DDR Ddr Corp.

Developers Diversified Realty (NYSE: DDR), the leading owner, manager and developer of market-dominant shopping centers in the United States, announced that it has secured new debt financings for an aggregate of $125 million. The $125 million of new financing is comprised of two loans. The first is a $40 million, two-year loan with a one-year extension option secured by a shopping center in New Jersey. The second financing is an $85 million, 10-year loan secured by four assets in Puerto Rico.

The successful completion of this new debt financing was a key closing condition that the Company was required to satisfy prior to the closing of the sale of the first tranche of 15 million common shares to Mr. Alexander Otto and certain members of his family. Closing of the first tranche is scheduled to occur on May 11, 2009.

Gross proceeds from the above transactions of roughly $177 million will be used to repay debt and for general corporate purposes.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive Officer, stated, "We are pleased with the new equity and debt proceeds that we have raised thus far as we execute upon our goals of enhancing liquidity and lowering leverage. We look forward to announcing additional progress in the coming months."

Developers Diversified owns and manages over 700 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada totaling approximately 153 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.

Forward-looking Statements

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 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, our ability to continue to satisfy the conditions to the closings of the sale of common shares contemplated by the share purchase agreement. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact: Tom Morabito Senior Director of Investor Relations Developers Diversified Realty Main: (216) 755-5500 E-mail: Email Contact