SOURCE: Developers Diversified

September 15, 2006 10:04 ET

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

CLEVELAND, OH -- (MARKET WIRE) -- September 15, 2006 -- Developers Diversified (NYSE: DDR) announced today the declaration of its third quarter 2006 Preferred Class H and Class I stock dividends.

--  Third 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 July 15, 2006 and ending on October 14, 2006. The declared Preferred Class H Dividend is payable October 16, 2006 to shareholders of record at the close of business on September 29, 2006.
--  Third 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 July 15, 2006 and ending on October 14, 2006. The declared Preferred Class I Dividend is payable October 16, 2006 to shareholders of record at the close of business on September 29, 2006.

Developers Diversified owns or manages approximately 500 operating and development retail properties in 44 states, plus Puerto Rico, comprising approximately 115 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