SOURCE: Developers Diversified

September 17, 2007 15:23 ET

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

CLEVELAND, OH--(Marketwire - September 17, 2007) - Developers Diversified (NYSE: DDR) announced today the declaration of its third quarter 2007 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, 2007 and ending on October 14, 2007. The declared Preferred Class H Dividend is payable October 15, 2007 to shareholders of record at the close of business on October 1, 2007.

--  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, 2007 and ending on October 14, 2007. The declared Preferred Class H Dividend is payable October 15, 2007 to shareholders of record at the close of business on October 1, 2007.

Developers Diversified owns and manages over 735 retail operating and development properties totaling 156 million square feet in 45 states, plus Puerto Rico and Brazil. 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. More information about Developers Diversified is available on the Internet at www.ddr.com.

Contact Information

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