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

CLEVELAND, OH , the nation's leading owner, developer and manager of market-dominant shopping centers, declared its second quarter 2008 Preferred Class G stock dividend of $0.5000 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 March 15, 2008 and ending June 14, 2008. The declared Preferred Class G Dividend is payable June 16, 2008 to shareholders of record at the close of business on May 30, 2008.

Developers Diversified currently owns and manages over 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 162 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: Michelle M. Dawson Vice President of Investor Relations Developers Diversified Realty 216.755.5455