Developers Diversified Realty Declares First Quarter 2009 Class H and Class I Preferred Share Dividends

  Developers Diversified Realty (NYSE: DDR),
the nation's leading owner, developer and manager of market-dominant
shopping centers, declared its first quarter 2009 Preferred Class H stock
dividend of $0.460938 per depositary share and Preferred Class I stock
dividend of $0.46875 per depositary share.

Each Class H depositary share is equal to one-twentieth of a share of Developers Diversified's 7.375% Class H Cumulative Redeemable Preferred Stock. The declared Preferred Class H dividend covers the period beginning January 15, 2009 and ending April 14, 2009. The declared Preferred Class H Dividend is payable April 15, 2009 to shareholders of record at the close of business on April 1, 2009.

Each Class I depositary share is equal to one-twentieth of a share of Developers Diversified's 7.5% Class I Cumulative Redeemable Preferred Stock. The declared Preferred Class I dividend covers the period beginning January 15, 2009 and ending April 14, 2009. The declared Preferred Class I Dividend is payable April 15, 2009 to shareholders of record at the close of business on April 1, 2009.

Developers Diversified currently owns and manages over 710 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, and Canada, totaling over 157 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 Senior Vice President of Capital Markets and Treasurer Developers Diversified Realty 216.755.5500