SOURCE: Developers Diversified

February 16, 2007 12:06 ET

Developers Diversified Declares First Quarter 2007 Class F and Class G Preferred Share Dividends

CLEVELAND, OH -- (MARKET WIRE) -- February 16, 2007 -- Developers Diversified (NYSE: DDR), the nation's leading owner, developer and manager of market-dominant community centers, declared its first quarter 2007 Preferred Class F and Preferred Class G stock dividends.

--  First Quarter 2007 Preferred Class F Stock Dividend: $0.5375 per
    depositary share
    
Each Class F Depositary Share is equal to one tenth of a share of Developers Diversified's 8.60% Class F Cumulative Redeemable Preferred Stock. This dividend covers the period beginning on December 15, 2006 and ending on March 14, 2007. The declared Preferred Class F Dividend is payable March 15, 2007 to shareholders of record at the close of business on March 1, 2007.
--  First Quarter 2007 Preferred Class G Stock Dividend: $0.5000 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. This dividend covers the period beginning on December 15, 2006 and ending on March 14, 2007. The declared Preferred Class G Dividend is payable March 15, 2007 to shareholders of record at the close of business on March 1, 2007.

Developers Diversified owns or manages over 500 operating and development retail properties in 44 states, plus Puerto Rico and Brazil, comprising approximately 117 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 develops, leases and manages shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Contact Information

  • Contact:
    William H. Schafer
    Executive Vice President and Chief Financial Officer
    Developers Diversified
    216.755.5500