SOURCE: Developers Diversified

March 17, 2008 11:47 ET

Developers Diversified Realty Declares First Quarter 2008 Class H and Class I Preferred Share Dividends

CLEVELAND, OH--(Marketwire - March 17, 2008) - Developers Diversified Realty (NYSE: DDR), the nation's leading owner, developer and manager of market-dominant shopping centers, declared its first quarter 2008 Preferred Class H stock dividend of $0.460938 per depositary share and Preferred Class I stock dividend of $0.46875 per depositary 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. The declared Preferred Class H dividend covers the period beginning January 15, 2008 and ending April 14, 2008. The declared Preferred Class H Dividend is payable April 15, 2008 to shareholders of record at the close of business on April 1, 2008.

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. The declared Preferred Class I dividend covers the period beginning January 15, 2008 and ending April 14, 2008. The declared Preferred Class I Dividend is payable April 15, 2008 to shareholders of record at the close of business on April 1, 2008.

Developers Diversified currently owns and manages over 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 163 million square feet. Developers Diversified Realty is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. Additional information about Developers Diversified Realty is available on the Internet at http://www.ddr.com.

Contact Information

  • Contact:
    Michelle M. Dawson
    Vice President of Investor Relations
    Developers Diversified Realty
    216.755.5455