SOURCE: Developers Diversified

January 10, 2007 08:45 ET

Developers Diversified Announces Tax Allocations of 2006 Dividend Distributions

CLEVELAND, OH -- (MARKET WIRE) -- January 10, 2007 -- Developers Diversified Realty Corporation (NYSE: DDR) today announced the tax allocations of 2006 dividend distributions on its common shares and four series of preferred shares.

For shareholders of Developers Diversified common and preferred shares, the Form 1099-DIV summarizes the allocation of 2006 dividends. The amounts indicated on Form 1099-DIV should be reported on shareholders' 2006 federal income tax returns. The schedule below, presented on a per share basis, is provided for informational purposes only and should only be used to clarify the Form 1099-DIV.

Please note that the entire January 6, 2006 common share distribution will be taxable in 2006 and the entire January 8, 2007 common share distribution will be taxable in 2007.

                         Common Shares (NYSE: DDR)
                            Cusip: 251591  103


                  Record    Payable   Ordinary     Total
                                                  Capital
Period            Date       Date     Dividends    Gain
                ---------- ---------- ---------- ----------
4Q05            12/23/2005   1/6/2006   0.305138   0.117246
                ---------- ---------- ---------- ----------
1Q06             3/22/2006   4/3/2006   0.333391   0.128102
                ---------- ---------- ---------- ----------
2Q06             6/19/2006   7/5/2006   0.333391   0.128102
                ---------- ---------- ---------- ----------
3Q06             9/18/2006  10/2/2006   0.333391   0.128102
                ---------- ---------- ---------- ----------
4Q06            12/22/2006   1/8/2007   0.000000   0.000000
                ---------- ---------- ---------- ----------
Total                                   1.305311   0.501552
                ---------- ---------- ---------- ----------


                                      Unrecaptu-
                                         red
                Return of    Total    Sec. 1250
                 Capital
Period             (1)     Dividends  Gain (2)
                ---------- ---------- ----------
4Q05              0.117616   0.540000   0.029880
                ---------- ---------- ----------
1Q06              0.128507   0.590000   0.032647
                ---------- ---------- ----------
2Q06              0.128507   0.590000   0.032647
                ---------- ---------- ----------
3Q06              0.128507   0.590000   0.032647
                ---------- ---------- ----------
4Q06              0.000000   0.000000   0.000000
                ---------- ---------- ----------
Total             0.503137   2.310000   0.127821
                ---------- ---------- ----------
(1)       Represents a return of stockholders' original investment
(2)       Represents additional characterization of amounts included in
          Total Capital Gain


          Preferred Class F Depository Shares (NYSE:DDR_pf) (1)
                            Cusip: 251591  871


                                  Record    Payable   Ordinary
Period                            Date       Date     Dividends
                                ---------- ---------- ----------
12/15/05 - 03/14/06               3/1/2006  3/15/2006   0.388300
                                ---------- ---------- ----------
03/15/06 - 06/14/06               6/1/2006  6/15/2006   0.388300
                                ---------- ---------- ----------
06/15/06 - 09/14/06               9/1/2006  9/15/2006   0.388300
                                ---------- ---------- ----------
09/15/06 - 12/14/06              12/1/2006 12/15/2006   0.388300
                                ---------- ---------- ----------
Total                                                   1.553200
                                ---------- ---------- ----------



                                                      Unrecaptu-
                                                         red
                                  Total      Total    Sec. 1250
                                 Capital
Period                            Gain     Dividends  Gain (2)
                                ---------- ---------- ----------
12/15/05 - 03/14/06               0.149200   0.537500   0.038024
                                ---------- ---------- ----------
03/15/06 - 06/14/06               0.149200   0.537500   0.038023
                                ---------- ---------- ----------
06/15/06 - 09/14/06               0.149200   0.537500   0.038023
                                ---------- ---------- ----------
09/15/06 - 12/14/06               0.149200   0.537500   0.038023
                                ---------- ---------- ----------
Total                             0.596800   2.150000   0.152093
                                ---------- ---------- ----------
(1)       There is no return of capital.
(2)       Represents additional characterization of amounts included in
          Total Capital Gain.


          Preferred Class G Depository Shares (NYSE:DDR_pg) (1)
                            Cusip: 251591  830


                                  Record    Payable   Ordinary
Period                            Date       Date     Dividends
                                ---------- ---------- ----------
12/15/05 - 03/14/06               3/1/2006  3/15/2006   0.361210
                                ---------- ---------- ----------
03/15/06 - 06/14/06               6/1/2006  6/15/2006   0.361209
                                ---------- ---------- ----------
06/15/06 - 09/14/06               9/1/2006  9/15/2006   0.361209
                                ---------- ---------- ----------
09/15/06 - 12/14/06              12/1/2006 12/15/2006   0.361209
                                ---------- ---------- ----------
Total                                                   1.444837
                                ---------- ---------- ----------


                                                      Unrecaptu-
                                                         red
                                  Total      Total    Sec. 1250
                                 Capital
Period                            Gain     Dividends  Gain (2)
                                ---------- ---------- ----------
12/15/05 - 03/14/06               0.138790   0.500000   0.035371
                                ---------- ---------- ----------
03/15/06 - 06/14/06               0.138791   0.500000   0.035370
                                ---------- ---------- ----------
06/15/06 - 09/14/06               0.138791   0.500000   0.035371
                                ---------- ---------- ----------
09/15/06 - 12/14/06               0.138791   0.500000   0.035370
                                ---------- ---------- ----------
Total                             0.555163   2.000000   0.141482
                                ---------- ---------- ----------
(1)       There is no return of capital.
(2)       Represents additional characterization of amounts included in
          Total Capital Gain.


          Preferred Class H Depository Shares (NYSE:DDR_ph) (1)
                            Cusip: 251591  822


                                  Record    Payable   Ordinary
Period                            Date       Date     Dividends
                                ---------- ---------- ----------
01/15/06 - 04/14/06              3/31/2006  4/17/2006   0.332991
                                ---------- ---------- ----------
04/15/06 - 07/14/06              6/30/2006  7/17/2006   0.332990
                                ---------- ---------- ----------
07/15/06 - 10/14/06              9/29/2006 10/16/2006   0.332990
                                ---------- ---------- ----------
10/15/06 - 01/14/07             12/29/2006  1/16/2007   0.332990
                                ---------- ---------- ----------
Total                                                   1.331961
                                ---------- ---------- ----------


                                                      Unrecaptu-
                                                         red
                                  Total      Total    Sec. 1250
                                 Capital
Period                            Gain     Dividends  Gain (2)
                                ---------- ---------- ----------
01/15/06 - 04/14/06               0.127947   0.460938   0.032608
                                ---------- ---------- ----------
04/15/06 - 07/14/06               0.127948   0.460938   0.032607
                                ---------- ---------- ----------
07/15/06 - 10/14/06               0.127948   0.460938   0.032607
                                ---------- ---------- ----------
10/15/06 - 01/14/07               0.127948   0.460938   0.032607
                                ---------- ---------- ----------
Total                             0.511791   1.843752   0.130429
                                ---------- ---------- ----------
(1)       There is no return of capital.
(2)       Represents additional characterization of amounts included in
          Total Capital Gain.


          Preferred Class I Depository Shares (NYSE:DDR_pi) (1)
                            Cusip: 251591  780


                                  Record    Payable   Ordinary
Period                            Date       Date     Dividends
                                ---------- ---------- ----------
01/15/06 - 04/14/06              3/31/2006  4/17/2006   0.338633
                                ---------- ---------- ----------
04/15/06 - 07/14/06              6/30/2006  7/17/2006   0.338634
                                ---------- ---------- ----------
07/15/06 - 10/14/06              9/29/2006 10/16/2006   0.338634
                                ---------- ---------- ----------
10/15/06 - 01/14/07             12/29/2006  1/16/2007   0.338634
                                ---------- ---------- ----------
Total                                                   1.354535
                                ---------- ---------- ----------


                                                      Unrecaptu-
                                                         red
                                  Total      Total    Sec. 1250
                                 Capital
Period                            Gain     Dividends  Gain (2)
                                ---------- ---------- ----------
01/15/06 - 04/14/06               0.130117   0.468750   0.033159
                                ---------- ---------- ----------
04/15/06 - 07/14/06               0.130116   0.468750   0.033160
                                ---------- ---------- ----------
07/15/06 - 10/14/06               0.130116   0.468750   0.033160
                                ---------- ---------- ----------
10/15/06 - 01/14/07               0.130116   0.468750   0.033160
                                ---------- ---------- ----------
Total                             0.520465   1.875000   0.132639
                                ---------- ---------- ----------
(1)       There is no return of capital.
(2)       Represents additional characterization of amounts included in
          Total Capital Gain.
Developers Diversified currently owns or manages over 500 operating and development retail properties in 44 states, plus Puerto Rico and Brazil comprising approximately 118 million square feet. Developers Diversified is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and manages shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company's Form on 10-K as of December 31, 2004.

Contact Information

  • Contact:
    Michelle M. Dawson
    Vice President of Investor Relations
    Developers Diversified Realty Corporation
    Phone: (216) 755-5455
    Fax: (216) 755-1455
    E-Mail: Email Contact