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CLEVELAND, OH, Mar 02, 2009 (MARKET WIRE via COMTEX) -- Developers Diversified Realty (NYSE: DDR), the nation's leading owner, manager and developer of market-dominant shopping centers, declared its first quarter 2009 common stock dividend of $0.20 per share.

The common dividend is payable on April 21, 2009 to shareholders of record at the close of business on March 12, 2009.

In order to retain capital and enhance financial flexibility amid the challenging capital markets environment, and to comply with REIT distribution requirements, the Company has decided that the first quarter 2009 common stock dividend will be paid in a combination of cash and the Company's common shares. The cash component will not exceed 10% of the aggregate dividend, or $0.02 per share.

In accordance with recently issued Internal Revenue Service guidance, shareholders may make an election to receive their dividend in all cash or all common shares. However, to the extent more than 10% cash is elected by all shareholders in the aggregate, then the cash portion will be prorated. Shareholders who do not make an election will receive 90% in common stock and 10% in cash. The value of the shares distributed in the dividend will be based upon the volume weighted average trading prices of the Company's common stock on April 7, April 8 and April 9, 2009.

Election forms will commence mailing no later than March 17, 2009, and must be received by the Company's transfer agent by 7:00 p.m. EDT on April 6, 2009.

Shareholders with questions may call Georgeson Inc. at 1-800-335-7830. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election, please contact such bank, broker or nominee, who will also be responsible for distributing to you the letter and election form and submitting the election form on your behalf.

Developers Diversified owns and manages over 710 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, and Canada totaling approximately 157 million square feet. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and leases shopping centers. Additional information about Developers Diversified is available on the Internet at www.ddr.com.

Contact:
Francine Glandt
Vice President of Capital Markets
Developers Diversified Realty
Main: (216) 755-5500
E-mail: Email Contact

SOURCE: Developers Diversified Realty

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