DDR Ddr Corp.

The National Association of Real Estate Investment Trusts(R) (NAREIT) has announced the winners of its 2004 Annual Report Contest. Developers Diversified Realty (NYSE:DDR) earned a Gold Award in the Management's Discussion & Analysis category for the Large Cap division, which includes companies with equity market capitalization of more than $1.6 billion. This is the third consecutive year that Developers Diversified has received an Annual Report award from NAREIT. In the Management's Discussion & Analysis category, applicants are judged on their letter to shareholders, management's discussion and analysis of financial performance, footnotes to financial data and special disclosures pertaining to developments or occurrences during the year. The awards are determined by a panel of 12 volunteer judges from the NAREIT membership, including portfolio managers and industry analysts. Approximately 40 large cap REITs entered this year's competition. According to Robert Valero, NAREIT's Vice President of Investor Relations, "The judges were impressed by Developers Diversified Realty's thorough discussion of all facets of business, its excellent disclosure on joint venture activity, its clear shareholder letter and the data included for analysis." This is the third straight year that Developers Diversified Realty has been honored with a Gold Award for Management's Discussion & Analysis. The Company also received a Bronze Award for Presentation & Design for 2003 and a Gold Award for Presentation & Design for 2002. "We are honored to receive this recognition from industry experts," said Scott Wolstein, Developers Diversified's Chairman and Chief Executive Officer. "Achieving this award for Management's Discussion & Analysis is a testament to our commitment to transparency and the importance of comprehensive but clear disclosure." Developers Diversified Realty's current ISS corporate governance ranking is 93.2 with an Industry Index rating of 96.8. The ISS ranking indicates that Developers Diversified Realty outperformed 96.8% of the companies in the Russell 3000 Index and 93.2% of the companies in the Real Estate Group. NAREIT is the representative voice for U.S. REITs and publicly traded real estate companies worldwide. Members are real estate investment trusts and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and service those businesses. More information is available at http://www.nareit.com. Developers Diversified Realty is the nation's leading owner, developer and manager of market-dominant community centers. Developers Diversified currently owns and manages over 470 operating and development properties totaling approximately 109 million square feet of real estate in 44 states and Puerto Rico. Developers Diversified is a self-administered and managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and manages shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.