DDR Ddr Corp.

Developers Diversified Realty (NYSE: DDR), the nation's leading owner, manager and developer of market-dominant shopping centers, has declared its second quarter 2009 common stock dividend of $0.20 per share.

The common dividend is payable on July 21, 2009 to shareholders of record at the close of business on June 11, 2009.

In order to retain capital and enhance financial flexibility amid the challenging capital markets environment, and to comply with REIT distribution requirements, the Company has decided that the second quarter 2009 common stock dividend will be paid in a combination of cash and the Company's common shares. The cash component will not exceed 10% of the aggregate dividend, or $0.02 per share.

In accordance with recently issued Internal Revenue Service guidance, shareholders may make an election to receive their dividend in all cash or all common shares. However, to the extent more than 10% cash is elected by all shareholders in the aggregate, then the cash portion will be prorated. Shareholders who do not make an election will receive 90% in common stock and 10% in cash. The value of the shares distributed in the dividend will be based upon the volume weighted average trading prices of the Company's common stock on July 7, July 8 and July 9, 2009.

The mailing of election forms to registered shareholders will commence no later than June 16, 2009, and must be received by the Company's transfer agent by 7:00 p.m. EDT on July 6, 2009.

Shareholders with questions may call Georgeson Inc. at 1-800-335-7830. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election, please contact such bank, broker or nominee, who will also be responsible for distributing to you the election form and submitting the election form on your behalf.

Developers Diversified owns and manages over 700 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, and Canada totaling approximately 153 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 www.ddr.com.

Contact: Tom Morabito Senior Director of Investor Relations Developers Diversified Realty Main: (216) 755-5500 E-mail: Email Contact