SOURCE: Developers Diversified

December 18, 2006 16:01 ET

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

CLEVELAND, OH -- (MARKET WIRE) -- December 18, 2006 -- Developers Diversified (NYSE: DDR) announced today the declaration of its fourth quarter 2006 Preferred Class H and Class I stock dividends.

-- Fourth 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 October 15, 2006 and ending on January 14, 2007. The declared Preferred Class H Dividend is payable January 16, 2007 to shareholders of record at the close of business on December 29, 2006.

-- Fourth 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 October 15, 2006 and ending on January 14, 2007. The declared Preferred Class I Dividend is payable January 16, 2007 to shareholders of record at the close of business on December 29, 2006.

Developers Diversified 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 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