SOURCE: Developers Diversified Realty

March 16, 2006 18:05 ET

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

CLEVELAND, OH -- (MARKET WIRE) -- March 16, 2006 -- Developers Diversified Realty (NYSE: DDR) announced today the declaration of its first quarter 2006 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, 2006 and ending on April 14, 2006. The declared Preferred Class H Dividend is payable April 17, 2006 to shareholders of record at the close of business on March 31, 2006.
--  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, 2006 and ending on April 14, 2006. The declared Preferred Class I Dividend is payable April 17, 2006 to shareholders of record at the close of business on March 31, 2006.

Developers Diversified currently owns or manages over 500 operating and development retail properties in 44 states, plus Puerto Rico, comprising approximately 113 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.

Contact Information

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