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SECURITIES AND EXCHANGE COMMISSION

FORM 10-K

For the transition period from                 to                

Commission file number 1-11690

DEVELOPERS DIVERSIFIED REALTY CORPORATION

3300 Enterprise Parkway, Beachwood, Ohio 44122

(216) 755-5500

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act:

None

(Title of class)

      Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x     No o

      Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

      The aggregate market value of the voting stock held by non-affiliates of the registrant at February 28, 2002 was $1.3 billion.

APPLICABLE ONLY TO CORPORATE REGISTRANTS

      Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

64,057,508 common shares outstanding as of February 28, 2002

DOCUMENTS INCORPORATED BY REFERENCE.

      The registrant incorporates by reference in Part III hereof portions of its definitive Proxy Statement for its 2002 Annual Meeting of Shareholders.

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PART I

      Developers Diversified Realty Corporation, an Ohio Corporation (the “Company” or “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. Unless otherwise provided, references herein to the Company or DDR includes Developers Diversified Realty Corporation, its wholly owned and majority owned subsidiaries and its joint ventures.

      From January 1, 1999 to February 28, 2002, the Company and its joint ventures have acquired 18 shopping center properties. Two properties were acquired in 2002, eight properties were acquired in 2001 (all of which were joint ventures), three were acquired in 2000 (two of which were joint ventures) and five were acquired in 1999 (two of which were joint ventures). In addition, in connection with the AIP merger on May 14, 2001, the Company effectively purchased 37 business centers and two shopping centers.

      The Company’s executive offices are located at 3300 Enterprise Parkway, Beachwood, Ohio 44122, and its telephone number is (216) 755-5500.

      The Company is in the business of acquiring, developing, redeveloping, owning, leasing and managing shopping centers and business centers. See the consolidated financial statements and notes thereto included in Item 8 of this Annual Report on Form 10-K for certain information required by Item 1.

      Since 1965, the Company and Developers Diversified Group (“DDG”), its predecessor, have owned and managed approximately 400 shopping centers and business centers. The Company’s portfolio as of February 28, 2002, consisted of 195 shopping centers and 37 business centers (including 55 properties which are owned through joint ventures) and approximately 196 undeveloped acres (of which approximately 45 acres are owned through joint ventures) (the “Portfolio Properties”). From January 1, 1999 to February 28, 2002, the Company has acquired 18 shopping centers, (including 12 properties owned through joint ventures), containing an aggregate of 3.7 million square feet of gross leasable area (“GLA”) owned by the Company for an aggregate purchase price of approximately $733.4 million. During 1999, 2000 and 2001 the Company completed expansions at 24 of its shopping centers.

      As of February 28, 2002, the Company was expanding five wholly owned properties and four of its joint ventures properties, and expects to commence expansions at additional shopping centers in 2002. The Company, including its joint ventures, has also substantially completed the development of 16 shopping centers since December 31, 1998, at an aggregate cost of approximately $617.1 million aggregating approximately 4.6 million square feet of GLA. As of February 28, 2002, the Company had six shopping centers under development, and its joint ventures had three shopping centers under development.

      At December 31, 2001 the aggregate occupancy of the Company’s wholly-owned shopping centers was 94.5% as compared to 95.2% at December 31, 2000. The average annualized base rent per leased square foot was $8.48 at December 31, 2001 as compared to $8.17 at December 31, 2000. During 2001, same store sales, for those tenants required to report sales (approximately 11.5 million square feet), increased 1.7% to $245 per square foot. At December 31, 2001, the aggregate occupancy of the Company’s joint venture shopping centers was 95.4% as compared to 96.1% at December 31, 2000. The average annualized base rent per leased square foot was $12.75 at December 31, 2001, as compared to $12.35 at December 31, 2000. During 2001, same store sales, for those tenants required to report such information (approximately 3.2 million square feet), increased 3.6% to $273 per square foot.

      The Company is self-administered and self-managed and, therefore, does not engage or pay for a REIT advisor. The Company manages all of the Portfolio Properties. At December 31, 2001, the Company owned

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      In 2000, the Company and Coventry Real Estate Partners (“Coventry”) were selected by Burnham Pacific Properties, Inc. (“Burnham”) to serve as its liquidation agent pursuant to Burnham’s plan of liquidation. The liquidation portfolio originally included 42 properties aggregating 5.4 million square feet. The Company is providing property management services for this portfolio and is receiving property management, leasing and development fees for its services at market rates. Coventry, which is 79% indirectly owned by the Company, is providing asset management services for this portfolio and is receiving asset management fees at market rates. As of February 28, 2002, nine properties remain under management.

      The Company’s investment objective is to increase cash flow and the value of its portfolio of properties and to seek continued growth through the selective acquisition, development, redevelopment, renovation and expansion of income-producing real estate properties, primarily shopping centers. In addition, the Company may also pursue the disposition of certain real estate assets and utilize the proceeds to repay debt, reinvest in other real estate assets and developments and for other corporate purposes. In pursuing its investment objective, the Company will continue to seek to acquire and develop high quality, well-located shopping centers and business centers with attractive initial yields and strong prospects for future cash flow growth and capital appreciation where the Company’s financial strength and management and leasing capabilities can enhance value.

      Management believes that opportunities to acquire existing shopping centers have been and will continue to be available to buyers with access to capital markets and institutional investors, such as the Company. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources.”

      The Company’s real estate strategy and philosophy is to grow its business through a combination of leasing, expansion, acquisition and development. The Company seeks to:

	•	Increase cash flows and property values through strategic leasing, re-tenanting, renovation and expansion of the Company’s portfolio;
	•	Continue to selectively acquire well-located, quality shopping centers (individually or in portfolio transactions) which have leases at rental rates below market rates or other cash flow growth or capital appreciation potential where the Company’s financial strength, relationships with retailers and management capabilities can enhance value;
	•	Increase cash flows and property values by continuing to take advantage of attractive financing and refinancing opportunities (see “Recent Developments — Financings”);
	•	Increase per share cash flows through the selective disposition of low growth assets and utilizing the proceeds to repay debt, invest in other real estate assets and, or developments and for other corporate purposes;
	•	Selectively develop the Company’s undeveloped parcels or new sites in areas with attractive demographics;
	•	Hold properties for long-term investment and place a strong emphasis on regular maintenance, periodic renovation and capital improvements; and
	•	Continue to manage and develop the properties of others to generate fee income, subject to restrictions imposed by federal income tax laws, and create opportunities for acquisitions.

      As part of its ongoing business, the Company engages in discussions with public and private real estate entities regarding possible portfolio or asset acquisitions or business combinations.

      In addition, the Company intends to maintain a conservative debt capitalization ratio. At December 31, 2001, the Company’s debt to total market capitalization ratio, excluding the Company’s proportionate share of non-

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      The strategy, philosophy, investment and financing policies of the Company, and its policies with respect to certain other activities, including its growth, debt capitalization, distributions, status as a REIT and operating policies, are determined by the Board of Directors. Although it has no present intention to do so, the Board of Directors may amend or revise these policies from time to time without a vote of the shareholders of the Company.

Recent Developments

      The acquisitions, developments and expansions were generally financed through cash provided from operating activities, revolving credit facilities, mortgages assumed, construction loans, unsecured public debt, common equity offerings, joint venture capital, Preferred Units, OP Units and asset sales. Total debt outstanding at December 31, 2001 was approximately $1.3 billion as compared to approximately $1.2 billion and $1.1 billion at December 31, 2000 and 1999, respectively. In 2001, the increase in the Company’s outstanding debt is due to the merger of the AIP properties and the funding of acquisition, development and expansion activity offset by asset sales and the issuance of 3.2 million common shares in December 2001, the proceeds of which were used to repay outstanding indebtedness.

      In January 2001, the Company entered into a $100 million, two year swap agreement, converting a portion of the variable rate debt on the Company’s primary unsecured credit facility to a fixed rate of approximately 6.3%.

      In April 2001, the Company entered into a 10 year, $156 million, financing agreement secured by five properties with a fixed coupon interest rate of approximately 6.9%. Proceeds were effectively used to repay amounts outstanding on the Company’s revolving credit facilities and to repay an $8.1 million mortgage scheduled to mature in July 2001.

      In December 2001, the Company completed a 3.2 million registered common share offering. Net proceeds of approximately $57.9 million were used to repay amounts outstanding under the Company’s revolving credit facilities.

      In 2000, the Company announced it intended to acquire several west coast retail properties from Burnham through a joint venture with Prudential Real Estate Investors (“PREI”) and Coventry. The joint venture was funded as follows: 1% by Coventry, 20% by DDR, and 79% by PREI. These properties were not part of Burnham’s liquidation portfolio. This agreement with Burnham was entered into before Burnham’s shareholders approved its plan of liquidation. As of December 31, 2001, ten properties have been acquired at an aggregate cost of approximately $264 million. The Company earns fees for managing and leasing the properties, all of which are located in western states.

      The Company and Coventry also were selected to serve as Burnham’s liquidation agent pursuant to Burnham’s plan of liquidation. The liquidation portfolio originally included 42 properties aggregating 5.4 million square feet. The Company is providing property asset management services for this portfolio and receiving

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      The Company will selectively dispose of low growth assets and re-deploy the sale proceeds into new real estate opportunities at higher returns and/or to repay debt. For the year ended December 31, 2001, the Company sold certain real estate assets and received aggregate proceeds of approximately $65.2 million. In January 2001, the Company sold a 190,000 square foot shopping center in Ahoskie, North Carolina for a purchase price of approximately $8.3 million. In April 2001, the Company sold a 35,500 square foot shopping center in Rapid City, South Dakota to a private investor for approximately $2.4 million. In June 2001, the Company sold a 250,000 square foot shopping center in Highland Heights, Ohio for approximately $27.5 million. In July 2001, the Company sold a 190,000 square foot shopping center in Toledo, Ohio (Airport Square) for approximately $14.8 million. In October 2001, the Company sold a 13,000 square foot shopping center in Zanesville, Ohio for approximately $1.2 million. In December 2001, the Company sold a 30,000 square foot shopping center in Gahanna (New Albany), Ohio for approximately $4.2 million and an office building in San Diego, California for approximately $6.8 million. In addition, during the fourth quarter of 2001, the Company received proceeds of approximately $8.2 million relating to land sales. Proceeds from the above sales were used to repay amounts outstanding on the Company’s revolving credit facilities.

      For the year ended December 31, 2001, the Company’s joint ventures sold certain real estate assets and received aggregate proceeds of approximately $11 million of which the Company received approximately $7 million realized through loan repayments from the joint ventures. In June 2001, a former Best Products location was sold in El Paso, Texas for approximately $1.9 million and a land parcel in San Diego was sold for approximately $3.0 million. In August 2001, a former Best Products location was sold in Lawrenceville, New Jersey for approximately $3.8 million. In October 2001, a former Best Products location was sold in Dayton, Ohio for approximately $1.8 million. Proceeds from these sales were used to repay amounts outstanding on the Company’s revolving credit facilities.

      The Company completed its previously announced merger with AIP following AIP shareholders’ approval of the plan of merger on May 14, 2001. AIP’s shareholders also approved the sale of 31 industrial assets to an affiliate of Lend Lease Real Estate Investments, Inc. (“Lend Lease”) for $292.2 million, which closed on May 14, 2001, immediately prior to the merger.

      Under the merger agreement, all common shareholders’ interests, other than DDR’s, were effectively redeemed and each shareholder received a final cash payment equal to $12.89 per share which was funded from proceeds received from the asset sale to Lend Lease. In addition, in January 2001, all AIP shareholders, including DDR, received a special dividend of $1.27 per share associated with the sale of the Manhattan Towers office building in November 2000 for $55.3 million.

      The merger of a subsidiary of DDR (DDR Transitory Sub, Inc.) into AIP provided DDR with complete ownership of AIP’s 39 remaining properties after the sale to Lend Lease. This portfolio was comprised of 31 industrial properties, six office properties, two retail properties and 23.7 acres of undeveloped land. DDR intends to operate the assets as part of its portfolio and at the same time pursue opportunities to sell some or all of the industrial and office assets through an orderly strategic disposition program. From the date of the merger, the AIP assets, liabilities and operating results are consolidated in the Company’s financial statements. Prior to the merger and since 1999, the Company owned a 46% common stock interest which was accounted for under the equity method of accounting. The Company’s effective purchase of the remaining interest in AIP through the redemption of all other shareholders, as previously described, was accounted for as a step acquisition.

      For the year ended December 31, 2001, the Company completed the expansion and redevelopment of seven shopping centers at an aggregate cost of $13.7 million. The completed expansions/redevelopments include

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      For the year ended December 31, 2001, the Company’s joint ventures completed the expansion and redevelopment of three shopping centers at an aggregate cost of $2.3 million. The completed expansions/redevelopments include shopping centers located in Phoenix, AZ; Eagan, MN and Portland, OR. The Company’s joint ventures are currently expanding/redeveloping four shopping centers located in Atlanta, GA; Marietta, GA; Schaumburg, IL and Maple Grove, MN. An additional expansion at the North Canton, Ohio shopping center is also scheduled to commence construction.

      During 2001, the Company substantially completed shopping center developments in Everett, MA and Kildeer, IL. In addition, the Company is developing shopping centers in Riverdale, UT; Long Beach, CA and Coon Rapids, MN.

      The Company has joint venture development agreements for eight shopping center projects. These eight projects have an aggregate projected cost of approximately $350.2 million. Five of the projects were substantially completed in 2001; the three remaining projects are currently scheduled for completion during 2002.

      The Company is currently financing five of these projects through the PREI/ DDR Retail Value Fund. This fund, which is owned 74.25% by PREI, 24.75% by the Company and 1% by Coventry, invests in retail properties within the United States that are in need of substantial retenanting and market repositioning and may also make equity and debt investments in companies owning or managing retail properties, as well as third party development projects that provide significant growth opportunities. These projects are located in Long Beach, CA (CityPlace); Plainville, CT; Deer Park, IL; Round Rock, TX and San Antonio, TX. Construction has been substantially completed and the centers are open for business at the Deer Park, IL; Plainville, CT; Round Rock, TX and San Antonio, TX locations. The remaining three projects are located in Littleton, CO; Coon Rapids, MN and St. Louis, MO.

      During 2001, certain national and regional retailers experienced financial difficulties and several have filed for protection under bankruptcy laws. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 and the Consolidated Financial Statements and Notes thereto included in Item 8 of this Annual Report on Form 10-K for further information on certain of the recent developments described above.

      As one of the nation’s largest owners and developers of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Management is associated with and actively participates in many shopping center and REIT industry organizations.

      Notwithstanding these relationships, there are numerous developers and real estate companies that compete with the Company in seeking properties for acquisition and tenants who will lease space in these properties.

      As of February 28, 2002, the Company employed 296 full-time individuals, including executive, administrative and field personnel. The Company considers its relations with its personnel to be good.

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      The Company presently meets the qualification requirements of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, the Company generally will not be subject to federal income tax to the extent it meets certain requirements of the Code.

Item 2.     PROPERTIES

      At December 31, 2001, the Portfolio Properties included 193 shopping centers and 37 business centers (56 of which are owned through joint ventures). The shopping centers consist of 181 community shopping centers and 12 enclosed mini-malls. The Portfolio Properties also include approximately 196 undeveloped acres primarily located adjacent to certain of the shopping centers. The shopping centers aggregate approximately 39.8 million square feet of Company-owned GLA (approximately 52.7 million square feet of total GLA) and are located in 39 states, principally in the East and Midwest, with significant concentrations in Ohio, Florida, Missouri, California, Michigan, South Carolina, Utah, Minnesota, North Carolina and Kansas. The business centers aggregate 4.4 million square feet of Company owned GLA and are located in 11 states, primarily in Texas.

      The Company’s shopping centers are designed to attract local area customers and are typically anchored by one or more discount department stores and often include a supermarket, drug store, junior department store and/or other major “category-killer” discount retailers as additional anchors. Most of the shopping centers are anchored by a Wal-Mart, Kmart or Target, and the majority of centers are anchored by two or more national or regional tenants. The tenants of the shopping centers typically offer day-to-day necessities rather than high-priced luxury items. As one of the nation’s largest owners and operators of shopping centers, the Company has established close relationships with a large number of major national and regional retailers, many of which occupy space in the shopping centers.

      Shopping centers make up the largest portion of the Company’s portfolio, comprising 36.8 million (92.5%) square feet of Company-owned GLA and enclosed mini-malls account for 3.0 million (7.5%) square feet of Company-owned GLA. On December 31, 2001, the average annualized base rent per square foot of Company-owned GLA of the Company’s wholly-owned shopping centers was $8.48, and those owned through joint ventures was $12.75. The average annualized base rent per square foot of the Company’s business centers was $8.24.

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      The following table sets forth, as of December 31, 2001, information as to anchor and/or national retail tenants which individually accounted for at least 1.0% of total annualized base rent of the wholly owned properties and the Company’s proportionate share of joint venture properties:

      In addition, as of December 31, 2001, unless otherwise indicated, with respect to the 193 shopping centers:

	•	49 of these properties were developed by DDG, 25 were developed by the Company and the balance were acquired by the Company;
	•	94 of these properties are anchored by a Wal-Mart, Kmart or Target store;
	•	These properties range in size from 4,000 square feet to approximately 800,000 square feet of GLA (with 23 properties exceeding 400,000 square feet of GLA);
	•	Approximately 61.8% of the Company-owned GLA of these properties is leased to national chains, including subsidiaries, with approximately 24.8% of the Company-owned GLA leased to regional chains and approximately 8.2% of the Company-owned GLA leased to local tenants;
	•	Approximately 94.8% of the aggregate Company-owned GLA of these properties was occupied as of December 31, 2001 (and, with respect to the properties owned by the Company at December 31, for each of the five years beginning with 1997, between 94.8% and 96.5% of aggregate Company-owned GLA of these properties was occupied);
	•	Five wholly-owned properties are currently being expanded by the Company and four properties by the joint ventures. The Company is pursuing the expansion of additional properties and
	•	Three wholly-owned properties are currently being developed by the Company and three properties by the joint ventures.

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Tenant Lease Expirations and Renewals

      The following table shows tenant lease expirations for the next ten years at the Company’s shopping centers, including joint ventures, and business centers assuming that none of the tenants exercise any of their renewal options:

      The rental payments under several of these leases will remain constant until the expiration of their base terms, regardless of inflationary increases. There can be no assurance that any of these leases will be renewed or that any new tenants will be obtained if not renewed.

      The Company’s 196 undeveloped acres primarily consist of outlots, retail pads and expansion pads which are primarily located adjacent to certain of the shopping centers. The Company is pursuing an active marketing program to lease, develop or sell its undeveloped acres.

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Developers Diversified Realty Corporation

[Additional columns below]

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

						Company-
						Owned								Average
		DDR				Gross				Total				Base Rent
		Ownership				Leasable				Annualized				(Per SF)				Percent
		Interest				Area (SF)				Base Rent				(2)				Leased				Anchor Tenants (Lease Expiration)
1			100.00%				509,891			$	4,179,999			$	8.33				98.5%			Winn Dixie Stores (2014), Rhodes / Marks Fitzgerald (2004), Goody’s (2004), Wal-Mart Stores (2014), Regal Cinemas, Inc. (2014), Stein Mart (2011), OfficeMax (2011), Michael’s (2009)
2			100.00%				301,074			$	1,952,376			$	8.22				78.9%			Office Depot (2004), Burlington Coat Factory (2003), Regal Cinemas, Inc. (2006)
3			100.00%				41,000			$	485,050			$	11.83				100.0%			Wal-Mart (not owned)
4			50.00%				647,916			$	8,593,634			$	14.39				92.1%			Bassett Furniture (2010), Stein Mart (2011), AMC Theatre (2021), Barnes & Noble (2012), Babies ’R Us (2007), Ross Stores, Inc. (2007), OfficeMax (2012), Joann, Etc. (2010), Best Buy (2014), Ashley Homestores (2011)
5			50.00%				203,509			$	2,767,180			$	14.05				96.8%			Ross Stores (2009), Office Max (2013), Petsmart (2014), Michaels (2009), Target (not owned)
6			50.00%				346,430			$	3,828,538			$	11.62				95.1%			Staples (2009), Comp USA (2013), Mac Frugal’s (2010), Barnes & Noble (2011), T.J. Maxx (2005), Circuit City (2016), Oshman’s Sporting Goods, Inc. (2017), Bassett Furniture (2009), Linens ’N Things (2011), Fry’s (not owned)
7			100.00%				262,862			$	2,860,275			$	11.06				98.4%			T.J. Maxx (2005), Best Buy (2017), Goody’s (2013), Old Navy (2005), Bed, Bath & Beyond (2009)
8			100.00%				207,878			$	1,215,733			$	6.49				90.1%			T.J. Maxx (2007), Cinemark Theatre-Tandy 10 (2011), Burlington Coat Factory Whse (2014)
9			100.00%				272,245			$	1,729,930			$	6.41				99.1%			Wal-Mart Stores (2011), Stage (2005), J.C. Penney (2012)
10			20.00%				103,429			$	1,278,135			$	14.24				86.8%			Safeway (2020)

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[Additional columns below]

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

						Company-
						Owned								Average
		DDR				Gross				Total				Base Rent
		Ownership				Leasable				Annualized				(Per SF)				Percent
		Interest				Area (SF)				Base Rent				(2)				Leased				Anchor Tenants (Lease Expiration)
11			20.00%				518,938			$	6,206,552			$	13.63				87.8%			Miller’s Outpost/Hub Dist (2008), Office Depot, Inc. (2012), Ikea (2007), Circuit City (2009), Wal-Mart (not owned)
12			20.00%				109,358			$	659,407			$	7.71				78.2%			Ralphs Grocery Store (2020)
13			20.00%				459,529			$	4,331,625			$	9.68				97.4%			Wal-Mart (2010), Movies 12/ Cinemark (2017), Home Base (2008), Michael’s (2004), Marshalls (2007), Circuit City (2011), Staples (2003)
14			20.00%				45,600			$	1,075,004			$	29.21				80.7%
15			100.00%				74,132			$	1,089,414			$	16.16				91.0%			Regal Cinemas (2014)
16			20.00%				340,566			$	5,295,366			$	16.96				91.7%			Albertson’s (2020), Borders Book & Music (2015), Bed, Bath & Beyond (2010), Ross Stores, Inc (2010), Century Theaters (2016), Michael’s (2010)
17			20.00%				76,692			$	1,109,324			$	14.46				100.0%			Walgreens (2033), Food 4 Less/ Foods Co (2013)
18			20.00%				440,228			$	6,528,773			$	15.14				98.0%			Pacific Theatres (2013), Sportsmart (2008), Circuit City (2009), Marshalls (2009), Ross Dress for Less (2004), Michael’s (2004), Kmart (2018), Barnes & Noble (2003)
19			20.00%				258,003			$	2,989,271			$	12.61				91.9%			Mikasa Inc. (2003), Nike (2004), Calvin Klein (2008), Guess (2001), Mikasa Storage (2003), Kmart (2006)
20			100.00%				19,875			$	161,274			$	8.87				91.4%			City Market (not owned), Wal-Mart (not owned)
21			100.00%				165,767			$	1,379,136			$	13.52				61.5%			The Gap, Inc. (2003)
22			20.00%				387,536			$	3,883,412			$	10.06				99.6%			Albertson’s (2019), OfficeMax (2010), Kmart (2019), Pep Boys (2014), Wal-Mart/ Sam’s (2018)

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[Additional columns below]

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

						Company-
						Owned								Average
		DDR				Gross				Total				Base Rent
		Ownership				Leasable				Annualized				(Per SF)				Percent
		Interest				Area (SF)				Base Rent				(2)				Leased				Anchor Tenants (Lease Expiration)
23			100.00%				418,637			$	5,380,431			$	14.80				86.8%			Golfsmith Golf Center (2007), Soundtrack (2017), Ross Dress for Less (2008), OfficeMax (2013), Michael’s (2007), Toys R Us (2011), Borders (2017), American Furniture Superstore (not owned), R.E.I. (not owned)
24			100.00%				63,836			$	131,925			$	5.30				39.0%			Big “K” (not owned)
25			24.75%				455,443			$	4,994,536			$	10.97				100.0%			Lowe’s of Plainville (2019), Kohl’s (2022), Kmart Corporation (2019), A.C. Moore (2014), Old Navy (2010), Levitz Furniture (2015), Linens ’N Things (2017), Loew’s Theatre (not owned)
26			100.00%				124,310			$	417,500			$	3.36				100.0%			Kmart (2003), Jo-Ann Stores (2010)
27			100.00%				203,580			$	1,062,265			$	5.76				90.6%			Publix Super Markets (2005), Beall’s (2002), T.J. Maxx (2010)
28			100.00%				161,900			$	537,837			$	3.32				100.0%			Kmart (2002), Scotty’s (not owned)
29			100.00%				74,202			$	561,300			$	7.56				100.0%			OfficeMax (2012), T.J. Maxx (2007)
30			100.00%				147,005			$	605,348			$	4.44				92.8%			Beall’s (2012), Beall’s Outlet (2006), Scotty’s (2008)
31			100.00%				75,386			$	876,415			$	12.01				95.2%			TJMF, Inc. (2004), Marshalls of MA, Inc. (2005)
32			100.00%				16,000			$	98,726			$	7.71				80.0%
33			100.00%				219,073			$	1,402,326			$	6.53				98.1%			J.C. Penney (2007), Winn Dixie Stores (2009)
34			100.00%				63,894			$	437,786			$	7.39				92.7%			Beall’s (2005), Wal-Mart (not owned)
35			100.00%				121,913			$	143,135			$	5.22				19.2%
36			20.00%				267,838			$	3,015,340			$	11.26				100.0%			Winn Dixie (2014), T.J. Maxx (2009), Service Merchandise (2015), Ross Dress for Less (2005), Circuit City (2015), OfficeMax (2010)
37			100.00%				19,280			$	26,200			$	7.28				18.7%			K-Mart (not owned)

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