Developers Diversified Declares Quarterly Class H and Class I Preferred Share Dividends

CLEVELAND, OH announced today the declaration of its fourth quarter 2007 Preferred Class H and Class I stock dividends.

-- Fourth Quarter Preferred Class H Stock Dividend: $0.460938 per depository share

Each Class H Depositary Share is equal to one twentieth of a share of Developers Diversified's 7.375% Class H Cumulative Redeemable Preferred Stock. This dividend covers the period beginning on October 15, 2007 and ending on January 14, 2008. The declared Preferred Class H Dividend is payable January 15, 2008 to shareholders of record at the close of business on December 31, 2007.

-- Fourth Quarter Preferred Class I Stock Dividend: $0.46875 per depository share

Each Class I Depositary Share is equal to one twentieth of a share of Developers Diversified's 7.5% Class I Cumulative Redeemable Preferred Stock. This dividend covers the period beginning on October 15, 2007 and ending on January 14, 2008. The declared Preferred Class I Dividend is payable January 15, 2008 to shareholders of record at the close of business on December 31, 2007.

Developers Diversified Realty 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 Realty 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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