Developers Diversified Declares Fourth Quarter 2007 Class G Preferred Share Dividend

CLEVELAND, OH , the nation's leading owner, developer and manager of market-dominant shopping centers, declared its fourth quarter 2007 Preferred Class G stock dividends.

-- Fourth Quarter 2007 Preferred Class G Stock Dividend: $0.5000 per depositary share

Each Class G Depositary Share is equal to one tenth of a share of Developers Diversified's 8.00% Class G Cumulative Redeemable Preferred Stock. This dividend covers the period beginning on September 15, 2007 and ending on December 14, 2007. The declared Preferred Class G Dividend is payable December 17, 2007 to shareholders of record at the close of business on November 30, 2007.

Developers Diversified owns and manages approximately 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia, and Canada, totaling over 160 million square feet. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and leases shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Contact: William H. Schafer Executive Vice President and Chief Financial Officer Developers Diversified 216.755.5500

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