Profile: Developers Diversified Realty Corporation (DDR)

Developers Diversified Realty Corporation (DDR) is a self-administered and self-managed real estate investment trust (REIT). The Company, through its subsidiaries, is in the business of acquiring, developing, redeveloping, owning, leasing and managing shopping centers and, to a lesser extent, business centers. During the year ended December 31, 2008, the Company acquired 11 properties. The Company’s portfolio as of February 13, 2009, consisted of 696 shopping centers and six business centers, including 329 centers owned through unconsolidated joint ventures and 35 centers that are otherwise consolidated by the Company and more than 2,000 acres of undeveloped land (of which approximately 700 acres are owned through unconsolidated joint ventures). The shopping center properties consist of shopping centers, enclosed malls and lifestyle centers. As of February 13, 2009, the Company was expanding three wholly owned properties and three of its unconsolidated joint venture properties. As of December 31, 2008, the Company had 10 wholly owned shopping centers under development and redevelopment.

At December 31, 2008, the aggregate occupancy of the Company’s shopping center portfolio was 92.1%. The Company’s portfolio included owned interests in 702 shopping centers at December 31, 2008. At December 31, 2008, the aggregate occupancy of the Company’s wholly owned shopping centers was 90.7%. The Company owned 333 wholly owned shopping centers at December 31, 2008. At December 31, 2008, the aggregate occupancy rate of the Company’s joint venture shopping centers was 93.4%. The Company’s joint ventures owned 369 shopping centers, including 40 consolidated centers primarily owned through the Mervyns Joint Venture at December 31, 2008. At December 31, 2008, the aggregate occupancy of the Company’s business centers was 72.4%. The business centers consist of six assets in five states at December 31, 2008.

The Company manages all of the Portfolio Properties. At December 31, 2008, the Company owned and/or managed more than 117.6 million square feet of Company-owned gross leasable area (GLA), which included all of the Portfolio Properties and one property owned by third party. The properties include a supermarket, drug store, junior department store and/or other discount retailers as additional anchors. The tenants of the shopping centers offer day-to-day necessities.