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Business Description
Developers Diversified Realty Corporation (DDR), a self-administered and self-managed real estate investment trust (a REIT), is in the business of acquiring, developing, redeveloping, owning, leasing and managing shopping centers and business centers. The Company's portfolio, as of February 27, 2004, consisted of 347 shopping centers and 34 business centers, including 127 properties owned through joint ventures, and over 550 acres of undeveloped land, including approximately 50 acres owned through joint ventures. As a REIT, DDR does not engage or pay for a REIT advisor, and the Company manages all of the Portfolio Properties. As of December 31, 2003, DDR owned and/or managed over 72 million total square feet of gross leasable area (GLA), which included all of the Portfolio Properties and two properties owned by third parties.

Financial Information
For the nine months ended 9/30/04, revenues rose 27% to $437.4 million. Net income from continuing operations before acct. change applicable to Common rose 34% to $145 million. Results reflect new leasing, re-tenanting and increased gains on asset sales.