Developers Diversified Realty Declares Third Quarter 2009 Class G Preferred Share Dividend

CLEVELAND, OH--(Marketwire - August 18, 2009) - Developers Diversified Realty (NYSE: DDR),
the nation's leading owner, developer and manager of market-dominant
shopping centers, declared its third quarter 2009 Preferred Class G stock
dividend of $0.50 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 June
15, 2009 and ending September 14, 2009. The declared Preferred Class G
Dividend is payable on September 15, 2009 to shareholders of record at the
close of business on August 28, 2009.

Developers Diversified, as of June 30, 2009, owned and managed over 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.