Quarterly Financial Supplement

For the three months ended
March 31, 2008

Investor Relations Department
3300 Enterprise Parkway • Beachwood, Ohio 44122
(216) 755-5500 • (216) 755-1500 (fax)
www.ddr.com

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

     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, 2007.

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

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
	•	Other Real Estate Information		2.5
	•	Reconciliation of Non-GAAP Financial Measures		2.6
Joint Venture Financial Summary				3.0
	•	Joint Venture Investment Summary		3.1
	•	Joint Venture Combining Financial Statements		3.2
Investment Summary				4.0
	•	Capital Transactions		4.1
	•	Acquisitions		4.2
	•	Dispositions		4.3
	•	Development Projects		4.4
	•	Development Delivery and Funding Schedule		4.5
	•	Expansion and Redevelopment Projects		4.6
Portfolio Summary				5.0
Debt Summary				6.0
	•	Consolidated Debt		6.1
	•	Joint Venture Debt		6.2
	•	Consolidated and Joint Venture Debt Payment and Maturities		6.3
Investor Contact Information				7.0

Property List available online at www.ddr.com under Investor Relations

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
216-755-5500
mdawson@ddr.com

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.83 FOR THE QUARTER ENDED MARCH 31, 2008

CLEVELAND, OHIO, April 24, 2008 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the first quarter ended March 31, 2008.

• Funds From Operations (“FFO”) per diluted share was $0.83 and net income per diluted share was $0.28 for the three-month period ended March 31, 2008, as compared to the prior-year comparable period of $0.91 and $0.42, respectively. The decrease in FFO and net income per share for the three-month period ended March 31, 2008, is primarily related to the release of certain tax reserves in the first quarter of 2007 and a reduction in the amount of transactional income offset by a full three months of operating results as a result of the merger with Inland Retail Real Estate Trust, Inc.(“IRRETI”).

• Executed leases during the first quarter totaled approximately 2.9 million square feet, including 144 new leases and 329 renewals.

• On a cash basis, base rental rates increased 27.8% on new leases, 7.0% on renewals and 10.7% overall.

• Core portfolio leased percentage at March 31, 2008 was 95.8%.

• Same store net operating income (“NOI”) for the quarter increased 2.0% over the prior-year comparable period.

Scott Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, commented, “We’re pleased to report this quarter’s financial results, which demonstrate the strength of our portfolio and consistency in our performance, despite challenges in the broader economy. We expect property fundamentals in our portfolio to remain strong as our largest tenant relationships continue to benefit from market share gains due to solid balance sheets and price-sensitive consumers.”

“We’re pleased with the progress we’ve made in addressing our 2008 debt and loan maturities and we remain focused on our balance sheet in order to minimize our risk profile while allowing us to pursue opportunities created by the credit market dislocation,” Mr. Wolstein continued.

Financial Results:
Net income applicable to common shareholders was $32.9 million, or $0.28 per share (diluted and basic), for the three-month period ended March 31, 2008, as compared to $48.7 million, or $0.42 per share (diluted and basic), for the prior-year comparable period. The decrease in net income for the three-month period ended March 31, 2008, is primarily related to the release of certain tax reserves in the first quarter of 2007 and a reduction in the amount of transactional income offset by a full three months of operating results as a result of the merger with IRRETI.

For the three-month periods ended March 31, 2008 and 2007, FFO per share was $0.83 (diluted and basic) and $0.91 (diluted and basic), respectively. FFO applicable to common shareholders was $99.6 million for the three-month period ended March 31, 2008, as compared to $106.2 million for the three-month period ended March 31, 2007. The decrease in FFO for the three-month period ended March 31, 2008, is a result of the same factors impacting net income as described above.

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. 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 (“GAAP”), 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 share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (v) 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:
The following results from the first quarter ended March 31, 2008 highlight continued strong leasing activity throughout the portfolio:

• Executed 144 new leases aggregating 0.8 million square feet and 329 renewals aggregating 2.1 million square feet.

• On a cash basis, rental rates on new leases increased 27.8% and rental rates on renewals increased 7.0%. Overall, rental rates for new leases and renewals increased 10.7%.

• Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of March 31, 2008 was $12.38, as compared to $12.36 at March 31, 2007.

• Core portfolio leased rate was 95.8% as of March 31, 2008, as compared to 96.0% at March 31, 2007.

The Company and its joint ventures (at 100%) estimate total annual recurring leasing capital expenditures to be approximately $25 million ($0.21 per square foot of owned GLA) in 2008.

Acquisitions:
In January 2008, through a 50% consolidated joint venture interest with Holborn Brampton Limited Partnership, the Company acquired 43 acres of land in Brampton, Ontario, Canada, for approximately $32.6 million to develop a retail shopping center.

Dispositions:
In the first quarter of 2008, the Company sold two shopping centers, including one which was considered held for sale at December 31, 2007, aggregating approximately 0.1 million square feet for an aggregate sales price of $8.0 million.

Macquarie DDR Trust Share Purchase:
In February 2008, the Company began purchasing units of Macquarie DDR Trust (“MDT”), an Australian Based Listed Property Trust sponsored by Macquarie Bank Limited (ASX: MBL), an international investment bank, advisor and manager of specialized real estate funds. MDT is DDR’s joint venture partner in the DDR Macquarie Fund LLC joint venture (“the Fund”). Through the combination of its purchase of the units in MDT and its direct and indirect ownership of the Fund, DDR is entitled to an approximate 17.2% of the economic interest in the Fund at March 31, 2008. Through April 21, 2008, the Company has purchased 59.7 million MDT units in open market transactions at an aggregate cost of approximately $27.5 million, which reflects a weighted-average price per unit of $0.46.

Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

					Estimated
			Expected		Initial
	Owned		Net Cost		Anchor
Location	GLA		($ Millions)		Opening *	Description
Ukiah (Mendocino), California **		409,900	$	101.4	1H 10	Community Center
Miami (Homestead), Florida		275,839		74.9	2H 08	Community Center
Miami, Florida		400,685		142.6	2H 06	Mixed Use
Tampa (Brandon), Florida		241,700		55.5	2H 09	Community Center
Tampa (Wesley Chapel), Florida		73,360		13.7	2H 09	Community Center
Boise (Nampa), Idaho		450,855		123.1	2H 07	Community Center
Boston, Massachusetts (Seabrook, New Hampshire)		210,180		50.1	2H 09	Community Center
Elmira (Horseheads), New York		350,987		53.0	1H 07	Community Center
Raleigh (Apex), North Carolina (Promenade)		81,780		17.9	2H 09	Community Center
Raleigh (Apex), North Carolina (Beaver Creek
Crossing, Phase II)		162,270		50.8	2H 10	Community Center
Austin (Kyle), Texas **		325,005		60.0	2H 09	Community Center
Total		2,982,561	$	743.0

*	1H = First Half, 2H = Second Half
**	Consolidated 50% Joint Venture

At March 31, 2008, $430.3 million of costs were incurred in relation to the Company’s 11 development projects under construction.

In addition to these current developments, the Company and its Joint Ventures are scheduled to commence construction on various other developments, including several international projects. The Company has also identified several additional potential development opportunities reflecting an aggregate estimated cost of over $1 billion. While there are no assurances any of these projects will be undertaken, they provide a source of potential development projects over the next several years. As of March 31, 2008, the projected unleveraged GAAP return on the Company’s aggregate development and redevelopment pipeline is approximately 10%.

Unconsolidated Joint Venture Development:
The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At March 31, 2008, $283.7 million of costs had been incurred in relation to these development projects.

	DDR's Effective					Expected		Estimated
	Ownership			Owned		Net Cost ($		Initial Anchor
Location	Percentage			GLA__		Millions)		Opening*	Description
Kansas City (Merriam), Kansas		20.0	%		202,116	$	46.8	2H 08	Community Center
Detroit (Bloomfield
Hills), Michigan		10.0	%		882,197		192.5	2H 09	Lifestyle Center
Dallas (Allen), Texas		10.0	%		797,665		171.2	1H 08	Lifestyle Center
Manaus, Brazil		47.4	%		477,630		82.6	1H 09	Enclosed Mall
Total					2,359,608	$	493.1

* 1H = First Half, 2H = Second Half

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $152.5 million. At March 31, 2008, approximately $99.6 million of costs had been incurred in relation to these projects.

Property	Description
Miami (Plantation), Florida	Redevelop shopping center to include Kohl’s and additional junior tenants
Chesterfield, Michigan	Construct 25,400 sf of small shop space and retail space
Olean, New York	Wal-Mart expansion and tenant relocation
Fayetteville, North Carolina	Redevelop 18,000 sf of small shop space and construct an outparcel building
Akron (Stow), Ohio	Redevelop former K-Mart space and develop new outparcels
Dayton (Huber Heights), Ohio	Construct 45,000 sf junior tenant

Unconsolidated Joint Venture Redevelopments and Expansions:
The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $458.9 million, which includes original acquisition costs related to assets acquired for development. At March 31, 2008, approximately $404.4 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:

	DDR's Effective
	Ownership
Property	Percentage			Description
Buena Park, California		20.0	%	Large-scale redevelopment of enclosed mall to open-air format
Los Angeles (Lancaster), California		21.0	%	Relocate Wal-Mart and redevelop former Wal-Mart space
Chicago (Deer Park), Illinois		25.75	%	Re-tenant former retail shop space with junior tenant and construct 13,500 sf multi-tenant outparcel building
Benton Harbor, Michigan		20.0	%	Construct 89,000 sf of anchor space and retail shops
Kansas City, Missouri		20.0	%	Relocate retail shops and re-tenant former retail shop space
Cincinnati, Ohio		18.0	%	Redevelop former JCPenney space

Financing:
In March 2008, the Company entered into mortgage loans with Metropolitan Life Insurance Company on six of its shopping center assets, four of which are located in the continental U.S. and two of which are located in Puerto Rico, for an aggregate of $350.0 million with a maturity date of April 2013. The loans have a fixed interest rate of 5.0% and provide for interest-only debt service payments with a balloon payment at maturity. The Company used the proceeds from the loans to repay scheduled 2008 debt maturities and the remaining balance to repay revolving credit facilities.

Other loan closings during the quarter included a $71 million construction loan on our Homestead, Florida development and the refinancing of $72 million of joint venture debt. In addition, our 50% joint venture with Sonae Sierra, which owns and develops retail real estate in Brazil, closed on a R$50 million Reais credit facility in late February.

In January 2008, the Company repaid unsecured notes aggregating $100.0 million through borrowings on the Company’s revolving credit facilities.

Developers Diversified Realty Corporation currently owns and manages over 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling approximately 162 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed 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 considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form 10-K as of December 31, 2007.

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

	Three-Month Periods
	Ended March 31,
	2008			2007
Revenues:
Minimum rents (A)	$	160,852		$	149,825
Percentage and overage rents (A)		3,006			2,005
Recoveries from tenants		53,602			45,722
Ancillary and other property income		4,662			4,702
Management, development and other fee income		16,287			9,082
Other (B)		3,487			7,709
		241,896			219,045
Expenses:
Operating and maintenance		36,869			27,342
Real estate taxes		27,675			25,810
General and administrative (C)		20,715			21,518
Depreciation and amortization		57,139			52,096
		142,398			126,766
Other income (expense):
Interest income		582			3,682
Interest expense		(62,214	)		(60,471	)
Other expense (D)		(497	)		(225	)
		(62,129	)		(57,014	)
Income before equity in net income of joint ventures, minority equity interests, income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax		37,369			35,265
Equity in net income of joint ventures (E)		7,388			6,281
Minority equity interests (F)		(2,371	)		(5,839	)
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes (G)		(1,045	)		15,061
Income from continuing operations		41,341			50,768
(Loss) income from discontinued operations (H)		(284	)		5,758
Income before gain on disposition of real estate		41,057			56,526
Gain on disposition of real estate, net of tax		2,367			6,010
Net income	$	43,424		$	62,536
Net income applicable to common shareholders	$	32,857		$	48,744
Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	32,857		$	48,744
Depreciation and amortization of real estate investments		54,362			52,449
Equity in net income of joint ventures (E)		(7,388	)		(6,281	)
Joint ventures’ FFO (E)		19,181			13,559
Minority equity interests (OP Units) (F)		595			569
Gain on disposition of depreciable real estate		(19	)		(2,857	)
FFO applicable to common shareholders		99,588			106,183
Preferred dividends		10,567			13,792
FFO	$	110,155		$	119,975
Per share data:
Earnings per common share
Basic	$	0.28		$	0.42
Diluted	$	0.28		$	0.42
Dividends Declared	$	0.69		$	0.66
Funds From Operations — Basic (I)	$	0.83		$	0.91
Funds From Operations — Diluted (I)	$	0.83		$	0.91
Basic — average shares outstanding (I)		119,148			114,851
Diluted — average shares outstanding (I)		119,349			115,661

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, 2008, as compared to the prior-year comparable period, aggregated $12.1 million, consisting of $3.2 million related to leasing of core portfolio properties (an increase of 2.5% from 2007), $17.8 million from the acquisition of assets and the merger with IRRETI, $1.4 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the business centers. These amounts were offset by a decrease of $10.7 million due to the disposition of properties in 2007 and 2008. Included in the rental revenues for the three-month periods ended March 31, 2008 and 2007, is approximately $2.8 million and $3.1 million, respectively, of revenue resulting from the recognition of straight-line rents.

(B)

Other income for the three-month periods ended March 31, 2008 and 2007 was comprised of the following (in millions):

	Three-Month Periods
	Ended March 31,
	2008		2007
Acquisition fees	$	—	$	6.3
Lease termination fees		3.3		1.3
Other miscellaneous		0.2		0.1
	$	3.5	$	7.7

(C)

General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the three-month periods ended March 31, 2008 and 2007, general and administrative expenses were approximately 4.3% and 5.7%, respectively, of total revenues, including joint venture revenues. For the three-month period ended March 31, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with the Company’s former president’s departure as an executive officer. Excluding this charge, general and administrative expenses were 4.6% of total revenues for the three-month period ended March 31, 2007.

(D)

Other income/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 of the Company’s joint ventures:

	Three-Month Periods
	Ended March 31,
	2008			2007
Revenues from operations (a)	$	238,187		$	145,258
Operating expense		80,918			48,443
Depreciation and amortization of real estate investments		56,604			30,502
Interest expense		77,295			45,669
		214,817			124,614
Income from operations before tax expense and discontinued operations		23,370			20,644
Income tax expense		(3,780	)		(2,249	)
Loss from discontinued operations, net of tax		—			(157	)
Loss on disposition of discontinued operations, net of tax		(2	)		(341	)
Other gain, net		6,439			—
Net income	$	26,027		$	17,897
DDR ownership interests (b)	$	7,489		$	6,511
FFO from joint ventures are summarized as follows:
Net income	$	26,027		$	17,897
Loss on disposition of real estate, including discontinued operations		2			—
Depreciation and amortization of real estate investments		56,604			30,963
	$	82,633		$	48,860
DDR ownership interests (b)	$	19,181		$	13,559
DDR joint venture distributions received, net (c)	$	13,700		$	10,218

(a)	Revenues for the three-month periods ended March 31, 2008 and 2007 included approximately $2.3 million and $1.3 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share was $0.3 million and $0.2 million, respectively.
(b)	The Company’s share of joint venture net income decreased by $0.1 million and $0.3 million for the three-month periods ended March 31, 2008 and 2007, respectively. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions.
	At March 31, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 273 and 212 shopping center properties, respectively. In addition, at March 31, 2008 and 2007, the Company owned 44 and 48 shopping center sites formerly owned by Service Merchandise, respectively, through its 20% owned joint venture with Coventry II.
(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 Periods
	Ended March 31,
	2008		2007
Minority equity interests	$	1,776	$	1,488
Operating partnership units		595		569
Preferred operating partnership units		—		3,782
	$	2,371	$	5,839

The preferred operating partnership units were redeemed in June 2007.

(G)

During the first quarter of 2007, the Company released to income approximately $15.0 million of previously established valuation allowances against certain deferred tax assets as management had 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 Periods
	Ended March 31,
	2008			2007
Revenues	$	119		$	11,916
Expenses:
Operating		134			3,257
Interest, net		10			3,220
Depreciation		68			2,500
Total expenses		212			8,977
(Loss) income before (loss) gain on disposition of real estate		(93	)		2,939
(Loss) gain on disposition of real estate		(191	)		2,819
Net (loss) income	$	(284	)	$	5,758

(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 Operating Partnership Units (OP Units) outstanding at March 31, 2008 and 2007, into 0.9 million common shares of the Company for both of the three-month periods ended March 31, 2008 and 2007, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 120.6 million and 116.9 million for the three-month periods ended March 31, 2008 and 2007, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:

	March 31, 2008 (A)			December 31, 2007 (A)
Assets:
Real estate and rental property:
Land	$	2,103,771		$	2,142,942
Buildings		5,945,652			5,933,890
Fixtures and tenant improvements		245,980			237,117
		8,295,403			8,313,949
Less: Accumulated depreciation		(1,077,841	)		(1,024,048	)
		7,217,562			7,289,901
Construction in progress		782,534			664,926
Assets held for sale		—			5,796
Real estate, net		8,000,096			7,960,623
Investments in and advances to joint ventures		646,627			638,111
Cash		70,964			49,547
Restricted cash		49,635			58,958
Notes receivable		19,076			18,557
Receivables, including straight-line rent, net		197,552			199,354
Other assets, net		169,793			164,666
	$	9,153,743		$	9,089,816
Liabilities:
Indebtedness:
Revolving credit facilities	$	741,818		$	709,459
Unsecured debt		2,522,431			2,622,219
Mortgage and other secured debt		2,445,552			2,259,336
		5,709,801			5,591,014
Dividends payable		89,606			85,851
Other liabilities		281,835			285,245
		6,081,242			5,962,110
Minority equity interests		130,857			128,881
Shareholders’ equity		2,941,644			2,998,825
	$	9,153,743		$	9,089,816

(A) Amounts include the consolidation of Mervyns, a 50% owned joint venture, which includes $405.8 million of real estate assets at March 31, 2008 and December 31, 2007, $258.5 million of mortgage debt at March 31, 2008 and December 31, 2007, and $73.4 million and $74.6 million of minority equity interest at March 31, 2008 and December 31, 2007, 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, 2008			December 31, 2007
Land	$	2,386,799		$	2,384,069
Buildings		6,269,832			6,253,167
Fixtures and tenant improvements		113,309			101,115
		8,769,940			8,738,351
Less: Accumulated depreciation		(463,607	)		(412,806	)
		8,306,333			8,325,545
Construction in progress		260,845			207,387
Real estate, net		8,567,178			8,532,932
Receivables, including straight-line rent, net		119,732			124,540
Leasehold interests		13,634			13,927
Other assets		439,253			365,925
	$	9,139,797		$	9,037,324
Mortgage debt (a)	$	5,581,082		$	5,551,839
Notes and accrued interest payable to DDR		8,196			8,492
Other liabilities		269,393			201,083
		5,858,671			5,761,414
Accumulated equity		3,281,126			3,275,910
	$	9,139,797		$	9,037,324

(a) The Company’s proportionate share of joint venture debt aggregated approximately $1,070.9 million and $1,034.1 million at March 31, 2008 and December 31, 2007, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)

	Three-Month			Three-Month
	Period Ended			Period Ended
	March 31			March 31			Year Ended December 31,
	2008			2007			2007			2006			2005			2004
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	32,857		$	48,744		$	225,113	(6)	$	198,095		$	227,474		$	219,056
Depreciation and Amortization of Real Estate Investments	$	54,362		$	52,449		$	214,396		$	185,449		$	169,117		$	130,537
Equity in Net Income From Joint Ventures	$	(7,388	)	$	(6,281	)	$	(43,229	)	$	(30,337	)	$	(34,873	)	$	(40,896	)
Joint Venture Funds From Operations	$	19,181		$	13,559		$	84,423		$	44,473		$	49,302		$	46,209
Operating Partnership Minority Equity Interest Expense	$	595		$	569		$	2,275		$	2,116		$	2,916		$	2,607
Cumulative Effect of Adoption of a New Accounting Standard	$	0		$	0		$	0		$	0		$	0		$	3,001
Gain on Disposition of Real Estate		($19	)		($2,857	)		($17,956	)		($21,987	)		($58,834	)		($68,179	)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	99,588		$	106,183		$	465,021		$	377,809		$	355,102		$	292,335
PREFERRED DIVIDENDS	$	10,567		$	13,792		$	50,934	(6)	$	55,169		$	55,169		$	50,706
FUNDS FROM OPERATIONS	$	110,155		$	119,975		$	515,956		$	432,978		$	410,271		$	343,041
PER SHARE INFORMATION:
Funds From Operations — Diluted	$	0.83		$	0.91		$	3.79		$	3.41		$	3.21		$	2.95
Net Income — Diluted	$	0.28		$	0.42		$	1.85		$	1.81		$	2.08		$	2.24
Cash Dividends	$	0.69		$	0.66		$	2.64		$	2.36		$	2.16		$	1.94
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		120,626			116,850			122,716			110,826			110,700			99,147
TOTAL MARKET CAPITALIZATION (1)	$	11,316,805		$	15,250,454		$	10,755,742		$	11,869,415		$	9,781,900		$	8,276,943
DEBT TO TOTAL MARKET CAPITALIZATION (1)		50.45	%		40.21	%		51.98	%		35.80	%		39.77	%		32.82	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		57.45	%		55.31	%		56.92	%		54.36	%		52.67	%		45.37	%
DIVIDEND PAYOUT RATIO (1)		83.58	%		78.19	%		69.55	%		68.84	%		66.98	%		67.28	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.31	%		5.71%	(7)		4.53%	(7)		4.80	%		4.55	%		4.94	%
GENERAL AND ADMINISTRATIVE EXPENSES	$	20,715		$	21,518	(7)	$	81,244	(7)	$	60,679		$	54,048		$	47,126
REVENUES:
DDR Revenues	$	242,015		$	230,961		$	973,690		$	824,725		$	748,571		$	605,246
Joint Venture Revenues	$	238,197		$	145,990		$	818,029		$	438,885		$	438,103		$	348,740
TOTAL REVENUES (3)	$	480,212		$	376,951		$	1,791,719		$	1,263,610		$	1,186,675		$	953,987
NET OPERATING INCOME:
DDR Net Operating Income	$	177,339		$	174,559		$	723,196		$	615,007		$	555,291		$	453,501
Joint Venture Net Operating Income	$	157,269		$	94,944		$	544,732		$	288,699		$	280,617		$	228,358
TOTAL NET OPERATING INCOME (4)	$	334,608		$	269,503		$	1,267,928		$	903,706		$	835,907		$	681,859
REAL ESTATE AT COST:
DDR Real Estate at Cost	$	9,077,937		$	10,454,010		$	8,984,738		$	7,450,693		$	7,029,337		$	5,603,424
Joint Venture Real Estate at Cost	$	9,030,785		$	7,262,920		$	8,945,738		$	3,939,707		$	3,470,112		$	3,165,335
TOTAL REAL ESTATE AT COST (5)	$	18,108,722		$	17,716,930		$	17,930,476		$	11,390,400		$	10,499,449		$	8,768,759

(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, 2008 of $1,043.4 million (includes $260.8 million of CIP included in joint ventures, of which $56.4 million represents the Company’s proportionate share), and at December 31, 2007, 2006, 2005, 2004, CIP aggregated $872.3 million, $611.2 million, $386.2 million and $271.0 million, respectively.
(6)	Amounts were adjusted to include original issuance costs associated with the redemption of preferred stock of $5.4 million for the year ended December 31, 2007.
(7)	The 2007 general and administrative expenses include the former president’s resignation as an executive officer of the company charges of $4.1 million. Excluding this charge, general and administrative expenses were approximately 4.6% and 4.3% of total revenue for the periods ended March 31, 2007 and December 31, 2007, respectively.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

MARKET CAPITALIZATION & FINANCIAL RATIOS

	Three-Month
	Period Ended
	March 31			Year Ended December 31,
	2008			2007			2006			2005			2004
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	5,709,801		$	5,591,014		$	4,248,812		$	3,890,709		$	2,716,426
Total Market Capitalization *	$	11,316,805		$	10,755,742		$	11,869,415		$	9,781,900		$	8,276,943
		50.45	%		51.98	%		35.80	%		39.77	%		32.82	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		57.45	%		56.92	%		54.36	%		52.67	%		45.37	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	6,780,720		$	6,625,086		$	4,774,407		$	4,401,169		$	3,137,184
Total Market Capitalization *	$	12,387,724		$	11,789,814		$	12,395,010		$	10,292,361		$	8,697,701
		54.74	%		56.19	%		38.52	%		42.76	%		36.07	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		61.40	%		61.01	%		57.20	%		55.44	%		48.67	%
INTEREST COVERAGE RATIO:
Interest Expense (1)	$	60,448		$	261,002		$	215,438		$	184,281		$	130,447
FFO Before Interest and Preferred Dividends *	$	170,603		$	776,958		$	648,416		$	594,551		$	473,488
		2.82			2.98			3.01			3.23			3.63
DEBT SERVICE COVERAGE RATIO:
Debt Service * (1)	$	67,597		$	291,585		$	247,464		$	217,434		$	152,927
FFO Before Interest and Preferred Dividends *	$	170,603		$	776,958		$	648,416		$	594,551		$	473,488
		2.52			2.66			2.62			2.73			3.10
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges (1)	$	78,165		$	337,114		$	302,632		$	272,603		$	203,633
FFO Before Interest and Preferred Dividends *	$	170,603		$	776,958		$	648,416		$	594,551		$	473,488
		2.18			2.30			2.14			2.18			2.33
DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	83,234		$	327,183		$	260,069		$	237,856		$	196,685
FFO exclusive of charge associated with preferred stock redemption	$	99,588		$	470,426		$	377,809		$	355,102		$	292,335
		0.84			0.70			0.69			0.67			0.67

*	See Attached for Detail Calculation
(1)	Amounts have been adjusted to eliminate interest and debt service costs of joint ventures consolidated 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, 2008

	Three-Month
	Period Ended
	March 31			As of December 31,
	2008			2007			2006			2005		2004
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		119,769			119,528			108,986			108,948		108,083
Operating Partnership Units Outstanding		862			862			872			1,350		1,350
Total		120,630			120,390			109,859			110,298		109,432
Share Price	$	41.88		$	38.29		$	62.95		$	47.02	$	44.37
Market Value of Common Shares	$	5,052,004		$	4,609,728		$	6,915,603		$	5,186,192	$	4,855,516
Preferred Shares at Book Value	$	555,000		$	555,000		$	705,000		$	705,000	$	705,000
Total Debt	$	5,709,801	(1)	$	5,591,014	(1)	$	4,248,812	(1)	$	3,890,709	$	2,716,426
TOTAL MARKET CAPITALIZATION	$	11,316,805		$	10,755,742		$	11,869,415		$	9,781,900	$	8,276,943
DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		119,769			119,528			108,986			108,948		108,083
Operating Partnership Units Outstanding		862			862			872			1,350		1,350
Total		120,630			120,390			109,859			110,298		109,432
Share Price	$	41.88		$	38.29		$	62.95		$	47.02	$	44.37
Market Value of Common Shares	$	5,052,004		$	4,609,728		$	6,915,603		$	5,186,192	$	4,855,516
Preferred Shares at Book Value	$	555,000		$	555,000		$	705,000		$	705,000	$	705,000
Total Debt	$	5,709,801	(1)	$	5,591,014	(1)	$	4,248,812	(1)	$	3,890,709	$	2,716,426
Proportionate Share of JV Debt	$	1,070,919		$	1,034,072		$	525,595		$	510,460	$	420,758
TOTAL MARKET CAPITALIZATION	$	12,387,724		$	11,789,814		$	12,395,010		$	10,292,361	$	8,697,701

(1) Includes $327.6 million of consolidated joint venture debt at March 31, 2008 (of which $158.7 million represents the joint venture partners’ share) and $327.6 million and $275.2 million at December 31, 2007 and 2006, respectively.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

	Three-Month
	Period Ended
	March 31			Year Ended December 31,
	2008			2007			2006			2005			2004
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	9,077,937		$	8,984,738		$	7,450,693		$	7,029,337		$	5,603,424
Undepreciated Real Estate Intangible Assets	$	74,119		$	72,443		$	27,408		$	26,345		$	27,841
Cash and Cash Equivalents	$	120,599		$	108,505		$	28,378		$	30,655		$	49,871
Notes Receivable	$	19,076		$	18,557		$	18,161		$	24,996		$	17,823
Investments in and Advances to Joint Ventures	$	646,627		$	638,111		$	291,685		$	275,136		$	288,020
	$	9,938,358		$	9,822,354		$	7,816,325		$	7,386,469		$	5,986,979
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	9,077,937		$	8,984,738		$	7,450,693		$	7,029,337		$	5,603,424
Undepreciated Real Estate Intangible Assets	$	74,119		$	72,443		$	27,408		$	26,345		$	27,841
Cash and Cash Equivalents	$	120,599		$	108,505		$	28,378		$	30,655		$	49,871
Notes Receivable or Proportionate Share Thereof	$	21,159		$	19,487		$	35,443		$	116,212		$	44,536
Proportionate Share of JV Undepreciated Real Estate Assets	$	1,749,279		$	1,673,987		$	804,738		$	736,109		$	719,619
	$	11,043,093		$	10,859,160		$	8,346,659		$	7,938,658		$	6,445,290
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	99,588		$	465,021		$	377,809		$	355,102		$	292,335
Interest Expense	$	62,224		$	268,526		$	222,867		$	186,196		$	130,447
Adjustment to interest expense for consolidated joint ventures due to FIN 46		($1,776	)		($7,524	)		($7,429	)		($1,915	)	$	0
Preferred Dividends, Including Preferred Operating Minority Interest & Non-Cash D-42 Dividend	$	10,567		$	50,934		$	55,169		$	55,169		$	50,706
	$	170,603		$	776,958		$	648,416		$	594,551		$	473,488
DEBT SERVICE
Interest Expense	$	62,224		$	268,526		$	222,867		$	186,196		$	130,447
Adjustment to interest expense for consolidated joint ventures due to FIN 46		($1,776	)		($7,524	)		($7,429	)		($1,915	)	$	0
Recurring Principal Amortization	$	7,150		$	30,583		$	32,026		$	33,154		$	22,480
	$	67,597		$	291,585		$	247,464		$	217,434		$	152,927
FIXED CHARGES
Debt Service	$	67,597		$	291,585		$	247,464		$	217,434		$	152,927
Preferred Dividends, Including Preferred Operating Minority Interest and excluding Non-Cash	$	10,567		$	45,529		$	55,169		$	55,169		$	50,706
D-42 Dividend	$	78,165		$	337,114		$	302,632		$	272,603		$	203,633

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

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 provisions of tenants’ leases.

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

General and Administrative Expenses

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

Deferred Financing Costs

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

Real Estate

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

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

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

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

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.

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

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, 2008 and for the years ended December 31, 2007, 2006, 2005 and 2004, the Company capitalized interest of $9.1 million, $26.9 million, $20.1 million, $12.5 million and $10.0 million, respectively.

• In addition, the Company capitalized certain construction administration costs of $3.9 million for the three-month period ended March 31, 2008 and $10.9 million, $10.1 million, $6.2 million and $5.5 million for the years ended December 31, 2007, 2006, 2005, and 2004, 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, 2008

Other Real Estate Information

Total Recurring Capital Expenditures

• The Company and its joint ventures (at 100%) currently estimate total annual recurring leasing capital expenditures to be approximately $25 million ($0.21 psf of owned GLA) in 2008.

Undeveloped Land

• Included in land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by the Company. Land held for development is included in the Company’s CIP amount.

• At December 31, 2007, the Company estimated the value of this undeveloped land to be approximately $60 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2007.

Non-Income Producing Assets

• The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and equipment to be approximately $110 million at December 31, 2007.

Other Real Estate Information 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

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 Months Ended
	March 31,
	2008			2007
Total Revenues DDR	$	241,896		$	219,045
Total Revenues — Combined Joint Ventures		238,187			145,258
Operating and Maintenance — DDR		(36,869	)		(27,342	)
Real Estate Taxes — DDR		(27,675	)		(25,810	)
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures		(80,918	)		(48,443	)
Combined NOI	$	334,621		$	262,708
Total Same Store NOI	$	174,216		$	170,860		2.0	%
Property NOI from other operating segments		160,405			91,848
Combined NOI	$	334,621		$	262,708

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):

	Three Months Ended
	March 31,
	2008			2007
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	32,857		$	48,744
Depreciation and Amortization of Real Estate Investments		54,362			52,449
Equity in Net Income From Joint Ventures		(7,388	)		(6,281	)
Joint Venture Funds From Operations		19,181			13,559
Minority Equity Interests (OP Units)		595			569
Gain on Sales of Real Estate		(19	)		(2,857	)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	99,588		$	106,183
Preferred Dividend Charges		10,567			13,792
FUNDS FROM OPERATIONS	$	110,155		$	119,975
ADDITIONAL SFAS 141 DISCLOSURES:
Below (Above) Market Rent Amortization	$	237		$	336
Pro Rata Share of JV Below (Above) Market Rent Amortization		32			2
Debt Premium Amortization Income (Expense)	$	1,536		$	2,123
Pro Rata Share of JV Debt Premium Amortization Income (Expense)		(7	)		9

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

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

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income

	Three Months Ended
	March 31,
	2008			2007		Income Statement Caption
Transactional Income Included in FFO Consolidated
Merchant Building Gains, Net of Tax	$	50		$	533	Gain on Disposition of Real Estate
Land Sale Gains		2,107			5,439	Gain on Disposition of Real Estate
	$	2,157		$	5,972
Transactional Income NOT Included in FFO Consolidated
Gain on Dispositions	$	210		$	38	Gain on Disposition of Real Estate
(Loss) Gain on Sales from Discontinued Operations		(191	)		2,819	(Loss) Gain on Disposition of Discontinued Operations
	$	19		$	2,857	FFO Reconciliation
Gain on Sales of Real Estate
Merchant Building Gains, Net of Tax	$	50		$	533
Land Sale Gains		2,107			5,439
Gain on Dispositions		210			38
	$	2,367		$	6,010	Consolidated Income Statement
Gain on Sales of Real Estate From Discontinued Operations
(Loss) Gain on Sales from Discontinued Operations	$	(191	)	$	2,819	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

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

Table 4 — Developers Diversified Realty Corporation

Summary of Joint Venture Transactional Income

	Three Months Ended
	March 31,
	2008		2007			Income Statement Caption
Transactional Income Included in FFO Joint Ventures
Loss on Sales from Discontinued Operations	$	—	$	(341	)	Loss on Disposition of Real Estate, Net of Tax
Land Sales Gains		—		—		Gain on Disposition of Real Estate, Net of Tax
	$	—	$	(341	)
DDR’s Proportionate Share	$	—	$	(68	)
Promoted Income (a)		—		—
DDR’s Proportionate Share	$	—	$	(68	)
Transactional Income NOT Included in FFO Joint Ventures
Gain on Sales from Discontinued Operations	$	—	$	—		Gain on Disposition of Real Estate
Other Gain on Sales		—		—		Gain on Disposition of Real Estate
	$	—	$	—		FFO Reconciliation
DDR’s Proportionate Share			$	—
Gain on Sales of Real Estate, Net of Tax
Land Sales Gains	$	—	$	—
Other Gain on Sales		—		—
	$	—	$	—		Gain on Disposition of Real Estate
Gain on Sales of Real Estate From Discontinued Operations
Loss on Sales from Discontinued Operations included in FFO	$	—	$	(341	)
Gain on Sales from Discontinued Operations NOT included in FFO		—		—
	$	—	$	(341	)	Loss on Disposition of Discontinued Operations

Reconciliation of Supplemental Non-GAAP Financial Measures 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Joint Venture Investment Summary
(in millions)
as of March 31, 2008

										Gross				Promoted
			DDR			Consolidated	Number of			Book				Interest
	Legal Name	Partner(s)	Ownership %			(Yes/No)	Properties			Value		Debt		(Yes/No)
1	DDRTC Core Retail Fund, LLC	TREA Retail Property Portfolio 2006, LLC (TIAA) (85%)		15.0	%	No		66		$	2,949.1	$	1,772.7	Yes
2	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,463.6	$	968.3	Yes
3	Investments with Macquarie (DDR Macquarie Fund LLC, Management LLC, U.S. Trust Inc. and MDT PS LLC )	Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT) (B)	Various			No		57		$	1,927.6	$	1,209.8	Yes
4	DDR MDT MV LLC (Mervyns) (C)	Macquarie DDR Trust (MDT) (49.98%)		50.02	%	Yes		37		$	405.8	$	258.5	Yes
5	Coventry II DDR Bloomfield LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	108.1	$	48.0	Yes
6	Coventry II DDR Buena Park LLC	Coventry II Fund (80%)		20.0	%	No		1		$	100.7	$	61.0	Yes
7	Coventry II DDR Fairplain LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.7	$	16.0	Yes
8	Coventry II DDR Marley Creek LLC	Coventry II Fund (80%)		20.0	%	No		1		$	13.1	$	10.8	Yes
9	Coventry II DDR Merriam Village LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	35.1	$	18.5	Yes
10	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	98.2	$	63.7	Yes
11	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	84.8	$	46.0	Yes
12	Coventry II DDR SM LLC	Coventry II Fund (80%)		20.0	%	No		44		$	148.0	$	117.4	Yes
13	Coventry II DDR Totem Lakes LLC	Coventry II Fund (80%)		20.0	%	No		1		$	41.1	$	21.0	Yes
14	Coventry II DDR Tri County LLC	Coventry II Fund (80%)		20.0	%	No		1		$	222.5	$	167.8	Yes
15	Coventry II DDR Ward Parkway LLC	Coventry II Fund (80%)		20.0	%	No		1		$	64.0	$	36.0	Yes
16	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.3	$	20.7	Yes
17	RVIP IIIB LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	89.2	$	60.0	Yes
18	RVIP VII LLC	Prudential Real Estate Advisors (79%)		21.0	%	No		2		$	121.6	$	72.1	Yes
19	RVIP VIII LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	33.5	$	23.4	Yes
20	DPG Realty Holdings LLC	Prudential Insurance Co. of America (90%)		10.0	%	No		12		$	130.7	$	10.1	No
21	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	160.0	$	110.0	Yes
22	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		9		$	345.5	$	0.0	No
23	Inland-SAU Retail Fund, LLC	Special Account - U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	308.8	$	226.2	No
24	DDRA Comm. Ctrs Five, L.P.	DRA Advisors (50%)		50.0	%	No		5		$	241.7	$	280.0	No
25	DDR Markaz II LLC (Kuwait Financial Centre II)	Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%)		20.0	%	No		13		$	203.9	$	150.5	Yes
26	Lennox Town Center LTD.	Casto Properties (50%)		50.0	%	No		1		$	21.0	$	27.0	No
27	Sun Center Limited	Casto Properties (20.55%)		79.45	%	No		1		$	25.9	$	19.3	No
28	Dublin Village	Casto Properties (36.6%)		63.4	%	No		—		$	0.1	$	0.0	No
29	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.6	$	21.0	No
30	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	6.8	$	3.7	No
31	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.4	$	0.0	No
32	Shea & Tatum Assoc. LP (Paradise Village) (C)	Churchill Family Trust (33%)		67.0	%	Yes		1		$	27.9	$	30.0	No
33	Other Consolidated Development Joint Ventures		Various			Yes		8		$	255.2	$	39.2	Yes
	TOTALS							366		$	9,719.5	$	5,908.7

(A)	Property is under development
(B)	The Company owns an effective ownership of 17.2% in DDR Macquarie Fund LLC, 3.2% in Macquarie DDR Trust and 3.2% in MDT PS LLC.
(C)	Joint Venture is included in consolidated operating results of DDR

Joint Venture Investment Summary 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2008

	DDRTC Core Retail			DDR Domestic			Investments			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Fund LLC			Retail Fund I			with Macquarie			Bloomfield LLC			Buena Park LLC			Fairplain Plaza LLC			Marley Creek LLC			Merriam Village LLC
Real estate assets	$	2,949.1		$	1,463.6		$	1,927.6		$	108.1		$	100.7		$	29.7		$	13.1		$	35.1
Accumulated depreciation		(75.8	)		(28.3	)		(136.3	)		0.0			(6.4	)		(0.9	)		(0.3	)		0.0
Real estate, net		2,873.3			1,435.3			1,791.3			108.1			94.3			28.8			12.8			35.1
Receivables, net		14.8			11.3			36.3			0.0			2.2			0.4			(0.1	)		0.0
Other assets		131.9			62.7			111.7			1.5			1.6			0.2			0.4			2.3
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	3,020.0		$	1,509.3		$	1,939.3		$	109.6		$	98.1		$	29.4		$	13.1		$	37.4
Mortgage debt	$	1,772.7		$	968.3		$	1,209.8		$	48.0		$	61.0		$	16.0		$	10.8		$	18.5
Amounts payable to DDR		1.5			2.2			0.4			0.0			0.0			0.0			0.0			0.0
Other liabilities		43.2			17.9			104.0			5.6			1.9			0.3			0.1			0.9
		1,817.4			988.4			1,314.2			53.6			62.9			16.3			10.9			19.4
Accumulated equity (deficit)		1,202.6			520.9			625.1			56.0			35.2			13.1			2.2			18.0
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	3,020.0		$	1,509.3		$	1,939.3		$	109.6		$	98.1		$	29.4		$	13.1		$	37.4
Proportionate share of other assets/liabilities, net	$	15.5		$	11.2		$	5.2			($0.4	)	$	0.4		$	0.0		$	0.0		$	0.3
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the three months ended March 31, 2008

	DDRTC Core Retail			DDR Domestic			Investments			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Fund LLC			Retail Fund I			with Macquarie			Bloomfield LLC			Buena Park LLC			Fairplain Plaza LLC			Marley Creek LLC			Merriam Village LLC
Revenues from operations	$	65.4		$	35.3		$	54.6		$	0.0		$	3.5		$	0.9		$	0.3		$	0.0
Rental operation expenses		(21.0	)		(12.8	)		(18.7	)		(0.0	)		(1.6	)		(0.4	)		(0.2	)		(0.0	)
Net operating income		44.4			22.5			35.9			0.0			1.9			0.5			0.1			0.0
Depreciation and amortization expense		(19.8	)		(9.8	)		(10.3	)		0.0			(0.6	)		(0.1	)		(0.1	)		0.0
Interest expense		(24.1	)		(13.9	)		(17.2	)		0.0			(0.8	)		(0.2	)		(0.1	)		0.0
Income (loss) before gain on sale of real estate		0.5			(1.2	)		8.4			(0.0	)		0.5			0.2			(0.1	)		0.0
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			6.4			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—
Net income (loss)	$	0.5			($1.2	)	$	14.8			($0.0	)	$	0.5		$	0.2			($0.1	)	$	0.0
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%		20	%
	$	0.1			($0.2	)	$	2.4			($0.0	)	$	0.1		$	0.0			($0.0	)	$	0.0
Amortization of basis differential		0.1			0.2			0.3			0.0			0.0			0.0			0.0			0.0
	$	0.2		$	0.0		$	2.7			($0.0	)	$	0.1		$	0.0			($0.0	)	$	0.0
Proportionate share of net operating income (4)	$	6.7		$	4.5		$	5.2			($0.0	)	$	0.4		$	0.1		$	0.0		$	0.0
Proportionate share of interest expense (4)	$	3.6		$	2.8		$	2.3		$	0.0		$	0.2		$	0.0		$	0.0		$	0.0
Funds From Operations (“FFO”):
Net income (loss)	$	0.5			($1.2	)	$	14.8			($0.0	)	$	0.5		$	0.2			($0.1	)	$	0.0
Depreciation of real property		19.8			9.8			10.3			0.0			0.6			0.1			0.1			0.0
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—
	$	20.3		$	8.6		$	25.1			($0.0	)	$	1.1		$	0.3			($0.0	)	$	0.0
DDR ownership interest		***			20	%		***			20	%		20	%		20	%		20	%		20	%
DDR FFO	$	3.1		$	1.7		$	3.7			($0.0	)	$	0.2		$	0.1			($0.0	)	$	0.0

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2008

	Coventry II DDR			Coventry II DDR
	Montgomery Farm			Phoenix Spectrum			Coventry II Service			Coventry II DDR			Coventry II DDR Tri-			Coventry II DDR			Coventry II DDR			RVIP IIIB LP
	LLC			LLC			Holdings LLC			Totem Lakes LLC			County Mall LLC			Ward Parkway LLC			Westover LLC			Deer Park, IL
Real estate assets	$	98.2		$	84.8		$	148.0		$	41.1		$	222.5		$	64.0		$	29.3		$	89.2
Accumulated depreciation		(0.0	)		(4.9	)		(4.3	)		(2.7	)		(8.0	)		(4.8	)		(1.1	)		(14.6	)
Real estate, net		98.2			79.9			143.7			38.4			214.5			59.2			28.2			74.6
Receivables, net		0.0			2.6			5.1			0.1			2.6			2.2			0.9			2.8
Other assets		0.6			6.5			15.2			0.6			8.9			1.3			0.5			2.3
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	98.8		$	89.0		$	164.0		$	39.1		$	226.0		$	62.7		$	29.6		$	79.7
Mortgage debt	$	63.7		$	46.0		$	117.4		$	21.0		$	167.8		$	36.0		$	20.7		$	60.0
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.1			8.0			4.6			1.1			10.0			1.2			0.4			3.4
		63.8			54.0			122.0			22.1			177.8			37.2			21.1			63.4
Accumulated equity (deficit)		35.0			35.0			42.0			17.0			48.2			25.5			8.5			16.3
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	98.8		$	89.0		$	164.0		$	39.1		$	226.0		$	62.7		$	29.6		$	79.7
Proportionate share of other assets/liabilities, net	$	0.0		$	0.2		$	3.1			($0.1	)	$	0.3		$	0.5		$	0.2		$	0.4
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the three months ended March 31, 2008

	Coventry II DDR			Coventry II DDR
	Montgomery Farm			Phoenix Spectrum			Coventry II Service			Coventry II DDR			Coventry II DDR Tri-			Coventry II DDR			Coventry II DDR			RVIP IIIB LP
	LLC			LLC			Holdings LLC			Totem Lakes LLC			County Mall LLC			Ward Parkway LLC			Westover LLC			Deer Park, IL
Revenues from operations	$	0.0		$	2.6		$	6.6		$	0.8		$	5.1		$	2.2		$	1.2		$	3.5
Rental operation expenses		(0.1	)		(0.9	)		(3.0	)		(0.3	)		(2.3	)		(1.1	)		(0.4	)		(1.3	)
Net operating income		(0.1	)		1.7			3.6			0.5			2.8			1.1			0.8			2.2
Depreciation and amortization expense		(0.0	)		(0.4	)		(1.0	)		(0.2	)		(1.0	)		(0.3	)		(0.2	)		(0.6	)
Interest expense		0.0			(0.5	)		(2.8	)		(0.3	)		(2.5	)		(0.5	)		(0.3	)		(0.9	)
Income (loss) before gain on sale of real estate		(0.1	)		0.8			(0.2	)		0.0			(0.7	)		0.3			0.3			0.7
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—
Net income (loss)		($0.1	)	$	0.8			($0.2	)	$	0.0			($0.7	)	$	0.3		$	0.3		$	0.7
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		***
		($0.0	)	$	0.2			($0.0	)	$	0.0			($0.1	)	$	0.1		$	0.1		$	0.3
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
	$	0.0		$	0.2			($0.0	)	$	0.0			($0.1	)	$	0.1		$	0.1		$	0.3
Proportionate share of net operating income (4)		($0.0	)	$	0.3		$	0.7		$	0.1		$	0.6		$	0.2		$	0.1		$	0.6
Proportionate share of interest expense (4)	$	0.0		$	0.1		$	0.6		$	0.1		$	0.5		$	0.1		$	0.1		$	0.2
Funds From Operations (“FFO”):
Net income (loss)		($0.1	)	$	0.8			($0.2	)	$	0.0			($0.7	)	$	0.3		$	0.3		$	0.7
Depreciation of real property		0.0			0.4			1.0			0.2			1.0			0.3			0.2			0.6
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—
		($0.1	)	$	1.2		$	0.8		$	0.2		$	0.3		$	0.6		$	0.5		$	1.3
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		20	%		***
DDR FFO		($0.0	)	$	0.2		$	0.2		$	0.0		$	0.1		$	0.1		$	0.1		$	0.6

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2008

	RVIP			RVIP VIII			DPG Realty			TRT DDR			Sonae Sierra Brazil			Inland-SAU Retail			DDRA Community			DDR Markaz
	VII LLC			Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Centers Five LP			II LLC
Real estate assets	$	121.6		$	33.5		$	130.7		$	160.0		$	345.5		$	308.8		$	241.7		$	203.9
Accumulated depreciation		(19.7	)		(3.9	)		(10.5	)		(3.9	)		(33.4	)		(17.4	)		(49.2	)		(17.7	)
Real estate, net		101.9			29.6			120.2			156.1			312.1			291.4			192.5			186.2
Receivables, net		3.3			1.4			1.9			1.6			11.0			5.6			5.8			1.1
Other assets		8.4			1.3			2.3			5.4			28.3			41.3			6.2			5.8
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	113.6		$	32.3		$	124.4		$	163.1		$	351.4		$	338.3		$	204.5		$	193.1
Mortgage debt	$	72.1		$	23.4		$	10.1		$	110.0		$	0.0		$	226.2		$	280.0		$	150.5
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.2			0.0			0.3
Other liabilities		16.1			0.6			1.9			0.3			33.3			5.7			4.6			(0.3	)
		88.2			24.0			12.0			110.3			33.3			232.1			284.6			150.5
Accumulated equity (deficit)		25.4			8.3			112.4			52.8			318.1			106.2			(80.1	)		42.6
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	113.6		$	32.3		$	124.4		$	163.1		$	351.4		$	338.3		$	204.5		$	193.1
Proportionate share of other assets/liabilities, net		($0.9	)	$	0.5		$	0.2		$	0.7		$	3.0		$	8.2		$	3.7		$	1.4
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the three months ended March 31, 2008

	RVIP			RVIP VIII			DPG Realty			TRT DDR			Sonae Sierra Brazil			Inland-SAU Retail			DDRA Community			DDR Markaz
	VII LLC			Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Centers Five LP			II LLC
Revenues from operations	$	3.3		$	1.9		$	3.2		$	3.9		$	17.2		$	8.7		$	8.8		$	5.3
Rental operation expenses		(1.1	)		(0.6	)		(0.8	)		(1.5	)		(4.1	)		(2.8	)		(2.7	)		(2.0	)
Net operating income		2.2			1.3			2.4			2.4			13.1			5.9			6.1			3.3
Depreciation and amortization expense		(0.7	)		(0.3	)		(0.8	)		(1.1	)		(2.6	)		(3.5	)		(1.6	)		(1.3	)
Interest expense		(1.1	)		(0.3	)		(0.2	)		(1.5	)		0.0			(3.1	)		(3.9	)		(2.0	)
Income (loss) before gain on sale of real estate		0.4			0.7			1.4			(0.2	)		10.5			(0.7	)		0.6			0.0
Tax expense		0.0			0.0			0.0			0.0			(3.8	)		0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—
Net income (loss)	$	0.4		$	0.7		$	1.4			($0.2	)	$	6.7			($0.7	)	$	0.6		$	0.0
DDR ownership interest		*	**		*	**		10	%		10	%		50	%		20	%		50	%		20	%
	$	0.1		$	0.3		$	0.1			($0.0	)	$	3.4			($0.1	)	$	0.3		$	0.0
Amortization of basis differential		(0.1	)		0.0			0.0			0.0			(0.6	)		0.0			0.1			0.0
	$	0.0		$	0.3		$	0.1			($0.0	)	$	2.8			($0.1	)	$	0.4		$	0.0
Proportionate share of net operating income (4)	$	0.5		$	0.3		$	0.2		$	0.2		$	6.5		$	1.2		$	3.1		$	0.7
Proportionate share of interest expense (4)	$	0.2		$	0.1		$	0.0		$	0.2		$	0.0		$	0.6		$	2.0		$	0.4
Funds From Operations (“FFO”):
Net income (loss)	$	0.4		$	0.7		$	1.4			($0.2	)	$	6.7			($0.7	)	$	0.6		$	0.0
Depreciation of real property		0.7			0.3			0.8			1.1			2.6			3.5			1.6			1.3
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—
	$	1.1		$	1.0		$	2.2		$	0.9		$	9.3		$	2.8		$	2.2		$	1.3
DDR ownership interest		***			***			10	%		10	%		50	%		20	%		50	%		***
DDR FFO	$	0.4		$	0.4		$	0.2		$	0.1		$	4.7		$	0.6		$	1.1		$	0.3

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of March 31, 2008

	Lennox											Jefferson			Sansone			Sold/Acquired					DDR’s
	Town Center			Sun Center			Dublin					County			Group /			and					Proportionate
	Limited (2)			Limited (2)			Village (3)		DOTRS LLC			Plaza LLC			DDRC LLC			Other JVs (5)		Total			Share
Real estate assets	$	21.0		$	25.9		$	0.1	$	26.6		$	6.8		$	0.4		$	0.0	$	9,030.8		$	1,749.3
Accumulated depreciation		(4.9	)		(7.9	)		0.0		(5.5	)		(0.9	)		(0.2	)		0.0		(463.6	)		(117.2	)
Real estate, net		16.1			18.0			0.1		21.1			5.9			0.2			0.0		8,567.2			1,632.1
Receivables, net		2.0			1.0			0.0		1.0			0.1			2.3			0.7		119.7			28.7
Other assets		0.6			0.9			0.0		1.6			0.1			1.5			0.9		452.9			84.3
Disproportionate share of equity		—			—			—		—			—			—			—		—			12.2	(6)
	$	18.7		$	19.9		$	0.1	$	23.7		$	6.1		$	4.0		$	1.6	$	9,139.8		$	1,757.3
Mortgage debt	$	27.0		$	19.3		$	0.0	$	21.0		$	3.7		$	0.0		$	0.0	$	5,581.1		$	1,070.9
Amounts payable to DDR		0.0			0.0			0.0		0.0			3.6			0.0			0.0		8.2			2.7
Other liabilities		1.2			0.8			0.0		0.8			0.1			1.0			0.8		269.4			54.9
		28.2			20.1			0.0		21.8			7.4			1.0			0.8		5,858.7			1,128.5
Accumulated equity (deficit)		(9.5	)		(0.2	)		0.1		1.9			(1.3	)		3.0			0.8		3,281.1			616.6
Disproportionate share of equity		—			—			—		—			—			—			—		—			12.2	(6)
	$	18.7		$	19.9		$	0.1	$	23.7		$	6.1		$	4.0		$	1.6	$	9,139.8		$	1,757.3
Proportionate share of other assets/liabilities, net	$	0.7		$	0.9		$	0.0	$	0.9		$	0.1		$	1.4		$	0.2	$	58.1
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0	$	0.0		$	1.8		$	0.0		$	0.0	$	1.8

Combining Statements of Operations
for the three months ended March 31, 2008

	Lennox												Jefferson			Sansone			Sold/Acquired						DDR’s
	Town Center			Sun Center			Dublin						County			Group /			and						Proportionate
	Limited (2)			Limited (2)			Village (3)			DOTRS LLC			Plaza LLC			DDRC LLC			Other JVs (5)			Total			Share
Revenues from operations	$	1.2		$	1.2		$	0.0		$	1.1		$	0.2		$	0.0		$	0.2		$	238.2		$	50.3
Rental operation expenses		(0.4	)		(0.3	)		(0.0	)		(0.3	)		(0.1	)		0.0			0.0			(80.9	)		(16.4	)
Net operating income		0.8			0.9			0.0			0.8			0.1			0.0			0.2			157.3			33.9
Depreciation and amortization expense		(0.1	)		(0.2	)		0.0			(0.2	)		(0.1	)		0.0			0.0			(56.6	)		(11.1	)
Interest expense		(0.4	)		(0.4	)		0.0			(0.3	)		(0.1	)		0.0			0.0			(77.3	)		(14.7	)
Income (loss) before gain on sale of real estate		0.3			0.3			(0.0	)		0.3			(0.1	)		0.0			0.2			23.4			8.1
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(3.8	)		(1.9	)
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0			6.4			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		—			—			—			—			—			—			—			—			1.3	(7)
Net income (loss)	$	0.3		$	0.3		$	0.0		$	0.3			($0.1	)	$	0.0		$	0.2		$	26.0		$	7.5
DDR ownership interest		*	**		*	**		63	%		50	%		50	%		*	**		*	**		*	**		*	**
	$	0.2		$	0.3			($0.0	)	$	0.2			($0.1	)	$	0.1		$	0.1		$	7.5		$	7.5
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			(0.1	)		0.0			(0.1	)		(0.1	)
	$	0.2		$	0.3		$	0.0		$	0.2			($0.1	)		($0.0	)	$	0.1		$	7.4		$	7.4
Proportionate share of net operating income (4)	$	0.4		$	0.7		$	0.0		$	0.4		$	0.0		$	0.0		$	0.1		$	33.8
Proportionate share of interest expense (4)	$	0.2		$	0.3		$	0.0		$	0.2		$	0.1		$	0.0		$	0.0		$	14.6
Funds From Operations (“FFO”):
Net income (loss)	$	0.3		$	0.3		$	0.0		$	0.3			($0.1	)	$	0.0		$	0.2		$	26.0		$	7.5
Depreciation of real property		0.1			0.2			0.0			0.2			0.1			0.0			0.0			56.6			11.1
(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
Disproportionate share of income		—			—			—			—			—			—			—			—			0.6	(8)
	$	0.4		$	0.5			($0.0	)	$	0.5			($0.0	)	$	0.0		$	0.2		$	82.6		$	19.2
DDR ownership interest		*	**		*	**		63	%		50	%		50	%		*	**		*	**		*	**
DDR FFO	$	0.2		$	0.4			($0.0	)	$	0.2			($0.0	)	$	0.1		$	0.4		$	19.2

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

(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)	Does not include proportionate share of net operating income or interest expense for properties classified as discontinued operations.
(5)	Represents residual joint venture interests sold in 2007 and other small joint venture investments. Note: To the extent that DDR is entitled to receive promoted income, DDR’s share of income could exceed the total income recorded by certain joint ventures as assets continue to be liquidated.
(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 Marley Creek, Coventry II DDR Montgomery Farm and Coventry II DDR Tri-County Mall joint ventures as well as investments with Macquarie.
(7)	Adjustments represent the effect of promoted equity structures on DDR’s share of the income primarily from an asset management promote from RVIP IIIB and investments with Macquarie.
(8)	Adjustments associated with Coventry’s promoted interests primarily at the RVIP IIIB and RVIP VII joint ventures as well as additional promoted interest from joint venture investments sold in 2007.
***	See Section 3.1- Joint Venture Investment Summary, disclosing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financial Summary 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Wholly-Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
For The Three Months Ended March 31, 2008
(In Millions)

	Three Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2006			2005			2004
Acquisitions/Transfers	$	0.0		$	3,048.7	(3)	$	370.2	(5)	$	1,610.8	(7)	$	2,170.8	(10)
Completed Expansions		0.0			32.7			73.1			41.6			25.2
Developments & Construction in Progress		97.9			428.5			246.0			246.1			203.8
Recurring Tenant Improvements & Third Party Leasing Commissions		2.3	(1)		12.5			11.7			7.5			6.6
Furniture, Fixtures & Equipment		2.1			13.0			10.2			10.7	(8)		1.3
		102.3			3,535.4			711.2			1,916.7			2,407.7
Less: Real Estate Sales & Joint Venture Transfers		(9.1	)(2)		(2,001.3	)(4)		(289.8	)(6)		(490.8	)(9)		(689.2	)(11)
Total DDR Net Additions	$	93.2		$	1,534.1		$	421.4		$	1,425.9		$	1,718.5

(1)	The Company anticipates recurring leasing capital expenditures of approximately $14.0 million associated with its wholly-owned and consolidated portfolio during 2008.
(2)	In addition to the asset sales listed on Schedule 4.3, this balance includes the sale of one outparcel.
(3)	Includes the acquisition of the IRRETI portfolio of 222 properties aggregating $3,017.7 million, the acquisition of a property in Terrell, TX aggregating $16.9 million, the redemption of OP units for a previous acquisition, and the acquisition of an additional interest in a property located in San Francisco, CA.
(4)	In addition to the asset sales which had an aggregate cost of $609.6 million, this balance includes the sale to Dividend Capital Total Realty Trust Joint Venture of three assets with an aggregate cost of $99.0 million, the sale to DDR Domestic Retail Fund I Joint Venture of 56 assets with an aggregate cost of $1,229.3 million, the sale to Macquarie DDR Trust Joint Venture of three assets with an aggregate cost of $49.5 and the sale of 11 outparcels.
(5)	Includes the acquisition of three properties located in Pasadena, CA; San Diego, CA and Phoenix, AZ aggregating $199.7 million, plus the transfer to DDR from a joint venture of the Service Merchandise portfolio and Salisbury, MD shopping center, aggregating $111.9 million 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.
(6)	In addition to the asset sales which had an aggregate cost of $73.1 million, this balance includes the sale of the Service Merchandise Portfolio to Coventry II which had an aggregate cost of $112.6 million, 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.
(7)	Includes the acquisition of the Caribbean Property Group portfolio and the Mervyns portfolio aggregating $1,160.1 million and $409.1 million, respectively, the transfer to DDR from a joint venture of the Dublin, OH shopping center, which had an aggregate cost of $36.2 million and a $5.4 million basis adjustment to the Benderson acquisition relating to master lease adjustments.
(8)	The large proportionate increase in FF&E in 2005 is primarily attributed to certain IT projects, expansion of the corporate headquarters, and fractional ownership interest in corporate jets.
(9)	In addition to the asset sales which had an aggregate cost of $219.1 million, this balance includes the transfer of 12 assets with an aggregate cost of $258.6 million to the Macquarie DDR Trust Joint Venture and the sale of several outparcels.
(10)	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.
(11)	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 12 assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust Joint Venture, the transfer of 12 assets with an aggregate cost of $124.0 million to the DPG Realty Holdings Joint Venture and the transfer of 13 assets with an aggregate cost of $203.2 million to the DDR Markaz II Joint Venture.

Summary of Wholly Owned Capital Transactions 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
For The Three Months Ended March 31, 2008
(In Millions)

	Three Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2006			2005			2004
Acquisitions/Transfers	$	0.0		$	4,987.4	(2)	$	729.9	(4)	$	350.0		$	1,147.0	(8)
Completed Expansions		0.0			21.9			0.0			9.3			10.3
Developments & Construction in Progress		75.2			142.7			139.6	(5)		87.5			38.9
Recurring Tenant Improvements & Third Party Leasing Commissions		3.7	(1)		9.8			9.1			6.8			0.6
Foreign Currency Adjustments		6.1			48.5			0.0			0.0			0.0
	$	85.0		$	5,210.3		$	878.6		$	453.6		$	1,196.8
Less: Real Estate Sales and Dispositions	$	0.0			($204.3	)(3)		($409.0	)(6)		($148.8	)(7)		($306.7	)(9)
Joint Venture Totals	$	85.0		$	5,006.0		$	469.6		$	304.8		$	890.1

(1)	The Company estimates recurring leasing capital expenditures of $11.0 million for its joint venture portfolio during 2008.
(2)	Includes the acquisition of assets from DDR by DDR Domestic Retail Fund aggregating $1,463.0 million, Dividend Capital Total Realty Trust aggregating $159.8 million and DDR Macquire Fund LLC aggregating $50.4 million. In addition the formation of DDRTC Core Retail Fund aggregating $2,941.6 million, the acquisition of the SAU Retail Fund aggregating $308.6 million, and the acquisition of an additional 73% interest in Metropole Shopping Center by Sonae Sierra Brazil BV Sarl.
(3)	Includes the sale of seven shopping centers, with an aggregate cost of $168.0 million, previously owned by a joint venture with Kuwait Financial Centre to the DDR Domestic Retail Fund I, the sale of vacant land at the Techridge, TX shopping center (owned by RVIP VIII), and the sale of vacant land in Littleton, CO.
(4)	Includes the formation of Sonae Sierra Brazil BV Sarl and DDR MDT PS LLC, plus acquisitions of the Service Merchandise portfolio and properties located in Cincinnati, OH; Benton Harbor, MI and Orland, IL by joint ventures with Coventry II.
(5)	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, MI for the development of a 758,750 square foot shopping center. Both of these shopping centers are being developed with Coventry II.
(6)	In addition to asset sales, which had an aggregate cost of $88.9 million, 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.
(7)	In addition to asset sales, which had an aggregate cost of $111.1 million, this balance includes the transfer to DDR of the Dublin, OH shopping center, which had an aggregate cost of $30.0 million, and the sale of five outparcels at Plaza at Puente Hills, CA, which were owned by RVIP VII.
(8)	Balance includes the acquisition of three Coventry II assets aggregating $174.1 million, the formation of DPG and DDR Markaz II aggregating $128.7 million and $201.6 million, respectively, Macquarie DDR Trust’s acquisition of an additional $619.5 million of assets, plus the acquisition of 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.
(9)	In addition to asset sales, which had an aggregate cost of $141.7 million, 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.

Summary of Joint Venture Capital Transactions 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Wholly-Owned and Consolidated Acquisitions
For The Three Months Ended March 31, 2008

There were no significant third party acquisitions for the three-month period ended March 31, 2008.

Joint Venture Acquisitions
For The Three Months Ended March 31, 2008

There were no significant third party acquisitions for the three-month period ended March 31, 2008.

Consolidated and Joint Venture Acquisitions 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Wholly-Owned and Consolidated Dispositions
For The Three Months Ended March 31, 2008

			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Brandon, FL		78,686	$	6.4		1/10/2008
Gadsden, AL		85,196	$	1.6		3/7/2008
Total		163,882	$	8.0

Joint Venture Dispositions
For The Three Months Ended March 31, 2008

There were no significant third party dispositions for the three-month period ended March 31, 2008.

Consolidated and Joint Venture Acquisitions 4.3

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Wholly-Owned and Consolidated Development Projects
For The Three Months Ended March 31, 2008

									Cost		Assets		Estimated
							Estimated		Incurred		Placed in		Initial
			Total		Owned		Net Cost		To Date		Service		Anchor
Location	Project	Description	GLA		GLA		(Millions)		(Millions)		(Millions)		Opening		Major Anchors > 20,000 SF
Projects in Progress
Ukiah (Mendocino), CA (1)	Mendocino Crossings	Community Center		669,406		409,900	$	101.4	$	11.9	$	0.0		2H10
Homestead, FL	Homestead Pavilion	Community Center		397,713		275,839	$	74.9	$	61.6	$	0.0		2H08	Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples
Miami, FL	Shops at Midtown	Mixed-Use		644,999		400,685	$	142.6	$	129.0	$	102.7		2H06	Target, Linens ’n Things, Circuit City, Marshalls, West Elm, Loehmann’s, Ross Dress for Less
Tampa (Brandon), FL	Crossroads Town Center	Community Center		370,700		241,700	$	55.5	$	20.1	$	0.0		2H09
Tampa (Wesley Chapel), FL	Shops of New Tampa	Community Center		95,408		73,360	$	13.7	$	7.4	$	0.0		2H09
Boise (Nampa), ID	Nampa Gateway Center	Community Center		948,150		450,855	$	123.1	$	60.5	$	10.0		2H07	JCPenney
Boston, MA (Seabrook, NH)	Seabrook Town Center	Community Center		465,755		210,180	$	50.1	$	31.6	$	0.0		2H09
Elmira (Horseheads), NY	Southern Tier Crossings	Community Center		689,395		350,987	$	53.0	$	36.6	$	4.5		1H07	Kohl’s, Wal-Mart, Dick’s, Circuit City
Raleigh (Apex), NC	Apex Promenade	Community Center		87,780		81,780	$	17.9	$	7.9	$	0.0		2H09
Raleigh (Apex), NC	Beaver Creek Crossings Phase II	Community Center		283,217		162,270	$	50.8	$	22.3	$	0.0		2H10
Austin (Kyle), TX (1)	Kyle Marketplace	Community Center		778,415		325,005	$	60.0	$	41.4	$	0.0		2H09	Target, Kohl’s, City Lights Theater
Wholly-Owned and Consolidated Development Totals				5,430,968		2,982,561	$	743.0	$	430.3	$	117.2

(1) Consolidated joint venture. DDR has a 50% interest.

Consolidated and Wholly Owned Developments   4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Joint Venture Development Projects
For The Three Months Ended March 31, 2008

							DDR’s				Estimated		Cost		Assets		DDR’s		Estimated
							Effective			Joint	Net		Incurred		Placed in		Proportionate		Initial
			Total		Owned		Ownership			Venture	Cost		To Date		Service		Cost		Anchor
Location	Project	Description	GLA		GLA		Percentage			Partner	(Millions)		(Millions)		(Millions)		(Millions)		Opening		Major Anchors > 20,000 SF
Projects in Progress
Kansas City (Merriam), KS	Merriam Village	Community Center		280,516		202,116		20.0	%	Coventry II	$	46.8	$	35.1	$	0.0	$	9.4		2H08	Circuit City
Detroit (Bloomfield Hills), MI	Bloomfield Park	Lifestyle Center		882,197		882,197		10.0	%	Coventry II/ BP I, LLC	$	192.5	$	108.1	$	0.0	$	19.2		2H09	The Park Theater
Dallas (Allen), TX	Watters Creek	Lifestyle Center		831,413		797,665		10.0	%	Coventry II/ Trademark Property Company	$	171.2	$	98.2	$	13.3	$	17.1		1H08	Market Street United, Borders
Manaus, Brazil	Manauara	Enclosed Mall		477,630		477,630		47.2	%	Sonae Sierra	$	82.6	$	42.3	$	0.0	$	39.0		1H09	Riachuelo, Renner, Bemol,
																					Marisa
Joint Venture Development Totals				2,471,756		2,359,608					$	493.1	$	283.7	$	13.3	$	84.7

Joint Venture Developments   4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Development Assets Placed in Service
as of March 31, 2008

			Joint Venture Assets
	Wholly-Owned and				DDR's
	Consolidated				Proportionate
	Assets		Total		Share
Date	(Millions)		(Millions)		(Millions)
As of March 31, 2008	$	117.2	$	13.3	$	1.3
2nd Quarter 2008	$	0.9	$	19.1	$	1.9
3rd Quarter 2008	$	17.9	$	30.8	$	3.1
4th Quarter 2008	$	46.0	$	27.9	$	3.4
Projected Thereafter	$	561.0	$	402.0	$	75.0
Total	$	743.0	$	493.1	$	84.7

Development Funding Schedule
as of March 31, 2008

			Joint Venture Funding
	Wholly-Owned and		DDR's			JV Partners'			Proceeds from
	Consolidated		Proportionate			Proportionate			Construction		Total
	Funding		Share			Share			Loans		JV Funding
	(Millions)		(Millions)			(Millions)			(Millions)		(Millions)
Funded as of March 31, 2008	$	430.3	$	42.2		$	111.2		$	130.3	$	283.7
Projected Net Funding During 2008	$	54.1		32.4			82.7			106.5	$	221.6
Projected Net Funding Thereafter	$	258.6		(12.0	)		(55.7	)		55.5		($12.2	)
Total	$	743.0	$	62.6		$	138.2		$	292.3	$	493.1

Consolidated and Joint Venture Development Delivery and
Funding Schedules 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Significant Wholly-Owned and Consolidated
Expansion and Redevelopment Projects
For The Three Months Ended March 31, 2008

Location	Project	Description
Projects in Progress
Miami (Plantation), FL	The Fountains	Redevelopment of shopping center to include Kohl’s and other junior anchor tenants.
Chesterfield, MI	Chesterfield Corners	Sportsman Warehouse, Dollar Galaxy (opened 8/07) and 20,300 sf of small shop retail and additional retail space to be announced.
Olean, NY	Wal-Mart Plaza	Relocate two tenants to accommodate Wal-Mart expansion to a Supercenter.
Fayetteville, NC	Cross Pointe Center	Reconfigure 18,000 sf of in-line space. Construct multi-tenant outparcel building.
Akron (Stow), OH	Stow Community	Recapture 116,000 sf Kmart and release to junior anchor stores. Create outparcels.
Dayton (Huber Hts.), OH	North Heights Plaza	Expansion of the shopping center to construct a 45,000 sf junior anchor.
Total Net Cost (Millions)		$152.5 (1)

(1) At March 31, 2008, approximately $99.6 million of costs had been incurred in relation to the projects in progress.

Wholly Owned Expansions and Redevelopments 4.6

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Significant Joint Venture Expansion and Redevelopment Projects
For The Three Months Ended March 31, 2008

		DDR's			Joint
		Ownership			Venture
Location	Project	Percentage			Partner	Description
Projects in Progress
Buena Park, CA	Buena Park Mall & Entertainment		20.00	%	Coventry II	Construction of Steve and Barry’s (opened 2/06), 24 Hour Fitness (opened 3rd quarter 2007) and redevelopment of the lower level of the mall for several tenants to be announced.
Los Angeles (Lancaster), CA	Valley Central Discount		21.00	%	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 (opened 7/07). Will recapture and redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates.
Chicago (Deer Park), IL	Deer Park Town Center		25.75	%	Prudential Real Estate Investors	Approximately eight acres of land to be developed, which was sold to Grace Community, retenanting of vacant shop space with a 23,000 sf Crate & Barrel (opened 8/07), and construction of a 13,500 sf multi-tenant outparcel building.
Benton Harbor, MI	Fairplain Plaza		20.00	%	Coventry II	Expansion of the existing shopping center to include an 89,000 sf Kohl’s (opened 10/06), a 20,087 sf PetSmart (opened 2/08) and additional retail tenants to be announced.
Kansas City, MO	Ward Parkway		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 Barry’s (opened 11/06), Staples (scheduled to open 2nd quarter 2008) and additional mid-size anchors and other retail tenants to be announced.
Cincinnati, OH	Tri-County Mall		18.00	%	Coventry II/ Thor Equities	Redevelopment of the former JCPenney store to include Krazy City and Ethan Allen (opened 4th quarter 2007), and several other new retail tenants and restaurants to be announced.
Total Net Cost (Millions)		$	458.9	(1)(2)

(1)	Total cost includes the acquisition costs for the Coventry II redevelopments.
(2)	At March 31, 2008, approximately $404.4 million of costs had been incurred in relation to the projects in progress.

Joint Venture Expansions and Redevelopments 4.6

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Company Features

742	Shopping Centers and Interests in Retail Assets
12	Managed Shopping Centers
45	States (Plus Puerto Rico, Brazil, Russia and Canada)
117	Million Sq. Ft. Owned (1)
162	Million Sq. Ft. Owned and Managed (1) (2)
95.8%	Core Portfolio % Leased

(1)	Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments in process and scheduled to commence in 2008, total owned GLA was 68.0 million square feet.
(2)	Includes unowned anchors at Company-owned operating and development retail properties.

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Average Annualized Base Rental Rates PSF⁽¹⁾

	Number of		Total Annualized Base Rent / S.F.
Period Ending	Properties		Total		Shop Space
Mar. 31, 2008		657	$	12.38	$	18.27
Dec. 31, 2007		657	$	12.33	$	18.14
Dec. 31, 2006		409	$	11.74	$	17.46
Dec. 31, 2005		380	$	11.30	$	16.62
Dec. 31, 2004		373	$	11.13	$	16.14
Dec. 31, 2003		274	$	10.82	$	15.55
Dec. 31, 2002		189	$	10.58	$	15.18
Dec. 31, 2001		192	$	10.03	$	14.02
Dec. 31, 2000		190	$	9.66	$	13.66
Dec. 31, 1999		186	$	9.20	$	12.69
Dec. 31, 1998		159	$	8.99	$	12.39
Dec. 31, 1997		123	$	8.49	$	11.69
Dec. 31, 1996		112	$	7.85	$	10.87
Dec. 31, 1995		106	$	7.60	$	10.54
Dec. 31, 1994		84	$	5.89	$	9.02
Dec. 31, 1993		69	$	5.60	$	8.56
Dec. 31, 1992		53	$	5.37	$	8.37

(1) Figures exclude Brazilian portfolio, Service Merchandise portfolio, development properties and managed properties.

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Lease Expirations by Year as of March 31, 2008

	Anchor Base Rent									Shop Space Base Rent
			Revenues									Revenues
Year	Leases		($M)		Avg. PSF		% of Revenue			Leases		($M)		Avg. PSF		% of Revenue
2008		34	$	8.6	$	7.38		1.3	%		1,220	$	55.8	$	16.87		10.0	%
2009		91	$	27.4	$	7.92		4.2	%		1,453	$	74.5	$	16.58		13.4	%
2010		121	$	39.0	$	8.49		6.0	%		1,435	$	79.0	$	17.43		14.2	%
2011		157	$	54.8	$	10.00		8.4	%		1,369	$	88.4	$	18.61		15.9	%
2012		156	$	56.5	$	8.97		8.6	%		1,194	$	79.8	$	19.04		14.4	%
2013		144	$	50.8	$	9.15		7.8	%		647	$	49.7	$	17.40		8.9	%
2014		139	$	54.1	$	9.77		8.3	%		240	$	21.8	$	18.69		3.9	%
2015		103	$	47.4	$	9.50		7.2	%		215	$	21.2	$	18.88		3.8	%
2016		107	$	50.0	$	9.68		7.6	%		201	$	20.9	$	20.84		3.8	%
2017		100	$	51.4	$	10.40		7.8	%		196	$	22.3	$	19.82		4.0	%
2008 - 2017 Subtotal		1,152	$	440.0	$	9.32		67.1	%		8,170	$	513.4	$	17.98		92.4	%
Total Rent Roll		1,485	$	655.3	$	9.59		100.0	%		8,465	$	555.9	$	18.06		100.0	%

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Largest Tenants by Owned and Managed GLA

	Total		Total		Owned		Owned		Unowned		Unowned
	Units		GLA (msf)		Units		GLA (msf)		Units		GLA (msf)
1. Wal-Mart / Sam’s Club		104		16.3		45		6.7		59		9.5
2. Target		66		7.9		11		1.4		55		6.5
3. Lowe’s Home Improvement		41		5.3		21		2.7		20		2.6
4. Home Depot		42		4.4		13		1.3		29		3.1
5. Kohl’s		42		3.6		36		3.2		6		0.4
6. T.J. Maxx / Marshalls		100		3.3		100		3.3		0		0.0
7. Mervyns		40		3.1		39		3.0		1		0.1
8. Kmart / Sears		32		2.6		30		2.2		2		0.4
9. Publix Supermarkets		56		2.5		56		2.5		0		0.0
10. PetSmart		104		2.4		103		2.3		1		0.1

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Largest Tenants by GLA and Base Rental Revenues ⁽¹⁾

				% of
		Owned		Total			Credit Ratings				Base Rental		% of Total			Credit Ratings
	Major Tenant (units)	GLA		GLA			(S&P/Moody's)			Major Tenant (units)	Rev. ($M)		Base Rent			(S&P/Moody's)
1.	Wal-Mart / Sam's Club (45)		5.0		7.5	%	AA / Aa2		1.	Wal-Mart / Sam's Club (45)	$	32.0		4.4	%	AA / Aa2
2.	Lowe's Home Improvement (21)		2.2		3.3	%		A+ / A1	2.	PetSmart (103)	$	14.6		2.0	%	BB / NR
3.	Kmart / Sears (30)		1.7		2.6	%	BB / Ba1		3.	T.J. Maxx / Marshalls (100)	$	14.5		2.0	%		A / A3
4.	T.J. Maxx / Marshall's (100)		1.6		2.3	%		A / A3	4.	Lowe's Home Improvement (21)	$	13.8		1.9	%		A+ / A1
5.	Mervyns (39)		1.5		2.2	%	NR / NR		5.	Circuit City (44)	$	12.0		1.7	%	NR / NR
6.	Kohl's (36)		1.4		2.1	%	BBB / Baa1		6.	Bed Bath & Beyond (60)	$	11.8		1.6	%	BBB / NR
7.	Target (11)		1.1		1.7	%		A+ / A2	7.	Kohl's (36)	$	9.9		1.4	%	BBB / Baa1
8.	PetSmart (103)		1.1		1.7	%	BB / NR		8.	Michael's (74)	$	9.8		1.4	%		B- / B2
9.	Home Depot (13)		1.0		1.6	%	BBB+ / Baa1		9.	Eckerd Drug (39)	$	9.7		1.3	%	NR / NR
10.	Kroger (40)		1.0		1.5	%	BBB- / Baa2		10.	Tops Markets (26)	$	9.4		1.3	%	NR / NR
	Subtotal 1-10		17.6		26.4	%				Subtotal 1-10	$	137.5		19.1	%
	Total Portfolio		66.6		100.0	%				Total Portfolio	$	721.1		100.0	%

(1) Based on pro rata ownership of joint venture properties.

Portfolio Summary 5.0

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Consolidated Debt
as of March 31, 2008

		Loan			Maturity		Interest
		Balance(000’s)			Date		Rate(1)
SENIOR DEBT:
Unsecured Credit Facilities:
$1.25 Billion Revolving Credit Facility		$	716,818	(2)		06/10		3.880
$75 Million Revolving Credit Facility			25,000			06/10		3.569
Secured Credit Facility:
$800 Million Term Loan			800,000	(3)		02/11		4.925
Total Term and Credit Facility Debt			1,541,818
PUBLIC DEBT:
Medium Term Notes	F		274,809			01/09		3.875
Medium Term Notes	F		199,838			05/10		5.000
Medium Term Notes	F		299,843			07/10		4.625
Medium Term Notes	F		249,537			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		348,910			10/12		5.375
Medium Term Notes	F		199,493			05/15		5.500
Medium Term Notes	F		100,000			07/18		7.500
Total Public Debt			2,522,431
MORTGAGE DEBT:
Glenmark Ctr, Morgantown, WV	F		7,000			10/08		4.775
Bi-Lo — Shelmore, Mt Pleasant, SC	F		6,350			10/08		4.775
DDR MDT MV, LLC	V		45,923	(6)		10/08		3.423
Terrell, TX	V		12,774	(7)		11/08		4.203
Loisdale Center, Springfield, VA	F		15,950			12/08		4.580
Cascade Marketplace, Sterling, VA	F		9,240			12/08		4.510
Kyle, TX	V		19,920	(7)		12/08		4.203
Schertz, TX	V		6,480	(7)		01/09		4.203
Silver Springs, MD (Tech 29-1)	F		6,320			02/09		7.330
Middletown Village, Middletown, RI	F		10,000			02/09		4.531
Abernathy Square, Atlanta, GA	F		13,392			03/09		6.285
Shoppes at Wendover Village, Greensboro, NC	F		5,450			06/09		4.222
Leawood, KS	F		47,487			07/09		7.310
Mill Pond Village, Cary, NC	F		8,500			07/09		4.758
Adams Farm, Greensboro, NC	F		6,700			08/09		4.652
Martinsville, VA	F		19,129			12/09		8.460
Plant City Crossing, Plant City, FL	F		5,900			05/10		4.700
Brick Ctr Plaza, Brick, NJ	F		10,300			06/10		4.375
Windsor Court SC, Windsor, CT	F		8,015			06/10		4.390
Edgewater Town Ctr, Edgewater, NJ	F		14,000			06/10		4.685
Valley Park Commons, Hagerstown, MD	F		6,770			07/10		4.440
East Hanover Plaza, East Hanover, NJ	F		9,280			07/10		4.685

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Consolidated Debt
as of March 31, 2008 (con’t)

		Loan			Maturity		Interest
		Balance(000’s)			Date		Rate(1)
Sony Theatre, East Hanover, NJ	F	$	6,445			07/10		4.685
Oakley Plaza, Asheville, NC	F		5,175			08/10		4.290
Deer Valley — Phoenix, AZ	F		16,907			09/10		8.010
Capital Crossing, Raleigh, NC	F		5,478			09/10		4.300
Downtown Short Pump, Richmond, VA	F		18,480			09/10		4.900
DDR MDT MV, LLC	F		212,550	(6)		10/10		5.211
Tequesta Shops Plaza, Tequesta, FL	F		5,200			10/10		5.300
Shops on the Circle, Dothan, AL	F		11,527			11/10		7.920
Big Flats, NY (Big Flats I)	F		6,097			12/10		8.011
Plattsburgh, NY	F		5,952			12/10		8.000
Denbigh Village, Newport News, VA	F		11,457			12/10		4.940
Camfield Corners, Charlotte, NC	F		5,150			12/10		5.040
Homestead, FL	V		41,299			03/11		3.903
Erie, PA	F		24,628			04/11		6.884
Erie, PA	F		2,844			04/11		6.884
Boardman, OH	F		25,579			04/11		6.884
St. Louis, MO (Sunset)	F		33,160			04/11		6.884
St. Louis, MO (Brentwood)	F		24,628			04/11		6.884
Denver, CO (Centennial)	F		36,947			04/11		6.884
Indian Train, NC (Union TC Ph I)	F		6,710			10/11		7.000
Gates, NY (Westgate)	F		24,042			10/11		7.240
Ashtabula, OH	F		6,683			12/11		7.000
Phoenix, AZ (Paradise Valley)	F		30,000	(8)		03/12		5.385
St. Louis, MO (Gravois)	F		681			07/12		8.625
Denver, CO (University Hills)	F		27,037			07/12		7.300
N. Charleston, SC	F		10,192			07/12		7.370
Cortez Plaza, Bradenton, FL	F		12,554			07/12		7.150
Duvall Village, Bowie, MD	F		8,581			10/12		7.040
Walgreen’s — Rockford, IL	F		3,223			11/12		4.863
Walgreen’s — Dearborn Hts, MI	F		3,550			11/12		4.863
Walgreen’s — Livonia, MI	F		2,477			11/12		4.863
Mooresville, NC	F		23,108			12/12		6.930
Big Flats, NY (Big Flats IV)	F		878			01/13		7.600
Big Flats, NY (Big Flats II & III)	F		3,310			01/13		8.010
Buffalo, NY (Delaware Commons)	F		826			01/13		6.960
Walgreen’s — Oshkosh, WI	F		2,817			02/13		4.863
Walgreen’s — Westland, MI	F		2,625			03/13		4.863
Paseo Colorado	F		79,100			04/13		5.000
Meridian, ID	F		7,440			04/13		5.000
Meridian, ID	F		29,760			04/13		5.000
Wilmington, NC (University Center)	F		24,500			04/13		5.000
Aspen Grove	F		42,200			04/13		5.000
Plaza Escorial	F		57,500			04/13		5.000
Bayamon, PR (Rio Hondo)	F		109,500			04/13		5.000

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Consolidated Debt
as of March 31, 2008 (con’t)

		Loan			Maturity		Interest
		Balance(000’s)			Date		Rate(1)
Victor, NY (Victor Square)	F	$	6,377			04/13		5.800
Mays Landing, NJ (Wrangleboro)	F		45,296			05/13		6.990
Beachwood, OH	F		2,696			07/13		7.640
W. Long Branch, NJ (Monmouth)	F		10,840			07/13		8.570
Englewood, FL (Rotonda)	F		1,541			07/13		5.800
Reno, NV	V		3,371			02/15		9.000
Olean, NY	F		3,958			07/15		8.995
Mays Landing, NJ (Hamilton)	F		12,402			09/15		4.700
Columbus, OH (Consumer II West)	F		12,934			11/15		10.188
Amherst, NY (Kmart/Blvd Cons. II)	F		10,449			11/15		7.850
Lockport, NY (Wal-Mart/Tops)	F		10,898			01/16		8.000
Merriam, KS (TIF)	F		5,975			02/16		6.900
Rome, NY (Freedom)	F		3,811			09/16		7.850
Amherst, NY (Tops Transit + French)	F		4,482			12/16		7.680
Cheektowaga, NY (Wal-Mart Thruway)	F		4,306			10/17		6.780
Ithaca, NY	F		16,849			01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		11,841			07/18		5.670
Niskayuna, NY (Mohawk)	F		21,935			12/18		5.750
Henderson, TN	F		8,038			01/19		7.660
Spring Hill, FL	F		4,694			09/19		9.750
Cedar Rapids, IA	F		8,925			01/20		9.375
Plainville, CT	F		6,845			04/21		7.125
Allentown, PA	F		16,478			07/21		6.950
San Juan, PR (Senorial Plaza)	F		14,158	(9)		05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,530	(9)		05/28		7.180
Arecibo, PR (Atlantico)	F		14,246	(9)		05/28		7.180
Gulfport, MS	V		60,000			12/37		2.290
Total Mortgage Debt			1,645,552
Total Consolidated Debt		$	5,709,801

			Wtd. Avg.	Wtd. Avg.
			Maturity	Interest Rate
Fixed Rate	$	4,578,216	3.79 years		5.1	%
Variable Rate	$	1,131,584	3.72 years		3.5	%
	$	5,709,801	3.78 years		4.8	%

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Consolidated Debt
as of March 31, 2008 (con’t)

CUMULATIVE REDEEMABLE PREFERRED SHARES	Outstanding Amount		First Call Date
Class G - 8.0%	$	180,000	March 28, 2008
Class H - 7.375%	$	205,000	July 28, 2008
Class I - 7.5%	$	170,000	May 7, 2009

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 2008 deferred finance cost amortization of approximately $8.6 million, net is offset by approximately $6.1 million of annualized fair market value adjustments in 2008.
2.	The LIBOR rate on $100 million of the $1.25 billion Revolving Credit Facility has been fixed at 4.942% through September 2010 via an interest rate swap. The spread on this $100 million borrowing was 0.551% at March 31, 2008 resulting in a fixed rate of 5.493% on this borrowing.
3.	Secured term loan debt of $200 million has been converted to a fixed rate of 5.85% until June 28, 2010. Secured term loan debt of $100 million has been converted to a fixed rate of 5.63%. Secured term loan debt of $50 million has been converted to a fixed rate of 5.66%, and $50 million has been converted to a fixed rate of 5.67% until October 18, 2009. Secured term loan debt of $100 million has been converted to a fixed rate of 5.515% until February 20, 2012. The weighted average rate of all tranches, reflecting the rates fixed by interest rate swaps is 4.925%.
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 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.
8.	The company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts pursuant to EITF 04-05.
9.	Maturity of $37 million of mortgage debt is not until May 2028, however, prepayment is available at par until May 2008. The loans were paid off on April 11, 2008.

Summary of Consolidated Debt 6.1

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Joint Venture Debt

as of March 31, 2008

		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
DDRTC Core Retail Fund, LLC
DDRTC Holdings Pool 1, LLC	F	$	736,559	(1)		03/17		5.4475
DDRTC Holdings Pool 3, LLC	F		555,034	(2)		03/12		5.480
DDRTC Holdings Pool 5, LLC	V		197,300	(3)		02/10	Libor + 65
DDRTC Holdings Pool 6, LLC
Walks at Highwood Preserve I & II	F		3,700			05/09		4.372
Aiken Exchange	F		7,350			05/09		4.372
Oak Summit	F		8,200			06/09		4.272
Wytheville Commons	F		5,590			06/09		4.302
Heritage Pavilion	F		21,500			07/09		4.460
Columbiana Station	F		25,900			06/10		4.040
Warwick Center	F		16,939			06/10		4.130
Fayette Pavilion I & II	F		53,250			07/10		5.620
North Hill Commons	F		2,475			11/10		5.240
Cox Creek Shopping Center	F		14,363			03/12		7.090
Cypress Trace	F		16,000			04/12		5.000
Waterfront Marketplace	F		29,338			08/12		6.350
Waterfront Town Center	F		38,651			08/12		6.350
Creeks at Virginia Center	F		26,086			08/12		6.370
Willoughby Hills Shopping Center	F		14,480			07/18		6.980
DDR Domestic Retail Fund I
DDR Domestic Retail Fund I	F		885,000	(4)		07/17		5.600
Paradise Promenade, Davie, FL	F		6,400			06/09		4.322
Village Ctr, Racine, WI	F		13,200			04/10		4.440
West Falls Plaza, West Patterson, NJ	F		11,075			06/10		4.685
Southampton Village, Tyrone, GA	F		6,700			05/11		4.663
Village Center Outlot, Racine, WI	F		2,070			07/11		5.170
Center Pointe Plaza, Easley, SC	F		4,250			08/11		5.320
Shoppes on the Ridge, Lake Wales, FL	F		9,628			12/11		4.740
Publix Brooker Creek, Palm Harbor, FL	F		5,000			12/11		4.610
Watercolor Crossing, Santa Rosa, FL	F		4,355			01/12		4.760
Heather Island Plaza, Ocala, FL	F		6,155			12/12		5.001
Hilliard Rome, Columbus, OH	F		11,173			01/13		5.870
Boynton Beach, FL (Meadows Square)	F		3,316			07/13		6.720
DDR Macquarie (5)
$305 Million Revolving Credit Facility	V		249,900	(6)		04/10	Libor + 40
	F		9,100	(6)		04/10		3.938
	F		20,000	(6)		04/10		4.360
Secured Portfolio Financing	F		290,500	(7)		12/08		4.225
	V		50,000	(7)		12/08	Libor + 130
	F		165,250	(8)		06/09		4.180
	V		7,660	(8)		06/08	Libor + 84
BJ’s Clarence	F		4,482			03/22		7.070
Joann Transit	F		2,471			08/13		6.250
New Hartford Consumer Square	F		31,726			11/18		5.750
Birmingham, AL (Riverchase)	F		7,594			01/13		5.500
DDR Macquarie Longhorn Holdings	F		85,000	(9)		01/12		4.910

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Joint Venture Debt

as of March 31, 2008 (con’t)

		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
DDR Macquarie (5)
DDR Macquarie Longhorn Holdings II	F	$	157,250	(10)		04/10		4.822
	V		3,570	(10)		04/10	Libor + 85
DDR Macquarie Longhorn Holdings III	F		39,300	(11)		04/10		5.098
DDR MDT PS, LLC	F		86,000	(12)		07/13		6.004
Coventry II DDR Bloomfield	V		48,000			06/08	Libor + 125
Coventry II DDR Buena Park	V		61,000			03/10	Libor + 115
Coventry II DDR Fairplain	V		16,000			06/08	Libor + 95
Coventry II DDR Marley Creek	V		10,750			07/10	Libor + 125
Coventry II DDR Merriam Village	V		18,539			06/08	Libor + 150
Coventry II DDR Montgomery Farm	V		63,724			07/10	Libor + 150
Coventry II DDR Phoenix Spectrum	V		46,000			01/09	Libor + 70
Coventry II DDR SM	V		84,725			01/09	Libor + 70
	V		32,695			01/09	Libor + 195.7
Coventry II DDR Totem Lakes	V		21,000			06/08	Libor + 110
Coventry II DDR Tri County	F		155,993			02/15		5.655
	F		11,848			02/15		10.304
Coventry II DDR Ward Parkway	V		36,000			08/08	Libor + 125
Coventry II DDR Westover Marketplace	V		20,730			07/09	Libor + 125
RVIP III B
Deer Park, IL	F		60,000			10/11		5.590
RVIP VII	V		72,120	(13)		04/10	Libor + 125
RVIP VIII	V		23,356			01/09	Libor + 100
DPG Realty Holdings, LLC
Tonawanda, NY	F		5,292			05/17		7.630
Tonawanda, NY	F		4,796			06/21		7.660
TRT DDR Holdings I LLC	F		110,000	(14)		05/17		5.510
Inland SAU Retail Fund, LLC
Blockbuster	F		993			10/10		4.890
Cascade Crossing	F		4,954			10/10		4.890
Hickory Flat Village	F		8,689			10/10		4.890
Flat Shoals Crossing	F		6,063			10/10		4.760
Deshon Plaza	F		6,038			10/10		4.760

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Joint Venture Debt

as of March 31, 2008 (con’t)

		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
Inland SAU Retail Fund, LLC
Shops at John’s Creek	F	$	2,762			10/10		4.890
Waynesboro Commons	F		3,178			10/10		4.890
Brookhaven	F		10,397			12/10		4.890
Lewandowski Commons	F		12,465			03/11		5.770
South Square	F		12,597			10/12		5.060
North Hampton Market (Phase I & II)	F		10,501			10/12		5.080
The Point	F		15,800			10/12		5.640
Oakland Market Place	F		3,560			10/12		5.040
Crossroads Square	F		4,869			12/12		5.310
Cascade Corners	F		3,979			12/12		5.420
Hilander Village	F		9,404			12/12		5.410
Glenlake Plaza	F		8,234			12/12		5.440
Broadmoor Plaza	F		11,048			12/12		5.440
Milan Plaza	F		2,161			12/12		5.490
West Towne Commons	F		4,797			12/12		5.440
American Way	F		6,662			12/12		5.440
Kroger Junction	F		3,827			12/12		5.440
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
DDRA Community Centers Five	F		280,000	(15)		08/10		5.295
DDR Markaz II	F		150,480	(16)		11/14		5.147
Lennox Town Center Limited	F		1,000			06/17		6.440
Columbus, OH	F		26,000			06/17		5.640
Sun Center Limited	F		5,972			05/11		5.420
Columbus, OH	F		13,318			04/11		8.480
DOTRS LLC
Macedonia, OH	F		21,000			08/11		6.050
Jefferson County Plaza, LLC
Arnold, MO	V		3,722			08/08	Libor + 175
Total		$	5,581,082
					Wtd. Avg.		Wtd. Avg.
					Maturity		Interest Rate
Total Joint Venture Debt:
Fixed Rate		$	4,514,291		5.65 years			5.3	%
Variable Rate		$	1,066,790		1.42 years			3.6	%
		$	5,581,082		4.84 years			5.0	%
DDR’s Proportionate Share:
Fixed Rate		$	885,102
Variable Rate		$	185,817
		$	1,070,919

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Notes:
(1)	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)

(2) 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)
Suwannee Crossroads (Suwannee, GA)

(3) 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)

(4) Encumbers fifty two shopping center properties as follows: (con’t)

Countryside (Naples, FL)	Meadowmont Village Center (Chapel Hill, NC)
Shoppes of Golden Acres (New Port Richey, FL)	Clayton Corners (Clayton, NC)
Conway Plaza (Orlando, FL)	Sexton Commons (Fuquay Varina, NC)
Chickasaw Trails Shopping Center (Orlando, FL)	Rosedale Shopping Center (Huntersville, NC)
Flamingo Falls (Pembroke Pines, FL)	Shops at Oliver’s Crossing (Winston-Salem, NC)
Killearn Shopping Center (Tallahassee, FL)	Cofer Crossing (Tucker, GA)
Southwood Plantation (Tallahassee, FL)	Oviedo Park Crossing (Oviedo, FL)
Shoppes of Lithia (Valrico, FL)	Hilltop Plaza (Richmond, CA)
Sharon Greens (Cumming, GA)	Springfield Commons (Toledo, OH)
Hairston Crossing (Decatur, GA)	Derby Square (Grove City, OH)
Shoppes of Ellenwood (Ellenwood, GA)	North Pointe Plaza (Tampa, FL)
Clearwater Crossing (Flowery Branch, GA)	Highland Grove (Highland, IN)
Shoppes at Lake Dow (McDonough, GA)	Apple Blossom Corners (Winchester, VA)
Aberdeen Square (Boynton Beach, FL)	Harundale Plaza (Glen Burnie, MD)
Creekwood Crossing (Bradenton, FL)	Largo Town Center (Upper Marlboro, MD)
Northlake Commons (Palm Beach Gardens, FL)	Fayetteville Pavilion (Fayetteville, NC)
Riverstone Plaza (Canton, GA)	Crossroads Plaza (Philadelphia, PA)
Casselberry Commons (Casselberry, FL)	Village Square at Golf (Boynton Beach, FL)
Bardmoor Shopping Center (Largo, FL)	Lakewood Ranch (Bradenton, FL)
Melbourne Shopping Center (Melbourne, FL)	Crystal Springs Shopping Center (Crystal River, FL)
West Oaks Towne Center (Orlando, FL)	Sheridan Square (Dania, FL)
Skyview Plaza (Orlando, FL)	Shoppes at Paradise Pointe (Fort Walton Beach, FL)
Midway Plaza (Tamarac, FL)	Citrus Hills (Hernando, FL)
Shoppes at New Tampa (Wesley Chapel, FL)	Paraiso Plaza (Hialeah, FL)
Market Square (Douglasville, GA)	Plaza Del Paraiso (Miami, FL)
Riverdale Shops (West Springfield, MA)	River Run (Miramar, FL)

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Notes: (con’t)
(5)	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.
(6)	Encumbers ten shopping center properties as follows:

Canton, OH	St. Paul, MN	North Olmsted, OH
Brentwood, TN	Monaca, PA	Coon Rapids, MN
Merriam, KS	Plant City, FL	Winter Park, FL
Apopka, FL

(7) Encumbers seven shopping center properties as follows:

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

(8) Encumbers eight shopping center properties as follows:

Clarence, NY	Fayetteville, AR	Nashville, TN
Cheektowaga, NY	Erie, PA	Ashville, NC
Batavia, NY	Murfreesboro, TN

(9) Encumbers four shopping center properties as follows:

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

(10) Encumbers seven shopping center properties as follows:

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

(11) Encumbers three shopping center properties as follows:

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

(12) 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)

(13)	Encumbers two shopping center properties located in California.
(14)	Encumbers three shopping center properties as follows:

Centerton Square (Mt. Laurel, NJ)	Beaver Creek Commons (Apex, NC)
Mt. Nebo Pointe (Pittsburgh, PA)

(15) Encumbers five shopping center properties as follows:

Ahwatukee, AZ	Maple Grove, MN	Eagan, MN
Phoenix, AZ	Portland, OR

(16) 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

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

Summary of Joint Venture Debt 6.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2008

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities

and Joint Venture Debt Payments and Maturities (1)
as of March 31, 2008
(000’s)

	2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		2016 Payments		2017 Payments		Thereafter		Total
CONSOLIDATED DEBT
Property Mortgages (3)	$	59,661	$	143,690	$	427,622	$	201,431	$	114,508	$	433,749	$	17,730	$	27,848	$	18,539	$	11,972	$	108,329	$	1,565,079
Construction Loans		32,694		6,480		0		0		0		41,299		0		0		0		0		0		80,473
Public Debt		0		274,809		499,681		499,537		948,910		0		0		199,493		0		0		100,000		2,522,431
Subtotal		92,354		424,979		927,304		700,969		1,063,418		475,048		17,730		227,341		18,539		11,972		208,329		4,167,983
Revolving Credit Facilities & Term Loans (2)		0		0		0		741,818		800,000		0		0		0		0		0		0		1,541,818
Total Consolidated Debt	$	92,354	$	424,979	$	927,304	$	1,442,787	$	1,863,418	$	475,048	$	17,730	$	227,341	$	18,539	$	11,972	$	208,329	$	5,709,801
JOINT VENTURE DEBT
Total JV Debt	$	472,144	$	235,960	$	1,287,343	$	428,899	$	852,625	$	184,047	$	159,910	$	157,970	$	7,369	$	1,765,944	$	28,870	$	5,581,082
DDR’s Proportionate Share		81,400		40,179		306,071		107,478		135,443		21,828		31,625		28,254		1,133		313,144		4,363		1,070,919
Total Consolidated Debt & Proportionate Share JV Debt	$	173,754	$	465,159	$	1,233,375	$	1,550,264	$	1,998,861	$	496,876	$	49,355	$	255,595	$	19,672	$	325,116	$	212,692	$	6,780,719

Notes:
(1)	In situations where the company has options to extend the maturity of a loan, the maturity of the extension period(s) has been assumed for this schedule.
(2)	Balance at March 31, 2008 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012. The $75 million National City Bank facility has one one-year extension option to 2011.
(3)	Maturity of $37 million of mortgage debt is not until May 2028, however, prepayment is available at par until May 2008. The loans were paid off on April 11, 2008.
Amounts may differ slightly from actual results, due to rounding.

Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2008

Investor Information

Research Coverage
Banc of America Securities
Christine McElroy	(212) 847-5658
Citigroup Smith Barney
Michael Bilerman	(212) 816-1383
Ambika Goel	(212) 816-6981
Deutsche Bank Securities
Lou Taylor	(212) 250-4912
Christeen Kim	(415) 617-4221
Goldman Sachs
Jay Habermann	(917) 343-4260
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
David Toti	(212) 526-2002
Merrill Lynch
Steve Sakwa	(212) 449-0335
Craig Schmidt	(212) 449-1944
JP Morgan
Michael Mueller	(212) 622-6689
RBC Capital Markets
Rich Moore	(216) 378-7625
UBS
Jeff Spector	(212) 713-6144
Lindsay Schroll	(212) 713-3402
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