SOURCE: Developers Diversified Realty

March 15, 2005 08:01 ET

Developers Diversified Declares Quarterly Class H and Class I Preferred Share Dividends

CLEVELAND, OH -- (MARKET WIRE) -- March 15, 2005 -- Developers Diversified Realty (NYSE: DDR) announced today the declaration of its first quarter 2005 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, 2005 and ending on April 14, 2005. The declared Preferred Class H Dividend is payable April 15, 2005 to shareholders of record at the close of business on April 1, 2005.
--  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, 2005 and ending on April 14, 2005. The declared Preferred Class I Dividend is payable April 15, 2005 to shareholders of record at the close of business on April 1, 2005.

Developers Diversified owns and manages approximately 470 retail operating and development properties totaling approximately 108 million square feet of real estate in 44 states, plus Puerto Rico. 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. You can learn more about Developers Diversified on the Internet at www.ddr.com.

Contact Information

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