SOURCE: Developers Diversified Realty

August 15, 2007 18:11 ET

Developers Diversified Declares Third Quarter 2007 Class G Preferred Share Dividend

CLEVELAND, OH--(Marketwire - August 15, 2007) - Developers Diversified (NYSE: DDR), the nation's leading owner, developer and manager of market-dominant community centers, declared its third quarter 2007 Preferred Class G stock dividends.

--  Third Quarter 2007 Preferred Class G Stock Dividend: $0.5000 per
    depositary share

      Each Class G Depositary Share is equal to one tenth of a share of
      Developers Diversified's 8.00% Class G Cumulative Redeemable
      Preferred Stock. This dividend covers the period beginning on June
      15, 2007 and ending on September 14, 2007. The declared Preferred
      Class G Dividend is payable September 17, 2007 to shareholders of
      record at the close of business on August 31, 2007.

Developers Diversified owns and manages approximately 740 retail operating and development properties in 45 states, plus Puerto Rico and Brazil, totaling approximately 155 million square feet. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and leases shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Developers Diversified considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant. For more details on the risk factors, please refer to the Company's Form on 10-K as of December 31, 2006.

Contact Information

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