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Developers Diversified Realty 2006 Annual Report 06 DDR FRONT 3/30/07 11:40 AM Page 2

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Developers Diversified Realty 2006 Annual Report 06 DDR FRONT 3/30/07 11:40 AM Page 2 Project1 3/30/07 1:30 PM Page 1 Developers Diversified Realty 2006 Annual Report 06 DDR FRONT 3/30/07 11:40 AM Page 2 Developers Diversified owns and manages over 800 retail properties in 45 states, and internationally, totaling 162 million square feet. Developers Diversified is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. Have you Any snapshot of the last decade – a period of big deals and big gains – verifies Developers Diversified's increasing prowess in reaping profits from development and acquisition growth. Developers Diversified RMS ever wondered Shareholder Returns Index S&P 2006 39.7% 35.9% 15.8% 2004-2006 29.1% 25.8% 10.5% 2002-2006 34.0% 23.1% 5.9% 1997-2006 21.3% 14.5% 8.2% what it takes to Financial Highlights sign your name (In thousands, except per share data) 2006 2005 2004 2003 2002 Revenues $ 818,098 $ 719,563 $ 562,356 $ 429,982 $ 313,316 Funds from operations:(1) to a six billion Net income applicable to common shareholders $ 198,095 $ 227,474 $ 219,056 $ 189,056 $ 69,368 Depreciation and amortization of real estate investments 185,449 169,117 130,536 93,174 76,462 Equity in net income of joint ventures (30,337) (34,873) (40,895) (44,967) (32,769) Gain on sale of joint venture interests — — — (7,950) — Joint ventures’ funds from operations 44,473 49,302 46,209 47,942 44,473 dollar contract? Minority equity interests (OP Units) 2,116 2,916 2,607 1,769 1,450 Gain on sales of depreciable real estate, net (21,987) (58,834) (68,179) (67,352) (4,276) Cumulative effect of adoption of a new accounting standard — — 3,001 — — Funds from operations available to common shareholders 377,809 355,102 292,335 211,672 154,708 Preferred dividends 55,169 55,169 50,706 51,205 32,602 Funds from operations $ 432,978 $ 410,271 $ 343,041 $ 262,877 $ 187,310 Net operating income(2) $ 548,331 $ 483,160 $ 378,451 $ 283,408 $ 210,167 Real estate (at cost)(3) $ 7,442,135 $ 7,029,337 $ 5,603,424 $ 3,884,911 $ 2,804,056 Per share (diluted): Net income $ 1.81 $ 2.08 $ 2.24 $ 2.27 $ 1.07 Funds from operations diluted(1) $ 3.41 $ 3.21 $ 2.95 $ 2.51 $ 2.35 Dividends declared (per share) $ 2.36 $ 2.16 $ 1.94 $ 1.69 $ 1.52 Weighted average shares (diluted) 109,613 109,142 99,024 84,188 64,837 Weighted average shares and OP Units (diluted) 110,826 110,700 99,147 84,319 65,910 (1) The company believes that Funds From Operations (“FFO”), which is a non-GAAP financial measure, provides an additional and useful means to assess the financial performance of real estate investment trusts (“REITs”). It is frequently used by securities analysts, investors and other interested parties to evaluate the performance of REITs, most of which present FFO along with net income as calculated in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flows as a measure of liquidity. (2) Net operating income equals income before depreciation, amortization, interest income and expense, equity income of joint ventures, minority interests, taxes and gain/loss on sales of real estate. (3) Does not include property owned through joint ventures. 06 DDR FRONT 3/30/07 11:40 AM Page 4 cquring Inland Retail Real EstateA Trust, Inc. and its i 307assets for big deal $6.2 billion 06 DDR FRONT 3/30/07 11:40 AM Page 6 It's all relative. When you've prospered steadily as a company and grown to more than $15 billion in franchise value, a deal that will expand that value by 38 percent to $22.6 billion – while lining up ideally with your core competencies – is an extraordinary opportunity. Furthermore, when so many other ambitious integrations of properties have proceeded seamlessly, the big numbers involved in a $6.2 billion acquisition become overshadowed by the acquisition's long-term potential. And then there is the matter of capital. Not every company can analyze a multi-billion-dollar In 1995, Developers Diversified's acquisition of deal with the calm assurance that securing the the Homart portfolio for close to $500 million funding will be secondary to measuring the in a joint venture with DRA Advisors seemed a stunning move. The price tag increased the merits of the opportunity. Developers Diversified, company's cumulative investments by nearly with its impressive success in establishing and 65 percent, and the 4 million square feet expanded the Developers Diversified portfolio by 29 percent. managing joint venture arrangements – combined Moreover, the financial partnership with DRA with its strength in accessing other capital Advisors that made the deal possible was groundbreaking in the REIT world. Over the last sources – has that advantage. decade, the acquired properties have consistently So when the assets in a $6.2 billion acquisition performed as stellar assets, although they now constitute just 3.4 percent of the total have every promise of enhancing your overall Developers Diversified portfolio. portfolio in untold ways, and an outstanding financial partner like TIAA-CREF is markedly reducing risk, incorporating the considerable attributes of Inland Retail Real Estate Trust, Inc. is really… no big deal 06 DDR FRONT 3/30/07 11:40 AM Page 8 Committing $ billion 3.to5developments that will admid ionbig deal squarell feet 23 to our portfolio 06 DDR FRONT 3/30/07 11:40 AM Page 10 By no means slackening its development activities as it eyes acquisition opportunities, Developers Diversified has climbed to $3.5 billion in development commitments that will come to fruition over the next several years. The new centers, value-added redevelopments and expansions of current properties, in more than 30 states, will add 23 million square feet to the Developers Diversified portfolio – already one of the largest in the nation. While continually augmenting its portfolio and generating profits, Developers Diversified Consistently realizing double digit percent yields on its active development program, Developers has been accomplishing something else: building Diversified now has a pipeline that far eclipses an outstanding infrastructure for ongoing the total of all previous development investments since the company's IPO in 1993. The current growth. Given Developers Diversified's dual development pipeline of $3.5 billion is 150 strengths in development and acquisitions – each percent more than the $1.4 billion value of all developed properties in the portfolio. buttressed by exceptionally able staff and excellent systems – seizing an extraordinary growth opportunity without any diminution in development activity is really… no big deal 06 DDR FRONT 3/30/07 11:40 AM Page 12 Expanding our portfolio internationally big deal 06 DDR FRONT 3/30/07 11:40 AM Page 14 Two years ago, in its first venture outside the U.S., Developers In adding its first international presence, Developers Diversified Diversified bought a profitable, might seem to be straying outside its core competencies. To the well-leased group of assets in Puerto Rico. To an outsider, the contrary. Selecting partners whose attributes complement its own portfolio could have represented has been a hallmark of Developers Diversified's sharp rise in its scant growth opportunity. Applying aggressive asset management, industry. And so has specializing in centers that offer value and however, Developers Diversified convenience. In its most recent collaborations, however, Developers increased same store net operating income 6.8 percent by attracting Diversified is engaging in role reversal by providing capital and a stronger tenants and initiating an skill set that includes development, design and tenant relations to extensive ancillary income program that is already realizing close to leading companies that have, in their own way, demonstrated exceptional $8 million annually. Within 18 international development expertise. Once again, Developers Diversified is months, Developers Diversified had cut short its 3-year arrangement piercing convention to pursue sizable profits with minimal risk – which with a local management firm in could also be called a core competency. favor of bringing all management operations in-house. The recent expansions into South America and Europe continue a notable record of identifying top-flight partners in new markets and structuring relationships that give Developers Diversified an opportunity to earn extraordinary returns on its capital – albeit at greater risk – but risk that Developers Diversified’s healthy balance sheet can tolerate. At the same time, the moves bring Developers Diversified into close contact with myriad new retailers, familiarize the company with different retailing trends and broaden the company's long-term possibilities. Clearly, investing in exemplary operations in new global markets is… no big deal 06 DDR FRONT 3/30/07 11:40 AM Page 16 $432,978 $210,167 $283,408 $378,451 $483,160 $548,331 $1.52 $1.69 $1.94 $2.16 $2.36 $313,316 $429,982 $562,356 $719,563 $818,098 $187,310 $262,877 $343,041 $410,271 '02 '03 '04 '05 '06 '02 '03 '04 '05 '06 '02 '03 '04 '05 '06 '02 '03 '04 '05 '06 Revenues Funds From Operations(1) Net Operating Income(2) Dividends Per Share (thousands) (thousands) (thousands) (1) The company believes that Funds From Operations (“FFO”), which is a non-GAAP financial measure, provides an additional and useful means to assess the financial performance of real estate investment trusts (“REITs”).
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