Developers Diversified Announces Declaration Of 2007 First Quarter Stock Dividends

CLEVELAND, OH -- Developers Diversified (NYSE: DDR) announced today the declaration of its first quarter 2007 Preferred Class H and Class I stock dividends.

-- First Quarter Preferred Class H Stock Dividend: $0.460938 per
depository 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. This dividend covers the period beginning on January 15, 2007 and ending on April 14, 2007. The declared Preferred Class H Dividend is payable April 16, 2007 to shareholders of record at the close of business on March 30, 2007.
-- First Quarter Preferred Class I Stock Dividend: $0.46875 per
depository share

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. This dividend covers the period beginning on January 15, 2007 and ending on April 14, 2007. The declared Preferred Class H Dividend is payable April 16, 2007 to shareholders of record at the close of business on March 30, 2007.
Developers Diversified owns and manages 800 retail operating and development properties totaling 162 million square feet in 45 states, plus Puerto Rico and Brazil. Developers Diversified is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which develops, leases and manages shopping centers. More information about Developers Diversified is available on the Internet at www.ddr.com.