Developers Diversified Announces Results of Dividend Election

  Developers Diversified Realty (NYSE: DDR),
the leading owner, manager and developer of market-dominant shopping
centers in the United States, announced that its first quarter 2009 common
share dividend of $0.20 per share will be paid with approximately $2.6
million in cash and 8.3 million common shares.

--  Holders of approximately 17.6 million common shares elected to receive
    the dividend in 100% DDR common shares
--  Holders of approximately 97.4 million common shares elected to receive
    the dividend in 100% cash and will receive $0.02361 per share in cash
    (11.8%) and $0.17639 per share in DDR common shares (88.2%)
--  Holders of approximately 14.1 million common shares made no election
    and will receive $0.02 per share in cash (10%) and $0.18 per share in DDR
    common shares (90%)
    

The value of the common shares distributed in the dividend is based upon the volume weighted average trading prices of the Company's common shares on April 7, April 8 and April 9, 2009, or $2.80 per share. All fractional shares will be paid in cash.

Developers Diversified owns and manages approximately 710 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada totaling approximately 157 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 http://www.ddr.com.

Contact: Tom Morabito Senior Director of Investor Relations Developers Diversified Realty Main: [phone] E-mail: Email Contact