Developers Diversified Realty Announces 4.5% Increase to Quarterly Common Share Dividend in 2008

CLEVELAND, OH , the nation's leading owner, developer and manager of market-dominant shopping centers, today announced its intention to increase its quarterly common share dividend to $0.69 per share in 2008, which is 4.5% higher than the quarterly common share dividend of $0.66 per share paid by Developers Diversified in 2007, and declared its first quarter 2008 common share dividend. On an annualized basis, the dividend would increase to $2.76 per share in 2008 from $2.64 per share in 2007. As of market close on January 8, 2008, the annualized 2008 dividend yield was approximately 7.7%.

This increase will commence with the first quarter 2008 common share dividend, which is payable April 8, 2008 to shareholders of record at the close of business on March 21, 2008.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive Officer, commented, "We are pleased to announce this dividend increase as it reflects our commitment to our shareholders' interests and our Board of Directors' confidence in our ability to generate continued earnings growth. We continue to maintain a dividend policy that balances our interest in providing shareholders an attractive and growing dividend yield, while maintaining a conservative dividend payout ratio that allows for free cash flow to fund investment activity."

Developers Diversified currently owns and manages over 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 160 million square feet. Developers Diversified is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

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 21 E 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 of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company's Form on 10-K as of December 31, 2006.

Contact: Michelle M. Dawson Vice President of Investor Relations Developers Diversified Realty Email: Email Contact Phone: 216.755.5500

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