DDR NAREIT Investor Forum

June 7-9, 2011

Safe Harbor

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 or significant downsizing of a

major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on

commercially reasonable terms including those under contract and those subject to a letter of intent; 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; our ability to refinance existing debt, including our revolving credit facilities and term loan, on commercially

acceptable terms or at all; our ability to repurchase existing senior notes at discounts to par or at all. 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 Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the quarter

ended March 31, 2011. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or

circumstances that arise after the date hereof.

2

DDR investment thesis

• Professional, experienced management team, free from conflicts of interest

• Unique, scalable operating platform that drives very strong results relative to peers, and creates

incremental value

• Focused on NAV growth and long-term value creation

• More than $2 billion of dispositions since 2007

• $100 million of acquisitions over the last three quarters

• Risk profile substantially improved

• Debt duration extended from 2.7 years to 4.2 years

• Upgrades from Moody’s, S&P and Fitch

• Much more competitive cost of capital

• Significant annual cash flow to fund a growing dividend and reinvestment in the portfolio

• Attractive value with opportunity for above average growth through lease-up, redevelopment,

and acquisitions, funded through continued capital recycling

3

Improved executive compensation and corporate governance

DDR recently ranked in the top one-third of Green Street Advisors’ annual REIT corporate governance ranking,

a notable improvement from last year’s ranking in the bottom one-third

Alignment of Interests

• Beginning in 2010, executive compensation tied to same store EBITDA and relative total shareholder return

• Introduced the DDR “prime” business strategy, with four primary objectives:

Prime balance sheet – strengthening credit metrics and reducing risk

Prime portfolio – focusing on market dominant shopping centers populated by moderate to budget priced

retailers with strong credit profiles and growing market share

Prime platform – improving property operating fundamentals such as increasing cash flow

Prime organization – promoting a corporate culture that is recognized as a first-class, highly-respected

meritocracy

• 23% insider ownership

Board of Directors

• Four new directors appointed in the past two years

• Separated chairman and CEO role in 2010

• Appointed non-executive independent chairman in 2011

• All directors elected annually

4

Significant progress and further improvement

Leased Rate 90.7% 92.6% 95.5%

Same Store NOI -2.2% +3.9% +1.5% to +2%

(post lease-up)

% of NOI Generated from Prime Assets 70% 86.7% 90%+

Ancillary Income (FY, in millions) $35.8 $48.4 (2011 est)

$55+

Consolidated Debt $5.7 billion $4.3 billion < $4.0 billion

Pro Rata Debt to EBITDA 10.2x 8.4x 6.5x - 7.5x

Credit Ratings 1 investment grade,

2 notch split between

agencies

3 negative outlooks

1 investment grade,

2 notch split between

agencies

0 negative outlooks

3 investment grade,

0 negative outlooks

Investor Day

July 1, 2009 (1Q09) March 31, 2011 Five Year Plan

5

Portfolio Fundamentals

6

Critical mass and scalable platform

Assets Under Management $17.9 billion

Partner’s Share of AUM $6.5 billion

Owned and Managed Operating Properties 521

Owned and Managed GLA 127 million sf

Average Leased Rate Since IPO 95.6%

Portfolio Leased Rate, 3/31/11 92.6%

Average Remaining Lease Term 6 years

Average Age of Shopping Centers 12 years

7

Defining our prime portfolio

Our prime portfolio consists of the assets that we expect to provide stable and growing cash flow and

value. Over time, it is our goal to have NOI generated from the prime portfolio represent over 90% of

total NOI.

Our prime portfolio is comprised of market dominant shopping centers with high quality tenants located in

attractive markets with strong demographic profiles

Location characteristics:

• High barrier-to-entry trade areas

• Strong household income growth profiles

• Above average population density

Asset characteristics:

• Market dominant locations

• Strong tenant mix

• Healthy tenant credit profiles with limited risk

• NOI growth potential

8

Breaking down the prime portfolio

Neighborhood Grocery

Centers (35)

Regional Malls

(Brazil and Puerto Rico) (16)

Lifestyle Centers

(10)

Prime Assets (263) % of Prime NOI

Regional Malls (Brazil and Puerto Rico)

(25%)

Neighborhood Grocery

Centers (5%)

Power Centers (159) Power Centers (56%)

Community Centers

(7%)

Single Tenant (7) Single Tenant (1%)

(86.7% of Total NOI)

Community Centers

(36)

Lifestyle Centers (6%)

9

Growing prime NOI

NOI contribution 87% 13%

Target NOI contribution >90% <10%

Average size 305,000 sf 131,500 sf

Leased rate 93.9% 80.8%

Operating margin 69% 56%

Population (7 mile) 335,000 281,000

Avg. HH Income (7 mile) $78,000 $69,000

Prime Portfolio Non-Prime Portfolio

10

Contractually embedded growth

Incremental NOI

(total for FY 2011)

Incremental NOI

(pro rata for FY 2011)

Incremental NOI

(total annualized)

Incremental NOI

(pro rata annualized)

2Q11 $8.5 $5.6 $13.3 $8.8

3Q11 $3.8 $2.6 $9.1 $6.2

4Q11 $1.3 $0.8 $6.1 $3.4

1Q12 $1.4 $1.3 $1.5 $1.4

2Q12 $1.2 $1.2 $1.6 $1.6

3Q12 $0.2 $0.2 $0.5 $0.5

Total $16.4 $11.7 $32.1 $21.9

Fully executed leases for 1.8 million sf (1.3 million sf pro rata) are not open or paying rent as of 3/31/11

(in millions)

Leasing cap-ex related to this activity is $44 million ($30 million pro rata)

11

Top twenty tenants have strong credit profiles

Company % of Pro Rata

Base Rent % of Pro Rata GLA Rating (S&P/M)

1. Walmart / Sam’s Club 4.2% 7.0% AA / Aa2

2. TJX Companies 2.2% 2.6% A / A3

3. PetSmart 2.0% 1.7% BB / NR

4. Bed Bath & Beyond 1.9% 1.7% BBB / NR

5. Kohl’s 1.7% 2.6% BBB+ / Baa1

6. Michaels 1.5% 1.4% B- / B3

7. Lowe’s Home Improvement 1.4% 2.6% A / A1

8. Rite Aid 1.3% 0.6% B- / Caa2

9. GAP / Banana Republic / Old Navy 1.3% 0.9% BB+ / NR

10. OfficeMax 1.3% 1.0% B / B2

11. Dick’s Sporting Goods 1.2% 1.4% NR / NR

12. Tops Markets 1.2% 1.0% BBB / Baa3 (1)

13. Ross Stores 1.2% 1.2% BBB / NR

14. Best Buy 1.1% 0.9% BBB- / Baa2

15. Kroger 1.1% 1.4% BBB / Baa2

16. Staples 1.0% 0.9% BBB / Baa2

17. Regal Cinemas 1.0% 0.7% B+ / B3

18. Cinemark Theatres 1.0% 0.7% BB+ / NR

19. Barnes & Noble 1.0% 0.7% NR / NR

20. Home Depot 1.0% 1.4% BBB+ / Baa1

37. Target (51 locations) 0.5% 1.5% A+ / A2

Total 30.1% 36.9%

(1) 15 of 17 leases are guaranteed by Koninklijke Ahold NV, rated BBB/Baa3 12

Value and convenience dominate our portfolio

General Merchandise / Value

Oriented

Grocery / Wholesale Clubs

Clothing and Accessories

Home Improvement

Restaurants

Home Furnishings / Domestics

Drug & Pharmacy

Department Stores

Hobby and Crafts

Office Supplies

28%

14%

11% 9%

4%

4%

4%

4%

3%

3%

Merchandise Mix by Percentage of Total GLA

Sporting Goods & Toys

Pet Supplies 3%

3%

Cinemas 2%

Electronics 2%

Books and Magazines 1%

5%

All Other Categories

13

Demand is strong and growing

These retailers alone demand more than 150 million square feet in 2011 and 2012.

14

Tenant 2011 Expected Store

Openings

2012 Expected Store

Openings

Walmart 150 180

Target 21 25+

Dick's Sporting Goods 34 35

Kohl's 40 50

Costco 27 30

Lowe's Home Improvement 20 25

Bed Bath & Beyond 50 55+

TJX Companies 85 100+

Ross Dress For Less 50 55+

Ulta 61 80+

Nordstrom Rack 15 15

Best Buy 50 55+

Hobby Lobby 30 35

Publix 35 40

PetSmart 42 45+

Petco 30 35

Staples 20 20

Dollar General 625 650

Dollar Tree 245 260

hhgregg 35 40

Jo-Ann 40 50

Kroger 40 45

M ichaels 60 60+

The relevance of demographics

New demos slide

15

3-mile Demos Power Center Demos (7-mile) Mall Demos (Trade Area)

DDR Asset MSA Project Size Market Mall Income Population Income Population Income Population

Marketplace at Millcreek Atlanta 403,000 Mall of Georgia

$87,453 42,815

$90,158 228,798 $81,185 504,299

Shoppers World Boston 778,000 Natick Collection 87,935 81,960 139,472 197,088 119,843 651,718

Woodfield Village Green Chicago 674,000 Woodfield Mall 31,221 76,899 93,668 507,213 92,028 2,981,325

Great Northern Plazas Cleveland 667,000 Great Northern Mall 80,805 60,519 76,714 293,678 76,128 414,205

Belden Park Crossing Cleveland 534,000 Belden Village Mall 74,737 48,770 63,277 243,835 63,518 344,935

Easton Market Columbus 509,000 Easton Town Center 57,042 104,392 66,550 484,173 62,105 1,356,655

Centennial Promenade Denver 529,000 Park Meadows 120,163 71,444 110,896 390,850 67,167 1,170,500

Overlook at King of Prussia Philadelphia 187,000 King of Prussia 107,259 55,519 117,045 284,370 77,995 2,717,886

Fairfax Towne Center Washington DC 253,000 Fair Oaks Mall 139,035 83,049 138,095 434,986 126,821 1,139,891

Brazil: strong economy + prime assets = significant growth

Operating Properties 10

Development/Redevelopment Properties 5

GLA (owned) 4.9 million sf

Leased Rate 97.2%

NOI Growth +46% (2010)

SS NOI Growth +15% (2010)

Ancillary Income Growth +47% (2010)

% of DDR’s pro rata NOI 7.6%

Ownership 33% (25 million shares)

Current share price R$24.15 (June 1, 2011)

Square feet of retail space per 1,000

inhabitants (Brazil) 527

Square feet of retail space per 1,000 inhabitants

(U.S.)

23,457 Parque Dom Pedro

Sao Paulo, Brazil

16

Sonae Sierra Brasil IPO provides growth capital to the venture while mitigating risk to DDR

• Sonae Sierra Brasil raised R$465 million (US$279 million) of gross proceeds in an IPO, including exercise

of the greenshoe

• We now own 33% of the joint venture (25 million shares)

• We have 3 of the 7 board seats

• Continue to benefit from the above-average NOI growth

• Development and expansions are identified and funded

for the next 3 years

• Risk is mitigated by the liquidity of our investment

Manauara Shopping

Manaus, Brazil

17

Unique Retail Operating Platform

18

ICSC RECon update

• Approximately 900 leasing meetings with 630 different retailers were held in May at ICSC RECon

• Many small shop retailers are looking for locations for 2012 and many still have open-to-buys for 2011

Smoothie King Moe’s Sally Beauty Charming Shoppes

Kirkland’s Stage Stores Sport Clips Claire’s

Mattress Firm Pro Cuts (Regis) Pink Berry Ann Taylor/LOFT

Carter’s Red Mango T-Mobile GNC

Rue 21 Dots U.S. Cellular Hallmark

Under Armour Skechers The Children’s Place Portrait Innovations

Men’s Wearhouse Dress Barn Maurice’s Justice

• Anchor and junior anchor retailers are aggressively looking for locations for 2012 and 2013 openings and are showing flexibility in size and location

Target Petsmart Nordstrom Sprouts

Hobby Lobby Bed Bath & Beyond JoAnn Stores Dunham’s

Dick’s Sporting Goods The Fresh Market Ross Dress for Less Ulta

J.C. Penney The Sports Authority Tuesday Morning DSW

TJX Companies Neiman Marcus Last Call Studio Lord & Taylor Home Best Buy

Kohl’s hhgregg L.A. Fitness Michael’s

19

Strategic asset management

Sector leading capital recycling program will continue to improve quality and grow prime NOI

• $2 billion of dispositions since 2007

• Significantly reduced exposure to tertiary markets and retailers with poor credit

• Dispositions average population and household incomes of 240,000 people and $55,000, respectively, within a 7-mile

radius, which is approximately 30% below the prime portfolio for each category

Recent investments grow the prime portfolio

• $100 million of investments over the last three quarters funded with equity, including net proceeds from asset sales

• Properties are 95% leased

• Average population and household incomes of 315,000 people and more than $62,000, respectively

Availability and pricing of debt capital are improving the transaction market which is firming up pricing for all

properties

20

Strategic asset management – Minneapolis case study

Maple Grove Crossing and Eagan Promenade

• 50% owned JV properties with an advisor

• Acquired 50% interest in Maple Grove, sold 50% interest in Eagan Promenade - 70 bp positive spread in cap rate

• Comparable demographics

• Price sensitivity drives incremental value creation and NAV growth

• Simplifies structure

Maple Grove Eagan Promenade

Gross value $39.2 million $50.3 million

Size 267,170 sf 278,510 sf

Average population (7-mile) 276,651 323,967

Average HH income (7-mile) $93,099 $84,529

Leased rate 99.3% 99.5%

Anchor tenants Kohl’s, Cub Foods, Gander Mountain,

Bed Bath & Beyond, Petco, Michaels,

Barnes & Noble, Old Navy

Byerly’s, Bed Bath & Beyond, TJ Maxx,

OfficeMax, PetsMart, Michaels, Barnes

& Noble, Old Navy

21

Sector-leading disposition activity improves portfolio quality

Sales Price

(millions)

DDR's Pro Rata

Share (millions)

Weighted

Average Cap

Rate

2008 Total $215 $145 6.6%

2009 Total $591 $383 9.3%

2010 Total $791 $250 7.7%

2011 YTD $133 $85 8.5%

Under Contract $33 $33 4.0%

22

Recent acquisition activity

Acquired a performing senior loan at a discount on a prime property in Kansas City for $27 million

• Household incomes over $97,000 within a 7-mile radius

• Anchored by Dick’s Sporting Goods and Old Navy

• Cash yield of 7%, yield to maturity of 10%+

• Market comps imply center value of more than $33 million

• Funded with equity proceeds

• Beneficial to covenants and accretive to FFO

Acquired our partners’ 50% interests in two prime shopping centers for $40 million

• Located in Cleveland and Minneapolis

• 98% leased

• Strong barriers to entry and household incomes over $85,000 within a 7-mile radius

• Anchored by Walmart Supercenter, Home Depot, Kohl's, Hobby Lobby, Cinemark, PetSmart, Cub Foods, Bed

Bath & Beyond, Gander Mountain, Michaels, Petco and Old Navy

• Funded with proceeds from non-prime dispositions

• One asset unencumbered

• One asset secured by new 11 year, 5.7% mortgage

23

Enhancing our portfolio through redevelopment

• Capitalize on organic growth opportunities

• Meet growth needs of our retail partners

• Enhance the value of prime assets

• Reposition non-prime assets into prime assets

• Maximize the value of under-utilized locations

• Acquire value-add opportunities that leverage operating platform

• Invest approximately $750 million over 5 years with progressive increases year over year

• $45 million expected investment in 2011

• Achieve 9% to 10% minimum unlevered stabilized return on incremental costs, and 11% to 12% unleveraged

IRRs on existing properties and 8.5% to 10% on acquisitions

24

Discipline and focus for new development

Development: Five-Year Plan • Establish a reputation as a disciplined developer of prime shopping centers

• Enhance relevance to retail community by providing new opportunities for growth in the

most desired markets

• Achieve and maintain CIP and land as a percentage of consolidated assets below 5%

Development Requirements • Anchors leased and shops 50% pre-leased before starting construction • Unlevered stabilized yield threshold of 10% with 10-year unlevered IRR > 12%

• Entitlements in place as a condition for future land acquisition

• Certainty of execution

$700

$750

$800

$850

$900

$950

$1,000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

(milli

ons)

Total Value of CIP & Land

6%

7%

8%

9%

10%

11%

12%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Total CIP & Land as a % of Gross Assets

25

New business development platform is proven and time tested

• 10-Year CAGR of 33%

• Brazil is the next driver of outsized growth

• Short-term and seasonal leasing is a permanent business model

$1.6$2.8 $3.4

$4.8 $6.2

$13.6

$17.7

$23.6$28.3

$35.8

$43.9$48.4

$0

$10

$20

$30

$40

$50

$60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e

Re

ve

nu

es (m

illio

ns)

U.S. Puerto Rico Brazil

10-Year CAGR 33%

Ancillary Income Revenue Generation

Consistent growth in ancillary income

26

Perceived internet risk is overstated

In the DDR portfolio, there is limited exposure to impacted categories. Office, electronic and book retailers have healthy

occupancy cost ratios and ample lease terms remaining.

Number of

units

Total square

feet

Average store

size

% of pro rata

base rent

Occupancy

cost

Remaining

lease term

Office 94 2.2 million 23,092 2.9% 6.3% 4.2 years

Electronics 35 1.3 million 37,702 1.6% 3.1% 6.7 years

Books 32 0.8 million 23,697 1.3% 6.9% 3.7 years

• U.S. taxpayer subsidy of Internet sales is likely to be removed

• Average sales tax in the U.S. is over 9%

• Demand for big box space is very robust

• Demand from retailers for 4,000 – 10,000 sf space is increasing; retailers expect to take advantage of other retailers

downsizing to increase market share

27

Capital Markets

28

Consolidated debt reduction

$5.9

$5.2

$4.6 $4.4

$4.3 $4.3 $4.1

$4.0

$4.5

$5.0

$5.5

$6.0

$6.5

2008 2009 2Q 2010 3Q 2010 4Q 2010 1Q 2011 YE 2011 (est)

(bill

ions)

Total Consolidated Debt Outstanding

29

Debt to EBITDA continues to improve

Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11

Dec-11

(est.)

Consolidated Debt to

EBITDA9.3x 9.2x 9.0x 8.5x 8.5x 8.3x 7.5x 7.8x high-6x

Pro Rata Debt to EBITDA 10.2x 9.9x 9.5x 9.1x 9.1x 8.9x 8.1x 8.4x mid-7x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

Consolidated Debt to EBITDA Pro Rata Debt to EBITDA

30

Reducing debt to EBITDA

Many sources of leverage reduction without equity issuance

31

(0.25x) (0.08x)

(0.11x) (0.06x)

(0.16x)

(0.16x) (0.9x)

(0.8x)

(0.7x)

(0.6x)

(0.5x)

(0.4x)

(0.3x)

(0.2x)

(0.1x)

0.0x

Income fromSigned LeasesNot Yet Open

(Actual)

Lease-up CIP($100M)

Leased RateIncrease (100

bps)

Operating AssetSales ($100M)

Non-IncomeProducing Asset

Sales ($100M)

RetainedEarnings ($100M)

Pro

Rat

a D

ebt

/ EB

ITD

A (

Ben

efit

)

Steps to Debt / EBITDA Reduction

Staggered maturities mitigate risk

$0

$200

$400

$600

$800

$1,000

$1,200

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020+

(mill

ions

)

Weighted Avg. Interest Rate: 5.7% 3.7% 4.9% 4.2% 5.5% 9.6% 7.5% 5.4% 7.7% 7.5%

(GAAP accounting)

Revolver availability at quarter end

Wholly Owned Debt Maturities

32

Significant strides since rating agency downgrades

Mar-09:

Moody’s

downgrades

DDR to Baa3

(negative outlook)

Apr-09:

S&P downgrades

DDR to BB

(negative

outlook)

May-09:

$113 million of equity

in Otto transaction

Nov-09:

$400 million TALF

CMBS

Aug-09 - Sep-10:

$311 million equity

dribble

Mar-10:

$300 million in 7-

year, 7.5% senior

unsecured notes

Mar-09:

Fitch downgrades

DDR to BBB-

(negative outlook)

May-09:

Fitch downgrades

DDR to BB

(negative outlook)

Sep-09:

$300 million in 7-

year, 9.625% senior

unsecured notes

Dec-09:

Moody’s removes

DDR from the

negative watch list

Feb-10:

$350 million of

equity in follow on

offering

May-10:

Fitch upgrades

DDR’s outlook to

stable

Aug-10:

$300 million in 10-

year, 7.875%

senior unsecured

notes

Oct-10:

Refinanced revolver

and paid down term

loan by $200 million

Nov-10:

$350 million

1.75% convertible

debt

Feb-11:

S&P upgrades

DDR’s outlook to

stable and bond

rating to BB+

Mar-11:

$190 million

common equity and

$300 million in 7-

year, 4.75% senior

unsecured notes

Apr-11:

Moody’s

affirms IG

rating and

upgrades

DDR’s outlook

to stable

May-11:

Fitch upgrades

DDR’s outlook

to positive

33

NAV growth potential

DDR is uniquely positioned to lead the shopping center industry in NAV growth over the next three years

• Generate in excess of $150 million of baseline annual free cash flow

• Recurring net operating EBITDA: $600 - $625 million

• Debt service and capital expenditures: $350 million

• Common and preferred dividends: $100 million

• Free cash flow and disposition proceeds reinvested in the business

• Continue disciplined acquisition program

• Redevelopment opportunities; $45 million in 2011 with potential to be larger

• Monetize non-income producing properties; eliminates carry costs, grows NOI and effectively raises

significant equity capital without issuing stock

• NOI and EBITDA growth will result in further deleveraging

• Increasing dividend

• Growing the dividend 3x the current annual rate results in < 50% FFO payout ratio

34

2011 Guidance

Goals

- Operating FFO Guidance of $0.90 - $1.05 per share

- Pro rata EBITDA of $600 million to $625 million

- Annualized consolidated debt to EBITDA in the high-6x range by year-end

- Annualized pro rata debt to EBITDA in the mid-7x range by year-end

- Total consolidated debt reduced to $4.1 billion by year-end

Assumptions

- Same store NOI projected to be approximately 3%

- Year-end leased rate increasing 100 basis points, resulting in a leased rate above 93%

- Portfolio ancillary income increasing by approximately 10%

- $100 million of operating non-prime asset sales with net proceeds reinvested into acquisitions of Prime assets

- Total general corporate expense reductions of $12 million annually, a portion of which had been capitalized

- Approximately $81 million in G&A

- Capitalized G&A expenses of $9 million, down $1 million from 2010

- Capitalized interest of $8 million, down $4 million from 2010

- Annualized common share dividend of $0.16 per share

- Opportunistic capital raising to improve liquidity, extend debt maturities and improve credit metrics

35

Conclusion: we seek to be prime

Definition of prime (adj.):

1. First importance; demanding the fullest consideration

2. Greatest relevance or significance

3. The highest quality

Prime Organization • Promotes a corporate culture that is

recognized as a first-class, highly respected

meritocracy

• Employment leads to leadership and prestige

in the industry

Prime Operating Platform • Delivers sustainable and consistent economic

value resulting in competitive shareholder

return with low volatility

• Promotes excellence in execution and

management

Prime Portfolio • Delivers predictable and stable cash flows and

compelling value

• Focuses on market-dominant assets populated

by moderate to budget-priced retailers with

strong credit profiles and growing market

shares

Prime Balance Sheet • Provides financial flexibility and stability

throughout economic cycles with a long-term,

balanced maturity profile and a competitive

cost of capital

36