DDR Ddr Corp.

Developers Diversified Realty (NYSE: DDR) announced the expiration of the early participation period in connection with its previously announced offers to purchase for cash ("Tender Offers") the following series of Notes for an aggregate consideration of $200 million for the maximum aggregate principal amount of its:

    1.  5.00% Notes due 2010 and 4.625% Notes due 2010 available for
        $70,000,000 (excluding accrued interest and subject to increase);

    2.  5.25% Notes due 2011 and 5.375% Notes due 2012 available for
        $90,000,000 (excluding accrued interest and subject to increase);
        and

    3.  5.50% Notes due 2015 and 7.50% Notes due 2018 available for
        $40,000,000 (excluding accrued interest and subject to increase).

As of 5:00 p.m., New York City time, on August 27, 2009 (the "Early Participation Deadline"), the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn was as follows:

                              Aggregate Principal
         Notes                  Amount Tendered
-------------------------     -------------------
2010 Notes
    5.00% Notes due 2010           $89,420,000
    4.625% Notes due 2010         $134,997,000
2011 and 2012 Notes
    5.25% Notes due 2011           $75,222,000
    5.375% Notes due 2012         $229,777,000
2015 and 2018 Notes
    5.50% Notes due 2015           $88,389,000
    7.50% Notes due 2018           $46,119,000

In each of the Tender Offers to purchase the Notes described above, the price will be determined in accordance with a modified Dutch auction procedure on the terms and conditions set forth in the Offer to Purchase, dated August 13, 2009 (as it may be amended or supplemented from time to time, the "Offer to Purchase").

As described in the Offer to Purchase, Holders who validly tendered (and did not validly withdraw) Notes pursuant to a Tender Offer at or prior to the Early Participation Deadline will receive the applicable "Total Consideration," including an early participation payment of $40.00 per $1,000 principal amount of Notes (the "Early Participation Payment") tendered in such Tender Offer. Holders who validly tender Notes after the Early Participation Deadline will not be eligible to receive the Early Participation Payment.

Each Tender Offer is scheduled to expire at midnight, New York City time, on September 11, 2009. Holders no longer have the right to withdraw their tender of Notes.

The Tender Offers are conditioned upon the satisfaction or waiver of certain conditions as described in the Offer to Purchase.

David Oakes, Developers Diversified's Senior Executive Vice President of Finance and Chief Investment Officer, commented, "We continue to work diligently on our de-leveraging plan. Retiring debt at discounts to par value is one initiative in a multi-faceted approach to improving our balance sheet. We look forward to reporting additional progress in the coming months."

The Company has retained Goldman, Sachs & Co. to act as the dealer manager for the Tender Offers and has retained Global Bondholder Services Corporation to act as the information agent and depositary for the Tender Offers. Questions regarding the Tender Offers should be directed to Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212) 902-5183 (collect). Requests for documentation relating to the Tender Offers should be directed to Global Bondholder Services Corporation at (866) 952-2200 (toll-free) or (212) 430-3774 (banks and brokers only).

This press release is neither an offer to purchase nor a solicitation to buy any of these Notes nor is it a solicitation for acceptance of the Tender Offer. Developers Diversified Realty is making the Tender Offer only by, and pursuant to the terms of, the Offer to Purchase and the related Letter of Transmittal. The Tender Offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. None of Developers Diversified Realty, the Dealer Manager or the Information Agent makes any recommendation in connection with the Tender Offer.

Developers Diversified as of June 30, 2009 owned and managed approximately 690 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada totaling approximately 151 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.

Contact: Kate Deck Investor Relations Director Developers Diversified Realty Main: (216) 755-5500 E-mail: Email Contact