Developers Diversified Realty Declares Fourth Quarter 2008 Class G Preferred Share Dividend

• Press Release
• Source: Developers Diversified
• On 7:42 am EST, Tuesday November 18, 2008

CLEVELAND, OH--(MARKET WIRE)--Nov 18, 2008 -- Developers Diversified Realty (NYSE:DDR - News), the nation's leading owner, developer and manager of market-dominant shopping centers, declared its fourth quarter 2008 Preferred Class G stock dividend of $0.50 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.

The declared Preferred Class G dividend covers the period beginning September 15, 2008 and ending December 14, 2008. The declared Preferred Class G Dividend is payable on December 15, 2008 to shareholders of record at the close of business on December 1, 2008.

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 Realty 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. Additional information about Developers Diversified Realty is available on the Internet at http://www.ddr.com.

     Contact:
     Francine Glandt
     Treasurer and Vice President of Finance
     Developers Diversified Realty
     216.755.5827