DEVELOPERS DIVERSIFIED REALTY CORP 8-K (Events or Changes Between Quarterly Reports) 2009-02-23

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 23, 2009
DEVELOPERS DIVERSIFIED REALTY CORPORATION

(Exact name of registrant as specified in its charter)
Ohio 1-11690 34-1723097

(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3300 Enterprise Parkway, Beachwood, Ohio 44122

(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (216) 755-5500
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TABLE OF CONTENTS
Item 2.02 Results of Operations and Financial Condition

Item 7.01 Regulation FD Disclosure
Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EX-99.1
EX-99.2
EX-99.3
Table of Contents
Item 2.02 Results of Operations and Financial Condition.
On February 23, 2009, Developers Diversified Realty Corporation (the “Company”) issued a News Release containing financial results of the
Company (the “News Release”) and a quarterly financial supplement containing financial and property information of the Company
(“Quarterly Supplement”) for the three months and year ended December 31, 2008. Among other things, the News Release reports a net loss of
$1.57 and $0.83 per diluted share for the three months and year ended December 31, 2008, respectively, as compared to net income of $0.27 and
$1.85 per diluted share for the three months and year ended December 31, 2007, respectively. A copy of the News Release is attached hereto as
Exhibit 99.1 and a copy of the Quarterly Financial Supplement is attached hereto as Exhibit 99.2 and are each incorporated herein by reference.
This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”)
or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the
“Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
The Company is furnishing a copy of the Company’s Property List as of December 31, 2008, which is attached hereto as Exhibit 99.3 and
incorporated herein by reference. This information shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or
otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act or the
Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exh ibit
No. De scription
99.1 News release dated as of February 23, 2009.
99.2 Quarterly financial supplement dated as of February 23, 2009.
99.3 Property list as of February 23, 2009.

Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Developers Diversified Realty Corporation

(Registrant)
Date February 23, 2009 /S/ Christa A. Vesy

Christa A. Vesy
Senior Vice President and Chief Accounting Officer
Table of Contents
EXHIBIT INDEX
Exh ibit
No. De scription
99.1 News release dated as of February 23, 2009.
99.2 Quarterly financial supplement dated as of February 23, 2009.
99.3 Property list as of December 31, 2008.
Exhibit 99.1
For Immediate Release:
Contact: Scott A. Wolstein Francine Glandt

Chairman and Vice President of Capital Markets and Treasurer
Chief Executive Officer 216-755-5500
216-755-5500 FGlandt@ddr.com
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $3.29 FOR THE YEAR ENDED DECEMBER 31, 2008 BEFORE NON-
RECURRING GAINS AND LOSSES
CLEVELAND, OHIO, February 23, 2009 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and
developer of market-dominant shopping centers, today reported operating results for the fourth quarter and year ended December 31, 2008.
• The Company’s fourth quarter operating Funds From Operations (“FFO”) was $0.74 per share after adjusting for the $216.3 million of
charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.4 million.
FFO and net income for the three-month period ended December 31, 2008, reflected $216.3 million, or $1.78 per share, of net charges,
primarily non cash, summarized as follows (in millions):
Consolidated non-cash impairment charges $ 79.9

Non-cash termination of an equity award plan 15.8
Abandoned projects, transaction costs and other expenses 20.8
Non-cash impairment charges on equity investments 107.0
Impairment charges and other expense recorded in equity income (loss) from joint ventures 8.5
Loss on sale of discontinued operations 3.0
Effect of above charges allocated to minority interest (18.7)
$ 216.3
• FFO applicable to common shareholders for the three-month period ended December 31, 2008 was a loss of $114.9 million or a loss of
$0.95 per diluted share which compares to FFO income of $100.0 million or $0.82 per diluted share for the prior-year comparable period.
Net loss applicable to common shareholders for the three-month period ended December 31, 2008 was $190.2 million or a loss of $1.57
per diluted share which compares to net income of $32.2 million or $0.27 per diluted share for the prior-year comparable period.
• The Company’s operating FFO for the year was $3.29 per share after adjusting for the $225.6 million of charges summarized below and
eliminating the gain on repurchase of unsecured notes of $11.6 million.
FFO and net income for the year ended December 31, 2008, reflected $225.6 million, or $1.86 per share, of net charges, primarily non
cash, summarized as follows (in millions):

$ 225.6
• FFO applicable to common shareholders for the year ended December 31, 2008 was $183.8 million, or $1.52 per diluted share which
compares to $465.0 million or $3.79 per diluted share in 2007. For the year ended December 31, 2008, net loss applicable to common
shareholders was $100.0 million or $0.83 per diluted share which compares to net income of $225.1 million or $1.85 per diluted share in
2007. The decrease in FFO and net income per share for the year ended December 31, 2008, is primarily related to the charges
described above for the three-month period and a reduction in the amount of transactional income recognized in 2008, primarily related
to gains on disposition of real estate that occurred in 2007, as described below.
• Executed leases during the fourth quarter totaled approximately 1.9 million square feet, including 105 new leases and 204 renewals.
• On a cash basis, base rental rates increased 10.0% on new leases, 2.7% on renewals and 4.0% overall.
• Core portfolio leased percentage at December 31, 2008 was 92.2%.
• Same store net operating income (“NOI”) for the year increased 1.7% over the prior-year comparable period.
Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “I am pleased to announce this quarter’s operating
results, which have proven to be relatively resilient despite the severe economic challenges. We continue to see consumers shift their
shopping habits to value-oriented retailers, which make up a large percentage of our portfolio. We are very proud of our leasing team’s ability
to execute leases in this challenging environment, reflected by nearly 2 million square feet of executed leases this quarter.
While our financial results were lowered by significant impairment charges and certain other non-recurring charges, our core operating results
were in line with expectations and continue to display relative stability as we weather these unprecedented economic challenges. We made
progress in the fourth quarter, but are extremely focused on further improving our liquidity and lowering leverage.”
Financial Results:
Net loss applicable to common shareholders was $190.2 million, or $1.57 per share (diluted and basic), for the three-month period ended
December 31, 2008, as compared to net income of $32.2 million, or $0.27 per share (diluted and basic), for the prior year comparable period.
For the three-month period ended December 31, 2008, FFO per share was a loss of $0.95 (diluted and basic) compared to income of $0.82
(diluted and basic) for the prior-year comparable period. FFO applicable to common shareholders was a loss of $114.9 million for the three-
month period ended December 31, 2008, as compared to FFO income of $100.0 million for the three-month period ended December 31, 2007.
Net loss applicable to common shareholders was $100.0 million, or $0.83 per share (diluted and basic), for the year ended December 31, 2008, as
compared to net income of $225.1 million, or $1.85 per share (diluted) and $1.86 per share (basic), for the previous year. The decrease in net
income for the year ended December 31, 2008, is primarily the result of non-cash impairment charges recorded relating to the Company’s
consolidated real estate assets as well as its unconsolidated joint venture investments aggregating $169.2 million, net of amounts applicable to
minority interests, a non-cash charge of $15.8 million related to the termination of an equity award plan and costs incurred of $28.3 million
related to abandoned projects, transaction costs and other non recurring/one time expenses partially offset by a gain on the repurchase of the
Company’s senior notes of $11.6 million and lower transactional income earned compared to the same period in 2007 (gains on disposition of
real estate of approximately $79 million and promoted income from joint venture interests of approximately $14.3 million in 2007) relating to the
transfer of 62 assets to unconsolidated joint venture interests and the sale of 67 assets to third parties.
For the years ended December 31, 2008 and 2007, FFO per share was $1.52 (diluted and basic) and $3.79 (diluted) and $3.80 (basic),
respectively. FFO applicable to common shareholders was $183.8 million for the year ended December 31, 2008, as compared to $465.0 million
for the year ended December 31, 2007. The decrease in FFO for the year ended December 31, 2008, is primarily a result of the same factors
impacting net income as described above.
FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real
estate investment trust (“REIT”) performance. Management believes that FFO provides an additional indicator of the financial performance of
a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to
its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles
(“GAAP”), is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income
computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of
liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from
disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented
net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and
amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s
proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other
real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights
section.
Leasing:
The following results from the three-month period ended December 31, 2008 highlight continued strong leasing activity throughout the
portfolio:
• Executed 105 new leases aggregating approximately 0.5 million square feet and 204 renewals aggregating approximately 1.4 million
square feet.
• On a cash basis, rental rates on new leases increased 10.0% and rental rates on renewals increased 2.7%. Overall, rental rates for new
leases and renewals increased 4.0%.
• Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of December 31, 2008 was $12.43, as
compared to $12.33 at December 31, 2007.
• Core portfolio leased rate was 92.2% as of December 31, 2008, as compared to 96.0% at December 31, 2007.
Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $32 million ($0.27
per square foot of owned GLA) in 2009 calculated based on 100% of the funding.
Dispositions:
The Company sold 11 shopping center properties, aggregating 0.4 million square feet for approximately $35.6 million and recognized a net loss
of approximately $3.0 million in the fourth quarter of 2008. An additional seven assets were sold in the first quarter of 2009 for approximately
$65.8 million of which a portion of the proceeds will be allocable to minority partners.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:
Expe cte d
O wn e d Ne t C ost Initial An ch or
Location GLA ($ Million s) O pe n ing * De scription
Ukiah (Mendocino), California ** 228,943 $ 66.9 2H 11 Mixed Use
137,527 48.0 2H 10 Lifestyle
Guilford, Connecticut Center
272,610 79.7 2H 08 Community
Miami (Homestead), Florida Center
Miami, Florida 391,351 148.8 2H 06 Mixed Use
431,689 126.7 2H 07 Community
Boise (Nampa), Idaho Center
56,343 26.7 2H 09 Community
Boston (Norwood), Massachusetts Center
210,855 54.5 2H 10 Community
Boston, Massachusetts (Seabrook, New Hampshire) Center
350,987 55.0 1H 07 Community
Elmira (Horseheads), New York Center
72,830 16.9 2H 09 Community
Raleigh (Apex), North Carolina (Promenade) Center
443,092 77.2 2H 09 Community
Austin (Kyle), Texas ** Center
Total 2,596,227 $ 700.4
* 1H = First Half, 2H = Second Half; either actual or anticipated

** Consolidated 50% Joint Venture
At December 31, 2008, approximately $472.6 million of costs were incurred in relation to the Company’s 10 wholly-owned and consolidated
joint venture development projects under construction.
In addition to these current developments, several of which will be phased in, the Company and its joint venture partners intend to commence
construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is
available, including several international projects.
Unconsolidated Joint Venture Development:
The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At December 31, 2008,
approximately $479.7 million of costs had been incurred in relation to these development projects.
DDR’s Effe ctive Expe cte d Initial

O wn e rship O wn e d Ne t C ost An ch or
Location Pe rce n tage GLA ($ Million s) O pe n ing* De scription
20.0% 158,632 $ 43.7 TBD Community
Kansas City (Merriam), Kansas Center
10.0% 623,782 189.8 TBD Lifestyle
Detroit (Bloomfield Hills), Michigan Center
10.0% 797,665 171.2 1H 08 Lifestyle
Dallas (Allen), Texas Center
47.4% 477,630 98.2 1H 09 Enclosed
Manaus, Brazil Mall
Total 2,057,709 $ 502.9
* 1H = First Half, 2H = Second Half; either actual or anticipated; TBD= to be determined.
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a
projected aggregate net cost of approximately $106.9 million. At December 31, 2008, approximately $76.6 million of costs had been incurred in
relation to these projects.
Prope rty De scription

Miami (Plantation), Florida Redevelop shopping center to include Kohl’s and additional junior tenants
Chesterfield, Michigan Construct 25,400 sf of small shop space and retail space
Fayetteville, North Carolina Redevelop 18,000 sf of small shop space and construct an outparcel building
Unconsolidated Joint Venture Redevelopments and Expansions:
The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of
$154.2 million, which includes original acquisition costs related to assets acquired for redevelopment. At December 31, 2008, approximately
$116.7 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and
expansion projects:
DDR’s
Effe ctive
O wn e rship
Prope rty Pe rce n tage De scription
Buena Park, California 20% Large-scale re-development of enclosed mall to open-air format
Los Angeles (Lancaster), California 21% Relocate Wal-Mart and redevelop former Wal-Mart space
Benton Harbor, Michigan 20% Construct 89,000 square feet of anchor space and retail shops
Dividends:
The Company’s board of directors has approved the payment of DDR’s first quarter dividend in a combination of cash and shares of the
Company’s common stock. The Company intends to limit the aggregate amount of cash payable to shareholders in the dividend to 10% of the
total dividend paid. This new payout initiative is a part of the Company’s strategy to further enhance liquidity and maximize free cash flow and
maintain its REIT status.
Financings:
The Company’s joint venture in Brazil obtained 8.5% fixed-rate, twelve-year financing of R$112 million for the development in Manaus, Brazil.
In addition, during the fourth quarter, the Company refinanced a $19 million development loan for a consolidated joint venture with a new loan
of approximately $30 million at an interest rate of LIBOR plus 300 bps, which matures in January 2010.
In the fourth quarter of 2008, the Company purchased approximately $66.9 million face amount of its outstanding senior notes at a discount to
par resulting in a gain of approximately $11.4 million. Additionally, during January 2009, the Company purchased an additional $10 million of
senior notes. In January 2009, the Company repaid in full approximately $227 million of its senior notes upon maturity primarily with
borrowings under its revolving credit facility.
Equity Issuances:
The Company sold approximately 8.6 million of its common shares in December 2008, generating net proceeds of approximately $43 million in
the aggregate through its continuous equity program. Substantially, all net proceeds have been used to repay debt.
Developers Diversified Realty Corporation currently owns and manages over 710 retail operating and development properties in 45 states, plus
Puerto Rico, Brazil and Canada, totaling approximately 157 million square feet. Developers Diversified Realty Corporation is a self-administered
and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.
A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office
to Francine Glandt, Vice President of Capital Markets and Treasurer, Developers Diversified Realty Corporation, 3300 Enterprise Parkway,
Beachwood, Ohio 44122 or on our Web site which is located at http://www.ddr.com.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the
Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements
contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that
could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other
factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available
space; dependence on rental income from real property; the loss of , significant downsizing of or bankruptcy of a major tenant; constructing
properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to
secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our
financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements and the finalization of the
financial statements for three-month period and year ended December 31, 2008. For additional factors that could cause the results of the
Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of
December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.

Financial Highlights
(In thousands — except per share data)
T hree-Month P eriod Year Ended

Ended December 31, December 31,
2008 2007 2008 2007
Revenues:
Minimum rents (A) $ 156,158 $157,870 $ 628,664 $ 635,415
Percentage and overage rents (A) 4,267 5,066 9,414 10,540
Recoveries from tenants 47,269 51,009 198,919 203,126
Ancillary and other property income 6,460 5,505 22,294 19,518
Management, development and other fee income 15,588 15,934 62,890 50,840
Other (B) 1,457 161 9,291 13,697
231,199 235,545 931,472 933,136
Expenses:
Operating and maintenance (C) 40,340 37,790 146,346 131,409
Real estate taxes 27,610 25,617 110,773 107,428
Impairment charges (D) 79,864 — 79,864 —
Termination of equity award plan (E) 15,837 — 15,837 —
General and administrative (E) 20,275 20,940 81,882 81,244
Depreciation and amortization 65,085 53,358 242,032 214,445
249,011 137,705 676,734 534,526
Other income (expense):
Interest income 2,682 1,045 5,473 8,772
Interest expense (61,790) (63,789) (244,212) (258,149)
Gain on repurchase of senior notes 11,351 — 11,552 —
Abandoned projects and transaction costs (D) (11,519) — (12,433) —
Other expenses (F) (9,273) (2,344) (15,819) (3,019)
(68,549) (65,088) (255,439) (252,396)
(Loss) income before equity in net (loss) income of joint ventures,
minority interests, income tax benefit (expense) of taxable REIT
subsidiaries and franchise taxes, discontinued operations and gain
on disposition of real estate, net of tax (86,361) 32,752 (701) 146, 214
Equity in net (loss) income of joint ventures (G) (4,205) 9,343 17,719 43,229
Impairment of joint venture investments (D) (106,957) — (106,957) —
Minority interests (H) 17,053 (2,013) 11,188 (18,218)
Income tax benefit (expense) of taxable REIT subsidiaries and
Franchise taxes (I) 2,351 (633) 17,434 14,669
(Loss) income from continuing operations (178,119) 39,449 (61,317) 185,894
(Loss) income from discontinued operations (J) (2,117) (1,795) (3,421) 21,302
(Loss) income before gain on disposition of real estate (180,236) 37,654 (64,738) 207,196
Gain on disposition of real estate, net of tax 594 5,137 6,962 68,851
Net (loss) income $(179,642) $ 42,791 $ (57,776) $ 276,047
Net (loss) income applicable to common shareholders $(190,209) $ 32,224 $(100,045) $ 225,113
Funds From Operations (“FFO”):
Depreciation and amortization of real estate investments 63,603 53,577 236,344 214,396
Equity in net loss (income) of joint ventures (I) 4,205 (9,343) (17,719) (43,229)
Joint ventures’ FFO (I) 7,433 21,949 68,355 84,423
Minority interests (OP Units) (J) — 569 1,145 2,275
Loss (gain) on disposition of depreciable real estate 77 1,057 (4,244) (17,956)
FFO applicable to common shareholders (114,891) 100,033 183,836 465,022
Preferred dividends 10,567 10,567 42,269 50,934
FFO $(104,324) $110,600 $ 226,105 $ 515,956
Per share data:
(Loss) earnings per common share
Basic $ (1.57) $ 0.27 $ (0.83) $ 1.86
Diluted $ (1.57) $ 0.27 $ (0.83) $ 1.85
Dividends Declared $ — $ 0.66 $ 2.07 $ 2.64
Funds From Operations — Basic (K) $ (0.95) $ 0.82 $ 1.52 $ 3.80
Funds From Operations — Diluted (K) $ (0.95) $ 0.82 $ 1.52 $ 3.79
Basic — average shares outstanding 121,019 120,786 119,843 120,879
Diluted — average shares outstanding 121,019 121,103 119,987 121,497

(A) Base and percentage rental revenues for the year ended December 31, 2008, as compared to the prior year, decreased $7.9 million, primarily
due to the disposition of properties in 2008 and 2007 to joint venture interests and third parties aggregating $29.0 million. Partially
offsetting this decrease were the following increases in base and percentage rental revenues: an increase of $3.3 million relating to the
core portfolio properties (an increase of 0.6% over the comparable period in 2007), $17.8 million from the acquisition of assets and the
merger with IRRETI, $3.8 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the
Company’s business centers. Included in rental revenues for the years ended December 31, 2008 and 2007, is approximately $8.0 million
and $12.1 million, respectively, of revenue resulting from the recognition of straight-line rents.
(B) Other income for the three-month periods and years ended December 31, 2008 and 2007 was comprised of the following (in millions):

2008 2007 2008 2007
Acquisition fees $ — $ 0.1 $ — $ 6.4
Lease termination fees 0.8 0.1 6.3 5.0
Financing fees 0.1 — 2.0 1.5
Other miscellaneous 0.6 — 1.0 0.8
$ 1.5 $ 0.2 $ 9.3 $ 13.7
(C) Included in operating and maintenance expenses is bad debt expense aggregating $8.5 million and $2.4 million relating to the three-month
periods ended December 31, 2008 and 2007, respectively. Fourth quarter 2008 bad debt expense includes the write off of $4.1 million of
straight-line rents relating to Mervyns, of which 50% is allocable to minority interest. For the years ended December 31, 2008 and 2007,
bad debt expense was $18.7 million and $9.0 million or 2% and 1% of total revenues, respectively.
(D) Due to the continued deterioration of the U.S. capital markets and the lack of liquidity and the related impact on the real estate market and
retail industry, during the fourth quarter of 2008, the Company recorded impairment charges on several consolidated real estate
investments, including both operating shopping centers and land under development, to the extent the book basis of the asset was in
excess of the estimated fair market value. As discussed below, some of these charges are allocable to minority interest thereby providing a
partial offset. In addition, the Company determined that several of its unconsolidated joint venture investments suffered an “Other than
Temporary Impairment.” The Company recorded approximately $107.0 million of impairment charges associated with certain of its joint
venture investments in accordance with Accounting Principles Board Opinion No. 18, “The Equity Method of Accounting for Investment
in Common Stock.” The provisions of this opinion require that a loss in value of an investment under the equity method of accounting
which is an other than “temporary” decline must be recognized. The Company also wrote off costs related to abandoned development
projects as well as costs incurred for transactions that are not expected to close.

(E) 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 years ended December 31, 2008 and 2007, general and administrative expenses
were approximately 5.2% and 4.5%, respectively, of total revenues, including joint venture revenues. For the year ended December 31,
2008, the Company recorded a non-cash charge of approximately $15.8 million related to the termination of a supplemental equity award
plan. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the year ended December 31, 2008. For
the year ended December 31, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in
connection with the Company’s former president’s resignation as an executive officer. Excluding this charge, general and administrative
expenses were 4.3% of total revenues for the year ended December 31, 2007.
(F) Other expense primarily relates to a reserve associated with a mezzanine notes receivable as well as litigation costs related to a potential
liability associated with a legal verdict. The accrual for the legal verdict was established in the third quarter of 2008.
(G) The following is a summary of the combined operating results of the Company’s joint ventures:

2008 2007 2008 2007
Revenues from operations (a) $231,716 $237,654 $946,340 $812,630
Operating expense 82,682 84,547 328,875 272,277

Impairment charges (b) 3,887 — 3,887 —
Interest expense 82,572 79,543 307,580 269,405
235,070 221,915 881,994 734,714
Income (loss) from operations before tax benefit (expense) and
discontinued operations (3,354) 15,739 64,346 77,916
Income tax (expense) benefit (3,485) 2,664 (15,479) (4,839)
(Loss) gain on disposition of real estate (18) 1,399 (67) 94,386
(Loss) income from discontinued operations, net of tax (10) 75 105 (784)
Income (loss) on disposition of discontinued operations, net of tax 7,364 (12) 7,364 2,516
Other expense, net (c) (47,791) — (31,318) —
Net (loss) income $ (47,294) $ 19,865 $ 24,951 $169,195
DDR ownership interests (d) $ (5,482) $ 10,017 $ 17,335 $ 44,537
FFO from joint ventures are summarized as follows:
Net income $ (47,294) $ 19,865 $ 24,951 $169,195

Loss (gain) on disposition of real estate, including discontinued
operations (7,364) 228 (7,350) (91,111)
$ 11,270 $ 78,012 $259,252 $271,521
DDR ownership interests (d) $ 7,433 $ 21,949 $ 68,355 $ 84,423
DDR joint venture distributions received, net (e) $ 24,467 $ 17,323 $ 65,957 $ 97,104

(a) Revenues for the three-month periods ended December 31, 2008 and 2007 included approximately
$0.7 million and $2.7 million, respectively, resulting from the recognition of straight-line rents, of which the
Company’s proportionate share was not material and $0.4 million, respectively. Revenues for the years
ended December 31, 2008 and 2007 included approximately $6.3 million and $9.3 million, respectively,
resulting from the recognition of straight-line rents, of which the Company’s proportionate share was
$0.8 million and $1.4 million, respectively.
(b) Impairment charges aggregating $3.9 million were recorded at two joint ventures related to assets under
contract expected to be sold in the first half of 2009 of which the Company’s share was $0.5 million.
(c) Includes non-cash impairment charges and loss on sale of assets of which the Company’s share aggregated
$2.4 million. Also includes the effects of certain derivative instruments that are marked to market through
earnings from the Company’s equity investment in Macquarie DDR Trust aggregating approximately
$45.9 million and $29.4 million of loss for the three-month period and year ended December 31, 2008,
respectively, of which the Company’s share was approximately $5.6 million and $1.7 million of loss,
respectively.
(d) The Company’s share of joint venture net income was increased by $1.2 million and decreased by
$0.6 million for the three-month periods ended December 31, 2008 and 2007, respectively. The Company’s
share of joint venture net income was increased by $0.4 million and decreased by $1.2 million for the years
ended December 31, 2008 and 2007, respectively. These adjustments relate to basis differences impacting
amortization and depreciation and gain on dispositions. During the year ended December 31, 2007, the
Company received $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint
Venture which is included in the Company’s proportionate share of net income and FFO.
At December 31, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint
ventures, in 329 and 317 shopping center properties, respectively.
(e) Distributions may include funds received from asset sales and refinancings in addition to ongoing operating
distributions.

(H) Minority interests are comprised of the following:

2008 2007 2008 2007
Minority equity interests $ 17,053 $ (1,444) $ 12,333 $ (6,253)
Operating partnership units — (569) (1,145) (2,275)
Preferred operating partnership units — — — (9,690)
$ 17,053 $ (2,013) $ 11,188 $ (18,218)
The $17.1 million and $12.3 million of income from minority interests for the three-month period and year ended December 31, 2008,
respectively, is primarily related to asset impairment charges and the write off of straight-line rent relating to the DDR MDT MV LLC
(Mervyns), a consolidated joint venture, of which the Company has a 50% interest.
The preferred operating partnership units were redeemed in June 2007. In June 2008, 0.5 million operating partnership units were converted
into an equivalent number of common shares of the Company.
(I) During the third quarter of 2008 and the first quarter of 2007, the Company released to income approximately $16.0 million and $15.0 million,
respectively, of previously established valuation allowances against certain deferred tax assets as management had determined, due to
several factors, that it is more likely than not that the deferred tax asset will be realized. The release of this reserve in 2008 was primarily due
to the Company’s increased use of its taxable REIT subsidiaries relating to the recognition of fees, primarily from joint ventures, and other
miscellaneous non-real estate related income.
(J) The operating results relating to assets classified as discontinued operations are summarized as follows:

2008 2007 2008 2007
Revenues $ 1,334 $ 3,765 $ 12,182 $ 40,554
Expenses:
Operating — 780 3,990 11,708
Interest, net 241 918 2,331 10,308
Depreciation 210 2,718 4,342 9,929
Minority interest — 80 110 (434)
Total expenses 451 4,496 10,773 31,511
Income (loss) before (loss) gain on disposition of real estate 883 (731) 1,409 9,043
(Loss) gain on disposition of real estate, net (3,000) (1,064) (4,830) 12,259
Net (loss) income $ (2,117) $ (1,795) $ (3,421) $ 21,302

(K) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed
conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at December 31, 2008 and
2007, respectively, 0.9 million common shares of the Company for the three-month period ended December 31, 2007 (antidilutive at
December 31, 2008) and 0.6 million and 0.9 million common shares for the years ended December 31, 2008 and 2007, respectively, on a
weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were
approximately 121.5 million and 122.5 million for the three-month periods ended December 31, 2008 and 2007, respectively, and
121.0 million and 122.7 million for the years ended December 31, 2008 and 2007, respectively.

(In thousands)
Selected Balance Sheet Data:
December 31, 2008 (A) December 31, 2007 (A)

Assets:
Real estate and rental property:
Land $ 2,073,947 $ 2,142,942
Buildings 5,890,332 5,933,890
Fixtures and tenant improvements 262,809 237,117
8,227,088 8,313,949
Less: Accumulated depreciation (1,208,903) (1,024,048)
7,018,185 7,289,901
Construction in progress 879,547 664,926
Assets held for sale — 5,796
Real estate, net 7,897,732 7,960,623
Investments in and advances to joint ventures 583,767 638,111

Cash 29,494 49,547
Restricted cash (B) 111,792 58,958
Notes receivable 75,781 18,557
Receivables, including straight-line rent, net 164,356 199,354
Other assets, net 155,403 164,666
$ 9,018,325 $ 9,089,816
Liabilities:
Indebtedness:
Revolving credit facilities $ 1,027,183 $ 709,459
Unsecured debt 2,452,741 2,622,219
Mortgage and other secured debt 2,437,440 2,259,336
5,917,364 5,591,014
Dividends payable 6,967 85,851
Other liabilities 281,179 285,245
6,205,510 5,962,110
Minority interests 128,130 128,881
Shareholders’ equity 2,684,685 2,998,825
$ 9,018,325 $ 9,089,816

(In thousands)
(A) Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 37 sites formerly occupied
by Mervyns, which includes $348.5 and $405.8 million of real estate assets at December 31, 2008 and 2007, respectively, $258.5 million of
mortgage debt at December 31, 2008 and 2007, and $70.2 million and $74.6 million of minority equity interest at December 31, 2008 and
2007, respectively. The decrease in real estate assets at MV LLC in 2008 is primarily due to the application of $25.0 million in cash
proceeds received under a purchase price rebate letter of credit from the seller of the Mervyns portfolio due to the retailer’s bankruptcy
filing during the third quarter and approximately $35.3 million of non-cash impairment charges recorded on these assets in the fourth
quarter.
(B) Restricted cash includes $64.8 million at MV LLC at December 31, 2008. The MV LLC restricted cash is comprised of $23.9 million received
from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter, a $33.0 million net capital contribution
by the members of MV LLC, and $7.9 million related to a security deposit letter of credit, all of which are required to be held in escrow by
the lender. Also included in restricted cash is $47.0 million and $59.0 million at December 31, 2008 and 2007, respectively, relating to the
terms of a bond issue for one of the Company’s projects in Mississippi.

(in thousands)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company’s joint ventures are as follows:
December 31, 2008 December 31, 2007

Land $ 2,378,033 $ 2,384,069
Buildings 6,353,985 6,253,167
8,863,640 8,738,351
Less: Accumulated depreciation (606,530) (412,806)
8,257,110 8,325,545
Real estate, net 8,669,467 8,532,932
Leasehold interests 12,615 13,927
Other assets 315,591 365,925
$ 9,134,083 $ 9,037,324
Mortgage debt (a) $ 5,776,897 $ 5,551,839

Notes and accrued interest payable to DDR 64,967 8,492
6,079,227 5,761,414
Accumulated equity 3,054,856 3,275,910
$ 9,134,083 $ 9,037,324
(a) The Company’s proportionate share of joint venture debt aggregated approximately $1,216.1 million and
$1,034.1 million at December 31, 2008 and 2007, respectively.
Exhibit 99.2
• Pr ope r t y Li s t I NVE S T OR RE L AT I ONS DE P ART M E NT • 3300 E NT E RP RI S E P ARKW AY BE ACHW OOD, OHI O 4 4 1 2 2 • p. ( 216) 755- 5500 f . ( 216) 755- 1500 • W W W . DDR. COM For t he year ended De c e m b e r 31, 2008
Developers Diversified Realty

Quarterly Financial Supplement
For the year ended December 31, 2008
Table of Contents
S e ction Page
Earnings Release & Financial Statements 1.0
Financial Summary 2.0

Financial Highlights 2.1
Market Capitalization and Financial Ratios 2.2
Market Capitalization Summary 2.3
Significant Accounting Policies 2.4
Other Real Estate Information 2.5
Reconciliation of Non-GAAP Financial Measures 2.6
Joint Venture Financial Summary 3.0

Joint Venture Investment Summary 3.1
Joint Venture Combining Financial Statements 3.2
Investment Summary 4.0

Capital Transactions 4.1
Acquisitions 4.2
Dispositions 4.2
Development Projects 4.3
Development Delivery and Funding Schedules 4.4
Expansion and Redevelopment Projects 4.5
Summary of Recently Developed Assets 4.6
Summary of Recently Expanded and Redeveloped Assets 4.7
Portfolio Summary 5.0
Debt Summary 6.0

Consolidated Debt 6.1
Joint Venture Debt 6.2
Consolidated and Joint Venture Maturities 6.3
Investor Contact Information 7.0
Property list available online at www.ddr.com
could cause the results of the Company to differ materially from those indicated by such forward- looking statements, including among other
factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available
space, dependence on rental income from real property, the loss of a major tenant or inability to enter into definitive agreements with regard to
our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors,
please refer to the Company’s Form on 10-K as of December 31, 2007.
For Immediate Release:
Contact: Scott A. Wolstein Francine Glandt

Chairman and Vice President of Capital Markets and Treasurer
Chief Executive Officer 216-755-5500
216-755-5500 FGlandt@ddr.com
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $3.29 FOR THE YEAR ENDED DECEMBER 31, 2008 BEFORE NON-
RECURRING GAINS AND LOSSES
CLEVELAND, OHIO, February 23, 2009 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and
developer of market-dominant shopping centers, today reported operating results for the fourth quarter and year ended December 31, 2008.
• The Company’s fourth quarter operating Funds From Operations (“FFO”) was $0.74 per share after adjusting for the $216.3 million of
charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.4 million.
FFO and net income for the three-month period ended December 31, 2008, reflected $216.3 million, or $1.78 per share, of net charges,
primarily non cash, summarized as follows (in millions):

$ 216.3
• FFO applicable to common shareholders for the three-month period ended December 31, 2008 was a loss of $114.9 million or a loss of
$0.95 per diluted share which compares to FFO income of $100.0 million or $0.82 per diluted share for the prior-year comparable period.
Net loss applicable to common shareholders for the three-month period ended December 31, 2008 was $190.2 million or a loss of $1.57
per diluted share which compares to net income of $32.2 million or $0.27 per diluted share for the prior-year comparable period.
• The Company’s operating FFO for the year was $3.29 per share after adjusting for the $225.6 million of charges summarized below and
eliminating the gain on repurchase of unsecured notes of $11.6 million.
FFO and net income for the year ended December 31, 2008, reflected $225.6 million, or $1.86 per share, of net charges, primarily non
cash, summarized as follows (in millions):

$ 225.6
• FFO applicable to common shareholders for the year ended December 31, 2008 was $183.8 million, or $1.52 per diluted share which
compares to $465.0 million or $3.79 per diluted share in 2007. For the year ended December 31, 2008, net loss applicable to common
shareholders was $100.0 million or $0.83 per diluted share which compares to net income of $225.1 million or $1.85 per diluted share in
2007. The decrease in FFO and net income per share for the year ended December 31, 2008, is primarily related to the charges
described above for the three-month period and a reduction in the amount of transactional income recognized in 2008, primarily related
to gains on disposition of real estate that occurred in 2007, as described below.
• Executed leases during the fourth quarter totaled approximately 1.9 million square feet, including 105 new leases and 204 renewals.
• On a cash basis, base rental rates increased 10.0% on new leases, 2.7% on renewals and 4.0% overall.
• Core portfolio leased percentage at December 31, 2008 was 92.2%.
• Same store net operating income (“NOI”) for the year increased 1.7% over the prior-year comparable period.
Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “I am pleased to announce this quarter’s operating
results, which have proven to be relatively resilient despite the severe economic challenges. We continue to see consumers shift their
shopping habits to value-oriented retailers, which make up a large percentage of our portfolio. We are very proud of our leasing team’s ability
to execute leases in this challenging environment, reflected by nearly 2 million square feet of executed leases this quarter.
While our financial results were lowered by significant impairment charges and certain other non-recurring charges, our core operating results
were in line with expectations and continue to display relative stability as we weather these unprecedented economic challenges. We made
progress in the fourth quarter, but are extremely focused on further improving our liquidity and lowering leverage.”
Financial Results:
Net loss applicable to common shareholders was $190.2 million, or $1.57 per share (diluted and basic), for the three-month period ended
December 31, 2008, as compared to net income of $32.2 million, or $0.27 per share (diluted and basic), for the prior year comparable period.
For the three-month period ended December 31, 2008, FFO per share was a loss of $0.95 (diluted and basic) compared to income of $0.82
(diluted and basic) for the prior-year comparable period. FFO applicable to common shareholders was a loss of $114.9 million for the three-
month period ended December 31, 2008, as compared to FFO income of $100.0 million for the three-month period ended December 31, 2007.
Net loss applicable to common shareholders was $100.0 million, or $0.83 per share (diluted and basic), for the year ended December 31, 2008, as
compared to net income of $225.1 million, or $1.85 per share (diluted) and $1.86 per share (basic), for the previous year. The decrease in net
income for the year ended December 31, 2008, is primarily the result of non-cash impairment charges recorded relating to the Company’s
consolidated real estate assets as well as its unconsolidated joint venture investments aggregating $169.2 million, net of amounts applicable to
minority interests, a non-cash charge of $15.8 million related to the termination of an equity award plan and costs incurred of $28.3 million
related to abandoned projects, transaction costs and other non recurring/one time expenses partially offset by a gain on the repurchase of the
Company’s senior notes of $11.6 million and lower transactional income earned compared to the same period in 2007 (gains on disposition of
real estate of approximately $79 million and promoted income from joint venture interests of approximately $14.3 million in 2007) relating to the
transfer of 62 assets to unconsolidated joint venture interests and the sale of 67 assets to third parties.
For the years ended December 31, 2008 and 2007, FFO per share was $1.52 (diluted and basic) and $3.79 (diluted) and $3.80 (basic),
respectively. FFO applicable to common shareholders was $183.8 million for the year ended December 31, 2008, as compared to $465.0 million
for the year ended December 31, 2007. The decrease in FFO for the year ended December 31, 2008, is primarily a result of the same factors
impacting net income as described above.
FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real
estate investment trust (“REIT”) performance. Management believes that FFO provides an additional indicator of the financial performance of
a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to
its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles
(“GAAP”), is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income
computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of
liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from
disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented
net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and
amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s
proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other
real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights
section.
Leasing:
The following results from the three-month period ended December 31, 2008 highlight continued strong leasing activity throughout the
portfolio:
• Executed 105 new leases aggregating approximately 0.5 million square feet and 204 renewals aggregating approximately 1.4 million
square feet.
• On a cash basis, rental rates on new leases increased 10.0% and rental rates on renewals increased 2.7%. Overall, rental rates for new
leases and renewals increased 4.0%.
• Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of December 31, 2008 was $12.43, as
compared to $12.33 at December 31, 2007.
• Core portfolio leased rate was 92.2% as of December 31, 2008, as compared to 96.0% at December 31, 2007.
Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $32 million ($0.27
per square foot of owned GLA) in 2009 calculated based on 100% of the funding.
Dispositions:
The Company sold 11 shopping center properties, aggregating 0.4 million square feet for approximately $35.6 million and recognized a net loss
of approximately $3.0 million in the fourth quarter of 2008. An additional seven assets were sold in the first quarter of 2009 for approximately
$65.8 million of which a portion of the proceeds will be allocable to minority partners.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:
Expe cte d
O wn e d Ne t C ost Initial An ch or
Location GLA ($ Million s) O pe n ing * De scription
Ukiah (Mendocino), California ** 228,943 $ 66.9 2H 11 Mixed Use
137,527 48.0 2H 10 Lifestyle
Guilford, Connecticut Center
272,610 79.7 2H 08 Community
Miami (Homestead), Florida Center
Miami, Florida 391,351 148.8 2H 06 Mixed Use
431,689 126.7 2H 07 Community
Boise (Nampa), Idaho Center
56,343 26.7 2H 09 Community
Boston (Norwood), Massachusetts Center
210,855 54.5 2H 10 Community
Boston, Massachusetts (Seabrook, New Hampshire) Center
350,987 55.0 1H 07 Community
Elmira (Horseheads), New York Center
72,830 16.9 2H 09 Community
Raleigh (Apex), North Carolina (Promenade) Center
443,092 77.2 2H 09 Community
Austin (Kyle), Texas ** Center
Total 2,596,227 $ 700.4
* 1H = First Half, 2H = Second Half; either actual or anticipated

** Consolidated 50% Joint Venture
At December 31, 2008, approximately $472.6 million of costs were incurred in relation to the Company’s 10 wholly-owned and consolidated
joint venture development projects under construction.
In addition to these current developments, several of which will be phased in, the Company and its joint venture partners intend to commence
construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is
available, including several international projects.
Unconsolidated Joint Venture Development:
The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At December 31, 2008,
approximately $479.7 million of costs had been incurred in relation to these development projects.
DDR’s Effe ctive Expe cte d Initial

O wn e rship O wn e d Ne t C ost An ch or
Location Pe rce n tage GLA ($ Million s) O pe n ing* De scription
20.0% 158,632 $ 43.7 TBD Community
Kansas City (Merriam), Kansas Center
10.0% 623,782 189.8 TBD Lifestyle
Detroit (Bloomfield Hills), Michigan Center
10.0% 797,665 171.2 1H 08 Lifestyle
Dallas (Allen), Texas Center
47.4% 477,630 98.2 1H 09 Enclosed
Manaus, Brazil Mall
Total 2,057,709 $ 502.9
* 1H = First Half, 2H = Second Half; either actual or anticipated; TBD= to be determined.
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a
projected aggregate net cost of approximately $106.9 million. At December 31, 2008, approximately $76.6 million of costs had been incurred in
relation to these projects.
Prope rty De scription

Miami (Plantation), Florida Redevelop shopping center to include Kohl’s and additional junior tenants
Chesterfield, Michigan Construct 25,400 sf of small shop space and retail space
Fayetteville, North Carolina Redevelop 18,000 sf of small shop space and construct an outparcel building
Unconsolidated Joint Venture Redevelopments and Expansions:
The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of
$154.2 million, which includes original acquisition costs related to assets acquired for redevelopment. At December 31, 2008, approximately
$116.7 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and
expansion projects:
DDR’s
Effe ctive
O wn e rship
Prope rty Pe rce n tage De scription
Buena Park, California 20% Large-scale re-development of enclosed mall to open-air format
Los Angeles (Lancaster), California 21% Relocate Wal-Mart and redevelop former Wal-Mart space
Benton Harbor, Michigan 20% Construct 89,000 square feet of anchor space and retail shops
Dividends:
The Company’s board of directors has approved the payment of DDR’s first quarter dividend in a combination of cash and shares of the
Company’s common stock. The Company intends to limit the aggregate amount of cash payable to shareholders in the dividend to 10% of the
total dividend paid. This new payout initiative is a part of the Company’s strategy to further enhance liquidity and maximize free cash flow and
maintain its REIT status.
Financings:
The Company’s joint venture in Brazil obtained 8.5% fixed-rate, twelve-year financing of R$112 million for the development in Manaus, Brazil.
In addition, during the fourth quarter, the Company refinanced a $19 million development loan for a consolidated joint venture with a new loan
of approximately $30 million at an interest rate of LIBOR plus 300 bps, which matures in January 2010.
In the fourth quarter of 2008, the Company purchased approximately $66.9 million face amount of its outstanding senior notes at a discount to
par resulting in a gain of approximately $11.4 million. Additionally, during January 2009, the Company purchased an additional $10 million of
senior notes. In January 2009, the Company repaid in full approximately $227 million of its senior notes upon maturity primarily with
borrowings under its revolving credit facility.
Equity Issuances:
The Company sold approximately 8.6 million of its common shares in December 2008, generating net proceeds of approximately $43 million in
the aggregate through its continuous equity program. Substantially, all net proceeds have been used to repay debt.
Developers Diversified Realty Corporation currently owns and manages over 710 retail operating and development properties in 45 states, plus
Puerto Rico, Brazil and Canada, totaling approximately 157 million square feet. Developers Diversified Realty Corporation is a self-administered
and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.
A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office
to Francine Glandt, Vice President of Capital Markets and Treasurer, Developers Diversified Realty Corporation, 3300 Enterprise Parkway,
Beachwood, Ohio 44122 or on our Web site which is located at http://www.ddr.com.
could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other
factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available
space; dependence on rental income from real property; the loss of , significant downsizing of or bankruptcy of a major tenant; constructing
properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to
secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our
financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements and the finalization of the
financial statements for three-month period and year ended December 31, 2008. For additional factors that could cause the results of the
Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of
December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.


2008 2007 2008 2007
Revenues:
Minimum rents (A) $ 156,158 $157,870 $ 628,664 $ 635,415
Percentage and overage rents (A) 4,267 5,066 9,414 10,540
Recoveries from tenants 47,269 51,009 198,919 203,126
Ancillary and other property income 6,460 5,505 22,294 19,518
Management, development and other fee income 15,588 15,934 62,890 50,840
Other (B) 1,457 161 9,291 13,697
231,199 235,545 931,472 933,136
Expenses:
Operating and maintenance (C) 40,340 37,790 146,346 131,409
Real estate taxes 27,610 25,617 110,773 107,428
Impairment charges (D) 79,864 — 79,864 —
Termination of equity award plan (E) 15,837 — 15,837 —
General and administrative (E) 20,275 20,940 81,882 81,244
Depreciation and amortization 65,085 53,358 242,032 214,445
249,011 137,705 676,734 534,526
Other income (expense):
Interest income 2,682 1,045 5,473 8,772
Interest expense (61,790) (63,789) (244,212) (258,149)
Gain on repurchase of senior notes 11,351 — 11,552 —
Abandoned projects and transaction costs (D) (11,519) — (12,433) —
Other expenses (F) (9,273) (2,344) (15,819) (3,019)
(68,549) (65,088) (255,439) (252,396)
(Loss) income before equity in net (loss) income of joint ventures,
minority interests, income tax benefit (expense) of taxable REIT
subsidiaries and franchise taxes, discontinued operations and gain
on disposition of real estate, net of tax (86,361) 32,752 (701) 146, 214
Equity in net (loss) income of joint ventures (G) (4,205) 9,343 17,719 43,229
Impairment of joint venture investments (D) (106,957) — (106,957) —
Minority interests (H) 17,053 (2,013) 11,188 (18,218)
Income tax benefit (expense) of taxable REIT subsidiaries and
Franchise taxes (I) 2,351 (633) 17,434 14,669
(Loss) income from continuing operations (178,119) 39,449 (61,317) 185,894
(Loss) income from discontinued operations (J) (2,117) (1,795) (3,421) 21,302
(Loss) income before gain on disposition of real estate (180,236) 37,654 (64,738) 207,196
Gain on disposition of real estate, net of tax 594 5,137 6,962 68,851
Net (loss) income $(179,642) $ 42,791 $ (57,776) $ 276,047
Equity in net loss (income) of joint ventures (I) 4,205 (9,343) (17,719) (43,229)
Joint ventures’ FFO (I) 7,433 21,949 68,355 84,423
Minority interests (OP Units) (J) — 569 1,145 2,275
Loss (gain) on disposition of depreciable real estate 77 1,057 (4,244) (17,956)
FFO applicable to common shareholders (114,891) 100,033 183,836 465,022
Preferred dividends 10,567 10,567 42,269 50,934
FFO $(104,324) $110,600 $ 226,105 $ 515,956
Per share data:
(Loss) earnings per common share
Basic $ (1.57) $ 0.27 $ (0.83) $ 1.86
Diluted $ (1.57) $ 0.27 $ (0.83) $ 1.85
Dividends Declared $ — $ 0.66 $ 2.07 $ 2.64
Funds From Operations — Basic (K) $ (0.95) $ 0.82 $ 1.52 $ 3.80
Funds From Operations — Diluted (K) $ (0.95) $ 0.82 $ 1.52 $ 3.79
Basic — average shares outstanding 121,019 120,786 119,843 120,879
Diluted — average shares outstanding 121,019 121,103 119,987 121,497

(A) Base and percentage rental revenues for the year ended December 31, 2008, as compared to the prior year, decreased $7.9 million, primarily
due to the disposition of properties in 2008 and 2007 to joint venture interests and third parties aggregating $29.0 million. Partially
offsetting this decrease were the following increases in base and percentage rental revenues: an increase of $3.3 million relating to the
core portfolio properties (an increase of 0.6% over the comparable period in 2007), $17.8 million from the acquisition of assets and the
merger with IRRETI, $3.8 million related to developments and redevelopments and $0.4 million from an increase in occupancy at the
Company’s business centers. Included in rental revenues for the years ended December 31, 2008 and 2007, is approximately $8.0 million
and $12.1 million, respectively, of revenue resulting from the recognition of straight-line rents.
(B) Other income for the three-month periods and years ended December 31, 2008 and 2007 was comprised of the following (in millions):

2008 2007 2008 2007
Acquisition fees $ — $ 0.1 $ — $ 6.4
Lease termination fees 0.8 0.1 6.3 5.0
Financing fees 0.1 — 2.0 1.5
Other miscellaneous 0.6 — 1.0 0.8
$ 1.5 $ 0.2 $ 9.3 $ 13.7
(C) Included in operating and maintenance expense is bad debt expense aggregating $8.5 million and $2.4 million relating to the three-month
periods ended December 31, 2008 and 2007, respectively. Fourth quarter 2008 bad debt expense includes the write off of $4.1 million of
straight-line rents relating to Mervyns, of which 50% is allocable to minority interest. For the years ended December 31, 2008 and 2007,
bad debt expense was $18.7 million and $9.0 million or 2% and 1% of total revenues, respectively.
(D) Due to the continued deterioration of the U.S. capital markets and the lack of liquidity and the related impact on the real estate market and
retail industry, during the fourth quarter of 2008, the Company recorded impairment charges on several consolidated real estate
investments, including both operating shopping centers and land under development, to the extent the book basis of the asset was in
excess of the estimated fair market value. As discussed below, some of these charges are allocable to minority interest thereby providing a
partial offset. In addition, the Company determined that several of its unconsolidated joint venture investments suffered an “Other than
Temporary Impairment.” The Company recorded approximately $107.0 million of impairment charges associated with certain of its joint
venture investments in accordance with Accounting Principles Board Opinion No. 18, “The Equity Method of Accounting for Investment
in Common Stock.” The provisions of this opinion require that a loss in value of an investment under the equity method of accounting
which is an other than “temporary” decline must be recognized. The Company also wrote off costs related to abandoned development
projects as well as costs incurred for transactions that are not expected to close.

(E) 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 years ended December 31, 2008 and 2007, general and administrative expenses
were approximately 5.2% and 4.5%, respectively, of total revenues, including joint venture revenues. For the year ended December 31,
2008, the Company recorded a non-cash charge of approximately $15.8 million related to the termination of a supplemental equity award
plan. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the year ended December 31, 2008. For
the year ended December 31, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in
connection with the Company’s former president’s resignation as an executive officer. Excluding this charge, general and administrative
expenses were 4.3% of total revenues for the year ended December 31, 2007.
(F) Other expense primarily relates to a reserve associated with a mezzanine notes receivable as well as litigation costs related to a potential
liability associated with a legal verdict. The accrual for the legal verdict was established in the third quarter of 2008.
(G) The following is a summary of the combined operating results of the Company’s joint ventures:

2008 2007 2008 2007
Revenues from operations (a) $231,716 $237,654 $946,340 $812,630
Operating expense 82,682 84,547 328,875 272,277

Impairment charges (b) 3,887 — 3,887 —
Interest expense 82,572 79,543 307,580 269,405
235,070 221,915 881,994 734,714
Income (loss) from operations before tax benefit (expense) and
discontinued operations (3,354) 15,739 64,346 77,916
Income tax (expense) benefit (3,485) 2,664 (15,479) (4,839)
(Loss) gain on disposition of real estate (18) 1,399 (67) 94,386
(Loss) income from discontinued operations, net of tax (10) 75 105 (784)
Income (loss) on disposition of discontinued operations, net of tax 7,364 (12) 7,364 2,516
Other expense, net (c) (47,791) — (31,318) —
Net (loss) income $ (47,294) $ 19,865 $ 24,951 $169,195
DDR ownership interests (d) $ (5,482) $ 10,017 $ 17,335 $ 44,537
FFO from joint ventures are summarized as follows:
Net income $ (47,294) $ 19,865 $ 24,951 $169,195

Loss (gain) on disposition of real estate, including discontinued
operations (7,364) 228 (7,350) (91,111)
$ 11,270 $ 78,012 $259,252 $271,521
DDR ownership interests (d) $ 7,433 $ 21,949 $ 68,355 $ 84,423
DDR joint venture distributions received, net (e) $ 24,467 $ 17,323 $ 65,957 $ 97,104

(a) Revenues for the three-month periods ended December 31, 2008 and 2007 included approximately
$0.7 million and $2.7 million, respectively, resulting from the recognition of straight-line rents, of which the
Company’s proportionate share was not material and $0.4 million, respectively. Revenues for the years
ended December 31, 2008 and 2007 included approximately $6.3 million and $9.3 million, respectively,
resulting from the recognition of straight-line rents, of which the Company’s proportionate share was
$0.8 million and $1.4 million, respectively.
(b) Impairment charges aggregating $3.9 million were recorded at two joint ventures related to assets under
contract expected to be sold in the first half of 2009 of which the Company’s share was $0.5 million.
(c) Includes non-cash impairment charges and loss on sale of assets of which the Company’s share aggregated
$2.4 million. Also includes the effects of certain derivative instruments that are marked to market through
earnings from the Company’s equity investment in Macquarie DDR Trust aggregating approximately
$45.9 million and $29.4 million of loss for the three-month period and year ended December 31, 2008,
respectively, of which the Company’s share was approximately $5.6 million and $1.7 million of loss,
respectively.
(d) The Company’s share of joint venture net income was increased by $1.2 million and decreased by
$0.6 million for the three-month periods ended December 31, 2008 and 2007, respectively. The Company’s
share of joint venture net income was increased by $0.4 million and decreased by $1.2 million for the years
ended December 31, 2008 and 2007, respectively. These adjustments relate to basis differences impacting
amortization and depreciation and gain on dispositions. During the year ended December 31, 2007, the
Company received $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint
Venture which is included in the Company’s proportionate share of net income and FFO.
At December 31, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint
ventures, in 329 and 317 shopping center properties, respectively.
(e) Distributions may include funds received from asset sales and refinancings in addition to ongoing operating
distributions.

(H) Minority interests are comprised of the following:

2008 2007 2008 2007
Minority equity interests $ 17,053 $ (1,444) $ 12,333 $ (6,253)
Operating partnership units — (569) (1,145) (2,275)
Preferred operating partnership units — — — (9,690)
$ 17,053 $ (2,013) $ 11,188 $ (18,218)
The $17.1 million and $12.3 million of income from minority interests for the three-month period and year ended December 31, 2008,
respectively, is primarily related to asset impairment charges and the write off of straight-line rent relating to the DDR MDT MV LLC
(Mervyns), a consolidated joint venture, of which the Company has a 50% interest.
The preferred operating partnership units were redeemed in June 2007. In June 2008, 0.5 million operating partnership units were converted
into an equivalent number of common shares of the Company.
(I) During the third quarter of 2008 and the first quarter of 2007, the Company released to income approximately $16.0 million and $15.0 million,
respectively, of previously established valuation allowances against certain deferred tax assets as management had determined, due to
several factors, that it is more likely than not that the deferred tax asset will be realized. The release of this reserve in 2008 was primarily due
to the Company’s increased use of its taxable REIT subsidiaries relating to the recognition of fees, primarily from joint ventures, and other
miscellaneous non-real estate related income.
(J) The operating results relating to assets classified as discontinued operations are summarized as follows:

2008 2007 2008 2007
Revenues $ 1,334 $ 3,765 $ 12,182 $ 40,554
Expenses:
Operating — 780 3,990 11,708
Interest, net 241 918 2,331 10,308
Depreciation 210 2,718 4,342 9,929
Minority interest — 80 110 (434)
Total expenses 451 4,496 10,773 31,511
Income (loss) before (loss) gain on disposition of real estate 883 (731) 1,409 9,043
(Loss) gain on disposition of real estate, net (3,000) (1,064) (4,830) 12,259
Net (loss) income $ (2,117) $ (1,795) $ (3,421) $ 21,302

(K) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed
conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at December 31, 2008 and
2007, respectively, 0.9 million common shares of the Company for the three-month period ended December 31, 2007 (antidilutive at
December 31, 2008) and 0.6 million and 0.9 million common shares for the years ended December 31, 2008 and 2007, respectively, on a
weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were
approximately 121.5 million and 122.5 million for the three-month periods ended December 31, 2008 and 2007, respectively, and
121.0 million and 122.7 million for the years ended December 31, 2008 and 2007, respectively.

(In thousands)
Selected Balance Sheet Data:
December 31, 2008 (A) December 31, 2007 (A)

Assets:
Real estate and rental property:
Land $ 2,073,947 $ 2,142,942
Buildings 5,890,332 5,933,890
8,227,088 8,313,949
Less: Accumulated depreciation (1,208,903) (1,024,048)
7,018,185 7,289,901
Assets held for sale — 5,796
Real estate, net 7,897,732 7,960,623
Investments in and advances to joint ventures 583,767 638,111

Cash 29,494 49,547
Restricted cash (B) 111,792 58,958
Notes receivable 75,781 18,557
Other assets, net 155,403 164,666
$ 9,018,325 $ 9,089,816
Liabilities:
Indebtedness:
Revolving credit facilities $ 1,027,183 $ 709,459
Unsecured debt 2,452,741 2,622,219
Mortgage and other secured debt 2,437,440 2,259,336
5,917,364 5,591,014
Dividends payable 6,967 85,851
6,205,510 5,962,110
Minority interests 128,130 128,881
Shareholders’ equity 2,684,685 2,998,825
$ 9,018,325 $ 9,089,816

(In thousands)
(A) Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 37 sites formerly occupied
by Mervyns, which includes $348.5 and $405.8 million of real estate assets at December 31, 2008 and 2007, respectively, $258.5 million of
mortgage debt at December 31, 2008 and 2007, and $70.2 million and $74.6 million of minority equity interest at December 31, 2008 and
2007, respectively. The decrease in real estate assets at MV LLC in 2008 is primarily due to the application of $25.0 million in cash
proceeds received under a purchase price rebate letter of credit from the seller of the Mervyns portfolio due to the retailer’s bankruptcy
filing during the third quarter and approximately $35.3 million of non-cash impairment charges recorded on these assets in the fourth
quarter.
(B) Restricted cash includes $64.8 million at MV LLC at December 31, 2008. The MV LLC restricted cash is comprised of $23.9 million received
from the seller of the Mervyns portfolio relating to Mervyns bankruptcy filing in the third quarter, a $33.0 million net capital contribution
by the members of MV LLC, and $7.9 million related to a security deposit letter of credit, all of which are required to be held in escrow by
the lender. Also included in restricted cash is $47.0 million and $59.0 million at December 31, 2008 and 2007, respectively, relating to the
terms of a bond issue for one of the Company’s projects in Mississippi.

(in thousands)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company’s joint ventures are as follows:
December 31, 2008 December 31, 2007

Land $ 2,378,033 $ 2,384,069
Buildings 6,353,985 6,253,167
8,863,640 8,738,351
Less: Accumulated depreciation (606,530) (412,806)
8,257,110 8,325,545
Real estate, net 8,669,467 8,532,932
Leasehold interests 12,615 13,927
Other assets 315,591 365,925
$ 9,134,083 $ 9,037,324
Mortgage debt (a) $ 5,776,897 $ 5,551,839

Notes and accrued interest payable to DDR 64,967 8,492
6,079,227 5,761,414
Accumulated equity 3,054,856 3,275,910
$ 9,134,083 $ 9,037,324
(a) The Company’s proportionate share of joint venture debt aggregated approximately $1,216.1 million and
$1,034.1 million at December 31, 2008 and 2007, respectively.

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)
Ye ar En de d De ce m be r 31,
2008 2007 2006 2005 2004
FUNDS FROM OPERATIONS:

Net (Loss) Income Applicable to
Common Shareholders ($100,045)(6) $ 225,113(7) $ 198,095 $ 227,474 $ 219,056
Depreciation and Amortization of Real
Estate Investments $ 236,344 $ 214,396 $ 185,449 $ 169,117 $ 130,537
Equity in Net Income From Joint
Ventures ($17,719) ($43,229) ($30,337) ($34,873) ($40,896)
Joint Venture Funds From Operations $ 68,355 $ 84,423 $ 44,473 $ 49,302 $ 46,209
Operating Partnership Minority Equity
Interest Expense $ 1,145 $ 2,275 $ 2,116 $ 2,916 $ 2,607
Cumulative Effect of Adoption of a New
Accounting Standard $ 0 $ 0 $ 0 $ 0 $ 3,001
Gain on Disposition of Real Estate ($4,244) ($17,956) ($21,987) ($58,834) ($68,179)
FUNDS FROM OPERATIONS
AVAILABLE TO COMMON
SHAREHOLDERS $ 183,836 $ 465,022 $ 377,809 $ 355,102 $ 292,335
PREFERRED DIVIDENDS $ 42,269 $ 50,934(7) $ 55,169 $ 55,169 $ 50,706
FUNDS FROM OPERATIONS $ 226,105 $ 515,957 $ 432,978 $ 410,271 $ 343,041
PER SHARE INFORMATION:

Funds From Operations — Diluted $ 1.52 $ 3.79 $ 3.41 $ 3.21 $ 2.95
Net (Loss) Income — Diluted ($0.83) $ 1.85 $ 1.81 $ 2.08 $ 2.24
Cash Dividends $ 2.07 $ 2.64 $ 2.36 $ 2.16 $ 1.94
WEIGHTED AVERAGE SHARES AND

OPERATING PARTNERSHIP UNITS,
FFO 121,030 122,716 110,826 110,700 99,147
TOTAL MARKET CAPITALIZATION (1) $ 7,102,086 $10,755,742 $11,869,415 $ 9,781,900 $8,276,943

DEBT TO TOTAL MARKET
CAPITALIZATION (1) 83.32% 51.98% 35.80% 39.77% 32.82%
DEBT TO TOTAL UNDEPRECIATED
ASSETS, INVESTMENTS, CASH &
NOTES REC. 59.34% 56.92% 54.36% 52.67% 45.37%
DIVIDEND PAYOUT RATIO (1) 63.20% 69.55% 68.84% 66.98% 67.28%
GEN. & ADMIN. EXPENSES AS A

PERCENTAGE OF TOTAL REVENUES
(2) 5.17%(8) 4.53%(9) 4.80% 4.55% 4.94%
GENERAL AND ADMINISTRATIVE

EXPENSES $ 97,719(8) $ 81,244(9) $ 60,679 $ 54,048 $ 47,126
REVENUES:
DDR Revenues $ 943,654 $ 973,690 $ 824,725 $ 748,571 $ 605,246
Joint Venture Revenues $ 946,340 $ 818,029 $ 438,885 $ 438,103 $ 348,740
TOTAL REVENUES (3) $ 1,889,994 $ 1,791,719 $ 1,263,610 $ 1,186,675 $ 953,987
NET OPERATING INCOME:

DDR Net Operating Income $ 682,566 $ 723,196 $ 615,007 $ 555,291 $ 453,501
Joint Venture Net Operating Income $ 617,465 $ 544,732 $ 288,699 $ 280,617 $ 228,358
TOTAL NET OPERATING INCOME
(4) $ 1,300,031 $ 1,267,928 $ 903,706 $ 835,907 $ 681,859
REAL ESTATE AT COST:

DDR Real Estate at Cost $ 9,106,635 $ 8,984,738 $ 7,450,693 $ 7,029,337 $5,603,424
Joint Venture Real Estate at Cost $ 9,275,998 $ 8,945,738 $ 3,939,707 $ 3,470,112 $3,165,335
TOTAL REAL ESTATE AT COST
(5) $18,382,633 $17,930,476 $11,390,400 $10,499,449 $8,768,759
(1) See Market Capitalization and Financial Ratio section for detailed calculation.
(2) The calculation includes joint venture revenues from discontinued operations.
(3) Includes revenues from discontinued operations.
(4) Includes NOI associated with acquisitions, expansions and developments from completion date of said
capital transactions.
(5) Includes construction in progress (CIP) at December 31, 2008 of $1,291.9 million (includes $412.4 million of
CIP included in joint ventures, of which $93.0 million represents the Company’s proportionate share), and at
December 31, 2007, 2006, 2005, 2004, CIP aggregated $872.3 million, $611.2 million, $386.2 million and
$271.0 million, respectively.
(6) Includes non-recurring primarily non-cash charges including impairment charges aggregating approximately
$186.5 million.
(7) Amounts were adjusted to include original issuance costs associated with the redemption of preferred stock
of $5.4 million for the year ended December 31, 2007.
(8) Includes approximately $15.8 million of a non-cash charge relating to termination of an equity award plan.
Excluding this charge, general and adminstrative expenses were approximately 4.3% of total revenue for the
year ended December 31, 2008.
(9) The 2007 general and administrative expenses include the former president’s resignation as an executive
officer of the Company charge of $4.1 million. Excluding this charge, general and administrative expenses
were approximately 4.3% of total revenue for the year ended December 31, 2007.
Financial Highlights 2.1


MARKET CAPITALIZATION & FINANCIAL RATIOS
2008 2007 2006 2005 2004
DDR RATIO OF DEBT TO TOTAL

MARKET CAP:
Total Debt $5,917,365 $ 5,591,014 $ 4,248,812 $ 3,890,709 $2,716,426
Total Market Capitalization * $7,102,086 $10,755,742 $11,869,415 $ 9,781,900 $8,276,943
83.32% 51.98% 35.80% 39.77% 32.82%
DDR DEBT TO UNDEPRECIATED REAL

ESTATE ASSETS, INVESTMENTS AND
NOTES RECEIVABLE 59.34% 56.92% 54.36% 52.67% 45.37%
DDR, INCLUDING PROPORTIONATE

SHARE OF JV DEBT, TOTAL MARKET
CAPITALIZATION:
Total Debt * $7,133,493 $ 6,625,086 $ 4,774,407 $ 4,401,169 $3,137,184
Total Market Capitalization * $8,318,215 $11,789,814 $12,395,010 $10,292,361 $8,697,701
85.76% 56.19% 38.52% 42.76% 36.07%
DDR & JV DEBT TO UNDEPRECIATED

REAL ESTATE ASSETS,
INVESTMENTS & NOTES
RECEIVABLE 62.66% 61.01% 57.20% 55.44% 48.67%
INTEREST COVERAGE RATIO:

Interest Expense (1) $ 241,125 $ 261,002 $ 215,438 $ 184,281 $ 130,447
FFO Before Interest and Preferred
Dividends * $ 678,609 $ 776,958 $ 648,416 $ 594,551 $ 473,488
2.81(2) 2.98 3.01 3.23 3.63
DEBT SERVICE COVERAGE RATIO:

Debt Service * (1) $ 268,222 $ 291,585 $ 247,464 $ 217,434 $ 152,927
Dividends * $ 678,609 $ 776,958 $ 648,416 $ 594,551 $ 473,488
2.53(2) 2.66 2.62 2.73 3.10
FIXED CHARGES (INCLUDING

PREFERRED DIVIDENDS) COVERAGE
RATIO
Fixed Charges (1) $ 310,491 $ 337,114 $ 302,632 $ 272,603 $ 203,633
Dividends * $ 678,609 $ 776,958 $ 648,416 $ 594,551 $ 473,488
2.19(2) 2.30 2.14 2.18 2.33
DIVIDEND PAYOUT RATIO

Common Share Dividends and Operating
Partnership Interest $ 249,757 $ 327,183 $ 260,069 $ 237,856 $ 196,685
FFO exclusive of charge associated with
preferred stock redemption $ 395,214 $ 470,426 $ 377,809 $ 355,102 $ 292,335
0.63(2) 0.70 0.69 0.67 0.67
* See Attached for Detail Calculation
(1) Amounts have been adjusted to eliminate interest and debt service costs of joint ventures consolidated due
to FIN 46 as FFO does not include the joint venture partners’ proportionate share.
(2) Amounts exclude non-cash charges primarily relating to impairments.


As of De ce m be r 31,
2008 2007 2006 2005 2004
DDR TOTAL MARKET CAPITALIZATION

Common Shares Outstanding 128,642 119,528 108,986 108,948 108,083
Operating Partnership Units Outstanding 399 862 872 1,350 1,350
Total 129,041 120,390 109,859 110,298 109,432
Share Price at Period End $ 4.88 $ 38.29 $ 62.95 $ 47.02 $ 44.37
Market Value of Common Shares $ 629,722 $ 4,609,728 $ 6,915,603 $ 5,186,192 $4,855,516
Preferred Shares at Book Value $ 555,000 $ 555,000 $ 705,000 $ 705,000 $ 705,000

Total Debt $5,917,364(1) $ 5,591,014(1) $ 4,248,812(1) $ 3,890,709 $2,716,426
TOTAL MARKET
CAPITALIZATION $7,102,086 $10,755,742 $11,869,415 $ 9,781,900 $8,276,943
DDR TOTAL MARKET CAPITALIZATION

— INCLUDING PROPORTIONATE
SHARE OF JV DEBT
Common Shares Outstanding 128,642 119,528 108,986 108,948 108,083
Operating Partnership Units Outstanding 399 862 872 1,350 1,350
Total 129,041 120,390 109,859 110,298 109,432
Share Price at Period End $ 4.88 $ 38.29 $ 62.95 $ 47.02 $ 44.37
Market Value of Common Shares $ 629,722 $ 4,609,728 $ 6,915,603 $ 5,186,192 $4,855,516
Preferred Shares at Book Value $ 555,000 $ 555,000 $ 705,000 $ 705,000 $ 705,000

Total Debt $5,917,364(1) $ 5,591,014(1) $ 4,248,812(1) $ 3,890,709 $2,716,426
Proportionate Share of JV Debt $1,216,129 $ 1,034,072 $ 525,595 $ 510,460 $ 420,758
TOTAL MARKET
CAPITALIZATION $8,318,215 $11,789,814 $12,395,010 $10,292,361 $8,697,701
(1) Includes $333.8 million of consolidated joint venture debt at December 31, 2008 (of which $130.1 million
represents the joint venture partners’ share) and $327.6 million and $275.2 million at December 31, 2007 and
2006, respectively.


2008 2007 2006 2005 2004
UNDEPRECIATED REAL ESTATE ASSETS,

CASH, INVESTMENTS & NOTES
RECEIVABLE
Undepreciated Real Estate Assets $ 9,106,635 $ 8,984,738 $7,450,693 $7,029,337 $5,603,424
Undepreciated Real Estate Intangible Assets $ 64,711 $ 72,443 $ 27,408 $ 26,345 $ 27,841
Cash and Cash Equivalents $ 141,286 $ 108,505 $ 28,378 $ 30,655 $ 49,871
Notes Receivable $ 75,781 $ 18,557 $ 18,161 $ 24,996 $ 17,823
Investments in and Advances to Joint
Ventures $ 583,767 $ 638,111 $ 291,685 $ 275,136 $ 288,020
$ 9,972,180 $ 9,822,354 $7,816,325 $7,386,469 $5,986,979
DDR & JV UNDEPRECIATED REAL ESTATE

ASSETS, CASH, INVESTMENTS & NOTES
RECEIVABLE
Undepreciated Real Estate Assets $ 9,106,635 $ 8,984,738 $7,450,693 $7,029,337 $5,603,424
Undepreciated Real Estate Intangible Assets $ 64,711 $ 72,443 $ 27,408 $ 26,345 $ 27,841
Cash and Cash Equivalents $ 141,286 $ 108,505 $ 28,378 $ 30,655 $ 49,871
Notes Receivable or Proportionate Share
Thereof $ 141,311 $ 19,487 $ 35,443 $ 116,212 $ 44,536
Proportionate Share of JV Undepreciated Real
Estate Assets $ 1,930,001 $ 1,673,987 $ 804,738 $ 736,109 $ 719,619
$11,383,944 $10,859,160 $8,346,659 $7,938,658 $6,445,290
FUNDS FROM OPERATIONS BEFORE

INTEREST AND PREFERRED DIVIDENDS
FFO $ 183,836 $ 465,021 $ 377,809 $ 355,102 $ 292,335
Impairments and other non-cash adjustments
(1) $ 211,378 $ 0 $ 0 $ 0 $ 0
Adjustment to interest expense for
consolidated joint ventures due to FIN 46 ($5,434) ($7,524) ($7,429) ($1,915) $ 0
Preferred Dividends, Including Preferred
Operating Minority Interest & Non-Cash D-
42 Dividend $ 42,269 $ 50,934 $ 55,169 $ 55,169 $ 50,706
$ 678,609 $ 776,958 $ 648,416 $ 594,551 $ 473,488
DEBT SERVICE
Adjustment to interest expense for
consolidated joint ventures due to FIN 46 ($5,434) ($7,524) ($7,429) ($1,915) $ 0
Recurring Principal Amortization $ 27,096 $ 30,583 $ 32,026 $ 33,154 $ 22,480
$ 268,222 $ 291,585 $ 247,464 $ 217,434 $ 152,927
FIXED CHARGES
Debt Service $ 268,222 $ 291,585 $ 247,464 $ 217,434 $ 152,927
Preferred Dividends, Including Preferred
Operating Minority Interest and excluding
Non-Cash $ 42,269 $ 45,529 $ 55,169 $ 55,169 $ 50,706
D-42 Dividend $ 310,491 $ 337,114 $ 302,632 $ 272,603 $ 203,633
(1) Adjusted to eliminate non-cash charges related to impairments ($186.8 million), Supplemental equity award
plan ($15.8 million) and other ($1.1 million), net of minority interest.


Total Market Capitalization as of December 31, 2008 (In Millions) (1) (2) (3)
(PIE CHART)
Total Market Capitalization as of December 31, 2008 (In Millions) (1) (2) (3)
P ercentage of
Amount T otal
Common Shares Equity $ 629.7 9%

Perpetual Preferred Stock $ 555.0 8%
Senior Convertible Notes $ 833.0 12%
Fixed-Rate Unsecured Debt $1,619.7 23%
Mortgage Debt $1,482.7 21%
Variable-Rate Revolving Credit and Term Debt $1,227.2 17%
Fixed-Rate Revolving Credit and Term Debt $ 600.0 8%
Construction Financing $ 154.8 2%
Total $7,102.1 100%
Notes:
1. Market value ($4.88 per share as of December 31, 2008) includes operating partnership units equivalent to approximately 0.4 million of the
Company’s common shares.
2. Does not include proportionate share of unconsolidated joint venture debt aggregating $1,216.1 million.
3. Consolidated debt includes 100% of consolidated joint venture debt, comprised primarily of debt associated with a joint venture with
Macquarie DDR Trust, of which the joint venture partners’ share is $130.1 million.
Market Capitalization Summary 2.3


Significant Accounting Policies

Revenues
• Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint.
• Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the
provisions of tenants’ leases.
• Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the
receipt of cash.
General and Administrative Expenses
• General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of
space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred.
Deferred Financing Costs
• Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt
agreements; such amortization is reflected as interest expense in the consolidated statements of operations.
Real Estate
• Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual
property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.
• Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:
Buildings 15 to 31 years
Furniture/Fixtures Useful lives, which approximate lease
and Tenant Improvements terms, where applicable


Significant Accounting Policies (Continued)

• Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are
capitalized.
• Construction in progress includes shopping center developments and significant expansions and redevelopments.
Capitalization
• The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases
when construction activities are completed and the property is available for occupancy by tenants.
• For the years ended December 31, 2008, 2007, 2006, 2005 and 2004, the Company capitalized interest of $39.2 million, $26.9 million, $20.1
million, $12.5 million and $10.0 million, respectively.
• In addition, the Company capitalized certain construction administration costs of $13.9 million for the year ended December 31, 2008 and
$10.9 million, $10.1 million, $6.2 million and $5.5 million for the years ended December 31, 2007, 2006, 2005, and 2004, respectively.
• Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life.
Gain on Sales of Real Estate
• Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing
when the earnings process is deemed to be complete.


Other Real Estate Information

Total Recurring Capital Expenditures
• The Company and its joint ventures (at 100%) currently estimate total annual recurring leasing capital expenditures to be approximately
$32 million ($0.27 psf of owned GLA) in 2009.
Undeveloped Land
• Included in land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by
the Company. Land held for development is included in the Company’s CIP amount.
• At December 31, 2008, the Company estimated the value of this undeveloped land to be approximately $70 million. This value has not been
adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2008.
Non-Income Producing Assets
• The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and
equipment to be approximately $100 million at December 31, 2008.
Other Real Estate Information 2.5


Reconciliation of Supplemental
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Table 1 — Developers Diversified Realty Corporation and the Company’s Joint Ventures Combined
Same Store Net Operating Income (NOI) represents shopping center assets owned in comparable periods, excluding those under
redevelopment. NOI generally includes revenues and expenses for each comparable asset, but excludes straight-line rent, lease termination
income and provisions for uncollectible amounts and/or recoveries thereof. Reconciliation of Same Store NOI to Total Revenues and Certain
Expenses is as follows:
Year Ended
December 31,
2008 2007
Total Revenues DDR $ 931,472 $ 933,136

Total Revenues — Combined Joint Ventures 946,340 812,630
Operating and Maintenance — DDR (146,346) (131,409)
Real Estate Taxes — DDR (110,773) (107,428)
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures (329,560) (272,277)
Combined NOI $1,291,133 $1,234,652
Total Same Store NOI $ 964,142 $ 948,076 1.7%

Property NOI from other operating segments 326,991 286,576
Combined NOI $1,291,133 $1,234,652
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6


(In thousands)
(Unaudited)
Table 2 — Developers Diversified Realty Corporation
Reconciliation of Funds From Operations (FFO):
T hree Months Ended Year Ended

December 31, December 31,
2008 2007 2008 2007
FUNDS FROM OPERATIONS:

Net (Loss) Income Applicable to Common Shareholders $(190,209) $ 32,224 $(100,045) $225,113
Depreciation and Amortization of Real Estate Investments 63,603 53,577 236,344 214,396
Equity in Net (Loss) Income From Joint Ventures 4,205 (9,343) (17,719) (43,229)
Joint Venture Funds From Operations 7,433 21,949 68,355 84,423
Minority Equity Interests (OP Units) — 569 1,145 2,275
Loss (Gain) on Sales of Real Estate 77 1,057 (4,244) (17,956)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON
SHAREHOLDERS $(114,891) $100,033 $ 183,836 $465,022
Preferred Dividend Charges 10,567 10,567 42,269 50,934

FUNDS FROM OPERATIONS $(104,324) $110,600 $ 226,105 $515,956
ADDITIONAL SFAS 141 DISCLOSURES:

Below Market Rent Amortization $ 229 $ 237 $ 943 $ 1,324
Pro Rata Share of JV Below Market Rent Amortization 41 55 51 68
Debt Premium Amortization Income $ 916 $ 1,635 $ 4,620 $ 7,502

Pro Rata Share of JV Debt Premium Amortization Income (Expense) (7) (17) (23) (5)


(In thousands)
(Unaudited)
Summary of Consolidated Transactional Income

2008 2007 2008 2007 Income Statement Caption
Transactional Income Included in FFO

Consolidated
Merchant Building Gains, Net of Tax $ 46 $ 1,105 $ 404 $ 49,122 Gain on Disposition of Real Estate
Loss on Sales from Discontinued Loss on Disposition of Discontinued
Operations (2,892) — (8,720) — Operations
Land Sale Gains 517 4,025 6,204 14,032 Gain on Disposition of Real Estate
$ (2,329) $ 5,130 $ (2,112) $ 63,154
Transactional Income NOT Included in

FFO
Consolidated
Gain on Dispositions $ 31 $ 7 $ 354 $ 5,697 Gain on Disposition of Real Estate
(Loss) Gain on Sales from (Loss) Gain on Disposition of Discontinued
Discontinued Operations (108) (1,064) 3,890 12,259 Operations
$ (77) $ (1,057) $ 4,244 $ 17,956 FFO Reconciliation
Gain on Sales of Real Estate

Merchant Building Gains, Net of Tax $ 46 $ 1,105 $ 404 $ 49,122
Land Sale Gains 517 4,025 6,204 14,032
Gain on Dispositions 31 7 354 5,697
$ 594 $ 5,137 $ 6,962 $ 68,851 Consolidated Income Statement
Gain on Sales of Real Estate From

Discontinued Operations
(Loss) Gain on Sales from
Discontinued Operations $ (3,000) $ (1,064) $ (4,830) $ 12,259 Consolidated Income Statement


(In thousands)
(Unaudited)
Summary of Joint Venture Transactional Income

2008 2007 2008 2007 Income Statement Caption
Transactional Income Included in FFO

Joint Ventures
Gain on Sales from Discontinued
Operations $ — $ 65 $ — $ 1,321 Gain on Disposition of Real Estate, Net of Tax
(Loss) Gain on Disposition of Real Estate, Net
Land Sale (Losses) Gains (18) 1,550 (54) 4,470 of Tax
$ (18) $ 1,615 $ (54) $ 5,791
DDR’s Proportionate Share $ (5) $ 788 $ (12) $ 1,791
Promoted Income (a) — — — 14,323
DDR’s Proportionate Share $ (5) $ 788 $ (12) $16,114
Transactional Income NOT Included in

FFO
Joint Ventures
(Loss) Gain on Sales from
Discontinued Operations $ 7,364 $ (77) $7,364 $ 1,195 (Loss) Gain on Disposition of Real Estate
(Loss) Gain on Sales — (151) (13) 89,916 (Loss) Gain on Disposition of Real Estate
$ 7,364 $ (228) $7,351 $91,111 FFO Reconciliation
DDR’s Proportionate Share $ (2) $ (50) $ (5) $ 4,669
Gain on Sales of Real Estate, Net of Tax

Land Sale (Losses) Gains $ (18) $ 1,550 $ (54) $ 4,470
(Loss) Gain on Sales — (151) (13) 89,916
$ (18) $ 1,399 $ (67) $94,386 (Loss) Gain on Disposition of Real Estate
Gain on Sales of Real Estate From

Discontinued Operations
Gain on Sales from Discontinued
Operations included in FFO $ — $ 65 $ — $ 1,321
Gain (Loss) on Sales from
Discontinued Operations NOT
included in FFO 7,364 (77) 7,364 1,195
Gain (Loss) on Disposition of Discontinued
$ 7,364 $ (12) $7,364 $ 2,516 Operations
(a) Included in gain on disposition of discontinued operations for the year ended December 30, 2007 is the sale of the KFC I joint
venture assets. DDR received promoted income of approximately $13.6 million which is included in DDR’s proportionate share.


Joint Venture Investment Summary

(in millions)
as of December 31, 2008
Prom ote d
DDR C on solidate d Nu m be r of Gross Book Inte re st
Le gal Nam e Partn e r(s) O wn e rship % (Ye s/No) Prope rtie s Value De bt (Ye s/No)
1 DDRTC Core Retail Fund, TREA Retail Property
LLC Portfolio 2006, LLC (TIAA)
(85%) 15.0% No 66 $ 2,954.2 $ 1,771.0 Yes
2 DDR Domestic Retail DDR Domestic Retail Fund I
Fund I (80%) 20.0% No 63 $ 1,466.6 $ 967.8 Yes
3 Investments with Macquarie Bank Ltd (MBL) / Various
Macquarie (DDR Macquarie DDR Trust
Macquarie Fund LLC, (MDT) (B)
Management LLC, U.S.
Trust Inc. and MDT PS
LLC ) No 50 $ 1,880.4 $ 1,236.7 Yes
4 DDR MDT MV LLC Macquarie DDR Trust
(Mervyns) (C) (MDT) (49.98%) 50.02% Yes 37 $ 380.4 $ 258.5 Yes
5 Coventry II DDR Coventry II Fund (80%)
Bloomfield LLC 20.0% No 1(A) $ 203.6 $ 48.0 Yes
6 Coventry II DDR Buena Coventry II Fund (80%)
Park LLC 20.0% No 1 $ 102.9 $ 61.0 Yes
7 Coventry II DDR Fairplain Coventry II Fund (80%)
LLC 20.0% No 1 $ 32.3 $ 16.0 Yes
8 Coventry II DDR Marley Coventry II Fund (80%)
Creek LLC 20.0% No 1 $ 13.2 $ 10.8 Yes
9 Coventry II DDR Merriam Coventry II Fund (80%)
Village LLC 20.0% No 1(A) $ 43.8 $ 17.0 Yes
Montgomery Farm LLC 20.0% No 1 $ 157.9 $ 112.4 Yes
11 Coventry II DDR Phoenix Coventry II Fund (80%)
Spectrum LLC 20.0% No 1 $ 88.6 $ 46.0 Yes
12 Coventry II DDR SM LLC Coventry II Fund (80%) 20.0% No 44 $ 148.6 $ 117.4 Yes
13 Coventry II DDR Totem Coventry II Fund (80%)
Lakes LLC 20.0% No 1 $ 42.0 $ 29.5 Yes
14 Coventry II DDR Tri Coventry II Fund (80%)
County LLC 20.0% No 1 $ 230.6 $ 166.3 Yes
15 Coventry II DDR Ward Coventry II Fund (80%)
Parkway LLC 20.0% No 1 $ 64.9 $ 35.0 Yes
Westover LLC 20.0% No 1 $ 29.6 $ 20.9 Yes
17 RVIP IIIB LP Prudential Real Estate
Advisors (74.25%) 25.75% No 1 $ 91.1 $ 60.0 Yes
18 RVIP VII LLC Prudential Real Estate
Advisors (79%) 21.0% No 2 $ 124.9 $ 72.1 Yes
19 RVIP VIII LP Prudential Real Estate
Advisors (74.25%) 25.75% No 1 $ 33.6 $ 23.4 Yes
20 DPG Realty Holdings LLC Prudential Insurance Co. of
America (90%) 10.0% No 12 $ 130.1 $ 9.6 No
21 TRT DDR Venture I TRT-DDR Joint Venture I
General Partnership Owner LLC (90%) 10.0% No 3 $ 160.2 $ 110.0 Yes
22 Sonae Sierra Brazil BV Sarl Sonae Sierra, SGPS, SA
(50%) 50.0% No 9 $ 329.0 $ 57.3 No
23 DDR-SAU Retail Fund, Special Account — U, L.P.
LLC (State of Utah ) (80%) 20.0% No 29 $ 309.3 $ 226.2 No
24 Cole MT Independence Cole Realty Advisors, Inc.
Missouri JV LLC (85.5%) 14.5% No 1 $ 61.5 $ 34.1 No
25 DDRA Comm. Ctrs Five, DRA Advisors (50%)
L.P. 50.0% No 5 $ 240.0 $ 280.0 No
26 DDR Markaz II LLC Kuwait Financial Centre
(Kuwait Financial Centre S.A.K., Bank of Bahrain and
II) Kuwait B.S.C. (80%) 20.0% No 13 $ 205.4 $ 150.5 Yes
27 Lennox Town Center LTD. Casto Properties (50%) 50.0% No 1 $ 21.0 $ 27.0 No
28 Sun Center Limited Casto Properties (20.55%) 79.45% No 1 $ 25.9 $ 18.8 No
29 Dublin Village Casto Properties (36.6%) 63.4% No — $ 0.1 $ 0.0 No
30 DOTRS LLC State Teachers Retirement
Board of Ohio (50%) 50.0% No 1 $ 26.6 $ 21.0 No
31 Jefferson County Plaza The Sansone Group (50%)
LLC 50.0% No 1 $ 7.0 $ 3.7 No
32 Sansone Group/ DDRC The Sansone Group (50%)
LLC 50.0% No — $ 0.0 $ 0.0 No
33 Shea & Tatum Assoc. LP Churchill Family Trust (33%)
(Paradise Village) (C) 67.0% Yes 1 $ 29.6 $ 30.0 No
34 Other Joint Ventures Various Yes 23 $ 414.9 $ 74.7 Yes
TOTALS 375 $10,049.7 $6,112.5
(A) Property is under development
(B) The Company owns an effective ownership of 25.0% in DDR Macquarie Fund LLC, 12.3% in Macquarie
DDR Trust and 12.3% in MDT PS LLC.
(C) Joint Venture is included in consolidated operating results of DDR


Joint Ventures (Combining Financial Information) (1)

(in millions)
Combining Balance Sheets
DDRT C Core DDR Domestic Investments Coventry II Coventry II Coventry II Coventry

Retail Retail with DDR DDR Buena DDR Fairplain DDR Marl
Fund LLC Fund I Macquarie Bloomfield LLC P ark LLC P laza LLC Creek LL
Real estate assets $ 2,954.2 $ 1,466.6 $ 1,880.4 $ 203.6 $ 102.9 $ 32.3 $ 13
Accumulated depreciation (128.8) (54.3) (158.6) 0.0 (7.8) (1.3) (0
Real estate, net 2,825.4 1,412.3 1,721.8 203.6 95.1 31.0 12
Receivables, net 25.9 20.6 29.6 0.1 2.9 0.4 0
Other assets 114.7 44.7 42.7 (0.5) 0.5 0.5 0
Disproportionate share of equity — — — — — — —
$ 2,966.0 $ 1,477.6 $ 1,794.1 $ 203.3 $ 98.5 $ 31.9 $ 13
Mortgage debt $ 1,771.0 $ 967.8 $ 1,236.7 $ 48.0 $ 61.0 $ 16.0 $ 10

Amounts payable to DDR 0.3 1.7 0.2 58.1 0.0 0.0 0
Other liabilities 36.1 12.6 93.8 9.5 1.3 0.3 0
1,807.4 982.1 1,330.7 115.6 62.3 16.3 10
Accumulated equity (deficit) 1,158.6 495.5 463.4 87.6 36.2 15.6 2
$ 2,966.0 $ 1,477.6 $ 1,794.1 $ 203.2 $ 98.5 $ 31.9 $ 13
Proportionate share of other assets/liabilities,

net $ 15.7 $ 10.5 $ 0.6 ($1.0) $ 0.4 $ 0.1 $ 0
Disproportionate amount payable to DDR $ 0.0 $ 0.0 $ 0.0 $ 52.3 $ 0.0 $ 0.0 $ 0
Combining Statements of Operations

DDRT C Core DDR Domestic Investments Coventry II Coventry II Coventry II Coventry

Retail Retail with DDR DDR Buena DDR Fairplain DDR Marl
Fund LLC Fund I Macquarie Bloomfield LLC P ark LLC P laza LLC Creek LL
Revenues from operations $ 255.5 $ 139.1 $ 211.3 $ 0.0 $ 13.3 $ 3.2 $ 1
Rental operation expenses (81.0) (51.2) (71.6) (0.0) (6.0) (1.3) (0
Net operating income 174.5 87.9 139.7 0.0 7.3 1.9 0
Depreciation and amortization expense (82.2) (39.8) (43.8) 0.0 (3.5) (0.5) (0
Interest expense (94.8) (55.8) (70.2) 0.0 (2.4) (0.8) (0
Income (loss) before gain on sale of real estate
(4) (2.5) (7.7) 25.7 (0.0) 1.4 0.6 (0
Tax expense 0.0 0.0 (2.7) 0.0 0.0 0.0 0
Other gain, net 0.0 0.0 (29.4) 0.0 0.0 0.0 0
Gain (loss) on sale of real estate 0.0 0.0 (3.2) 0.0 0.0 0.0 0
Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0
Gain on sale of discontinued operations 0.0 0.0 7.4 0.0 0.0 0.0 0
Disproportionate share of income — — — — — — —
Net income (loss) ($2.5) ($7.7) $ (2.2) ($0.0) $ 1.4 $ 0.6 ($0
DDR ownership interest 15% 20% *** 20% 20% 20%
($0.4) ($1.5) $ 0.0 ($0.0) $ 0.3 $ 0.1 ($0
Amortization of basis differential 0.7 0.0 2.1 — — — —
$ 0.3 ($1.5) $ 2.1 ($0.0) $ 0.3 $ 0.1 ($0
Proportionate share of net operating income (5) $ 26.2 $ 17.6 $ 27.8 ($0.0) $ 1.5 $ 0.4 $ 0
Proportionate share of interest expense (5) $ 14.2 $ 11.2 $ 13.3 $ 0.0 $ 0.5 $ 0.2 $ 0
Net income (loss) ($2.5) ($7.7) $ (2.2) ($0.0) $ 1.4 $ 0.6 ($0
Depreciation of real property 82.2 39.8 43.8 0.0 3.5 0.5 0
(Gain) loss on sale of real estate 0.0 0.0 (7.4) 0.0 0.0 0.0 0
$ 79.7 $ 32.1 $ 34.2 ($0.0) $ 4.9 $ 1.1 $ 0
DDR ownership interest 15% 20% *** 20% 20% 20%
DDR FFO $ 12.0 $ 6.4 $ 7.5 ($0.0) $ 1.0 $ 0.2 $ 0
Joint Venture Inves



(in millions)
Coventry II Coventry II DDR Coventry II Coventry II Coventry II Coventry II

DDR Montgomery P hoenix Service DDR T otem DDR T ri-County DDR Ward C
Farm LLC Spectrum LLC Holdings LLC Lake LLC Mall LLC P arkway LLC
Real estate assets $ 157.9 $ 88.6 $ 148.6 $ 42.0 $ 230.6 $ 64.9 $
Accumulated depreciation (0.9) (6.0) (6.5) (3.2) (12.5) (5.7)
Real estate, net 157.0 82.6 142.1 38.8 218.1 59.2
Receivables, net 1.1 2.9 8.1 0.1 2.2 2.3
Other assets (3.7) 1.1 16.6 0.5 9.0 (0.5)
Disproportionate share of equity — — — — — —
$ 154.4 $ 86.6 $ 166.8 $ 39.5 $ 229.3 $ 61.0 $
Mortgage debt $ 112.4 $ 46.0 $ 117.4 $ 29.5 $ 166.3 $ 35.0 $

Amounts payable to DDR 0.0 0.0 0.0 0.0 0.0 0.0
Other liabilities 0.7 3.2 7.1 0.4 5.3 0.6
113.1 49.2 124.5 29.9 171.6 35.6
Accumulated equity (deficit) 41.3 37.4 42.3 9.6 57.7 25.4
Disproportionate share of equity — — — — — —
$ 154.4 $ 86.6 $ 166.8 $ 39.5 $ 229.3 $ 61.0 $

net ($0.3) $ 0.2 $ 3.5 $ 0.1 $ 1.2 $ 0.2 $
Disproportionate amount payable to DDR $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $

Coventry II Coventry II DDR Coventry II Coventry II Coventry II Coventry II

DDR Montgomery P hoenix Service DDR T otem DDR T ri-County DDR Ward C
Farm LLC Spectrum LLC Holdings LLC Lake LLC Mall LLC P arkway LLC
Revenues from operations $ 3.8 $ 10.9 $ 26.1 $ 3.1 $ 19.6 $ 8.3 $
Rental operation expenses (2.6) (4.7) (11.9) (1.2) (8.1) (3.9)
Net operating income 1.2 6.2 14.2 1.9 11.5 4.4
Depreciation and amortization expense (0.9) (1.5) (4.0) (0.7) (5.2) (2.1)
Interest expense (0.0) (1.8) (9.8) (1.1) (10.2) (2.0)
(4) 0.3 2.9 0.4 0.1 (3.9) 0.3
Tax expense 0.0 0.0 0.0 0.0 0.0 0.0
Other gain, net 0.0 0.0 0.0 0.0 0.0 0.0
Gain (loss) 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
Disproportionate share of income — — — — — —
Net income (loss) $ 0.3 $ 2.9 $ 0.4 $ 0.1 ($3.9) $ 0.3 $
DDR ownership interest 20% 20% 20% 20% 20% 20%
$ 0.1 $ 0.6 $ 0.1 ($0.0) ($0.8) $ 0.1 $
Amortization of basis differential — — — — — —
$ 0.1 $ 0.6 $ 0.1 ($0.0) ($0.8) $ 0.1 $
Proportionate share of net operating income (5) $ 0.2 $ 1.2 $ 2.9 $ 0.4 $ 2.3 $ 0.9 $
Proportionate share of interest expense (5) $ 0.0 $ 0.4 $ 1.9 $ 0.3 $ 2.0 $ 0.4 $
Net income (loss) $ 0.3 $ 2.9 $ 0.5 ($0.1) ($3.9) $ 0.3 $

Depreciation of real property 0.9 1.5 4.0 0.7 5.2 2.1
(Gain) loss on sale of real estate 0.0 0.0 0.0 0.0 0.0 0.0
Disproportionate share of income — — — — — —
$ 1.2 $ 4.4 $ 4.5 $ 0.6 $ 1.3 $ 2.4 $
DDR ownership interest 20% 20% 20% 20% 20% 20%
DDR FFO $ 0.2 $ 0.9 $ 0.9 $ 0.1 $ 0.3 $ 0.5 $
Joint V


(in millions)
Sonae Sierra
RVIP VII RVIP VIII DP G Realty T RT DDR Brazil DDR-SAU Retail DD
LLC T ech Ridge LLC Holdings LLC Venture I GP BV Sarl (2) Fund LLC (2) Cole Ce
Real estate assets $ 124.9 $ 33.6 $ 130.1 $ 160.2 $ 329.0 $ 309.3 $ 61.5 $
Accumulated depreciation (21.4) (4.6) (12.7) (7.0) (30.7) (23.6) (0.0)
Real estate, net 103.5 29.0 117.4 153.2 298.3 285.7 61.5
Receivables, net 3.1 1.7 1.4 1.8 9.3 7.6 0.7
Other assets 6.8 0.9 2.0 3.0 30.1 36.8 1.3
$ 113.4 $ 31.6 $ 120.8 $ 158.0 $ 337.7 $ 330.0 $ 63.5 $
Mortgage debt $ 72.1 $ 23.4 $ 9.6 $ 110.0 $ 57.3 $ 226.2 $ 34.1 $

Amounts payable to DDR 0.0 0.0 0.0 0.0 0.0 0.3 0.0
Other liabilities 15.6 0.4 1.5 0.4 28.9 5.6 0.3
87.7 23.8 11.1 110.4 86.2 232.1 34.4
Accumulated equity (deficit) 25.7 7.8 109.7 47.6 251.5 97.9 28.9
$ 113.4 $ 31.6 $ 120.8 $ 158.0 $ 337.7 $ 330.0 $ 63.3 $

net ($1.2) $ 0.6 $ 0.2 $ 0.4 $ 5.2 $ 7.7 $ 0.2 $
Disproportionate amount payable to DDR $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $

Sonae Sierra
RVIP VII RVIP VIII DP G Realty T RT DDR Brazil DDR-SAU Retail DD
LLC T ech Ridge LLC Holdings LLC Venture I GP BV Sarl (2) Fund LLC (2) Cole Ce
Revenues from operations $ 13.8 $ 6.0 $ 12.8 $ 15.1 $ 69.8 $ 36.3 $ 1.0 $
Rental operation expenses (4.4) (2.4) (3.8) (5.3) (19.7) (11.9) (0.2)
Net operating income 9.4 3.6 9.1 9.8 50.1 24.4 0.8
Depreciation and amortization expense (3.1) (1.1) (3.1) (4.5) (10.9) (15.0) (0.1)
Interest expense (3.9) (1.0) (0.5) (6.2) 0.1 (12.2) (0.1)
(4) 2.4 1.5 5.5 (0.9) 39.3 (2.8) 0.6
Tax expense 0.0 0.0 0.0 0.0 (12.8) 0.0 0.0
Other gain, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Gain (loss) on sale of real estate 0.0 0.0 (0.7) 0.0 0.0 0.0 0.0
Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Gain on sale of discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net income (loss) $ 2.4 $ 1.5 $ 4.8 ($0.9) $ 26.5 ($2.8) $ 0.6 $
DDR ownership interest 21% 25.75% 10% 10% 50% 20% 14.5%
($0.4) $ 1.7 $ 0.5 ($0.1) $ 13.2 ($0.6) $ 0.1 $
Amortization of basis differential (0.3) — 0.0 0.2 (2.5) (0.2) 0.0
($0.7) $ 1.7 $ 0.5 $ 0.1 $ 10.7 ($0.8) $ 0.1 $
Proportionate share of net operating income (5) $ 2.0 $ 0.9 $ 0.9 $ 1.0 $ 25.1 $ 4.9 $ 0.1 $
Proportionate share of interest expense (5) $ 0.8 $ 0.2 $ 0.1 $ 0.6 $ 0.0 $ 2.5 $ 0.0 $
Net income (loss) $ 2.4 $ 1.5 $ 4.8 ($0.9) $ 26.5 ($2.8) $ 0.6 $
Depreciation of real property 3.1 1.1 3.1 4.5 10.9 15.0 0.1
(Gain) loss on sale of real estate 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$ 5.5 $ 2.6 $ 7.9 $ 3.6 $ 37.4 $ 12.2 $ 0.7 $
DDR ownership interest 21% 26% 10% 10% 50% 20% 14.52%
DDR FFO $ 2.1 $ 1.1 $ 0.8 $ 0.4 $ 18.9 $ 2.4 $ 0.1 $
Joint Ven


(in millions)
Lennox T own Sun Center Jefferson Sansone Sold/Acquired D

Center Limited Dublin DOT RS County Group/ and P ropo
Limited (2) (2) Village (3) LLC P laza LLC DDRC LLC Other JVs (6) T otal S
Real estate assets $ 21.0 $ 26.0 $ 0.1 $ 26.6 $ 7.0 $ 0.0 $ 51.0 $9,276.0 $
Accumulated depreciation (5.2) (8.4) 0.0 (5.9) (1.1) 0.0 (6.9) (606.7)
Real estate, net 15.8 17.6 0.1 20.7 5.9 0.0 44.1 8,669.3
Receivables, net 1.8 0.9 0.0 0.8 0.1 0.0 0.6 136.5
Other assets 0.8 1.0 0.0 1.1 0.3 3.4 2.0 328.3
Disproportionate share of equity — — — — — — — —
$ 18.5 $ 19.5 $ 0.1 $ 22.6 $ 6.3 $ 3.4 $ 46.7 $9,134.1 $
Mortgage debt $ 27.0 $ 18.8 $ 0.0 $ 21.0 $ 3.7 $ 0.0 $ 27.5 $5,776.9 $
Amounts payable to DDR 0.0 0.0 0.1 0.0 4.0 0.0 0.0 65.0
Other liabilities 1.2 0.8 (0.1) 0.7 0.1 0.8 2.2 237.4
28.2 19.6 0.0 21.7 7.8 0.8 29.7 6,079.3
Accumulated equity (deficit) (9.7) (0.1) 0.1 0.9 (1.5) 2.6 17.0 3,054.8
Disproportionate share of equity — — — — — — — —
$ 18.5 $ 19.5 $ 0.1 $ 22.6 $ 6.3 $ 3.4 $ 46.7 $9,134.1 $
Proportionate share of other

assets/liabilities, net $ 0.7 $ 0.9 ($0.0) $ 0.6 $ 0.1 $ 1.3 $ 0.1 $ 53.2
Disproportionate amount payable to DDR $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 2.0 $ 0.0 $ 0.0 $ 54.3

Lennox T own Sun Center Jefferson Sansone Sold/Acquired D

Center Limited Dublin DOT RS County Group/ and P ropo
Limited (2) (2) Village (3) LLC P laza LLC DDRC LLC Other JVs (6) T otal S
Revenues from operations $ 5.0 $ 4.8 $ 0.0 $ 4.2 $ 0.9 $ 3.1 $ 2.7 $ 946.3 $
Rental operation expenses (1.6) (1.3) (0.0) (1.2) (0.5) (1.8) (2.4) (325.7)
Net operating income 3.4 3.5 0.0 3.0 0.4 1.3 0.3 620.7
Depreciation and amortization expense (0.4) (0.6) 0.0 (0.8) (0.2) 0.0 (0.7) (241.6)
Interest expense (1.6) (1.6) (0.0) (1.3) (0.5) (0.1) (0.8) (307.6)
Income (loss) before gain on sale of real
estate (4) 1.4 1.3 (0.0) 0.9 (0.3) 1.2 (1.2) 71.5
Tax expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (15.5)
Other gain, net 0.0 0.0 0.0 0.0 0.0 0.0 (1.9) (31.3)
Gain (loss) on sale of real estate 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) (4.0)
Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1
Gain on sale of discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.4
Disproportionate share of income — — — — — — — —
Net income (loss) $ 1.4 $ 1.3 $ 0.0 $ 0.9 ($0.3) $ 1.2 ($3.0) $ 28.2 $
DDR ownership interest 50% 79% 63% 50% 50% 50% *** ***
$ 0.7 $ 1.1 ($0.0) $ 0.5 ($0.2) $ 1.0 ($1.1) $ 17.3 $
Amortization of basis differential — (0.2) — 0.1 — (0.3) 0.2 0.4
$ 0.7 $ 0.9 $ 0.0 $ 0.6 ($0.2) $ 0.7 ($0.9) $ 17.7 $
Proportionate share of net operating
income (5) $ 1.7 $ 2.8 ($0.0) $ 1.5 $ 0.2 $ 0.6 $ 0.2 $ 141.3
Proportionate share of interest expense (5) $ 0.8 $ 1.2 $ 0.0 $ 0.7 $ 0.3 $ 0.0 $ 0.2 $ 62.3
Net income (loss) $ 1.4 $ 1.3 $ 0.0 $ 0.9 ($0.3) $ 1.2 ($3.0) $ 28.2 $
Depreciation of real property 0.4 0.6 0.0 0.8 0.2 0.0 0.7 241.6
(Gain) loss on sale of real estate 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Disproportionate share of income — — — — — — — —
$ 1.8 $ 1.9 ($0.0) $ 1.7 ($0.1) $ 1.2 ($2.3) $ 262.4 $
DDR ownership interest 50% 79% 63% 50% 50% 50% *** ***
DDR FFO $ 0.9 $ 1.6 ($0.0) $ 0.9 ($0.0) $ 1.0 ($0.6) $ 68.3
Joint Venture Investment S


(1) Amounts may differ slightly from actual results, due to rounding.
(2) Asset values reflect historical cost basis due to acquisition of partnership interest (i.e., does not reflect step-up in basis).
(3) Represents undeveloped land.
(4) Consists of impairment charges on two assets.
(5) Does not include proportionate share of net operating income or interest expense for properties classified as discontinued
operations.
(6) Represents residual joint venture interests sold in 2007 and other small joint venture investments and land developments. To the
extent that DDR is entitled to receive promoted income, DDR’s share of income could exceed the total income recorded by
certain joint ventures as assets continue to be liquidated.
(7) Adjustments represent the effect of promoted equity structures and minority interests. These adjustments are primarily at the
RVIP IIIB, RVIP VII, RVIP VIII, Coventry II DDR Bloomfield, Coventry II DDR Marley Creek, Coventry II DDR Montgomery Farm
and Coventry II DDR Tri-County Mall joint ventures as well as investments with Macquarie.
(8) Adjustments represent the effect of promoted equity structures on DDR’s share of the income primarily from an asset
management promote from RVIP IIIB, RVIP VII, and RVIP VIII and investments with Macquarie.
(9) Adjustments associated with Coventry’s promoted interests primarily at RVIP IIIB, RVIP VII and RVIP VIII joint ventures as well
as investments with Macquarie and additional promoted interest from joint venture investments sold in 2007.
*** See Section 3.1- Joint Venture Investment Summary, disclosing respective ownership percentage, as ownership percentage may
have changed during the year, or the promoted interest is in effect.


Summary of Wholly-Owned and Consolidated Capital Transactions

(In Millions)
Year Ended Year Ended Year Ended

December 31, December 31, December 31,
2008 2007 2006
Acquisitions/Transfers $ 10.9 $ 3,048.7(2) $ 370.2
Completed Expansions Incremental Development Cost 27.8 32.7 73.1
Developments & Construction in Progress 419.5 428.5 246.0
Recurring Tenant Improvements & Third Party Leasing Commissions 11.6 12.5 11.7
Furniture, Fixtures & Equipment 6.3 13.0 10.2
Foreign Currency Adjustments (41.3) 0.0 0.0
434.8 3,535.4 711.2
Less: Real Estate Sales & Joint Venture Transfers (312.9)(1) (2,001.3)(3) (289.8)
Net Additions $ 121.9 $ 1,534.1 $ 421.4

(1) In addition to asset sales disclosed on Schedule 4.2, this balance includes the sale of seven outparcels.
(2) Includes acquisition of the IRRETI portfolio ($3,018 million), a property in Terrell, TX ($17 million), an
additional interest in a San Francisco property, and the redemption of OP units.
(3) In addition to asset sales ($610 million), this balance includes the following sales to joint ventures: Dividend
Capital Total Realty Trust ($99 million), DDR Domestic Retail Fund I Joint Venture ($1,229 million),
Macquarie DDR Trust ($50 million); and 11 outparcel sales.
Summary of Joint Venture Capital Transactions

(In Millions)
Year Ended Year Ended Year Ended

December 31, December 31, December 31,
2008 2007 2006
Acquisitions/Transfers $ 111.4(1) $ 4,987.4(2) $ 729.9
Completed Expansions Incremental Development Cost 52.8 21.9 0.0
Developments & Construction in Progress 315.8 142.7 139.6
Recurring Tenant Improvements & Third Party Leasing Commissions 18.4 9.8 9.1
Foreign Currency Adjustments (106.2) 48.5 0.0
$ 392.2 $ 5,210.3 $ 878.6
Less: Real Estate Sales and Dispositions ($61.9)(1) ($204.3)(3) ($409.0)
Net Additions $ 330.3 $ 5,006.0 $ 469.6

(1) Includes the acquisition of a shopping center located in Independence, MO from the Macquarie DDR Trust,
which is also reflected as a disposition.
(2) Includes the acquisition of assets from DDR by DDR Domestic Retail Fund ($1,463 million), Dividend Capital
Total Realty Trust ($160 million) and DDR Macquarie Fund LLC ($50 million). Also includes the formation of
DDRTC Core Retail Fund ($2,942 million), the acquisition of the SAU Retail Fund ($309 million), and the
acquisition of an additional property interest by Sonae Sierra Brazil BV Sarl.
(3) Includes the sale of seven shopping centers ($168 million), which were previously owned by a joint venture
with Kuwait Financial Centre, to the DDR Domestic Retail Fund I and the sale of vacant land in TX and CO.
Summary of Wholly Owned and Joint Venture Capital Transactions 4.1


Operating Property Acquisitions

There were no significant third party acquisitions for the year ended December 31, 2008.
Operating Property Dispositions
DDR’s P urchase
Disposition Effective P rice
Date Location P roperty Name Ownership JV P artner T otal GLA (Millions) Major T enants
Consolidated
1/10/2008 Brandon, FL Albertsons at 100% N/A 78,686 $ 6.4 Albertson’s
Bloomingdale
Hills
3/7/2008 Gadsden, AL East Side 100% N/A 85,196 $ 1.6 Fred’s, Food World (Not Owned)
Plaza
6/12/2008 Hutchinson, Hutchinson 100% N/A 121,001 $ 2.5 J.C. Penney, Hennen’s Furniture (Not Owned)
MN Mall
6/23/2008 Charlotte, NC BJ’S 100% N/A 99,792 $ 16.6 BJ’s Wholesale Club
Wholesale
Club
8/5/2008 Daytona PetsMart 100% N/A 26,194 $ 5.3 PetsMart
Beach, FL
8/5/2008 Alpharetta, GA PetsMart 100% N/A 38,418 $ 6.4 PetsMart
8/5/2008 Chattanooga, PetsMart 100% N/A 26,040 $ 4.8 PetsMart
TN
8/5/2008 Fredericksburg, PetsMart 100% N/A 26,067 $ 5.2 PetsMart
VA
8/11/2008 S. Anderson, Crossroads 100% N/A 163,809 $ 3.1 —
SC Plaza
8/21/2008 Daytona KB Homes 100% N/A 22,255 $ 2.8 KB Homes
Beach, FL
8/12/2008 Chelmsford, Apollo Drive 55.84% USAA 291,424 $ 20.7 (1) —
MA Office
Building
9/12/2008 Jersey City, NJ 440 100% N/A 162,533 $ 24.6 Home Depot, Raymour & Flanigan
Commons
12/9/2008 Plano,TX CVS 100% N/A 10,908 $ 2.9 CVS Pharmacy
Pharmacy
12/18/2008 Seekonk, MA Stop N Shop 100% N/A 80,713 $ 13.2 Stop N Shop
12/23/2008 Kissimmee, FL CVS 100% N/A 9,504 $ 2.5 CVS Pharmacy
Pharmacy
12/23/2008 Carrollton, TX CVS 100% N/A 9,504 $ 2.1 CVS Pharmacy
Pharmacy
12/23/2008 Lake Worth, CVS 100% N/A 9,504 $ 1.8 CVS Pharmacy
TX Pharmacy
12/23/2008 Richardson, CVS 100% N/A 10,560 $ 2.4 CVS Pharmacy
TX Pharmacy
12/23/2008 River Oaks, TX CVS 100% N/A 10,908 $ 2.8 CVS Pharmacy
Pharmacy
12/23/2008 The Colony, CVS 100% N/A 9,504 $ 2.0 CVS Pharmacy
TX Pharmacy
12/23/2008 Wichita Falls, CVS 100% N/A 9,504 $ 1.9 CVS Pharmacy
TX Pharmacy
12/23/2008 Wichita Falls, CVS 100% N/A 9,504 $ 2.1 CVS Pharmacy
TX Pharmacy
12/26/2008 Cayey, PR Plaza Cayey 100% N/A 25,840 $ 1.0 Caribbean Cinemas
12/30/2008 Worthington, Northland 100% N/A 185,658 $ 1.8 J.C. Penney
MN Mall
Total Dispositions 1,523,026 $ 136.5
(1) DDR received 100% of the disposition proceeds.
Joint Venture
There were no significant third party acquisitions or dispositions for the year ended December 31, 2008, except for the acquisition of
Independence, MO by a joint venture with Cole Real Estate Investments for a purchase price of $62.0 million. The property was
previously owned by Macquaire DDR Trust. DDR’s effective ownership did not change.
Wholly Owned and Joint Venture Acquisitions and Dispositions 4.2


Wholly-Owned and Consolidated Development Projects
Cost Assets Estimated

Estimated Incurred P laced in Initial
T otal Owned Net Cost T o Date Service Anchor
Location P roject Name GLA GLA (Millions) (Millions) (Millions) Opening Major Anchors
Projects in Process
Ukiah (Mendocino), CA (1) Mendocino Crossings 758,900 228,943 $ 66.9 $ 14.0 $ 0.0 2H11
New Haven (Guilford), CT Guilford Commons 144,592 137,527 $ 48.0 $ 14.5 $ 0.0 2H10 Coldwater Creek, Joseph B
Homestead Pavilion 394,916 272,610 $ 79.7 $ 78.6 $ 18.7 2H08 Kohl’s, Sports Authority,
Homestead, FL for Less, Michaels, Staple
Shops at Midtown 635,665 391,351 $ 148.8 $ 134.5 $ 104.2 2H06 Target, Marshalls, West E
Loehmann’s, Ross Dress f
Miami, FL PetsMart
Nampa Gateway Center 921,162 431,689 $ 126.7 $ 75.2 $ 10.0 2H07 JCPenney, Macy’s, The S
Boise (Nampa), ID Authority, Idaho Athletic
Boston (Norwood), MA The Shoppes at Elmway Farms 72,243 56,343 $ 26.7 $ 17.7 $ 0.0 2H09
Boston, MA (Seabrook, NH) Seabrook Town Center 446,055 210,855 $ 54.5 $ 33.8 $ 0.0 2H10 Target (Phase I)
Southern Tier Crossings 689,395 350,987 $ 55.0 $ 45.0 $ 24.2 1H07 Kohl’s, Wal-Mart, Dick’s,
Elmira (Horseheads), NY Ulta, Mens Warehouse
Raleigh (Apex), NC Apex Promenade 78,830 72,830 $ 16.9 $ 8.5 $ 0.0 2H09 HH Gregg, Outback Steak
Austin (Kyle), TX (1) Kyle Marketplace 805,618 443,092 $ 77.2 $ 50.8 $ 0.0 2H09 Target, Kohl’s, City Light
4,947,376 2,596,227 $ 700.4 $ 472.6 $ 157.1
(1) Consolidated joint venture. DDR has a 50% interest.
Wholly-Owned and Consolidated Land Held for Development
DDR’s
Effective
Location Ownership
Tampa (Brandon), FL 100%

Tampa (Wesley Chapel), FL 100%
Atlanta (Douglasville), GA 100%
Atlanta (Union City), GA 100%
Chicago (Grayslake), IL 50%
Gulfport, MS 100%
Raleigh (Apex), NC 100%
San Antonio (Schertz), TX 50%
Isabela, Puerto Rico 80%
Oconomowoc, WI 50%
Toronto (Brampton), CAN 50%
Toronto (East Gwillinbury — Bayview/Greenlane), CAN 50%
Toronto (East Gwillinbury — Hwy 404/Greenlane East), CAN 50%
Toronto (East Gwillinbury — Hwy 404/Greenlane West), CAN 50%
Toronto (Richmond Hill), CAN 50%
Togliatti, Russia 75%
Yaroslavl, Russia 75%
Other Misc. Land (13 sites) 100%
Wholly-Owned & Consolidated Total Net Cost $ 226.1(2)
(2) Amount excludes partner’s ownership interest, which was $103.9 million as of December 31, 2008 and was
the Company’s balance sheet in construction in progress.
Wholly Owned and Consolidated Dev

Joint Venture Development Projects
DDR’s Estimated Cost Assets DDR’s Estimated

Effective Joint Net Incurred P laced in P roportionate Initial
T otal Owned Ownership Venture Cost T o Date Service Cost Anchor
Location P roject GLA GLA P ercentage P artner (Millions) (Millions) (Millions) (Millions) Opening Major A
Projects in Progress
Kansas City (Merriam), KS Merriam Village 245,182 158,632 20.0% Coventry II $ 43.7 $ 43.8 $ 0.0 $ 8.7 T BD
Bloomfield P ark 762,915 623,782 10.0% Coventry $ 189.8 $ 203.6 $ 0.0 $ 19.0 T BD Barnes a
II/BP I, Noble, T
Detroit (Bloomfield Hills), MI LLC P ark T h
Watters Creek 831,413 797,665 10.0% Coventry $ 171.2 $ 157.9 $ 59.5 $ 17.1 1H08 Market S
II/ United, B
T rademark DSW
P roperty ShoeWa
Company T he Che
Dallas (Allen), T X Factory
Manauara 477,630 477,630 47.4% Sonae $ 98.2 $ 74.4 $ 0.0 $ 46.5 1H09 Riachuel
Sierra Renner,
Manaus, Brazil (1) Marisa
2,317,140 2,057,709 $ 502.9 $ 479.7 $ 59.5 $ 91.3
(1) The majority of the increase in the estimated net cost is due to foreign currency translation rates.
Joint Venture Developm


Development Assets Placed in Service

(In Millions)
Un con solidate d JV Asse ts

DDR’s
C on solidate d P roportionate
Date Asse ts T otal Share
As of December 31, 2008 $ 157.1 $ 59.5 $ 5.9

Projected 2009 $ 141.4 $ 167.0 $ 53.4
Projected Thereafter $ 401.9 $ 276.4 $ 32.0
$ 700.4 $ 502.9 $ 91.3
Development Funding Schedule

(In Millions)
Un con solidate d Join t Ve n ture Fu n ding

DDR JV P artners’ P roceeds from
C on solidate d P roportionate P roportionate Construction T otal
Fu n ding Share Share Loans JV Funding
Funded as of December 31, 2008 $ 472.6 $ 70.8 $ 173.4 $ 235.5 $ 479.7
Projected Net Funding 2009 $ 46.1 13.7 28.9 21.2 $ 63.8
Projected Net Funding Thereafter $ 181.7 (10.0) (40.2) 9.6 ($40.6)
$ 700.4 $ 74.5 $ 162.1 $ 266.3 $ 502.9
Wholly Owned and Joint Venture Development Delivery and

Funding Schedules 4.4

Summary of Significant Wholly-Owned and Consolidated

Redevelopment or Expansion Projects
DDR’s Joint
Ownership Venture
Location P roperty Name P ercentage P artner P roject Description
Projects Completed
Wal-Mart Plaza 100% N/A Relocate two tenants to accommodate Wal-Mart

Olean, NY expansion to a Supercenter.
Akron (Stow), OH Stow Community 100% N/A Recapture 116,000 sf Kmart and release to Hobby
Lobby (opened 10/08), Dollar Tree and additional
retail space. Create outparcels for Panera,
Chipolte, Great Clips, AT&T, and Scottrade.
North Heights 100% N/A Expansion of the shopping center to construct a

Dayton (Huber Hts.), OH Plaza 45,000 sf Dick’s (opened 4/08).
Total Net Cost (Millions) $ 41.2
Miami (Plantation), FL The Fountains 100% N/A Redevelopment of shopping center to include
Kohl’s (will open Fall 2009) and other junior
anchor tenants.
Chesterfield, MI Chesterfield 100% N/A Dollar Galaxy (opened 8/07), Xtreme Fitness
Corners (opened 4/08), 8,400 sf of small shop retail and
additional retail space to be announced.
Fayetteville, NC Cross Pointe 100% N/A Reconfigure 18,000 sf of in-line space to include
Center Ulta (opened 7/08). Construct multi-tenant
outparcel building.
Total Net Cost (Millions) $ 106.9 (1)
(1) At December 31, 2008, approximately $76.6 million of costs had been incurred in relation to the projects in progress.
Summary of Significant Joint Venture Redevelopment or Expansion Projects
DDR’s Joint
Ownership Venture
Location P roperty Name P ercentage P artner P roject Description
Projects Completed
Chicago (Deer Park), IL Deer Park Town 25.75% Prudential Real Construction of a 13,500 sf multi-tenant
Center state Investors outparcel building.
Kansas City, MO Ward Parkway 20.0% Coventry II Redevelopment of the lower level of the mall to
include Staples (opened 5/08), other tenants that
have opened and other retail tenants to be
announced.
Cincinnati, OH Tri-County Mall 20.0% Coventry II / Redevelopment of the former JCPenney store to
Thor Equities include Krazy City and Ethan Allen (opened
4Q07), and several other new retail tenants and
restaurants to be announced.
Total Net Cost (Millions) $ 295.5 (1)
DDR’s Proportionate
Share (Millions) $ 59.3
Buena Park, CA Buena Park Mall 20.0% Coventry II Redevelopment of the lower level of the mall to
& Entertainment include John’s Incredible Pizza.
Los Angeles Valley Central 21.0% Prudential Real Relocate existing Wal-Mart to the area
(Lancaster), CA Discount Estate Investors previously occupied by 99 Cent Store
(relocated), House to Home and Costco (which
were demolished) for development of a Wal-Mart
Supercenter (opened 7/07). Recaptured and
redemise the former Wal-Mart for Michael’s
(opened 9/08) and three additional junior
anchors and three outparcels.
Benton Harbor, MI Fairplain Plaza 20.0% Coventry II Expansion of the existing shopping center to
include an 89,000 sf Kohl’s (opened 10/06), a
20,087 sf PETsMART (opened 2/08), a 17,340 sf
Michael’s (opened 10/08), and additional retail
tenants to be announced.
Total Net Cost (Millions) $ 154.2 (1) (2)

DDR’s Proportionate
Share (Millions) $ 31.1
(1) Total cost includes the acquisition costs for the Coventry II redevelopments.
(2) At December 31, 2008, approximately $116.7million of costs had been incurred in relation to the projects in
progress and DDR’s pro-rata share was $23.5 million.
Wholly Owned and Joint Venture Expansions and Redevelopments 4.5


For the twelve months ended December 31, 2008
Summary of Recently Developed Assets
DDR’s Effective
Location Related P roject Owned GLA Ownership
1 San Diego (Oceanside), CA Oceanside Place Cinemas 79,884 100%
2 Denver (Littleton, CO) Aspen Grove 231,450 100%
3 Fort Collins, CO Mulberry and Lemay Crossing 18,988 100%
4 Lakeland, FL Lakeland Marketplace 77,582 100%
5 Miami (Homestead), FL Homestead Pavilion 275,839 100%
6 Miami, FL The Shops at Midtown Miami 400,685 100%
7 Macon, GA Eisenhower Annex 55,505 100%
8 Chicago (Deer Park), IL Deer Park Town Center 292,139 24.8%
9 Chicago (McHenry), IL The Shoppes at Fox River 224,552 100%
10 Salisbury, MD The Commons 126,135 100%
11 Boston (Everett), MA Gateway Center 222,236 100%
12 Minneapolis (Coon Rapids), MN Riverdale Village 8,856 100%
13 St. Louis (Arnold), MO Jefferson County Plaza 42,091 50%
14 Freehold, NJ Freehold Marketplace 23,454 100%
15 Princeton, NJ Nassau Park Pavilion 598,737 100%
16 Trenton (Hamilton), NJ Hamilton Marketplace 468,240 100%
17 Elmira (Horseheads), NY Southern Tier Crossing 350,987 100%
18 Raleigh (Apex), NC Apex Promenade 81,780 100%
19 Raleigh (Apex), NC Beaver Creek Crossings (Phase 1 - South) 268,333 100%
20 Cleveland (Aurora), OH Barrington Town Square 102,683 100%
21 Allentown, PA West Valley Marketplace 259,239 100%
22 Johnson City, TN Johnson City Marketplace 11,749 100%
23 Austin, TX Shoppes @Tech Ridge 282,798 24.8%
24 San Antonio, TX Bandera Point 416,721 100%
25 San Antonio, TX Village at Stone Oak 305,824 100%
26 San Antonio, TX Westover Marketplace 216,737 20%
27 Milwaukee (Brookfield), WI Shoppers World of Brookfield 15,070 100%
28 Manaus, Brazil Manauara Shopping Center 477,630 47.4%
Total 5,935,924
Summary of Recently Developed Assets 4.6


Summary of Recently Expanded and Redeveloped Assets
DDR’s Effective
1 Birmingham, AL Brook Highland Plaza 424,341 100%
2 Phoenix, AZ Christown Spectrum Mall 441,406 20%
3 N. Little Rock, AR McCain Plaza 295,013 100%
4 Los Angeles (Buena Park), CA Buena Park Downtown 724,143 20%
5 Denver, CO Centennial Promenade 408,337 100%
6 Lakeland, FL Lakeland Burlington Coat Factory 81,921 100%
7 Ocala, FL Ocala West 105,276 100%
8 Tallahassee, FL Capital West 79,451 100%
9 Tampa (Bayonet Point), FL Point Plaza 209,714 100%
10 Tampa (Brandon), FL Kmart Shopping Center 161,900 100%
11 Ottumwa, IA Quincy Place Mall 241,427 100%
12 Benton Harbor, MI Fairplain Plaza 222,739 20%
13 Chesterfield, MI Chesterfield Marketplace 281,320 100%
14 Gaylord, MI Pine Ridge Square 150,203 100%
15 Starkville, MS Starkville Crossings 133,691 100%
16 Kansas City, MO Ward Parkway 388,387 20%
17 Kansas City (Leawood), KS Town Center Plaza 309,423 100%
18 Buffalo (Amherst), NY Boulevard Consumer Square 441,603 100%


Summary of Recently Expanded and Redeveloped Assets
DDR’s Effective
19 Olean, NY Wal-Mart Plaza 285,400 100%
20 Rome, NY Freedom Plaza 194,467 100%
21 Charlotte (Mooresville), NC Mooresville Consumer Square 472,182 100%
22 Durham, NC Oxford Commons 207,864 100%
23 Fayetteville, NC Cross Pointe Center 204,563 100%
24 Wilmington, NC University Centre 411,887 100%
25 Akron (Stow), OH Stow Community Shopping Center 404,483 100%
26 Cincinnati, OH Tri County Mall 758,031 18%
27 Dayton (Huber Hts), OH North Heights Plaza 182,749 100%
28 Tiffin, OH Tiffin Mall 170,868 100%
29 San Juan (Bayamon), PR Rio Hondo 466,499 100%
30 San Juan (Ron Piedras), PR Seniorial Plaza 168,664 100%
31 Chattanooga, TN Overlook at Hamilton Place 207,244 100%
32 Salt Lake City (Midvale), UT Family Center at Fort Union 641,957 100%
33 Salt Lake City (Riverdale), UT Family Center at Riverdale 593,398 100%
34 Salt Lake City (Taylorsville), UT Family Center at Taylorsville 697,630 100%
35 Seattle (Kirkland), WA Totem Lakes Malls 253,867 20%
Total 6,971,718
=


Company Features
713 Shopping Centers and Interests in Retail Assets
45 States (Plus Puerto Rico, Brazil, Russia and Canada)
119 Million Sq. Ft. Owned (1)
157 Million Sq. Ft. Owned and Managed (1) (2)
92.2% Core Portfolio % Leased
(1) Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture
assets and excluding developments and redevelopments in process and scheduled to commence in 2009,
total owned GLA was 67.5 million square feet.
(2) Includes unowned anchors at Company-owned operating and development retail properties.


National portfolio creates efficiencies and strengthens tenant relationships

(MAP)


Average Annualized Base Rental Rates PSF
Nu m be r of Total Ann u aliz e d Base Re n t / S .F.

Pe riod En ding Prope rtie s Total S h op Space
Dec. 31, 2008 649 $ 12.43 $ 18.43

Dec. 31, 2007 657 $ 12.33 $ 18.14
Dec. 31, 2006 409 $ 11.74 $ 17.46
Dec. 31, 2005 380 $ 11.30 $ 16.62
Dec. 31, 2004 373 $ 11.13 $ 16.14
Dec. 31, 2003 274 $ 10.82 $ 15.55
Dec. 31, 2002 189 $ 10.58 $ 15.18
Dec. 31, 2001 192 $ 10.03 $ 14.02
Dec. 31, 2000 190 $ 9.66 $ 13.66
Dec. 31, 1999 186 $ 9.20 $ 12.69
Dec. 31, 1998 159 $ 8.99 $ 12.39
Dec. 31, 1997 123 $ 8.49 $ 11.69
Dec. 31, 1996 112 $ 7.85 $ 10.87
Dec. 31, 1995 106 $ 7.60 $ 10.54
Dec. 31, 1994 84 $ 5.89 $ 9.02
Dec. 31, 1993 69 $ 5.60 $ 8.56
Dec. 31, 1992 53 $ 5.37 $ 8.37
(1) Figures exclude Brazilian portfolio, Service Merchandise portfolio, development properties and managed properties.


Lease Expirations by Year as of December 31, 2008
An ch or Base Re n t S h op Space Base Re n t

Revenues % of Revenues % of
Year Leases ($M) Avg. P SF Revenue Leases ($M) Avg. P SF Revenue
2009 68 $ 19.9 $ 6.89 3.2% 1595 $ 77.2 $16.88 13.6%

2010 121 $ 39.2 $ 8.48 6.3% 1445 $ 80.2 $17.48 14.1%
2011 148 $ 51.2 $10.11 8.3% 1492 $ 92.7 $18.52 16.3%
2012 156 $ 55.5 $ 8.57 9.0% 1208 $ 80.4 $19.15 14.1%
2013 149 $ 50.3 $ 8.48 8.1% 1166 $ 80.0 $18.02 14.1%
2014 151 $ 56.1 $ 9.53 9.1% 366 $ 29.2 $17.55 5.1%
2015 103 $ 47.6 $ 9.58 7.7% 215 $ 20.7 $18.61 3.6%
2016 93 $ 44.1 $ 9.75 7.1% 195 $ 20.0 $20.63 3.5%
2017 89 $ 46.2 $10.14 7.5% 192 $ 21.6 $19.82 3.8%
2018 68 $ 33.0 $ 9.90 5.3% 239 $ 29.3 $17.79 5.1%
2009 - 2018 Subtotal 1,146 $443.1 $ 9.18 71.6% 8,113 $531.3 $18.14 93.3%
Total Rent Roll 1,403 $618.7 $ 9.42 100.0% 8,356 $569.2 $18.23 100.0%


Largest Tenants by Owned and Managed GLA
Total Total O wn e d O wn e d Un own e d Un own e d

Un its GLA (m sf) Un its GLA (m sf) Un its GLA (m sf)
1. Wal-Mart / Sam’s Club 103 16.4 44 6.7 59 9.7

2. Target 66 8.4 11 1.4 55 7.0
3. Lowe’s Home Improvement 41 5.3 21 2.7 20 2.6
4. Home Depot 40 4.3 12 1.2 28 3.1
5. Kohl’s 44 3.9 37 3.3 7 0.6
6. T.J. Maxx / Marshalls 100 3.3 100 3.3 0 0.0
7. Kmart / Sears 38 3.2 37 3.0 1 0.2
8. Publix Supermarkets 56 2.5 56 2.5 0 0.0
9. Mervyns 31 2.4 30 2.3 1 0.1
10. PetSmart 102 2.3 101 2.2 1 0.1


Largest Tenants by GLA and Base Rental Revenues (1)
% of C re dit Ratings
Major Te n an t (u n its) O wn e d GLA Total GLA (S&P/Moody’s)
1. Wal-Mart / Sam’s Club (44) 4.9 7.3% AA / Aa2

A+ /
2. Lowe’s Home Improvement (21) 2.2 3.2% A1
3. Kmart / Sears (37) 2.0 3.0% BB- / Ba1
A/
4. T.J. Maxx / Marshall’s (100) 1.6 2.5% A3
5. Kohl’s (36) 1.4 2.1% BBB+ / Baa1
6. Mervyn’s (30) 1.2 1.8% NR / NR
A+ /
7. Target (11) 1.1 1.7% A2
8. PetSmart (101) 1.0 1.6% BB / NR
9. Kroger (41) 1.0 1.6% BBB- / Baa2
10. Bed, Bath, & Beyond (60) 1.0 1.5% BBB / NR
Subtotal 1-10 17.4 26.2%
Total Portfolio 66.5 100.0%
Base Re n tal % of Total C re dit Ratings

Major Te n an t (u n its) Re v. ($M) Base Re n t (S&P/Moody’s)
1. Wal-Mart / Sam’s Club (44) $ 31.3 4.4% AA / Aa2

A/
2. T.J. Maxx / Marshalls (100) $ 14.9 2.1% A3
3. Mervyn’s (30) $ 13.9 2.0% NR / NR
A+ /
4. Lowe’s Home Improvement (21) $ 13.8 2.0% A1
5. Petsmart (101) $ 13.6 1.9% BB / NR
6. Bed Bath & Beyond (60) $ 11.9 1.7% BBB / NR
7. Circuit City (39) $ 11.6 1.6% NR / NR
8. Kohl’s (36) $ 9.9 1.4% BBB+ / Baa1
9. Michael’s (75) $ 9.9 1.4% B- / Caa1
10. Rite Aid (41) $ 9.8 1.4% B- / Caa3
Subtotal 1-10 $ 140.6 19.9%
Total Portfolio $ 707.1 100.0%
(1) Based on pro rata ownership of joint venture properties.


Summary of Consolidated Debt

Loan Maturity Inte re st

Balan ce (000’s) Date Rate (1)
SENIOR DEBT:
Unsecured Credit Facilities:
$1.25 Billion Revolving Credit Facility $ 975,434 06/10 Libor + 60
$75 Million Revolving Credit Facility 51,750 06/10 Libor + 60
Secured Credit Facility:
$800 Million Term Loan 800,000 02/11 Libor + 70
Total Term and Credit Facility Debt 1,827,184
PUBLIC DEBT:
Medium Term Notes F 226,987 01/09 3.875
Convertible Notes F 250,000(2) 08/11 3.500
Convertible Notes F 583,000(3) 03/12 3.000
Total Public Debt 2,452,741
MORTGAGE DEBT:
Tech Center 29, Silver Springs, MD F 6,173 02/09 7.330
Middletown Village, Middletown, RI F 10,000 02/09 4.531
Terrell Plaza, Terrell, TX V 12,774(4) 02/09 Libor + 150
Abernathy Square, Atlanta, GA F 13,392 03/09 6.285
Orlando, FL F 17,477 05/09 7.000
Shoppes at Wendover Village, Greensboro, NC F 5,450 06/09 4.222
Town Center Plaza, Leawood, KS F 46,435 07/09 7.310
Mill Pond Village, Cary, NC F 8,500 07/09 4.758
Adams Farm, Greensboro, NC F 6,700 08/09 4.652
DDR MDT MV, LLC V 45,923(5) 10/09 Libor + 72
Liberty Fair Mall, Martinsville, VA F 18,936 12/09 8.460
Kyle Crossing, Kyle, TX V 26,057(4)(6) 01/10 Libor + 300
Cibolo Creek Center, Schertz, TX V 6,480(4) 01/10 Libor + 225
Plant City Crossing, Plant City, FL F 5,900 05/10 4.700
Brick Ctr Plaza, Brick, NJ F 10,300 06/10 4.375
Windsor Court SC, Windsor, CT F 8,015 06/10 4.390
Edgewater Town Ctr, Edgewater, NJ F 14,000 06/10 4.685
Valley Park Commons, Hagerstown, MD F 6,770 07/10 4.440
East Hanover Plaza, East Hanover, NJ F 9,280 07/10 4.685
Sony Theatre, East Hanover, NJ F 6,445 07/10 4.685
Oakley Plaza, Asheville, NC F 5,175 08/10 4.290
Deer Valley Town Center, Phoenix, AZ F 16,733 09/10 8.010
Summary of Consolidated Debt 6.1



as of December 31, 2008 (con’t)

Capital Crossing, Raleigh, NC F $ 5,478 09/10 4.300

Downtown Short Pump, Richmond, VA F 18,480 09/10 4.900
DDR MDT MV, LLC F 212,550(5) 10/10 5.211
Tequesta Shops Plaza, Tequesta, FL F 5,200 10/10 5.300
Shops on the Circle, Dothan, AL F 11,409 11/10 7.920
Big Flats Consumer Square I, Big Flats, NY F 4,567 12/10 8.011
Plattsburgh Consumer Square, Plattsburgh, NY F 4,458 12/10 8.000
Denbigh Village, Newport News, VA F 11,457 12/10 4.940
Camfield Corners, Charlotte, NC F 5,150 12/10 5.040
Homestead Pavilion, Homestead, FL V 58,929 03/11 Libor + 120
Peach Street Square I, Erie, PA F 24,382 04/11 6.884
Peach Street Square II, Erie, PA F 2,813 04/11 6.884
Southland Crossings, Boardman, OH F 25,320 04/11 6.884
Plaza at Sunset Hills, St. Louis, MO F 32,822 04/11 6.884
The Promenade at Brentwood, St. Louis, MO F 24,382 04/11 6.884
Centennial Promenade, Denver, CO F 36,573 04/11 6.884
DDRC Headquarters, Beachwood, OH V 19,958 04/11 Libor + 110
Southern Tier Crossing, Horseheads, NY V 30,618 09/11 Libor + 150
Union Town Center, Indian Train, NC F 6,634 10/11 7.000
Westgate Plaza, Gates, NY F 23,783 10/11 7.240
Ashtabula Commons, Ashtabula, OH F 6,608 12/11 7.000
Paradise Village Gateway, Phoenix, AZ F 30,000(7) 03/12 5.385
Gravois Village Plaza, St. Louis, MO F 448 06/12 8.625
University Hills, Denver, CO F 26,545 07/12 7.300
N. Charleston Center, N. Charleston, SC F 10,027 07/12 7.370
Cortez Plaza, Bradenton, FL F 12,198 07/12 7.150
Duvall Village, Bowie, MD F 8,424 10/12 7.040
Walgreen’s, Rockford, IL F 3,223 11/12 4.863
Walgreen’s, Dearborn Hts, MI F 3,550 11/12 4.863
Walgreen’s, Livonia, MI F 2,477 11/12 4.863
Mooresville Consumer Square, Mooresville, NC F 22,869 12/12 6.930
Big Flats Consumer Square IV, Big Flats, NY F 823 01/13 7.600
Big Flats Consumer Square II, Big Flats, NY F 2,899 01/13 8.010
Delaware Consumer Square, Buffalo, NY F 715 01/13 6.960
Walgreen’s, Oshkosh, WI F 2,817 02/13 4.863
Walgreen’s, Westland, MI F 2,625 03/13 4.863
Paseo Colorado, Pasadena, CA F 79,100 04/13 5.000
Family Center at Meridian, Meridian, ID F 7,440 04/13 5.000
Meridian Crossroads, Meridian, ID F 29,760 04/13 5.000
University Center, Wilmington, NC F 24,500 04/13 5.000
Aspen Grove, Littleton, CO F 42,200 04/13 5.000
Plaza Escorial, Carolina, PR F 57,500 04/13 5.000
Plaza Rio Hondo, Bayamon, PR F 109,500 04/13 5.000
Victor Square, Victor, NY F 6,297 04/13 5.800




Wrangleboro Consumer Sq. I & II, Mays Landing, NJ F $ 43,475 05/13 6.990
Monmouth Consumer Sq., W. Long Branch, NJ F 9,597 07/13 8.570
Rotonda Plaza, Englewood, FL F 1,352 07/13 5.800
Reno Riverside, Reno, NV V 3,296(8) 02/15 Prime + 170
Wal-Mart Plaza, Olean, NY F 3,662 07/15 8.995
Hamilton Commons, Mays Landing, NJ F 11,349 09/15 4.700
Consumer Square West, Columbus, OH F 12,544 11/15 10.188
Boulevard Consumer Square (Kmart), Amherst, NY F 9,681 11/15 7.850
Tops Plaza, Lockport, NY F 10,124 01/16 8.000
Merriam Town Center, Merriam, KS (TIF) F 4,775 02/16 6.900
Freedom Plaza, Rome, NY F 3,571 09/16 7.850
Transit Commons, Amherst, NY F 4,204 12/16 7.680
Thruway Plaza (Wal-Mart), Cheektowaga, NY F 4,060 10/17 6.780
Tops Plaza, Ithaca, NY F 15,933 01/18 7.050
Boulevard Consumer Square, Amherst, NY F 11,195 07/18 5.670
Mohawk Commons, Niskayuna, NY F 20,804 12/18 5.750
Lowes, Henderson, TN F 7,691 01/19 7.660
Mariner Square, Spring Hill, FL F 4,521 09/19 9.750
Northland Square, Cedar Rapids, IA F 8,609 01/20 9.375
Connecticut Commons, Plainville, CT F 6,675 04/21 7.125
West Valley Marketplace, Allentown, PA F 15,899 07/21 6.950
Gulfport Promenade, Gulfport, MS V 60,000 12/37 SIFMA + 5
Total Mortgage Debt 1,637,440
Total Consolidated Debt $ 5,917,363
Wtd. Avg. Wtd. Avg.

Maturity Interest Rate
Fixed Rate $ 4,426,146 2.94 years 5.1%
Variable Rate $ 1,491,218 2.68 years 1.7%
$ 5,917,363 2.87 years 4.2%



C UMULATIVE REDEEMABLE PREFERRED S HARES Outstanding Amount(000’s) First Call Date

Class G — 8.0% $ 180,000 March 28, 2008
Class H — 7.375% $ 205,000 July 28, 2008
Class I — 7.5% $ 170,000 May 7, 2009
DERIVATIVE INSTRUMENTS
Notional Amount(000’s) Underlying Debt Hedged Rate Hedged Fixed Rate T ermination Date
Interest Rate Swap $ 100,000 Secured Credit Facility 1 mo. LIBOR 4.933% October 18, 2009
1 mo.
Interest Rate Swap $ 50,000 Secured Credit Facility LIBOR 4.965% October 18, 2009
1 mo.
Interest Rate Swap $ 50,000 Secured Credit Facility LIBOR 4.964% October 18, 2009
3 mo.
Interest Rate Swap $ 200,000 Secured Credit Facility LIBOR 5.149% June 28, 2010
1 mo.
Interest Rate Swap $ 100,000 $1.25 Billion Revolving Credit Facility LIBOR 4.942% September 29, 2010
1 mo.
Interest Rate Swap $ 100,000 Secured Credit Facility LIBOR 4.815% February 21, 2012
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. Deferred
finance cost amortization of approximately $9.8 million net, is offset by approximately $4.6 million of fair
market value adjustments in 2008.
2. The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.23
per share, however, this conversion price has been increased to $65.17 per share through the purchase of a
convertible note hedge. The principal balance on these notes is to be settled in cash.
3. The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.56
per share, however, this conversion price has been increased to $82.71 per share through the purchase of a
convertible note hedge. The principal balance on these notes is to be settled in cash.
4. The Company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts
pursuant to FIN 46.
5. The Company’s 50% joint venture with DDR MDT MV LLC is consolidated within DDR’s accounts
pursuant to FIN 46.
6. This loan has a LIBOR floor of 2.00%.
7. The Company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts
pursuant to EITF 04-05.
8. This loan has a floor interest rate of 5.95% and a cap of 9.00%.
Amounts may differ slightly from actual results, due to rounding.


Summary of Joint Venture Debt
Mortgage
P roperty/Entity Balance (000’s) Maturity Date Interest Rate
DDRTC Core Retail Fund, LLC

DDRTC Holdings Pool 1, LLC (25 assets) F $ 736,559 03/17 5.4475
DDRTC Holdings Pool 3, LLC (17 assets) F 555,034 03/12 5.480
DDRTC Holdings Pool 5, LLC (12 assets) V 197,300 02/10 Libor + 65
DDRTC Holdings Pool 6, LLC
Walks at Highwood Preserve I & II F 3,700 05/09 4.372
Aiken Exchange F 7,350 05/09 4.372
Oak Summit F 8,200 06/09 4.272
Wytheville Commons F 5,590 06/09 4.302
Heritage Pavilion F 21,500 07/09 4.460
Columbiana Station F 25,900 06/10 4.040
Warwick Center F 16,939 06/10 4.130
Fayette Pavilion I & II F 53,250 07/10 5.620
North Hill Commons F 2,475 11/10 5.240
Cox Creek Shopping Center F 14,210 03/12 7.090
Cypress Trace F 16,000 04/12 5.000
Waterfront Marketplace F 28,990 08/12 6.350
Waterfront Town Center F 38,193 08/12 6.350
Creeks at Virginia Center F 25,777 08/12 6.370
Willoughby Hills Shopping Center F 14,057 07/18 6.980
DDR Domestic Retail Fund I

Paradise Promenade, Davie, FL F 6,400 06/09 4.322
Village Ctr, Racine, WI F 13,200 04/10 4.440
West Falls Plaza, West Patterson, NJ F 11,075 06/10 4.685
Southampton Village, Tyrone, GA F 6,700 05/11 4.663
Village Center Outlot, Racine, WI F 2,070 07/11 5.170
Center Pointe Plaza, Easley, SC F 4,250 08/11 5.320
Shoppes on the Ridge, Lake Wales, FL F 9,628 12/11 4.740
Publix Brooker Creek, Palm Harbor, FL F 5,000 12/11 4.610
Watercolor Crossing, Santa Rosa, FL F 4,355 01/12 4.760
Heather Island Plaza, Ocala, FL F 6,155 12/12 5.001
Hilliard Rome, Columbus, OH F 11,033 01/13 5.870
Boynton Beach, FL (Meadows Square) F 2,918 07/13 6.720
DDR Domestic Retail Fund I (25 assets) F 885,000 07/17 5.600
DDR Macquarie (1)(2)

$305 Million Revolving Credit Facility (10 assets) V 237,800 04/10 Libor + 40
F 9,100 04/10 3.938
F 20,000 04/10 4.360
Secured Portfolio Financing (7 assets) F 268,000 09/15 6.400
V 65,320 09/11 Libor + 240
Secured Portfolio Financing (8 assets) F 165,250 06/09 4.180
V 7,660 06/09 Libor + 84
BJ’s Clarence F 4,337 03/22 7.070
Joann Transit F 2,177 08/13 6.250
New Hartford Consumer Square F 30,073 11/18 5.750
Birmingham, AL (Riverchase) F 7,493 01/13 5.500
DDR Macquarie Longhorn Holdings (4 assets) F 85,000 01/12 4.910
DDR Macquarie Longhorn Holdings II (7 assets) F 157,250 04/10 4.822
V 3,570 04/10 Libor + 85
Summary of Joint Venture Debt 6.2


Mortgage
DDR Macquarie (1)(2)

DDR Macquarie Longhorn Holdings III (3 assets) F $ 39,300 04/10 5.098
Macquarie DDR US Trust Credit Facility V 48,365 03/10 Libor + 100
DDR MDT PS, LLC (7 assets) F 86,000 07/13 6.004
Coventry II DDR Bloomfield V 48,000 12/08 Libor + 250
Coventry II DDR Buena Park V 61,000 03/10 Libor + 115
Coventry II DDR Fairplain V 16,000 09/09 Libor + 275
Coventry II DDR Marley Creek V 10,750 07/10 Libor + 125
Coventry II DDR Merriam Village (3) V 17,039 10/09 Libor + 300
Coventry II DDR Montgomery Farm (4) V 112,368 07/10 Libor + 300
Coventry II DDR Phoenix Spectrum V 46,000 01/10 Libor + 70
Coventry II DDR SM V 84,725 01/10 Libor + 80
Libor +
V 32,695 01/10 223.65
Coventry II DDR Totem Lakes V 29,500 09/09 Libor + 275
Coventry II DDR Tri County F 154,587 02/15 5.655
F 11,741 02/15 10.304
Coventry II DDR Ward Parkway V 35,000 11/09 Libor + 350
Coventry II DDR Westover Marketplace V 20,856 07/09 Libor + 125
RVIP III B
Deer Park, IL F 60,000 10/11 5.590
RVIP VII (2 assets) V 72,120 04/10 Libor + 125
RVIP VIII V 23,356 01/10 Libor + 100
DPG Realty Holdings, LLC

Tonawanda, NY F 4,984 05/17 7.630
Tonawanda, NY F 4,635 06/21 7.660
TRT DDR Holdings I LLC (3 assets) F 110,000 05/17 5.510
Inland SAU Retail Fund, LLC

Blockbuster F 993 10/10 4.890
Cascade Crossing F 4,954 10/10 4.890
Hickory Flat Village F 8,689 10/10 4.890
Flat Shoals Crossing F 6,063 10/10 4.760
Deshon Plaza F 6,038 10/10 4.760
Shops at John’s Creek F 2,762 10/10 4.890
Waynesboro Commons F 3,178 10/10 4.890
Brookhaven F 10,397 12/10 4.890
Lewandowski Commons F 12,465 03/11 5.770
South Square F 12,597 10/12 5.060
North Hampton Market (Phase I & II) F 10,501 10/12 5.080
Oakland Market Place F 3,560 10/12 5.040


Mortgage
Inland SAU Retail Fund, LLC
Shoppes at Wendover II F $ 14,382 10/12 5.060
Crossroads Square F 4,869 12/12 5.310
Cascade Corners F 3,979 12/12 5.420
Hilander Village F 9,404 12/12 5.410
Glenlake Plaza F 8,234 12/12 5.440
Broadmoor Plaza F 11,048 12/12 5.440
Milan Plaza F 2,161 12/12 5.490
West Towne Commons F 4,797 12/12 5.440
American Way F 6,662 12/12 5.440
Kroger Junction F 3,827 12/12 5.440
Kroger Plaza F 1,806 12/12 5.440
Willowbrook Commons F 6,998 03/13 5.410
The Point F 15,800 04/13 5.640
Harper Hill Commons F 10,350 04/13 5.790
Plaza at Carolina Forest F 14,203 05/13 5.970
Alexander Pointe F 5,129 08/13 5.920
Patterson Place F 20,338 12/13 5.670
Cole DDR MT Independence F 34,100 01/12 5.950
DDRA Community Centers Five (5 assets) F 280,000 08/10 5.295
DDR Markaz II (13 assets) F 150,480 11/14 5.147
Lennox Town Center Limited F 1,000 06/17 6.440

Columbus, OH F 26,000 06/17 5.640
Sun Center Limited F 5,898 05/11 5.420

Columbus, OH F 12,886 04/11 8.480
DOTRS LLC
Macedonia, OH F 21,000 08/11 6.050
Jefferson County Plaza, LLC

Arnold, MO V 3,680 08/12 Libor + 200
Sonae Sierra Brazil Limitadas V 18,848 02/09 CDI + 45

F 38,436 12/20 8.500
Central Park Solon LLC V 3,354 05/09 Libor + 225
RO & SW Realty LLC F 24,176 06/11 5.960
Total $ 5,776,897
Wtd. Avg. Wtd. Avg.

Interest
Total Joint Venture Debt: Maturity Rate
Total Joint Venture Debt:
Fixed Rate $ 4,581,591 5.34 years 5.5%
Variable Rate $ 1,195,306 1.15 years 2.2%
$ 5,776,897 4.47 years 4.8%

DDR’s Proportionate Share:
Fixed Rate $ 982,274
Variable Rate $ 233,854
$ 1,216,129


DERIVATIVE INSTRUMENTS (5)
Notional Amount(000’s) Underlying Capital Hedged Rate Hedged Fixed Rate T ermination Date
MDT Revolving Credit
Interest Rate Swap $ 20,000 Facility 1 mo. LIBOR 3.960% June 1, 2009
MDT Revolving Credit
Interest Rate Swap $ 50,000 Facility 3 mo. LIBOR 5.105% November 17, 2010
Forward Interest Rate
Swap $ 157,250 MDT Mortgage Debt 1 mo. LIBOR 5.250% March 9, 2012
Swap $ 75,000 MDT Mortgage Debt 1 mo. LIBOR 5.223% June 1, 2014
Swap $ 75,000 MDT Mortgage Debt 1 mo. LIBOR 4.900% June 2, 2014
Notes:
(1) The company’s 50% joint venture associated with the Mervyns Portfolio is not reflected as it is consolidated within DDR’s accounts
pursuant to FIN 46.
(2) MDT has entered into a series of swaps to fix the interest rate on floating rate debt in MDT’s revolving credit facility. MDT has also
entered into a series of forward swaps in expectation of obtaining fixed rate financing in the future.
(3) This loan has a LIBOR floor of 2.00%.
(4) This loan has a LIBOR floor of 1.50%.
(5) Does not include interest rate caps.


Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities

and Joint Venture Debt Payments and Maturities (1)
(000’s)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
P ayments P ayments P ayments P ayments P ayments P ayments P ayments P ayments P ayments P ayments T hereafter T otal
CONSOLIDATED
DEBT
Property
Mortgages $159,924 $ 426,287 $ 199,985 $ 112,854 $432,347 $ 16,593 $ 26,595 $ 16,032 $ 10,559 $ 7,901 $ 73,548 $1,482,623
Construction
Loans 12,774 32,537 30,618 0 78,888 0 0 0 0 0 0 154,817
Public Debt 226,987 497,881 499,651 928,675 0 0 199,547 0 0 100,000 0 2,452,741
Subtotal 399,685 956,705 730,255 1,041,529 511,235 16,593 226,142 16,032 10,559 107,901 73,548 4,090,181
Revolving Credit
Facilities &
Term Loan (2) 0 0 1,027,183 800,000 0 0 0 0 0 0 0 1,827,184
Total
Consolidated
Debt $399,685 $ 956,705 $1,757,437 $1,841,529 $511,235 $ 16,593 $226,142 $ 16,032 $ 10,559 $107,901 $ 73,548 $5,917,363
JOINT VENTURE
DEBT
Total JV Debt $359,010 $1,400,072 $ 485,633 $ 854,887 $250,785 $159,910 $425,981 $ 7,369 $1,765,944 $ 6,335 $ 60,970 $5,776,897
DDR’s
Proportionate
Share 80,384 356,912 118,455 143,928 47,098 31,946 98,522 1,428 313,456 1,321 22,679 1,216,129
Total
Consolidated
Debt &
Proportionate
Share JV Debt $480,069 $1,313,616 $1,875,893 $1,985,457 $558,332 $ 48,539 $324,664 $ 17,460 $ 324,015 $109,221 $ 96,226 $7,133,492
Notes:
(1) In situations where the company has options to extend the maturity of a loan, the maturity of the extension period(s)
has been assumed for this schedule.
(2) Balance at December 31, 2008 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one
one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012.
The $75 million National City Bank facility has one one-year extension option to 2011.
Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3

Corporate Headquarters Investor Relations

3300 Enterprise Parkway Francine J. Glandt
Beachwood, Ohio 44122 Toll Free: (800) 258-7289
Main: (216) 755-5500 Direct: (216) 755-5827
Website: www.ddr.com Cell: (216) 225-4089
Email: fglandt@ddrc.com
Research Coverage
Citigroup
Michael Bilerman michael.bilerman@citi.com (212) 816-1383
Quentin Velleley quentin.velleley@citi.com (212) 816-6981
Deutsche Bank Securities

Lou Taylor louis.taylor@db.com (212) 250-4912
Goldman Sachs
Jay Habermann jonathan.habermann@gs.com (917) 343-4260
Jehan Mahmood jehan.mahmood@gs.com (212) 902-2646
Green Street Advisors

Jim Sullivan jsullivan@greenstreetadvisors.com (949) 640-8780
Nick Vedder nvedder@greenstreetadvisors.com (949) 640-8780
Hilliard Lyons
Carol Kemple ckemple@hilliard.com (502) 588-1142
Macquarie
David Wigginton dave.wigginton@macquarie.com (212) 231-6380
Merrill Lynch
Steve Sakwa steve_sakwa@ml.com (212) 449-0335
Craig Schmidt craig_schmidt@ml.com (212) 449-1944
JP Morgan
Michael Mueller michael.w.mueller@jpmorgan.com (212) 622-6689
Joe Dazio joseph.c.dazio@jpmorgan.com (212) 622-6416
RBC Capital Markets

Rich Moore rich.moore@rbccm.com (216) 378-7625
Wes Golladay wes.golladay@rbccm.com (440) 715-2650
UBS
Jeff Spector jeffrey.spector@ubs.com (212) 713-6144
Lindsay Schroll lindsay.schroll@ubs.com (212) 713-3402
Wachovia Securities
Jeff Donnelly jeff.donnelly@wachovia.com (617) 603-4262
Robert Laquaglia robert.laquaglia@wachovia.com (617) 603-4280
Investor Contact Information 7.0
Exhibit 99.3
• Pr ope r t y Li s t I NVE S T OR RE L AT I ONS DE P ART M E NT • 3300 E NT E RP RI S E P ARKW AY BE ACHW OOD, OHI O 4 4 1 2 2 • p. ( 216) 755- 5500 f . ( 216) 755- 1500 • W W W . DDR. COM For t he year ended De c e m b e r 31, 2008

4Q08 PROPERTY LIST

YEAR DDR OWNED/ TOTAL
DEVELOPED/ YEAR OWNERSHIP UNOWNED ANNUALIZED
LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEA
ALABAMA
BIRMINGHAM, AL BROOK HIGHLAND BIRMINGHAM 1994/2003 1994 100.00% 424,360 551,277 4,349,367 DICK’S SPORTING GOODS(20
(BROOK) PLAZA STEIN MART(2011), OFFICE M
5291 HWY 280 SOUTH MICHAEL’S(2014), HOMEGOO
MILLION(2010), ROSS DRESS
BIRMINGHAM, AL EASTWOOD FESTIVAL BIRMINGHAM 1989/1999 1995 100.00% 300,280 463,560 1,120,592 DOLLAR TREE(2013), BURLIN
(EASTWOOD) CENTRE FACTORY(2013), WESTERN SU
7001 CRESTWOOD BLVD (NOT OWNED), HOME DEPOT(
BIRMINGHAM, AL RIVER RIDGE BIRMINGHAM 2001 2007 15.00% 172,304 349,804 2,180,854 STAPLES(2016), BEST BUY(201
(RIVER RIDGE) US HIGHWAY 280 TARGET(NOT OWNED)
BIRMINGHAM, RIVERCHASE BIRMINGHAM 1989 2002 14.50% 120,108 228,416 1,687,973 MARSHALLS(2009), TOY’S R U
AL(RIVERCHASE) PROMENADE (I) GOODY’S(NOT OWNED)
MONTGOMERY
HIGHWAY
CULLMAN, AL LOWE’S HOME CULLMAN 1998 2007 100.00% 101,287 101,287 682,500 LOWE’S(2015)
IMPROVEMENT
1717 CHEROKEE AVE SW
DOTHAN, AL CIRCUIT CITY DOTHAN 2004 2007 100.00% 33,906 33,906 567,926 CIRCUIT CITY(2020)
(CIRCUIT CITY) 2821 MONTGOMERY
HWY
DOTHAN, SHOPS ON THE CIRCLE DOTHAN 2000 2007 100.00% 149,085 149,085 1,655,277 OLD NAVY(2010), T.J. MAXX(2
AL(SHOPS) 3500 ROSS CLARK
CIRCLE
FLORENCE, AL COX CREEK SHOPPING FLORENCE 2001 2007 15.00% 173,989 304,870 1,494,727 BEST BUY(2017), MICHAEL’S
CENTER SPORTING GOODS(2017), TAR
374-398 COX CREEK
PARKWAY
HUNTSVILLE, AL WESTSIDE CENTRE HUNTSVILLE 2002 2007 15.00% 476,146 665,377 4,960,461 BABIES R US(2012), MARSHA
(WEST) 6275 UNIVERSITY DR BEYOND(2012), MICHAEL’S(2
DICK’S SPORTING GOODS(20
ROSS DRESS FOR LESS(2013),
OPELIKA, AL PEPPERELL CORNERS (I) OPELIKA 1995 2003 100.00% 306,224 306,224 673,349 GOODY’S(2011)
2300-2600 PEPPERELL
PARKWAY OP
SCOTTSBORO, AL SCOTTSBORO SCOTTSBORO 1999 2003 100.00% 40,560 223,750 460,176 GOODY’S(2011), WAL-MART(N
MARKETPLACE
24833 JOHN P REID
PARKWAY
TUSCALOOSA, AL MCFARLAND PLAZA TUSCALOOSA 1999 2007 15.00% 229,323 229,323 1,177,104 STEIN MART(2009), OFFICE M
2600 MCFARLAND BLD E US(2011)
ARIZONA
AHWATUKEE, AZ AHWATUKEE PHOENIX 1996/1997/1999 1997 50.00% 647,883 686,414 10,487,530 JO-ANN STORES(2010), BEST
FOOTHILLS TC (II) THEATRE(2021), BASSETT FU
4711 EAST RAY ROAD ASHLEY FURNITURE HOMES
NOBLE(2012), BABIES R US(2
MART(2011), ROSS DRESS FOR
MAX(2012)
CHANDLER, AZ CHANDLER PHOENIX 1985 2005 50.00% 74,862 74,862 700,397 MERVYN’S (2020)
2992 NORTH ALMA
SCHOOL ROAD
MESA, AZ SUPERSTITION SPRINGS PHOENIX 1990 2005 50.00% 86,858 86,858 1,198,104 MERVYN’S (2020)
(SUPERS) 6505 E SOUTHERN
AVENUE

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE
PHOENIX, AZ DEER VALLEY PHOENIX 1979 2005 50.00% 81,009 81,009 852,150 MERVYN’S (2020)
(DV) 4255 W. THUNDERBIRD
ROAD
PHOENIX, AZ ARROWHEAD PHOENIX 1995 1996 50.00% 346,428 416,606 3,834,009 STAPLES(2009), HOMEGOO
(PEORIA) CROSSINGS FRUGAL’S(2010), BARNES
7553 WEST BELL ROAD NOBLE(2011), T.J. MAXX(20
WAREHOUSE(2017), BASSE
FURNITURE(2009), FRY’S(N
PHOENIX, AZ SILVER CREEK PLAZA PHOENIX 1994 2005 50.00% 76,214 76,214 0
(SILVER) 4710 E. RAY ROAD
PHOENIX, AZ CHRISTOWN SPECTRUM PHOENIX 1961 2004 20.00% 452,065 1,030,323 7,145,771 WAL-MART(2023), COSTCO
(SPE) MALL WHOLESALE(2020), ROSS D
1703 W BETHANY HOME LESS(2013), PETSMART(201
RD PENNEY(2037), HARKINS
THEATRE(2022), TARGET (
PHOENIX, AZ DEER VALLEY TOWNE PHOENIX 1996 1999 100.00% 194,009 459,939 3,056,451 ROSS DRESS FOR LESS(201
(DEER VALLEY) CENTER MAX(2013), PETSMART(201
2805 WEST AQUA FRIA MICHAEL’S(2014), AMC TH
FREEWAY OWNED), TARGET(NOT OW
PHOENIX, PARADISE VILLAGE PHOENIX 1997/2004 2003 67.00% 223,658 295,317 4,542,351 BED BATH & BEYOND(2011
AZ(PARADISE) GATEWAY FOR LESS(2012), PETSMAR
TATUM & SHEA BLVDS STAPLES(2010), ALBERTSO
TUCSON, AZ SANTA CRUZ PLAZA TUCSON 1982 2005 50.00% 76,126 76,126 533,788 MERVYN’S (2020)
3660 SOUTH 16TH
AVENUE
ARKANSAS
FAYETTEVILLE, SPRING CREEK CENTRE FAYETTEVILLE 1997/1999/2000/2001 1997 14.50% 262,827 590,161 2,553,698 T.J. MAXX(2011), BEST BUY
AR 464 E. JOYCE NAVY(2010), BED BATH & B
BOULEVARD WAL-MART SUPER CENTE
OWNED), HOME DEPOT(NO
FAYETTEVILLE, STEELE CROSSING FAYETTEVILLE 2003 2003 14.50% 50,314 261,665 1,025,935 KOHL’S(2022), TARGET(NO
AR(STEELE) 3533-3595 N. SHILOH DR
NORTH LITTLE MCCAIN PLAZA LITTLE ROCK 1991/2004 1994 100.00% 295,013 295,013 2,024,129 BED BATH & BEYOND(201
ROCK, AR 4124 EAST MCCAIN MAXX(2012), CINEMARK(2
BOULEVARD BURLINGTON COAT FACT
MICHAEL’S(2014)
RUSSELLVILLE, VALLEY PARK CENTRE RUSSELLVILLE 1992 1994 100.00% 266,539 266,539 1,576,540 HOBBY LOBBY(2016), STA
AR 3093 EAST MAIN STREET PENNEY(2012), BELK(2021
CALIFORNIA
ANAHEIM, CA ANAHEIM HILLS LOS ANGELES 1992 2005 50.00% 77,883 77,883 1,354,101 MERVYN’S (2020)
FESTIVAL
8100 E SANTA CANYON
ROAD
ANTIOCH, CA SOMERSVILLE TOWNE SACRAMENTO 1970 2005 50.00% 75,339 75,339 0
CENTER
2602 SOMERSVILLE
ROAD
BUENA PARK, BUENA PARK LOS ANGELES 1965 2004 20.00% 735,130 1,142,793 9,589,000 CIRCUIT CITY(2018), DSW
CA DOWNTOWN WAREHOUSE(2013), ROSS
(MALL & ENT) (ENTRTNMT) LESS(2015), BED BATH & B
100 BUENA PARK 24 HOUR FITNESS(2022), K
KRIKORIAN PREMIER TH
MICHAEL’S(2014), SEARS(N
WALMART(NOT OWNED)

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXP
BURBANK, CA BURBANK TOWN LOS ANGELES 1991 2005 50.00% 89,182 89,182 1,657,357 MERVYN’S (2020)
CENTER
245 E MAGNOLIA BLVD
CHINO, CA CHINO TOWN SQUARE LOS ANGELES 1986 2005 50.00% 81,282 81,282 905,210 MERVYN’S (2020)
SC
5517 PHILADELPHIA
CLOVIS, CA SIERRA VISTA MALL FRESNO 1988 2005 50.00% 75,088 75,088 742,846 MERVYN’S (2020)
1000 SHAW AVENUE
CULVER CITY, CIRCUIT CITY LOS ANGELES 1998 2007 100.00% 32,873 32,873 680,062 CIRCUIT CITY(2018)
CA 5660 SEPULVEDA BLVD
EL CAJON, CA WESTFIELD PARKWAY SAN DIEGO 1989 2005 50.00% 85,744 85,744 1,304,225 MERVYN’S (2020)
565 FLETCHER
PARKWAY
FAIRFIELD, WESTFIELD SOLANO SAN FRANCISCO 1981 2005 50.00% 89,223 89,223 0
CA 1451 GATEWAY BLVD.
FOLSOM, CA FOLSOM SQUARE SACRAMENTO 2003 2005 50.00% 79,080 79,080 1,201,287 MERVYN’S (2020)
1010 E. BIDWELL STREET
FOOTHILL FOOTHILL RANCH TC LOS ANGELES 1993 2005 50.00% 77,934 77,934 0
RANCH, CA 26732 PORTOLA
PARKWAY
GARDEN GARDEN GROVE LOS ANGELES 1982 2005 50.00% 83,746 83,746 783,171 MERVYN’S (2020)
GROVE, CA CENTER
13092 HARBOR BLVD.
LANCASTER, VALLEY CENTRAL LOS ANGELES 1990 2001 21.00% 353,483 483,787 3,075,684 MARSHALL’S(2012), STAPLES(2
CA (DISCOUNT) CINEMARK(2017), 99 CENTS ON
(DISCOUNT) 44707-44765 VALLEY MICHAELS (2018), COSTCO(NOT
CENTRAL WAY
LOMPAC, CA MISSION PLAZA LOS ANGELES 1992 2005 50.00% 62,523 62,523 365,056 MERVYN’S (2020)
1600 N H STREET
LONG BEACH, THE PIKE AT RAINBOW LOS ANGELES 2005 1* 100.00% 281,535 315,074 5,810,300 CINEMARK(2017), BORDERS(20
CA (PIKE) HARBOR V2O(2019), GAMEWORKS (2017)
95 SOUTH PINE AVE
MADERA, CA MADERA FRESNO 1990 2005 50.00% 59,720 59,720 209,050 MERVYN’S (2020)
1467 COUNTRY CLUB
DRIVE
NORTH CROSSROADS SC LOS ANGELES 1991 2005 50.00% 76,360 76,360 803,334 MERVYN’S (2020)
FULLERTON, 200 IMPERIAL HIGHWAY
CA
NORTHRIDGE, NORTHRIDGE PLAZA LOS ANGELES 1980 2005 50.00% 75,326 75,326 564,563 MERVYN’S (2020)
CA 8800 CORBIN AVE
OCEANSIDE, OCEAN PLACE CINEMAS SAN DIEGO 2000 2000 100.00% 79,884 79,884 1,330,878 REGAL CINEMAS(2014)
CA. 401-409 MISSION
AVENUE

4Q08 PROPERTY LIST

PALMDALE, ANTELOPE VALLEY LOS ANGELES 1992 2005 50.00% 76,550 76,550 862,762 MERVYN’S (2020)
CA MALL
1305 W RANCHO VISTA
BLVD.
PASADENA, CA PASEO COLORADO LOS ANGELES 2001 2003 100.00% 556,271 556,271 11,519,938 GELSON’S MARKET(2021),
280 E COLORADO BLVD LOEHMANN’S(2015), EQUINOX
MACY’S(2010), PACIFIC THEAT
EXHIB. CORP(2016), DSW SHOE
WAREHOUSE(2011)
PLEASANT DOWNTOWN PLEASANT SAN FRANCISCO 1999/2000 2001 20.00% 345,930 345,930 6,431,048 LUCKY SUPERMARKET(2020),
HILL, CA. HILL MICHAEL’S(2010), BORDERS(20
1401 WILLOW PASS DRESS FOR LESS(2010), BED BA
ROAD BEYOND(2010), CENTURY
THEATRE(2016)
PORTERVILLE, PORTERVILLE MARKET BAKERSFIELD 1991 2005 50.00% 76,378 76,378 535,910 MERVYN’S (2020)
CA PLACE
1275 WEST HENDERSON
AVENUE
REDDING, CA SHASTA CENTER SAN FRANCISCO 1984 2005 50.00% 61,363 61,363 645,214 MERVYN’S (2020)
1755 HILLTOP DRIVE
RICHMOND, HILLTOP PLAZA SAN FRANCISCO 1996/2000 2002 20.00% 245,774 245,774 3,858,794 .99 CENTS ONLY STORES(2011),
CA(HILLTOP) 3401 BLUME DRIVE PETSMART(2012), ROSS DRESS F
LESS(2013), BARNES & NOBLE(
CENTURY THEATRE(2016)
SAN DIEGO, SOUTHLAND PLAZA SC SAN DIEGO 1982 2005 50.00% 75,207 75,207 1,054,841 MERVYN’S (2020)
CA 575 SATURN BLVD.
SAN DIEGO, COLLEGE GROVE SC SAN DIEGO 1991 2005 50.00% 73,872 73,872 880,775 MERVYN’S (2021)
CA (COLLEGE) 3450 COLLEGE AVENUE
SAN VAN NESS PLAZA SAN FRANCISCO 1998 2002 100.00% 123,755 123,755 3,971,743 AMC THEATRE(2030), CRUNCH
FRANCISCO, 1000 VAN NESS AVENUE FITNESS(2009)
CA (RETAILS)
SANTA TOWN CENTER WEST SC LOS ANGELES 1988 2005 50.00% 84,886 84,886 793,784 MERVYN’S (2020)
MARIA, CA 201 TOWN CENTER
WEST
SANTA ROSA, SANTA ROSA PLAZA SAN FRANCISCO 1981 2005 50.00% 90,348 90,348 1,588,628 MERVYN’S (2020)
CA 600 SANTA ROSA PLAZA
SLATTEN SLATTEN RANCH SC SAN FRANCISCO 2002 2005 50.00% 78,819 78,819 1,381,693 MERVYN’S (2020)
RANCH, CA 5849 LONE TREE WAY
SONORA, CA SONORA CROSSROADS SAN FRANCISCO 1993 2005 50.00% 62,214 62,214 763,009 MERVYN’S (2020)
1151 SANGUINETTI
ROAD
TULARE, CA TULARE PAVILION SC FRESNO 1991 2005 50.00% 62,947 62,947 588,970 MERVYN’S (2020)
1675 HILLMAN STREET
UKIAH, CA PEAR TREE CENTER SAN FRANCISCO 1990 2005 50.00% 58,841 58,841 343,831 MERVYN’S (2020)
437 NORTH ORCHARD
AVENUE

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPI
VALENCIA, CA RIVER OAKS SC LOS ANGELES 1986 2006 100.00% 75,590 75,590 989,420 MERVYN’S (2035)
24235 MAGIC
MOUNTAIN PKWY
WEST COVINA, WESTFIELD EASTLAND LOS ANGELES 1979 2005 50.00% 79,800 79,800 1,607,730 MERVYN’S (2020)
CA SC
2753 E. EASTLAND CTR
DR
COLORADO
AURORA, CO PIONEER HILLS DENVER 2003 2003 14.50% 127,215 479,541 2,321,316 BED BATH & BEYOND(2012), OFF
5400-5820 SOUTH DEPOT(2017),
PARKER WAL-MART(NOT OWNED), HOME
DEPOT(NOT OWNED)
BROOMFIELD, FLATIRON DENVER 2001 2003 100.00% 252,035 421,447 4,085,632 NORDSTROM RACK(2011), BEST
CO (FLATIRON MARKETPLACE BUY(2016), OFFICE
GARD) (GARDEN) DEPOT(2016), GREAT INDOORS(N
1 WEST FLATIRON OWNED)
CIRCLE
DENVER, CO CENTENNIAL DENVER 1997/2002 1997 100.00% 408,337 529,488 7,004,611 GOLFSMITH GOLF CENTER(201
(CENTENNIAL) PROMENADE SOUNDTRACK(2017), ROSS DRES
9555 E COUNTY LINE LESS(2013), OFFICE MAX(2012),
ROAD MICHAEL’S(2012), TOYS R US(20
BORDERS(2017), LOEHMANN’S(2
RECREATIONAL EQUIPMENT(N
OWNED), HOME DEPOT(NOT OW
DENVER, CO TAMARAC SQUARE DENVER 1976 2001 100.00% 183,611 196,411 1,902,467 REGENCY THEATRES TAMARA
(TAMARAC) 7777 E. HAMPDEN SQ.(2008)
DENVER, CO UNIVERSITY HILLS DENVER 1997 2003 100.00% 244,383 244,383 3,792,744 PIER 1 IMPORTS(2014), OFFICE
(UNIVERSITY) 2730 SOUTH COLORADO MAX(2012), KING
BOULEVARD SOOPERS(2017)
FORT COLLINS, MULBERRY AND LEMAY FORT COLLINS 2004 2003 100.00% 18,988 316,420 393,944 WAL-MART(NOT OWNED), HOME
CO CROSSING MULBERRY DEPOT(NOT OWNED)
ST. & S. LEMAY AVE.
HIGHLAND CIRCUIT CITY DENVER 1998 2007 100.00% 43,480 43,480 443,625 CIRCUIT CITY(2018)
RANCH, CO 8575 SOUTH QUEBEC ST
LITTLETON, ASPEN GROVE DENVER 2002 1* 100.00% 231,450 255,184 6,028,977
CO 7301 SOUTH SANTA FE
PARKER, CO FLATACRES DENVER 2003 2003 14.50% 116,644 221,520 2,084,091 BED BATH & BEYOND(2014), GA
(FLATACRES) MARKETCENTER (I) SPORTS(2014), MICHAEL’S(2013)
SOUTH PARKER ROAD KOHL’S(NOT OWNED)
PARKER, CO PARKER PAVILIONS DENVER 2003 2003 14.50% 89,631 409,897 1,447,663 OFFICE DEPOT(2016), HOME DEP
(PAVILIONS) 11153-11183 SOUTH OWNED),
PARKER ROAD WAL-MART(NOT OWNED)
CONNECTICUT
MANCHESTER, MANCHESTER BROAD HARTFORD 1995/2003 2007 100.00% 68,509 68,509 1,075,480 STOP & SHOP(2028)
CT STREET
286 BROAD STREET
PLAINVILLE, CONNECTICUT HARTFORD 1999/2001 1* 14.50% 463,338 566,481 5,983,672 LOWE’S(2019), LOEW’S CINEMA
CT COMMONS KOHL’S(2022), DSW SHOE
I-84 & RTE 9 WAREHOUSE(2015), DICK’S SPO
GOODS(2020), PETSMART(2015),
MOORE(2014), OLD NAVY(2011),
MARSHALLS(2018)
WATERBURY, NAUGATUCK VALLEY HARTFORD 2003 2007 15.00% 232,085 383,332 3,775,480 WAL-MART(2027), BOB’S STORE
CT SC STOP & SHOP(2021), STAPLES(201
950 WOLCOTT STREET
WINDSOR, CT WINDSOR COURT HARTFORD 1993 2007 100.00% 78,480 78,480 1,401,225 STOP & SHOP(2013)
SHOPPING CENTER
1095 KENNEDY ROAD

4Q08 PROPERTY LIST

DELAWARE
DOVER, DE KMART SHOPPING DOVER 1973 2008 25.25% 84,180 88,980 301,000 K MART(2009)
CENTER
515 N DUPONT HIGHWAY
FLORIDA
APOPKA, FL PIEDMONT PLAZA ORLANDO 2004 2007 14.50% 148,075 210,075 1,081,245 BEALL’S(2019), ALBERTSON’S(N
2302-2444 E SEMORAN OWNED)
BLVD
BAYONET POINT, POINT PLAZA TAMPA 1985/2003 1/2 * 100.00% 209,714 209,714 1,386,913 PUBLIX SUPER MARKETS(2010)
FL US 19 & SR 52 BEALL’S(2014), T.J. MAXX(2010)
BOYNTON MEADOWS SQUARE MIAMI 1986 2004 20.00% 106,224 106,224 1,251,109 PUBLIX SUPER MARKETS(2011)
BEACH, FL HYPOLUXO RD N.
CONGRESS AVE.
BOYNTON BOYNTON COMMONS MIAMI 1998 2007 15.00% 210,488 210,488 3,160,798 BARNES & NOBLE(2013),
BEACH, FL 333-399 CONGRESS AVE PETSMART(2014), SPORTS
(COMMONS) AUTHORITY(2013), BED BATH &
BEYOND(2014)
BOYNTON ABERDEEN SQUARE MIAMI 1990 2007 20.00% 70,555 70,555 694,723 PUBLIX SUPER MARKETS(2010)
BEACH, 4966 LE CHALET BLVD
FL(ABERDEEN)
BOYNTON VILLAGE SQUARE AT MIAMI 1983/2002 2007 20.00% 126,486 131,466 1,736,796 PUBLIX SUPER MARKETS(2013)
BEACH, GOLF
FL(VILLAGE) 3775 W WOOLBRIGHT
RD
BRADENTON, FL LAKEWOOD RANCH BRADENTON 2001 2007 20.00% 69,484 69,484 946,301 PUBLIX SUPER MARKETS(2021)
(LAKEWOOD) PLAZA
1755 LAKEWOOD RANCH
BLVD
BRADENTON, CORTEZ PLAZA BRADENTON 1966/1988 2007 100.00% 288,540 288,540 3,068,998 PUBLIX SUPER MARKETS(2010)
FL(CORTEZ) CORTEZ ROAD WEST BURLINGTON COAT FACTORY
AND US HIGHWAY 41 PETSMART(2012), CIRCUIT CIT
BRADENTON, CREEKWOOD CROSSING BRADENTON 2001 2007 20.00% 180,746 284,085 2,078,415 BEALL’S(2016), BEALL’S OUTLE
FL(CREEKWOOD) 7395 52ND PLACE EAST LIFESTYLE FAMILY FITNESS(20
MACYS FURNITURE & MATRES
CLEARANCE CNTR(2009)
BRANDON, FL KMART SHOPPING TAMPA 1972/1997/2003 2* 100.00% 161,900 228,022 801,248 K MART(2012), KANE FURNITUR
(KMART) CENTER
1602 BRANDON BL
BRANDON, FL LAKE BRANDON PLAZA TAMPA 1999 2003 14.50% 148,267 196,801 1,932,929 COMPUSA(2017), JO-ANN STORE
(PLAZA) CAUSEWAY BABIES R
BOULEVARD US(2013), PUBLIX SUPER MARK
BRANDON, FL LAKE BRANDON TAMPA 1997/2004 2003 14.50% 113,986 243,641 1,121,612 SPORTS AUTHORITY(2018),
(VILLAGE) VILLAGE PETSMART(2020), LOWE’S(NOT O
CAUSEWAY
BOULEVARD
CASSELBERRY, CASSELBERRY ORLANDO 1973/1998 2007 20.00% 228,967 243,967 2,071,019 PUBLIX SUPER MARKETS(2012),
FL COMMONS DRESS FOR
1455 S. SEMORAN BLVD LESS(2013), STEIN MART(2015)

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EX
CLEARWATER, CLEARWATER TAMPA 1995/2005 2007 100.00% 132,023 132,023 1,483,948 LA FITNESS INTERNATIONAL
FL COLLECTION FLOOR &
21688-21800 US HWY19 DECOR(2017)
NORTH
CRYSTAL CRYSTAL SPRINGS OCALA 2001 2007 20.00% 66,986 66,986 688,817 PUBLIX SUPER MARKETS(202
RIVER, FL 6760 W GULF TO LAKE
CRYSTAL CRYSTAL RIVER PLAZA OCALA 1986/2001 1/2 * 100.00% 169,101 169,101 867,967 BEALL’S(2012), BEALL’S OUT
RIVER, FL 420 SUN COAST HWY
(RIVER)
DANIA BEACH, BASS PRO OUTDOOR MIAMI 1999 2007 100.00% 165,000 165,000 1,600,000 BASS PRO OUTDOOR WORLD
FL WORLD
200 GULF STREAM WAY
DANIA, FL SHERIDAN SQUARE MIAMI 1991 2007 20.00% 67,475 67,475 643,004 PUBLIX SUPER MARKETS(201
401-435 E. SHERIDAN
STREET
DAVIE, FL PARADISE PROMENADE MIAMI 2004 2007 20.00% 74,493 74,493 1,154,841 PUBLIX SUPER MARKETS(202
5949-6029 STIRLING
ROAD
DAYTONA VOLUSIA POINT DAYTONA BEACH 1984 2001 100.00% 76,087 76,087 838,139 MARSHALLS(2010)
BEACH, FL SHOPPING CENTER 1808
W. INTERNATIONAL
SPEEDWAY
DEERFIELD HILLSBORO SQUARE MIAMI 1978/2002 2007 15.00% 145,329 154,089 2,238,273 PUBLIX SUPER MARKETS(202
BEACH, FL HILLSBORO BLVD & DEPOT(2023)
HIGHWAY ONE
ENGLEWOOD, ROTONDA PLAZA SARASOTA 1991 2004 100.00% 46,835 46,835 438,152 KASH N KARRY(2011)
FL 5855 PLACIDA ROAD
FORT MEYERS, MARKET SQUARE FT. MEYERS 2004 2007 15.00% 107,179 243,945 1,708,296 AMERICAN SIGNATURE(2014
FL 13300 SOUTH WINE &
CLEVELAND AVENUE MORE(2016), DSW SHOE
WAREHOUSE(2016),
TARGET(NOT OWNED)
FORT MEYERS, CYPRESS TRACE FT. MEYERS 2004 2007 15.00% 276,288 276,288 2,755,151 BEALL’S(2010), STEIN MART(
FL (CYPRESS) CYPRESS LAKE DRIVE & BEALL’S OUTLET(2010), ROSS
US 41 FOR LESS(2012)
FORT WALTON SHOPPES AT PARADISE DESTIN 1987/2000 2007 20.00% 83,936 83,936 994,286 PUBLIX SUPER MARKETS(202
BEACH, FL POINTE
US HWY 98 AND PERRY
AVE
GULF BREEZE, GULF BREEZE PENSACOLA 1998 2003 100.00% 29,827 333,654 494,236 WAL-MART(NOT OWNED), LO
FL MARKETPLACE OWNED)
3749-3767 GULF BREEZE
PARKWAY
HERNANDO, FL SHOPPES OF CITRUS OCALA 1994/2003 2007 20.00% 68,927 68,927 717,255 PUBLIX SUPER MARKETS(201
HILLS
2601 FOREST RIDGE
BLVD
HIALEAH, FL PARAISO PLAZA MIAMI 1997 2007 20.00% 60,712 60,712 766,537 PUBLIX SUPER MARKETS(201
3300-3350 W. 80TH ST

4Q08 PROPERTY LIST

JACKSONVILLE, JACKSONVILLE JACKSONVILLE 1988 1995 100.00% 219,735 295,752 1,333,820 J.C. PENNEY(2012), WINN DIXI
FL REGIONAL STORES(2014)
3000 DUNN AVENUE
JACKSONVILLE, ARLINGTON PLAZA JACKSONVILLE 1990/1999 2004 100.00% 182,098 182,098 601,727 FOOD LION(2010)
FL(ARLINGTON 926 ARLINGTON ROAD
RD)
LAKE MARY, FL SHOPPES OF LAKE MARY ORLANDO 2001 2007 15.00% 73,343 74,331 1,531,899 STAPLES(2015)
4155 WEST LAKE MARY
BLVD
LAKE WALES, FL SHOPPES ON THE RIDGE ORLANDO 2003 2007 20.00% 115,671 115,671 1,198,314 PUBLIX SUPER MARKETS(202
HIGHWAY 27 & CHALET
SUZANNE ROAD
LAKELAND, FL HIGHLANDS PLAZA LAKELAND 1990 2004 100.00% 102,572 102,572 858,358 WINN DIXIE STORES(2017)
(HIGHLANDS) 2228 LAKELANDS
HIGHLAND ROAD
LAKELAND, FL LAKELAND LAKELAND 2006 2003 100.00% 77,582 77,582 581,865
(MARKETPLACE) MARKETPLACE
FL LAKELAND
LARGO, FL BARDMOOR TAMPA 1991 2007 20.00% 152,667 165,607 1,865,873 PUBLIX SUPER MARKETS(201
PROMENADE
10801 STARKEY ROAD
LARGO, KMART SHOPPING TAMPA 1969 2008 25.25% 116,805 116,805 214,921 K MART(2012)
FL(KMART) CENTER
1000 MISSOURI AVENUE
LAUDERHILL, FL UNIVERSAL PLAZA MIAMI 2002 2007 15.00% 49,505 174,505 1,048,954 TARGET(NOT OWNED)
7730 WEST
COMMERCIAL
MELBOURNE, FL MELBOURNE SHOPPING MELBOURNE 1960/1999 2007 20.00% 204,202 229,102 1,351,620 BIG LOTS(2014), PUBLIX SUPE
CENTER MARKETS(2019)
1301-1441 S BABCOCK
MIAMI, FL THE SHOPS AT MIDTOWN MIAMI 2006 1* 100.00% 247,599 388,713 5,047,817 CIRCUIT CITY(2022),
MIAMI LOEHMANN’S(2018), MARSHA
3401 N. MIAMI AVENUE ROSS DRESS FOR LESS(2018),
TARGET(2027), WEST ELM(201
MIAMI, PLAZA DEL PARAISO MIAMI 2003 2007 20.00% 82,441 82,441 1,162,796 PUBLIX SUPER MARKETS(202
FL(PARAISO) 12100 SW 127TH AVE
MIRAMAR, FL RIVER RUN MIAMI 1989 2007 20.00% 93,643 106,828 971,424 PUBLIX SUPER MARKETS(201
MIRAMAR PARKWAY
AND PALM AVENUE
NAPLES, FL CARILLON PLACE NAPLES 1994 1995 14.50% 267,796 283,196 3,157,833 WAL-MART(2014), T.J. MAXX(2
5010 AIRPORT ROAD CIRCUIT CITY(2015), ROSS DR
NORTH LESS(2010), BEALL’S(2015), OF
MAX(2010)
NAPLES, FL COUNTRYSIDE SHOPPES NAPLES 1997 2007 20.00% 73,986 73,986 851,713 SWEETBAY SUPERMARKETS(
(COUNTRY) 4025 SANTA BARBARA
NEWPORT SHOPPES AT GOLDEN TAMPA 2002 2007 20.00% 130,643 130,643 1,276,767 PUBLIX SUPER MARKETS(202
RICHEY, FL ACRES
9750 LITTLE ROAD

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEAS
OCALA, FL HEATHER ISLAND OCALA 2005 2007 20.00% 70,970 70,970 736,383 PUBLIX SUPER MARKETS
7878 SE MARICAMP
OCALA, STEEPLECHASE PLAZA OCALA 1993 2007 100.00% 92,180 92,180 937,612 PUBLIX SUPER MARKETS
FL(STEEPLECHASE) 8585 STATE ROAD 200
OCALA, FL(WEST) OCALA WEST OCALA 1991 2003 100.00% 105,276 105,276 830,208 SPORTS AUTHORITY(201
2400 SW COLLEGE ROAD LOBBY(2016)
OCOEE, FL WEST OAKS TOWN ORLANDO 2000 2007 20.00% 66,539 111,623 1,128,641 MICHAEL’S(2010)
(WEST OAKS) CENTER
9537-49 W. COLONIAL
ORANGE PARK, FL THE VILLAGE SHOPPING JACKSONVILLE 1993/2000 2004 100.00% 72,511 135,453 697,556 BEALL’S(2014), ALBERTS
(THE VILLAGE) CENTER OWNED)
950 BLANDING
BOULEVARD
ORLANDO, FL CHICKASAW TRAIL ORLANDO 1994 2007 20.00% 75,492 76,067 807,906 PUBLIX SUPER MARKETS
(CHICKASAW) 2300 S. CHICKASAW TR
ORLANDO, FL CIRCUIT CITY PLAZA ORLANDO 1999 2007 15.00% 78,625 78,625 994,110 STAPLES(2015)
(CIRCUIT) GOOD HOMES ROAD AND
COLONIAL DRIVE
ORLANDO, CONWAY PLAZA ORLANDO 1985/1999 2007 20.00% 117,723 117,723 1,002,974 PUBLIX SUPER MARKETS
FL(CONWAY) 4400 CURRY FORD ROAD
ORLANDO, SAND LAKE CORNERS ORLANDO 1998/2000 2007 15.00% 197,716 397,716 2,350,965 BEALL’S (2014), PETSMAR
FL(SAND) 8111-8481 JOHN YOUNG STAPLES (2014), WALMAR
PARKWAY OWNED), LOWES(NOT OW
ORLANDO, SKYVIEW PLAZA ORLANDO 1994/1998 2007 20.00% 281,260 281,260 2,580,758 PUBLIX SUPER MARKETS
FL(SKYVIEW) 7801 ORANGE BLOSSOM DEPOT(2008), K MART(20
TRAIL CITY(2013)
ORMOND BEACH, ORMOND TOWNE DAYTONA BEACH 1993 1994 100.00% 234,042 234,042 2,017,796 BEALL’S(2018), ROSS DRE
FL SQUARE LESS(2016), PUBLIX SUPE
1458 WEST GRANADA MARKETS(2013)
BLVD
OVIEDO, FL OVIEDO PARK ORLANDO 1999 1* 20.00% 186,212 321,249 1,682,591 OFFICE MAX(2014), ROSS
CROSSING LESS(2010), MICHAEL’S(2
RTE 417 & RED BUG MAXX(2010), LOWE’S(NOT
LAKE ROAD
PALM BEACH NORTHLAKE COMMONS MIAMI 1987/2003 2007 20.00% 146,825 264,667 2,002,632 ROSS DRESS FOR LESS(20
GARDEN, FL NORTHLAKE BLVD DIRECT
(2018), HOME DEPOT(NOT
PALM HARBOR, FL THE SHOPPES OF BOOT TAMPA 1990 1995 100.00% 52,395 229,188 957,541 ALBERTSON’S(NOT OWN
RANCH TARGET(NOT OWNED)
300 EAST LAKEROAD
PALM HARBOR, FL BROOKER CREEK TAMPA 1994 2007 20.00% 77,596 77,596 907,609 PUBLIX SUPER MARKETS
(BROOKER) 36301 E.LAKE ROAD
PEMBROKE PINES, FLAMINGO FALLS MIAMI 2001 2007 20.00% 108,565 108,565 2,432,870
FL 2000-2216 N.FLAMINGO
ROAD

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LE
PENSACOLA, FL PALAFOX SQUARE PENSACOLA 1988/1997/1999 1/2 * 100.00% 17,150 236,892 252,813 WALMART(NOT OWNE
8934 PENSACOLA BLVD
PLANT CITY, FL PLANT CITY CROSSING TAMPA 2001 2007 100.00% 85,252 85,252 1,009,421 PUBLIX SUPER MARKE
SWC OF INTERSTATE 4 &
THONOTOSASSA ROAD
PLANT CITY, FL(LAKE) LAKE WALDEN SQUARE TAMPA 1992 2007 14.50% 158,347 161,347 1,358,162 KASH N KARRY(2012), P
105-240 W ALEXANDER CINEMAS (2013)
PLANTATION, FL THE FOUNTAINS MIAMI 1989 2007 100.00% 223,281 295,500 2,555,512 MARSHALLS(2014), KO
(FOUNTAINS) 801 SOUTH UNIVERSITY OWNED)
DRIVE
PLANTATION, FL VISION WORKS MIAMI 1989 2007 100.00% 6,891 6,891 159,170
(VISION) 801 SOUTH UNIVERSITY
DRIVE
SANTA ROSA BEACH, FL WATERCOLOR PENSACOLA 2003 2007 20.00% 43,207 43,207 674,060 PUBLIX SUPER MARKE
CROSSING
110 WATERCOLOR WAY
SARASOTA, FL SARASOTA PAVILION SARASOTA 1999 2007 15.00% 324,985 336,951 3,905,623 STEIN MART(2009), PUB
6511 TAMAIMI TRAIL MARKETS(2010), MICH
NAVY(2010), MARSHAL
BATH & BEYOND(2015)
LESS(2012), BOOKS-A-M
SPRING HILL, FL MARINER SQUARE TAMPA 1988/1997 1/2 * 100.00% 188,347 392,423 1,553,721 BEALL’S(2011), ROSS D
13050 CORTEZ BLVD. LESS(2014), WALMART
ST. PETERSBURG, FL KMART PLAZA TAMPA 1973 2008 25.25% 94,500 94,500 277,400 K MART(2013)
3951 34TH STREET
SOUTH
ST. PETERSBURG, FL GATEWAY MALL TAMPA 2000 2007 15.00% 231,106 353,106 2,045,678 T.J. MAXX(2014), PUBLI
(GATEWAY) 7751-8299 9TH ST N MARKETS(2019), BEAL
PETSMART(2013), OFFI
TARGET(NOT OWNED)
TALLAHASSEE, FL CAPITAL WEST TALLAHASSEE 1994/2004 2003 100.00% 79,451 252,100 646,711 BEALL’S OUTLET(2009)
4330 WEST TENNESSEE (2017), WAL-MART(NOT
STREET
TALLAHASSEE, FL KILLEARN SHOPPING TALLAHASSEE 1980 2007 20.00% 95,229 95,229 1,023,285 PUBLIX SUPER MARKE
(KILLEARN) CENTER
3479-99 THOMASVILLE
ROAD
TALLAHASSEE, FL SOUTHWOOD VILLAGE TALLAHASSEE 2003 2007 20.00% 62,840 62,840 758,374 PUBLIX SUPER MARKE
(SOUTHWOOD) NWC CAPITAL CIRCLE
& BLAIRSTONE ROAD
TAMARAC, FL MIDWAY PLAZA MIAMI 1985 2007 20.00% 227,209 227,209 2,808,731 ROSS DRESS FOR LESS
UNIVERSITY DR & SUPER
COMMERCIAL BLVD MARKETS(2011)
TAMPA, FL NEW TAMPA COMMONS TAMPA 2005 2007 100.00% 10,000 10,000 336,221
BRUCE B DOWNS &
DONNA MICHELLE
TAMPA, FL (DALE) NORTH POINTE PLAZA TAMPA 1990 1/2 * 20.00% 104,460 222,388 1,300,345 PUBLIX SUPER MARKE
15001-15233 NORTH WALMART(NOT OWNE
DALE MABRY

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENAN
TAMPA, FL WALKS AT HIGHWOOD PRESERVE(I) TAMPA 2001 2007 15.00% 169,081 178,981 2,831,210 MICHAEL’S(2012
(WALKS) 18001 HIGHWOODS PRESERVE PARKWAY
TAMPA, FL TOWN N’ COUNTRY PROMENADE 7021- TAMPA 1990 1/2 * 100.00% 134,463 249,844 1,211,206 KASH N KARRY(
(WATERS) 7091 WEST WATERS AVENUE (2014), WALMART
TARPON TARPON SQUARE TAMPA 1974/1998 1/2 * 100.00% 198,797 199,447 1,451,420 K MART(2009), B
SPRINGS, FL 41232 U.S. 19, NORTH STAPLES(2013)
TEQUESTA, FL TEQUESTA SHOPPES MIAMI 1986 2007 100.00% 109,760 109,760 1,093,688 STEIN MART(201
105 N US HWY 1
VALRICO, FL BRANDON BOULEVARD SHOPPES TAMPA 1994 2007 100.00% 85,377 85,377 922,113 PUBLIX SUPER M
1930 SR 60 E.
VALRICO, FL SHOPPES AT LITHIA TAMPA 2003 2007 20.00% 71,430 71,430 1,045,200 PUBLIX SUPER M
(LITHIA) 3461 LITHIA PINECRES T ROAD
VENICE, FL JACARANDA PLAZA SARASOTA 1974 2008 25.25% 84,180 84,180 256,500 K MART(2009)
1687 SOUTH BYPASS
VERO BEACH, CIRCUIT CITY VERO BEACH 2001 2007 100.00% 33,243 33,243 530,000
FL 6560 20TH STREET
WESLEY SHOPPES OF NEW TAMPA TAMPA 2002 2007 20.00% 158,602 158,602 1,972,649 PUBLIX SUPER M
CHAPEL, FL 1920 CR 581 BEALL’S(2017)
WEST PALM PARADISE PLACE MIAMI 2003 2007 15.00% 89,120 89,120 909,707 PUBLIX SUPER M
BEACH, FL 4075 N. HAVERHILL RD
WINTER PARK, WINTER PARK PALMS ORLANDO 1990 2007 14.50% 112,292 112,292 887,733 PUBLIX SUPER M
FL 4270 ALOMA AVENUE
(GOLDENROD)
GEORGIA
ATHENS, GA ATHENS EAST ATLANTA 2000 2003 100.00% 24,000 218,879 323,904 WAL MART(NOT
4375 LEXINGTON ROAD
ATLANTA, GA BROOKHAVEN PLAZA ATLANTA 1993 2007 20.00% 65,320 71,320 1,186,135 KROGER(2018)
(BROOKHAVEN) 3974 PEACHTREE RD NE
ATLANTA, GA CASCADE CORNERS ATLANTA 1993 2007 20.00% 66,844 66,844 475,836 KROGER(2020)
(CORNERS) 3425 CASCADE ROAD
ATLANTA, GA PLEASANT HILL PLAZA ATLANTA 1990 1994 100.00% 99,025 219,025 674,769 WAL-MART(NOT
(DULUTH) 1630 PLEASANT HILL ROAD
ATLANTA, GA PERIMETER POINTE ATLANTA 1995/2002 1995 14.50% 343,155 352,755 5,464,451 STEIN MART(201
(PERIMETER) 1155 MT. VERNON HIGHWAY SPORTS AUTHOR
FITNESS(2016), O
HOMEGOODS (20
THEATRE(2015)

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIR
ATLANTA, ABERNATHY SQUARE ATLANTA 1983/1994 2007 100.00% 127,616 131,516 2,223,604 PUBLIX SUPER MARKETS(2014)
GA(ABERNATHY) 6500 ROSWELL RD
ATLANTA, CASCADE CROSSING ATLANTA 1994 2007 20.00% 63,346 63,346 605,375 PUBLIX SUPER MARKETS(2014)
GA(CROSSING) 3695 CASCADE RD SW
AUGUSTA, GA GOODY’S SHOPPING ATLANTA 1999 2007 15.00% 22,560 232,560 0 SUPER WALMART(NOT OWNED)
(GOODY’S) CENTER
2360 GEORGETOWN
ROAD
AUSTELL, GA BURLINGTON PLAZA ATLANTA 1973 2008 25.25% 146,950 146,950 487,041 BURLINGTON COAT FACTORY(2
3753-3823 AUSTELL
ROAD SW
BUFORD, GA MARKETPLACE AT ATLANTA 2003 2007 15.00% 403,106 403,106 4,552,852 TOYS R US(2015), R.E.I.(2013),
(MILLCREEK) MILLCREEK (I) BORDERS(2020), OFFICE MAX(201
MALL OF GEORGIA PETSMART(2015), MICHAEL’S(201
BLVD SHOE WAREHOUSE(2013), ROSS D
FOR LESS(2013), MARSHALLS(2012
CANTON, GA HICKORY FLAT ATLANTA 2000 2007 20.00% 74,020 74,020 962,939 PUBLIX SUPER MARKETS(2020)
VILLAGE
6175 HICKORY FLAT HY
CANTON, GA RIVERSTONE PLAZA ATLANTA 1998 2007 20.00% 302,131 331,820 3,538,948 GOODY’S(2010), MICHAEL’S(2012)
(RIVER) 1451 RIVERSTONE DRESS FOR LESS(2012), BELK(2017
PARKWAY PUBLIX SUPER MARKETS(2018)
CARTERSVILLE, BARTOW ATLANTA 1995 2007 15.00% 375,067 375,067 2,450,678 WAL-MART(2015), LOWE’S(2015)
GA MARKETPLACE
215 MARKETPLACE
BLVD
CHAMBLEE, GA CHAMBLEE PLAZA ATLANTA 1976 2003 100.00% 147,016 147,016 668,716
PEACHTREE
INDUSTRIAL
BOULEVARD
COLUMBUS, GA BRADLEY PARK COLUMBUS 1999 2003 100.00% 119,786 242,786 1,339,143 GOODY’S(2011), PETSMART(2015),
CROSSING MICHAEL’S(2009), TARGET(NOT
1591 BRADLEY PARK OWNED)
DRIVE COLUMB
CUMMING, GA SHARON GREEN ATLANTA 2001 2007 20.00% 98,301 101,301 1,109,793 KROGER(2021)
1595 PEACHTREE PKWY
CUMMING, GA CUMMING ATLANTA 1997/1999 2003 100.00% 308,557 652,642 3,344,883 LOWE’S(2019), MICHAEL’S(2010), O
(MARKETPLACE) MARKETPLACE MAX(2013), WAL MART(NOT OWN
MARKETPLACE HOME DEPOT(NOT OWNED)
BOULEVARD
DECATUR, GA FLAT SHOALS ATLANTA 1994 2007 20.00% 69,699 69,699 711,118 PUBLIX SUPER MARKETS(2013)
(FLAT SHOALS) CROSSING
3649 FLAKES MILL RD

4Q08 PROPERTY LIST

DECATUR, HAIRSTON CROSSING ATLANTA 2002 2007 20.00% 57,884 57,884 701,163 PUBLIX SUPER MARKETS(2022)
GA(HAIRSTON) 2075 S HAIRSTON ROAD
DOUGLASVILLE, DOUGLASVILLE ATLANTA 1999 2003 100.00% 86,158 261,353 1,461,499 BEST BUY(2015), BABIES R US(201
GA MARKETPLACE LOWES(NOT
6875 DOUGLAS OWNED)
BOULEVARD
DOUGLASVILLE, DOUGLASVILLE ATLANTA 1998 2007 15.00% 267,010 370,010 2,980,628 PETSMART(2014), OFFICE MAX(20
GA (PAVILION) PAVILION MARSHALLS(2014), GOODY’S(2013
2900 CHAPEL HILL RD DRESS FOR LESS(2012), HUDSON’S
FURNITURE SHOWROOM(2014), T
(NOT OWNED)
DOUGLASVILLE, MARKET SQUARE ATLANTA 1974/1990 2007 20.00% 121,766 128,266 1,413,068 OFFICE DEPOT(2013)
GA(MARKET) 9503-9579 HIGHWAY 5
DULUTH, GA VENTURE POINTE (I) ATLANTA 1996 2007 15.00% 335,420 645,420 2,408,764 HOBBY LOBBY(2011), BABIES R
(VENTURE) 2050 W. LIDDELL RD. US(2014), ASHLEY FURNITURE
HOMESTORE(2012), GOLFSMITH G
CENTER(2012), KOHL’S(2022),
COSTCO(NOT OWNED), SUPER
TARGET(NOT OWNED)
DULUTH, SOFA EXPRESS ATLANTA 2004 2007 100.00% 20,000 20,000 0
GA(SOFA) 3480 STEVE REYNOLDS
BLVD
DULUTH, GA, PLEASANT HILL ATLANTA 1997/2000 2007 15.00% 282,137 282,137 3,591,471 BARNES & NOBLE(2012), TOYS R
GA(PLEASANT) SQUARE US(2013), JO-ANN STORES(2011),
2205 PLEASANT HILL STAPLES(2014), J.C. PENNEY(2012),
NAVY(2009)
ELLENWOOD, GA SHOPPES OF ATLANTA 2003 2007 20.00% 67,721 67,721 778,235 PUBLIX SUPER MARKETS(2023)
ELLENWOOD
EAST ATLANTA ROAD &
FAIRVIEW ROAD
FAYETTEVILLE, FAYETTE PAVILION (I) ATLANTA 1995/2002 2007 15.00% 1,279,810 1,528,307 11,310,519 H.H. GREGG APPLIANCES(2018), W
GA (PAVILION) NEW HOPE ROAD & GA MART(2016), BED BATH & BEYON
HWY 85 SPORTS AUTHORITY(2012), T.J.
MAXX(2009), PUBLIX SUPER
MARKETS(2016), BELK(2015), BES
BUY(2013), HUDSON’S FURNITURE
SHOWROOM(2016), OLD NAVY(201
ROSS DRESS FOR LESS(2012), TOYS
US(2010), CINEMARK(2018),
MARSHALLS(2011), PETSMART(20
KOHL’S(2022), JO-ANN STORES(20
DICK’S SPORTING GOODS(2016),
TARGET(NOT OWNED), HOME
DEPOT(NOT OWNED)
FLOWERY CLEARWATER ATLANTA 2003 2007 20.00% 90,566 90,566 1,082,925 KROGER(2023)
BRANCH, GA CROSSING
7380 SPOUT SPRINGS
ROAD
GAINESVILLE, GA RITE AID ATLANTA 1997 2007 100.00% 10,594 10,594 178,016
599 S. ENOTA DRIVE
HIRAM, GA HIRAM PAVILION (I) ATLANTA 2002 2007 15.00% 363,695 568,715 2,825,070 ROSS DRESS FOR LESS(2012),
5220 JIMMY LEE SMITH MICHAEL’S(2012), MARSHALLS(2
PARKWAY KOHL’S(2022), TARGET (NOT OWN
KENNESAW, GA BARRETT PAVILION (I) ATLANTA 1998 2007 15.00% 439,784 585,184 6,593,189 AMC THEATRE(2019),
(BARRETT) 740 BARRETT PARKWAY HOMEGOODS(2013), SCHOOL BOX
THE(2010), GOLFSMITH GOLF
CENTER(2013), H.H. GREGG
APPLIANCES(2018), JO-ANN
STORES(2011), OLD NAVY (2010), R
(2018), TOTAL WINE & MORE(2017
TARGET(NOT OWNED)
KENNESAW, TOWN CENTER ATLANTA 1998 2007 100.00% 72,108 159,758 986,345 J.C. PENNEY(2013), DICK’S(NOT OW
GA(TOWN) COMMONS
725 EARNEST BARRETT
PARKWAY
LAWRENCEVILLE, FIVE FORKS VILLAGE ATLANTA 1990 2003 10.00% 89,064 89,064 447,152
GA 850 DOGWOOD ROAD
LAWRENCEVILLE, RITE AID ATLANTA 1997 2007 100.00% 9,504 9,504 184,328
GA (RITE AID) 1545 LAWRENCEVILLE
HIGHWAY

4Q08 PROPERTY LIST

LAWRENCEVILLE, SPRINGFIELD PARK ATLANTA 1992/2000 2007 100.00% 105,321 105,321 933,601 HOBBY LOBBY(2011)
GA(SPRINGFIELD) 665 DULUTH HIGHWAY
LILBURN, GA FIVE FORKS CROSSING ATLANTA 2000/2001 2003 10.00% 73,910 73,910 717,812 KROGER(2012)
(FIVE FORKS) 3055 FIVE FORKS
TRICKUM ROAD
LITHONIA, GA STONECREST ATLANTA 2002 2007 15.00% 264,584 264,584 2,942,984 STAPLES(2017), BABIES R US(2018
MARKETPLACE SHOE
TURNER HILL ROAD WAREHOUSE(2013), ROSS DRESS
AND MALL PARKWAY LESS(2013),
MARSHALLS(2012)
LITHONIA, GA SHOPS AT TURNER HILL ATLANTA 2004 2003 14.50% 113,675 293,670 1,560,075 BEST BUY(2018), BED BATH &
(THE SHOPS AT 8200 MALL PARKWAY BEYOND(2013), TOYS R US(2012), S
TURNER HILL) CLUB(NOT OWNED)
LOGANVILLE, GA MIDWAY PLAZA ATLANTA 1995 2003 20.00% 91,196 91,196 1,044,574 KROGER(2016)
910 ATHENS HWY
MACON, GA EISENHOWER ANNEX MACON 2002 2007 100.00% 55,505 55,505 688,453 H.H. GREGG APPLIANCES(2036)
4685 PRESIDENTIAL
PARKWAY
MACON, GA DAVID’S BRIDAL MACON 2004 2007 15.00% 14,000 14,000 247,665
(DAVID’S) CENTER 4685
PRESIDENTIAL
PARKWAY
MACON, GA EISENHOWER MACON 2002 2007 15.00% 400,556 536,672 4,311,437 KROGER(2022), STAPLES(2016),
(EISENHOWER) CROSSING (I) MICHAEL’S(2011), ROSS DRESS FO
4685 PRESIDENTIAL LESS(2012), BED BATH & BEYOND
PARKWAY OLD NAVY(2011), MARSHALLS(20
DICK’S SPORTING GOODS(2017),
TARGET(NOT OWNED)
MACON, GA(K- K-MART MACON 2000 2007 100.00% 102,098 102,098 0
MART) 1901 PAUL WALSH DR.
MARIETTA, GA TOWNE CENTER PRADO ATLANTA 1995/2002 1995 14.50% 316,786 326,683 4,041,430 STEIN MART(2012), ROSS DRESS F
2609 BELLS FERRY ROAD LESS(2013),
PUBLIX SUPER MARKETS(2015),
CRUNCH
FITNESS(2011)
MARIETTA, GA RITE AID ATLANTA 1997 2007 100.00% 10,880 10,880 183,507
(RITE AID) 731 WHITLOCK AVE
MARIETTA, BLOCKBUSTER ATLANTA 1994 2007 20.00% 6,500 6,500 128,960
GA(BLOCKBUSTER) 1748 POWDER SPRINGS
MCDONOUGH, GA MCDONOUGH ATLANTA 2003 2003 14.50% 53,158 360,729 831,109 OFFICE DEPOT(2016), LOWES(NO
MARKETPLACE OWNED),
NE CORNER 175 & WALMART(NOT OWNED)
HIGHWAY 20
MCDONOUGH, SHOPPES AT LAKE DOW ATLANTA 2002 2007 20.00% 73,145 73,145 870,478 PUBLIX SUPER MARKETS(2022)
GA(DOW) 900-938 HIGHWAY 81 E
MORROW, GA SOUTHLAKE PAVILION ATLANTA 1996/2001 2007 15.00% 530,066 644,614 4,476,109 ROSS DRESS FOR LESS(2012), BAR
(SOUTHLAKE) (II & III) NOBLE(2013), ASHLEY FURNITUR
1912 MT ZION ROAD HOMESTORE(2012), L.A. FITNESS
STAPLES(2015), OLD NAVY(2011),
GREGG APPLIANCES(2018),
SEARS(2012), TARGET(NOT OWN
NEWNAN, GA NEWNAN CROSSING ATLANTA 1995 2003 100.00% 156,497 426,723 1,283,643 LOWE’S(2015), BELK(NOT OWNED
955-1063 BULLSBORO MART(NOT OWNED)
DRIVE NEWNA

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRAT
NEWNAN, GA NEWNAN PAVILION ATLANTA 1998 2007 15.00% 263,705 459,578 3,353,273 OFFICE MAX(2013), PETSMART(2015),
(PAVILION) 1074 BULLSBORO DR HOME DEPOT(2019), ROSS DRESS FOR
LESS(2012), KOHL’S(2022)
NORCROSS, GA JONES BRIDGE SQUARE ATLANTA 1999 2007 100.00% 83,363 83,363 857,412 INGLES(2019)
5075 PEACHTREE PKWY
ROME, GA CIRCUIT CITY ROME 2001 2007 100.00% 33,056 33,056 420,000 CIRCUIT CITY(2021)
2700 MARTHA BERRY
HIGHWAY NE
ROSWELL, GA SANDY PLAINS VILLAGE ATLANTA 1978/1995 2007 100.00% 177,599 177,599 1,435,004 KROGER(2010), STEIN MART(2009)
(SANDY) (I)
GEORGIA HWY 92 AND
SANDY PLAINS ROAD
ROSWELL, GA STONEBRIDGE SQUARE ATLANTA 2002 2007 15.00% 160,104 162,832 1,707,168 KOHL’S(2022)
(STONEBRIDGE) 610-20 CROSSVILLE RD
SMYRNA, GA HERITAGE PAVILION ATLANTA 1995 2007 15.00% 262,971 262,971 3,105,106 PETSMART(2016), ROSS DRESS FOR
2540 CUMBERLAND LESS(2016), AMERICAN
BLVD SIGNATURE(2018), T.J. MAXX(2010),
MARSHALLS(2011)
SNELLVILLE, RITE AID ATLANTA 1997 2007 100.00% 10,594 10,594 199,601
GA 3295 CENTERVILLE HWY
(RITE AID)
SNELLVILLE, PRESIDENTIAL ATLANTA 2000 2007 100.00% 371,586 371,586 3,864,584 JO-ANN STORES(2014), KROGER(201
GA(COMMONS) COMMONS STEIN
1630-1708 SCENIC HWY MART(2013), HOME DEPOT(2023)
STONE DESHON PLAZA ATLANTA 1994 2007 20.00% 64,055 64,055 706,838 PUBLIX SUPER MARKETS(2014)
MOUNTAIN, GA 380 N. DESHON ROAD
(DESHON)
SUWANEE, GA SUWANEE CROSSROADS ATLANTA 2002 2007 15.00% 69,600 279,600 733,165 SUPER WALMART(NOT OWNED)
(CROSS) LAWRENCEVILLE ROAD
& SATELLITE BLVD
SUWANEE, GA JOHNS CREEK TOWN ATLANTA 2001/2004 2003 100.00% 285,336 285,336 3,735,980 BORDERS(2021), PETSMART(2020),
(JOHNS) CENTER KOHL’S(2022), MICHAEL’S(2011),
3630 PEACHTREE STAPLES(2016), SHOE GALLERY(2014
PARKWAY SUWANEE
SUWANEE, GA SHOPS AT JOHNS CREEK ATLANTA 1997 2007 20.00% 18,200 18,200 359,504
(SHOPS) 4090 JOHNS CREEK PKY
SYLVANIA, GA BI-LO ATLANTA 2002 2007 100.00% 36,000 36,000 378,000 BI-LO(2023)
1129 W OGEECHEE ST
TUCKER, GA COFER CROSSING ATLANTA 1998/2003 2003 20.00% 130,832 279,020 835,781 KROGER(2019), WALMART(NOT OWN
4349-4375
LAWRENCEVILLE HWY
TYRONE, GA SOUTHAMPTON ATLANTA 2003 2007 20.00% 77,956 77,956 923,248 PUBLIX SUPER MARKETS(2023)
VILLAGE
NWC OF HIGHWAY 74 &
SWANSON ROAD
UNION CITY, SHANNON SQUARE ATLANTA 1986 2003 100.00% 100,002 181,954 528,588 WAL-MART(NOT OWNED)
GA 4720 JONESBORO ROAD

4Q08 PROPERTY LIST

WARNER ROBINS, GA WARNER ROBINS WARNER ROBINS 1997 2003 100.00% 107,941 459,700 1,348,764 T.J. MAXX(2010),
PLACE MART(NOT OWN
2724 WATSON OWNED)
BOULEVARD
WARNER ROBINS, GA CITY CROSSING WARNER ROBINS 2001 2007 15.00% 190,433 305,433 1,659,423 MICHAEL’S(2011
(CITY) WATSON BLVD & CARL LESS(2012), OLD
VINSON PKWY DEPOT(NOT OW
WARNER ROBINS, GA LOWE’S HOME WARNER ROBINS 2000 2007 100.00% 131,575 131,575 910,000 LOWE’S(2017)
(LOWE’S) IMPROVEMENT
2704 WATSON BLVD.
WOODSTOCK, GA WOODSTOCK PLACE ATLANTA 1995 2003 100.00% 44,691 44,691 388,950
10029 HIGHWAY 928
WOODSTOCK, GA WOODSTOCK SQUARE ATLANTA 2001 2007 15.00% 218,859 392,859 2,878,003 OFFICE MAX(20
(SQUARE) 120-142 WOODSTOCK SQ KOHL’S(2022), SU
OWNED)
IDAHO
IDAHO FALLS, ID COUNTRY CLUB MALL IDAHO FALLS 1976/1992/1997 1998 100.00% 148,593 306,201 830,546 OFFICE MAX(20
(DDRC) 1515 NORTHGATE MILE FRED MEYER, IN
MERIDIAN, ID MERIDIAN CROSSROADS BOISE 1999/2001/2002/2003/ 1* 100.00% 461,023 731,482 6,600,607 BED BATH & BE
EAGLE AND FAIRVIEW 2004 NAVY(2010), SHO
ROAD DEPOT(2010), RO
LESS(2012), MAR
SPORTSMAN’S W
BABIES R US(20
WAREHOUSE(20
OWNED)
NAMPA, ID NAMPA GATEWAY BOISE 2008 1* 100.00% 103,109 103,109 92,500 J.C. PENNEY(202
CENTER
1200 N. HAPPY VALLEY
RD.
ILLINOIS
DEER PARK, IL DEER PARK TOWN CHICAGO 2000/2004 1* 25.75% 292,139 396,334 8,960,205 GAP(2010), CRAT
CENTER (I) CENTURY
20530 NORTH RAND RD THEATRE(2019),
SUITE 133 OWNED)
MCHENRY, IL THE SHOPS AT FOX CHICAGO 2006 1* 100.00% 224,552 224,552 2,713,999 DICK’S SPORTIN
RIVER PETSMART(2017
3340 SHOPPERS DRIVE BEYOND(2017), B
MOUNT VERNON, IL TIMES SQUARE MALL MOUNT VERNON 1974/1998/2000 1993 100.00% 269,328 269,328 1,013,957 SEARS(2013), GO
42ND AND BROADWAY PENNEY(2012)
ORLAND PARK, IL MARLEY CREEK CHICAGO 2006 2006 50.00% 57,927 62,827 778,029
SQUARE
179TH ST. & WOLF ROAD

4Q08 PROPERTY LIST

ORLAND PARK, HOME DEPOT CENTER CHICAGO 1987/1993 2004 100.00% 149,498 149,498 1,469,735 HOME DEPOT(2012)
IL (HOME 15800 HARLEM AVENUE
DEPOT)
ROCKFORD, IL WALGREENS ROCKFORD 1998/1999 2007 100.00% 14,725 14,725 350,000
2525 S. ALPINE ROAD
ROSCOE, IL HILANDER VILLAGE CHICAGO 1994 2007 20.00% 125,623 125,623 1,030,131 KROGER(2020)
4860 HONONEGAH ROAD
SCHAUMBURG, WOODFIELD VILLAGE CHICAGO 1993/1998/2002 1995 14.50% 508,673 674,362 8,591,760 CIRCUIT CITY(2009), OFF 5TH(2
IL GREEN PETSMART(2014), HOMEGOODS
1430 EAST GOLF ROAD OFFICE MAX(2010), CONTAINER
STORE(2011), FILENE’S BASEM
MARSHALLS(2014), NORDSTRO
RACK(2014), BORDERS(2010), EX
DESIGN CENTER(2019), COSTCO
OWNED)
SKOKIE, IL VILLAGE CROSSING CHICAGO 1989 2007 15.00% 434,973 440,963 7,564,780 MICHAEL’S(2013), BED BATH &
5507 W. TOUHY AVE BEYOND(2013), OFFICE MAX(20
BUY(2014), CROWN THEATRES
BARNES & NOBLE(2012), PETSM
(2019)
INDIANA
BEDFORD, IN TOWN FAIR CENTER BEDFORD 1993/1997 2* 100.00% 223,431 223,431 1,153,104 K MART(2018), GOODY’S(2013),
1320 JAMES AVENUE PENNEY(2013)
EVANSVILLE, EAST LLOYD COMMONS EVANSVILLE 2005 2007 100.00% 159,682 159,682 2,128,800 GORDMAN’S(2015), MICHAEL’S
IN(EAST) 6300 E. LLOYD EXPWY BEST BUY(2016)
HIGHLAND, IN HIGHLAND GROVE CHICAGO 1995/2001 1996 20.00% 312,546 524,410 3,158,223 MARSHALLS(2011), KOHL’S(201
SHOPPING CENTER OFFICE MAX(2012), JEWEL(NOT
HIGHWAY 41 & MAIN TARGET(NOT OWNED)
STREET
INDIANAPOLIS, GLENLAKE PLAZA INDIANAPOLIS 1980 2007 20.00% 102,549 102,549 784,890 KROGER(2020)
IN 2629 E. 65TH STREET
LAFAYETTE, IN PARK EAST LAFAYETTE 2000 2003 100.00% 35,100 243,850 279,107 WAL MART(NOT OWNED)
MARKETPLACE
4205 - 4315 COMMERCE
DRIVE
SOUTH BEND, BROADMOOR PLAZA SOUTH BEND 1987 2007 20.00% 114,968 114,968 1,274,309 KROGER(2020)
IN 1217 E. IRELAND ROAD
IOWA
CEDAR RAPIDS, NORTHLAND SQUARE CEDAR RAPIDS 1984 1998 100.00% 187,068 207,405 1,885,609 T.J. MAXX(2010), OFFICE MAX(2
IA 303 -367 COLLINS ROAD, BARNES & NOBLE(2010), KOHL
NE
OTTUMWA, IA QUINCY PLACE MALL (I) OTTUMWA 1990/1999/2002 1/2 * 100.00% 241,427 426,599 1,275,295 HERBERGER’S(2010), J.C. PENN
1110 QUINCY AVENUE GOODY’S(2014), TARGET(NOT O
KANSAS
LEAWOOD, KS TOWN CENTER PLAZA KANSAS CITY 1996/2002 1998 100.00% 309,423 491,794 8,209,005 BARNES & NOBLE(2016), MACY
5000 W 119TH STREET
MERRIAM, KS MERRIAM TOWN KANSAS CITY 1998/2004 1* 14.50% 351,244 473,750 4,199,393 CINEMARK(2018), OFFICE MAX
CENTER PETSMART(2019), HEN HOUSE(2
5700 ANTIOCH RD MARSHALLS(2014), DICK’S SPO
GOODS(2016), HOME DEPOT #22
OWNED)

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE E
OVERLAND OVERLAND POINTE KANSAS CITY 2001/2004 2003 14.50% 42,632 361,759 886,738 BABIES R US(2015), HOME DE
PARK, MARKETPLACE OWNED), SAM’S CLUB(NOT O
KS(POINTE) INTER 135 & ANTIOCH
ROAD
WICHITA, KS EASTGATE PLAZA WICHITA 1955 2002 100.00% 205,114 300,492 1,958,102 BURLINGTON COAT FACTO
(EASTGATE) SOUTH ROCK ROAD OFFICE MAX(2010), T.J. MAXX
BARNES & NOBLE(2012), TOY
OWNED)
KENTUCKY
LEXINGTON, NORTH PARK LEXINGTON 1998 2003 100.00% 46,647 228,878 687,946 STAPLES(2016), WAL MART(N
KY (NORTH) MARKETPLACE
524 WEST NEW CIRCLE
LEXINGTON, SOUTH FARM LEXINGTON 1998 2003 100.00% 27,643 344,280 621,548 LOWE’S(NOT OWNED), WAL
KY (SOUTH) MARKETPLACE OWNED)
MAN-O-WAR
BOULEVARD AND
NICHOL
LOUISVILLE, OUTER LOOP PLAZA LOUISVILLE 1973/1989/1998 2004 100.00% 120,777 120,777 621,982 VALU DISCOUNT(2009)
KY 7505 OUTER LOOP
(OUTER LOOP) HIGHWAY
RICHMOND, KY CARRIAGE GATE LEXINGTON 1992 2003 100.00% 147,929 219,201 618,660 OFFICE DEPOT(2016), HOBBY
833-847 EASTERN BY- (2018), DUNHAM’S SPORTING
PASS (2015), BALLARD’S(NOT OWN
LOUISIANA
COVINGTON, COVINGTON CORNERS NEW ORLEANS 1999 2007 100.00% 15,590 15,590 249,440
LA 782 NORTH HGHWY 190
MAINE
BRUNSWICK, COOK’S CORNERS AUGUSTA 1965 1997 100.00% 301,853 310,090 2,269,139 HOYTS CINEMAS(2010), BIG
ME 172 BATH ROAD T.J. MAXX(2010), SEARS(2012
MARYLAND
BOWIE, MD DUVALL VILLAGE WASHINGTON, DC 1998 2007 100.00% 88,022 88,022 1,452,226 SUPER FRESH(2020)
4825 GLENN DALE ROAD
GLEN BURNIE, HARUNDALE PLAZA WASHINGTON, DC 1999 2007 20.00% 217,619 217,619 2,738,388 A & P COMPANY(2019), A.J.
MD 7440 RITCHIE HIGHWAY WRIGHT(2009), BURLINGTO
FACTORY(2018)
HAGERSTOWN, VALLEY PARK HAGERSTOWN 1993/2006 2007 100.00% 86,190 86,190 1,114,255 OFFICE DEPOT(2016)
MD COMMONS
1520 WESEL BLVD.
SALISBURY, THE COMMONS (I) SALISBURY 2000 2006 100.00% 126,135 350,012 1,812,894 BEST BUY(2013), MICHAEL’S
MD E. NORTH POINT DRIVE HOME DEPOT(NOT OWNED),
TARGET(NOT OWNED)
UPPER LARGO TOWNE CENTER WASHINGTON, DC 1991 2007 20.00% 260,797 277,634 3,754,170 SHOPPERS FOOD WAREHOU
MARLBORO, 950 LARGO CENTER DR MARSHALLS(2011), REGENC
MD FURNITURE(2017)
WHITE MARSH, COSTCO PLAZA WASHINGTON, DC 1987/1992 2007 15.00% 187,331 250,311 1,654,093 COSTCO WHOLESALE(2011),
MD 9919 PULASKI HWY PETSMART(2010), PEP BOYS(
SPORTS AUTHORITY(2011), H
DEPOT(NOT OWNED)

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LE
MASSACHUSETTS
EVERETT, MA GATEWAY CENTER BOSTON 2001 1* 100.00% 222,236 639,756 4,738,699 HOME DEPOT(2031), BE
1 MYSTIC VIEW ROAD BEYOND(2011), OLD NA
MAX(2020), BABIES R U
MICHAEL’S(2012), COS
OWNED), TARGET #122
FRAMINGHAM, MA SHOPPERS WORLD BOSTON 1994 1995 14.50% 769,276 778,701 14,682,596 TOYS R US(2020), MACY
1 WORCESTER ROAD MAXX(2010), BABIES R
SHOE WAREHOUSE(20
MOORE(2012), MARSH
STORES(2011), SPORTS
AUTHORITY(2015), PET
BEST BUY(2014), BARN
NOBLE(2011), AMC TH
KOHL’S(2010)
WEST SPRINGFIELD, MA RIVERDALE SHOPS SPRINGFIELD 1985/2003 2007 20.00% 273,532 273,532 3,407,088 KOHL’S(2024), STOP &
935 RIVERDALE STREET
WORCESTER, MA SAM’S CLUB WORCESTER 1998 2007 100.00% 107,929 107,929 1,116,581 SAM’S CLUB(2013)
301 BARBER AVE
MICHIGAN
BAD AXE, MI HURON CREST PLAZA BAD AXE 1991 1993 100.00% 63,415 134,574 144,425 WAL-MART(NOT OWN
850 NORTH VAN DYKE
ROAD
BENTON HARBOR, MI FAIRPLAIN PLAZA BENTON 1998 2006 20.00% 260,166 450,826 2,267,059 OFFICE DEPOT(2008), T
1000 NAPIER AVE HARBOR PETSMART (2018), TAR
OWNED), KOHL’S(NOT
CHEBOYGAN, MI KMART SHOPPING CHEBOYGAN 1988 1994 100.00% 70,076 70,076 261,399 K MART(2010)
PLAZA
1109 EAST STATE
DEARBORN HEIGHTS, WALGREENS DETROIT 1998/1999 2007 100.00% 13,905 13,905 385,510
MI 8706 N. TELEGRAPH RD
DETROIT, MI BEL AIR CENTRE DETROIT 1989/2002 1998 100.00% 343,619 445,349 1,857,951 PHOENIX THEATERS(2
8400 E. EIGHT MILE US(2013),
ROAD FORMAN MILLS(2012),
OWNED)
GAYLORD, MI PINE RIDGE SQUARE GAYLORD 1991/2004 1993 100.00% 188,386 188,386 595,323 DUNHAM’S SPORTING
1401 WEST MAIN STREET LOTS(2010), BOSMANS
(2018)
GRAND RAPIDS, MI GREEN RIDGE SQUARE GRAND RAPIDS 1989 1995 100.00% 133,538 303,447 1,614,065 T.J. MAXX(2011), OFFIC
(I) TARGET(NOT OWNED)
3390-B ALPINE AVE NW OWNED)
GRAND RAPIDS, MI GREEN RIDGE SQUARE HOUGHTON 1991/1995 2004 100.00% 91,749 91,749 1,002,669 CIRCUIT CITY(2010), B
(ALPINE AVE) (II) BEYOND(2015)
3410 ALPINE AVENUE
GRANDVILLE, MI GRANDVILLE HOWELL 2003 2003 14.50% 201,726 352,098 2,283,003 CIRCUIT CITY(2017), G
MARKETPLACE MOUNTAIN(2016), OFF
INTERSECTN 44TH ST & LOWE’S(NOT OWNED)
CANAL AVE
HOUGHTON, MI COPPER COUNTRY LANSING 1981/1999 1/2 * 100.00% 257,863 257,863 462,000 J.C. PENNEY(2010), OFF
MALL
HIGHWAY M26
HOWELL, MI GRAND RIVER PLAZA DETROIT 1991 1993 100.00% 214,501 214,501 1,511,475 ELDER-BEERMAN(2011
3599 EAST GRAND SPORTING GOODS(201
RIVER MAX(2017), T.J. MAXX(
LANSING, MI MARKETPLACE AT DETROIT 2000/2001 2003 100.00% 135,697 489,104 1,443,522 MICHAEL’S(2011), GAN
DELTA TOWNSHIP MOUNTAIN(2015), STA
8305 WEST SAGINAW PETSMART(2016), WAL
HWY 196 RAMP OWNED), LOWE’S(NOT

4Q08 PROPERTY LIST

LIVONIA, MI WALGREENS MT. 1998/1999 2007 100.00% 13,905 13,905 269,061
29200 6 MILE ROAD PLEASANT
MILAN, MI MILAN PLAZA DETROIT 1955 2007 20.00% 65,764 68,964 305,268 KROGER(2020)
531 W. MAIN STREET
MT. PLEASANT, INDIAN HILLS PLAZA SAULT ST. 1990 2* 100.00% 249,680 249,680 813,197 T.J. MAXX(2014), KROGER(2011)
MI 4208 E BLUE GRASS MARIE
ROAD
PORT HURON, WALGREENS GRAND 2000 2007 100.00% 15,120 15,120 359,856
MI NWC 10TH STREET & RAPIDS
OAK STREET
SAULT ST. CASCADE CROSSING GRAND 1993/1998 1994 100.00% 270,761 270,761 1,700,474 WAL-MART(2012), J.C. PENNEY(20
MARIE, MI 4516 I-75 BUSINESS SPUR RAPIDS DUNHAM’S SPORTING GOODS(20
GLEN’S MARKET(2013)
WESTLAND, MI WALGREENS DETROIT 2005 2007 100.00% 13,905 13,905 285,053
7210 N. MIDDLEBELT
MINNESOTA
BEMIDJI, MN PAUL BUNYAN MALL BEMIDJI 1977/1998 2* 100.00% 297,803 297,803 1,654,150 K MART(2012), HERBERGER’S(20
1201 PAUL BUNYAN PENNEY(2013)
DRIVE
BRAINERD, WESTGATE MALL BRAINERD 1985/1998 1/2 * 100.00% 260,319 260,319 1,477,039 HERBERGER’S(2013), MOVIES 10
MN 14136 BAXTER DRIVE
COON RAPIDS, RIVERDALE VILLAGE MINNEAPOLIS 2003 1* 14.50% 551,867 940,371 9,181,673 KOHL’S(2020), JO-ANN STORES(20
MN 12921 RIVERDALE DRIVE BORDERS(2023), OLD NAVY(2012)
SEARS(2017), SPORTSMAN’S
WAREHOUSE(2017), BEST BUY(20
PENNEY(2024), DSW SHOE
WAREHOUSE(2016), COSTCO(NOT
OWNED)
EAGAN, MN EAGAN PROMENADE MINNEAPOLIS 1997/2001 1997 50.00% 278,211 342,014 3,778,749 BYERLY’S(2016), PETSMART(2018
1299 PROMENADE PLACE BARNES & NOBLE(2012), OFFICE
MAX(2013), T.J. MAXX(2013), BED B
BEYOND(2012), ETHAN ALLEN
FURNITURE(NOT OWNED)
MAPLE MAPLE GROVE MINNEAPOLIS 1995/2002 1996 50.00% 265,957 354,321 3,059,883 KOHL’S(2016), BARNES & NOBLE
GROVE, MN CROSSING GANDER MOUNTAIN(2011),
WEAVER LAKE ROAD & MICHAEL’S(2012), BED BATH &
I-94 BEYOND(2012), CUB FOODS(NOT O
ST. PAUL, MN MIDWAY MARKETPLACE ST. PAUL 1995 1997 14.50% 324,354 473,596 2,698,033 WAL-MART(2022), CUB FOODS(20
1450 UNIVERSITY PETSMART(2011), LA FITNESS
AVENUE WEST INTERNATIONAL(2023), BORDER
BOOKS AND MUSIC(NOT OWNED
HERBERGER’S(NOT OWNED)
MISSISSIPPI
GULFPORT, MS CROSSROADS CENTER GULFPORT 1999 2003 100.00% 423,507 545,820 5,617,321 ACADEMY SPORTS(2015), BED BA
CROSSROADS PARKWAY BEYOND(2014), ROSS DRESS FOR
LESS(2015), GOODY’S(2011), T.J.
MAXX(2009), CINEMARK(2019), OF
DEPOT(2014), BELK(2024), BARNE
NOBLE(2015)
JACKSON, THE JUNCTION JACKSON 1996 2003 100.00% 107,780 326,319 1,153,778 PETSMART(2012), OFFICE DEPOT(
MS(JUNCTION) 6351 I-55 NORTH3 TARGET(NOT OWNED), HOME
DEPOT(NOT OWNED)
OXFORD, MS OXFORD PLACE OXFORD 2000 2003 20.00% 13,200 71,866 325,604 KROGER(2020)
2015-2035 UNIVERSITY
AVE

4Q08 PROPERTY LIST

STARKVILLE, MS STARKVILLE STARKVILLE 1999/2004 1994 100.00% 133,691 268,254 927,006 J.C. PENNEY(2010), KROGER(204
CROSSINGS LOWE’S(NOT OWNED)
882 HIGHWAY 12 WEST
TUPELO, MS BIG OAKS CROSSING TUPELO 1992 1994 100.00% 348,236 348,236 2,048,219 SAM’S CLUB(2012), GOODY’S(201
3850 N GLOSTER ST MART(2012)
MISSOURI
ARNOLD, MO JEFFERSON COUNTY ST. LOUIS 2002 1* 50.00% 42,091 290,147 542,534 HOME DEPOT(NOT OWNED),
PLAZA TARGET(NOT OWNED)
VOGEL ROAD
BRENTWOOD,MO THE PROMENADE AT KANSAS 1998 1998 100.00% 299,584 299,584 4,148,608 TARGET(2023), BED BATH &
BRENTWOOD CITY BEYOND(2014),
1 BRENTWOOD PETSMART(2014), LANE HOME
PROMENADE COURT FURNISHINGS(2013)
DES PERES, MO OLYMPIC OAKS ST. LOUIS 1985 1998 100.00% 92,372 92,372 1,483,022 T.J. MAXX(2011)
VILLAGE
12109 MANCHESTER
ROAD
FENTON, MO FENTON PLAZA KANSAS 1970/1997 1/2 * 100.00% 93,420 100,420 979,021
GRAVOIS & HIGHWAY CITY
141
HIGH RIDGE, MO GRAVOIS VILLAGE ST. LOUIS 1983 1998 100.00% 114,992 114,992 552,934 K MART(2013)
PLAZA
4523 GRAVOIS VILLAGE
PLAZA
INDEPENDENCE, INDEPENDENCE ST. LOUIS 1995/1999 1995 14.50% 386,066 403,166 5,037,447 KOHL’S(2016), BED BATH &
MO COMMONS BEYOND(2012), MARSHALLS(201
900 EAST 39TH STREET BUY(2016), BARNES & NOBLE(20
THEATRE(2015)
KANSAS CITY, WARD PARKWAY ST. LOUIS 1959/2004 2003 20.00% 388,387 711,892 5,702,959 DICK’S SPORTING GOODS(2016)
MO (WARD CENTER HOUR FITNESS(2023), PETSMAR
PARKWAY) 8600 WARD PARKWAY STAPLES(2018), TARGET(2023), A
THEATRE(2011), OFF BROADWA
SHOES(2015), T.J. MAXX(2013),
DILLARD’S(2014)
SPRINGFIELD,MO MORRIS CORNERS ST. LOUIS 1989 1998 100.00% 56,033 56,033 451,660 TOYS R US(2013)
(MORRIS) 1425 EAST BATTLEFIELD
ST. JOHN, MO ST. JOHN CROSSINGS ST. LOUIS 2003 2003 100.00% 88,450 93,513 1,051,698 SHOP ‘N SAVE(2022)
9000-9070 ST. CHARLES
ROCK ROA
ST. LOUIS, MO PLAZA AT SUNSET HILLS ST. LOUIS 1997 1998 100.00% 415,435 450,938 5,455,080 TOYS R US(2013), BED BATH &
(PLZ SUNSET) 10980 SUNSET PLAZA BEYOND(2012),
MARSHALLS(2012), HOME DEPO
PETSMART(2012), BORDERS(201
ST. LOUIS, MO SOUTHTOWNE CENTRE ST. LOUIS 2004 1998 100.00% 86,764 86,764 1,346,438 OFFICE MAX(2014)
(SOUTHTOWNE) KINGS HIGHWAY &
CHIPPEWA
NEVADA
CARSON CITY, EAGLE STATION RENO 1983 2005 50.00% 60,494 60,494 0
NV 3871 S CARSON STREET

4Q08 PROPERTY LIST

LAS VEGAS, NV LOMA VISTA SHOPPING LAS VEGAS 1979 2005 50.00% 75,687 75,687 795,906 MERVYN’S (2020)
(LOMA) CTR
4700 MEADOWS LANE
LAS VEGAS, NV NELLIS CROSSING LAS VEGAS 1986 2005 50.00% 76,016 76,016 711,009 MERVYN’S (2020)
(NELLIS) 1300 S NELLIS BLVD.
RENO, NV SIERRA TOWN CENTER RENO 2002 2005 50.00% 79,239 79,239 0
(SIERRA) 6895 SIERRA CENTER
PARKWAY
RENO, NV. RENO RIVERSIDE RENO 2000 2000 100.00% 52,474 52,474 698,335 CENTURY THEATRE(2014)
EAST FIRST STREET AND
SIERRA
SW LAS VEGAS, GRAND CANYON LAS VEGAS 2003 2005 50.00% 79,294 79,294 0
NV PARKWAY
4265 S. GRAND CANYON
DRIVE
NEW JERSEY
BRICK, NJ BRICK CENTER PLAZA NEW YORK 1999 2007 100.00% 114,028 114,028 1,809,059 BEST BUY(2015), BED BATH &
51 CHAMBERS BRIDGE CITY BEYOND(2010)
ROAD
EAST HANOVER, EAST HANOVER PLAZA NEW YORK 1994 2007 100.00% 97,500 97,500 1,764,383 BRANCH BROOK POOL & PATIO
NJ(PLAZA) 154 STATE ROUTE 10 CITY SPORTS AUTHORITY(2012)
EAST HANOVER, LOEWS THEATRE NEW YORK 1993 2007 100.00% 20,737 43,404 1,029,642 LOEWS EAST HANOVER CINEMA
NJ(SONY) COMPLEX CITY
145 STATE ROUTE 10
EDGEWATER, NJ EDGEWATER TOWN NEW YORK 2000 2007 100.00% 77,508 77,508 1,680,307 WHOLE FOODS(2020)
CENTER (I) CITY
905 RIVER ROAD
FREEHOLD, NJ FREEHOLD FREEHOLD 2005 1* 100.00% 0 23,454 570,000
MARKETPLACE
NJ HWY 33 & W. MAIN
ST(RT537)
HAMILTON, NJ HAMILTON TRENTON 2004 2003 100.00% 468,240 956,920 8,590,135 STAPLES(2015), KOHL’S(2023), LI
MARKETPLACE THINGS(2014), MICHAEL’S(2014)
NJ STATE HWY 130 & DRESS FOR LESS(2014), SHOPRIT
KLOCKNER RD BARNES & NOBLE(2014), BJ’S
WHOLESALE(NOT OWNED), LOW
OWNED), WALMART(NOT OWNE
LUMBERTON, NJ CROSSROADS PLAZA PHILADELPHIA 2003 2007 20.00% 89,627 204,627 1,597,144 SHOPRITE(2024), LOWE’S(NOT OW
1520 ROUTE 38
LYNDHURST, NJ LEWANDOWSKI NEW YORK 1998 2007 20.00% 78,097 78,097 1,687,116 STOP & SHOP(2020)
COMMONS CITY
434 LEWANDOWSKI
STREET
MAYS LANDING, HAMILTON COMMONS MAYS 2001 2004 100.00% 398,910 398,910 6,139,343 REGAL CINEMAS(2021), ROSS DR
NJ (HAMILTON) 4215 BLACK HORSE PIKE LANDING FOR LESS(2012), BED BATH &
BEYOND(2017), MARSHALLS(201
SPORTS AUTHORITY(2015), CIRC
CITY(2020)
MAYS LANDING, WRANGLEBORO CONS MAYS 1997 2004 100.00% 843,019 843,019 9,126,887 BORDERS(2017), BEST BUY(2017)
NJ SQ (I & II) LANDING KOHL’S(2018), STAPLES(2012), BA
(WRANGLEBORO) 2300 WRANGLEBORO US(2013), BJ’S WHOLESALE CLU
ROAD DICK’S SPORTING GOODS(2013),
MICHAEL’S(2013), TARGET(2023
PETSMART(2013)

4Q08 PROPERTY LIST

MOUNT LAUREL, NJ CENTERTON SQUARE PHILADELPHIA 2005 1* 10.00% 280,067 709,863 6,698,119 WEGMAN’S FOOD
CENTERTON ROAD & BATH & BEYOND
MARTER AVE DSW SHOE WARE
STORES(2015), T.J
AUTHORITY(201
OWNED), COSTCO
PRINCETON, NJ NASSAU PARK PAVILION TRENTON 1995 1997 100.00% 289,375 798,184 5,255,194 BORDERS(2011),
ROUTE 1 & QUAKER LINENS ‘N THING
BRIDGE ROAD PETSMART(2011)
TARGET(NOT OW
CLUB(NOT OWNE
OWNED), WALMA
PRINCETON, NJ NASSAU PARK PAVILION (I) TRENTON 1999/2004 1* 100.00% 202,622 436,387 3,997,878 DICK’S SPORTIN
(PAVILION) ROUTE 1 AND QUAKER MICHAEL’S(2009)
BRIDGE ROAD MARKETS(2024),
(NOT OWNED)
UNION, NJ ROUTE 22 RETAIL CENTER NEW YORK 1997 2007 100.00% 103,453 228,453 1,508,206 CIRCUIT CITY(2
2700 US HWY 22 E CITY TARGET(NOT OW
WEST LONG BRANCH, MONMOUTH CONSUMER WEST LONG 1993 2004 100.00% 292,999 292,999 4,101,372 SPORTS AUTHOR
NJ(MONMOUTH) SQUARE BRANCH NOBLE(2010), PET
310 STATE HIGHWAY #36 DEPOT(2013)
WEST PATERSON, NJ WEST FALLS PLAZA NEW YORK 1995 2007 20.00% 81,261 88,913 1,917,571 A & P COMPANY(
1730 ROUTE 46 CITY
NEW MEXICO
LOS ALAMOS, NM MARI-MAC VILLAGE LOS ALAMOS 1978/1997 1/2 * 100.00% 93,021 93,021 681,141 SMITH’S FOOD &
800 TRINITY DRIVE
NEW YORK
AMHERST, NY 7370 TRANSIT ROAD BUFFALO 1992 2004 14.50% 16,030 16,030 0
(BARNES) 7370 TRANSIT ROAD
AMHERST, NY BOULEVARD CONSUMER BUFFALO 1998/2001/2003 2004 100.00% 547,403 682,565 7,652,324 TARGET(2019), B
(BOULEVAR) SQ (KMART) BARNES & NOBL
1641-1703 NIAGARA FALLS BUY(2016), BED B
BLVD A.C. MOORE(2013
AMHERST, NY BURLINGTON PLAZA BUFFALO 1978/1982/1990/1998 2004 100.00% 199,504 199,504 2,096,108 BURLINGTON CO
(BURLINGTON/JOANN) 1551 NIAGARA FALLS JO-ANN STORES
BOULEVARD
AMHERST, NY SHERIDAN / HARLEM BUFFALO 1960/1973/1982/1988/ 2004 100.00% 58,413 58,413 593,043
(SHERIDAN/HARLEM) PLAZA 2003
4990 HARLEM ROAD
AMHERST, NY (TOPS TOPS PLAZA (TOPS) BUFFALO 1986 2004 20.00% 145,192 145,192 1,153,249 TOPS MARKETS(
ROBINSON) 3035 NIAGARA FALLS
BLVD
AMHERST, NY (TOPS) TRANSIT COMMONS (TOPS) BUFFALO 1998 2004 100.00% 114,177 114,177 1,151,118 TOPS MARKETS(
9660 TRANSIT ROAD
AMHERST, NY(RITE RITE AID BUFFALO 2000 2007 100.00% 10,908 10,908 250,489
AID) 2545 MILLERSPORT HWY
ARCADE, NY (TOPS) TOPS PLAZA (TOPS) BUFFALO 1995 2004 10.00% 65,915 65,915 668,504 TOPS MARKETS(
ROUTE 39

4Q08 PROPERTY LIST

AVON, NY (TOPS) TOPS PLAZA (TOPS) ROCHESTER 1997/2002 2004 10.00% 63,288 63,288 479,857 TOPS MARKETS(2017)
270 E. MAIN STREET
BATAVIA, NY BJ’S PLAZA ROCHESTER 1996 2004 14.50% 95,846 95,846 847,004 BJ’S WHOLESALE CLUB(2016
(BJS) 8326 LEWISTON ROAD
BATAVIA, NY BATAVIA COMMONS ROCHESTER 1990 2004 14.50% 49,431 49,431 410,389
(COMMONS) 419 WEST MAIN ST
BATAVIA, NY TOPS PLAZA ROCHESTER 1994 2004 14.50% 37,140 115,161 496,328 MARTIN’S(NOT OWNED)
(MARTIN’S 8351 LEWISTON ROAD
PLAZA)
BIG FLATS, NY BIG FLATS CONSUMER ELMIRA 1993/2001 2004 100.00% 641,264 641,264 5,268,023 WAL-MART(2013), SAM’S CLU
(BIG FLATS I) SQ (I) TOPS MARKETS(2013), BED BA
830 COUNTY ROUTE 64 BEYOND(2014), MICHAEL’S(20
NAVY(2009), STAPLES(2011), B
NOBLE(2011), T.J. MAXX(2013
BUFFALO, NY ELMWOOD REGAL BUFFALO 1997 2004 100.00% 133,940 133,940 1,674,783 REGAL CINEMAS(2017), OFFI
(ELMWOOD) CENTER DEPOT(2012)
1951 — 2023 ELMWOOD
AVENUE
BUFFALO, NY MARSHALLS PLAZA BUFFALO 1960/1975/1983/1995 2004 100.00% 82,196 82,196 860,369 MARSHALLS(2009)
(MARSHALLS) 2150 DELAWARE
AVENUE
BUFFALO, NY RITE AID BUFFALO 2000 2007 100.00% 12,739 12,739 280,861
(RITE AID) 1625 BROADWAY
STREET
BUFFALO, DELAWARE CONSUMER BUFFALO 1995 2004 100.00% 238,531 238,531 2,074,503 A.J. WRIGHT(2012), OFFICE M
NY(DELAWARE- SQUARE (I) TARGET(2015)
TARGET) 2636-2658 DELAWARE
AVENUE
CHEEKTOWAGA, BORDERS BOOKS BUFFALO 1994 2004 14.50% 26,500 26,500 609,500 BORDERS(2015)
NY (BORDERS) (WALDEN)
2015 WALDEN AVENUE
CHEEKTOWAGA, UNION ROAD PLAZA BUFFALO 1979/1982/1997/2003 2004 14.50% 174,438 174,438 1,113,927 DICK’S SPORTING GOODS(20
NY (DICKS) 3637 UNION ROAD
CHEEKTOWAGA, RITE AID BUFFALO 2000 2007 100.00% 10,908 10,908 335,592
NY (RITE AID) 2401 GENNESEE STREET
CHEEKTOWAGA, THRUWAY PLAZA BUFFALO 1965/1995/1997/2004 2004 100.00% 371,512 503,844 2,762,120 WAL-MART(2017), MOVIELAN
NY (THRUWAY) 2195 HARLEM ROAD THEATRES(2019), TOPS MARK
A.J. WRIGHT(2015), VALUE CI
FURNITURE(2014), M & T BAN
HOME DEPOT(NOT OWNED)
CHEEKTOWAGA, TOPS PLAZA BUFFALO 1978/1989/1995/2004 2004 20.00% 151,357 151,357 1,527,156 TOPS MARKETS(2013)
NY (TOPS UNION) 3825-3875 UNION ROAD
CHEEKTOWAGA, UNION CONSUMER BUFFALO 1989/1998/2004 2004 14.50% 386,548 386,548 4,635,635 MARSHALLS(2009), OFFICE M
NY (UNION SQUARE (I) 3733 - 3735 SAM’S CLUB(2024), CIRCUIT
CONS) UNION ROAD JO-ANN STORES(2015), BED B
BEYOND(2018)
CHEEKTOWAGA, WALDEN PLACE BUFFALO 1994/1999 2004 14.50% 68,002 68,002 653,083 OLLIE’S BARGAIN OUTLET(
NY (WALDEN 2130-2190 WALDEN
PLACE) AVENUE

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEAS
CHEEKTOWAGA, WALDEN CONSUMER BUFFALO 1997/1999/2004 2004 14.50% 255,964 255,964 1,965,003 OFFICE DEPOT(2009), MIC
NY (WALDEN) SQUARE TARGET(2015)
1700 — 1750 WALDEN
AVENUE
CHILI, NY KMART PLAZA ROCHESTER 1998 2004 100.00% 116,868 120,016 753,623 SEARS(2019)
(KMART) 800 PAUL ROAD
CLARENCE, NY EASTGATE PLAZA BUFFALO 1995/1997/1999/2001/2004 2004 14.50% 520,876 520,876 3,901,820 BJ’S WHOLESALE CLUB(
(EASTGATE) TRANSIT & GREINER SPORTING GOODS(2011),
ROADS MICHAEL’S(2010), WAL-M
CLARENCE, NY JO-ANN PLAZA BUFFALO 1994 2004 14.50% 92,720 202,720 743,588 OFFICE MAX(2009), JO-AN
(JOANN) 4101 TRANSIT ROAD STORES(2015), BIG LOTS(
DEPOT(NOT OWNED)
DANSVILLE, NY TOPS PLAZA DANSVILLE 2001 2004 100.00% 71,640 71,640 659,869 TOPS MARKETS(2021)
(TOPS) 23-65 FRANKLIN STREET
DEWITT, NY DEWITT COMMONS SYRACUSE 2001/2003 2004 100.00% 306,177 306,177 3,157,257 TOYS R US(2018), OLD NA
(DEWITT 3401 ERIE BOULEVARD MARSHALLS(2019), BED B
COMMONS) EAST BEYOND(2018), A.C. MOO
SYRACUSE ORTHOPEDIC
SPECIALIST(2017)
DEWITT, NY MICHAELS SYRACUSE 2002 2004 100.00% 38,413 38,413 480,166 MICHAEL’S(2010)
(MICHAELS) 3133 ERIE BOULEVARD
DUNKIRK, NY RITE AID DUNKIRK 2000 2007 100.00% 10,908 10,908 210,569
1166 CENTRAL AVENUE
ELIMIRA, NY TOPS PLAZA (TOPS) ELMIRA 1997 2004 10.00% 98,330 98,330 1,111,325 TOPS MARKETS(2017)
(TOPS) HUDSON STREET
GATES, NY (WAL- WESTGATE PLAZA ROCHESTER 1998 2004 100.00% 334,752 334,752 3,252,271 WAL-MART(2021), STAPL
MART) 2000 CHILI AVENUE
GREECE, NY JO-ANN/PETSMART ROCHESTER 1993/1999 2004 100.00% 75,916 75,916 820,315 PETSMART(2010), JO-ANN
PLAZA
3042 WEST RIDGE ROAD
HAMBURG, NY BJ’S PLAZA 4408 BUFFALO 1990/1997 2004 100.00% 175,965 175,965 1,771,563 OFFICE MAX(2010), BJ’S W
(BJS) MILESTRIP ROAD CLUB(2010)
HAMBURG, NY MCKINLEY MALL OP BUFFALO 2001 2004 100.00% 128,944 128,944 1,543,651 DICK’S SPORTING GOOD
(DICKS-PIER 1) (PIER 1) HOME STORE(2009)
3701 MCKINLEY
PARKWAY
HAMBURG, NY MCKINLEY MILESTRIP BUFFALO 1999/2000 2004 100.00% 139,413 139,413 1,353,228 HOME DEPOT(2012)
(HOME DEPOT) (HOMEDEPOT)
4405 MILESTRIP ROAD
HAMBURG, NY MCKINLEY MILESTRIP BUFFALO 1999 2004 100.00% 106,774 106,774 1,350,521 OLD NAVY(2010), JO-ANN
(MILESTRIP) 3540 MCKINLEY
PARKWAY

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANT
HAMBURG, NY (TOPS) TOPS PLAZA BUFFALO 1990/1992 2004 10.00% 84,000 84,000 730,500 TOPS MARKETS(2
6150 SOUTH PARK
AVENUE
HAMLIN, NY (TOPS) TOPS PLAZA (TOPS) ROCHESTER 1997 2004 10.00% 60,488 60,488 431,055 TOPS MARKETS(2
1800 LAKE ROAD
HORSEHEADS, NY SOUTHERN TIER ELMIRA 2008 1* 100.00% 118,958 415,735 1,658,198 CIRCUIT CITY(20
CROSSING GOODS (2019), WA
ANN PAGE ROAD & I86 KOHLS(NOT OWN
IRONDEQUOIT, NY CULVER RIDGE PLAZA ROCHESTER 1972/1984/1997 2004 20.00% 226,768 226,768 2,229,599 REGAL CINEMAS
(CULVER RIDGE) 2255 RIDGE ROAD EAST WRIGHT(2014)
ITHACA, NY (TOPS) TOPS PLAZA (TOPS) 614 - ITHACA 1990/1999/2003 2004 100.00% 229,320 229,320 3,745,409 OFFICE DEPOT(20
722 SOUTH MEADOW MARKETS(2022), M
BARNES & NOBLE
JAMESTOWN, NY TOPS PLAZA JAMESTOWN 1997 2004 20.00% 98,001 98,001 926,450 TOPS MARKETS(2
(PROGRESSIVE) (OUTBUILDING)
75 WASHINGTON ST
LANCASTER, NY (REGAL) TRANSIT WEHRLE BUFFALO 1997 2004 14.50% 105,249 112,949 1,029,761 REGAL CINEMAS
RETAIL CENTER
6703-6733 TRANSIT
ROAD
LEROY, NY (TOPS) TOPS PLAZA (TOPS) ROCHESTER 1997 2004 20.00% 62,747 62,747 556,364 TOPS MARKETS(2
128 WEST MAIN STREET
LOCKPORT, NY TOPS PLAZA BUFFALO 1993 2004 100.00% 296,582 296,582 2,742,291 WAL-MART(2015)
5789 & 5839 TRANSIT RD. SEARS(2011)
& HAMM
N. TONAWANDA, NY (SEARS) MID-CITY PLAZA BUFFALO 1997/1960/1976/1980/ 2004 100.00% 224,949 224,949 2,142,688 TOPS MARKETS(2
955-987 PAYNE AVENUE 1995/2004
NEW HARTFORD, NY NEW HARTFORD UTICA 2002 2004 14.50% 514,717 514,717 6,348,225 BARNES & NOBLE
CONSUMER SQUARE BEYOND(2018), BE
4725 - 4829 STAPLES(2018), M
COMMERCIAL DRIVE MART(2022), T.J. M
NEW HARTFORD, NY (TOPS) HANNAFORD PLAZA UTICA 1998 2004 100.00% 127,777 127,777 1,185,530 HANNAFORD BRO
40 KELLOGG ROAD
NIAGARA FALLS, NY REGAL CINEMAS BUFFALO 1994/2000 2004 100.00% 43,170 43,170 577,615 REGAL CINEMAS
(REGAL CINE) 720 & 750 BUILDERS
WAY
NISKAYUNA, NY MOHAWK COMMONS 402 ALBANY 2002 2004 100.00% 399,901 530,375 4,709,348 PRICE CHOPPER(
- 442 BALLTOWN ROAD MARSHALLS(2012
NOBLE(2014), BED
BEYOND(2019), TA
NORWICH, NY (TOPS) P & C PLAZA NORWICH 1997 2004 10.00% 85,453 85,453 1,133,385 TOPS MARKETS(2
54 EAST MAIN STREET
OLEAN, NY (WAL-MART) WAL-MART PLAZA OLEAN 1993/2004 2004 100.00% 363,509 479,515 2,364,278 WAL-MART(2023)
3142 WEST STATE THEATRES(2014),
STREET CLUB(2014), HOME

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEA
ONTARIO, NY TOPS PLAZA ROCHESTER 1998 2004 20.00% 77,040 77,040 698,613 TOPS MARKETS(2019)
(TOPS- 6254-6272 FURNACE RD
BLOCKBUSTER)
ORCHARD PARK, CROSSROADS CENTRE BUFFALO 2000 2004 20.00% 167,805 167,805 1,878,226 TOPS MARKETS(2022), ST
NY 3245 SOUTHWESTERN
(BLOCKBUSTER) BLVD
PLATTSBURGH, NY PLATTSBURGH PLATTSBURGH 1993/2004 2004 100.00% 491,513 491,513 3,374,096 SAM’S CLUB(2013), WAL-
CONSUMER SQUARE RT. MAXX(2013), PETSMART(
3 - CORNELIA ROAD MICHAEL’S(2011)
ROCHESTER, NY PANORAMA PLAZA ROCHESTER 1959/1965/1972/1980/ 2004 20.00% 279,219 279,219 3,173,430 TOPS MARKETS(2014), ST
(PANORAMA) 1601 PENFIELD RD 1986/1994
ROME, NY FREEDOM PLAZA ROME 1978/2000/2001 2004 100.00% 194,467 197,397 1,228,712 STAPLES(2015), J.C. PENN
(FREEDOM) 205-211 ERIE MARKETS(2021), MARSH
BOULEVARD WEST
TONAWANDA, NY YOUNGMANN PLAZA BUFFALO 1985/2003 2004 10.00% 306,421 318,166 2,354,329 BJ’S WHOLESALE CLUB
(BIG LOTS) (BIGLOTS) LOTS(2012), GANDER MO
750 YOUNG STREET TOPS MARKETS(2021)
TONAWANDA, NY OFFICE DEPOT PLAZA BUFFALO 1976/1985/1996 2004 100.00% 121,846 121,846 1,013,514 BEST FITNESS(2025), OFF
(OFFICE DEPOT) 2309 EGGERT ROAD DEPOT(2011)
TONAWANDA, NY SHERIDAN DELAWARE BUFFALO 1950/1965/1975/1986/ 2004 100.00% 188,200 188,200 1,362,021 BON TON HOME STORE(
(SHER/DELAWARE) PLAZA 2000 HOME STORE(2010), TOP
1692-1752 SHERIDAN MARKETS(2020)
DRIVE
TONAWANDA, NY TOPS PLAZA (TOPS) BUFFALO 1997 2004 10.00% 97,014 97,014 1,058,970 TOPS MARKETS(2017)
(TOPS) 150 NIAGARA STREET
VICTOR, NY VICTOR SQUARE ROCHESTER 2000 2004 100.00% 56,134 56,134 617,176
2-10 COMMERCE DRIVE
WARSAW, NY TOPS PLAZA (TOPS) WARSAW 1998 2004 20.00% 74,105 74,105 547,564 TOPS MARKETS(2015)
(TOPS) 2382 ROUTE 19
WEST SENECA, NY HOME DEPOT PLAZA BUFFALO 1975/1983/1987/1995 2004 100.00% 139,453 139,453 1,393,933 HOME DEPOT(2016)
(HOME DEPOT) 1881 RIDGE ROAD
WEST SENECA, NY SENECA RIDGE PLAZA BUFFALO 1980/1996/2004 2004 100.00% 62,403 62,403 255,692 OFFICE DEPOT (2018)
(SENECA RIDGE) 3531 SENECA STREET
WILLIAMSVILLE, WILLIAMSVILLE PLACE BUFFALO 1986/1995/2003 2004 100.00% 102,917 102,917 1,179,435
NY 5395 SHERIDAN DRIVE
WILLIAMSVILLE, PREMIER PLACE 7864 - BUFFALO 1986/1994/1998 2004 14.50% 141,639 141,639 1,214,298 PREMIER LIQUORS(2010
NY (PREMIER) 8020 TRANSIT ROAD MART(2013)

4Q08 PROPERTY LIST

NORTH CAROLINA
APEX, NC (SOUTH) BEAVER CREEK RALEIGH 2006 1* 100.00% 283,266 295,506 4,607,160 DICK’S SPORTING GOODS(2017
CROSSINGS (SOUTH) CONSOLIDATED THEATRES(20
1335 W WILLIAMS MAXX(2016), CIRCUIT CITY(202
STREET BORDERS(2022)
APEX, BEAVER CREEK RALEIGH 2005 1* 10.00% 110,429 453,600 2,159,927 OFFICE MAX(2014), LOWES(NOT
NC(COMMONS) COMMONS TARGET (NOT OWNED)
1335 W WILLIAMS
STREET
ASHEVILLE, OAKLEY PLAZA ASHEVILLE 1988 2007 100.00% 118,699 118,699 934,539 BABIES R US(2011), BI-LO(2016
NC(OAKLEY) FAIRVIEW RD AT
INTERSTATE 240
ASHEVILLE, RIVER HILLS ASHEVILLE 1996 2003 14.50% 190,970 190,970 1,886,432 CARMIKE CINEMAS(2017), CIR
NC(RIVER) 299 SWANNANOA RIVER CITY(2017), DICK’S SPORTING
ROADD GOODS(2017), MICHAEL’S(2013)
MAX(2011)
CARY, CIRCUIT CITY RALEIGH 2000 2007 100.00% 27,891 27,891 526,500 CIRCUIT CITY(2022)
NC(CIRCUIT CITY)1401 PINEY PLAINS RD
CARY, NC(MILL MILL POND VILLAGE RALEIGH 2004 2007 100.00% 84,364 149,051 1,219,090 LOWE’S FOODS(2021)
POND) 3434-3490 KILDAIRE
FARM ROAD
CHAPEL HILL, NC MEADOWMONT DURHAM 2002 2007 20.00% 132,745 132,745 2,456,909 HARRIS TEETER SUPERMARK
VILLAGE
W. BARBEE CHAPEL RD
CHARLOTTE, CAMFIELD CORNERS CHARLOTTE 1994 2007 100.00% 69,910 69,910 869,351 BI-LO(2014)
NC(CAMFIELD) 8620 CAMFIELD STREET
CLAYTON, NC CLAYTON CORNERS RALEIGH 1999 2007 20.00% 125,653 125,653 1,387,987 LOWE’S FOODS(2019)
US HIGHWAY 70 WEST
CONCORD, RITE AID CHARLOTTE 2002 2007 100.00% 10,908 10,908 227,814
NC(RITE AID) HIGHWAY #29 @ PITTS
SCHOOL
CORNELIUS, NC THE SHOPS AT THE CHARLOTTE 2001 2007 100.00% 131,242 131,242 1,044,213 STEIN MART(2013)
FRESH MARKET
20601 TORRENCE
CHAPEL ROAD
DURHAM, NC PATTERSON PLACE DURHAM 2004 2007 20.00% 161,017 161,017 2,091,493 DSW SHOE WAREHOUSE(2016),
3616 WITHERSPOON MOORE(2014), BED BATH &
BLVD. BEYOND(2020)
DURHAM, OXFORD COMMONS DURHAM 1990/2001 1/2 * 100.00% 208,014 326,280 1,366,288 FOOD LION(2010), BURLINGTO
NC(OXFORD) 3500 OXFORD ROAD FACTORY(2012), WAL-MART(NO
OWNED)
DURHAM, SOUTH SQUARE DURHAM 2005 2007 20.00% 107,812 288,934 1,612,970 OFFICE DEPOT(2010), ROSS DRE
NC(SOUTH) 4001 DURHAM CHAPEL LESS(2015), TARGET (NOT OWN
FAYETTEVILLE, NC CROSS POINTE CENTER FAYETTEVILLE 1985/2003 2003 100.00% 226,089 226,089 1,913,392 T.J. MAXX(2011), BED BATH &
5075 MORGANTON BEYOND(2014)
ROAD

4Q08 PROPERTY LIST

FAYETTEVILLE, FAYETTEVILLE FAYETTEVILLE 1998/2001 2007 20.00% 272,385 272,385 2,713,492 DICK’S SPORTING GOODS(2017)
NC(PAVILION) PAVILION PETSMART(2016), CREATIVE BA
2061 SKIBO ROAD EXPRESSIONS(2020), MARSHALL
MICHAEL’S(2014)
FUQUAY SEXTON COMMONS RALEIGH 2002 2007 20.00% 49,097 49,097 777,531 HARRIS TEETER SUPERMARKE
VARINA, NC 1420 N MAIN ST
GREENSBORO, ADAM’S FARM GREENSBORO 2004 2007 100.00% 112,010 112,010 906,328 HARRIS TEETER SUPERMARKE
NC(ADAMS) 5710 HIGH POINT ROAD
GREENSBORO, GOLDEN GATE GREENSBORO 1962/2002 2007 100.00% 153,113 153,113 1,137,872 HARRIS TEETER SUPERMARKE
NC(GOLDEN) EAST CORNWALLIS DR STAPLES(2016), FOOD LION(2012
GREENSBORO, WENDOVER VILLAGE (I) GREENSBORO 2004 2007 100.00% 35,895 170,895 947,003 COSTCO(NOT OWNED)
NC(WENDOVER 4203-4205 WEST
I) WENDOVER AVENUE
GREENSBORO, WENDOVER VILLAGE (II) GREENSBORO 2004 2007 20.00% 135,004 135,004 1,745,841 A.C. MOORE(2014), CIRCUIT CIT
NC(WENDOVER WEST WENDOVER AVE
II)
HUNTERSVILLE, BIRKDALE VILLAGE CHARLOTTE 2003 2007 15.00% 301,045 302,842 6,577,959 BARNES & NOBLE(2013), DICK’S
NC (RETAIL) SPORTING GOODS(2018)
8712 LINDHOLM DR.,
SUITE 206
HUNTERSVILLE, ROSEDALE SHOPPING CHARLOTTE 2000 2007 20.00% 119,197 119,197 1,960,458 HARRIS TEETER SUPERMARKE
NC(ROSEDALE) CENTER
9911 ROSE COMMONS DR
INDIAN TRAIL, UNION TOWN CENTER INDIAN TRAIL 1999 2004 100.00% 96,160 96,160 710,064 FOOD LION(2020)
NC INDEPENDENCE & FAITH
CHURCH RD
JACKSONVILLE, GATEWAY PLAZA JACKSONVILLE 2001 2007 15.00% 101,413 301,954 1,154,275 BED BATH & BEYOND(2013), ROS
NC(GATEWAY) SEC WESTERN BLVD AND FOR LESS(2013), LOWES(NOT OW
GATEWAY SOUTH TARGET(NOT OWNED)
MATTHEWS, NC SYCAMORE COMMONS CHARLOTTE 2002 2007 15.00% 265,535 555,210 4,571,779 MICHAEL’S(2012), BED BATH &
MATTHEWS TWNSHP BEYOND(2012), DICK’S SPORTIN
PWY & NORTHEAST PWY GOODS(2017), OLD NAVY(2011), C
CITY(2023), COSTCO(NOT OWNE
LOWE’S(NOT OWNED)
MOORESVILLE, MOORESVILLE CHARLOTTE 1999 2004 100.00% 472,182 472,182 4,109,097 WAL-MART(2019), GANDER
NC CONSUMER SQ (I) MOUNTAIN(2021)
355 WEST PLAZA DRIVE
MOORESVILLE, WINSLOW BAY CHARLOTTE 2003 2007 15.00% 255,798 429,798 3,152,594 ROSS DRESS FOR LESS(2014), DIC
NC(WINSLOW) COMMONS SPORTING GOODS(2019), T.J.
BLUEFIELD ROAD AND MAXX(2013), MICHAEL’S(2013), S
HIGHWAY 150 TARGET(NOT OWNED)
NEW BERN, NC RIVERTOWNE SQUARE NEW BERN 1989/1999 1/2 * 100.00% 68,130 200,228 636,063 GOODY’S(2012), WAL-MART(NOT
3003 CLAREDON BLVD OWNED)
RALEIGH, ALEXANDER PLACE RALEIGH 2004 2007 15.00% 188,254 398,254 2,562,094 KOHL’S(2025), H.H. GREGG
NC(ALEXANDER) GLENWOOD AVE & APPLIANCES(2022), SUPER
BRIER CREEK PKWY WALMART(NOT OWNED)

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRA
RALEIGH, CAPITAL CROSSING RALEIGH 1995 2007 100.00% 83,248 83,248 888,670 LOWE’S FOODS(2015), STAPLES(201
NC(CAPITAL) 2900-2950 EAST MILL
BROOK ROAD
RALEIGH, RITE AID RALEIGH 2003 2007 100.00% 10,908 10,908 284,571
NC(RITE AID) US HIGHWAY 401 AND
PERRY CREEK ROAD
RALEIGH, WAKEFIELD CROSSING RALEIGH 2001 2007 100.00% 75,927 75,927 889,181 FOOD LION(2022)
NC(WAKEFIELD) WAKEFIELD PINES DR &
NEW FALLS OF NEUSE
SALISBURY, NC ALEXANDER POINTE SALISBURY 1997 2007 20.00% 57,710 57,710 640,344 HARRIS TEETER SUPERMARKETS
850 JAKE ALEXANDER
BLVD
SILER CITY, NC CHATHAM CROSSING DURHAM 2002 2007 15.00% 31,979 266,979 400,460 SUPER WAL-MART(NOT OWNED)
US HIGHWAY 64 WEST
SOUTHERN SOUTHERN PINES SOUTHERN 2002 2007 15.00% 57,404 57,404 440,216 STEIN MART(2016)
PINES, NC MARKETPLACE PINES
US HWY 15-501
WAKE FOREST, CAPITAL PLAZA RALEIGH 2004 2007 15.00% 46,793 336,793 587,448 SUPER TARGET(NOT OWNED), HOM
NC 11825 RETAIL DRIVE DEPOT(NOT OWNED)
WASHINGTON, PAMLICO PLAZA WASHINGTON 1990/1999 1/2 * 100.00% 80,269 265,053 559,503 GOODY’S(2009), OFFICE DEPOT(201
NC 536 PAMLICO PLAZA WAL-MART(NOT OWNED)
WILMINGTON, UNIVERSITY CENTRE WILMINGTON 1989/2001 1/2 * 100.00% 411,887 518,735 3,625,630 LOWE’S(2014), OLD NAVY(2011), BE
NC S. COLLEGE RD & NEW BATH & BEYOND(2012), ROSS DRES
CENTRE DR. LESS(2012), STEVE & BARRY’S(2014
BADCOCK HOME FURNITURE &
MORE(2009), SAM’S(NOT OWNED)
WILMINGTON, OLEANDER SHOPPING WILMINGTON 1989 2007 100.00% 51,888 51,888 578,191 LOWE’S FOODS(2015)
NC(OLEANDER) CENTER
3804 OLEANDER DRIVE
WILSON, NC FOREST HILLS CENTRE WILSON 1989 2007 100.00% 73,280 73,280 586,231 HARRIS TEETER SUPERMARKETS
1700 RALEIGH RD NW
WINSTON HARPER HILL WINSTON 2004 2007 20.00% 55,394 96,914 1,122,896 HARRIS TEETER SUPERMARKETS
SALEM, COMMONS SALEM
NC(HARPER) 5049 COUNTRY CLUB RD
WINSTON OAK SUMMIT WINSTON 2003 2007 15.00% 142,394 352,394 1,788,169 GOODY’S(2016), STAPLES(2016),
SALEM, EAST HANES MILL ROAD SALEM PETSMART(2020), SUPER WALMAR
NC(OAK) OWNED)
WINSTON SHOPS AT OLIVER WINSTON 2003 2007 20.00% 76,512 76,512 856,512 LOWE’S FOODS(2023)
SALEM, CROSSING SALEM
NC(OLIVER) PETERS CREEK PKWY
OLIVER CROSSING
WINSTON WAL-MART WINSTON 1998 2007 100.00% 204,931 204,931 1,403,777 WAL-MART(2017)
SALEM, SUPERCENTER SALEM
NC(WAL-MART) 4550 KESTER MILL RD

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRA
NORTH
DAKOTA
DICKINSON, PRAIRIE HILLS MALL DICKINSON 1978 1/2 * 100.00% 267,506 267,506 1,054,601 K MART(2013), HERBERGER’S(2010
ND 1681 THIRD AVENUE PENNEY(2013)
OHIO
ALLIANCE, OH WAL-MART CANTON 1998 2007 100.00% 200,084 200,084 1,190,500 WAL-MART(2017)
SUPERCENTER
2700 WEST STATE ST
ASHTABULA, ASHTABULA COMMONS ASHTABULA 2000 2004 100.00% 57,874 57,874 895,720 TOPS MARKETS(2021)
OH (TOPS) 1144 WEST PROSPECT
ROAD
AURORA, OH BARRINGTON TOWN CLEVELAND 1996/2004 1* 100.00% 102,683 159,982 968,002 CINEMARK(2011), HEINEN’S(NOT
CENTER OWNED)
70-130 BARRINGTON
TOWN SQUARE
BOARDMAN, SOUTHLAND CROSSINGs YOUNGSTOWN 1997 1* 100.00% 506,254 511,654 4,233,095 LOWE’S(2016), BABIES R US(2014),
OH I-680 & US ROUTE 224 STAPLES(2012), DICK’S SPORTING
GOODS(2012), WAL-MART(2017),
PETSMART(2013), GIANT EAGLE(2
CANTON, OH BELDEN PARK CANTON 1995/2001/2003 1* 14.50% 478,106 593,610 5,243,937 VALUE CITY FURNITURE(2011), H.H
(PHASE I & II) CROSSINGS (I) GREGG APPLIANCES(2011), JO-AN
5496 DRESSLER ROAD STORES(2013), PETSMART(2013), DI
SPORTING GOODS(2010), DSW SHO
WAREHOUSE(2012), KOHL’S(2016),
TARGET(NOT OWNED)
CHILLICOTHE, CHILLICOTHE PLACE CHILLICOTHE 1974/1998 1/2 * 20.00% 106,262 106,262 1,046,216 KROGER(2041), OFFICE MAX(2013)
OH 867 N BRIDGE ST
CHILLICOTHE, CHILLICOTHE PLACE CHILLICOTHE 1998 1981 100.00% 130,497 130,497 822,132 LOWE’S(2015)
OH(LOWES) (LOWES)
867 N BRIDGE STREET
CINCINNATI, GLENWAY CROSSING CINCINNATI 1990 1993 100.00% 235,433 235,433 1,637,759 STEVE & BARRY’S(2014),
OH 5100 GLENCROSSING MICHAEL’S(2011)
WAY
CINCINNATI, KROGER CINCINNATI 1998 2007 100.00% 56,634 56,634 556,486 KROGER(2015)
OH(KROGER) 6401 COLERAIN AVE
CINCINNATI, TRI-COUNTY MALL CINCINNATI 1960/1990/1992 2005 18.00% 758,031 1,270,511 11,868,101 DILLARD’S(2018), SEARS(2019), KRA
OH(TRI 11700 PRINCETON PIKE CITY (2023), MACY’S(NOT OWNED)
COUNTY)
CLEVELAND, KMART PLAZA CLEVELAND 1982 2008 25.25% 109,350 109,350 737,545 K MART(2012)
OH 14901-14651 LORAIN AVE
COLUMBUS, CONSUMER SQUARE COLUMBUS 1989/2003 2004 100.00% 356,515 356,515 2,102,676 KROGER(2014), TARGET(2011)
OH WEST 3630 SOLDANO
(CONSUMER BLVD.
SQUARE)
COLUMBUS, EASTON MARKET COLUMBUS 1998 1998 100.00% 509,611 509,611 5,874,783 STAPLES(2013), PETSMART(2014),
OH (EASTON 3740 EASTON MARKET GOLFSMITH GOLF CENTER(2013),
MARKET) MICHAEL’S(2013), DICK’S SPORTIN
GOODS(2013), DSW SHOE
WAREHOUSE(2012), KITTLE’S HOM
FURNISHINGS(2012), BED BATH &
BEYOND(2014), T.J. MAXX(2014)

4Q08 PROPERTY LIST

COLUMBUS, OH LENNOX TOWN CENTER COLUMBUS 1997 1998 50.00% 352,913 352,913 3,586,126 TARGET(2016), BARNES & NO
(LENNOX) 1647 OLENTANGY RIVER STAPLES(2011), AMC THEATR
ROAD
COLUMBUS, OH SUN CENTER COLUMBUS 1995 1998 79.45% 305,428 305,428 3,654,396 BABIES R US(2011), MICHAEL
(SUN) 3622-3860 DUBLIN ASHLEY FURNITURE HOMEST
GRANVILLE RD STEIN MART(2012), WHOLE FO
STAPLES(2010)
COLUMBUS, HILLIARD ROME COMMONS COLUMBUS 2001 2007 20.00% 110,871 110,871 1,454,153 GIANT EAGLE(2022)
OH(HILLIARD) 1710-60 HILLIARD ROME
ROAD
DUBLIN, OH DUBLIN VILLAGE CENTER COLUMBUS 1987 1998 100.00% 213,162 322,243 516,729 AMC THEATRE(2009), B.J.’S WH
(DUBLIN 6561-6815 DUBLIN CENTER CLUB(NOT OWNED)
VILLAGE) DRIVE
DUBLIN, OH PERIMETER CENTER COLUMBUS 1996 1998 100.00% 137,556 137,556 1,605,599 GIANT EAGLE(2014)
(PERIMETER 6644-6804 PERIMETER LOOP
CENTER) ROAD
ELYRIA, OH ELYRIA SHOPPING CENTER CLEVELAND 1977 2* 100.00% 92,125 92,125 601,720 GIANT EAGLE(2010)
841 CLEVELAND
GALLIPOLIS, GALLIPOLIS MARKETPLACE GALLIPOLIS 1998 2003 100.00% 25,950 205,908 357,858 WAL MART(NOT OWNED)
OH 2145 EASTERN AVENUE
GROVE CITY, DERBY SQUARE COLUMBUS 1992 1998 20.00% 128,250 128,250 1,156,351 GIANT EAGLE(2016)
OH(DERBY 2161-2263 STRINGTOWN
SQUARE) ROAD
HUBER HTS., OH NORTH HEIGHTS PLAZA DAYTON 1990 1993 100.00% 182,749 297,306 1,696,124 H.H. GREGG APPLIANCES(202
8280 OLD TROY PIKE SPORTING GOODS (2019), WAL
MART(NOT OWNED)
LEBANON, OH COUNTRYSIDE PLACE LEBANON 1990/2002 1993 100.00% 17,000 110,480 0 ERB LUMBER(NOT OWNED), W
1879 DEERFIELD ROAD #1407(NOT OWNED)
MACEDONIA, MACEDONIA COMMONS (I) CLEVELAND 1994 1994 50.00% 236,682 375,849 3,179,832 TOPS MARKETS(2019), KOHL’S
OH MACEDONIA COMMONS BLVD WAL-MART(NOT OWNED)
MACEDONIA, MACEDONIA COMMONS (II) CLEVELAND 1999 1/2 * 100.00% 169,481 169,481 1,601,734 CINEMARK(2019), HOME DEPO
OH (PHASE II) 8210 MACEDONIA COMMONS
NORTH GREAT NORTHERN PLAZA CLEVELAND 1958/1998/2003 1997 14.50% 625,835 666,735 7,475,794 DSW SHOE WAREHOUSE(2015)
OLMSTED, OH (NORTH) BUY(2010), BED BATH & BEYO
2589-26437 GREAT PETSMART(2018), HOME DEPO
NORTHERN & G MENSWEAR(2013), JO-ANN
STORES(2009), MARC’S(2012),
REMINGTON COLLEGE(NOT O
SOLON, OH UPTOWN SOLON CLEVELAND 1998 1* 100.00% 183,255 183,255 2,896,581 MUSTARD SEED MARKET & C
KRUSE DRIVE BED BATH & BEYOND(2009),
BORDERS(2019)
SOLON, KMART PLAZA CLEVELAND 1977 2008 25.25% 84,180 84,180 299,819 K MART(2013)
OH(KMART) 6221 SOM CENTER
STEUBENVILLE, LOWE’S HOME PITTSBURGH 1998 2007 100.00% 130,497 130,497 871,236 LOWE’S(2016)
OH IMPROVEMENT 4115 MALL
DRIVE
STOW, OH STOW COMMUNITY CENTER AKRON 1997/2000 1* 100.00% 362,057 464,140 3,677,589 BED BATH & BEYOND(2011), G
(I) EAGLE(2017), KOHL’S(2019), O
KENT ROAD MAX(2011), HOBBY LOBBY (20
TARGET(NOT OWNED)

4Q08 PROPERTY LIST

TIFFIN, OH TIFFIN MALL TIFFIN 1980/2004 1/2 * 100.00% 170,868 170,868 538,043 CINEMARK(2011), J.C. PENNEY(2010
870 WEST MARKET
STREET
TOLEDO, OH SPRINGFIELD COMMONS TOLEDO 1999 1* 20.00% 241,129 271,729 2,799,159 KOHL’S(2019), GANDER
S. HOLLAND-SYLVANIA MOUNTAIN(2014), BED BATH &
ROAD BEYOND(2010), OLD NAVY(2010)
TOLEDO, OH DICK’S SPORTING TOLEDO 1995 2004 100.00% 80,160 80,160 501,000 DICK’S SPORTING GOODS(2016)
(DICKS) GOODS 851 W. ALEXIS
ROAD
WEST KROGER CINCINNATI 1998 2007 100.00% 56,634 56,634 349,154 KROGER(2018)
CHESTER, OH 7172 CINCINNATI-
DAYTON ROAD
WESTLAKE, OH WEST BAY PLAZA CLEVELAND 1974/1997/2000 1/2 * 100.00% 162,330 162,330 1,372,560 MARC’S(2009), K MART(2009)
30100 DETROIT ROAD
WILLOUGHBY SHOPPES AT CLEVELAND 1985 2007 15.00% 373,318 382,849 3,122,852 GIANT EAGLE(2019), CINEMARK(20
HILLS, OH WILLOUGHBY HILLS A.J. WRIGHT(2011), OFFICE MAX(20
CHARDON ROAD SAM’S CLUB(2014)
XENIA, OH WEST PARK SQUARE XENIA 1994/1997/2001 1* 100.00% 112,361 203,282 613,860 KROGER(2019), WAL-MART(NOT
1700 WEST PARK OWNED)
SQUARE
ZANESVILLE, KMART SHOPPING SANDUSKY 1973 2008 25.25% 84,180 84,180 223,160 K MART(2009)
OH CENTER 3515 N. MAPLE
AVENUE
OKLAHOMA
ENID, OK KMART PLAZA ENID 1983 2008 25.25% 84,000 114,000 188,160 K MART(2013), UNITED
4010 WEST OWEN SUPERMARKETS(NOT OWNED)
GARRIOT RD
OKLAHOMA CVS PHARMACY OKLAHOMA 1997 2007 100.00% 9,504 9,504 159,358
CITY, OK 2323 NORTH MARTIN CITY
LUTHER KING BLVD
OREGON
PORTLAND, OR TANASBOURNE TOWN PORTLAND 1995/2001 1996 50.00% 309,617 566,457 4,986,626 ROSS DRESS FOR LESS(2013),
CENTER (I) MICHAEL’S(2014), BARNES &
NW EVERGREEN PKWY NOBLE(2011), OFFICE DEPOT(2010),
& NW RING RD HAGGAN’S(2021), NORDSTROM(NO
OWNED), TARGET(NOT OWNED),
MERVYN’S(NOT OWNED)
PENNSYLVANIA
ALLENTOWN, BJ’S WHOLESALE CLUB ALLENTOWN 1991 2004 100.00% 112,230 112,230 863,266 BJ’S WHOLESALE CLUB(2011)
PA (BJS) 1785 AIRPORT ROAD
SOUTH
ALLENTOWN, WEST VALLEY ALLENTOWN 2001/2004 2003 100.00% 259,239 259,239 2,745,843 WAL-MART(2021)
PA(WEST) MARKETPLACE
1091 MILL CREEK ROAD

4Q08 PROPERTY LIST

CAMP HILL, PA CAMP HILL CENTER HARRISBURG 1978/2002 2007 100.00% 62,888 62,888 288,000 MICHAEL’S(2013)
3414 SIMPSON FERRY
ROAD
CARLISLE, PA CARLISLE COMMONS HARRISBURG 2001 2007 15.00% 393,033 393,033 3,132,539 WAL-MART(2022), T.J. MAXX(20
SHOPPING CTR DRESS FOR LESS(2014), REGAL
RIDGE STREET & NOBLE CINEMAS(2010)
BLVD
CHESWICK, PA RITE AID 1200 PITTSBURGH 2000 2007 100.00% 10,908 10,908 248,609
PITTSBURGH ST.
CONNELSVILLE, RITE AID PITTSBURGH 1999 2007 100.00% 10,908 10,908 312,181
PA 100 MEMORIAL BLVD
E. NORRITON, KMART PLAZA PHILADELPHIA 1975/1997 1/2 * 100.00% 173,876 179,376 1,223,372 K MART(2010), BIG LOTS(2010)
PA 2692 DEKALB PIKE
ERIE, PA PEACH STREET SQUARE (I) ERIE 1995/1998/2003 1* 100.00% 557,769 679,074 4,997,713 LOWE’S(2015), PETSMART(2015
(PEACH) 1902 KEYSTONE DRIVE CIRCUIT CITY(2020), KOHL’S(2
WAL-MART(2015), CINEMARK(
ERIE SPORTS (2018), HOME DEP
OWNED)
ERIE, RITE AID (BUFFALO ROAD) ERIE 1999 2007 100.00% 10,908 10,908 230,486
PA(BUFFALO 4145 BUFFALO ROAD
RD)
ERIE, PA(EAST RITE AID (EAST 26TH ST) ERIE 1999 2007 100.00% 10,908 10,908 260,047
26TH ST) 404 EAST 26TH STREET
ERIE, PA(EAST RITE AID (EAST 6TH ST) ERIE 1999 2007 100.00% 10,908 10,908 266,969
6TH) 353 EAST 6TH STREET
ERIE, ERIE MARKETPLACE ERIE 2003 2003 14.50% 107,537 238,387 1,076,117 MARSHALLS(2013), BED BATH &
PA(MARKET) 6660-6750 PEACH STREET BEYOND(2013), BABIES R US(20
TARGET(NOT OWNED)
ERIE, PA(PEACH RITE AID (PEACH ST) 5440 ERIE 2000 2007 100.00% 10,908 10,908 336,691
ST) PEACH ST.
ERIE, PA(RITE RITE AID (WEST 26TH ST) ERIE 1999 2007 100.00% 10,908 10,908 332,311
AID) 2923 WEST 26TH ST.
ERIE, PA(WEST RITE AID (WEST 12TH ST) ERIE 1999 2007 100.00% 10,908 10,908 373,661
12TH) 2184 WEST 12TH ST
HOMESTEAD, PA WATERFRONT MARKET PITTSBURGH 2003 2007 15.00% 764,824 969,824 11,701,972 LOEW’S CINEMA (2020), DICK’S
AMITY 149 W. BRIDGE SPORTING GOODS (2012), BEST
STREET (2013), MICHAEL’S (2011), FILEN
BASEMENT (2012), OFFICE DEPO
(2017),T.J. MAXX (2011), OLD NA
DSW WAREHOUSE (2015), MARS
(2010), BARNES AND NOBLE (20
AND BUSTERS (2020), MACY’S(N
OWNED), TARGET(NOT OWNED
IRWIN, PA RITE AID PITTSBURGH 1999 2007 100.00% 10,908 10,908 262,741
3550 ROUTE 130

4Q08 PROPERTY LIST

KING OF OVERLOOK AT KING OF PHILADELPHIA 2002 2007 15.00% 105,615 186,980 4,855,050 UNITED ARTISTS THEATRE(2
PRUSSIA, PA PRUSSIA NORDSTROM RACK(2012), BE
301 GODDARD BLVD BUY(2017)
MONACA, PA TOWNSHIP MARKETPLACE PITTSBURGH 1999/2004 2003 14.50% 298,589 298,589 3,059,159 LOWE’S(2017), MICHAEL’S(20
115 WAGNER ROAD CINEMARK(2019)
MONROEVILLE, RITE AID (WM PENN HWY) PITTSBURGH 1998 2007 100.00% 12,738 12,738 484,028
PA 4111 WILLIAM PENN HWY
MONROEVILLE, RITE AID (MONROEVILLE PITTSBURGH 1999 2007 100.00% 10,908 10,908 295,339
PA(RITE AID) BLVD)
2604 MONROEVILLE BLVD
MT. NEBO, PA MT. NEBO POINTE PITTSBURGH 2005 1* 10.00% 99,447 362,832 1,257,103 SPORTSMAN’S WAREHOUSE(
MT NEBO ROAD & LOWRIES SAM’S CLUB(NOT OWNED),
RUN ROAD TARGET(NOT OWNED)
NEW CASTLE, RITE AID NEW CASTLE 1999 2007 100.00% 10,908 10,908 261,740
PA 31 NORTH JEFFERSON
STREET
PITTSBURGH, RITE AID (GOLDEN MILE PITTSBURGH 1999 2007 100.00% 10,908 10,908 326,940
PA HWY)
1804 GOLDEN MILE HWY
PITTSBURGH, RITE AID (SAW MILL RUN PITTSBURGH 1999 2007 100.00% 10,908 10,908 342,233
PA BLVD)
(SAW MILL) 2501 SAW MILL RUN BLVD
POTTSTOWN, KMART SHOPPING CENTER PITTSBURGH 1973 2008 25.25% 84,180 84,180 275,000 K MART(2009)
PA 2200 EAST HIGH STREET
WILLOW KMART SHOPPING CENTER PHILADELPHIA 1973 2008 25.25% 94,500 94,500 341,125 K MART(2009)
GROVE, PA 2620 MORELAND ROAD
PUERTO RICO
ARECIBO, PR PLAZA DEL ATLANTICO PR ARECIBO 1980/1993 2005 100.00% 215,451 224,950 3,242,974 K MART(2013), CAPRI DEL
(ATLANTICO) # KM 80.3 ATLANTICO(2013)
BAYAMON, PR PLAZA DEL SOL SAN JUAN 1998/2003/2004 2005 100.00% 526,397 675,618 17,012,196 WAL-MART(2022), SCIENCE P
(PLAZA DEL RD PR#29 & PR#167, HATO CINEMA(2019), BED BATH &
SOL) TEJAS BEYOND(2017), HOME DEPOT(
OWNED)
BAYAMON, PR REXVILLE PLAZA SAN JUAN 1980/2002 2005 100.00% 126,023 132,309 1,592,167 PUEBLO XTRA(2009), TIENDA
(REXVILLE PR #167, KM 18.8 CAPRI(2013)
PLAZA)
BAYAMON, PR PLAZA RIO HONDO SAN JUAN 1982/2001 2005 100.00% 481,499 546,801 13,074,490 TIENDAS CAPRI(2009), BEST
(RIO HONDO) PR#22, PR#167 K MART(2013), PUEBLO
XTRA(2012), RIO HONDO CIN
MARSHALLS(2015)
CAROLINA, PR PLAZA ESCORIAL SAN JUAN 1997 2005 100.00% 420,462 636,332 7,793,068 OFFICE MAX(2015), WAL-MAR
(PLAZA CARRETERA #3, KM 6.1 PLAZA ESCORIAL CINEMAS(
ESCORIAL) CLUB(2024), HOME DEPOT(NO

4Q08 PROPERTY LIST

CAYEY, PR PLAZA CAYEY CAYEY 1999/2004 2005 100.00% 261,126 339,840 3,073,186 WAL-MART(2021), PLAZA CAYEY
(PLAZA STATE ROAD #1 & PR CENTRO CINEMA(2018)
CAYEY) #735
FAJARDO, PR PLAZA FAJARDO FAJARDO 1992 2005 100.00% 245,319 251,319 4,140,297 WAL-MART(2012), PUEBLO XTRA(20
(PLAZA ROAD PR #3 INT PR #940
FAJARDO)
GUAYAMA, PR PLAZA WAL-MART ROAD GUAYAMA 1994 2005 100.00% 163,598 163,598 1,689,989 WAL-MART(2018)
(PLAZA WAL- PR #3 KM 135.0
MART)
HATILLO, PR PLAZA DEL NORTE ARECIBO 1992 2005 100.00% 510,979 673,213 10,002,125 SEARS(2014), TOYS R US(2018), J.C.
(PLAZA DEL ROAD#2 KM 81.9 PENNEY(2012), WAL-MART(2012),
NORTE) CIRCUIT CITY (2019)
HUMACAO, PR PLAZA PALMA REAL HUMACAO 1995 2005 100.00% 345,489 441,495 6,679,674 PEP BOYS(2015), J.C. PENNEY(2019),
(PALMA REAL) STATE ROAD #3, KM 78.20 CAPRI STORES(2011), WAL-MART(20
OFFICE MAX (2018)
ISABELA, PR PLAZA ISABELA ISABELA 1994 2005 100.00% 238,410 259,016 3,537,575 COOP(2014), WAL-MART(2019)
(PLAZA STATE ROAD #2 & # 454
ISABELA)
SAN GERMAN, CAMINO REAL SAN 1991 2005 100.00% 22,356 49,172 339,950 PEP BOYS(2015)
PR (CAMINO STATE ROAD PR #122 GERMAN
REAL)
SAN GERMAN, PLAZA DEL OESTE SAN 1991 2005 100.00% 174,172 184,746 2,360,667 K MART(2016), PUEBLO XTRA(2011)
PR (DEL ROAD PR #2 INT PR #122 GERMAN
OESTE)
SAN JUAN, PR SENORIAL PLAZA SAN JUAN 1978/Mutiple 2005 100.00% 168,664 209,124 2,444,990 K MART(2010), PUEBLO XTRA(2015)
(SENORIAL PR #53 & PR #177
PLAZA)
VEGA BAJA, PLAZA VEGA BAJA VEGA BAJA 1990 2005 100.00% 180,488 184,938 1,923,689 K MART(2015), PUEBLO XTRA(2010)
PR (PLZ VEGA ROAD PR #2 INT PR #155
BAJA)
RHODE
ISLAND
MIDDLETOWN, MIDDLETOWN VILLAGE PROVIDENCE 2003 2007 100.00% 98,161 98,161 1,201,704 BARNES & NOBLE(2019),
RI 1315 WEST MAIN ST MICHAEL’S(2018)
WARWICK, RI WARWICK CENTER PROVIDENCE 2004 2007 15.00% 159,958 159,958 2,136,965 DICK’S SPORTING GOODS(2018),
1324 BALD HILL ROAD BARNES & NOBLE(2018), DSW SHOE
WAREHOUSE(2014)
SOUTH
CAROLINA
AIKEN, SC AIKEN EXCHANGE GREENVILLE 2004 2007 15.00% 101,558 226,558 334,898 PETSMART(2019), TARGET(NOT OWN
(EXCHANGE) WHISKEY ROAD &
BROOK HAVEN DRIVE
ANDERSON, ANDERSON CENTRAL GREENVILLE 1999 2007 15.00% 223,211 223,211 1,415,807 WAL-MART(2019)
SC (CENTRAL) 651 HWY 28 BYPASS
ANDERSON, NORTH HILL COMMONS GREENVILLE 2000 2007 15.00% 43,149 168,149 431,962 MICHAEL’S(2013), TARGET(NOT
SC (NORTH 3521 CLEMSON BLVD OWNED)
HILL)

4Q08 PROPERTY LIST

CAMDEN, SC SPRINGDALE PLAZA CAMDEN 1990/2000 1993 100.00% 180,127 363,405 1,069,522 BELK(2015), WAL-MART SUPER
1671 SPRINGDALE DRIVE CENTER(NOT OWNED)
CHARLESTON, ASHLEY CROSSING (I) CHARLESTON 1991 2003 100.00% 188,883 196,048 736,846 FOOD LION(2011)
SC 2245 ASHLEY CROSSING
DRIVE
COLUMBIA, SC COLUMBIANA STATION COLUMBIA 1999 2007 15.00% 379,733 562,500 4,637,604 CIRCUIT CITY(2020), DICK’S SPO
(STATION) OEA GOODS(2016), MICHAEL’S(2010),
HARBISON BLVD & BOWE PETSMART(2015), H.H. GREGG
R PARKWAY APPLIANCES(2015)
COLUMBIA, SC TARGET SUPER CENTER (I) COLUMBIA 2002 2007 15.00% 83,400 208,400 187,275 MICHAEL’S(2012), TARGET(NOT
(TARGET) 10204 TWO NOTCH RD. OWNED)
COLUMBIA, HARBISON COURT COLUMBIA 1991 2002 14.50% 236,765 296,254 2,914,126 BARNES & NOBLE(2011), ROSS DR
SC(HARBISON) HARBISON BLVD FOR LESS(2014), MARSHALLS(201
OFFICE DEPOT(2011), BABIES ‘R’
#8890(NOT OWNED)
CONWAY, SC GATEWAY PLAZA MYRTLE 2002 2007 100.00% 62,428 62,428 598,782 GOODY’S(2017)
2701 CHURCH STREET BEACH
EASLEY, SC CENTER POINTE PLAZA (II) GREENVILLE 2004 2007 20.00% 72,287 187,287 646,147 PUBLIX SUPER MARKETS(2023), H
CALHOUN MEMORIAL DEPOT(NOT OWNED)
HWY & BRUSHY CREEK
ROAD
FORT MILL, SC RITE AID GAFFNEY 2002 2007 100.00% 13,824 13,824 309,853
2907 W HWY 160
GAFFNEY, SC RITE AID GREENVILLE 2003 2007 100.00% 13,818 13,818 291,984
1320 W FLOYD BAKER
BLVD
GREENVILLE, RITE AID GREENVILLE 2001 2007 100.00% 10,908 10,908 283,423
SC (RITE AID) 3679 AUGUSTA ROAD
GREENVILLE, WAL-MART SUPERCENTER GREENVILLE 1998 2007 100.00% 200,084 200,084 1,272,534 WAL-MART(2018)
SC(SUPER 1451 WOODRUFF ROAD
WAL-MART)
GREENVILLE, THE POINT GREENVILLE 2005 2007 20.00% 104,641 104,641 1,775,747 WHOLE FOODS(2026), CIRCUIT
SC(THE POINT) 1140 WOODRUFF ROAD CITY(2021)
GREENWOOD, NORTHSIDE PLAZA GREENWOOD 1999 2007 100.00% 41,581 41,581 334,437 BI-LO(2019)
SC (BI-LO)
US HIGHWAY 25 &
NORTHSIDE DRIVE
LEXINGTON, LEXINGTON PLACE COLUMBIA 2003 2007 100.00% 83,167 215,167 864,796 ROSS DRESS FOR LESS(2014), T.J.
SC US HWY 378 AND OLD MAXX(2013), PUBLIX(NOT OWNED
CHEROKEE ROAD KOHL’S(NOT OWNED)
MT. PLEASANT, WANDO CROSSING CHARLESTON 1992/2000 1995 100.00% 209,810 325,907 2,526,139 CIRCUIT CITY(2018), OFFICE
SC 1500 HIGHWAY 17 NORTH DEPOT(2010), T.J. MAXX(2013),
MARSHALLS(2011), WAL-MART(N
OWNED)
MT. PLEASANT, BI-LO AT SHELMORE CHARLESTON 2002 2007 100.00% 64,368 64,368 920,894 BI-LO(2023)
SC (BI-LO) 672 HWY 17 BY-PASS
MYRTLE THE PLAZA AT CAROLINA MYRTLE 1999 2007 20.00% 116,657 116,657 1,644,197 KROGER(2010)
BEACH, SC FOREST BEACH
3735 RENEE DRIVE

4Q08 PROPERTY LIST

N. CHARLESTON, NORTH POINTE PLAZA CHARLESTON 1989/2001 2* 100.00% 294,471 344,471 2,048,906 WAL-MART(2009), OFFICE MAX
SC 7400 RIVERS AVENUE
N. CHARLESTON, NORTH CHARLESTON CHARLESTON 1980/1993 2004 100.00% 235,501 235,501 1,243,210 NORTHERN TOOL(2016), BIG L
SC(N CHARL CENTER HOME DECOR LIQUIDATORS (
CTR) 5900 RIVERS AVE
ORANGEBURG, NORTH ROAD PLAZA COLUMBIA 1994/1999 1995 100.00% 50,760 247,434 568,393 GOODY’S(2013), Wal-Mart(NOT O
SC 2795 NORTH ROAD
PIEDMONT, SC RITE AID GREENVILLE 2000 2007 100.00% 10,908 10,908 181,052
915 ANDERSON STREET
SIMPSONVILLE, FAIRVIEW STATION GREENVILLE 1990 1994 100.00% 142,086 142,086 885,125 INGLES(2011), KOHL’S(2015)
SC 621 FAIRVIEW ROAD
SPARTANBURG, RITE AID (W O EZELL SPARTANBURG 2001 2007 100.00% 10,908 10,908 271,599
SC BLVD)
(BLACKSTOCK) 1510 W.O. EZELL BLVD
SPARTANBURG, NORTHPOINT SPARTANBURG 2001 2007 100.00% 102,252 102,252 632,624 INGLES(2021)
SC MARKETPLACE
(NORTHPOINT) 8642-8760 ASHEVILLE
HIGHWAY
SPARTANBURG, RITE AID (N PINE ST) SPARTANBURG 2002 2007 100.00% 10,908 10,908 283,656
SC (RITE AID) 780 N. PINE STREET
TAYLORS, SC NORTH HAMPTON GREENVILLE 2004 2007 20.00% 114,935 171,545 1,100,896 HOBBY LOBBY(2019), TARGET
MARKET OWNED)
6019 WADE HAMPTON
(AKA GREER, SC)
TAYLORS, SC HAMPTON POINT GREENVILLE 1993 2007 100.00% 58,316 58,316 458,027 BI-LO(2018)
(HAMPTON) 3033 WADE HAMPTON BL
WOODRUFF, SC RITE AID CHARLESTON 2002 2007 100.00% 13,824 13,824 288,178
121 N MAIN STREET
SOUTH DAKOTA
WATERTOWN, WATERTOWN MALL SPARTANBURG 1977 1/2 * 100.00% 240,262 282,262 1,322,851 DUNHAM’S SPORTING GOODS(
SD 1300 9TH AVENUE HERBERGER’S(2014), J.C. PENN
HY VEE SUPERMARKET(NOT O
TENNESSEE
BRENTWOOD, COOL SPRINGS POINTE BRENTWOOD 1999/2004 2000 14.50% 201,414 201,414 2,208,987 BEST BUY(2014), ROSS DRESS F
TN I-65 AND MOORE’S LANE LESS(2015), DSW SHOE
WAREHOUSE(2009)
CHATTANOOGA, OVERLOOK AT CHATTANOOGA 1992/2004 2003 100.00% 207,244 207,244 1,805,781 BEST BUY(2014), HOBBY LOBB
TN HAMILTON PLACE FRESH MARKET(2014)
2288 GUNBARREL ROAD
COLUMBIA, TN COLUMBIA SQUARE COLUMBIA 1993 2003 10.00% 68,948 68,948 458,900 KROGER(2022)
845 NASHVILLE HWY

4Q08 PROPERTY LIST

FARRAGUT, TN FARRAGUT POINTE KNOXVILLE 1991 2003 10.00% 71,311 71,311 470,938 FOOD CITY(2011)
11132 KINGSTON PIKE
GOODLETTSVILLE, NORTHCREEK NASHVILLE 1987 2003 20.00% 84,441 84,441 733,139 KROGER(2012)
TN COMMONS
101-139 NORTHCREEK
BLVD
HENDERSONVILLE, LOWE’S HOME NASHVILLE 1999 2003 100.00% 133,144 133,144 1,222,439 LOWE’S(2019)
TN IMPROVEMENT CENTER
TN HENDERSONVILLE
JACKSON, TN WEST TOWNE COMMONS JACKSON 1992 2007 20.00% 62,925 62,925 579,341 KROGER(2020)
41 STONEBROOK PLACE
JOHNSON CITY, TN JOHNSON CITY JOSHNSON CITY 2005 2003 100.00% 11,749 99,997 531,918 KOHL’S(2026)
MARKETPLACE
FRANKLIN & KNOB
CREEK ROADS
KNOXVILLE, TN PAVILION OF TURKEY KNOXVILLE 2001 2007 15.00% 280,776 478,814 3,169,800 ROSS DRESS FOR LESS(2014),
CREEK (I) MAX(2017), OLD NAVY(2011),
10936 PARKSIDE DRIVE GOODY’S(2015), TARGET(NO
WAL-MART(NOT OWNED)
KNOXVILLE, TN TOWN & COUNTRY KNOXVILLE 1985/1997 2007 15.00% 638,437 638,437 6,180,411 GOODY’S(2013), JO-ANN STO
(TOWN) COMMONS (I) CIRCUIT CITY(2014), STAPL
NORTH PETERS ROAD & BEST BUY(2019), FOOD CITY
TOWN & COUNTRY LOWE’S(2017), CARMIKE
CIRCL CINEMAS(2020), DICK’S SPO
GOODS(2017)
MEMPHIS, AMERICAN WAY MEMPHIS 1988 2007 20.00% 121,222 121,222 899,534 KROGER(2020)
TN(AMERICAN) 4075 AMERICAN WAY
MORRISTOWN, TN CROSSROADS SQUARE MORRISTOWN 2004 2007 20.00% 68,500 70,000 610,500 T.J. MAXX(2014)
130 TERRACE LANE
MURFREESBORO, TOWNE CENTRE MURFREESBORO 1998 2003 14.50% 108,023 390,645 1,367,278 T.J. MAXX(2010), BOOKS-A-
TN(TOWNE) OLD FORT PARKWAY MILLION(2009), TOYS R US(N
LOWE’S(NOT OWNED), TARG
OWNED)
NASHVILLE, TN WILLOWBROOK NASHVILLE 2005 2007 20.00% 93,600 93,600 719,155 KROGER(2029)
COMMONS
61 EAST THOMPSON LN
NASHVILLE, TN BELLEVUE PLACE NASHVILLE 2003 2007 15.00% 77,180 192,180 859,950 MICHAEL’S(2012), BED BATH
(BELLEVUE) 7625 HIGHWAY 70 S BEYOND(2012), HOME DEPOT
OWNED)
NASHVILLE, TN THE MARKETPLACE NASHVILLE 1998 2003 14.50% 167,795 367,879 1,672,820 LOWE’S(2019), WAL MART(N
(MARKET) CHARLOTTE PIKE
OAKLAND, TN OAKLAND MARKET MEMPHIS 2004 2007 20.00% 64,600 64,600 420,847 KROGER(2028)
PLACE
7265 US HWY 64

4Q08 PROPERTY LIST

TEXAS
ALLEN, TX WATTERS CREEK DALLAS 2008 1* 10.00% 244,911 255,321 5,806,978 UNITED MARKET STREET(2028),
BETHANY ROAD BORDERS (2018)
AUSTIN, TX THE SHOPS AT TECH AUSTIN 2003 2003 25.75% 282,798 530,434 3,444,656 ROSS DRESS FOR LESS(2014), TOYS R
(TECH RIDGE) RIDGE US(2014), HOBBY LOBBY(2018), BEST
CENTER RIDGE DRIVE BUY(2017), SUPER TARGET(NOT OW
BAYTOWN, TX LOWE’S HOME HOUSTON 1998 2007 100.00% 125,357 125,357 873,828 LOWE’S(2015)
(LOWE’S) IMPROVEMENT
5002 GARTH ROAD
FORT WORTH, TX CVS PHARMACY DALLAS 1997 2007 100.00% 10,908 10,908 239,784
(CVS 6794) (JACKSBORO HWY)
2706 JACKSBORO HWY
FORT WORTH, TX CVS PHARMACY DALLAS 1997 2007 100.00% 9,504 9,504 149,248
(CVS 7785) (SYCAMORE SCHOOL)
4551 SYCAMORE SCHOOL
ROAD
FRISCO, TX FRISCO MARKETPLACE DALLAS 2003 2003 14.50% 20,959 107,543 752,050 KOHL’S(2023)
7010 PRESTON ROAD
GARLAND, TX GARLAND PLAZA DALLAS 1994 2007 100.00% 70,576 70,576 0
3265 BROADWAY BLVD
GRAND PRAIRIE, KROGER DALLAS 1998 2007 100.00% 60,835 60,835 433,615 KROGER(2018)
TX 2525 WEST INTERSTATE 20
HOUSTON, TX LOWE’S HOME DALLAS 1998 2007 100.00% 131,644 131,644 917,000 LOWE’S(2017)
IMPROVEMENT
19935 KATY FREEWAY
IRVING, TX MACARTHUR DALLAS 2004 2003 14.50% 146,941 598,651 2,107,168 KOHL’S(2021), HOLLYWOOD
MARKETPLACE THEATERS(2016), OFFICE MAX(2014
MARKET PLACE SAM’S CLUB(NOT OWNED), WAL
BOULEVARD MART(NOT OWNED)
LEWISVILLE, LAKEPOINTE CROSSINGS HOUSTON 1991 2002 14.50% 315,008 572,271 2,840,134 99 CENTS ONLY STORE(2009),
TX(LAKEPOINTE) S STEMMONS FREEWAY PETSMART(2009), BEST BUY(2010),
ACADEMY SPORTS(2016), MARDEL
CHRISTIAN BOOKSTORE(2012), CON
APPLIANCE(NOT OWNED), GARDEN
RIDGE(NOT OWNED), TOYS R’ US(NO
OWNED)
MCKINNEY, TX MCKINNEY DALLAS 2000 2003 14.50% 118,967 183,810 1,239,848 KOHL’S(2021), ALBERTSON’S(NOT
MARKETPLACE OWNED)
US HWY 75 & EL DORADO
PKWY
MESQUITE, TX MARKETPLACE AT DALLAS 2001 2003 14.50% 170,625 378,775 2,215,973 PETSMART(2017), MICHAEL’S(2012),
TOWNE CENTER ROSS DRESS FOR LESS(2013), HOME
SOUTHBOUND FRONTAGE DEPOT(NOT OWNED), KOHL’S(NOT
RD I 635 OWNED)
NORTH CVS PHARMACY DALLAS 1997 2007 100.00% 10,908 10,908 237,324
RICHLAND 4808 DAVIS BLVD.
HILLS, TX
PASADENA, TX KROGER JUNCTION DALLAS 1984 2007 20.00% 80,753 80,753 446,479 KROGER(2020)
2619 RED BLUFF ROAD
RICHARDSON, CVS PHARMACY DALLAS 1997 2007 100.00% 10,560 10,560 206,585
TX (CVS 6974) (ARAPAHO BLVD) 2090
ARAPAHOE BLVD.

4Q08 PROPERTY LIST

LOCATION CENTER NAME/ADDRESS MSA REDEVELOPED ACQUIRED INTEREST OWNED GLA GLA BASE RENT ANCHOR TENANTS(LEASE EXPIRATIO
ROWLETT, TX ROWLETT PLAZA DALLAS 1995/2001 2007 100.00% 63,117 63,117 0
8800 LAKEVIEW PKWY
SAN ANTONIO, INGRAM PARK SAN 1985 2005 50.00% 76,597 76,597 0
TX (INGRAM) 6157 NW LOOP 410 ANTONIO
SAN ANTONIO, BANDERA POINTE SAN 2001/2002 2002 100.00% 278,815 888,005 4,285,314 LOWE’S(2020), T.J. MAXX(2011), OLD
TX (N. (NORTH) ANTONIO NAVY(2011), ROSS DRESS FOR LESS(201
BANDERA) STATE LOOP BARNES & NOBLE(2011), KOHL’S(NOT
1604/BANDERA ROAD OWNED), RAQUETBALL & FITNESS(NO
OWNED), CREDIT UNION(NOT OWNED)
CHUCK E CHEESE(NOT OWNED),
TARGET(NOT OWNED)
SAN ANTONIO, VILLAGE AT STONE OAK SAN 2007 1* 100.00% 300,834 483,621 4,946,638 HOBBY LOBBY (2022), TJ MAXX (2017)
TX (STONE OAK) 22610 US HWY 281 ANTONIO
NORTH
SAN ANTONIO, WESTOVER SAN 2005 1* 10.00% 218,257 524,457 3,195,057 PETSMART(2016), SPORTSMAN’S
TX (WESTOVER) MARKETPLACE ANTONIO WAREHOUSE(2015), ROSS DRESS FOR
SH 151 @ LOOP 410 LESS(2016), TARGET(NOT OWNED),
LOWES(NOT OWNED)
SAN ANTONIO, TERRELL PLAZA SAN 1958/1986 2007 50.00% 170,333 170,333 1,164,162 ALAMO WORKFORCE(2008), BIG
TX(TERRELL) 1201 AUSTIN HWY ANTONIO LOTS(2010)
TYLER, TX CVS PHARMACY TYLER 1997 2007 100.00% 9,504 9,504 134,773
1710 W. GENTRY PKWY
UTAH
MIDVALE, UT FC AT FORT UNION (I & SALT 1973/2000 1998 100.00% 641,957 641,957 8,022,197 BABIES R US(2014), OFFICE MAX(2012),
(FT. UNION I & II) LAKE SMITH’S FOOD & DRUG(2024), MEDIA
II) 900 EAST FT UNION CITY PLAY(2016), BED BATH & BEYOND(2014
BLVD WAL-MART(2015), ROSS DRESS FOR
LESS(2016), MICHAEL’S(2017)
OGDEN, UT FC AT OGDEN 5-POINTS SALT 1977 1998 100.00% 162,316 162,316 797,109 HARMONS(2012)
21-129 HARRISVILLE LAKE
ROAD CITY
OREM, UT FC AT OREM SALT 1991 1998 100.00% 150,667 281,931 1,677,708 TOYS R US(2011), MEDIA PLAY(2015),
1300 SOUTH STREET LAKE OFFICE DEPOT(2008), JO-ANN
CITY STORES(2012), R.C. WILLEY(NOT
OWNED)
RIVERDALE, UT FC AT RIVERDALE SALT 1995/2003 1998 100.00% 593,398 596,198 5,001,984 MACY’S(2011), OFFICE MAX(2010), GAR
(NORTH) (NORTH) LAKE SPORTS(2012), SPORTSMAN’S
1050 WEST RIVERDALE CITY WAREHOUSE(2009), TARGET(2017),
ROAD MEDIA PLAY(2009), CIRCUIT CITY(2016
RIVERDALE, UT FC AT RIVERDALE SALT 2005 1* 100.00% 46,597 397,360 476,421 JO-ANN STORES(2015), SUPER
(WEBER) (EAST) LAKE WALMART(NOT OWNED), SAM’S
1050 WEST RIVERDALE CITY CLUB(NOT OWNED)
ROAD
SALT LAKE THE FAMILY PLACE AT SALT 1978 1998 100.00% 34,209 34,209 216,409
CITY, UT (33RD) 3300 SOUTH LAKE
3300 SOUTH STREET CITY
TAYLORSVILLE, FC AT TAYLORSVILLE SALT 1982/2003 1998 100.00% 697,630 772,130 6,367,218 SHOPKO(2014), JO-ANN STORES(2015),
UT (NORTH) (NORTH) LAKE GART SPORTS(2017), 24 HOUR
5600 SOUTH REDWOOD CITY FITNESS(2017), PETSMART(2018), BED
BATH & BEYOND(2015), ROSS DRESS FO
LESS(2014), MEDIA PLAY(2009),
HARMONS SUPERSTORE(NOT OWNED)

4Q08 PROPERTY LIST

VERMONT
BERLIN, VT BERLIN MALL BERLIN 1986/1999 2* 100.00% 174,624 174,624 1,508,464 WAL-MART(2014), J.C. PENNE
282 BERLIN MALL RD.,
UNIT #28
VIRGINIA
CHESTER, VA BERMUDA SQUARE RICHMOND 1978 2003 100.00% 114,589 116,339 1,457,608 UKROP’S(2013)
12607-12649 JEFFERSON
DAVIS
FAIRFAX, VA FAIRFAX TOWNE FAIRFAX 1994 1995 14.50% 253,298 253,298 4,167,839 SAFEWAY(2019), T.J. MAXX(20
CENTER BATH & BEYOND(2010), UNIT
12210 FAIRFAX TOWNE THEATRE(2014)
CENTER
GLEN ALLEN, VA CREEKS AT VIRGINIA RICHMOND 2002 2007 15.00% 266,308 266,308 3,899,001 BARNES & NOBLE(2011), CIR
CENTER CITY(2022), BED BATH & BEY
9830-9992 BROOK ROAD MICHAEL’S(2011), DICK’S SPO
GOODS(2017)
LYNCHBURG, VA CANDLERS STATION LYNCHBURG 1990 2003 100.00% 270,765 337,765 1,739,225 CINEMARK(2015), STAPLES(2
(CANDLERS) 3700 CANDLERS MAXX(2011) TOYS R US (NOT O
MOUNTAIN ROAD
LYNCHBURG, VA WARD’S CROSSING LYNCHBURG 2001 2007 15.00% 80,937 265,937 1,161,822 BED BATH & BEYOND(2013),
(WARDS WARDS ROAD AND MICHAEL’S(2011), TARGET(N
CROSSING) WARDS FERRY ROAD OWNED), DICK’S(NOT OWNED
PETSMART(NOT OWNED)
MARTINSVILLE, VA LIBERTY FAIR MALL MARTINSVILLE 1989/1997 1/2 * 50.00% 435,057 479,256 2,748,239 GOODY’S(2011), BELK(2012), J
240 COMMONWEALTH PENNEY(2009), SEARS(2009), O
BOULEVARD MAX(2012), KROGER(2017)
MIDLOTHIAN, VA CHESTERFIELD MIDLOTHIAN 2000 2007 15.00% 79,802 319,802 1,126,797 BEN FRANKLIN CRAFTS(2015
(CHESTERFIELD) CROSSINGS MART(NOT OWNED)
HIGHWAY 360 &
WARBRO ROAD
MIDLOTHIAN, VA COMMONWEALTH RICHMOND 2002 2007 15.00% 165,413 165,413 2,227,617 STEIN MART(2011), MICHAEL
(COMMONWEALTH) CENTER BARNES & NOBLE(2012)
4600-5000
COMMONWEALTH
CENTER PARKWAY
NEWPORT NEWS, DENBIGH VILLAGE NORFOLK 1998/2006 2007 100.00% 324,450 340,950 2,513,298 BURLINGTON COAT FACTO
VA (DENBIGH) WARWICK BLVD AND KROGER(2017)
DENBIGH BLVD
NEWPORT NEWS, JEFFERSON PLAZA NORFOLK 1999 2007 15.00% 47,341 182,341 320,486 COSTCO(NOT OWNED)
VA (JEFFERSON) 121 JEFFERSON AVENUE
RICHMOND, DOWNTOWN SHORT RICHMOND 2000 2007 100.00% 126,055 239,873 2,475,280 BARNES & NOBLE(2011), REG
VA(DOWNTOWN) PUMP CINEMAS(2021)
11500-900 WEST BROAD
STREET
SPRINGFIELD, LOISDALE CENTER WASHINGTON 1999 2007 100.00% 120,742 120,742 2,469,392 BARNES & NOBLE(2015), DSW
VA(LOISDALE) 6646 LOISDALE ROAD WAREHOUSE(2015), BED BAT
BEYOND(2015), CIRCUIT CIT
SPRINGFIELD, SPRING MALL CENTER WASHINGTON 1995/2001 2007 100.00% 56,511 56,511 998,611 MICHAEL’S(2010), THE TILE S
VA(SPRING MALL) 6717 SPRING MALL RD
STERLING, VA CASCADE WASHINGTON 1998 2007 100.00% 101,606 101,606 1,547,669 STAPLES(2013), SPORTS
MARKETPLACE AUTHORITY(2016)
NEC OF CASCADES
PKWY & ROUTE 7
VIRGINIA BEACH, KROGER PLAZA NORFOLK 1997 2007 20.00% 63,324 81,574 240,788 KROGER(2020)
VA 1800 REPUBLIC DRIVE

4Q08 PROPERTY LIST

WAYNESBORO, WAYNESBORO LYNCHBURG 1993 2007 20.00% 52,415 52,415 388,310 KROGER(2018)
VA COMMONS
109 LEE DEWITT BLVD
WINCHESTER, VA APPLE BLOSSOM WINCHESTER 1990/1997 2* 20.00% 240,560 242,686 2,470,504 MARTIN’S FOOD STORE(2040),
CORNERS KOHL’S(2018), OFFICE MAX(20
2190 S. PLEASANT BOOKS-A-MILLION(2013)
VALLEY
WYTHEVILLE, VA WYTHEVILLE COMMONS WYTHEVILLE 2004 2007 15.00% 90,239 415,239 1,078,914 GOODY’S(2016), LOWES(NOT O
215-295 SUPER WALMART(NOT OWNE
COMMONWEALTH
DRIVE
WASHINGTON
KIRKLAND, WA TOTEM LAKE MALLS SEATTLE 1999/2004 2004 20.00% 253,867 279,221 2,232,000 GUITAR CENTER(2009), ROSS
(TOTEM LKS (UPPER) FOR LESS(2015)
UPPER) TOTEM LAKES
BOULEVARD
OLYMPIA, WA CIRCUIT CITY OLYMPIA 1998 2007 100.00% 35,776 35,776 443,929 CIRCUIT CITY(2018)
2815 CAPITAL MALL DR
SW
WEST VIRGINIA
BARBOURSVILLE, BARBOURSVILLE HUNTINGTON 1985 1998 100.00% 70,900 133,396 198,950 DISCOUNT EMPORIUM(2006), V
WV CENTER CITY(NOT OWNED)
5-13 MALL ROAD
MORGANTOWN, GLENMARK CENTER MORGANTOWN 1999/2000 2007 100.00% 111,278 383,725 1,222,729 SHOP ‘N SAVE(2009), MICHAEL
WV INTERSTATE 68 AND
PIERPONT ROAD
WEIRTON, WV RITE AID PITTSBURGH 2000 2007 100.00% 10,908 10,908 221,870
1360 COVE ROAD
WISCONSIN
BROOKFIELD, WI SHOPPERS WORLD MILWAUKEE 1967 2003 14.50% 182,722 190,142 1,445,801 T.J. MAXX(2010), MARSHALLS M
(SW) BROOKFIELD (I) STORE(2009), OFFICE MAX(201
NORTH 124TH STREET BURLINGTON COAT FACTOR
AND WEST CA
BROWN DEER, WI BROWN DEER CENTER MILWAUKEE 1967 2003 14.50% 266,716 266,716 2,034,560 KOHL’S(2023), MICHAEL’S(201
(CENTER) NORTH GREEN BAY MAX(2010), T.J. MAXX(2012), OL
ROAD NAVY(2012)
BROWN DEER, WI MARKETPLACE OF MILWAUKEE 1989 2003 14.50% 143,372 143,372 1,184,414 MARSHALLS MEGA STORE(20
(MARKET) BROWN DEER ‘N SAVE(2010)
NORTH GREEN BAY
ROAD
MILWAUKEE, WI POINT LOOMIS MILWAUKEE 1962 2003 100.00% 160,533 160,533 707,569 KOHL’S(2012), PICK ‘N SAVE(2
SOUTH 27TH STREET
OSHKOSH, WI WALGREENS APPLETON 2005 2007 100.00% 13,905 13,905 305,910
950 S. KOEHLER ST
RACINE, WI VILLAGE CENTER (OP) RACINE 2003 2007 20.00% 227,887 227,887 2,461,641 JEWEL(2022), KOHL’S(2023)
WASHINGTON AVE.
VILLAGE CENTER DR.
WEST ALLIS, WEST ALLIS CENTER MILWAUKEE 1968 2003 100.00% 246,081 259,981 1,463,410 KOHL’S(2018), MARSHALLS ME
WI(WEST) WEST CLEVELAND AVE. STORE(2009), PICK ‘N SAVE(20
AND S. 108

4Q08 PROPERTY LIST

BRAZIL
BRASILIA(FEDERAL PATIO BRASIL BRASILIA 1997/2001 2006 5.00% 331,300 363,484 11,839,094 LOJAS AMERICANAS(2999),
DISTRICT) SHOPPING OTOCH(2009), RIACHUELO(2
SCS QUADRA 07 BL A RENNER(2011), CENTAURO(
CAMPINAS (SAO PARQUE DOM PEDRO AV. CAMPINAS 2001 2006 48.70% 1,324,565 1,354,089 21,647,480 LOJAS AMERICANAS(2014), C
PAULO) GUILHERME CAMPOS, BAHIA(2011), CENTAURO(201
500 CENTER MARGINAL(2010),
MARISA(2016), STAR BOWLI
BIG(2017), ETNA(2015), ALPIN
VEICULOS(2012),
PERNAMBUCANAS(2012), FO
ACADEMIA(2014), RIACHUEL
ZARA(2014), RENNER(2014), F
MULTIPLEX P.D.PEDRO(2012)
FRANCA(SAO FRANCA SHOPPING FRANCA 1993 2006 30.60% 198,480 198,480 1,661,938 C&A(2016), CASAS BAHIA(20
PAULO) AV. RIO NEGRO, 1100 MAGAZINE LUIZA(2010), LOJ
AMERICANAS(2014), C&C(20
SAO BERNARDO DO SHOPPING METROPOLE SAO 1980/95/97 2006 39.40% 290,597 290,597 7,202,827 RENNER(2009), LOJAS
CAMPO (SAO PRACA SAMUEL PAULO AMERICANAS(2018)
PAU(METROP) SABATINE, 200
SAO PAULO BOAVISTA SHOPPING SAO 2004 2006 47.40% 275,270 275,270 2,709,237 C&A(2014), MARISA & FAMIL
BOAVISTA (SAO RUA BORBA GATO, 59 PAULO AMERICANAS EXPRESS(2017
PAULO) SONDA(2999)
SAO PAULO CAMPO CAMPO LIMPO SAO 2005 2006 9.50% 280,839 280,839 3,189,699 C&A(2016), MARISA(2016), CO
LIMPO (SAO PAULO)
SHOPPING PAULO BEM(2012), CASAS BAHIA(20
ESTRADA DO CAMPO
LIMPO 459
SAO PAULO PENHA SHOPPING PENHA SAO 1992/2004 2006 34.70% 325,183 325,183 5,495,500 MARISA(2017), MAGAZINE L
(SAO PAULO) RUA DR JOAO RIBEIRO, PAULO SONDA(2014), LOJAS
304 AMERICANAS(2013), KALUN
C&A(2014)
SAO PAULO PLAZA SUL SAO 1994 2006 14.20% 248,988 295,280 8,295,412 LOJAS AMERICANAS(2011),
PLAZA(SAO PAULO) PRACA LEONOR KAUPA PAULO BERTOLLI(2009), CAMICADO
MONDAY ACADEMIA(2009),
RENNER(2010)
SAO PAULO TIVOLI TIVOLI SHOPPING AV. SAO 1993/2006 2006 14.20% 234,392 234,392 2,842,171 LOJAS AMERICANAS(2014),
(SAO PAULO) SANTA BARBARA, 777 PAULO UNIMED(2010), MAGAZINE L
C&A(2016), C&C(2011), PAUL
GRAND TOTAL 109,491,969 144,851,852 1,280,568,752
* 1. Property Developed by the Company
* 2. Original IPO Property

Does Not Include Service Merchandise Interests

DEVELOPERS DIVERSIFIED REALTY CORP 8-K (Events or Changes Between Quarterly Reports) 2009-02-23

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DEVELOPERS DIVERSIFIED REALTY CORP 8-K (Events or Changes Between Quarterly Reports) 2009-02-23

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Date of Report (Date of earliest event reported) February 23, 2009

DEVELOPERS DIVERSIFIED REALTY CORPORATION

Ohio 1-11690 34-1723097

3300 Enterprise Parkway, Beachwood, Ohio 44122

Registrant’s telephone number, including area code (216) 755-5500

(Former name or former address, if changed since last report.)

Item 2.02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

99.2 Quarterly financial supplement dated as of February 23, 2009.

99.3 Property list as of February 23, 2009.

Developers Diversified Realty Corporation

Date February 23, 2009 /S/ Christa A. Vesy

99.2 Quarterly financial supplement dated as of February 23, 2009.

99.3 Property list as of December 31, 2008.

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:

Contact: Scott A. Wolstein Francine Glandt

Consolidated non-cash impairment charges $ 79.9

Consolidated non-cash impairment charges $ 79.9

Wholly-Owned and Consolidated Joint Venture Development:

* 1H = First Half, 2H = Second Half; either actual or anticipated

Unconsolidated Joint Venture Development:

DDR’s Effe ctive Expe cte d Initial

* 1H = First Half, 2H = Second Half; either actual or anticipated; TBD= to be determined.

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:

Prope rty De scription

Unconsolidated Joint Venture Redevelopments and Expansions:

DEVELOPERS DIVERSIFIED REALTY CORPORATION

T hree-Month P eriod Year Ended

DEVELOPERS DIVERSIFIED REALTY CORPORATION

T hree-Month P eriod Year Ended

DEVELOPERS DIVERSIFIED REALTY CORPORATION

T hree-Month P eriod Year Ended

Operating expense 82,682 84,547 328,875 272,277

FFO from joint ventures are summarized as follows:

Net income $ (47,294) $ 19,865 $ 24,951 $169,195

DEVELOPERS DIVERSIFIED REALTY CORPORATION

DEVELOPERS DIVERSIFIED REALTY CORPORATION

T hree-Month P eriod Year Ended

T hree-Month P eriod Year Ended

DEVELOPERS DIVERSIFIED REALTY CORPORATION

DEVELOPERS DIVERSIFIED REALTY CORPORATION

Selected Balance Sheet Data:

December 31, 2008 (A) December 31, 2007 (A)

Investments in and advances to joint ventures 583,767 638,111

DEVELOPERS DIVERSIFIED REALTY CORPORATION

DEVELOPERS DIVERSIFIED REALTY CORPORATION

Selected Balance Sheet Data (Continued):

December 31, 2008 December 31, 2007

Mortgage debt (a) $ 5,776,897 $ 5,551,839