Developers Diversified Announces Results of Dividend Election

  Developers Diversified Realty (NYSE: DDR)
announced that its second quarter 2009 common share dividend of $0.20 per
share will be paid with approximately $3.1 million in cash and 6.1 million
common shares.

--  Holders of approximately 21.8 million common shares elected to receive
    the dividend in 100% DDR common shares
--  Holders of approximately 87.2 million common shares elected to receive
    the dividend in 100% cash and will receive $0.02499 per share in cash
    (12.5%) and $0.17501 per share in DDR common shares (87.5%)
--  Holders of approximately 44.4 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 July 7, July 8 and July 9, 2009, or $4.49 per share. All fractional shares will be paid in cash.

Developers Diversified owns and manages approximately 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 http://www.ddr.com.

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