The following material has been made available on the website of Developers Diversified Realty Corporation:

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Quarterly Financial Supplement For the twelve months ended December 31, 2002 Investor Relations Department 3300 Enterprise Parkway • Beachwood, Ohio 44122 (216) 755-5500 • (216) 755-1500 (fax) www.ddrc.com

 

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

     Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant and other matters described in the Management’s Discussion and Analysis section of the Company’s Form 10-K for the year ended December 31, 2001.

 

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

TABLE OF CONTENTS

Section						Page
Earnings Release & Financial Statements							1
Financial Summary							12
	•			Financial Highlights			13
	•			Market Capitalization and Financial Ratios			14
	•			Market Capitalization Summary			17
	•			Significant Accounting Policies			18
Consolidated and Wholly Owned Financial Operations							20
	•			Summary of Capital Transactions			21
	•			Acquisitions, Dispositions, Expansions and Developments			22
	•			Summary of Consolidated Debt			27
	•			Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities			30
Joint Venture Summaries							31
	•			Joint Venture Financials			32
	•			Joint Venture Partnership Summaries			36
Joint Venture Financial Operations							58
	•			Summary of Capital Transactions			59
	•			Acquisitions, Dispositions, Expansions and Developments			60
	•			Summary of Joint Venture Debt			64
	•			Summary of Pro Rata Joint Venture Debt			66
	•			Summary of Joint Venture Mortgage Principal Payments			67
Portfolio Statistics							68
Appendix							79
	•			Property Listing			80
	•			Investor Information			95

 

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Earnings Release & Financial Statements

1

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DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:

Contact:		Scott A. Wolstein		Michelle A. Mahue
		Chairman		Director of Investor Relations
		Chief Executive Officer		216-755-5455
		216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS A 5.0%
INCREASE IN FFO PER SHARE FOR THE YEAR ENDED DECEMBER 31, 2002

     CLEVELAND, OHIO, February 20, 2003 - Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that fourth quarter 2002 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.64 (diluted) and $0.65 (basic) compared to $0.62 (diluted) and $0.62 (basic) per share for the same period in the previous year, an increase of 3.2% diluted and 4.8% basic. FFO reached $43.1 million for the quarter ended December 31, 2002, which compares to $35.7 million for 2001.

     On a per share basis FFO (diluted) was $2.50 and $2.38 for the years ended December 31, 2002 and 2001, respectively, an increase of 5.0%. FFO for the year ended December 31, 2002 was $165.0 million compared to FFO for the year ended December 31, 2001 of $135.5 million.

     Scott A. Wolstein, DDR’s chairman and chief executive officer stated “We are pleased to report continued strong FFO growth over last year’s results. We are particularly pleased that this growth was accomplished while also strengthening the Company’s balance sheet and significantly improving its coverage ratios.”

     Net income for the three month period ended December 31, 2002 was $29.6 million, or $0.35 per share (diluted), compared to fourth quarter 2001 net income of $20.2 million, or $0.24 per share (diluted), an increase of 45.8%. Net income for the year ended December 31, 2002 was $102.0 million, or $1.16 per share (diluted), compared to net income of $92.4 million, or $1.17 per share (diluted) for the prior comparable period. A reconciliation of net income to FFO is presented in the financial highlights section.

Leasing:

     Leasing activity continues to be strong throughout the portfolio. During the fourth quarter of 2002, the Company executed 98 new leases aggregating approximately 574,000 square feet at an average rental rate of $11.05 per square foot, a 16% increase over prior rental rates, and 84 renewals aggregating approximately 330,000 square feet at an average rate of $12.02 per square foot, which represents an increase of 8% over prior rental rates. At December 31, 2002, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $10.58, which compares to $10.03 at December 31, 2001.

     As of December 31, 2002, the portfolio was 95.9% leased, compared to 95.9% at September 30, 2002 and 95.4% at December 31, 2001. Excluding the impact of Kmart leases rejected in June 2002, the portfolio was 96.7% leased. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of December 31, 2002, occupancy increased to 95.1% from 94.2% at September 30, 2002. Occupancy as of December 31, 2001 was 94.8%. Excluding the impact of Kmart leases rejected in June 2002, the portfolio was 95.9% occupied at December 31, 2002.

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     Same store tenant sales performance over the trailing 12 month period within the Company’s portfolio remained strong at approximately $240 per square foot for those tenants required to report. Aggregate base and percentage rental revenues relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2001, excluding properties under redevelopment) increased approximately $6.2 million (or 2.2%) for the year ended December 31, 2002, compared to the same period in 2001. Core portfolio properties’ NOI increased approximately $4.9 million or 1.9% for the year ended December 31, 2002, compared to the same period in 2001.

Expansions:

     For the twelve month period ended December 31, 2002, the Company completed expansions and redevelopments at five shopping centers located in Denver, Colorado; Detroit, Michigan; St. Louis, Missouri; Lebanon, Ohio; and North Olmsted, Ohio at an aggregate cost of approximately $8.0 million. The Company is currently expanding/redeveloping eight shopping centers located in Birmingham, Alabama; North Little Rock, Arkansas; Bayonet Point, Florida; Brandon, Florida; North Canton, Ohio; Tiffin, Ohio; Riverdale, Utah and Taylorsville, Utah at a projected incremental cost of approximately $29.7 million. The Company is also scheduled to commence three additional expansion projects at the shopping centers located in Aurora, Ohio; Princeton, New Jersey and Erie, Pennsylvania.

     For the twelve month period ended December 31, 2002, the Company’s joint ventures completed expansions and redevelopments at seven shopping centers located in Atlanta, Georgia; Marietta, Georgia; Schaumburg, Illinois; Leawood, Kansas; Overland Park, Kansas; Maple Grove, Minnesota and San Antonio, Texas at an aggregate cost of approximately $15.0 million. The Company’s joint ventures are currently expanding/redeveloping three shopping centers located in San Ysidro, California; Shawnee, Kansas; and North Olmsted, Ohio at a projected incremental cost of approximately $8.8 million. The Company’s joint ventures are scheduled to commence one additional expansion project at the shopping center located in Deer Park, Illinois.

Development (Consolidated):

The consolidated development projects are as follows:

		Phase II of the Meridian, Idaho (a suburb of Boise) shopping center commenced construction in 2002, with completion scheduled for 2003.
		The Company commenced construction during 2002 on the central quadrant of the Coon Rapids, Minnesota, Riverdale Village Shopping Center. This development will create an additional 295,000 square feet of retail space.
		The Company broke ground during 2002 on two shopping center developments located in Riverdale, Utah and Long Beach, California.
		The Company anticipates breaking ground in 2003 on a 100,000 square foot shopping center located in, St. Louis, Missouri (Southtown).

Development (Joint Ventures):

     The Company has joint venture development agreements for five shopping center projects. These five projects have an aggregate projected cost of approximately $192.8 million and are currently scheduled for completion during 2003. The projects located in Long Beach, California (City Place) and Austin, Texas are being financed through the Prudential/DDR Retail Value Fund. The other three projects are located in Littleton, Colorado; Coon Rapids, Minnesota and St. Louis, Missouri. The projects in Long Beach, California; Littleton, Colorado and Coon Rapids, Minnesota were substantially completed in 2002.

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Acquisitions:

     Although no significant acquisitions closed during the fourth quarter of 2002, in January 2003, the Company acquired a 67% interest in a 296,000 square foot shopping center in Phoenix, Arizona for an aggregate purchase price of approximately $43.0 million and a 25% interest in a shopping center in Pasadena, California for a purchase price of $113.5 million. The Company’s equity interest in these properties is approximately $17.4 million and $7.1 million, respectively. The Company also acquired a 540,000 square foot property in Gulfport, Mississippi for approximately $45.5 million.

Dispositions:

     In October 2002, the Company sold a 47,000 square foot shopping center in Columbia, South Carolina for approximately $5.3 million and a 63,000 square foot shopping center in Jacksonville, North Carolina for approximately $6.0 million. Additionally, the Company’s Community Centers Joint Venture, in which the Company has a 20% interest, sold a 390,000 square foot shopping center in Denver, Colorado for approximately $43 million.

     In November 2002, the Company sold a 180,000 square foot shopping center in Orlando, Florida for approximately $7.3 million and a 21,000 square foot business center in Dallas, Texas for approximately $1.7 million.

     In December 2002, the Company, through an equity affiliate, sold a 535,000 square foot shopping center in Round Rock, Texas for approximately $78.1 million.

Financings:

     In December 2002, the Company financed five shopping center properties acquired in August 2002 for $63.0 million. Four of these properties are subject to a one-year floating rate mortgage with a principal balance of $54.8 million and an interest rate of approximately 3.2%. It is anticipated that this debt will be converted to long term fixed rate debt during 2003. The remaining property’s mortgage is $8.2 million for ten years at a fixed interest rate of 5.5%.

     In December 2002, the Company issued 1.6 million common shares in exchange for $35 million of preferred operating partnership units at a price of $21.625 per share.

     In January 2003, the Company agreed to enter into a $150 million secured financing for five years with interest at a coupon rate of 4.41%. In addition, the Company entered into interest rate swaps aggregating $100 million, effectively converting floating rate debt into fixed rate debt with an effective weighted average coupon rate of 2.875% and a life of 1.75 years.

Strategic Transactions:

     In October 2002, the Company and JDN Realty Corporation announced entering into a definitive merger agreement pursuant to which JDN shareholders will receive 0.518 shares of DDR in exchange for each share of JDN stock. The transaction valued JDN at approximately $1.1 billion, which included approximately $584 million of assumed debt at the carrying amount and $50 million of preferred stock. It is anticipated that this transaction will be approved by the JDN shareholders and will close in March 2003.

     Following the merger, DDR will own or manage approximately 400 retail properties in 44 states comprising approximately 75 million square feet, which includes approximately 15 million square feet of total GLA attributable to JDN. In addition, DDR will acquire 21 properties comprising approximately 7 million square feet of total GLA currently under development by JDN as well as a development pipeline of 17 properties representing 3 million square feet of total GLA with a total estimated cost of $220 million. Upon completion of the transaction, expected in the first quarter of 2003, DDR will have a total market capitalization of over $5.0 billion (including its pro rata portion of unconsolidated debt).

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     In March 2002, the Company announced its participation in a joint venture with Lubert-Adler Funds and Klaff Realty, L.P., which was awarded asset designation rights for all of the retail real estate interests of the bankrupt estate of Service Merchandise Corporation for approximately $236 million. The Company has a 25% interest in the joint venture. In addition, the Company earns fees for the management, leasing, development and disposition of the real estate portfolio. The designation rights enable the joint venture to determine the ultimate use and disposition of the real estate interests held by the bankrupt estate. At December 31, 2002, the portfolio consisted of approximately 140 Service Merchandise retail sites totaling approximately 8.0 million square feet. The transaction was approved by the U.S. Bankruptcy Court in Nashville, Tennessee and subsequently the designation rights were transferred to the joint venture.

     During 2002, the joint venture sold 45 sites and received gross proceeds of approximately $106.5 million. The Company recognized pre-tax income of approximately $4.3 million relating to the operations of this investment. The Company also earned disposition, management, leasing and financing fees aggregating $1.4 million in 2002 relating to this investment.

     Developers Diversified Realty Corporation currently owns and manages approximately 300 retail properties in 43 states totaling 59 million square feet of real estate under management. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

     A copy of the Company’s Quarterly Supplemental Financial/Operational package is available to all interested parties upon written request at our corporate office to Michelle A. Mahue, Director of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122.

     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 or the loss of a major tenant. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2001.

Additional Information concerning the Merger and Where You can Find It

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     DDR and JDN, and their respective directors and executive officers and other members of their management and employees, may be deemed to be participants in the solicitation of proxies from the stockholders of DDR and JDN in connection with the merger. Information about the directors and executive officers of DDR and their ownership of DDR shares is set forth in the proxy statement for DDR’s 2002 annual meeting of shareholders. Information about the directors and executive officers of JDN and their ownership of JDN stock is set forth in the proxy statement for JDN’s 2002 annual meeting of stockholders. Investors may obtain additional information regarding the interests of such participants by reading the joint proxy statement/prospectus.

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

				Three Month Period								Year Ended
				Ended December 31,								December 31,
				2002				2001				2002				2001
Revenues:
	Minimum rent (A)			$	67,491			$	59,230			$	255,918			$	223,531
	Percentage and overage rents				2,024				1,385				4,306				3,579
	Recoveries from tenants				18,800				16,085				69,683				59,592
	Ancillary income				769				751				1,966				1,789
	Other property related income				507				422				1,696				1,187
	Management fee income				2,356				2,468				10,145				11,285
	Development fees				304				1,104				2,346				2,828
	Interest income				1,849				1,700				5,905				6,425
	Other (B)				385				1,252				5,278				6,104
					94,485				84,397				357,243				316,320
Expenses:
	Operating and maintenance				13,671				9,524				43,695				34,200
	Real estate taxes				11,216				10,424				43,347				36,298
	General and administrative (C)				9,380				6,537				29,392				24,375
	Interest				19,007				19,684				76,831				80,912
	Impairment charge				—				—				—				2,895
	Depreciation and amortization				20,749				18,941				77,698				63,346
					74,023				65,110				270,963				242,026
Income before equity in net income of joint ventures and minority equity investment, minority equity interests, gain on sales of real estate and real estate investments and discontinued operations					20,462				19,287				86,280				74,294
Equity in net income of joint ventures (D)					10,371				3,579				32,769				17,010
Equity in net income of minority equity investment (E)					—				—				—				1,550
Minority equity interests (F)					(4,800	)			(5,513	)			(21,570	)			(21,502	)
Gain on sales of real estate and real estate investments					440				2,536				3,429				18,297
Income from continuing operations					26,473				19,889				100,908				89,649
Income from discontinued operations (G)					3,144				307				1,062				2,723
Net income				$	29,617			$	20,196			$	101,970			$	92,372
Net income, applicable to common shareholders				$	23,127			$	13,381			$	74,912			$	65,110
Funds From Operations (“FFO”):
	Net income applicable to common shareholders			$	23,127			$	13,381			$	74,912			$	65,110
	Depreciation and amortization of real estate investments				20,225				18,861				76,462				63,200
	Equity in net income of joint ventures				(10,371	)			(3,579	)			(32,769	)			(17,010	)
	Equity in net income of minority equity investment (E)				—				—				—				(1,550	)
	Joint ventures’ FFO (D)				12,328				7,581				44,473				31,546
	Minority equity investment FFO (E)				—				—				—				6,448
	Minority equity interests (OP Units)				346				384				1,450				1,531
	Impairment charge and (gain) loss on sales of depreciable real estate and real estate investments, net, including discontinued operations				(2,604	)			(927	)			454				(16,688	)
	Impairment charge				—				—				—				2,895
	FFO			$	43,051			$	35,701			$	164,982			$	135,482
	Per share data:
	Earnings per common share
		Basic		$	0.36			$	0.24			$	1.17			$	1.18
		Diluted		$	0.35			$	0.24			$	1.16			$	1.17
	Dividends Declared			$	0.38			$	0.37			$	1.52			$	1.48
	Funds From Operations — Basic (H)			$	0.65			$	0.62			$	2.54			$	2.40
	Funds From Operations — Diluted (H)			$	0.64			$	0.62			$	2.50			$	2.38
	Basic — average shares outstanding (thousands)				65,029				56,004				63,807				55,185
	Diluted — average shares outstanding (thousands)				65,967				56,875				64,837				55,834

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(A)		Increases in shopping center base and percentage rental revenues for the twelve month period ended December 31, 2002 as compared to 2001, aggregated $34.4 million consisting of $2.3 million related to leasing of core portfolio properties (an increase of 1.3% from 2001), $20.8 million from the acquisition of eleven shopping centers in 2002, $1.6 million relating to developments and redevelopments and $12.4 million from the AIP properties. These increases were offset by a $2.7 million decrease from the sale/transfer of ten properties in 2002 and 2001. Included in the rental revenues for the twelve month period ended December 31, 2002 and 2001 is approximately $3.3 million and $4.6 million, respectively, of revenue resulting from the recognition of straight line rents.
(B)		Other income for the three month period ended December 31, 2002 and 2001 included approximately $0.9 million and $1.7 million, respectively, in lease termination revenue. Other income for the twelve month periods ended December 31, 2002 and 2001 included approximately $3.9 million and $5.9 million, respectively, in lease termination revenue. In 2001, the Company also recognized $1.3 million of lease termination revenue, which has been reclassified to income from discontinued operations in the 2001 presentation. Also included in other income for the twelve month period ended December 31, 2002 was approximately $2.3 million relating to the sale of development rights to the Wilshire project in Los Angeles, California. Offsetting these revenues for the twelve months ended December 31, 2002 was a charge of $1.0 million relating to the write-off of abandoned development projects.
(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 twelve month periods ended December 31, 2002 and 2001, general and administrative expenses were approximately 4.8% and 4.3%, respectively, of total revenues, including joint venture revenues, for each period. General and administrative costs for 2002 include incentive income payable to the Company’s Chairman and CEO of approximately $2.0 million pursuant to his incentive agreement relating to the retail value investment program. After adjusting for this charge the Company’s general and administrative expenses were approximately 4.5% of total revenues in 2002.
(D)		The following is a summary of the Company’s share of the combined operating results relating to joint ventures (in thousands):

			Three month period								Year ended
			ended December 31,								December 31,
			2002 (b)				2001 (b)				2002 (b)				2001 (b)
Revenues from operations (a)			$	57,873			$	56,812			$	233,384			$	219,381
Operating expense				18,909				19,119				78,774				70,824
Depreciation and amortization of real estate investments				11,181				7,919				36,026				31,479
Interest expense				18,289				18,640				71,161				71,279
				48,379				45,678				185,961				173,582
Income from operations before gain on sale of real estate and real estate investments and tax expense				9,494				11,134				47,423				45,799
Gain (loss) on sale of real estate and real estate investments				5,219				—				18,916				(97	)
Income from discontinued operations				1,162				1,858				6,358				5,587
Gain on sale of discontinued operations				19,609				—				35,205				—
Tax expense				(1,225	)			—				(2,342	)			—
Net income			$	34,259			$	12,992			$	105,560			$	51,289
DDR Ownership interests (b)			$	10,646			$	4,018			$	34,724			$	18,274
Funds From Operations from joint ventures are summarized as follows:
	Net income		$	34,259			$	12,992			$	105,560			$	51,289
	(Gain) loss on sale of real estate and real estate investments; including discontinued operations			(14,338	)			—				(29,413	)			97
	Depreciation and amortization of real estate investments			11,247				9,056				38,168				35,676
			$	31,168			$	22,048			$	114,315			$	87,062
	DDRC Ownership interests (b)		$	12,328			$	7,581			$	44,473			$	31,546
	DDRC Partnership distributions received, net		$	10,249			$	6,633			$	58,103			$	23,740

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

	(a)		Revenues for the three month periods ended December 31, 2002 and 2001 included approximately $0.7 million and $1.2 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.3 million, respectively. Revenues for the twelve month periods ended December 31, 2002 and 2001 included approximately $3.2 million and $4.6 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $1.1 million and $1.5 million, respectively.
	(b)		At December 31, 2002 and 2001, the Company owned joint venture interests relating to 49 and 55 shopping center properties, respectively. The Company’s share of net income has been reduced by $2.0 million and $1.3 million for the twelve month periods ended December 31, 2002 and 2001, respectively, to reflect additional basis depreciation and the elimination of gains on sale.

(E)		Represented the Company’s minority equity investment in AIP which was merged into a wholly owned subsidiary of the Company on May 14, 2001.
(F)		Minority Equity Interests are comprised of the following:

		Three Month Period								Year Ended
		Ended December 31,								December 31,
		2002				2001				2002				2001
Minority interests		$	427			$	359			$	1,782			$	890
Preferred Operating Partnership Units			4,027				4,770				18,338				19,081
Operating Partnership Units			346				384				1,450				1,531
		$	4,800			$	5,513			$	21,570			$	21,502

(G)

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

			Three Month Period								Year Ended
			Ended December 31,								December 31,
			2002				2001				2002				2001
Revenues			$	713			$	1,143			$	3,534			$	5,919
Expenses:
	Operating			118				324				972				1,192
	Depreciation			33				293				670				1,146
	Interest			22				219				376				858
				173				836				2,018				3,196
				540				307				1,516				2,723
(Impairment charge) and gain (loss) on sales of real estate, net				2,604				—				(454	)			—
Income from discontinued operations			$	3,144			$	307			$	1,062			$	2,723

(H)

For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion, on a weighted average basis, of 0.9 million and 1.0 million Operating Partnership Units (OP Units) outstanding at December 31, 2002 and 2001, respectively, into 0.9 million and 1.0 million common shares of the Company for the three month periods ended December 31, 2002 and 2001, respectively, and 1.0 million common shares of the Company for each of the twelve month periods ended December 31, 2002 and 2001. The weighted average diluted shares and OP Units outstanding were 67.0 million and 58.0 million for the three month periods ended December 31, 2002 and 2001, respectively, and 65.9 million and 57.0 million for the twelve month periods ended December 31, 2002 and 2001, respectively.

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DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:

				December 31, 2002				December 31, 2001
Assets:
Real estate and rental property:
		Land		$	488,292			$	419,261
		Buildings			2,109,675				1,869,753
		Fixtures and tenant improvements			72,674				60,115
		Land under development			20,028				25,539
		Construction in progress			113,387				118,997
					2,804,056				2,493,665
Less accumulated depreciation					(408,792	)			(351,709	)
Real estate, net					2,395,264				2,141,956
Cash					16,371				19,069
Advances to and investments in joint ventures					258,610				255,565
Notes receivable					11,662				5,221
Receivables, including straight line rent					60,074				51,694
Other assets					34,871				23,702
				$	2,776,852			$	2,497,207
Liabilities:
Indebtedness:
	Revolving credit facilities:
		Variable rate debt		$	346,000			$	201,750
		Fixed rate debt			100,000				200,000
	Variable rate unsecured term debt				22,120				22,120
	Senior unsecured fixed rate debt				304,900				405,827
	Senior unsecured variable rate debt				100,000				—
	Mortgage and other secured debt				625,778				478,604
					1,498,798				1,308,301
	Dividends payable				25,378				22,072
	Other liabilities				92,070				82,419
					1,616,246				1,412,792
Minority interests					215,045				250,401
Shareholders’ equity					945,561				834,014
				$	2,776,852			$	2,497,207

10

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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:

		December 31,				December 31,
		2002				2001
Land		$	368,520			$	374,531
Buildings			1,219,947				1,287,437
Fixtures and tenant improvements			24,356				18,391
Construction in progress			91,787				111,660
			1,704,610				1,792,019
Accumulated depreciation			(153,537	)			(140,850	)
Real estate, net			1,551,073				1,651,169
Receivables, including straight line rent, net			64,642				51,764
Investment in joint ventures			12,147				21,950
Leasehold interests			26,677				—
Other assets			80,285				60,778
		$	1,734,824			$	1,785,661
Mortgage debt(a)		$	1,129,310			$	1,168,686
Notes and accrued interest payable to DDRC			107,671				80,515
Other liabilities			131,865				61,280
			1,368,846				1,310,481
Accumulated equity			365,978				475,180
		$	1,734,824			$	1,785,661

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $387.1 million and $401.1 million at December 31, 2002 and December 31, 2001, respectively.

11

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Financial Summary

12

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Developers Diversified Realty
Quarterly Financial Supplement
For The Year Ended December 31, 2002

---

	FINANCIAL HIGHLIGHTS

     (In Thousands Except Per Share Information)

				Year Ended December 31
				2002				2001				2000				1999				1998
FUNDS FROM OPERATIONS:
	Net Income Applicable to Common Shareholders			$	74,912			$	65,111			$	73,571			$	60,135			$	57,969
	Depreciation and Amortization of Real Estate Investments			$	76,462			$	63,200			$	52,975			$	51,497			$	42,631
	Equity in Net Income From Joint Ventures				($32,769	)			($17,010	)			($17,072	)			($20,621	)			($12,888	)
	Equity in Net Income From Minority Equity Investment			$	0				($1,550	)			($6,224	)			($6,453	)			($686	)
	Joint Venture Funds From Operations			$	44,473			$	31,546			$	30,512			$	32,317			$	20,779
	Minority Equity Investment Funds From Operations			$	0			$	6,448			$	14,856			$	12,965			$	1,493
	Operating Partnership Minority Interest Expense			$	1,450			$	1,531			$	4,126			$	6,541			$	3,069
	Non-Recurring & Extraordinary Charges			$	0			$	2,895			$	0			$	0			$	882
	Loss (Gain) on Sales of Real Estate			$	454				($16,688	)			($23,440	)		$	1,664				($248	)
		FUNDS FROM OPERATIONS		$	164,983			$	135,482			$	129,303			$	138,044			$	113,001
PER SHARE INFORMATION:
	Funds From Operations — Diluted			$	2.50			$	2.38			$	2.19			$	2.05			$	1.86
	Net Income — Diluted			$	1.16			$	1.17			$	1.31			$	0.95			$	0.98
	Cash Dividends			$	1.52			$	1.48			$	1.44			$	1.40			$	1.31
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO					65,910				56,957				59,037				68,412				62,501
TOTAL MARKET CAPITALIZATION(1)				$	3,460,243			$	2,982,461			$	2,490,917			$	2,392,455			$	2,508,424
DEBT TO TOTAL MARKET CAPITALIZATION(1)					43.10	%			43.87	%			49.28	%			48.15	%			39.88	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC					48.26	%			47.18	%			47.82	%			45.78	%			43.71	%
DIVIDEND PAYOUT RATIO(1)					60.93	%			62.53	%			65.19	%			66.45	%			69.73	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES(2)					4.80	%			4.25	%			4.27	%			4.09	%			3.83	%
GENERAL AND ADMINISTRATIVE EXPENSES				$	29,392			$	24,175			$	20,449			$	17,774			$	12,918
REVENUES:
	DDR Revenues			$	360,778			$	324,148			$	285,416			$	263,932			$	227,844
	Joint Venture Revenues			$	251,905			$	244,663			$	193,275			$	170,714			$	109,752
		TOTAL REVENUES(3)		$	612,683			$	568,811			$	478,691			$	434,646			$	337,596
NET OPERATING INCOME:
	DDR Net Operating Income			$	243,372			$	224,889			$	204,922			$	194,263			$	168,670
	Joint Venture Net Operating Income			$	167,573			$	166,545			$	136,440			$	119,544			$	81,707
		TOTAL NET OPERATING INCOME(4)		$	410,945			$	391,433			$	341,362			$	313,807			$	250,377
REAL ESTATE AT COST:
	DDR Real Estate at Cost			$	2,804,056			$	2,493,665			$	2,161,810			$	2,068,274			$	1,890,423
	Joint Venture Real Estate at Cost(5)			$	1,785,165			$	1,862,515			$	1,522,493			$	1,441,322			$	1,146,528
		TOTAL REAL ESTATE AT COST(6)		$	4,589,221			$	4,356,179			$	3,684,302			$	3,509,596			$	3,036,951

(1)		See Market Capitalization and Financial Ratio section for detail calculation.
(2)		The calculation includes joint venture revenues. However, it does not include revenues from properties managed for third parties including the Burnham Pacific portfolio of properties in which property management services were retained from the fourth quarter of 2000 through the second quarter of 2002.
(3)		Includes revenues from discontinued operations.
(4)		Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions.
(5)		Includes gross up of assets shown as equity investment in joint ventures.
(6)		Includes construction in progress (CIP) at December 31, 2002 of $237.8 million (includes $104.5 million of CIP included in joint ventures, of which $58.7 million represents the Company’s proportionate share), and at December 31, 2001, 2000, 1999, 1998 CIP aggregated $287.7 million, $305.4 million, $308.2 million and $211.6 million, respectively.

Financial Highlights 2.1

13

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Developers Diversified Realty
Quarterly Financial Supplement
For The Year Ended December 31, 2002

---

	MARKET CAPITALIZATION & FINANCIAL RATIOS

			Year Ended December 31
			2002				2001				2000				1999				1998
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
	Total Debt		$	1,491,481			$	1,308,301			$	1,227,575			$	1,152,051			$	1,000,481
	Total Market Capitalization*		$	3,460,243			$	2,982,461			$	2,490,917			$	2,392,455			$	2,508,424
				43.10	%			43.87	%			49.28	%			48.15	%			39.88	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE				48.26	%			47.18	%			47.82	%			45.78	%			43.71	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
	Total Debt*		$	1,878,575			$	1,688,904			$	1,550,398			$	1,618,685			$	1,370,123
	Total Market Capitalization*		$	3,847,336			$	3,363,064			$	2,813,740			$	2,859,088			$	2,878,066
				48.83	%			50.22	%			55.10	%			56.62	%			47.61	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE				54.20	%			53.85	%			54.54	%			54.12	%			52.26	%
INTEREST COVERAGE RATIO:
	Interest Expense		$	77,208			$	81,770			$	77,030			$	68,023			$	57,196
	FFO Before Interest and Preferred Dividends*		$	287,586			$	263,595			$	248,896			$	238,486			$	190,149
				3.72				3.22				3.23				3.51				3.32
DEBT SERVICE COVERAGE RATIO:
	Debt Service*		$	83,958			$	88,764			$	82,103			$	73,022			$	61,124
	FFO Before Interest and Preferred Dividends*		$	287,586			$	263,595			$	248,896			$	238,486			$	190,149
				3.43				2.97				3.03				3.27				3.11
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
	Fixed Charges		$	129,353			$	135,107			$	124,666			$	105,440			$	81,076
	FFO Before Interest and Preferred Dividends*		$	287,586			$	263,595			$	248,896			$	238,486			$	190,149
				2.22				1.95				2.00				2.26				2.35
DIVIDEND PAYOUT RATIO
	Common Share Dividends and Operating Partnership Interest		$	100,531			$	84,721			$	84,297			$	91,736			$	78,799
	Funds From Operations		$	164,983			$	135,482			$	129,303			$	138,044			$	113,001
				0.61				0.63				0.65				0.66				0.70

*

See Attached for Detail Calculation

Market Capitalization and Financial Ratios 2.2

14

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Developers Diversified Realty
Quarterly Financial Supplement
For The Year Ended December 31, 2002

---

					Year Ended December 31
					2002				2001				2000				1999				1998				1997
DDR TOTAL MARKET CAPITALIZATION
	Common Shares Outstanding					66,609				59,455				54,880				59,504				61,289				55,376
	Operating Partnership Units Outstanding					911				1,038				1,051				4,702				4,581				18
		Total				67,520				60,493				55,932				64,206				65,870				55,394
	Share Price				$	21.9900			$	19.1000			$	13.3125			$	12.8750			$	17.7500			$	19.1250
	Market Value of Common Shares				$	1,484,762			$	1,155,410			$	744,592			$	826,654			$	1,169,193			$	1,059,410
	Preferred Shares at Book Value				$	304,000			$	303,750			$	303,750			$	303,750			$	303,750			$	149,750
	Preferred Units and Warrant				$	180,000			$	215,000			$	215,000			$	110,000			$	35,000			$	0
	Total Debt				$	1,491,481			$	1,308,301			$	1,227,575			$	1,152,051			$	1,000,481			$	668,521
			TOTAL MARKET CAPITALIZATION		$	3,460,243			$	2,982,461			$	2,490,917			$	2,392,455			$	2,508,424			$	1,877,681
DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
	Common Shares Outstanding					66,609				59,455				54,880				59,504				61,289				55,376
	Operating Partnership Units Outstanding					911				1,038				1,051				4,702				4,581				18
		Total				67,520				60,493				55,932				64,206				65,870				55,394
	Share Price				$	21.9900			$	19.1000			$	13.3125			$	12.8750			$	17.7500			$	19.1250
	Market Value of Common Shares				$	1,484,762			$	1,155,410			$	744,592			$	826,654			$	1,169,193			$	1,059,410
	Preferred Shares at Book Value				$	304,000			$	303,750			$	303,750			$	303,750			$	303,750			$	149,750
	Preferred Units and Warrant				$	180,000			$	215,000			$	215,000			$	110,000			$	35,000			$	0
	Total Debt				$	1,491,481			$	1,308,301			$	1,227,575			$	1,152,051			$	1,000,481			$	668,521
	Proportionate Share of JV Debt				$	387,094			$	380,604			$	322,823			$	466,633			$	369,642			$	190,283
			TOTAL MARKET CAPITALIZATION		$	3,847,336			$	3,363,064			$	2,813,740			$	2,859,088			$	2,878,066			$	2,067,964

Market Capitalization and Financial Ratios 2.2

15

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Developers Diversified Realty
Quarterly Financial Supplement
For The Year Ended December 31, 2002

---

				Year Ended December 31
			2002				2001				2000				1999				1998
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
	Undepreciated Real Estate Assets		$	2,804,056			$	2,493,665			$	2,161,810			$	2,068,274			$	1,890,423
	Cash and Cash Equivalents		$	16,371			$	19,070			$	4,243			$	5,992			$	2,260
	Notes Receivable		$	11,662			$	5,221			$	4,824			$	5,590			$	49,008
	Advances and Investments in Joint Ventures		$	258,611			$	255,327			$	260,927			$	299,176			$	266,257
	Minority Equity Investment		$	0			$	0			$	135,028			$	137,234			$	80,710
			$	3,090,699			$	2,773,281			$	2,566,831			$	2,516,266			$	2,288,658
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
	Undepreciated Real Estate Assets		$	2,804,056			$	2,493,665			$	2,161,810			$	2,068,274			$	1,890,423
	Notes Receivable or Proportionate Share Thereof		$	50,521			$	22,000			$	42,187			$	70,025			$	65,606
	Minority Equity Investment		$	0			$	0			$	135,028			$	137,234			$	80,710
	Proportionate Share of JV Undepreciated Real Estate Assets		$	611,224			$	620,688			$	503,902			$	715,118			$	585,169
			$	3,465,801			$	3,136,353			$	2,842,926			$	2,990,652			$	2,621,908
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
	FFO		$	164,983			$	135,482			$	129,303			$	138,044			$	113,001
	Interest Expense		$	77,208			$	81,770			$	77,030			$	68,023			$	57,196
	Preferred Dividends, Including Preferred Operating Minority Interest		$	45,395			$	46,343			$	42,563			$	32,419			$	19,952
			$	287,586			$	263,595			$	248,896			$	238,486			$	190,149
DEBT SERVICE
	Interest Expense		$	77,208			$	81,770			$	77,030			$	68,023			$	57,196
	Recurring Principal Amortization		$	6,750			$	6,994			$	5,073			$	4,999			$	3,928
			$	83,958			$	88,764			$	82,103			$	73,022			$	61,124
FIXED CHARGES
	Debt Service		$	83,958			$	88,764			$	82,103			$	73,022			$	61,124
	Preferred Dividends, Including Preferred Operating Minority Interest		$	45,395			$	46,343			$	42,563			$	32,419			$	19,952
			$	129,353			$	135,107			$	124,666			$	105,440			$	81,076

Market Capitalization and Financial Ratios 2.2

16

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17

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Developers Diversified Realty
Quarterly Financial Supplement
For The Year Ended December 31, 2002

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Significant Accounting Policies

Revenues

•		Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint.
•		Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provision of tenants’ leases.
•		Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash.

General and Administrative Expenses

•

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

Deferred Financing Costs

•

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

Real Estate

•		Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.
•		Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:

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

Significant Accounting Policies 2.4

18

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Developers Diversified Realty
Quarterly Financial Supplement
For The Year Ended December 31, 2002

---

Significant Accounting Policies (Continued)

•		Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized.
•		Included in land is undeveloped real estate, generally outlots or expansion pads adjacent to the shopping centers and enclosed malls owned by the Company.
•		Construction in progress includes shopping center developments and significant expansions and 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 years ended December 31, 2002, 2001, 2000, 1999 and 1998, the Company capitalized interest of $9.5 million, $12.9 million, $18.2 million, $13.4 million and $9.9 million, respectively.
•		In addition, the Company capitalized certain construction administration costs of $4.5 million for the year ended December 31, 2002 and $3.3 million, $3.2 million, $2.4 million and $1.8 million for the years ended December 31, 2001, 2000, 1999 and 1998, 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

19

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Consolidated and Wholly Owned Financial Operations

20

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2002

		Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		December 31,				December 31,				December 31,				December 31,				December 31,
		2002				2001				2000				1999				1998
Acquisitions/Transfers		$	298.9	(2)		$	289.3	(4)		$	81.1	(5)		$	78.3	(6)		$	688.4
Completed Expansions			8.0				13.7				13.6				43.3				11.2
Developments & Construction in Progress			66.4				72.9				81.2				75.6				121.0
Tenant Improvements & Building Renovations (1)			7.3				6.1				6.3				6.6				4.4
Furniture Fixtures & Equipment			2.3				2.5				0.4				5.3				2.3
		$	382.9			$	384.5			$	182.6			$	209.1			$	827.3
Less: Real Estate Sales & Joint Venture Transfers			($72.2	)(3)			($52.7	)			($89.1	)			($37.6	)			($328.8	)
Total DDR Additions (Millions)		$	310.7			$	331.8			$	93.5			$	171.5			$	498.5

---

(1)		The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $6.5 million associated with its wholly owned and consolidated portfolio during 2003.
(2)		Includes transfers from joint ventures of the Independence, MO shopping center, Phase IV of the Salisbury, MD shopping center, Canton, OH shopping center, Plainville, CT shopping center, and San Antonio, TX shopping center to DDR.
(3)		Includes a transfer to joint ventures for the newly developed shopping center in Kildeer, Illinois, the sales of shopping centers located in Cape Coral, Florida, Huntsville, Alabama, Ocala, Florida, Orlando, Florida and St. Louis, Missouri, the sale of three outlots, and a write-off of $5.0 million relating to the former K-mart space at North Little Rock, Arkansas which is being redeveloped. This line item does not include the balance sheet reclassification of assets held for sale.
(4)		The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001.
(5)		Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavilion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures.
(6)		Includes a transfer of the Everett development project to DDR and the Salem development project to DD Development Co.

Summary of Wholly Owned Capital Transactions 3.1

21

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Wholly Owned and Consolidated Acquisitions for the Twelve Month
Period Ended December 31, 2002

						Cost				Acquisition
Property Location		GLA(2)				(Millions)				Date		Major Tenants
San Francisco, CA			123,755			$	20.0	(1)		02/28/02		MAC Theatre, Bally’s Fitness
Richmond, CA			246,685			$	31.8			02/28/02		Century Theater, Ross Dress for Less, Circuit City, Barnes & Noble, OfficeMax, Petsmart
Salisbury, MD (Phase IV)			6,920			$	0.5			03/14/02		Reico, Leisure Time Fitness
Independence, MO			406,850			$	40.9			02/11/02		Kohl’s, Bed Bath & Beyond, Marshalls, Rhodes Furniture, Barnes & Noble, AMC Theatre
Canton, OH			275,675			$	21.6			06/14/02		Target, Dicks Clothing & Sporting Goods, David’s Bridal, DSW Shoe Warehouse, Kohl’s
Plainville, CT			478,596			$	59.9			07/01/02		Lowe’s Home Improvements, Loew’s Cineplex Theater, Kmart, A.C. Moore, Linens ‘N Things, Old Navy, Kohl’s
San Antonio, TX			223,542			$	41.6			07/26/02		Target, Lowe’s Home Improvement, Michael’s, Linens ‘N Things, Barnes & Noble, T.J. Maxx, Ross Dress for Less, Old Navy, OfficeMax
Birmingham, AL			228,344			$	11.3			07/31/02		Marshall’s, Michaels, Toys ‘R Us, Kids ‘R Us, Pier One, The Mens Wearhouse, Goody’s Family Clothing
Columbia, SC			312,178			$	19.5			07/31/02		Barnes & Noble, OfficeMax, Marshall’s, Hancock Fabrics, The Avenue, Olive Garden, Rugged Wearhouse, Shoe Carnival, Babies ‘R Us, Pier One
Ft. Worth, TX			133,814			$	9.2			07/31/02		Albertson’s, Eckerd Drug, Starbucks, Radio Shack
Wichita, KS			300,659			$	16.0			07/31/02		Barnes & Noble, OfficeMax, Osco Drug, TJ Maxx, Toys ‘R Us, David’s Bridal. Famous Footwear
Lewisville, TX			557,051			$	26.6			07/31/02		Toys “R” Us, Best Buy, Petsmart, Pier One, Olive Garden, Academy Sports
Total			3,294,069			$	298.9

(1)		The Company also obtained a mortgage note receivable of approximately $15 million.
(2)		GLA may include property managed, but not owned.

Wholly Owned Acquisitions 3.2

22

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Wholly Owned and Consolidated Dispositions
for the Twelve Month Period Ended December 31, 2002

						Gross Sale
						Proceeds
Property Location		GLA				(Millions)				Sale Date
Kildeer, IL (a)			155,490			$	28.0				3/28/2002
Huntsville, AL			41,000			$	4.4				4/11/2002
Cape Coral, FL			74,202			$	5.1				4/15/2002
Ocala, FL			19,280			$	0.9				8/7/2002
St. Louis, MO			9,048			$	2.0				9/20/2002
Jacksonville, NC (b)			62,996			$	6.1				10/29/2002
Columbia, SC (b)			47,600				5.3				10/29/2002
Orlando, FL			177,037			$	7.3				11/14/2002
Dallas, TX			20,645			$	1.7				11/15/2002
Total			607,298			$	60.8

(a)		The property was sold to DDRA Kildeer LLC, which is a joint venture between DRA Advisors (90%) and DDR (10%).
(b)		These properties were sold together for gross sales proceeds of $11.4 million.

Wholly Owned Dispositions 3.2

23

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 31, 2002

Projects Completed
Denver, CO		Demised former HomePlace space and retenanted with Cost Plus World Market and Loehmann’s.
St. Louis, MO		Demised former HomePlace space and retenanted with Bed Bath & Beyond and David’s Bridal.
Detroit, MI		Demised former Farmer Jack’s Grocer space and retenanted with Bally’s Total Fitness and Big Lots.
Lebanon, OH		Purchased adjacent property and relocated three tenants to add a Home Depot to the shopping center.
N. Olmsted, OH		Demised former HomePlace space and retenanted with Bed Bath & Beyond and Pier 1 Imports Also expanded Kronheim’s existing space by 7,250 sf.
Total Net Cost (Millions) $8.0
Projects in Progress
Birmingham, AL		Retenanting the former Wal-Mart space with Lowe’s Home Improvement and adding a 45,600 sf expansion, which will include a Ross Dress for Less and Petco, both of which are currently under construction.
N. Little Rock, AR		Demolished the former Kmart space to rebuild for Bed, Bath & Beyond (opened 9/02), Sports Authority, and up to 35,200 sf of additional retail space.
Brandon, FL		Retenanting the former Scotty’s with 66,000 sf two story Kanes Furniture store.
N. Canton, OH		Expansion of existing Kohl’s space by approximately 20,000 sf and the addition of an additional 7,000 sf of retail space.
Taylorsville, UT		Redevelopment of the center, including the demolition of the former theater to rebuild a 35,000 sf 24 Hour Fitness (opened 12/02), and the relocation of several small retailers to accommodate a 30,200 sf Ross Dress for Less, which is under construction.
Bayonet Point, FL		Relocation of three small shops for the expansion of existing Beall’s space by approximately 15,700 sf. Beall’s is currently under construction.
Tiffin, OH		Retenanting the former Kmart with Marquee Theatre and 15,000 sf of additional retail space.
Riverdale, UT (North)		Retenanting the former Wal-Mart space with a Meier and Frank Department Store.
Total Net Cost (Millions) $29.7
Projects to Commence Construction
Aurora, OH		Expansion of the existing center to create a 38,000 sf Marquee Theatre.
Erie, PA		Expansion of the existing Kohl’s store to create an additional 20,250 sf.
Princeton, NJ		Expansion of the existing center to create an additional 76,800 sf of retail space.

Wholly Owned Expansions and Redevelopments 3.2

24

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Summary of Wholly Owned and Consolidated Development Projects
for the Twelve Month Period Ended December 31, 2002

										Substantial
						Net Cost				Completion
Projects Substantially Completed		GLA				(Millions)				Date				Major Tenants
Meridian (Boise), ID Phase I & II			733,051(1	)(2)		$	64.3	(1)			2000 (Phase I)			Phase I: Wal*Mart Supercenter (not owned), Shopko, Shepler’s, Bed Bath & Beyond, Office Depot, Old Navy, Sportsman’s Warehouse, Ross Dress for Less, Marshalls, additional small retailers and restaurants.
											2003 (Phase II)			Phase II: 95,000 square feet of additional retail space.
Projects in Progress
Riverdale (Salt Lake City), UT			469,313	(2)		$	20.8				2004			Wal*Mart Supercenter (not owned), Sam’s Club (not owned), both stores opened 3rd quarter 2002.
Phase I
Coon Rapids (Minneapolis), MN			295,290			$	38.2				1st Half			Phase I: Ulta 3 Cosmetics, Border’s, Maurice’s, Lane Bryant, Sprint, PetsMart, additional small retailers and restaurants.
(Central Quadrant, adjacent											2003
to DDR’s existing property)											(Phase I)
											2nd Half			Phase II: Casual Corner, Pier One.
											2003
											(Phase II)
Long Beach, CA (The Pike at Rainbow Harbor) Phase I			343,651			$	113.4				2nd Half			Crown Theatres, Gameworks, Carnival Club, Gladstones, P.F. Changs, Island Burgers, Bubba Gump, California Pizza Kitchen.
											2003
Projects to Commence Construction
St. Louis, MO			99,927			$	13.1				2004			To be announced.
Wholly Owned Development Totals			1,941,232			$	249.8

Notes:

(1)		Meridian project costs and square footage are aggregated for Phase I and Phase II.
(2)		Includes square footage which will not be Company owned.

Wholly Owned Developments 3.2

25

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Wholly Owned and Consolidated Development
Assets Placed in Service as of December 31, 2002

		Assets Placed in Service
Date		(Millions)
As of December 31, 2001		$	38.5
1st Quarter 2002		$	0.0
2nd Quarter 2002		$	2.3
3rd Quarter 2002		$	2.8
4th Quarter 2002		$	15.2
During 2003		$	117.3
Thereafter		$	73.7
Total		$	249.8

Wholly Owned and Consolidated Development
Funding Schedule as of December 31, 2002

Funded as of December 31, 2002		$	147.9
Projected Net Funding During 2003		$	75.8
Projected Net Funding Thereafter		$	26.1
Total		$	249.8	(1)

(1)

Amount will be reduced by the additional proceeds to be obtained through the construction loans relating to the Meridian, Coon Rapids and The Pike projects.

Wholly Owned Development Delivery and Funding Schedules 3.2

26

---

 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Summary of Consolidated Debt
as of December 31, 2002

Mortgage

Maturity

Interest

Balance

Date

Rate (1)

SENIOR DEBT:

Unsecured Credit Facility:

$650 Million Revolving Credit Facility

433,500,000

(2)

05/05

2.399

Secured Credit Facility:

$30 Million Revolving Credit Facility

12,500,000

06/05

2.380

Total Credit Facility Debt

446,000,000

Unsecured Term Loan

V

22,120,000

12/03

2.680

Total Bank Debt

468,120,000

Public Debt:

Medium Term Notes

F

4,000,000

01/03

7.040

Medium Term Notes

F

3,000,000

01/03

7.030

Medium Term Notes

F

15,000,000

02/03

7.010

Medium Term Notes

F

3,000,000

02/03

7.010

Medium Term Notes

F

10,000,000

07/04

6.900

Medium Term Notes

F

5,000,000

07/04

6.940

Medium Term Notes

F

50,000,000

(3)

12/04

6.840

Medium Term Notes

F

1,000,000

11/05

7.280

Medium Term Notes

F

94,713,626

(4)

03/07

6.840

Medium Term Notes

F

10,000,000

07/07

6.950

Medium Term Notes

F

2,000,000

12/07

7.050

Medium Term Notes

F

99,869,867

01/08

6.625

Medium Term Notes

F

100,000,000

07/18

7.500

Total Public Debt

397,583,493

MORTGAGE DEBT:

Plainville, CT

F

7,300,000

04/21

7.125

Bayonet Point, FL

F

5,327,208

08/06

9.750

Erie, PA

F

26,000,000

04/11

6.880

Erie, PA

F

3,000,000

04/11

6.880

Boardman, OH

F

27,000,000

04/11

6.880

St. Louis, MO (Sunset)

F

35,000,000

04/11

6.880

St. Louis, MO (Brentwood)

F

26,000,000

04/11

6.880

Denver, CO (Centennial)

F

39,000,000

04/11

6.880

Cedar Rapids, IA

F

10,615,420

01/20

9.375

St. Louis, MO (Olympic)

F

4,113,979

08/07

9.150

St. Louis, MO (Gravois)

F

2,393,693

07/12

8.625

St. Louis, MO (Keller)

F

2,085,145

01/10

8.625

St. Louis, MO (Home Qtrs)

F

3,057,714

01/15

8.800

Mt. Pleasant, SC

F

5,901,871

04/03

8.250

Sault St. Marie, MI

F

4,235,721

05/07

8.375

Detroit, MI

F

8,835,864

09/05

7.375

Logan, UT

F

810,836

06/12

8.750

Riverdale, UT (North)

F

9,435,350

10/20

9.300

Salt Lake City, UT

F

641,286

08/04

5.900

Brentwood, TN

F

15,889,293

01/03

8.050

Berlin, VT

F

4,940,000

08/07

9.750

Brainerd, MN

F

350,000

02/05

6.800

Spring Hill, FL

F

4,881,570

09/19

9.750

Summary of Consolidated Debt 3.3

27

---

 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Summary of Consolidated Debt
as of December 31, 2002 (continued)

West Pasco, FL			F				4,783,894				02/12				9.625
Princeton, NJ			F				26,684,235				03/27				8.262
Hoover, AL (Riverchase)			F				8,200,000				01/13				5.500
Bellefontaine, OH			F				2,718,368				12/16				7.500
Dublin, OH			F				9,932,572				09/06				8.375
Pickerington, OH			F				4,685,844				12/06				8.250
Dallas, TX (Beltline)			F				1,482,794				12/03				8.610
Houston, TX (Commerce Park)			F				1,847,648				12/03				8.610
Irving, TX (Gateway)			F				2,507,523				12/03				8.610
Arlington, TX (Meridian)			F				1,022,822				12/03				8.610
Dallas, TX (Northgate)			F				4,553,133				12/03				8.610
Houston, TX (Plaza Southwest)			F				2,969,435				12/03				8.610
Houston, TX (Westchase)			F				1,167,977				12/03				8.610
Dallas, TX (Carpenter)			F				28,862,797				01/08				7.250
Silver Springs, MD (Tech 29-1)			F				7,161,404				02/09				7.330
Silver Springs, MD (Tech 29-2)			F				3,631,171				09/06				9.050
Silver Springs, MD (Tech 29-3)			F				4,176,929				11/06				8.580
Meridian, ID			V				35,293,386				09/03				2.680
Everett, MA			V				29,000,000				12/03				3.230
Toledo, OH			V				23,000,000				06/03				2.580
Princeton, NJ			V				25,000,000				09/25				2.880
Independence, MO			V				27,500,000				05/03				2.780
N Canton, OH			V				15,280,658				09/08				2.880
Coon Rapids, MN			V				12,650,000				06/04				2.880
Mt. Laurel, NJ			V				12,350,000				06/04				2.880
San Antonio, TX			V				27,699,995				07/06				2.880
Fort Worth, TX; Lewisville, TX; Wichita, KS; Columbia, SC			V				54,800,000				01/04				2.630
Total Mortgage Debt							625,777,536
Total Debt						$	1,491,481,028
Adjustment for Reverse Swap						$	7,316,722	(5)
						$	1,498,797,750
Weighted Average — Total										5.03 years					5.0	%
Weighted Average — Fixed										7.00 years					7.1	%
Weighted Average — Floating										3.00 years					2.7	%

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 deferred finance cost amortization is approximately $3.9 million, net.
2.		Senior debt of $100 million has been converted to a fixed rate of 6.24%. The remaining balance of $333.5 million is at the stated variable rate.
3.		Public debt of $40 million has been converted to a variable rate of 3.655%.The remaining balance of $10 million is at the stated fixed rate.
4.		Public debt of $60 million has been converted to a variable rate of 3.196%. The remaining balance of $34.7 million is at the stated fixed rate.
5.		Offset included in other assets.

Summary of Consolidated Debt 3.3

28

---

 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2002

		2003 Payments				2004 Payments				2005 Payments				2006 Payments				2007 Payments				2008 Payments				2009 Payments				2010 Payments				2011 Payments				Thereafter				Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																																							7,300,000				7,300,000
Bayonet Point, FL															5,327,208																												5,327,208
Erie, PA																																			26,000,000								26,000,000
Erie, PA																																			3,000,000								3,000,000
Boardman, OH																																			27,000,000								27,000,000
St. Louis, MO (Sunset)																																			35,000,000								35,000,000
St. Louis, MO (Brentwood)																																			26,000,000								26,000,000
Denver, CO (Centennial)																																			39,000,000								39,000,000
Cedar Rapids, IA			261,484				287,080				315,180				346,032				379,903				417,090				457,917				502,740				551,951				7,096,042				10,615,419
St. Louis, MO (Olympic)			278,781				306,037				335,244				367,239				2,826,678																								4,113,979
St. Louis, MO (Gravois)			242,822				282,102				309,630				355,259				389,043				291,874				114,649				124,938				136,150				72,226				2,318,693
St. Louis, MO (Keller)			223,265				243,301				265,136				288,930				314,858				343,115				373,701				32,840												2,085,146
St. Louis, MO (Home Quarters)			148,087				162,287				177,159				193,393				211,116				230,462				251,581				274,635				299,802				1,109,192				3,057,714
Mt. Pleasant, SC			5,901,871																																								5,901,871
Sault St Marie, MI			837,837				910,763				989,529				1,079,405				418,186																								4,235,721
Detroit, MI			2,854,894				2,800,107				2,910,804																																8,565,805
Logan, UT			57,291				62,510				68,204				74,418				81,196				88,593				96,664				105,470				115,077				61,413				810,836
Riverdale, UT (North)			217,120				238,196				261,317				286,683				314,511				345,040				378,532				415,276				455,586				6,523,088				9,435,349
Salt Lake City, UT			428,333				206,663																																				634,996
Brentwood, TN			15,882,559																																								15,882,559
Berlin, VT																			4,940,000																								4,940,000
Brainerd, MN (K-Mart)			135,000				140,000				75,000																																350,000
Spring Hill, FL			139,964				154,238				169,966				187,299				206,399				227,447				250,642				276,201				304,368				3,690,046				5,606,570
West Pasco, FL																																							4,783,894				4,783,894
Princeton, NJ			303,278				323,399				357,990				389,156				423,036				453,799				499,373				542,848				590,108				22,801,248				26,684,235
Hoover, AL (Riverchase)																																							8,200,000				8,200,000
Bellefontaine, OH			114,176				123,039				132,591				142,885				153,977				165,931				178,812				192,694				207,653				1,306,609				2,718,367
Dublin, OH			228,593				248,490				270,119				9,185,371																												9,932,573
Pickerington, OH			185,769				201,688				218,971				4,079,415																												4,685,843
Dallas, TX (Beltline)			1,482,794																																								1,482,794
Houston, TX (Commerce Park)			1,847,648																																								1,847,648
Irving, TX (Gateway)			2,507,523																																								2,507,523
Arlington, TX (Meridian)			1,022,805																																								1,022,805
Dallas, TX (Northgate)			4,553,134																																								4,553,134
Houston, TX (Plaza Southwest)			2,969,435																																								2,969,435
Houston, TX (Westchase)			1,167,977																																								1,167,977
Dallas, TX (Carpenter)			423,026				454,735				488,821				525,462				564,850				26,405,905																				28,862,799
Silver Springs, MD (Tech 29-1)			136,295				145,270				157,949				170,095				183,176				195,898				6,172,722																7,161,405
Silver Springs, MD (Tech 29-2)			77,485				84,795				92,796				3,376,141																												3,631,217
Silver Springs, MD (Tech 29-3)			442,601				442,601				442,601				2,482,177																												3,809,981
Toledo, OH			23,000,000																																								23,000,000
Princeton, NJ (Nassau Pav)																																							25,000,000				25,000,000

29

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

---

 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2002 (con’t)

					2003 Payments				2004 Payments				2005 Payments				2006 Payments				2007 Payments
Independence, MO						27,500,000
N. Canton, OH
San Antonio, TX																		27,699,995
Fort Worth, TX; Lewisville, TX;										54,800,000
	Wichita, KS; Columbia, SC
		Total — Property Mortgages				95,571,848				62,617,301				8,039,007				56,556,563				11,406,929
CONSTRUCTION LOANS
$36 Million Construction Loan (US Bank)						35,293,386	(1)
$35.5 Million Construction Loan (National City Bank)						29,000,000	(1)
$22.1 Million Term Loan (Wells Fargo)						22,120,000
$25 Million Construction Loan (National City Bank)										25,000,000
		Total — Construction Loans				86,413,386				25,000,000				0				0				0
UNSECURED DEBT
DEBT OFFERINGS
Senior Notes						25,000,000				65,000,000				1,000,000								106,713,626
		Total — Debt Offerings				25,000,000				65,000,000				1,000,000				0				106,713,626
		Total — Property Mortgages,				206,985,234				152,617,301				9,039,007				56,556,563				118,120,555
			Construction Loans & Debt Offerings
REVOLVING CREDIT FACILITIES
$650 Million Unsecured Credit (Bank One)														433,500,000	(2)
	$30 Million Revolving Credit (National City Bank)													12,500,000	(3)
		Total — Debt				206,985,234				152,617,301				455,039,007				56,556,563				118,120,555

[Additional columns below]

[Continued from above table, first column(s) repeated]

					2008 Payments				2009 Payments				2010 Payments				2011 Payments				Thereafter				Total
Independence, MO																										27,500,000
N. Canton, OH						15,280,658																				15,280,658
San Antonio, TX																										27,699,995
Fort Worth, TX; Lewisville, TX;																										54,800,000
	Wichita, KS; Columbia, SC
		Total — Property Mortgages				44,445,812				8,774,593				2,467,642				158,660,695				80,643,758				536,484,150
CONSTRUCTION LOANS
$36 Million Construction Loan (US Bank)																										35,293,386
	$35.5 Million Construction Loan (National City Bank)																									29,000,000
	$22.1 Million Term Loan (Wells Fargo)																									22,120,000
	$25 Million Construction Loan (National City Bank)																									25,000,000
		Total — Construction Loans				0				0				0				0				0				111,413,386
UNSECURED DEBT
DEBT OFFERINGS
Senior Notes						99,869,867																100,000,000				397,583,493
		Total — Debt Offerings				99,869,867				0				0				0				100,000,000				397,583,493
		Total — Property Mortgages,				144,315,679				8,774,593				2,467,642				158,660,695				180,643,758				1,045,481,029
			Construction Loans & Debt Offerings
REVOLVING CREDIT FACILITIES
$650 Million Unsecured Credit (Bank One)																										433,500,000
	$30 Million Revolving Credit (National City Bank)																									12,500,000
		Total — Debt				144,315,679				8,774,593				2,467,642				158,660,695				180,643,758				1,491,481,028

Notes:

	(1)		Balance at December 31, 2002 on revolving construction credit facilities.
	(2)		Balance at December 31, 2002 on $650 million revolving credit facility.
	(3)		Balance at December 31, 2002 on $30 million revolving credit facility.

30

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

 

---

 

Joint Venture Summaries

31

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2002

---

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2002

			RVIP I A				RVIP III A				RVIP III B				RVIP III C				RVIP IV A
			Plainville, CT				Round Rock, TX				Deer Park, IL				San Antonio, TX				Hagerstown, MD
Real Estate Assets			$	0.0			$	0.0			$	64.6			$	0.0			$	0.0
	Accumulated Depreciation			—				—				(3.4	)			—				0.0
Real Estate, net				0.0				0.0				61.2				0.0				0.0
Receivables, Net				0.0				0.0				1.3				0.0				0.0
Other assets				0.0				0.0				1.5				0.0				0.0
			$	0.0			$	0.0			$	64.0			$	0.0			$	0.0
Mortgage Debt			$	0.0			$	0.0			$	47.3			$	0.0			$	0.0
Amounts payable to DDRC				0.0				0.0				0.0				0.0				0.0
Other liabilities				0.0				0.0				1.3				0.0				0.0
				0.0				0.0				48.6				0.0				0.0
Accumulated equity (deficit)				0.0				0.0				15.4				0.0				0.0
			$	0.0			$	0.0			$	64.0			$	0.0			$	0.0

[Additional columns below]

[Continued from above table, first column(s) repeated]

							Community				Community Centers				Community Centers				Community Centers
			RVIP VII				Centers				Four				Five				Six
Real Estate Assets			$	284.4			$	400.3			$	41.7			$	248.3			$	17.0
	Accumulated Depreciation			(11.9	)			(52.8	)			(4.9	)			(22.0	)			(1.0	)
Real Estate, net				272.5				347.5				36.8				226.3				16.0
Receivables, Net				5.9				15.3				1.2				8.3				0.4
Other assets				13.5				19.1				3.6				5.1				0.9
			$	291.9			$	381.9			$	41.6			$	239.7			$	17.3
Mortgage Debt			$	139.9			$	331.3			$	30.0			$	156.0			$	12.8
Amounts payable to DDRC				0.0				8.9				0.0				0.1				0.0
Other liabilities				22.4				5.3				0.2				2.3				0.1
				162.3				345.5				30.2				158.4				12.9
Accumulated equity (deficit)				129.6				36.4				11.4				81.3				4.4
			$	291.9			$	381.9			$	41.6			$	239.7			$	17.3

Combining Statements of Operations
for the year ended December 31, 2002

		RVIP I A				RVIP III A				RVIP III B				RVIP III C				RVIP IV A
		Plainville, CT				Round Rock, TX				Deer Park, IL				San Antonio, TX				Hagerstown, MD
Revenues from operations		$	4.1			$	0.0			$	10.6			$	2.9			$	0.0
Rental operation expenses			1.3				0.0				3.7				0.7				0.0
Depreciation and amortization expense			0.6				0.0				1.7				0.6				0.0
Interest expense			0.6				0.0				3.4				0.7				0.0
			2.5				0.0				8.8				2.0				0.0
Income (loss) before gain on sale			1.6				0.0				1.8				0.9				0.0
Gain on sale of real estate			0.0				0.0				0.0				0.0				0.0
Discontinued operations			0.0				3.0				0.0				0.0				0.7
Gain on sale of discontinued operations			0.0				0.0				0.0				0.0				0.0
Tax expense			0.0				0.0				0.0				0.0				0.0
Net income (loss)		$	1.6			$	3.0			$	1.8			$	0.9			$	0.7
DDR Ownership interest			***				***				24.75	%			***				***
		$	0.4			$	0.6			$	0.5			$	0.2			$	0.1
Amortization of basis differential			0.0				0.0				0.0				0.0				0.0
		$	0.4			$	0.6			$	0.5			$	0.2			$	0.1
Funds From Operations (“FFO”):
Net income (loss)		$	1.6			$	3.0			$	1.8			$	0.9			$	0.7
Depreciation of real property			0.6				0.8				1.7				0.6				0.5
Less gain on sale			0.0				0.0				0.0				0.0				0.0
		$	2.2			$	3.8			$	3.5			$	1.5			$	1.2
DDR ownership interest			***				***				***				***				***
DDR FFO		$	0.8			$	1.5			$	0.9			$	0.6			$	0.5

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Community				Community Centers				Community Centers				Community Centers
		RVIP VII				Centers				Four				Five				Six
Revenues from operations		$	38.0			$	57.5			$	5.2			$	34.8			$	2.9
Rental operation expenses			12.3				16.3				1.7				10.7				1.0
Depreciation and amortization expense			6.6				8.5				0.9				5.8				0.3
Interest expense			10.1				20.7				1.9				10.7				1.1
			29.0				45.5				4.5				27.2				2.4
Income (loss) before gain on sale			9.0				12.0				0.7				7.6				0.5
Gain on sale of real estate			0.0				4.5				0.0				0.0				0.0
Discontinued operations			0.0				1.5				0.0				0.0				0.0
Gain on sale of discontinued operations			0.0				25.0				0.0				0.0				0.0
Tax expense			0.0				0.0				0.0				0.0				0.0
Net income (loss)		$	9.0			$	43.0			$	0.7			$	7.6			$	0.5
DDR Ownership interest			20	%			20	%			35	%			50	%			50	%
		$	2.0			$	8.6			$	0.2			$	3.8			$	0.3
Amortization of basis differential			0.0				(1.1	)			0.0				0.2				0.0
		$	2.0			$	7.5			$	0.2			$	4.0			$	0.3
Funds From Operations (“FFO”):
Net income (loss)		$	9.0			$	43.0			$	0.7			$	7.6			$	0.5
Depreciation of real property			6.6				9.3				0.9				5.8				0.3
Less gain on sale			0.0				(29.4	)			0.0				0.0				0.0
		$	15.6			$	22.9			$	1.6			$	13.4			$	0.8
DDR ownership interest			***				20	%			35	%			50	%			50	%
DDR FFO		$	4.0			$	4.6			$	0.6			$	6.7			$	0.4

32

Joint Venture Financials 4.1

 

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2002

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2002

		Community Centers				Community Centers												Lennox Town
		Seven				Eight				Merriam				Kildeer, IL				Center (2)
Real Estate Assets		$	15.6			$	26.7			$	48.9			$	28.0			$	21.1
Accumulated Depreciation			(0.7	)			(1.4	)			(3.9	)			(0.6	)			(2.7	)
Real Estate, net			14.9				25.3				45.0				27.4				18.4
Receivables, Net			0.3				0.9				2.7				0.3				1.3
Other assets			0.2				0.5				1.3				0.6				1.1
		$	15.4			$	26.7			$	49.0			$	28.3			$	20.8
Mortgage Debt		$	10.0			$	17.8			$	33.9			$	19.5			$	19.5
Amounts payable to DDRC			0.0				0.0				0.0				0.0				0.0
Other liabilities			0.3				0.6				0.7				0.4				0.8
			10.3				18.4				34.6				19.9				20.3
Accumulated equity (deficit)			5.1				8.3				14.4				8.4				0.5
		$	15.4			$	26.7			$	49.0			$	28.3			$	20.8

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Sun Center				Dublin Village				Washington Park												Leawood, KS
		Limited (2)				(2)				(2)				Liberty Fair				DOTRS				(2)
Real Estate Assets		$	25.1			$	29.7			$	18.2			$	32.6			$	24.9			$	61.1
Accumulated Depreciation			(4.4	)			(11.5	)			(7.4	)			(11.6	)			(3.0	)			(7.1	)
Real Estate, net			20.7				18.2				10.8				21.0				21.9				54.0
Receivables, Net			0.9				0.6				0.2				0.4				1.0				1.7
Other assets			0.5				0.6				1.6				1.1				0.2				1.4
		$	22.1			$	19.4			$	12.6			$	22.5			$	23.1			$	57.1
Mortgage Debt		$	21.7			$	19.2			$	14.1			$	20.2			$	11.5			$	53.4
Amounts payable to DDRC			0.0				0.0				0.9				8.7				0.0				0.0
Other liabilities			0.7				1.0				1.5				0.4				0.5				1.7
			22.4				20.2				16.5				29.3				12.0				55.1
Accumulated equity (deficit)			(0.3	)			(0.8	)			(3.9	)			(6.8	)			11.1				2.0
		$	22.1			$	19.4			$	12.6			$	22.5			$	23.1			$	57.1

Combining Statements of Operations
for the year ended December 31, 2002

		Community Centers				Community Centers												Lennox Town				Sun Center
		Seven				Eight				Merriam				Kildeer, IL				Center (2)				Limited (2)
Revenues from operations		$	2.1			$	4.3			$	6.6			$	2.8			$	4.6			$	3.8
Rental operation expenses			0.5				1.6				1.7				0.6				1.2				1.0
Depreciation and amortization expense			0.2				0.4				1.1				0.6				1.1				0.6
Interest expense			0.8				1.5				1.7				0.4				1.6				1.9
			1.5				3.5				4.5				1.6				3.9				3.5
Income (loss) before gain on sale			0.6				0.8				2.1				1.2				0.7				0.3
Gain on sale of real estate			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
Gain on sale of discontinued operations			0.0				0.0				0.0				0.0				0.0				0.0
Tax expense			0.0				0.0				0.0				0.0				0.0				0.0
Net income (loss)		$	0.6			$	0.8			$	2.1			$	1.2			$	0.7			$	0.3
DDR Ownership interest			50	%			50	%			50	%			10	%			50	%			79	%
		$	0.3			$	0.4			$	1.1			$	0.1			$	0.4			$	0.2
Amortization of basis differential			0.0				0.0				0.0			$	0.0				(0.1	)			(0.1	)
		$	0.3			$	0.4			$	1.1			$	0.1			$	0.3			$	0.1
Funds From Operations (“FFO”):
Net income (loss)		$	0.6			$	0.8			$	2.1			$	1.2			$	0.7			$	0.3
Depreciation of real property			0.2				0.4				1.1				0.6				1.1				0.6
Less gain on sale			0.0				0.0				0.0				0.0				0.0				0.0
		$	0.8			$	1.2			$	3.2			$	1.8			$	1.8			$	0.9
DDR ownership interest			50	%			50	%			50	%			10	%			50	%			79	%
DDR FFO		$	0.4			$	0.6			$	1.6			$	0.2			$	0.9			$	0.7

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Dublin Village				Washington Park												Leawood, KS
		(2)				(2)				Liberty Fair				DOTRS				(2)
Revenues from operations		$	3.3			$	1.3			$	3.5			$	5.0			$	11.8
Rental operation expenses			1.4				0.8				1.1				1.2				4.4
Depreciation and amortization expense			0.1				0.9				1.1				0.7				1.6
Interest expense			1.6				1.2				2.2				0.5				4.0
			3.1				2.9				4.4				2.4				10.0
Income (loss) before gain on sale			0.2				(1.6	)			(0.9	)			2.6				1.8
Gain on sale of real estate			0.0				0.0				0.0				0.0				0.0
Discontinued operations			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
Tax expense			0.0				0.0				0.0				0.0				0.0
Net income (loss)		$	0.2				($1.6	)			($0.9	)		$	2.6			$	1.8
DDR Ownership interest			80	%			***				***				50	%			50	%
		$	0.2				($1.3	)			($0.9	)		$	1.3			$	0.9
Amortization of basis differential			(0.2	)			(0.1	)			0.0				0.1				(0.3	)
			($0.0	)			($1.4	)			($0.9	)		$	1.4			$	0.6
Funds From Operations (“FFO”):
Net income (loss)		$	0.2				($1.6	)			($0.9	)		$	2.6			$	1.8
Depreciation of real property			0.1				0.9				1.1				0.7				1.6
Less gain on sale			0.0				0.0				0.0				0.0				0.0
		$	0.3				($0.7	)		$	0.2			$	3.3			$	3.4
DDR ownership interest			80	%			***				***				50	%			50	%
DDR FFO		$	0.2				($0.3	)		$	0.2			$	1.7			$	1.7

Joint Venture Financials 4.1

33

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2002

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2002

						Salisbury,				Coon Rapids,				Service				Jefferson County,
		Littleton, CO				MD				MN				Merchandise (3)				MO (4)				Round Rock, TX
Real Estate Assets		$	55.0			$	2.1			$	39.7			$	161.8			$	5.1			$	1.6
Accumulated Depreciation			(1.0	)			(0.1	)			(1.4	)			(0.3	)			0.0				0.0
Real Estate, net			54.0				2.0				38.3				161.5				5.1				1.6
Receivables, Net			0.3				0.2				0.5				1.3				0.0				0.3
Other assets			0.3				0.2				0.8				43.4				0.1				1.3
		$	54.6			$	2.4			$	39.6			$	206.2			$	5.2			$	3.2
Mortgage Debt		$	43.6			$	1.9			$	32.0			$	89.6			$	2.3			$	0.0
Amounts payable to DDRC			6.6				0.2				0.0				18.7				2.9				1.1
Other liabilities			1.9				0.0				0.2				77.4				0.0				0.0
			52.1				2.1				32.2				185.7				5.2				1.1
Accumulated equity (deficit)			2.5				0.3				7.4				20.5				0.0				2.1
		$	54.6			$	2.4			$	39.6			$	206.2			$	5.2			$	3.2

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Sansone Group /
		San Antonio, TX				DDRC LLC				DD Dev Co (5)				DD Dev Co II (6)				Total
Real Estate Assets		$	0.0			$	0.7			$	9.3			$	41.1			$	1,704.6
Accumulated Depreciation			0.0				0.0				($0.4	)			0.0				(153.5	)
Real Estate, net			0.0				0.7				8.9				41.1				1,551.1
Receivables, Net			0.0				1.1				18.2				0.0				64.6
Other assets			0.0				4.6				11.4				4.2				119.1
		$	0.0			$	6.4			$	38.5			$	45.3			$	1,734.8
Mortgage Debt		$	0.0			$	0.0			$	1.8			$	0.0			$	1,129.3
Amounts payable to DDRC			0.0				0.0				14.2				45.4				107.7
Other liabilities			0.0				0.7				9.6				1.9				131.9
			0.0				0.7				25.6				47.3				1,368.9
Accumulated equity (deficit)			0.0				5.7				12.9				($2.0	)			365.9
		$	0.0			$	6.4			$	38.5			$	45.3			$	1,734.8

Combining Statements of Operations
for the year ended December 31, 2002

						Salisbury,				Coon Rapids,				Service				Jefferson County,
		Littleton, CO				MD				MN				Merchandise (3)				MO (4)				Round Rock, TX
Revenues from operations		$	7.9			$	0.5			$	3.8			$	4.4			$	0.5			$	0.1
Rental operation expenses			2.4				0.1				1.2				3.0				0.2				0.0
Depreciation and amortization expense			1.0				0.1				0.7				0.4				0.0				0.0
Interest expense			1.9				0.1				0.7				1.2				0.3				0.0
			5.3				0.3				2.6				4.6				0.5				0.0
Income (loss) before gain on sale			2.6				0.2				1.2				(0.2	)			0.0				0.1
Gain on sale of real estate			0.0				0.0				0.0				12.8				0.0				0.3
Discontinued operations			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
Tax expense			0.0				0.0				0.0				0.0				0.0				0.0
Net income (loss)		$	2.6			$	0.2			$	1.2			$	12.6			$	0.0			$	0.4
DDR Ownership interest			50	%			50	%			25	%			25	%			50	%			50	%
		$	1.3			$	0.1			$	0.3			$	3.2			$	0.0			$	0.2
Amortization of basis differential			0.0				0.0			$	0.0			$	0.0				0.0				0.0
		$	1.3			$	0.1			$	0.3			$	3.2			$	0.0			$	0.2
Funds From Operations (“FFO”):
Net income (loss)		$	2.6			$	0.2			$	1.2			$	12.6			$	0.0			$	0.4
Depreciation of real property			1.0				0.1				0.7				0.4				0.0				0.0
Less gain on sale			0.0				0.0				0.0				0.0				0.0				0.0
		$	3.6			$	0.3			$	1.9			$	13.0			$	0.0			$	0.4
DDR ownership interest			50	%			50	%			25	%			25	%			50	%			50	%
DDR FFO		$	1.8			$	0.2			$	0.5			$	3.3			$	0.0			$	0.2

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Sansone Group /
		San Antonio, TX				DDRC LLC				DD Dev Co (5)				DD Dev Co II (6)				Total
Revenues from operations		$	0.0			$	9.2			$	0.7			$	1.2			$	233.4
Rental operation expenses			0.0				7.6				1.0				0.1				78.8
Depreciation and amortization expense			0.0				0.0				0.4				0.0				36.0
Interest expense			0.0				0.0				0.4				0.0				71.2
			0.0				7.6				1.8				0.1				186.0
Income (loss) before gain on sale			0.0				1.6				(1.1	)			1.1				47.4
Gain on sale of real estate			1.3				0.0				0.0				0.0				18.9
Discontinued operations			0.0				0.0				1.2				0.0				6.4
Gain on sale of discontinued operations			0.0				0.0				7.4				2.8				35.2
Tax expense			0.0				0.0				(0.9	)			(1.4	)			(2.3	)
Net income (loss)		$	1.3			$	1.6			$	6.6			$	2.5			$	105.6
DDR Ownership interest			50	%			***				*****				*****
		$	0.7			$	0.7			$	6.5			$	2.5			$	34.7
Amortization of basis differential			0.0				(0.4	)			0.0				0.0				(2.0	)
		$	0.7			$	0.3			$	6.5			$	2.5			$	32.8
Funds From Operations (“FFO”):
Net income (loss)		$	1.3			$	1.6			$	6.6			$	2.5			$	105.6
Depreciation of real property			0.0				0.0				0.4				0.0				38.1
Less gain on sale			0.0				0.0				0.0				0.0				(29.4	)
		$	1.3			$	1.6			$	7.0			$	2.5			$	114.3
DDR ownership interest			50	%			***				*****				*****
DDR FFO		$	0.7			$	0.7			$	6.1			$	2.5			$	44.5

Joint Venture Financials 4.1

34

---

 

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2002

---

(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)  The Company owns a 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. Tax expense is reflected at DD Development Co. II.

(4)  Asset under development.

(5)  The Company owns a 95% economic interest in DD Development Co. (a C-Corp.). This entity holds various LLC interests in the following projects owned through the Prudential Retail Value Fund: several retail sites formerly occupied by Best Products acquired from Metropolitan Life, a portfolio of six retail properties in Kansas City, KS and a 440,000 square foot redevelopment project in Long Beach, CA.

(6)  The Company owns a 95% economic interest in DD Development Co. II (a C-Corp.). This entity has an interest in a retail site under development in Long Beach, CA and a note receivable secured by certain real estate, which were received in settlement of advances made to DDR OliverMcMillan.

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

*****See footnote (5) and (6) discussing respective ownership percentage.

35

Joint Venture Financials 4.1

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Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2002

---

Joint Venture Investment Summary

Joint Venture Name: Date Formed: Property Name/Location:		RVIP IIIB/DDRC P&M Deer Park Town Center, LLC September 2000 Deer Park, IL
Major Tenants:		Eddie Bauer		Pottery Barn
		Talbots		Coldwater Creek
		Restoration Hardware		J. Crew
		Abercrombie & Fitch		Pier One Imports
		GAP		Banana Republic
		Barnes & Noble		Chico’s

Partnership Structure
DDRC P&M Deer Park Town Center, LLC

Ownership Percentage:		50% — RVIP IIIB 50% — Poag & McEwen Lifestyle Centers, LLC (Development Partner) (No equity contributions at this partnership level)
Cash Flow Distribution:		50% — RVIP IIIB 50% — Poag & McEwen Lifestyle Centers, LLC
RVIP IIIB
Equity Contribution:		1% — Coventry Real Estate Partners 24.75% — DDR 74.25% — Prudential Real Estate Investors (PREI)
Cash Flow Distribution:		1% — Coventry Real Estate Partners 24.75% — DDR 74.25% — Prudential Real Estate Investors Up to a leveraged 10% preferred return on equity
Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return and return of equity

Fees to DDR
Management Fee: Development Fee: Asset Management Fee: Leasing Fees:		2% 1% of hard costs for all improvements ..4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee) N/A

Capital Structure (in millions)

DDRC		3.9
Prudential		11.4
Coventry		0.2
Total Capital	$	15.5
Debt	$	47.3
Total Debt & Equity	$	62.8

Joint Venture Partnership Summaries 4.2

36

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Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2002

---

Joint Venture Investment Summary

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

		Meridian Village — Bellingham, WA		Valley Central Shopping Center — Lancaster, CA
		San Diego Factory Outlet — San Ysidro, CA		Cameron Park Place — Cameron Park, CA
		La Manchu Shopping Center — Fullerton, CA		Downtown Pleasant Hill — Pleasant Hill, CA
		Olympiad Plaza — Mission Viejo, CA		Richmond City Center — Richmond, CA
		Plaza at Puente Hills — City of Industry, CA		Puget Park Shopping Center — Everett, WA

Major Tenants:		Office Depot		Michael’s
		Home Depot		Staples
		IKEA		Albertson’s
		Circuit City,		Bed, Bath & Beyond
		Wal-Mart		K-Mart
		Toys “R” Us		Payless Drug
		Cinemark		Marshalls

Partnership Structure
Equity Contribution:		1% — Coventry Real Estate Partners 20% — DDR 79% — Prudential Real Estate Investors (PREI)
Cash Flow Distribution:		1% — Coventry Real Estate Partners 20% — DDR 79% — Prudential Real Estate Investors Up to a leveraged 11% return on equity (10% year one, 10.5% year two, 11% thereafter)
Promote (current):		(i) Pro rata in proportion to the member’s invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate Partners (79% owned by DDR) until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry.

Fees to DDR
Management Fee: Development Fee: Asset Management Fee: Leasing Fees (without co-broker):		3.20% N/A ..63% (DDR’s pro-rata share of Coventry’s .8% fee) 5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet) 4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet) 3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases) Renewals earn 50% of fees on new leases

Capital Structure (in millions)

DDR		$	26.3
PREI			102.2
Coventry			1.1
Total Capital		$	129.6
Debt		$	139.9
Total Debt & Equity		$	269.5

Joint Venture Partnership Summaries 4.2

37

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Joint Venture Investment Summary

Joint Venture Name: Date Formed: Property Name/Location:		Community Centers, L.L.C. (One, Two, Three, Shoppers World and Community I) November, 1995 The joint ventures consist of the following seven properties:

		Carmel Mountain Plaza — San Diego, CA		Carillon Place — Naples, FL
		Town Center Prado — Marietta, GA		Perimeter Pointe — Atlanta, GA
		Woodfield Village Green — Schaumburg, IL		Shopper’s World — Framingham, MA
		Fairfax Towne Center — Fairfax, VA

Major Tenants:		A.C. Moore		Jordan Marsh/Federated		Publix
		Babies ‘R Us		Kohl’s		Ross Dress for Less
		Barnes & Noble		Kmart		Safeway
		Bed Bath & Beyond		L.A. Fitness Sports Clubs		Service Merchandise
		Best Buy		Linens ‘N Things		Sports Authority
		Bobs		Marshalls		Sportsmart
		Borders Books		Mervyn’s (not owned)		St. Joseph’s Hospital
		Circuit City		Michael’s		Stein Mart
		Container Store		Nordstrom Rack		TJ Maxx
		Costco (not owned)		Off 5th		Tower Records
		Crunch Fitness		Office Depot		Toys ‘R Us
		DSW Shoe Warehouse		OfficeMax		United Artists Theatre
		Expo Design Center		Pacific Theatres		Winn Dixie
		General Cinema

Partnership Structure
Equity Contribution:		20% — DDR 80% — DRA Advisors
Cash Flow Distribution:		20% — DDR 80% — DRA Advisors
Fees to DDR
Management Fee: Development Fee: Leasing Fees: Commission on Outparcel Sales:		3.5% of gross retail income 5% of hard costs for all improvements 5% on new leases, 3% on renewals 10% of net sales price

Capital Structure (in millions)

DDR		$	7.3
DRA Advisors			29.1
Total Capital		$	36.4
Debt		$	331.3
Total Debt & Equity		$	367.7

Joint Venture Partnership Summaries 4.2

38

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Joint Venture Investment Summary

Joint Venture Name: Date Formed: Property Name/Location: Major Tenants:		DDRA Community Centers Four, L.P. January, 1997 La Plaza Del Norte — San Antonio, TX Ross Stores DSW Shoe Warehouse Best Buy OfficeMax Oshman’s Sporting Goods
Partnership Structure
Equity Contribution:		35% — DDR 65% — DRA Advisors
Cash Flow Distribution:		35% — DDR 65% — DRA Advisors
Fees to DDR
Management Fee: Development Fee: Leasing Fees: Commission on Outparcel Sales:		3.5% of gross retail income excluding recoveries 5% of hard costs for all improvements 5% on new leases, 3% on renewals 10% of net sales price

Capital Structure (in millions)

DDR		$	4.0
DRA Advisors			7.4
Total Capital		$	11.4
Debt		$	30.0
Total Debt & Equity		$	41.4

Joint Venture Partnership Summaries 4.2

39

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Joint Venture Investment Summary

Joint Venture Name: Date Formed: Property Name/Location:		DDRA Community Centers Five, L.P. September, 1998 The joint venture consists of the following six properties:

		Foothills Towne Center — Ahwatukee, AZ		Maple Grove Crossing — Maple Grove, MN
		Arrowhead Crossing — Phoenix, AZ		Tanasbourne Town Center — Portland, OR
		Eagan Promenade — Eagan, MN		Eastchase Market — Fort Worth, TX

Major Tenants:		AMC Theatre		Gander Mountain		Old Navy
		Ashley Homestores		Haggan’s		Oshman’s Sporting Goods
		Babies ‘R Us		Kohl’s Department		Petco
		Barnes & Noble		Linens ‘N Things		Petsmart
		Bassett Furniture		Mac Frugal’s		Pier One
		Bed Bath & Beyond		Mervyn’s (not owned)		Ross Dress for Less
		Byerly’s		Michael’s		Staples
		Circuit City		MJ Designs		Stein Mart
		Comp USA		Nordstrom Rack (not owned)		Target (not owned)
		Cub Foods (not owned)		Office Depot		TJ Maxx
		Ethan Allen (not owned)		Office Depot (not owned)		Toys ‘R Us (not owned)
		Famous Footwear		OfficeMax		United Artists Theatre

Partnership Structure
Equity Contribution:		50% — DDR 50% — DRA Advisors
Cash Flow Distribution:		50% — DDR 50% — DRA Advisors
Fees to DDR
Management Fee: Development Fee: Leasing Fees: Commission on Outparcel Sales:		3.5% of gross retail income 5% of hard costs for all improvements 5% on new leases, 3% on renewals 10% of net sales price

Capital Structure (in millions)

DDR		$	40.7
DRA Advisors			40.7
Total Capital		$	81.4
Debt		$	156.0
Total Debt & Equity		$	237.4

Joint Venture Partnership Summaries 4.2

40

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Joint Venture Investment Summary

Joint Venture Name: Date Formed: Property Name/Location: Major Tenants:		DDRA Community Centers Six, L.P. March, 1999 Clocktower Place — St. Louis, MO TJ Maxx Office Depot Dierberg’s Marketplace
Partnership Structure
Equity Contribution:		50% — DDR 50% — DRA Advisors
Cash Flow Distribution:		50% — DDR 50% — DRA Advisors
Fees to DDR
Management Fee: Development Fee: Leasing Fees: Commission on Outparcel Sales:		50% of 3.5% of gross retail income 5% of hard costs for all improvements 5% on new leases, 3% on renewals 10% of net sales price

Capital Structure (in millions)

DDR		$	2.2
DRA Advisors			2.2
Total Capital		$	4.4
Debt		$	12.8
Total Debt & Equity		$	17.2

Joint Venture Partnership Summaries 4.2

41

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Joint Venture Investment Summary

Joint Venture Name: Date Formed: Property Name/Location: Major Tenants:		DDRA Community Centers Seven, L.P. October, 1999 Ahwatukee Foothills Towne Center (Phase IV) — Phoenix, AZ JoAnn, Etc. Best Buy
Partnership Structure
Equity Contribution:		50% — DDR 50% — DRA Advisors
Cash Flow Distribution:		50% — DDR 50% — DRA Advisors
Fees to DDR
Management Fee: Development Fee: Leasing Fees: Commission on Outparcel Sales:		3.5% of gross retail income 5% of hard costs for all improvements 5% on new leases, 3% on renewals 10% of net sales price

Capital Structure (in millions)

DDR		$	2.6
DRA Advisors			2.6
Total Capital		$	5.2
Debt		$	10.0
Total Debt & Equity		$	15.2

Joint Venture Partnership Summaries 4.2

42

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		DDRA Community Centers Eight, L.P.
Date Formed:		February, 2000
Property Name/Location:		Deer Valley Towne Center — Phoenix, AZ
Major Tenants:		Ross Stores
		OfficeMax
		Petsmart
		Michael’s
		Target (not owned)
		AMC Theatres (not owned)
Partnership Structure
Equity Contribution:		50% — DDR
		50% — DRA Advisors
Cash Flow Distribution:		50% — DDR
		50% — DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	4.1
DRA Advisors			4.1
Total Capital		$	8.2
Debt		$	17.9
Total Debt & Equity		$	26.1

Joint Venture Partnership Summaries 4.2

43

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Merriam Town Center Ltd.
Date Formed:		October, 1996
Property Name/Location:		Merriam Town Center — Merriam, KS
Major Tenants:		Cinemark		OfficeMax
		Hen House		Dick’s Sporting Goods
		Marshalls		Home Depot (not owned)
		Petsmart
Partnership Structure
Equity Contribution:		50% — DDR
		50% — DRA Advisors
Cash Flow Distribution:		50% — DDR
		50% — DRA Advisors
Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR		$	7.2
DRA Advisors			7.2
Total Capital		$	14.4
Debt		$	33.9
Total Debt & Equity		$	48.3

Joint Venture Partnership Summaries 4.2

44

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		DDRA Kildeer LLC
Date Formed:		March 28, 2002
Property Name/Location:		The Shops at Kildeer — Kildeer, IL
Major Tenants:		Bed, Bath & Beyond
		Old Navy
		Cost Plus
		Circuit City
Partnership Structure
Equity Contribution:		10% — DDR
		90% — DRA Advisors
Cash Flow Distribution:		10% — DDR
		90% — DRA Advisors
Promote:		After the partners have received distributions equal to their capital contributed, plus a preferred return of 15%, then the Company will receive 35% up to a preferred return of 20%, then 50% of remaining cash after a 20% preferred return has been achieved.
Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)
DDR	$	0.8
DRA Advisors		7.5
Total Capital	$	8.3
Debt	$	19.5
Total Debt & Equity	$	27.8

Joint Venture Partnership Summaries 4.2

45

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Lennox Town Center Limited
Date Formed:		February, 1998
Property Name/Location:		Lennox Town Center Shopping Center — Columbus, OH
Major Tenants:		Target
		Barnes & Noble
		Staples
		AMC Theatres Lennox 24
Partnership Structure
Equity Contribution:		50% — DDR
		50% — Casto Properties
Cash Flow Distribution:		50% — DDR
		50% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)
DDR		$	0.3
Casto Properties			0.3
Total Capital		$	0.6
Debt		$	19.4
Total Debt & Equity		$	20.0

Joint Venture Partnership Summaries 4.2

46

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Sun Center Limited
Date Formed:		February, 1998
Property Name/Location:		Sun Center — Columbus, OH
Major Tenants:		Babies ‘R Us
		Big Bear
		Michael’s
		Rhodes Furniture
		Staples
		Stein Mart
Partnership Structure
Equity Contribution:		79.45% — DDR
		20.55% — Casto Properties
Cash Flow Distribution:		79.45% — DDR
		20.55% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)
DDR		$	(0.2	)
Casto Properties			(0.1	)
Total Capital (1)		$	(0.3	)
Debt		$	21.7
Total Debt & Equity		$	21.4

(1)

Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries 4.2

47

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Continental Sawmill Limited Partnership
Date Formed:		February, 1998
Property Name/Location:		Dublin Village Center — Columbus, OH
Major Tenants:		AMC Theatre
Partnership Structure
Equity Contribution:		80.012% — DDR
		19.988% — Casto Properties
Cash Flow Distribution:		80.012% — DDR
		19.988% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)
DDR		$	(0.6	)
Casto Properties			(0.2	)
Total Capital (1)		$	(0.8	)
Debt		$	19.2
Total Debt & Equity		$	18.4

(1)

Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries 4.2

48

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Drexel Washington L.L.C.
Date Formed:		February, 1998
Property Name/Location:		Washington Park — Dayton, OH
Major Tenants:		Books A Million
		Avnet Electronics Marketing
Partnership Structure
Equity Contribution:		49.7918% — DDR
		50.2082% — Casto Properties
Cash Flow Distribution:		49.7918% — DDR
		50.2082% — Casto Properties
Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)
DDR		$	(1.9	)
Casto Properties			(2.0	)
Total Capital (1)		$	(3.9	)
Debt		$	14.1
Total Debt & Equity		$	10.2

(1)

Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries 4.2

49

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Liberty Fair Mall Associates
Date Formed:		January, 1993
Property Name/Location:		Liberty Fair Mall — Martinsville, VA
Major Tenants:		Goody’s		Sears
		Belk/Leggetts		OfficeMax
		J.C. Penney		Kroger
Partnership Structure
Equity Contribution:		50% — DDR
		50% — The Lester Group
Cash Flow Distribution:		50% — DDR
		50% — The Lester Group
Fees to DDR
Management Fee:		3% major tenants/5% retail tenants
Development Fee:		N/A
Leasing Fees:		5% on new leases/3% on renewals
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)
DDR		$	(3.4	)
The Lester Group			(3.4	)
Total Capital (1)		$	(6.8	)
Debt		$	20.2
Total Debt & Equity		$	13.4

(1)

Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries 4.2

50

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		DOTRS LLC
Date Formed:		September, 1996
Property Name/Location:		Macedonia Commons — Macedonia, Ohio
Major Tenants:		First National Supermarkets
		Kohl’s Department Store
		Wal-Mart (not owned)
Partnership Structure
Equity Contribution:		50% — DDR
		50% — The State Teachers Retirement Board of Ohio
Cash Flow Distribution:		50% — DDR
		50% — The State Teachers Retirement Board of Ohio
Fees to DDR
Management Fee:		5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3.5% on renewals
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)
DDR		$	5.9
The State Teachers Retirement Board			5.9
Total Capital		$	11.8
Debt		$	11.5
Total Debt & Equity		$	23.3

Joint Venture Partnership Summaries 4.2

51

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Town Center Plaza, L.L.C.
Date Formed:		December, 1998
Property Name/Location:		Town Center Plaza — Leawood, KS
Major Tenants:		Barnes & Noble
Partnership Structure
Equity Contribution:		50% — DDR
		50% — Poag & McEwen
Cash Flow Distribution:		50% — DDR
		50% — Poag & McEwen
Fees to DDR
Management Fee:		5% of 40% of gross retail income
Development Fee:		N/A
Leasing Fees:		N/A

Capital Structure (in millions)
DDR		$	0.3
Poag & McEwen			0.3
Total Capital		$	0.6
Debt		$	53.4
Total Debt & Equity		$	54.0

Joint Venture Partnership Summaries 4.2

52

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Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		DDRC PDK Salisbury Phase III LLC
Date Formed:		March 2001
Property Name/Location:		Salisbury, MD
Major Tenants:		Rugged Warehouse
		Famous Footwear
		Dress Barn
Partnership Structure
Ownership Percentage:		50% — DDR
		50% — PDK Commons Phase III L.C.
Cash Flow Distribution:		50% — DDR
		50% — PDK Commons Phase III L.C.
Fees to DDR
Management Fee:		4%
Development Fee:		$.75 psf of leasehold improvements
Leasing Fees:		N/A

Capital Structure (in millions)
DDR		$	0.15
PDK Salisbury LLC		$	0.15
Total Capital		$	0.3
Payable to DDR		$	0.2
Debt		$	1.9
Total Debt & Equity		$	2.4

Joint Venture Partnership Summaries 4.2

53

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Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		DLA Ventures LLC
Date Formed:		September 1999
Property Name/Location:		Coon Rapids, MN (Phase I — Outer Ring)
Major Tenants:		Costco (not owned)
		Sears
		Kohl’s
		JoAnn Etc.
		Linens ‘N Things
		Best Buy
		Old Navy
		Sportman’s Warehouse
Partnership Structure
Equity Contribution:		75% — Lubert-Adler Real Estate Fund (DLA)
		25% — DDR
Cash Flow Distribution:		75% — Lubert-Adler Real Estate Fund
		25% — DDR
Fees to DDR
Management Fee:		4%
Development Fee:		$1,699,336 (40% at 09/30/99 and remainder payable ratably)
Leasing Fees:		N/A

Capital Structure (in millions)
DLA		$	5.6
DDR		$	1.8
Total Capital		$	7.4
Payable to DDR		$	—
Debt		$	32.0
Total Debt & Equity		$	39.4

Joint Venture Partnership Summaries 4.2

54

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		KLA/SM L.L.C.
Date Formed:		March 2002
Property Name/Location:		The Joint Venture consists of the designation rights to approximately 205 properties and leasehold interests owned by the Service Merchandise Company, Inc. These properties are located in 33 states across the United States. The Joint Venture holds the designation rights to these assets until approximately September 30, 2002. During the designation period the Joint Venture is responsible for all applicable carrying costs and may assign, sell or reject these assets at any time. At the end of the designation period, a new company to be formed between Service Merchandise and the Joint Venture will obtain title to all assets not rejected, sold or assigned and assume the debt relating to those assets.
Partnership Structure
Equity Contribution:		24.63% — DDR
		12.32% — Klaff Realty, L.P.
		61.58% — Lubert-Adler Funds
		1.47% — Random Properties Acquisition Corp I (3)
Cash Flow Distribution:		24.63% — DDR
		12.32% — Klaff Realty, L.P.
		61.58% — Lubert-Adler Funds
		1.47% — Random Properties Acquisition Corp I (3)
		Once all partners receive a return of all equity, plus a 12% preferred return thereon, plus $43 million, Service Merchandise will be entitled to share 20% of the excess. The remaining proceeds will be distributed in accordance with the percentages noted.
Promote:		Once all partners have received a return of all equity, plus a 10% preferred return thereon, DDR will receive 35% of available proceeds.
Fees to DDR
Management Fees:		3.0% of gross revenues
Development Fees:		4.5% of hard costs for all improvements for all retail tenant leases
		1.5% of hard costs for all non-retail or furniture leases
Leasing Fees:		$0.94 per square foot for all retail tenant leases
		$0.31 per square foot for all non-retail or furniture leases
Disposition Fees:		..75% of gross sales price for all sales to retail purchasers
		..25% of gross sales price for all sales to non-retail or furniture purchasers

Capital Structure (in millions)
DDR		$	19.5
Klaff		$	9.7
Lubert-Adler		$	48.6
Random Properties Acquisition Corp. I		$	1.3
Total Capital		$	79.1
Existing Debt		$	89.6	(1)
Anticipated Debt Funding		$	56.7	(1)
Maximum Debt Assumption		$	9.6	(2)
Total Debt & Equity		$	235.0

(1)		At December 31, 2002, the Joint Venture had a total investment of $79.1 million. During the 4th quarter, $26.4 million was funded to complete the purchase of a portfolio of loans collateralized by the acquired properties.
(2)		Represents the maximum amount of debt that could be assumed by the Joint Venture at the end of the designation period.
(3)		During the fourth quarter, Random Properties Acquisition Corp. I was admitted to KLA/SM LLC as a special member, acquiring a 1.47% partnership interest for a $1.3 million equity contribution.

Joint Venture Partnership Summaries 4.2

55

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Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		DDR P&M Aspen Grove Lifestyle Center Properties LLC
Date Formed:		April 2001
Property Name/Location:		Littleton, CO
Major Tenants:		Ann Taylor		William Sonoma
		The Bombay Company		Coldwater Creek
		Chico’s		Eddie Bauer
		Casual Corner		Talbots
		GAP		Victoria’s Secret
		Banana Republic		Pottery Barn
Partnership Structure
Equity Contribution:		50% — DDR
		50% — Poag & McEwen Lifestyle Center — Littleton LLC
Cash Flow Distribution:		50% — DDR
		50% — Poag & McEwen Lifestyle Center — Littleton LLC
Fees to DDR
Management Fee:		1.40%
Financing Fee:		1% of construction loan balance
Development Fee:		1% of hard costs and architectural & engineering
Leasing Fees:		N/A

Capital Structure (in millions)
DDRC		$	1.3
Poag & McEwen		$	1.2
Total Capital		$	2.5
Payable to DDR		$	6.6
Debt		$	43.6
Total Debt & Equity		$	52.7

Joint Venture Financial Summaries 4.2

56

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Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2002

---

		Joint Venture Investment Summary
Joint Venture Name:		Jefferson County Plaza LLC
Date Formed:		July 1999
Property Name/Location:		Arnold, MO
Major Tenants:		Target (not owned)
		Home Depot (not owned)
		Shoe Carnival
		Sally Beauty Supply
		Deal$
Partnership Structure
Equity Contribution:		50% — DDR
		50% — The Sansone Group (50% owned by DDR)
Cash Flow Distribution:		50% — DDR
		50% — The Sansone Group
Fees to DDR
Management Fee:		1.50%
Development Fee:		NA
Leasing Fees:		2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals

Capital Structure (in millions)
DDRC		$	(0.0	)
The Sansone Group		$	(0.0	)
Total Capital		$	(0.0	)
Payable to DDR		$	2.9
Debt		$	2.3
Total Debt & Equity		$	5.2

Joint Venture Summaries 4.2

57

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Joint Venture Financial Operations

58

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2002

		Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		December 31,				December 31,				December 31,				December 31,				December 31,
		2002				2001				2000				1999				1998
Acquisitions/Transfers		$	53.0			$	213.1			$	91.2	(5)		$	96.5	(7)		$	489.3	(9)
Completed Expansions			9.0				2.3				6.2				3.3				0.0
Developments & Construction in Progress			48.6				103.7				114.7				169.0				86.7
Tenant Improvements & Building Renovations (1)			1.6				4.9				1.9				1.5				1.8
Other Real Estate Investments			161.8	(2)			0.0				0.0				0.0				0.0
Minority Equity Investment in AIL			0.0				(135.0	)(4)			(2.2	)			42.2				95.1
		$	274.0			$	189.0			$	211.8			$	312.5			$	672.9
Less: Real Estate Sales			($361.4	)(3)			($16.9	)			($115.9	)(6)			($26.5	)(8)			($33.8	)
Joint Venture Totals (Millions)			($87.4	)		$	172.1			$	95.9			$	286.0			$	639.1

(1)  The Company estimates recurring capital expenditures, including tenant improvements, of $1.6 million associated with its joint venture portfolio during 2003.

Summary of Joint Venture Capital Transactions 5.1

59

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Joint Venture Dispositions
for the Twelve Month Period Ended December 31, 2002

						Gross Sale								DDR’s				Joint
						Proceeds								Ownership				Venture
Property Location		GLA				(Millions)				Sale Date				Percentage				Partner
Durham, NC			408,292			$	50.1				2/11/2002				20.00	%		DRA Advisors
Salem, NH			170,270			$	26.5				6/6/2002				96.12	%		Coventry Real Estate Partners (“Coventry”)
Eatontown, NJ			68,196			$	14.0				6/18/2002				83.75	%		Hendon Properties and Coventry
Hagerstown, MD			285,655			$	41.7				6/20/2002				24.75	%		Prudential Real Estate Partners and Coventry
Denver, CO			387,536			$	43.0				10/29/2002				20.00	%		DRA Advisors
Round Rock, TX			527,024			$	78.1				12/16/2002				24.75	%		Prudential Real Estate Partners and Coventry
Total			1,846,973			$	253.4

60

Joint Venture Acquisitions and Dispositions 5.2

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Joint Venture Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 31, 2002

		DDR’s				Joint
		Ownership				Venture
Projects Completed		Percentage				Partner		Description
Atlanta, GA			20	%		DRA Advisors		Retenanted the former HomePlace space with Sports Authority.
Marietta, GA			20	%		DRA Advisors		Demised former HomePlace space and retenanted with Ross Dress for Less.
Overland Park, KS			23.51	%		Prudential Real Estate Investors		Redevelopment/expansion project to include a 14,900 sf Osco Drug Store, a 7,300 sf Deal$, and a 5,300 sf outparcel
Maple Grove, MN			50	%		DRA Advisors		Demised former HomePlace space and retenanted with Bed Bath & Beyond and Michael’s.
Schaumburg, IL			20	%		DRA Advisors		Retenanted former Builders Square space with a Home Depot Expo and 1-800 Mattress. Retenanted former Service Merchandise space with PetsMart and HomeGoods. Costco expanded their existing store to add an additional 11,000 sf. DDR constructed an additional 9,000 sf of small shops between Costco and Home Depot Expo.
Leawood, KS			50	%		Poag & McEwen		Expansion of the existing center to create an additional 26,000 sf of small retail specialty shops.
San Antonio, TX			35	%		DRA Advisors		Demised former HomePlace space and retenanted with OfficeMax.
Total Cost (Millions)			$15.0

Projects in Progress		Percentage				Partner		Description
Shawnee, KS			23.51	%		Prudential Real Estate Investors		Relocating two tenants in order to accommodate a 25,000 sf expansion creating a 65,000 sf Price Chopper.
N. Olmsted, OH			79.57	%		Hendon Properties		Expansion of existing center to create an additional 16,607 sf of small retail shops, including a Dollar Tree, and the addition of a 4,500 sf outparcel for the Vitamin Shoppe.
San Ysidro, CA			20	%		Prudential Real Estate Investors		Relocation of several small shop tenants in the shopping center to accommodate a 30,000 sf Ross Dress for Less and a 31,000 sf Marshall’s.
Total Cost (Millions)			$8.8
Projects to Commence Construction
Deer Park, IL			24.75	%		Poag & McEwen/Prudential Real Estate Investors		Expansion of the existing center to create a 50,000 sf Century Theater and to create an additional 23,800 sf of small retail specialty shops.

Joint Venture Expansions and Redevelopment 5.2

61

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

	Summary of Joint Venture Development Projects for the Twelve Month Period Ended December 31, 2002

																DDR’s
						DDR’s				Joint		Total				Proportionate				Substantial
		Total				Ownership				Venture		Cost				Cost				Completion
Projects Substantially Completed		GLA				Percentage				Partner		(Millions)				(Millions)				Date		Major Tenants
Littleton (Denver), CO			270,539	(1)			50.0	%		Poag & McEwen		$	54.2			$	27.1			Oct. 2001/ 2002 (Phase II) 2003		Banana Republic, Ann Taylor, Bombay Company, Chico’s, Eddie Bauer, Casual Corner, Coldwater Creek, Victoria’s Secret, GAP, GAP Kids, Talbots, Williams Sonoma, Pottery Barn
Long Beach, CA (CityPlace)(Phase I & II)			436,440	(1)			24.75	%		RVIP		$	56.0			$	13.9			2002 (Phase I)		Phase I: Wal*Mart, Nordstrom Rack, Old Navy, Ross Dress for Less, Albertson’s Anna’s Linens and Sav-On.
																				2003 (Phase II)		Phase II: 71,000 square feet of additional small shop retail.
Coon Rapids (Minneapolis), MN (Outer Ring, adjacent to DDR’s wholly owned development)			652,932	(1)			25.00	%		Lubert Adler		$	41.9			$	10.5			Second Half 2002		Costco (not owned), Kohl’s, Sears, Best Buy, JoAnn Etc., Linens ‘N Things, Old Navy, Sportsman’s Warehouse.
Projects in Progress
Jefferson County (St. Louis), MO			330,051	(1)			50.0	%		Sansone		$	9.7			$	4.9			2003		Target (not owned), Home Depot (not owned), Shoe Carnival, Deal$, Sally Beauty
Austin, TX			496,604	(1)			(2	)		David Berndt Interests/RVIP		$	31.0			$	3.8			Second Half 2003		Target (not owned), Toys ‘R Us, Hobby Lobby, Ultimate Electronics, Ross Dress for Less, Linens ‘N Things, PetsMart
Joint Venture Development Totals			2,186,566									$	192.8			$	60.1

Notes:

Joint Venture Developments 5.2

62

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Joint Venture Development
Assets Placed in Service as of December 31, 2002

		Assets Placed				DDR’s Current
		in Service				Proportionate Share
Date		(Millions)				(Millions)
As of December 31, 2001		$	41.7			$	16.8
1st Quarter 2002		$	9.3			$	4.7
2nd Quarter 2002		$	5.3			$	2.6
3rd Quarter 2002		$	16.9			$	5.0
4th Quarter 2002		$	39.9			$	10.6
During 2003		$	73.4			$	21.1
Thereafter		$	6.3			$	3.1
Total		$	192.8			$	63.9

Joint Venture Development
Funding Schedule as of December 31, 2002

		DDR's				JV Partners'				Proceeds from
		Proportionate				Proportionate				Construction
		Share				Share				Loans				Total
		(Millions)				(Millions)				(Millions)				(Millions)
Funded as of September 30, 2002		$	19.7			$	21.4			$	121.0			$	162.1
Projected Net Funding During 2003			0.1				0.2				23.4				23.7
Projected Net Funding Thereafter			1.7				0.0				5.3				7.0
Total		$	21.5			$	21.6			$	149.7			$	192.8

Joint Venture Development Delivery and Funding Schedules 5.2

63

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Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Summary of Joint Venture Debt
as of December 31, 2002

Mortgage

Property/Entity

Balance

Maturity Date

Interest Rate

RVIP III Long Beach, CA

V

29,315,243

01/04

Libor + 170

RVIP III B Deer Park, IL

V

40,000,000

07/03

Libor + 175

V

7,258,522

07/03

Libor + 175

RVIP VI Kansas City, MO

20,171,161

(1)

RVIP VII

F

105,881,364

(2)

V

34,000,000

(2)

Community Centers

F

119,000,000.00

(3)

02/05

6.00

F

17,000,000.00

(3)

02/05

5.95

V

16,000,000.00

(3)

03/05

Libor + 250

V

175,000,000.00

(3)

03/04

Libor + 250

V

4,300,000.00

(3)

02/05

Libor + 250

DDRA Community Centers Four San Antonio, TX

V

30,000,000

10/05

Libor + 210

DDRA Community Centers Five

F

156,000,000

(4)

10/05

6.64

DDRA Community Centers Six St. Louis, MO

F

12,769,606

04/10

8.56

DDRA Community Centers Seven Ahwatukee, AZ (Phase IV)

F

10,000,000

01/05

8.07

DDRA Community Centers Eight Deer Valley, AZ

F

17,888,732

09/10

8.01

Merriam Town Center Merriam, KS

V

24,455,000

04/03

Libor +175

Tax Incremental Financing Obligation

F

9,475,450

02/16

6.90

DDRA Kildeer LLC

V

4,500,000

08/07

Libor + 180

Kildeer, IL

F

15,000,000

08/07

5.64

Lennox Town Center Limited Columbus, OH

F

19,466,083

07/22

8.11

Sun Center Limited Columbus, OH

F

5,982,358

05/07

8.29

F

15,678,709

04/11

8.48

Continental Sawmill Ltd. Columbus, OH

F

19,200,717

05/06

7.55

Drexel Washington Ltd. Dayton, OH

F

14,115,199

01/08

7.28

Liberty Fair Mall Associates Martinsville,VA

F

20,212,596

12/09

8.46

Summary of Joint Venture Debt 5.3

64

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Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Summary of Joint Venture Debt
as of December 31, 2002 (continued)

Mortgage

Property/Entity

Balance

Maturity Date

Interest Rate

DOTRS LLC Macedonia, OH

V

11,546,500

09/06

Libor +100

Town Center Plaza LLC Leawood, KS

F

53,438,169

07/09

7.31

DDR P&M Aspen Grove Littleton, CO

V

43,617,893

05/03

Libor + 185

DDRC PDK Salisbury Phase III LLC Salisbury, MD

F

1,874,097

04/06

7.61

DLA Ventures, LP Coon Rapids, MN

V

32,000,000

12/03

Libor + 185

KLA/SM LLC

V

89,588,816

07/04

Libor + 350

Jefferson County Plaza, LLC Arnold, MO

V

2,288,371

05/05

Libor + 175

RVIP I Best Products

V

1,771,649

08/04

Libor + 175

$

1,178,796,236

Notes:

(1)		Encumbers six shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.625% and maturity dates ranging from September, 2005 to November, 2007.
(2)		Encumbers ten shopping center properties located in California and Washington with mortgage interest rates ranging from 6.60% to 9.50% and maturity dates ranging from March, 2004 to March, 2022.
(3)		Encumbers seven shopping center properties as follows:

			San Diego, CA
			Denver, CO
			Atlanta, GA
			Marietta, GA
			Schaumburg, IL
			Framingham, MA
			Fairfax, VA
			Naples, FL

(4)

Encumbers six shopping center properties as follows:

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

Summary of Joint Venture Debt 5.3

65

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Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

Summary of Pro Rata Joint Venture Debt
as of December 31, 2002

		DDR's				DDR's
		Pro Rata				Pro Rata
Joint Venture		Interest				Debt
RVIP III Long Beach			23.5125	%			6,892,746
RVIP III B			12.375	%			5,848,242
RVIP VI			23.5125	%			4,742,744
RVIP VII			20.00	%			27,976,273
Community Centers			20.00	%			66,260,000
DDRA Comm Ctr Four			35.00	%			10,500,000
DDRA Comm Ctr Five			50.00	%			78,000,000
DDRA Comm Ctr Six			50.00	%			6,384,803
DDRA Comm Ctr Seven			50.00	%			5,000,000
DDRA Comm Ctr Eight			50.00	%			8,944,366
Merriam Town Center			50.00	%			16,965,225
DDRA Kildeer, LLC			10.00	%			1,950,000
Lennox Town Center			50.00	%			9,733,041
Sun Center			79.45	%			17,209,718
Continental Sawmill			80.012	%			15,362,877
Drexel Washington			49.7918	%			7,028,212
Liberty Fair			50.00	%			10,106,298
DOTRS LLC			50.00	%			5,773,250
Town Center Plaza			50.00	%			26,719,085
DDR P&M Aspen Grove			50.00	%			21,808,946
DDRC PDK Salisbury			50.00	%			937,048
Coon Rapids			25.00	%			8,000,000
KLA/SM LLC			25.00	%			22,397,204
Jefferson County Plaza			50.00	%			1,144,186
RVIP I			79.57	%			1,409,701
Total						$	387,093,970

Summary of Joint Venture Debt 5.4

66

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Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Summary of Joint Venture Mortgage Principal Payments
as of December 31, 2002

JOINT VENTURE		2003 Payments				2004 Payments				2005 Payments				2006 Payments				2007 Payments
RVIP III (Long Beach, CA)							29,315,243
RVIP III B (Deer Park)			47,258,522
RVIP VI (Kansas City)											1,311,414								18,859,746
RVIP VII			1,463,192				73,602,633				1,748,770				1,898,412				8,761,556
Community Centers							175,000,000				156,300,000
DDRA Community Centers Four											30,000,000
DDRA Community Centers Five											156,000,000
DDRA Community Centers Six			101,939				107,936				120,896				131,816				143,722
DDRA Community Centers Seven			75,262				88,687				9,836,051
DDRA Community Centers Eight			157,116				166,174				184,371				199,915				216,768
Merriam Town Center			24,455,000
Merriam TIF
DDRA Kildeer, LLC (Kildeer, IL)																			19,500,000
Lennox Town Center Limited			423,564				459,221				497,880				539,794				585,235
Sun Center Limited
Principal Mutual Life Ins Co			372,864				405,741				441,517				480,448				522,811
W. Lyman Case & Co			143,955				156,352				169,818				184,445				5,327,788
Continental Sawmill Ltd.			860,113				927,347				999,836				16,413,421
Drexel Washington Ltd.			376,489				218,058				234,473				252,124				271,104
Liberty Fair Mall Associates			171,700				181,849				203,092				221,213				240,952
DOTRS LLC
National City Bank			414,280				427,660				453,000				10,251,560
Town Center Plaza LLC			965,253				1,038,225				1,116,715				1,201,138				1,291,944
DDRC PDK Salisbury Phase III															1,874,097
DLA Ventures LP (Coon Rapids, MN)			32,000,000
DDR P&M Aspen Grove (Littleton)			43,617,893
KLA/SM LLC							89,588,816
Jefferson County Plaza LLC											2,288,371
RVIP I (Best Products)							1,771,649
Total — Debt			152,857,142				373,455,591				361,906,204				33,648,383				55,721,626

[Additional columns below]

 

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[Continued from above table, first column(s) repeated]

JOINT VENTURE		2008 Payments				2009 Payments				2010 Payments				2011 Payments				Thereafter				Total
RVIP III (Long Beach, CA)																							29,315,243
RVIP III B (Deer Park)																							47,258,522
RVIP VI (Kansas City)																							20,171,161
RVIP VII			1,916,490				2,092,301				2,272,271				2,467,775				43,657,964				139,881,364
Community Centers																							331,300,000
DDRA Community Centers Four																							30,000,000
DDRA Community Centers Five																							156,000,000
DDRA Community Centers Six			153,623				170,580				11,839,094												12,769,606
DDRA Community Centers Seven																							10,000,000
DDRA Community Centers Eight			231,039				254,521				16,478,828												17,888,732
Merriam Town Center																							24,455,000
Merriam TIF																			9,475,450				9,475,450
DDRA Kildeer, LLC (Kildeer, IL)																							19,500,000
Lennox Town Center Limited			634,502				687,917				745,828				808,615				14,083,527				19,466,083
Sun Center Limited
Principal Mutual Life Ins Co			568,910				619,074				673,660				11,593,684								15,678,709
W. Lyman Case & Co																							5,982,358
Continental Sawmill Ltd.																							19,200,717
Drexel Washington Ltd.			12,762,951																				14,115,199
Liberty Fair Mall Associates			257,650				18,936,140																20,212,596
DOTRS LLC
National City Bank																							11,546,500
Town Center Plaza LLC			1389614				46,435,280																53,438,169
DDRC PDK Salisbury Phase III																							1,874,097
DLA Ventures LP (Coon Rapids, MN)																							32,000,000
DDR P&M Aspen Grove (Littleton)																							43,617,893
KLA/SM LLC																							89,588,816
Jefferson County Plaza LLC																							2,288,371
RVIP I (Best Products)																							1,771,649
Total — Debt			17,914,779				69,195,813				32,009,681				14,870,074				67,216,941				1,178,796,236

Summary of Joint Venture Mortage Principal Payments 5.5

67

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Portfolio Statistics

68

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Company Features(1)

286 Shopping Centers (and Interests in Retail Assets)

4 Managed Shopping Centers

43 States (including managed properties)

45.3 Million Sq. Ft. Owned

57.6 Million Sq. Ft. Owned and Managed(2) 95.9%/95.1% % Leased / % Occupied (3) 368 Total Employees (1) Includes Service Merchandise portfolio. Does not include 36 industrial and office properties. (2) Includes unowned anchors at company owned shopping centers. (3) Core retail portfolio.

69

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Growth in Square Footage(1) 362% increase in owned space over nine years

70

Managed Feet) 60 Non-Company Owned 0.7 Company Owned uare 50 11.6

Sq 45.3 40

39.6 38.6

Million 30 36.3 in 27.6 20 24.7

(GLA 20.6 19.3

10 13.2 9.8

0

(1) Includes Service Merchandise Portfolio. ‘93 ‘94 ‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02(2) (2) As of December 31, 2002.

70

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DDR has built a geographically diverse portfolio of dominant shopping centers.

GLA by

STATE 43 States (inc. Managed)

Less than 500,000 SF 500,000

- 1 million SF 1million — 2 million SF 286 owned retail assets and 4 managed retail assets Over 2 million SF

71

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Average Annualized Base Rental Rates (1) (2)

$20 Shop Space $15.18 Total Portfolio $15

$10.58

$10

$5

(1) Does not include Service Merchandise Portfolio.

(2) As of December 31, 2002.

$0 1987 1989 1991 1993 1995 1997 1999 2000 2001 2002

72

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Average Annualized Base Rental Rates

Annualized Base Rent

/S.F.

NUMBER OF SHOP PERIOD ENDING PROPERTIES TOTAL SPACE

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 Dec. 31, 1991 53 $5.35 $8.29 Dec. 31, 1990 52 $5.27 $8.25 Dec. 31, 1989 45 $4.93 $7.87 Dec. 31, 1988 40 $4.81 $7.41 Dec. 31, 1987 37 $4.38 $7.09

73

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Lease Expirations by Year (1) (2)

15% Anchor Class Small Shop

by ents 10% R Base Total 5% %

(1) Does not include Service 0% Merchandise portfolio. (2) As of December 31 2002, 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 07 options not included.

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Lease Expirations by Year (1)

Anchor Base Rent                      Shop Space Base Rent Year                      Leases                      Revenue                      Average/S.F. Leases                      Revenue                      Average/S.F.

(millions) (millions)

2003 18 $2.4 $3.86 611 $21.6 $12.96 2004 23 $5.0 $6.70 547 $20.7 $13.75 2005 31 $6.3 $5.48 475 $20.8 $14.07 2006 22 $5.4 $6.24 392 $20.8 $14.79 2007 41 $12.1 $7.15 379 $20.4 $15.04 2008 27 $7.3 $7.99 144 $10.7 $14.06 2009 36 $12.9 $7.89 95 $9.3 $16.80 2010 44 $15.6 $8.77 108 $10.9 $18.14 2011 74 $28.8 $9.77 114 $13.2 $18.83 2012 58 $22.9 $9.37 88 $10.8 $20.01

2003-2012 374 $118.7 $8.02 2,953 $159.1 $15.06 Subtotal Total Rent Roll at 548 $213.1 $8.53 3,046 $170.1 $15.18

December 31, 2002

(1) Does not include Service Merchandise portfolio.

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4Q02 Largest Tenants by SF — Owned & Unowned(1) (2)

Total                      Owned                      Unowned RankTenant                      Units                      GLA                      Units                      GLA                      Units                      GLA

1 Wal-Mart/Sam’s 52 6,383,764 23 2,266,241 29 4,117,523 2 Target/Mervyn’s 20 2,227,513 5 523,445 15 1,704,068 3 Home Depot 18 1,576,932 6 380,350 12 1,196,582 4 K-Mart 20 1,567,656 17 1,386,743 3 180,913 5 Kohl’s 15 1,067,270 14 985,220 1 82,050 6 Lowe’s Home Improvement 8 1,053,216 5 647,983 3 405,233 7 T.J.Maxx/Marshall’s 42 766,166 42 766,166 8 Best Buy/Musicland 26 708,902 25 613,973 1 94,929 9 Toys “R” Us 21 656,535 17 435,876 5 220,659 10 JC Penney/Eckards 23 652,115 23 652,115

(1) Includes Service Merchandise portfolio. (2) Assumes 100% ownership of joint ventures.

76

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Reliance on Major Tenants (1) (2) (Owned shopping center GLA only)

Total Base Rent Percent Credit Tenant Units (millions) of Total Ratings

Wal-Mart/Sam’s Club 23 $11.46 4.0% AA/Aa2 Kohl’s 14 $8.16 2.8% A-/A3 Bed Bath & Beyond 28 $7.09 2.5% BBB-/NR T.J. Maxx/Marshalls 42 $6.79 2.4% A/A3 Best Buy / Musicland Group 25 $6.50 2.3% BBB-/Baa3 Officemax 32 $6.17 2.1% NR/NR AMC Theater 5 $5.90 2.0% NR/B2 K-Mart 17 $5.66 2.0% NR/NR PETsMART 27 $5.37 1.9% B+/Ba3 Gap/Old Navy/Banana Republic 31 $4.81 1.7% BBB-/Ba3 Barnes & Noble 33 $4.75 1.6% BB/Ba3 Lowe’s Home Improvement 5 $4.59 1.6% A/A3 Toys “R” Us 16 $3.66 1.3% BBB/Baa3 Michael’s 21 $3.48 1.2% BB/Ba1 Home Depot 6 $3.24 1.1% AA/aa3 Cinemark Theatre 6 $3.21 1.1% BB-/B1 Ross Stores 17 $2.96 1.0% BBB/NR Linens ‘N Things 9 $2.85 1.0% NR/NR Kroger 10 $2.85 1.0% BBB-/Baa3 (1) Includes Service

Merchandise                      Famous Footwear 28 $2.84 1.0% NR/NR portfolio. (2) Based on actual pro                      Subtotal 1-20 395 $102.34 35.5% rata ownership of real estate assets. Portfolio Total 3,679 $288.36 100.0%

77

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Reliance on Major Tenants(1) (2)

by GLA and by Base Rental Revenue

Base

Owned % Total                      Rental           % Total Rank Major Tenant (units) GLAGLARank                      Major Tenant (units) Revenue Base Rent (MSF) ($Millions)

1 Wal-Mart / Sam’s Club (23) 2.27 6.86% 1 Wal-Mart/Sam’s Club (23) $11.46 4.0% 2 K-mart (17) 1.39 4.20% 2 Kohl’s (14) $8.16 2.8% 3 Kohl’s (14) 0.99 2.98% 3 Bed Bath & Beyond (28) $7.09 2.5% 4 T.J. Maxx / Marshalls (42) 0.83 2.52% 4 T.J. Maxx / Marshalls (42) $6.79 2.4% 5 OfficeMax (32) 0.63 1.97% 5 Best Buy / Musicland Group (25) $6.50 2.3% 6 Lowe’s Home Improvement (5) 0.65 1.96% 6 OfficeMax (32) $6.17 2.1% 7 JC Penney/Eckards (23) 0.65 1.92% 7 AMC Theater (5) $5.90 2.0% 8 Best Buy/ Musicland Group (25) 0.63 1.91% 8 K-Mart (17) $5.66 2.0% 9 Bed Bath & Beyond (28) 0.63 1.90% 9 PetsMart (27) $5.37 1.9% 10 Target/Mervyn’s (5) 0.52 1.58% 10 Gap/Old Navy/Banana Republic (31) $4.81 1.7% 11 Toys “R” Us (16) 0.45 1.42% 11 Barnes & Noble (33) $4.75 1.6% 12 Petsmart (27) 0.47 1.35% 12 Lowe’s Home Improvement (5) $4.59 1.6% 13 Home Depot (6) 0.38 1.15% 13 Toys “R” Us (16) $3.66 1.3% 14 Kroger (10) 0.37 1.11% 14 Michael’s (21) $3.48 1.2% 15 Gap/Old Navy/Banana Republic (31) 0.36 1.08% 15 Home Depot (6) $3.24 1.1% 16 Joann Stores (20) 0.34 1.03% 16 Cinemark Theatre (6) $3.21 1.1% 17 Beall’s (10) 0.33 1.00% 17 Ross Stores (17) $2.96 1.0% 18 Barnes & Noble (33) 0.31 0.94% 18 Linens ‘N Things (9) $2.85 1.0% 19 Michael’s (21) 0.30 0.91% 19 Kroger (10) $2.85 1.0% 20 Ross Stores (17) 0.30 0.91% 20 Famous Footwear (28) $2.84 1.0% Subtotal: 1-20 12.80 38.72% Subtotal: 1-20 $102.34 35.5% Total Portfolio: 33.05 100.0% Total Portfolio: $288.36 100.0%

(1) Includes Service Merchandise portfolio.

(2) Based on actual pro rata ownership of real estate assets.

78

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Appendix

79

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 1 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
Alabama
1 BIRMINGHAM, AL (BROOK)		BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH			35242				SC				1994				1994				100.00	%
2 BIRMINGHAM, AL (EASTWOOD)		EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD			35210				SC				1989				1995				100.00	%
3 BIRMINGHAM, AL (RIVERCHASE)		RIVERCHASE PROMENADE MONTGOMERY HIGHWAY			35244				SC				1989				2002				100.00	%
Arizona
4 AHWATUKEE, AZ		FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD			85044				SC				1996				1997				50.00	%
5 PHOENIX, AZ (DEER VALLEY)		DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY			85027				SC				1996				1999				50.00	%
6 PHOENIX, AZ (PEORIA)		ARROWHEAD CROSSING 7553 WEST BELL ROAD			85382				SC				1995				1996				50.00	%
Arkansas
7 FAYETTEVILLE, AR		SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD			72703				SC				1997				1997				100.00	%
8 N. LITTLE ROCK, AR		MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD			72117				SC				1991				1994				100.00	%
9 RUSSELLVILLE, AR		VALLEY PARK CENTRE 3093 EAST MAIN STREET			72801				SC				1992				1994				100.00	%
California
10 CAMERON PARK, CA		CAMERON PARK 4082-4092 CAMERON PARK DRIVE			95682				SC				1999				2001				20.00	%
11 CITY OF INDUSTRY, CA		PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE			91748				SC				1987				2001				20.00	%
12 FULLERTON, CA		LA MANCHA NORTH HARBOR BLVD.			92632				SC				1973				2001				20.00	%
[continued from above table, first column(s) repeated]													[additional columns below]

		Owned
		Gross				Total				Average				Percent
Center/Property		Leasable				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Area				Base Rent
Alabama
1 BIRMINGHAM, AL (BROOK)			383,006			$	3,315,407				$8.90				97.2	%		WINN DIXIE STORES #417(2014), RHODES#3029/MARKS FITZGERALD(2004), GOODY’S #165(2004), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009), BOOKS-A-MILLION-4(2005), LOWES HOME CENTERS(NOT OWNED)
2 BIRMINGHAM, AL (EASTWOOD)			301,074			$	1,741,033				$7.88				73.4	%		OFFICE DEPOT #43(2004), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)
3 BIRMINGHAM, AL (RIVERCHASE)			98,096			$	1,209,020			$	14.54				84.7	%		MARSHALL’S #411(2006)
Arizona
4 AHWATUKEE, AZ			647,904			$	9,183,129			$	14.67				96.6	%		BASSETT FURNITURE(2010), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), BABIES ’R US #5670(2007), ROSS STORES, INC. #369(2007), OFFICEMAX #743(2012), JOANN, ETC. #1917(2010), BEST BUY #177(2014)
5 PHOENIX, AZ (DEER VALLEY)			197,009			$	2,782,509			$	14.12				100.0	%		ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAELS #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)
6 PHOENIX, AZ (PEORIA)			346,430			$	4,039,686			$	11.95				97.6	%		STAPLES #289(2009), COMP USA#318(2013), MAC FRUGAL’S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162 -1(2005), CIRCUIT CITY — #3362-1(2016), OSHMAN’S SPORTING GOODS, #690(2017), BASSETT FURNITURE(2009), LINENS ’N THINGS #427-1(2011), FRY’S(NOT OWNED)
Arkansas
7 FAYETTEVILLE, AR			262,827			$	2,934,724			$	11.17				100.0	%		T.J. MAXX #159(2005), BEST BUY(2017), GOODY’S #231(2013), OLD NAVY #6169(2005), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
8 N. LITTLE ROCK, AR			233,378			$	1,238,781				$5.87				90.4	%		BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014)
9 RUSSELLVILLE, AR			272,245			$	1,666,478				$6.33				96.7	%		WAL-MART STORES #58(2011), STAGE #301(2005), J.C. PENNEY #351(2012)
California
10 CAMERON PARK, CA			103,414			$	1,467,343			$	14.93				95.0	%		SAFEWAY #1618(2020)
11 CITY OF INDUSTRY, CA			518,938			$	6,264,412			$	13.73				87.9	%		MILLER’S OUTPOST/HUB DIST#334(2008), OFFICE DEPOT, INC.(2012), IKEA(2007), CIRCUIT CITY #3301(2009)
12 FULLERTON, CA			109,358				$967,229				$9.40				94.1	%		RALPHS GROCERY STORE(2020), BALLARD WIMER BROCKETT&EDWARDS(2004)

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

*     Does Not Include Service Merchandise Interests	Property Listing 7.1

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 2 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
13 LANCASTER, CA		VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY			93536				SC				1990				2001				20.00	%
14 LONG BEACH, CA		CITY PLACE 451 LONG BEACH BLVD.			90802				SC				2002				1*				24.75	%
15 MISSION VIEJO, CA		OLYMPIAD PLAZA 23002-23072 ALICIA PARKWAY			92691				SC				1989				2001				20.00	%
16 OCEANSIDE, CA		OCEAN PLACE CINEMAS 401-409 MISSION AVENUE			92054				SC				2000				1*				100.00	%
17 PLEASANT HILL, CA		DOWNTOWN PLEASANT HILL TRELAHY AND CRESCENT ROADS			94523				SC				1999				2001				20.00	%
18 RICHMOND, CA (HILLTOP)		HILLTOP PLAZA 3401 BLUME DRIVE			94806				SC				1997				2002				100.00	%
19 RICHMOND, CA		RICHMOND CITY CENTER MACDONALD AVENUE			94801				SC				1993				2001				20.00	%
20 SAN DIEGO, CA		CARMEL MOUNTAIN PLAZA 11610 CARMEL MOUNTAIN ROAD			92128				SC				1993				1995				20.00	%
21 SAN FRANCISCO, CA (RETAIL)		VAN NESS PLAZA 1000 VAN NESS AVENUE			94109				SC				1998				2002				100.00	%
22 SAN YSIDRO, CA		SAN YSIDRO VILLAGE CAMINO DE LA PLAZA			92173				SC				1988				2000				20.00	%
Colorado
23 ALAMOSA, CO		ALAMOSA PLAZA 145 CRAFT DRIVE			81101				SC				1986				2*				100.00	%
24 DENVER, CO		TAMARAC SQUARE 7777 E. HAMPDEN			80231				SC				1976				2001				100.00	%
25 DENVER, CO (CENTENNIAL)		CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD			80223				SC				1997				1997				100.00	%
26 LITTLETON, CO (DEV)		ASPEN GROVE 7301 SOUTH SANTAFE			80120				SC				2002				2001				50.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
			Area
13 LANCASTER, CA			459,529			$	3,692,168			$	11.03				72.8	%		WAL-MART #1563(2010), MOVIES 12/CINEMARK(2017), WAL-MART #1563(STORAGE)(2000), MICHAEL’S #3541(2004), MARSHALLS #375(2007), CIRCUIT CITY #411(2011), STAPLES #88(2003), COSTCO(NOT OWNED)
14 LONG BEACH, CA			242,114			$	2,377,949			$	10.39				94.5	%		NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), ALBERTSON’S(NOT OWNED)
15 MISSION VIEJO, CA			45,600			$	1,274,369			$	27.95				100.0	%
16 OCEANSIDE, CA			75,345			$	1,013,611			$	15.31				87.9	%		REGAL CINEMAS(2014)
17 PLEASANT HILL, CA			348,237			$	5,986,998			$	18.94				90.8	%		ALBERTSON’S(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND(2010), ROSS STORES, INC(2010)
18 RICHMOND, CA (HILLTOP)			248,474			$	3,641,378			$	14.82				98.9	%		OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016)
19 RICHMOND, CA			76,692			$	1,122,607			$	14.64				100.0	%		WALGREENS#2506(2033), FOOD 4 LESS/FOODSCO(2013)
20 SAN DIEGO, CA			440,228			$	6,826,871			$	15.72				98.6	%		PACIFIC THEATRES(2013), SPORTSMART #644(2008), CIRCUIT CITY#3327(2009), MARSHALLS #8452(2009), ROSS DRESS FOR LESS#265(2004), MICHAEL’S #8704(2004), K MART #4776(2018), MERVYN’S(NOT OWNED)
21 SAN FRANCISCO, CA (RETAIL)			123,755			$	4,333,900			$	35.34				99.1	%		CRUNCH FITNESS INT’L, INC.(2008), AMC VAN NESS 14 THEATRES(2018)
22 SAN YSIDRO, CA			258,003			$	1,411,484				$8.92				61.3	%		K-MART #7418(2006)
Colorado
23 ALAMOSA, CO			19,875				$110,320				$9.23				60.1	%		BIG “R”(NOT OWNED), CITY MARKET(NOT OWNED)
24 DENVER, CO			165,768			$	1,557,786			$	12.16				77.3	%		MADSTONE THEATRES(2007), The Gap, Inc.(2003)
25 DENVER, CO (CENTENNIAL)			418,637			$	6,226,436			$	15.48				96.1	%		GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL’S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN’S R.E. HOLDINGS, INC.(2012), AMERICAN FURNITURE SUPERSTORE(NOT OWNED), R.E.I.(NOT OWNED)
26 LITTLETON, CO (DEV)			259,189			$	6,149,858			$	27.75				85.5	%

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

*     Does Not Include Service Merchandise Interests

Property Listing 7.1

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 3 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
27 TRINIDAD, CO		TRINIDAD PLAZA HWY 239 @ 125 FRONTAGE ROAD			81082				SC				1986				2*				100.00	%
Connecticut
28 PLAINVILLE, CT		CONNECTICUT COMMONS I-84 & RTE 9			06062				SC				1999				1*				100.00	%
29 WATERBURY, CT		KMART PLAZA 899 WOLCOTT STREET			06705				SC				1973				2*				100.00	%
Florida
30 BAYONET POINT, FL		POINT PLAZA US 19 & SR 52			34667				SC				1985				2*				100.00	%
31 BRANDON, FL		KMART SHOPPING CENTER 1602 BRANDON BL			33511				SC				1972				2*				100.00	%
32 CRYSTAL RIVER, FL		CRYSTAL RIVER PLAZA 420 SUN COAST HWY			33523				SC				1986				2*				100.00	%
33 DAYTONA BEACH, FL		VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY			32114				SC				1984				2001				100.00	%
34 FERN PARK, FL		FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH			32720				SC				1970				2*				100.00	%
35 JACKSONVILLE, FL		JACKSONVILLE REGIONAL 3000 DUNN AVENUE			32218				SC				1988				1995				100.00	%
36 MARIANNA, FL		THE CROSSROADS 2814-2822 HIGHWAY 71			32446				SC				1990				2*				100.00	%
37 MELBOURNE, FL		MELBOURNE SHOPPING CENTER 750-850 APOLLO BOULEVARD			32935				SC				1978				2*				100.00	%
38 NAPLES, FL		CARILLON PLACE 5010 AIRPORT ROAD NORTH			33942				SC				1994				1995				20.00	%
39 ORMOND BEACH, FL		ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD			32174				SC				1993				1994				100.00	%
40 OVIEDO, FL		OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD			32765				SC				1999				1*				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Gross
		Owned				Total				Average				Percent
Center/Property		Leasable				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Area				Base Rent
27 TRINIDAD, CO			63,836				$129,014				$5.33				37.9	%		BIG “R”(NOT OWNED)
Connecticut
28 PLAINVILLE, CT			465,453			$	5,144,686			$	11.05				100.0	%		LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), K MART CORPORATION #7790(2019), A.C. MOORE(2014), OLD NAVY #6187(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), LOEW’S THEATRE(NOT OWNED)
29 WATERBURY, CT			124,310				$417,500				$3.36				100.0	%		K MART #3152(2003), JO-ANN STORES #0254(2010)
Florida
30 BAYONET POINT, FL			203,580			$	1,129,620				$5.82				95.3	%		PUBLIX SUPER MARKETS #295(2005), BEALL’S #11(2002), T.J. MAXX #794(2010)
31 BRANDON, FL			161,900				$511,181				$3.21				98.4	%		K MART #4311(2007), SCOTTY’S(NOT OWNED)
32 CRYSTAL RIVER, FL			160,359				$669,460				$6.71				62.2	%		BEALL’S #38 -4(2012), BEALL’S OUTLET(2006)
33 DAYTONA BEACH, FL			75,366				$924,416			$	12.27				100.0	%		TJMF, Inc.(2004), Marshalls of MA, Inc.(2005)
34 FERN PARK, FL			16,000				$82,200				$8.56				60.0	%
35 JACKSONVILLE, FL			219,735			$	1,290,224				$6.25				94.0	%		J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)
36 MARIANNA, FL			63,894				$438,922				$7.28				94.4	%		BEALL’S #54 -4(2005), WAL-MART(NOT OWNED)
37 MELBOURNE, FL			121,913				$159,709				$4.23				31.0	%
38 NAPLES, FL			267,838			$	3,035,185			$	11.33				100.0	%		WINN DIXIE #739(2014), T.J. MAXX #084(2009), ROSS DRESS FOR LESS #305(2005), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010)
39 ORMOND BEACH, FL			234,045			$	1,935,168				$8.27				100.0	%		K MART #3783-2(2018), BEALL’S #60 -4(2004), PUBLIX SUPER MARKETS #446(2013)
40 OVIEDO, FL			186,212			$	1,906,152			$	10.24				100.0	%		OFFICEMAX #531(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S #9941(2009), T.J. MAXX #802(2010), LINENS ‘N THINGS(2011), LOWE’S (NOT OWNED)

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

*     Does Not Include Service Merchandise Interests	Property Listing 7.1

82

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				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
41 PALM HARBOR, FL		THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD			34685				SC				1990				1995				100.00	%
42 PENSACOLA, FL		PALAFOX SQUARE 8934 PENSACOLA BLVD			32534				SC				1988				1*				100.00	%
43 SPRING HILL, FL		MARINER SQUARE 13050 CORTEZ BLVD.			34613				SC				1988				2*				100.00	%
44 TAMPA, FL (DALE)		NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY			33618				SC				1990				2*				100.00	%
45 TAMPA, FL (WATERS)		TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE			33634				SC				1990				2*				100.00	%
46 TARPON SPRINGS, FL		TARPON SQUARE 41232 U.S. 19, NORTH			34689				SC				1974				2*				100.00	%
47 WEST PASCO, FL		PASCO SQUARE 7201 COUNTY ROAD 54			34653				SC				1986				2*				100.00	%
Georgia
48 ATLANTA, GA (DULUTH)		PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD			30136				SC				1990				1994				100.00	%
49 ATLANTA, GA (PERIMETER)		PERIMETER POINTE 1155 MT. VERNON HIGHWAY			30136				SC				1995				1995				20.00	%
50 MARIETTA, GA		TOWN CENTER PRADO 2609 BELLS FERRY ROAD			30066				SC				1995				1995				20.00	%
Idaho
51 IDAHO FALLS, ID		COUNTRY CLUB MALL 1515 NORTHGATE MILE			83401				SC				1976				1998				100.00	%
52 MERIDIAN, ID		MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD			83642				SC				1999				1*				100.00	%
Illinois
53 DEER PARK, IL		DEER PARK TOWN CENTER 20503 NORTH RAND ROAD			60074				SC				2000				1*				24.75	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
41 PALM HARBOR, FL			52,395				$833,744			$	16.63				95.7	%		TARGET(NOT OWNED), ALBERTSON’S(NOT OWNED)
42 PENSACOLA, FL			17,150				$199,507			$	12.55				92.7	%
43 SPRING HILL, FL			192,073				$992,041				$7.58				68.1	%		BEALL’S #28(2006), WAL-MART(NOT OWNED)
44 TAMPA, FL (DALE)			104,473			$	1,176,351			$	11.60				97.1	%		PUBLIX SUPER MARKETS #398(2010), WAL-MART(NOT OWNED)
45 TAMPA, FL (WATERS)			134,366			$	1,047,944				$8.40				92.8	%		BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WAL-MART(NOT OWNED)
46 TARPON SPRINGS, FL			198,797			$	1,360,097				$6.84				100.0	%		K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)
47 WEST PASCO, FL			135,421				$872,724				$9.04				71.3	%		PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), BEALL’S(NOT OWNED)
Georgia
48 ATLANTA, GA (DULUTH)			99,025			$	1,330,347			$	14.24				94.3	%		OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED)
49 ATLANTA, GA (PERIMETER)			343,115			$	4,691,487			$	14.55				93.9	%		MICHAEL’S #1004(2010), STEIN MART #092(2010), BABIES R US, #8892(2007), THE SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015)
50 MARIETTA, GA			318,243			$	3,423,952			$	12.21				88.1	%		STEIN MART #141(2007), ROSS DRESS FOR LESS(2013), PUBLIX #548(2015), CRUNCH FITNESS INTERNATIONAL(2011)
Idaho
51 IDAHO FALLS, ID			148,593				$817,766				$6.54				84.2	%		OFFICE MAX #666(2011), ALAMO GROUP(2006), FRED MEYER(NOT OWNED)
52 MERIDIAN, ID			405,123			$	4,474,564			$	11.08				99.7	%		BED BATH & BEYOND #333(2011), OLD NAVY #6046(2005), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS(2012), SPORTSMAN’S WAREHOUSE(2015)
Illinois
53 DEER PARK, IL			267,516			$	6,772,265			$	26.48				95.6	%		GAP # 581(2010)

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

*     Does Not Include Service Merchandise Interests

83

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				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
54 HARRISBURG, IL		ARROWHEAD POINT 701 NORTH COMMERCIAL			62946				SC				1991				1994				100.00	%
55 KILDEER, IL		THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12			60047				SC				2001				2001				10.00	%
56 MOUNT VERNON, IL		TIMES SQUARE MALL 42ND AND BROADWAY			62864				MM				1974				2*				100.00	%
57 SCHAUMBURG, IL		WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD			60173				SC				1993				1995				20.00	%
Indiana
58 BEDFORD, IN		TOWN FAIR CENTER 1320 JAMES AVENUE			47421				SC				1993				2*				100.00	%
59 CONNERSVILLE, IN		WHITEWATER TRADE CENTER 2100 PARK ROAD			47331				SC				1991				2*				100.00	%
60 HIGHLAND, IN		HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET			46322				SC				1995				1996				100.00	%
Iowa
61 CEDAR RAPIDS, IA		NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE			52404				SC				1984				1998				100.00	%
62 OTTUMWA, IA		QUINCY PLACE MALL 1110 QUINCY AVENUE			52501				MM				1990				2*				100.00	%
Kansas
63 LEAWOOD, KS		TOWN CENTER PLAZA 5100 W 119TH STREET			66209				SC				1990				1998				50.00	%
64 MERRIAM, KS		MERRIAM TOWN CENTER 5700 ANTIOCH ROAD			66202				SC				1998				1*				50.00	%
65 OLATHE, KS (DEVONSHIRE)		DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD			66062				SC				1987				1998				23.75	%
66 OVERLAND PARK, KS (CHEROKEE		CHEROKEE NORTH SHOPPING CENTE 8800-8934 W 95th STREET			66212				SC				1987				1998				23.75	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
54 HARRISBURG, IL			167,074				$879,805				$5.48				96.2	%		WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY’S(2011)
55 KILDEER, IL			155,490				$2,909,910			$	19.01				98.5	%		BED BATH & BEYOND(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006)
56 MOUNT VERNON, IL			268,263				$802,664				$3.89				76.9	%		SEARS #2181(2013), J.C. PENNEY #1717(2007)
57 SCHAUMBURG, IL			501,319				$7,138,225			$	15.89				89.6	%		CIRCUIT CITY #3111(2009), OFF 5TH(2011), OFFICEMAX #203(2010), CONTAINER STORE(2011), SPORTS AUTHORITY STORE #675(2013), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)
Indiana
58 BEDFORD, IN			223,431				$1,346,377				$6.03				100.0	%		K MART #7455(2008), GOODY’S #119 -4(2003), J. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010)
59 CONNERSVILLE, IN			141,791				$853,495				$6.09				98.8	%		COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011)
60 HIGHLAND, IN			295,193				$3,166,922			$	11.22				95.7	%		MARSHALL’S#663-1(2011), KOHL’S #229-1(2016), CIRCUIT CITY-1(2016), OFFICE MAX #590(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)
Iowa
61 CEDAR RAPIDS, IA			187,068				$1,760,537				$9.41				100.0	%		TJ MAXX #119(2004), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021)
62 OTTUMWA, IA			194,703				$1,313,964				$7.26				93.0	%		HERBERGER’S #326(2005), J.C. PENNEY #2438(2005), OFFICEMAX #1033(2015), WAL-MART(NOT OWNED), TARGET(NOT OWNED)
Kansas
63 LEAWOOD, KS			412,922				$7,003,901			$	26.24				64.6	%		BARNES & NOBLE #2668(2011)
64 MERRIAM, KS			344,009				$3,927,609			$	11.42				100.0	%		OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK’S SPORTING GOODS # 119(2016), CINEMARK/TINSELTOWN 20(2018), HOME DEPOT(NOT OWNED)
65 OLATHE, KS (DEVONSHIRE)			48,732				$339,837				$7.80				89.4	%
66 OVERLAND PARK, KS (CHEROKEE			55,565				$337,828				$8.91				68.2	%

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

*     Does Not Include Service Merchandise Interests

Property Listing 7.1

84

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				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
67 SHAWNEE, KS (QUIVIRA PARCEL)		TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD			66216				SC				1972				1998				23.75	%
68 SHAWNEE, KS (TEN QUIVIRA)		TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD			66216				SC				1992				1998				23.75	%
69 WICHITA, KS (EASTGATE)		EASTGATE PLAZA SOUTH ROCK ROAD			67207				SC				1955				2002				100.00	%
Kentucky
70 HAZARD, KY		GRAND VUE PLAZA KENTUCKY HIGHWAY 80			41701				SC				1978				2*				100.00	%
Maine
71 BRUNSWICK, ME		COOK’S CORNERS 172 BATH ROAD			04011				SC				1965				1997				100.00	%
Maryland
72 SALISBURY, MD		THE COMMONS E. NORTH POINT DRIVE			21801				SC				1999				1*				100.00	%
73 SALISBURY, MD (DEV JV)		THE COMMONS(PHASE III) NORTH POINTE DRIVE			21801				SC				2000				1*				50.00	%
Massachusetts
74 EVERETT, MA		GATEWAY CENTER 1 MYSTIC VIEW ROAD			02149				SC				2001				1*				100.00	%
75 FRAMINGHAM, MA		SHOPPER’S WORLD 1 WORCESTER ROAD			01701				SC				1994				1995				20.00	%
Michigan
76 BAD AXE, MI		HURON CREST PLAZA 850 NORTH VAN DYKE ROAD			48413				SC				1991				2*				100.00	%
77 CHEBOYGAN, MI		KMART SHOPPING PLAZA 1109 EAST STATE			49721				SC				1988				2*				100.00	%
78 DETROIT, MI		BELAIR CENTER 8400 E. EIGHT MILE ROAD			48234				SC				1989				1998				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total				Average				Percent
Center/Property		Leasable				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Area				Base Rent
67 SHAWNEE, KS (QUIVIRA PARCEL)			12,000				$194,271				$16.19				100.0	%
68 SHAWNEE, KS (TEN QUIVIRA)			162,843				$835,907				$5.62				91.3	%		PRICE CHOPPER FOODS(2005), WESTLAKE HARDWARE #17(2005)
69 WICHITA, KS (EASTGATE)			205,200				$1,859,271				$11.66				77.7	%		OFFICEMAX #31(2007), TJ MAXX #316(2006), BARNES & NOBLE #2824(2012)
Kentucky
70 HAZARD, KY			111,492				$375,505				$4.31				78.1	%		WRIGHT LUMBER(2007)
Maine
71 BRUNSWICK, ME			314,620				$2,381,156				$7.91				95.7	%		HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2004), BIG LOTS(2008), T J MAXX #114(2004), SEARS #2203(2012)
Maryland
72 SALISBURY, MD			98,635				$1,233,243				$12.50				100.0	%		OFFICEMAX #798(2013), MICHAEL’S #9914(2009), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
73 SALISBURY, MD (DEV JV)			27,500				$346,500				$12.60				100.0	%
Massachusetts
74 EVERETT, MA			229,682				$3,453,861				$15.54				96.8	%		BED BATH AND BEYOND(2011), OLD NAVY #6172(2011), OFFICEMAX # 600(2020), BABIES “R” US #6443(2013), MICHAEL’S #01597(2012), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
75 FRAMINGHAM, MA			768,555				$13,470,035				$17.53				100.0	%		TOYS R US #7505(2020), JORDON MARSH /FEDERATED(2020), TJ MAXX#147(2010), BABIES “R” US(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), GENERAL CINEMA #971(2014)
Michigan
76 BAD AXE, MI			63,415				$534,308				$8.64				97.5	%		GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)
77 CHEBOYGAN, MI			95,094				$428,543				$4.51				100.0	%		CARTER’S FOOD CENTER(2004), CARTER’S FOOD CENTER(2004), K MART #9245(2005), KMART(NOT OWNED)
78 DETROIT, MI			343,502				$2,188,440				$9.28				68.7	%		PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), TARGET(NOT OWNED)

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

*     Does Not Include Service Merchandise Interests	Property Listing 7.1

85

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				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
79 GAYLORD, MI		PINE RIDGE SQUARE 1401 WEST MAIN STREET			49735				SC				1991				2*				100.00	%
80 HOUGHTON, MI		COPPER COUNTRY MALL HIGHWAY M26			49931				MM				1981				2*				100.00	%
81 HOWELL, MI		GRAND RIVER PLAZA 3599 EAST GRAND RIVER			48843				SC				1991				2*				100.00	%
82 MT. PLEASANT, MI		INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD			48858				SC				1990				2*				100.00	%
83 SAULT ST. MARIE, MI		CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR			49783				SC				1993				1994				100.00	%
84 WALKER, MI		GREEN RIDGE SQUARE 3390-B ALPINE AVE NW			49504				SC				1989				1995				100.00	%
Minnesota
85 BEMIDJI, MN		PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE			56601				MM				1977				2*				100.00	%
86 BRAINERD, MN		WESTGATE MALL 1200 HIGHWAY 210 WEST			56401				MM				1985				2*				100.00	%
87 COON RAPIDS, MN		RIVERDALE VILLAGE 12921 RIVERDALE DRIVE			55433				SC				1999				1*				25.00	%
88 EAGAN, MN		EAGAN PROMENADE 1299 PROMENADE PLACE			55122				SC				1997				1997				50.00	%
89 HUTCHINSON, MN		HUTCHINSON MALL 1060 SR 15			55350				MM				1981				2*				100.00	%
90 MINNEAPOLIS, MN (MAPLE GROVE)		MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94			55369				SC				1995				1996				50.00	%
91 ST. PAUL, MN		MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST			55104				SC				1995				1997				100.00	%
92 WORTHINGTON, MN		NORTHLAND MALL 1635 OXFORD STREET			56187				MM				1977				2*				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total				Average				Percent
Center/Property		Leasable				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Area				Base Rent
79 GAYLORD, MI			190,482			$	1,046,781				$5.50				100.0	%		WAL-MART STORES #1542(2010), BUY LOW/ROUNDY’S — 4(2011)
80 HOUGHTON, MI			257,863				$753,878				$5.10				57.3	%		J.C. PENNEY #20430(2005), OFFICEMAX #1116(2014)
81 HOWELL, MI			215,047			$	1,300,770				$6.05				100.0	%		WAL-MART STORES #1754(2011), KROGER #633(2012)
82 MT. PLEASANT, MI			248,963			$	1,391,096				$6.11				91.5	%		WAL-MART STORES #1428(2009), BIG LOTS #377-4(2004), KROGER #889(2011)
83 SAULT ST. MARIE, MI			270,761			$	1,771,706				$6.59				99.3	%		WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013)
84 WALKER, MI			133,892			$	1,439,205			$	11.15				96.4	%		T.J. MAXX #160(2005), OFFICE DEPOT #241(2005), TARGET(NOT OWNED), MEDIA PLAY(NOT OWNED), TOYS R US(NOT OWNED), CIRCUIT CITY(NOT OWNED)
Minnesota
85 BEMIDJI, MN			297,586			$	1,388,682				$5.04				92.5	%		K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2003)
86 BRAINERD, MN			260,319			$	1,935,302				$7.52				98.9	%		K MART #9525(2004), HERBERGER’S #23(2013), MOVIES 10/WESTGATE MALL/#205(2011)
87 COON RAPIDS, MN			472,721			$	4,111,608				$8.80				98.8	%		KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ’N THINGS(2016), OLD NAVY # 5958(2007), SEARS, ROEBUCK AND CO.(2017), SPORTSMEN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), COSTCO(NOT OWNED)
88 EAGAN, MN			293,007			$	3,167,045			$	11.81				91.5	%		BYERLY’S(2016), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), MICHAEL’S #9841(2008), T J MAXX #379(2007), BED BATH & BEYOND(2012), ETHAN ALLEN(NOT OWNED)
89 HUTCHINSON, MN			121,001				$651,342				$6.00				89.7	%		J.C. PENNEY #1076-9 -4(2006), KMART(NOT OWNED)
90 MINNEAPOLIS, MN (MAPLE GROVE)			267,029			$	2,832,056			$	10.61				100.0	%		KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAELS STORES, INC.(2012), BED, BATH AND BEYOND(2012), CUB FOODS(NOT OWNED)
91 ST. PAUL, MN			324,354			$	2,608,558				$8.04				100.0	%		K MART #4803(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), HERBERGER’S(NOT OWNED)
92 WORTHINGTON, MN			185,658				$619,582				$5.19				64.3	%		J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)

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

*     Does Not Include Service Merchandise Interests	Property Listing 7.1

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 8 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
Mississippi
93 STARKVILLE, MS		STARKVILLE CROSSING 882 HIGHWAY 12 WEST			39759				SC				1990				1994				100.00	%
94 TUPELO, MS		BIG OAKS CROSSING 3850 N GLOSTER ST			38801				SC				1992				1994				100.00	%
Missouri
95 ARNOLD, MO		JEFFERSON COUNTY PLAZA VOGEL ROAD			63010				SC				2002				1*				50.00	%
96 FENTON, MO		FENTON PLAZA GRAVOIS & HIGHWAY 141			63206				SC				1970				2*				100.00	%
97 INDEPENDENCE, MO		INDEPENDENCE COMMONS 900 EAST 39TH STREET			64057				SC				1995				1995				100.00	%
98 KANSAS CITY, MO (BRYWOOD)		BRYWOOD CENTER 8600 E. 63rd STREET			64133				SC				1972				1998				23.75	%
99 KANSAS CITY, MO (WILLOW)		THE SHOPS @ WILLOW CREEK 101st TERRACE & WORNALL ROAD			64114				SC				1973				1998				23.75	%
100 SPRINGFIELD,MO (MORRIS)		MORRIS CORNERS 1425 EAST BATTLEFIELD			65804				SC				1989				1998				100.00	%
101 ST. LOUIS (SUNSET), MO		PLAZA AT SUNSET HILL 10980 SUNSET PLAZA			63128				SC				1997				1998				100.00	%
102 ST. LOUIS, MO (CLOCKTOWER)		CLOCKTOWER PLACE 11298 W. FLORISSANT AVE.			63033				SC				1998				1998				50.00	%
103 ST.LOUIS, MO (KELLER PLAZA)		KELLER PLAZA 4500 LEMAY FERRY ROAD			63129				SC				1987				1998				100.00	%
104 ST.LOUIS, MO (BRENTWOOD)		PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT			63144				SC				1998				1998				100.00	%
105 ST.LOUIS, MO (GRAVOIS VILLAGE)		GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA			63049				SC				1983				1998				100.00	%
106 ST.LOUIS, MO (HOME QUARTERS)		HOME QUARTERS 6303 S. LINBERGH BLVD			63123				SC				1992				1998				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
Mississippi
93 STARKVILLE, MS			234,652				$1,161,098				$5.16				95.9	%		WAL-MART STORES #112(2015), J.C. PENNEY #2447(2010), KROGER #381(2012)
94 TUPELO, MS			348,236				41,942,244				$5.62				99.3	%		SAM’S WHOLESALE CLUB#6329(2012), GOODY’S #39(2002), WAL-MART STORES #258(2012)
Missouri
95 ARNOLD, MO			21,767				$268,804			$	12.35				100.0	%		HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
96 FENTON, MO			93,548				$710,591				$9.56				79.5	%
97 INDEPENDENCE, MO			382,955				$4,408,845			$	11.60				99.3	%		KOHL’S DEPARTMENT #230(2016), BED, BATH BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)
98 KANSAS CITY, MO (BRYWOOD)			208,234				$880,720				$4.90				86.3	%		BIG LOTS #489(2004), PRICE CHOPPER(2004)
99 KANSAS CITY, MO (WILLOW)			15,205				$255,784			$	16.82				100.0	%
100 SPRINGFIELD,MO (MORRIS)			56,033				$414,474				$7.40				100.0	%		TOYS R US #9512(2013)
101 ST. LOUIS (SUNSET), MO			417,326				$4,792,719			$	11.54				99.5	%		BED BATH AND BEYOND(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT #1089(2023), PETSMART #260(2012), BORDERS #110(2011), TOYS R US #9565(2013), COMP USA COMPUTER SUPER #1012(2013)
102 ST. LOUIS, MO (CLOCKTOWER)			211,045				$2,119,869			$	10.21				98.4	%		TJ MAXX #389(2008), OFFICE DEPOT#522(2008), DIERBERG’S MARKETPLACE, INC.(2007)
103 ST.LOUIS, MO (KELLER PLAZA)			52,842				$178,980				$7.84				43.2	%		SAM’S(NOT OWNED)
104 ST.LOUIS, MO (BRENTWOOD)			299,584			$	3,931,703			$	13.12				100.0	%		TARGET #1102(2023), BED BATH & BEYOND #219(2004), PETSMART #255(2014), SPORTS AUTHORITY(2013)
105 ST.LOUIS, MO (GRAVOIS VILLAGE)			110,992				$627,296				$5.82				97.2	%		K MART #7543(2008)
106 ST.LOUIS, MO (HOME QUARTERS)			91,783				$321,240				$3.50				100.0	%		WEEKENDS ONLY FURNITURE(2007)

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

*     Does Not Include Service Merchandise Interests

Property Listing 7.1

87

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 9 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
107 ST.LOUIS, MO (OLYMPIC OAKS)		OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD			63121				SC				1985				1998				100.00	%
Nevada
108 LAS VEGAS, NV (DECATUR)		FAMILY CENTER @ LAS VEGAS 14833 WEST CHARLESTON BLVD			89102				SC				1973				1998				100.00	%
109 RENO, NV		RENO RIVERSIDE EAST FIRST STREET AND SIERRA			89505				SC				2000				2000				100.00	%
New Jersey
110 PRINCETON, NJ		NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD			42071				SC				1995				1997				100.00	%
111 PRINCETON, NJ (PAVILION)		NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD			42071				SC				1999				1*				100.00	%
New Mexico
112 LOS ALAMOS, NM		MARI MAC VILLAGE 800 TRINITY DRIVE			87533				SC				1978				2*				100.00	%
North Carolina
113 DURHAM, NC		OXFORD COMMONS 3500 OXFORD ROAD			27702				SC				1990				2*				100.00	%
114 NEW BERN, NC		RIVERTOWNE SQUARE 3003 CLAREDON BLVD			28561				SC				1989				2*				100.00	%
115 WASHINGTON, NC		PAMLICO PLAZA 536 PAMLICO PLAZA			27889				SC				1990				2*				100.00	%
116 WAYNESVILLE, NC		LAKESIDE PLAZA 201 PARAGON PARKWAY			28721				SC				1990				2*				100.00	%
117 WILMINGTON, NC		UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.			28403				SC				1989				2*				100.00	%
North Dakota
119 GRAND FORKS, ND		OFFICE MAX 2500S COLUMBIA ROAD			58201				SC				1978				1999				83.75	%
[Continued from above table, first column(s) reported]																			[Additional columns below]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
107 ST.LOUIS, MO (OLYMPIC OAKS)			92,372			$	1,424,577			$	15.42				100.0	%		TJ MAXX #329(2006)
Nevada
108 LAS VEGAS, NV (DECATUR)			49,555			$	455,812			$	9.58				96.0	%		ALBERTSON’S(NOT OWNED)
109 RENO, NV			52,589			$	33,748			$	0.65				99.5	%		CENTURY THEATRE, INC.(2014)
New Jersey
110 PRINCETON, NJ			211,649			$	3,696,446			$	19.19				91.0	%		BORDERS #131(2011), BEST BUY #578(2012), LINENS ‘N THINGS #462(2011), PETSMART #577(2011), WAL-MART(NOT OWNED), SAM’S(NOT OWNED), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
111 PRINCETON, NJ (PAVILION)			202,622			$	3,099,250			$	15.30				100.0	%		DICK’S SPORTING GOOD #105(2015), MICHAEL’S(2009), KOHL’S #294(2019), WEGMAN’S MARKET(NOT OWNED)
New Mexico
112 LOS ALAMOS, NM			97,970			$	532,378			$	6.10				89.1	%		SMITH’S FOOD & DRUG CENTERS(2007), FURR’S PHARMACY #887-4(2003), BEALL’S #0180(2009)
North Carolina
113 DURHAM, NC			205,349			$	1,206,710			$	6.66				88.2	%		FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)
114 NEW BERN, NC			68,130			$	562,368			$	8.41				98.2	%		GOODY’S #4(2007), WAL-MART(NOT OWNED)
115 WASHINGTON, NC			93,527			$	492,586			$	5.27				100.0	%		WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)
116 WAYNESVILLE, NC			181,894			$	1,152,933			$	6.34				100.0	%		WAL-MART STORE #1663(2011), FOOD LION #957-2(2011)
117 WILMINGTON, NC			410,491			$	3,317,164			$	9.49				85.2	%		BARNES & NOBLE #2762(2007), LOWE’S HOME CENTER #445 -4(2014), OLD NAVY #5471(2006), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175 -4(2005), SAM’S(NOT OWNED)
North Dakota
118 DICKINSON, ND			267,506			$	1,171,621			$	4.56				96.1	%		K MART #9564(2003), HERBERGER’S #30(2005), J.C. PENNEY #1628-7(2003)
119 GRAND FORKS, ND			31,812			$	0			$	0.00				0.0	%

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

*     Does Not Include Service Merchandise Interests

88

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 10 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
Ohio
120 ASHLAND, OH		CLAREMONT PLAA US ROUTE 42			44805				SC				1977				2*				100.00	%
121 AURORA, OH		BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE			44202				SC				1996				1*				100.00	%
122 BELLEFONTAINE, OH		SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET			43311				SC				1995				1998				100.00	%
123 BOARDMAN, OH		SOUTHLAND CROSSING I-680 & US ROUTE 224			44514				SC				1997				1*				100.00	%
124 CANTON, OH (EVERHARD ROAD)		BELDEN PARK CROSSINGS 5496 DRESSLER ROAD			44720				SC				1995				1*				100.00	%
125 CANTON, OH (PHASE II)		BELDEN PARK CROSSINGS (II) DRESSLER ROAD			44720				SC				1997				1*				100.00	%
126 CHILLICOTHE, OH		CHILLICOTHE PLACE 867 N BRIDGE STREET			45601				SC				1974				2*				100.00	%
127 CINCINNATI, OH		GLENWAY CROSSING 5100 GLENCROSSING WAY			45238				SC				1990				2*				100.00	%
128 CLEVELAND, OH (WEST 65th)		KMART PLAZA — WEST 65TH 3250 WEST 65TH STREET			44102				SC				1977				2*				100.00	%
129 COLUMBUS, OH (DUBLIN VILLAGE)		DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE			43017				SC				1987				1998				80.01	%
130 COLUMBUS, OH (EASTON MARKET		EASTON MARKET 3740 EASTON MARKET			43230				SC				1998				1998				100.00	%
131 COLUMBUS, OH (LENNOX TOWN)		LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD			43212				SC				1997				1998				50.00	%
132 COLUMBUS, OH (SUN CENTER)		SUN CENTER 3622-3860 DUBLIN GRANVILLE RD			43017				SC				1995				1998				79.45	%
133 DAYTON, OH		WASHINGTON PARK 615-799 LYONS ROAD			45458				SC				1990				1998				49.29	%

[continued from above table, first column(s) repeated]				[additional columns below]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
Ohio
120 ASHLAND, OH			110,656				$72,773				$2.68				24.5	%		QUALITY STORES #3116(2005)
121 AURORA, OH			64,700				$771,705			$	13.15				90.7	%		HEINEN’S(NOT OWNED)
122 BELLEFONTAINE, OH			52,399				$432,292				$8.25				100.0	%		GOODY’S STORE # 314(2010), STAPLES # 1146(2010)
123 BOARDMAN, OH			506,254			$	4,082,024				$8.14				99.1	%		LOWE’S COMPANIES #188(2016), BABIES “R” US #9254(2009), STAPLES STORE #817(2012), DICKS CLOTHING & SPORTING(2012), WAL-MART STORES #2211(2017), PETSMART #558(2013), GIANT EAGLE, INC(2018)
124 CANTON, OH (EVERHARD ROAD)			257,344			$	2,554,242			$	10.60				93.6	%		DICK’S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2011), KOHL’S DEPARTMENT STORE#239(2016)
125 CANTON, OH (PHASE II)			236,105			$	2,075,260				$9.46				92.9	%		VALUE CITY FURNITURE #55(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013)
126 CHILLICOTHE, OH			236,009			$	1,822,035				$7.72				100.0	%		LOWE’S HOME CENTERS #472-2(2015), KROGER #348(2016), OFFICE MAX #617(2013)
127 CINCINNATI, OH			235,616			$	1,966,516				$9.78				85.4	%		WINN DIXIE STORES #1771 -4(2010)
128 CLEVELAND, OH (WEST 65th)			49,420				$265,724				$5.51				97.6	%		GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED)
129 COLUMBUS, OH (DUBLIN VILLAGE)			326,912			$	1,581,809			$	12.98				37.3	%		AMC THEATRE(2007), B.J.’S WHOLESALE CLUB(NOT OWNED)
130 COLUMBUS, OH (EASTON MARKET			509,611			$	6,021,799			$	11.82				100.0	%		COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2015), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2013), GALYAN’S(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC.(2014), TJ MAXX#447(2008)
131 COLUMBUS, OH (LENNOX TOWN)			352,913			$	3,344,654				$9.48				100.0	%		TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021)
132 COLUMBUS, OH (SUN CENTER)			305,428			$	3,218,121			$	10.99				95.9	%		BABIES R US #9242(2011), MICHAEL’S(2013), RHODES FURNITURE(2012), STEIN MART #130(2007), BIG BEAR(2016), STAPLES #403(2010)
133 DAYTON, OH			212,369			$	1,004,621				$8.60				55.0	%		BOOKS A MILLION # 307(2005)

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

*     Does Not Include Service Merchandise Interests

89

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 11 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
134 DUBLIN, OH (PERIMETER CENTER)		PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD			43017				SC				1996				1998				100.00	%
135 EASTLAKE, OH		KMART PLAZA 33752 VINE STREET			44094				SC				1971				2*				100.00	%
136 ELYRIA, OH		ELYRIA SHOPPING CENTER 825 CLEVELAND			44035				SC				1977				2*				100.00	%
137 GROVE CITY, OH (DERBY SQUARE		DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD			43123				SC				1992				1998				100.00	%
138 HAMILTON, OH		H.H. GREG 1371 MAIN STREET			43450				SC				1986				1998				100.00	%
139 HILLSBORO, OH		HILLSBORO SHOPPING CENTER 1100 NORTH HIGH STREET			45133				SC				1979				2*				100.00	%
140 HUBER HTS., OH		NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE			45424				SC				1990				2*				100.00	%
141 LEBANON, OH		COUNTRYSIDE PLACE 1879 DEERFIELD ROAD			45036				SC				1990				2*				100.00	%
142 MACEDONIA, OH		MACEDONIA COMMONS MACEDONIA COMMONS BLVD.			44056				SC				1994				1994				50.00	%
143 MACEDONIA, OH (PHASE II)		MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS			44056				SC				1999				1*				100.00	%
144 NILES, OH		GREAT EAST PLAZA 909 GREAT EAST PLAZA			44446				SC				1980				1999				83.75	%
145 NORTH OLMSTED, OH		GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN			44070				SC				1958				1997				100.00	%
146 NORTH OLMSTED, OH (BABIES)		BABIES R’ US PLAZA 26520 LORAIN AVENUE			44070				SC				1978				1999				83.75	%
147 PATASKALA, OH		VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE			43062				SC				1980				1998				100.00	%
[continued from above table, first column(s) repeated]													[additional columns below]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
134 DUBLIN, OH (PERIMETER CENTER)			137,556			$	1,532,533			$	11.87				93.9	%		BIG BEAR(2016)
135 EASTLAKE, OH			4,000				$0				$0.00				0.0	%		KMART(NOT OWNED)
136 ELYRIA, OH			150,200				$521,970				$7.44				46.7	%		FIRST NAT’L SUPERMARKET #811(2010)
137 GROVE CITY, OH (DERBY SQUARE			128,210			$	1,319,967			$	10.30				100.0	%		BIG BEAR(2012)
138 HAMILTON, OH			40,000				$230,000				$5.75				100.0	%		ROUNDY’S(2006)
139 HILLSBORO, OH			58,564				$146,495				$7.90				31.6	%		BOB & CARL’S(NOT OWNED)
140 HUBER HTS., OH			163,741			$	1,671,414			$	10.45				97.6	%		CUB FOODS(2011), WAL-MART(NOT OWNED)
141 LEBANON, OH			27,500				$109,684				$8.99				44.4	%		WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED)
142 MACEDONIA, OH			233,639			$	2,440,023			$	10.44				100.0	%		FIRST NATL. SUPERMARKETS #26(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)
143 MACEDONIA, OH (PHASE II)			169,481			$	1,601,734				$9.45				100.0	%		CINEMARK(2019), HOME DEPOT #3824(2020)
144 NILES, OH			67,100				$0				$0.00				0.0	%
145 NORTH OLMSTED, OH			631,757			$	7,169,233			$	12.26				92.6	%		KIDS R US #1173(2008), BED BATH & BEYOND, INC.(2012), PETSMART #529(2008), HOME DEPOT USA #3803(2019), JO-ANN STORES #1923(2009), MARC’S(2012), COMP USA INC. #577(2007), BEST BUY #279(2010), MARSHALLS #8267/TJX COMPANY(2005), KRONHEIMS FURNITURE(2012), TOPS SUPERMARKET(NOT OWNED)
146 NORTH OLMSTED, OH (BABIES)			67,466				$419,060				$7.44				83.5	%		BABIES “R” US #9284(2011)
147 PATASKALA, OH			33,270				$194,600				$5.85				100.0	%		CARDINAL (GARDNERS/LANCASTER)(2007)

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

*     Does Not Include Service Merchandise Interests

90

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 12 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
148 PICKERINGTON, OH		SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH			43147				SC				1990				1998				100.00	%
149 SOLON, OH		UPTOWN SOLON KRUSE DRIVE			44139				SC				1998				1*				100.00	%
150 STOW, OH		STOW COMMUNITY SHOPPING CENTE KENT ROAD			44224				SC				1997				1*				100.00	%
151 TIFFIN, OH		TIFFIN MALL 870 WEST MARKET STREET			44883				MM				1980				2*				100.00	%
152 TOLEDO, OH		SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD			43528				SC				1999				1*				100.00	%
153 WESTLAKE, OH		WEST BAY PLAZA 30100 DETROIT ROAD			44145				SC				1974				2*				100.00	%
154 WILMINGTON, OH		SOUTH RIDGE SHOPPING CENTER 1025 S SOUTH STREET			45177				SC				1977				2*				100.00	%
155 XENIA, OH		WEST PARK SQUARE 1700 WEST PARK SQUARE			45385				SC				1994				1*				100.00	%
Oregon
156 PORTLAND, OR		TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD			97006				SC				1995				1996				50.00	%
Pennsylvania
157 E. NORRITON, PA		KMART PLAZA 2692 DEKALB PIKE			19401				SC				1975				2*				100.00	%
158 ERIE (PEACHSTREET), PA		PEACH STREET SQUARE			16509				SC				1995				1*				100.00	%
		1902 KEYSTONE DRIVE
South Carolina
159 ANDERSON, SC		NORTHTOWNE CENTER 3812 LIBERTY HIGHWAY			29621				SC				1993				1995				100.00	%
160 CAMDEN, SC		SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE			29020				SC				1990				2*				100.00	%
[continued from above table, first column(s) repeated]													[additional columns below]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
148 PICKERINGTON, OH			59,495				$672,683			$	14.87				76.0	%
149 SOLON, OH			183,288			$	2,812,463			$	15.34				100.0	%		MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)
150 STOW, OH			404,505			$	2,897,134				$7.24				98.9	%		K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. #4096(2017), KOHL’S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET #249(2003), TARGET(NOT OWNED)
151 TIFFIN, OH			148,469				$738,386				$5.42				91.8	%		J.C. PENNEY #324-4(2005), AARON RENTS, INC.#C0399(2004)
152 TOLEDO, OH			241,129			$	2,426,008			$	10.61				94.8	%		KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #6429(2005), BABIES R US(NOT OWNED)
153 WESTLAKE, OH			162,330			$	1,282,675				$7.90				100.0	%		MARC’S #37(2004), K MART #3234(2004)
154 WILMINGTON, OH			55,130				$196,350				$4.36				81.8	%		SUPER VALU STORES, INC(2003)
155 XENIA, OH			104,873				$702,751				$7.74				86.6	%		KROGER #829(2019), WAL-MART(NOT OWNED)
Oregon
156 PORTLAND, OR			309,617			$	5,117,714			$	16.53				100.0	%		BARNES & NOBLE #2748(2011), OFFICE DEPOT-#00954(2010), HAGGAN’S(2021), LINENS N THINGS(2017), ROSS DRESS FOR LESS #399(2008), MICHAEL’S #9887(2009), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED)
Pennsylvania
157 E. NORRITON, PA			174,976			$	1,009,946				$6.79				85.0	%		K MART #3026(2005), BIG LOTS(2010)
158 ERIE (PEACHSTREET), PA			538,103			$	4,635,655				$8.61				100.0	%		LOWE’S HOME CTR #226(2015), MEDIA PLAY-4 #8158(2011), KOHL’S-#221-4(2016), WAL-MART STORES #2278(2015), CINEMARK #186(2011), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE 3744(2020), HOME DEPOT(NOT OWNED) OWNED)
South Carolina
159 ANDERSON, SC			14,250				$122,050				$8.56				100.0	%		WAL-MART(NOT OWNED), SAM’S(NOT OWNED)
160 CAMDEN, SC			180,127			$	1,085,886				$6.44				93.6	%		WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)

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

*     Does Not Include Service Merchandise Interests

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 13 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
161 COLUMBIA, SC (HARBISON)		HARBISON COURT HARBISON BLVD			29212				SC				1991				2002				100.00	%
162 MT. PLEASANT, SC		WANDO CROSSING 1500 HIGHWAY 17 NORTH			29465				SC				1992				1995				100.00	%
163 N. CHARLESTON, SC		NORTH POINTE PLAZA 7400 RIVERS AVENUE			29406				SC				1989				2*				100.00	%
164 ORANGEBURG, SC		NORTH ROAD PLAZA 2795 NORTH ROAD			29115				SC				1994				1995				100.00	%
165 S. ANDERSON, SC		CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS			29624				SC				1990				1994				100.00	%
166 SIMPSONVILLE, SC		FAIRVIEW STATION 621 FAIRVIEW ROAD			29681				SC				1990				1994				100.00	%
167 UNION, SC		WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1			29379				SC				1990				2*				100.00	%
South Dakota
168 WATERTOWN, SD		WATERTOWN MALL 1300 9TH AVENUE			56401				MM				1977				2*				100.00	%
Tennessee
169 BRENTWOOD, TN		COOL SPRINGS POINTE I-65 AND MOORE’S LANE			37027				SC				1999				2000				100.00	%
Texas
170 FT. WORTH, TX		EASTCHASE MARKET SWC EASTCHASE PKWY & I-30			76112				SC				1995				1996				50.00	%
171 FT. WORTH, TX (FOSSIL CREEK)		FOSSIL CREEK WESTERN CENTER BLVD			76137				SC				1991				2002				100.00	%
172 LEWISVILLE, TX (LAKEPOINTE)		LAKEPOINTE CROSSINGS S STEMMONS FREEWAY			75067				SC				1991				2002				100.00	%
173 SAN ANTONIO, TX		LA PLAZA DEL NORTE 125 NE LOOP 410			78216				SC				1996				1997				35.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned				Total				Average				Percent
Center/Property		Gross				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Leasable				Base Rent
		Area
161 COLUMBIA, SC (HARBISON)			252,689			$	2,316,726			$	12.40				73.9	%		Barnes & Noble #2688(2011), Marshall’s #458(2007), OfficeMax #640(2011)
162 MT. PLEASANT, SC			209,139			$	2,004,048				$9.83				97.5	%		PIGGLY WIGGLY #29-4(2012), OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL’S OF MA, INC.(2011), WAL-MART(NOT OWNED)
163 N. CHARLESTON, SC			294,471			$	1,981,195				$6.80				98.9	%		WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED)
164 ORANGEBURG, SC			50,760				$493,037				$9.71				100.0	%		GOODY’S #282(2008), WAL-MART(NOT OWNED)
165 S. ANDERSON, SC			163,809				$350,804				$4.16				51.5	%		WAL-MART STORES #644(2010)
166 SIMPSONVILLE, SC			142,133				$763,225				$5.48				98.0	%		INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES(2015)
167 UNION, SC			184,331			$	1,000,642				$5.56				97.6	%		WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255(2010)
South Dakota
168 WATERTOWN, SD			285,470			$	1,570,902				$5.55				99.2	%		HERBERGER’S #15(2004), J.C. PENNEY #0495- -4(2008), HY VEE SUPERMARKET(NOT OWNED)
Tennessee
169 BRENTWOOD, TN			201,516			$	2,446,649			$	12.14				100.0	%		BEST BUY #170(2014), THE SPORTS AUTHORITY(2013), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)
Texas
170 FT. WORTH, TX			205,017			$	2,556,244			$	12.61				98.9	%		UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), MJ DESIGNS #4589(2011), ROSS DRESS FOR LESS #351-1(2006), TARGET(NOT OWNED), OFFICE DEPOT(NOT OWNED), TOYS R US(NOT OWNED)
171 FT. WORTH, TX (FOSSIL CREEK)			68,515				$964,482			$	15.55				90.5	%
172 LEWISVILLE, TX (LAKEPOINTE)			311,039			$	2,828,664			$	11.06				82.2	%		THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED), GARDEN RIDGE(NOT OWNED)
173 SAN ANTONIO, TX			310,394			$	3,638,319			$	13.31				88.1	%		ROSS STORES, INC.(2007), DSW SHOE WAREHOUSE(2007), BEST BUY COMPANY #201(2102), OSHMAN'S SPORTING GOODS #236(2016), OFFICE MAX #406(2012)

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

*     Does Not Include Service Merchandise Interests

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 14 of 15

				Zip				Type of				Year				Year				DDR
Center/Property		Location		Code				Property				Developed				Acquired				OwnerShip
																				Interest
174 SAN ANTONIO, TX (BANDERA PT)		BANDERA POINT STATE LOOP 1604/BANDERA ROAD			78227				SC				2001				1*				100.00	%
Utah
175 LOGAN, UT		FAMILY PLACE @ LOGAN 400 NORTH STREET			84321				SC				1975				1998				100.00	%
176 MIDVALE, UT		FAMILY CENTER AT FORT UNION 900 EAST FT UNION BLVD			84047				SC				1973				1998				100.00	%
177 OGDEN, UT		FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD			84404				SC				1977				1998				100.00	%
178 OREM, UT		FAMILY CENTER AT OREM 1300 SOUTH STREET			84058				SC				1991				1998				100.00	%
179 RIVERDALE, UT		FAMILY CENTER AT RIVERDALE 1050 WEST RIVERDALE ROAD			84405				SC				1995				1998				100.00	%
180 SALT LAKE CITY, UT (33RD)		FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET			84115				SC				1978				1998				100.00	%
181 TAYLORSVILLE, UT		FAMILY CENTER AT MIDVALLEY 5600 SOUTH REDWOOD			84123				SC				1982				1998				100.00	%
Vermont
182 BERLIN, VT		BERLIN MALL 282 BERLIN MALL RD., UNIT #28			05602				MM				1986				2*				100.00	%
Virginia
183 FAIRFAX, VA		FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER			22033				SC				1994				1995				20.00	%
184 MARTINSVILLE, VA		LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD			24112				MM				1989				2*				50.00	%
185 PULASKI, VA		MEMORIAL SQUARE 1000 MEMORIAL DRIVE			24301				SC				1990				2*				100.00	%
186 WINCHESTER, VA		APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY			22601				SC				1990				2*				100.00	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Owned
		Gross				Total				Average				Percent
Center/Property		Leasable				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
		Area				Base Rent
174 SAN ANTONIO, TX (BANDERA PT)			278,727			$	3,976,256			$	14.34				99.5	%		T.J. MAXX(2011), LINENS ‘N THINGS #594(2012), OLD NAVY #6499(2006), ROSS DRESS FOR LESS(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED)
Utah
175 LOGAN, UT			19,200				$91,620			$	12.73				37.5	%		RITE AID(NOT OWNED)
176 MIDVALE, UT			661,627			$	6,892,791			$	10.56				98.6	%		MERVYN’S #M-0065A(2005), BABIES R US #9568(2013), OFFICE MAX #126(2007), SMITH’S FOOD & DRUGS#85(2024), MEDIA PLAY #8122(2016), BED BATH & BEYOND #198(2014), ROSS DRESS FOR LESS #502(2011), WAL-MART STORES #2207(2015)
177 OGDEN, UT			162,316				$796,820				$5.52				89.0	%		HARMONS(2012)
178 OREM, UT			150,667			$	1,524,289			$	10.12				100.0	%		KIDS R US # 1347(2011), MEDIA PLAY #8120(2015), OFFICE DEPOT #538(2008), JO-ANN FABRICS AND CRAFTS#1756(2012), R.C. WILLEY(NOT OWNED), TOYS R US(NOT OWNED)
179 RIVERDALE, UT			590,313			$	4,449,859				$7.85				96.0	%		MAY COMPANY(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN’S WAREHOUSE(2009), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016), TARGET SUPERSTORE #1753(2017)
180 SALT LAKE CITY, UT (33RD)			35,459				$262,502				$8.55				86.6	%
181 TAYLORSVILLE, UT			729,445			$	6,191,646			$	10.23				83.0	%		JOLENE’S(2003), MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), SHOPKO #085(2014), GART SPORTS #324(2017), BED, BATH & BEYOND #270(2015), HARMONS SUPERSTORE(NOT OWNED)
Vermont
182 BERLIN, VT			174,731			$	1,526,059				$8.82				99.0	%		WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)
Virginia
183 FAIRFAX, VA			253,941			$	4,275,113			$	16.84				100.0	%		SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014)
184 MARTINSVILLE, VA			435,057			$	2,772,445				$7.07				90.1	%		GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017)
185 PULASKI, VA			143,299				$919,503				$6.42				100.0	%		WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)
186 WINCHESTER, VA			230,940			$	2,163,215				$9.47				99.0	%		MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)

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

*     Does Not Include Service Merchandise Interests

Property Listing 7.1

93

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		Property List*		Run Date: 02/17/2003 Time: 4:52:44PM Page 15 of 15

Zip

Type of

Year

Year

DDR

Center/Property

Location

Code

Property

Developed

Acquired

OwnerShip

Interest

Washington

187 BELLINGHAM, WA

MERIDIAN VILLAGE SHOPPING CTR NE CORNER G MERIDIAN/TELEGRAPH

98226

SC

1979

2000

20.00

%

188 EVERETT, WA

PUGET PARK 520 128TH STREET SW

98204

SC

1981

2001

20.00

%

West Virginia

189 BARBOURSVILLE, WV

OFFICE MAX CENTER 5-13 MALL ROAD

25504

SC

1985

1998

100.00

%

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Owned
				Gross				Total				Average				Percent
Center/Property				Leasable				Annualized				Base Rent				Occupied				Anchor Tenants(Lease Expiration)
				Area				Base Rent
Washington
187 BELLINGHAM, WA					208,422				$1,900,750				$9.77				93.4	%		CIRCUIT CITY #3326(2015), HOME DEPOT INC., #4715(2013), PAYLESS DRUG #05240(2004)
188 EVERETT, WA					40,958				$413,107				$12.19				82.7	%		ALBERTSON’S (NOT OWNED)
West Virginia
189 BARBOURSVILLE, WV					70,900				$288,037				$4.06				100.0	%		DISCOUNT EMPORIUM(2006), OFFICEMAX #263(2006), VALUE CITY(NOT OWNED)
		Grand Total:			39,722,102			$	383,190,339

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

*     Does Not Include Service Merchandise Interests

Property Listing 7.1

94

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Investor Information

Developers Diversified Realty
www.ddrc.com
3300 Enterprise Parkway / Beachwood, Ohio 44122
Phone: (216) 755-5500      Fax: (216) 755-1500

Officers		Board of Directors
Scott A. Wolstein, Chairman of the Board & Chief Executive Officer David M. Jacobstein, President and Chief Operating Officer Daniel B. Hurwitz, Executive Vice President James A. Schoff, Senior Investment Officer Joan U. Allgood, Sr. Vice President of Legal and Transactions Timothy Bruce, Sr. Vice President of Development William H. Schafer, Sr. Vice President & Chief Financial Officer Richard E. Brown, Sr. Vice President of Real Estate Operation Joseph G. Padanilam, Vice President of Transactions Richard L. Davis, Vice President of Information Technology Ralph J. Conti, Vice President and Director of Development Susan Hennessey, Vice President of Human Resources Steven M. Dorsky, Vice President of Leasing - Northeast RobinWalker-Gibbons, Vice President of Leasing - Southeast Anthony L. Vodicka, Vice President of Leasing - West		Scott A. Wolstein, Chairman of the Board Chief Executive Officer, Developers Diversified Realty David M. Jacobstein, President & Chief Operating Officer, Developers Diversified Realty Daniel B. Hurwitz, Executive Vice President Developers Diversified Realty Albert T. Adams, Director Chairman, Cleveland Office — Baker & Hostetler LLP Dean S. Adler, Director Principal — Lubert-Adler Management, Inc Terrance R. Ahern, Director Principal — The Townsend Group Robert Gidel, Director Managing Partner — Liberty Partners, LP Victor B. MacFarlane, Founder and Managing Principal MacFarlane Partners, LLC Barry Sholem, Director Co-Chair & Managing Director — Donaldson, Lufkin & Jenrette Capital Partners

95

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Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2002

---

Investor Information (Continued)

Research Coverage				Research Coverage, continued
AG Edwards				Merrill Lynch
Bill Camp		(314) 955-5368		Steve Sakwa		(212) 449-0335
				Craig Schmidt		(212) 449-1944
Credit Suisse First Boston
Larry Raiman		(212) 538-2380		Morgan Stanley
Jay Habermann		(212) 538-5250		Matthew Ostrower		(212) 761-6284
				Alan Calderon		(212) 761-8564
Deutsche Bank Alex Brown
Lou Taylor		(212) 469-4912		Prudential Securities
John Perrry		(212) 469-5182		Jim Sullivan		(212) 778-2515
				Allison Donoho		(212) 778-1417
Goldman Sachs
David Kostin		(212) 902-6781		Transfer Agent
David Oakes		(212) 902-1970		National City Bank
				Corporate Trust Operations
Green Street Advisors				P.O. Box 92301
Greg Andrews		(949) 640-8780		Cleveland, Ohio 44193-0900
Barb Hoogland		(949) 640-8780		1-800-622-6757
Hilliard Lyons				Investor Relations
John Roberts		(502) 588-9143		Michelle A. Mahue
Dendra Lambert		(502) 588-1239		Director of Investor Relations
				Phone: (216) 755-5455
McDonald & Company				Fax: (216) 755-1455
Richard Moore		(216) 443-2815		Email: mmahue@ddrc.com
Richard Sweigard		(216) 563-2501

96