SOURCE: Developers Diversified Realty

March 19, 2007 16:15 ET

Developers Diversified Realty to Be Added to the S&P 500 Index

CLEVELAND, OH -- (MARKET WIRE) -- March 19, 2007 -- Developers Diversified Realty (NYSE: DDR), the nation's leading owner, developer and manager of market-dominant community shopping centers, today announced that it will be added to the S&P 500 index after the close of trading on Tuesday, March 20, 2007. The Company does not intend to issue equity in conjunction with the inclusion.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive Officer, commented, "Our inclusion in the S&P 500 is an incredible honor. To be chosen as one of the preeminent 500 companies in the United States is really a testament to the hard work of many individuals over the years. Our inclusion significantly broadens investor participation in our stock and we embrace the challenge to continue producing outstanding returns for our now expanded investor base."

According to Standard and Poors, the S&P 500 index is widely regarded as the best single gauge of the U.S. equities market. The index is comprised of 500 leading companies in leading industries of the U.S. economy and is frequently used as the standard of comparison in terms of investment performance for individual stocks and mutual funds. The S&P 500 index is also the U.S. component of the S&P Global 1200.

Developers Diversified owns and manages 800 retail operating and development properties totaling 162 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.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although Developers Diversified 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 Developers Diversified 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 Annual Report on Form 10-K for the year-end December 31, 2006.

Contact Information

  • Contact:
    Michelle M. Dawson
    Vice President of Investor Relations
    Developers Diversified Realty
    Main: (216) 755-5500
    Fax: (216) 755-1455
    E-mail: Email Contact