CLEVELAND, OH , the nation's leading owner, developer and manager of market-dominant community centers, declared its first quarter 2008 Preferred Class G stock dividend.

-- First Quarter 2008 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 December 15, 2007 and ending on March 14, 2008. The declared Preferred Class G Dividend is payable March 17, 2008 to shareholders of record at the close of business on February 29, 2008.

Developers Diversified owns or manages over 740 operating and development retail properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, comprising approximately 163 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 develops, leases and manages 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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