	0.2		($	0.1	)	$	0.6		$	0.1
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%

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

Joint Venture Financials 3.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2007


				DDRTC Core Retail			Inland-SAU Retail			DDR/Macquarie						DDR/Macquarie		Sold/Acquired JVs					DDR’s Proportionate
	Sonae Sierra Brazil			Fund LLC			Fund LLC			Fund LLC			DDR MDT PS LLC			Management		(5)		Total			Share
Real Estate Assets	$	238.5		$	2,956.0		$	288.2		$	1,745.3		$	118.1		$	0.0	$	0.0	$	7,262.9		$	1,338.4
Accumulated Depreciation		(19.7	)		(5.3	)		(9.2	)		(96.4	)		(1.9	)		0.0		0.0		(282.9	)		(77.4	)

Real Estate, net		218.8			2,950.7			279.0			1,648.9			116.2			0.0		0.0		6,980.0			1,261.0

Receivables, Net		8.9			17.2			7.9			29.1			3.3			0.0		0.3		101.8			23.3
Other assets		19.3			93.2			46.9			34.1			3.7			6.5		1.8		291.5			61.8
Disproportionate Share of Equity		—			—			—			—			—			—		—		—			14.5	(6)

	$	247.0		$	3,061.1		$	333.8		$	1,712.1		$	123.2		$	6.5	$	2.1	$	7,373.3		$	1,360.6


Mortgage Debt	$	0.0		$	1,802.1		$	213.7		$	1,051.7		$	86.0		$	0.0	$	0.0	$	4,503.6		$	837.5
Amounts payable to DDRC		0.0			3.2			0.2			1.0			0.1			0.0		0.0		9.3			2.6
Other liabilities		19.4			36.2			9.9			21.6			1.8			0.2		0.5		150.3			35.1

		19.4			1,841.5			223.8			1,074.3			87.9			0.2		0.5		4,663.2			875.2
Accumulated equity (deficit)		227.6			1,219.6			110.0			637.8			35.3			6.3		1.6		2,710.1			470.9
Disproportionate Share of Equity		—			—			—			—			—			—		—		—			14.5	(6)

	$	247.0		$	3,061.1		$	333.8		$	1,712.1		$	123.2		$	6.5	$	2.1	$	7,373.3		$	1,360.6


Proportionate share of other assets/liabilities, net	$	4.5		$	11.1		$	9.0		$	6.0		$	0.0		$	3.0	$	0.4	$	50.0

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 March 31, 2007


				DDRTC Core Retail			Inland-SAU Retail			DDR/Macquarie						DDR/Macquarie			Sold/Acquired JVs						DDR’s Proportionate
	Sonae Sierra Brazil			Fund LLC			Fund LLC			Fund LLC			DDR MDT PS LLC			Management			(5)			Total			Share
Revenues from operations	$	11.9		$	21.5		$	2.4		$	48.8		$	2.8		$	0.4		$	0.6		$	145.8		$	33.0
Rental operation expenses		(3.5	)		(7.5	)		(0.5	)		(15.5	)		(1.1	)		(0.1	)		(0.0	)		(48.7	)		(10.5	)

Net operating income		8.3			14.0			1.9			33.3			1.7			0.3			0.6			97.1			22.5
Depreciation and amortization expense		(2.4	)		(6.7	)		(1.2	)		(9.1	)		(0.7	)		(0.2	)		0.0			(30.6	)		(6.6	)
Interest expense		0.0			(9.5	)		(1.0	)		(14.1	)		(1.3	)		0.0			0.0			(46.0	)		(9.4	)

Income (loss) before gain on sale		5.9			(2.2	)		(0.3	)		10.1			(0.3	)		0.1			0.6			20.5			6.5
Tax expense		(2.2	)		0.0			0.0			0.0			0.0			0.0			0.0			(2.3	)		(1.1	)
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			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			(0.3	)		(0.1	)
Disproportionate Share of Income		—			—			—			—			—			—			—			—			1.2	(7)

Net income (loss)	$	3.7		($	2.2	)	($	0.3	)	$	10.1		($	0.3	)	$	0.1		$	0.6		$	17.9		$	6.5
DDR Ownership interest		50	%		15	%		20	%		***			***			***			***			***			***

	$	1.8		($	0.3	)	($	0.1	)	$	2.3		$	0.1		$	0.1		$	0.5		$	6.5		$	6.5
Amortization of basis differential		(0.7	)		0.1			0.0			0.3			0.0			0.0			0.0			(0.3	)		(0.3	)

	$	1.1		($	0.2	)	($	0.1	)	$	2.6			0.1			0.1			0.5		$	6.2		$	6.2


Proportionate share of net operating income (5)	$	4.2		$	2.1		$	0.4		$	4.8		$	0.0		$	0.1		$	0.5		$	22.5

Proportionate share of interest expense (5)	$	0.0		$	1.4		$	0.2		$	2.0		$	0.0		$	0.0		$	0.0		$	9.4


Funds From Operations (“FFO”):

Net income (loss)	$	3.7		($	2.2	)	($	0.3	)	$	10.1		($	0.3	)	$	0.1		$	0.6		$	17.9		$	6.5
Depreciation of real property		2.4			6.7			1.2			9.1			0.7			0.2			0.0			31.0			6.6
(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		—			—			—			—			—			—			—			—			0.4	(8)

	$	6.1		$	4.5		$	0.9		$	19.2		$	0.4		$	0.3		$	0.6		$	48.9		$	13.5

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

DDR FFO	$	3.0		$	0.8		$	0.2		$	3.7		$	0.0		$	0.2		$	0.3		$	13.5

Joint Venture Financials 3.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007


(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 residual joint venture assets sold to the MDT Joint Venture.

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

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

(7)		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.

(8)		Adjustments associated with Coventry’s promoted interests primarily at the RVIP IIIB and RVIP VIII joint ventures and partnership structural items at the DDRTC Core Retail Fund LLC..

***		See Appendix to Quarterly Financial Supplement Property and Joint Venture Details: Section 2.0- Joint Venture Partnership Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financials 3.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Three Month Period Ended March 31, 2007


	Three Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2007			2006			2005			2004			2003
Acquisitions/Transfers	$	2,982.0	(1)	$	370.2	(4)	$	1,610.8	(6)	$	2,170.8	(9)	$	1,363.6	(11)
Completed Expansions		26.4			73.1			41.6			25.2			26.8
Developments & Construction in Progress		41.6			246.0			246.1			203.8			104.6
Tenant Improvements & Building Renovations		1.9	(2)		11.7			7.5			6.6			6.3
Furniture Fixtures & Equipment		3.8			10.2			10.7	(7)		1.3			1.9

		3,055.7			711.2			1,916.7			2,407.7			1,503.2
Less: Real Estate Sales & Joint Venture Transfers		(52.4	)(3)		(289.8	)(5)		(490.8	)(8)		(689.2	)(10)		(422.4	)(12)

Total DDR Net Additions (Millions)	$	3,003.3		$	421.4		$	1,425.9		$	1,718.5		$	1,080.8


(1)		Includes the redemption of OP units for a previous acquisition.

(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 asset sales which had an aggregate cost of $51.9 million this balance includes the sale of two outparcels.

(4)		Includes the acquisition of three properties located in Pasadena, CA, San Diego, CA and Phoenix Arizona, aggregating $199.7, plus the 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.

(5)		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.

(6)		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.

(7)		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.

(8)		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.

(9)		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.

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

(11)		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.

(12)		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 four 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.

Summary of Wholly Owned Capital Transactions 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Three Month Period Ended March 31, 2007


	Three Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2007			2006			2005			2004			2003
Acquisitions/Transfers	$	3,302.7	(1)	$	729.9	(3)	$	350.0		$	1,147.0	(7)	$	1,221.7	(9)
Completed Expansions		0.0			0.0			9.3			10.3			9.7
Developments & Construction in Progress		25.5			139.6	(4)		87.5			38.9			120.1
Tenant Improvements & Building Renovations		1.8	(2)		9.1			6.8			0.6			0.6

	$	3,330.0		$	878.6		$	453.6		$	1,196.8		$	1,352.1
Less: Real Estate Sales and Dispositions		($6.8	)		($409.0	)(5)		($148.8	)(6)		($306.7	)(8)		($781.5	)(10)

Joint Venture Totals (Millions)	$	3,323.2		$	469.6		$	304.8		$	890.1		$	570.6


(1)		Includes the acquisition of an additional 73% interest in Metropole Shopping Center by Sonea Sierra Brazil BV Sarl.

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

(3)		Includes the formation of Sonea Sierra Brazil BV Sarl and DDR MDT PS LLC, plus acquisitions of the service merchandise portfolio and properties located in Cincinnati, Ohio; Benton Harbor, Michigan and Orland, Illinois by joint ventures with Coventry II.

(3)		Includes the acquisition of 34 acres of land in Allen, TX for the development of a 435,061 square foot shopping center and 88 acres of land in Bloomfield Hills, Michigan for the development of a 758,750 square foot shopping center. Both of these shopping centers are being developed with Coventry II.

(5)		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 and 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.

(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.

Summary of Joint Venture Capital Transactions 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Wholly Owned and Consolidated

Expansion and Redevelopment Projects

for the Three Month Period Ended March 31, 2007


*Projects Completed*

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 (opened 3/07) and retail shops.


Total Gross Cost (Millions)			$26.4

Total Net Cost (Millions)			$26.4


*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.

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

Plantation, FL		Redevelopment of shopping center to include Kohl’s and other junior anchor tenants.

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), Joey’s Seafood (opened 3/07) and other retail shops.


*Projects to Commence Construction*

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 a bank pad, 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 Expansions and Redevelopments 4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Joint Venture Expansion and Redevelopment Projects
for the Three Month Period Ended March 31, 2007


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

Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing mall tenants to accommodate a new JC Penney (scheduled to open 4th quarter 2007), 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 (scheduled to open 3rd quarter 2007) 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 (scheduled to open 3rd quarter 2007). 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 (opened 10/06), a 20,087 sf PETsMART (scheduled to open 4th quarter 2007) 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.

Macedonia, OH		50.00	%	OSTRS	Retenanting vacant shop space with PETsMART (scheduled to open 4th quarter 2007).


Total Gross Cost (Millions)	$	559.8	(1	)

Total Net Cost (Millions)	$	531.6	(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 a 23,000 sf Crate & Barrel, and construction of a 13,500 sf multi-tenant outparcel building.

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.

Joint Venture Expansions and Redevelopments 4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Wholly Owned and Consolidated Development Projects
for the Three Month Period Ended March 31, 2007


									Substantial
				Gross Cost		Net Cost			Completion
	GLA			(Millions)		(Millions)			Date		Description	Major Tenants
*Projects in Progress*

Brandon, FL		232,700		$	71.3	$	55.9			2008	Community Center	To be announced
Miami, FL		633,001		$	153.8	$	141.9			2006 — 2008	Mixed-Use	Target, Linens’ N Things, Circuit City, Marshalls, West Elm (are open) PETsMART, Ross Dress for Less, Loehman’s and additional retail space to be announced (scheduled to open 2nd quarter 2007)
Douglasville, GA		124,200		$	22.4	$	17.7			2008	Community Center	To be announced
Nampa, ID		858,396	(1)	$	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, Dick’s (opened 1st quarter 2007), JC Penney, Wickes Furniture (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 (opened March 2007), 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 (Promenade)		76,185		$	18.9	$	16.7			2008	Community Center	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 all of which will open 4th quarter 2007
*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
Wesley Chapel, FL		80,900		$	17.3	$	13.9			2008	Community Center	To be announced
Union City, GA		200,000		$	47.6	$	31.5			2008	Community Center	To be announced
Gulfport, MS		742,686		$	91.7	$	64.1			2008	Community Center/Lifestyle Center	To be announced
Wholly Owned Development Totals		6,556,842		$	1,059.6	$	854.4


(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.

Consolidated and Wholly Owned Developments 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Joint Venture Development Projects
for the Three Month Period Ended March 31, 2007


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

Merriam Village, KS		280,516	(1)		20.0	%	Coventry II	$	69.8	$	45.6	$	9.1		2008	Community Center	To be announced.
Bloomfield Park, MI		758,750			10.0	%	Coventry II/ BP 1, LLC	$	336.1	$	192.9	$	19.3		2008 & 2009	Lifestyle Center	Blue Point Ocean Grill, Bar Louie, BCBG, BCBG Girls, PacSun, Faro Design, Hyde Park Steakhouse, Orvis and other retail tenants and restaurants to be announced.
Allen, TX		435,061	(1)		10.0	%	Coventry II/Trademark Property Company	$	120.8	$	93.9	$	9.4		2008	Lifestyle Center	Market Street United, P.F. Changs, Eddie Bauer, Francesca’s Collection, Origins, Ann Taylor Loft, Borders, Brio, Devon Seafood Grill, Jos. A. Bank, Mi Cocina, Wachovia, Sweet and Sassy and other retail tenants and restaurants to be announced.


Joint Venture Development Totals		1,474,327						$	526.7	$	332.4	$	37.8


Notes:

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

Joint Venture Developments 4.5

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Debt
as of March 31, 2007


		Mortgage			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
SENIOR DEBT:
Unsecured Credit Facilities:
$1.2 Billion Revolving Credit Facility		$	647,500	(2)		06/10		5.732
$550 Million Bridge Loan			550,000			08/07		6.070
$60 Million Revolving Credit Facility			0			06/10	NA
Secured Credit Facility:
$550 Million Term Loan			550,000	(3)		02/11		5.877


Total Term and Credit Facility Debt			1,747,500

PUBLIC DEBT:
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		99,979			01/08		6.625
Medium Term Notes	F		274,581			01/09		3.875
Medium Term Notes	F		199,761			05/10		5.000
Medium Term Notes	F		299,776			07/10		4.625
Medium Term Notes	F		249,385			04/11		5.250
Convertible Notes	F		250,000	(4)		08/11		3.500
Convertible Notes	F		600,000	(5)		03/12		3.000
Medium Term Notes	F		348,722			10/12		5.375
Medium Term Notes	F		199,421			05/15		5.500
Medium Term Notes	F		100,000			07/18		7.500


Total Public Debt			2,718,624

MORTGAGE DEBT:
St. Louis, MO (Olympic)	F		2,741			08/07		9.150
Berlin, VT	F		4,940			08/07		9.750
Mt. Laurel, NJ	V		48,000			09/07		6.220
DDR MDT MV, LLC	V		45,923	(6)		10/07		6.040
Apex, NC	V		15,573			10/07		6.320
Lake Walden Square, Plant City, FL	F		9,060			11/07		7.630
Route22 Retail SC, Union, NJ	F		10,774			01/08		7.490
440 Commons, Jersey City, NJ	F		9,875			02/08		4.510
Riverdale Shops, West Springfield, MA	F		23,200			02/08		4.250
Tupelo, MS	F		11,087			03/08		4.410
Jacksonville, FL	F		6,361			03/08		4.410
Solon, OH	F		15,358			03/08		4.410
N. Charleston, SC	F		10,996			03/08		4.410
Walker, MI	F		8,088			03/08		4.410
Mt. Pleasant, SC (GS II)	F		7,452			03/08		4.410
Meridian, ID (GS II)	F		24,082			03/08		4.410
Birmingham, AL (GS II)	F		26,082			03/08		4.410
Wilmington, NC (GS II)	F		19,993			03/08		4.410
Durham, NC (GS II)	F		6,816			03/08		4.410

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Debt
as of March 31, 2007 (con’t)

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate (1)

Glenmark Ctr, Morgantown, WV

7,000

10/08

4.775

Bi-Lo — Shelmore, Mt Pleasant, SC

6,350

10/08

4.775

Loisdale Center, Springfield, VA

15,950

12/08

4.580

Cascade Marketplace, Sterling, VA

9,240

12/08

4.510

Silver Springs, MD (Tech 29-1)

6,506

02/09

7.330

Crossroads Plaza, Hanesport, NJ

9,900

02/09

4.581

Middletown Village, Middletown, RI

10,000

02/09

4.531

Abernathy Square, Atlanta, GA

13,392

03/09

6.285

Pointe at Tampa Palms, Tampa, FL

2,890

04/09

4.472

Albertsons at Bloomington Hills, Riverview, FL

3,175

04/09

4.472

Squirewood Village, Dandridge, TN

1,900

04/09

4.472

Bi-Lo — Northside Plaza, Greenwood, SC

2,200

04/09

4.472

Shoppes at Wendover Village, Greensboro, NC

5,450

06/09

4.222

Paradise Promenade, Davie, FL

6,400

06/09

4.322

Leawood, KS

48,803

07/09

7.310

Thompson Square Mall, Thompson, NY

13,350

07/09

4.222

Mill Pond Village, Cary, NC

8,500

07/09

4.758

Adams Farm, Greensboro, NC

6,700

08/09

4.652

Martinsville, VA

19,371

12/09

8.460

St. Louis, MO (Keller)

988

01/10

8.625

Village Ctr, Racine, WI

13,200

04/10

4.440

Plant City Crossing, Plant City, FL

5,900

05/10

4.700

Brick Ctr Plaza, Brick, NJ

10,300

06/10

4.375

Windsor Court SC, Windsor, CT

8,015

06/10

4.390

West Falls Plaza, West Patterson, NJ

11,075

06/10

4.685

Edgewater Town Ctr, Edgewater, NJ

14,000

06/10

4.685

Valley Park Commons, Hagerstown, MD

6,770

07/10

4.440

East Hanover Plaza, East Hanover, NJ

9,280

07/10

4.685

Sony Theatre, East Hanover, NJ

6,445

07/10

4.685

Oakley Plaza, Asheville, NC

5,175

08/10

4.290

Deer Valley — Phoenix, AZ

17,124

09/10

8.010

Capital Crossing, Raleigh, NC

5,478

09/10

4.300

Downtown Short Pump, Richmond, VA

18,480

09/10

4.900

DDR MDT MV, LLC

212,550

(6)

10/10

5.211

Tequesta Shops Plaza, Tequesta, FL

5,200

10/10

5.300

Shops on the Circle, Dothan, AL

11,694

11/10

7.920

Big Flats, NY (Big Flats I)

7,999

12/10

8.011

Plattsburgh, NY

7,809

12/10

8.000

Denbigh Village, Newport News, VA

11,457

12/10

4.940

Camfield Corners, Charlotte, NC

5,150

12/10

5.040

Erie, PA

24,945

04/11

6.884

Erie, PA

2,880

04/11

6.884

Boardman, OH

25,907

04/11

6.884

St. Louis, MO (Sunset)

33,584

04/11

6.884

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Debt
as of March 31, 2007 (con’t)

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate (1)

St. Louis, MO (Brentwood)

24,945

04/11

6.884

Denver, CO (Centennial)

37,420

04/11

6.884

Southampton Village, Tyrone, GA

6,700

05/11

4.663

Fountains

32,500

07/11

4.655

Village Center, Racine, WI

2,070

07/11

5.170

Center Pointe Plaza, Easley, SC

4,250

08/11

5.320

Indian Train, NC (Union TC Ph I)

6,806

10/11

7.000

Gates, NY (Westgate)

24,369

10/11

7.240

Ashtabula, OH

6,776

12/11

7.000

Shoppes on the Ridge, Lake Wales, FL

9,628

12/11

4.740

Publix Brooker Creek, Palm Harbor, FL

5,000

12/11

4.610

Watercolor Crossing, Santa Rosa, FL

4,355

01/12

4.760

West Pasco, FL

4,784

02/12

9.625

Phoenix, AZ (Paradise Valley)

30,000

(7)

03/12

5.385

Denver, CO (Univ Hills)

27,653

06/12

7.300

St. Louis, MO (Gravois)

1,220

07/12

8.625

N. Charleston, SC

10,404

07/12

7.370

Cortez Plaza, Bradenton, FL

13,044

07/12

7.150

Redbud Commons, Gastonia, NC

5,060

07/12

4.600

Duvall Village, Bowie, MD

8,794

10/12

7.040

Walgreens — Rockford, IL

3,223

11/12

4.863

Walgreens — Dearborn Hts, MI

3,550

11/12

4.863

Walgreens — Livonia, MI

2,477

11/12

4.863

Mooresville, NC

23,410

12/12

6.930

Heather Island Plaza, Ocala, FL

6,155

12/12

5.001

Big Flats, NY (Big Flats IV)

947

01/13

7.600

Big Flats, NY (Big Flats II & III)

3,821

01/13

8.010

Buffalo, NY (Delaware Commons)

965

01/13

6.960

Hilliard Rome, Columbus, OH

11,371

01/13

5.870

Walgreens — Oshkosh, WI

2,817

02/13

4.863

Walgreens — Westland, MI

2,625

03/13

4.863

Jamestown, NY (Southside Plaza)

1,411

04/13

7.590

Victor, NY (Victor Square)

6,478

04/13

5.800

Mays Landing, NJ (Wrangleboro)

47,580

05/13

6.990

Beachwood, OH

3,091

07/13

7.640

W. Long Branch, NJ (Monmouth)

12,378

07/13

8.570

Boynton Beach, FL (Meadows Square)

3,817

07/13

6.720

Englewood, FL (Rotonda)

1,781

07/13

5.800

Reno, NV

3,458

02/15

9.000

Olean, NY

4,323

07/15

8.995

Mays Landing, NJ (Hamilton)

13,750

09/15

4.700

Columbus, OH (Consumer II West)

13,410

11/15

10.188

Amherst, NY (Kmart/Blvd Cons. II)

11,406

11/15

7.850

Lockport, NY (Walmart/Tops)

11,861

01/16

8.000

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Debt
as of March 31, 2007 (con’t)


		Mortgage		Maturity		Interest
		Balance(000’s)		Date		Rate (1)
Merriam, KS (TIF)	F	$	7,075		02/16		6.900
Rome, NY (Freedom)	F		4,110		09/16		7.850
Amherst, NY (Tops Transit + French)	F		4,828		12/16		7.680
Canandaigua, NY	F		5,267		01/17		6.150
Cheektowaga, NY (Walmart Thruway)	F		4,615		10/17		6.780
Ithaca, NY	F		17,997		01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		12,661		07/18		5.670
Niskayuna, NY (Mohawk)	F		23,369		12/18		5.750
Henderson, TN	F		8,471		01/19		7.660
Spring Hill, FL	F		4,905		09/19		9.750
Cedar Rapids, IA	F		9,314		01/20		9.375
Plainville, CT	F		6,985		04/21		7.125
Allentown, PA	F		17,204		06/21		6.950
Bayamon, PR (Rio Hondo)	F		55,542		05/28		7.180
San Juan, PR (Senorial Plaza)	F		14,423		05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,690		05/28		7.180
Arecibo, PR (Atlantico)	F		14,513		05/28		7.180


Total Mortgage Debt			1,666,731


Total Debt		$	6,132,855


Weighted Average — Total				3.79 years			5.4	%

Weighted Average — Fixed		$	4,772,402	4.33 years			5.2	%

Weighted Average — Floating		$	1,360,453	1.88 years			6.0	%


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 2007 deferred finance cost amortization of approximately $8.76 million, net is offset by approximately $8.5 million of annualized fair market value adjustment in 2007.

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 0.230 % on March 31, 2007 resulting in a fixed rate of 5.172% 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 5.932%.

4.		The convertible notes may be net settled with 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. The principal balance on these notes is to be settled in cash.

5.		The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.75 per share however, this conversion price has been increased to $87.21 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash.

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

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

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2007
(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
Beachwood, OH		387		420		451		487		525		567		349										3,185
DDR MDT MV, LLC		45,923						212,550																258,473
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
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
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
Denver, CO (Centennial)		469		496		539		578		35,462														37,544
West Pasco, FL												4,784												4,784
Phoenix, AZ												30,000												30,000
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
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
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
Columbus, OH (Consumer II West)		465		514		568		628		694		767		848		937		8,103						13,522
Mooresville, NC		300		322		345		370		397		426		21,330										23,489
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
Mays Landing, NJ (Wrangleboro)		2,245		2,407		2,581		2,767		2,967		3,181		31,980										48,127
Mays Landing, NJ (Hamilton)		1,332		1,396		1,463		1,534		1,607		1,684		1,765		1,850		1,446						14,078
Boynton Beach, FL (Meadows Square)		485		519		556		595		637		682		464										3,937

Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2007 (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
Englewood, FL (Rotonda)		236		250		265		281		298		315		193										1,839
Indian Train, NC (Union TC Ph I)		95		102		109		117		6,407														6,830
Ashtabula, OH		93		100		107		115		6,385														6,801
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
Olean, NY		357		390		427		467		511		559		611		669		418						4,410
Big Flats, NY (Big Flats I)		1,867		2,022		2,190		2,375																8,454
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
Gates, NY (Westgate)		324		349		375		404		23,002														24,454
Rome, NY (Freedom)		295		319		345		374		404		437		472		511		552		471				4,181
Cheektowaga, NY (Walmart Thruway)		304		325		348		372		398		426		456		487		521		558		495		4,689
Buffalo, NY (Delaware Commons)		137		146		157		168		180		193		17										998
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
440 Commons, Jersey City, NJ				9,875																				9,875
Route22 Retail SC, Union, NJ		164		10,610																				10,774
Shops on the Circle, Dothan, AL		127		158		174		11,235																11,694
Cortez Plaza, Bradenton, FL		177		218		238		256		275		11,879												13,044
Lake Walden Square, Plant City, FL		9,060																						9,060
Pointe at Tampa Palms, Tampa, FL						2,890																		2,890
Tequesta Shops Plaza, Tequesta, FL								5,200																5,200
Riverdale Shops, West Springfield, MA				23,200																				23,200
Valley Park Com, Hagerstown, MD								6,770																6,770
Wendover Village, Greensboro, NC						5,450																		5,450
Brick Ctr Plaza, Brick, NJ								10,300																10,300
East Hanover Plaza, East Hanover, NJ								9,280																9,280
Sony Theatre, East Hanover, NJ								6,445																6,445
Crossroads Plaza, Hanesport, NJ						9,900																		9,900
Thompson Square Mall, Thompson, NY						13,350																		13,350
Middletown Village, Middletown, RI						10,000																		10,000
Center Pointe Plaza, Easley, SC										4,250														4,250
Denbigh Village, Newport News, VA								11,457																11,457
Downtown Short Pump, Richmond, VA								18,480																18,480
Loisdale Center, Springfield, VA				15,950																				15,950
Cascade Marketplace, Sterling, VA				9,240																				9,240
Village Ctr, Racine, WI								13,200																13,200
Village Center, Racine, WI										2,070														2,070
Windsor Court SC, Windsor, CT								8,015																8,015
Paradise Promenade, Davie, FL						6,400																		6,400

Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2007 (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
Shoppes on the Ridge, Lake Wales, FL										9,628														9,628
Heather Island Plaza, Ocala, FL												6,155												6,155
Publix Brooker Creek, Palm Harbor, FL										5,000														5,000
Plant City Crossing, Plant City, FL								5,900																5,900
Bloomington Hills, Riverview, FL						3,175																		3,175
Watercolor Crossing, Santa Rosa, FL												4,355												4,355
Abernathy Square, Atlanta, GA						13,392																		13,392
Southampton Village, Tyrone, GA										6,700														6,700
Duvall Village, Bowie, MD		162		208		223		239		256		7,706												8,794
Oakley Plaza, Asheville, NC								5,175																5,175
Mill Pond Village, Cary, NC						8,500																		8,500
Camfield Corners, Charlotte, NC								5,150																5,150
Redbud Commons, Gastonia, NC												5,060												5,060
Adams Farm, Greensboro, NC						6,700																		6,700
Capital Crossing, Raleigh, NC								5,478																5,478
West Falls Plaza, West Patterson, NJ								11,075																11,075
Hilliard Rome, Columbus, OH		151		187		200		212		225		237		10,157										11,371
Squirewood Village, Dandridge, TN						1,900																		1,900
Glenmark Ctr, Morgantown, WV				7,000																				7,000
Northside Plaza, Greenwood, SC						2,200																		2,200
Edgewater Town Ctr, Edgewater, NJ								14,000																14,000
Walgreens — Rockford, IL												3,223												3,223
Walgreens — Dearborn Hts, MI												3,550												3,550
Walgreens — Livonia, MI												2,477												2,477
Walgreens — Westland, MI														2,625										2,625
Bi-Lo — Shelmore, Mt Pleasant, SC				6,350																				6,350
Walgreens — Oshkosh, WI														2,817										2,817
Fountains										32,500														32,500
Plainville, CT (TIF)																						6,985		6,985
Merriam, KS (TIF)																				7,075				7,075
Payments Made Through 3/31/07		-7,871																						-7,871


Total — Property Mortgages		87,406		246,249		186,187		408,478		264,240		139,327		96,654		20,018		30,323		22,257		102,020		1,603,158

Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of March 31, 2007 (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
CONSTRUCTION LOANS
$20 Million Construction Loan (National City Bank)		15,573																								15,573
$48 Million Construction Loan (Wachovia Bank)		48,000																								48,000

Total — Construction Loans		63,573		0		0		0			0			0		0		0		0		0		0		63,573

DEBT OFFERINGS
Senior Notes		12,000		99,979		274,581		499,536			499,385			948,722						199,421				100,000		2,633,625
Unsecured Notes		85,000																								85,000

Total — Debt Offerings		97,000		99,979		274,581		499,536			499,385			948,722		0		0		199,421		0		100,000		2,718,624

Total — Property Mortgages, Constructi on Loans & Debt Offerings		247,979		346,227		460,767		908,014			763,625			1,088,049		96,654		20,018		229,744		22,257		202,020		4,385,355

REVOLVING CREDIT FACILITIES & TERM	LOANS
$1.2 Billion Unsecured Credit Facility (JPMorgan Chase)								647,500	(1)																	647,500
$550 Million Secured Term Loan (Bank of America)		550,000																								550,000
$550 Million Secured Term Loan (Key Bank)											550,000	(1)														550,000
$60 Million Unsecured Credit Facility (National City Bank)								0	(1)																	0

Total — Debt	$	797,979	$	346,227	$	460,767	$	1,555,514		$	1,313,625		$	1,088,049	$	96,654	$	20,018	$	229,744	$	22,257	$	202,020	$	6,132,855


Notes:

(1)		Balance at March 31, 2007 on credit facilities, bridge and term loan. The $1.2 billion JPMorgan Chase facility has one one-year extension option to 2011. The $550 million Key Bank term loan has one one-year extension option to 2012. The $60 million National City Bank facility has one one-year extension option to 2011. The $550 million bridge loan has one three-month extension option to November 2007.

Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Joint Venture Debt
as of March 31, 2007

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

2,931

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

5,677

05/17

7.630

Tonawanda, NY

4,998

06/21

7.660

DDRA Community Centers Five

280,000

(2)

08/10

5.295

Lennox Town Center Limited
Columbus, OH

17,404

07/22

8.110

Sun Center Limited

6,065

05/11

5.420

Columbus, OH

13,852

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

95,412

01/08

Libor + 70

36,820

01/08

Libor + 195.7

Coventry II DDR Totem Lakes

20,400

07/07

Libor + 215

Summary of Joint Venture Debt 6.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Joint Venture Debt
as of March 31, 2007 (con’t)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

Coventry II DDR Tri County

157,790

02/15

5.655

11,988

02/15

10.304

Coventry II DDR Ward Parkway

36,000

08/08

Libor + 125

Coventry II DDR Westover Marketplace

18,681

07/07

Libor + 195

DDRTC Core Retail Fund, LLC

DDRTC Holdings Pool 1, LLC

736,559

(5)

03/17

5.4475

DDRTC Holdings Pool 3, LLC

555,034

(6)

03/12

5.480

DDRTC Holdings Pool 5, LLC

225,000

(7)

02/10

Libor + 65

DDRTC Holdings Pool 6, LLC

Walks at Highwood Preserve I & II

3,700

05/09

4.372

Aiken Exchange

7,350

05/09

4.372

Oak Summit

8,200

06/09

4.272

Wytheville Commons

5,590

06/09

4.302

Heritage Pavilion

21,500

07/09

4.460

Columbiana Station

25,900

05/10

4.040

Warwick Center

16,939

06/10

4.130

Fayette Pavilion I & II

53,250

07/10

5.620

North Hill Commons

2,475

11/10

5.240

Cox Creek Shopping Center

14,542

03/12

7.090

Cypress Trace

16,000

04/12

5.000

Waterfront Marketplace

29,829

08/12

6.350

Waterfront Town Center

39,298

08/12

6.350

Creeks at Virginia Center

26,477

08/12

6.370

Willoughby Hills Shopping Center

14,480

06/18

6.980

Inland SAU Retail Fund, LLC

Blockbuster

993

10/10

4.890

Cascade Crossing

4,954

10/10

4.890

Hickory Flat Village

8,689

10/10

4.890

Flat Shoals Crossing

6,063

10/10

4.760

Deshon Plaza

6,038

10/10

4.760

Shops at John’s Creek

2,762

10/10

4.890

Waynesboro Commons

3,178

10/10

4.890

Brookhaven

10,397

12/10

4.890

South Square

12,597

10/12

5.060

North Hampton Market (Phase I & II)

10,501

10/12

5.080

The Point

15,800

10/12

5.640

Oakland Market Place

3,560

10/12

5.040

Crossroads Square

4,869

12/12

5.310

Cascade Corners

3,979

12/12

5.420

Hilander Village

9,404

12/12

5.410

Glenlake Plaza

8,234

12/12

5.440

Broadmoor Plaza

11,048

12/12

5.440

Milan Plaza

2,161

12/12

5.490

West Towne Commons

4,797

12/12

5.440

American Way

6,662

12/12

5.440

Kroger Junction

3,827

12/12

5.440

Summary of Joint Venture Debt 6.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Joint Venture Debt
as of March 31, 2007 (con’t)


	Mortgage
Property/Entity	Balance (000’s)					Maturity Date		Interest Rate
Inland SAU Retail Fund, LLC (con’t)
Kroger Plaza		F	$	1,806			12/12		5.440
Willowbrook Commons		F		6,998			03/13		5.410
Shoppes at Wendover II		F		14,382			04/13		5.060
Harper Hill Commons		F		10,350			04/13		5.790
Plaza at Carolina Forest		F		14,203			05/13		5.970
Alexander Pointe		F		5,129			08/13		5.920
Patterson Place		F		20,338			12/13		5.670

DDR MDT PS, LLC		F		86,000	(8)		07/13		6.004

DDR Macquarie (9)
$125 Million Revolving Credit Facility		V		100,075	(10)		11/07	Libor + 100
JPMorgan Chase		F		9,100	(10)		11/07		4.913

Secured Portfolio Financing		F		290,500	(11)		12/08		4.225
		V		50,000	(11)		12/08	Libor + 130
		F		165,250	(12)		06/09		4.180
		F		20,000	(12)		06/07		4.800
		V		29,750	(12)		06/07	Libor + 84

BJ’s Clarence		F		4,663			03/22		7.070
JoAnn Transit		F		2,843			08/13		6.250
New Hartford Consumer Square		F		33,822			11/18		5.750
Birmingham, AL (Riverchase)		F		7,724			01/13		5.500
Merriam Town Center		V		30,000			11/07	Libor + 110

DDR Macquarie Longhorn Holdings		F	$	85,000	(13)		01/12		4.910
DDR Macquarie Longhorn Holdings II		F		157,250	(14)		04/10		4.822
		V		26,450	(14)		04/10	Libor + 85

DDR Macquarie Longhorn Holdings III		F		39,300	(15)		04/10		5.098

			$	4,503,562

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
	Winchester, VA

Summary of Joint Venture Debt 6.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

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 twenty five shopping center properties as follows:
	Anderson Central (Anderson, SC)	Barrett Pavilion (Kennesaw, GA)
	Boynton Commons (Boynton Beach, FL)	City Crossing (Warner Robins, GA)
	Fayette Pavilion III & IV
	(Fayetteville, GA)	Gateway Market Center (St. Petersburg, FL)
	Gateway Plaza (Jacksonville, NC)	Hiram Pavilion (Hiram, GA)
	Marketplace at Mill Creek (Buford, GA)	Overlook at King of Prussia (King of Prussia, PA)
	Sand Lake Corners (Orlando, FL)	Paradise Place (West Palm Beach, FL)
	Stonecrest Marketplace (Lithonia, GA)	Pleasant Hill (Duluth, GA)
	Universal Plaza (Lauderhill, FL)	River Ridge (Birmingham, AL)
	Venture Pointe (Duluth, GA)	Sarasota Pavilion (Sarasota, FL)
	Ward’s Crossing (Lynchburg, VA)	Sycamore Commons (Matthews, NC)
	Winslow Bay Commons (Mooresville, NC)	Bartow Marketplace (Cartersville, GA)
	Woodstock Square (Woodstock, GA)	Columbiana Station II (Columbia, SC)
	Market Place (Ft. Myers, FL)

(6) Encumbers seventeen shopping center properties as follows:
	Bellevue Place (Nashville, TN)	Village Crossing (Skokie, IL)
	Capital Plaza (Wake Forest, NC)	Birkdale Village Retail & Apts (Huntersville, NC)
	Carlisle Commons (Carlisle, PA)	CompUSA Retail Center (Newport News, VA)
	Chesterfield Crossings (Richmond, VA)	Douglasville Pavilion (Douglasville, GA)
	Commonwealth Center II (Richmond, VA)	Stonebridge Square (Roswell, GA)
	Costco Plaza (White Marsh, MD)	Town & Country (Knoxville, TN)
	Naugatuck Valley Shopping Center (Waterbury, CT)	Turkey Creek I (Knoxville, TN)
	Newnan Pavilion (Newnan, GA)	Walks at Highwood Preserve I (Tampa, FL)
	Suwanee Crossroads (Suwanee, GA)

(7) Encumbers twelve shopping center properties as follows:
	Westside Centre (Huntsville, AL)	Chatham Crossing (Siler City, NC)
	McFarland Plaza (Tuscaloosa, AL)	Southern Pines Marketplace (Southern Pines, NC)
	Circuit City Plaza (Orlando, FL)	Alexander Place (Raleigh, NC)
	Shoppes at Lake Mary (Lake Mary, FL)	Target Center (Columbia, SC)
	Eisenhower Crossing I & II (Macon, GA)	Hillsboro Square (Deerfield Beach, FL)
	Southlake Pavilion (Morrow, GA)
	Goody’s Shopping Center (Augusta, GA)

(8) 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)


(9) 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.

(10) Encumbers three shopping center properties as follows:
	Canton, OH	St. Paul, MN	North Olmsted, OH

(11) Encumbers seven shopping center properties as follows:
	Independence, MO	Framingham, MA	Fairfax, VA
	Schaumburg, IL	Atlanta, GA	Naples, FL
	Marietta, GA

Summary of Joint Venture Debt 6.3

Developers Diversified Realty Corporation

Quarterly Financial Supplement

For the three months ended March 31, 2007

Notes: (con’t)


(13) Encumbers four shopping center properties as follows:
	Pioneer Hills (Aurora, CO)	Harbison Court (Columbia, SC)
	MacArthur Marketplace (Irving, TX)	Lakepointe Crossing (Lewisville, TX)

(14) 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)

(15) Encumbers three shopping center properties as follows:
	Grandville Marketplace (Grandville, MI)	Parker Pavilions (Parker, CO)
	McDonough Marketplace (McDonough, GA)

Summary of Joint Venture Debt 6.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Pro Rata Joint Venture Debt
as of March 31, 2007


	DDR's			DDR's
	Pro Rata			Pro Rata		Interest
Joint Venture	Interest			Debt (000's)		Rate (1)
RVIP III B		25.75	%	$	15,450		5.590
RVIP VI		25.75	%		755		7.790
RVIP VII		21.00	%		15,145		6.270
RVIP VIII		25.75	%		6,014		6.320
DPG Realty Holdings, LLC		10.00	%		1,067		7.644
DDRA Comm Ctr Five		50.00	%		140,000		5.417
Lennox Town Center		50.00	%		8,702		8.110
Sun Center		79.45	%		15,823		7.548
DOTRS LLC		50.00	%		10,500		6.050
Jefferson County Plaza		50.00	%		1,874		7.070
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		6.420
Coventry II DDR Buena Park		20.00	%		12,200		6.470
Coventry II DDR Fairplain		20.00	%		3,200		6.270
Coventry II DDR Marley Creek		10.00	%		1,024		8.500
Coventry II DDR Merriam Village		20.00	%		3,708		6.820
Coventry II DDR Phoenix Spectrum		20.00	%		9,500		6.020
Coventry II DDR SM		20.00	%		26,446		6.327
Coventry II DDR Totem Lakes		20.00	%		4,080		7.470
Coventry II DDR Tri County		18.00	%		30,560		5.984
Coventry II DDR Ward Parkway		20.00	%		7,200		6.570
Coventry II DDR Westover Marketplace		10.00	%		1,868		7.270
DDRTC Holdings Pool 1, LLC		15.00	%		110,484		5.448
DDRTC Holdings Pool 3, LLC		15.00	%		83,255		5.480
DDRTC Holdings Pool 5, LLC		15.00	%		33,750		5.970
DDRTC Holdings Pool 6, LLC		15.00	%		42,830		5.540
Inland SAU Retail Fund, LLC		20.00	%		42,744		5.346
DDR Macquarie (2) (3)		14.49	%		152,395		4.967


Total				$	837,470


	Fixed Rate			$	672,424
	Variable Rate			$	165,045


				$	837,470


Weighted Average — Total				4.71 years			5.5	%

Weighted Average — Fixed		3,534,476		5.59 years			5.3	%

Weighted Average — Floating		969,086		1.50 Years			6.3	%


Notes:

(1)		Interest rate on floating rate debt determined by using the LIBOR rate in effect on March 30, 2007. One-month LIBOR was 5.320% on March 30, 2007.

(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 on the company’s balance sheet.

Summary of Pro Rata Joint Venture Debt 6.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Joint Venture Mortgage Principal Payments
as of March 31, 2007
(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				132,231																				132,231
Coventry II DDR Totem Lakes		20,400																						20,400
Coventry II DDR Tri County		1,651		2,032		2,179		2,315		2,459		2,585		2,774		2,947		151,056						170,000
Coventry II DDR Ward Parkway				36,000																				36,000
Coventry II DDR Westover Marketplace		18,681																						18,681
DDRTC Holdings Pool 1, LLC																						736,559		736,559
DDRTC Holdings Pool 3, LLC												555,034												555,034
DDRTC Holdings Pool 5, LLC								225,000																225,000
DDRTC Holdings Pool 6, LLC
Cox Creek Shopping Center		165		204		222		239		257		13,492												14,579
Walks at Highwood Preserve I & II						3,700																		3,700
Cypress Trace												16,000												16,000
Heritage Pavilion						21,500																		21,500
Fayette Pavilion I & II								53,250																53,250
Oak Summit						8,200																		8,200
Willoughby Hills Shopping Center				424		1,068		1,145		1,228		1,316		1,411		1,513		1,622		1,739		3,013		14,480
Warwick Center								16,939																16,939
Aiken Exchange						7,350																		7,350
North Hill Commons								2,475																2,475
Columbiana Station								25,900																25,900
Creeks at Virginia Center		332		411		443		473		504		533		573		611		652		691		21,295		26,520
Wytheville Commons						5,590																		5,590
Waterfront Marketplace		375		464		500		534		569		27,387												29,829
Waterfront Town Center		494		611		659		703		749		36,081												39,298

Summary of Joint Venture Mortgage Principal Payments 6.5

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2007

Summary of Joint Venture Mortgage Principal Payments
as of March 31, 2007 (con’t)
(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
Inland SAU Retail Fund, LLC
Blockbuster								993																993
South Square												12,597												12,597
Shoppes at Wendover II														14,382										14,382
North Hampton Market (Phase I & II)												10,501												10,501
Crossroads Square												4,869												4,869
Brookhaven								10,397																10,397
Cascade Corners												3,979												3,979
Cascade Crossing								4,954																4,954
Hickory Flat Village								8,689																8,689
Flat Shoals Crossing								6,063																6,063
Deshon Plaza								6,038																6,038
Shops at John’s Creek								2,762																2,762
Hilander Village												9,404												9,404
Glenlake Plaza												8,234												8,234
Broadmoor Plaza												11,048												11,048
Milan Plaza												2,161												2,161
Alexander Pointe														5,129										5,129
Harper Hill Commons														10,350										10,350
The Point												15,800												15,800
Plaza at Carolina Forest														14,203										14,203
West Towne Commons												4,797												4,797
American Way												6,662												6,662
Willowbrook Commons														6,998										6,998
Oakland Market Place												3,560												3,560
Kroger Junction												3,827												3,827
Kroger Plaza												1,806												1,806
Waynesboro Commons								3,178																3,178
Patterson Place														20,338										20,338
DDR MDT PS, LLC														86,000										86,000
DDR Macquarie
$125M Revolver		109,175																						109,175
Secured Portfolio 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
Payments through 3/31/07		-1,419																						-1,419


Total — Debt		311,301		722,111		292,680		941,567		109,099		842,065		174,419		160,941		159,087		8,581		781,712		4,503,562

Summary of Joint Venture Mortgage Principal Payments 6.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2007

Investor Information


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

Green Street Advisors
Jim Sullivan		(949) 640-8780
Nick Vedder		(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

Morgan Stanley
Matthew Ostrower		(212) 761-6284
Mick Chiang		(212) 761-6385

RBC Capital Markets
Rich Moore		(216) 378-7625

UBS
Jeff Spector		(212) 713-6144

Wachovia Securities
Jeff Donnelly		(617) 603-4262
Robert Laquaglia		(617) 603-4280

Corporate Headquarters
3300 Enterprise Parkway
Beachwood, Ohio 44122
Phone: (216) 755-5500
Fax: (216) 755-1500
Website: www.ddr.com

Investor Relations
Michelle M. Dawson
Phone: (216) 755-5455
Email: mdawson@ddr.com


			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Alden, NY		67,992	$	8.9		1/30/2007
Medina, NY		80,028	$	7.1		1/30/2007
Niagara Falls, NY		117,014	$	11.4		1/30/2007
Springville, NY		105,636	$	11.5		1/30/2007
Union, SC		184,331	$	5.5		1/30/2007
Murfreesboro, TN		117,697	$	7.4		3/28/2007

Total		672,698	$	52.0


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

(2)		Joint venture with the State of Utah assumed through IRRETI acquisition.


	Assets Placed in Service
Date	(Millions)

As of December 31, 2006	$	47.0
1st Quarter 2007	$	75.2
2nd Quarter 2007	$	3.4
3rd Quarter 2007	$	27.5
4th Quarter 2007	$	58.9
Projected Thereafter	$	642.4

Total	$	854.4


	Assets Placed		DDR’s Current
	in Service		Proportionate Share
Date	(Millions)		(Millions)

As of December 31, 2006	$	0.0	$	0.0
1st Quarter 2007	$	0.0	$	0.0
2nd Quarter 2007	$	0.0	$	0.0
3rd Quarter 2007	$	0.0	$	0.0
4th Quarter 2007	$	4.0	$	0.4
Projected Thereafter	$	328.4	$	37.4

Total	$	332.4	$	37.8


Funded as of March 31, 2007	$	456.4
Projected Net Funding During 2007	$	121.0
Projected Net Funding Thereafter	$	277.0

Total	$	854.4


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of March 31, 2007	$	12.8	$	51.4	$	66.5	$	130.7
Projected Net Funding During 2007		1.5		6.0		47.0	$	54.5
Projected Net Funding Thereafter		6.0		23.8		117.4	$	147.2

Total	$	20.3	$	81.2	$	230.9	$	332.4