Developers Diversified Realty Declares Third Quarter 2009 Common Share Dividend

  Developers Diversified Realty (NYSE: DDR)
today declared its third quarter 2009 common stock dividend of $0.02 per
share. The common dividend is payable October 15, 2009 to shareholders of
record at the close of business on September 23, 2009.

The Company has elected to maintain a cash dividend comparable to prior quarters but has elected to not pay the stock portion as the Company's most recent estimates indicate that the payment of the stock portion is not required to maintain REIT status. The Company will continue to review its dividend policy on a quarterly basis and make payments sufficient to maintain REIT status, receive favorable tax treatment and provide yield to shareholders while prudently assessing its current liquidity and the state of the capital markets.

Developers Diversified as of June 30, 2009 owned and managed approximately 690 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, and Canada, totaling over 151 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: Kate Deck Investor Relations Director Developers Diversified Realty 216.755.5500