Under the purchase agreement with Burnham, the properties will be acquired for $65.4 million, of which $15.1 million will be paid in cash. At Developers Diversified's option, any or all of the remaining balance may be paid in cash or by the issuance of DDR common shares to Burnham. The transaction is expected to close in late February. The assets will be wholly owned by DDR.

Developers Diversified has agreed to purchase the retail component of 1000 Van Ness, which is a mixed-use property in downtown San Francisco. The 123,000 sf building has been designated as a national historic landmark and is leased to AMC Theatres, Crunch Fitness (owned by Bally Total Fitness) and several restaurants.

DDR has also agreed to purchase Hilltop Plaza Shopping Center, a 245,000 sf open-air community shopping center, located along Interstate 80 in Richmond, CA. The center, which was constructed in 1996 and renovated in 2000, is anchored by a Barnes & Noble, Circuit City, Ross Dress, Petsmart, and a recently constructed Century Theater.