DDR Ddr Corp.

Developers Diversified Realty Corporation (NYSE: DDR), the nation's leading owner, developer and manager of market-dominant shopping centers, today announced a revision to its 2008 and 2009 dividend policy. Due to prior compliance with minimum REIT payout requirements, the Company will not pay a fourth quarter dividend for 2008. The 2009 dividends are estimated to be $1.50 per share annually, to be paid quarterly. These revisions are intended to enhance the Company's current liquidity by generating more than $80 million of additional capital in 2008 and additional capital for 2009. As a result, the Company's 2008 common share dividend will aggregate $2.07 per share. This change to the Company's 2008 and 2009 dividend policy should result in additional free cash flow of approximately $230 million, which will be applied primarily to reduce leverage.

Developers Diversified currently owns and manages over 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 159 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