DDR Ddr Corp.

Developers Diversified Realty (NYSE: DDR) announced today that it has increased the maximum payment amount for its offer to purchase for cash its 5.00% Notes due 2010 and 4.625% Notes due 2010 ("the 2010 Tender Offer") by $3,000,000 and the maximum payment amount for its offer to purchase for cash its 5.25% Notes due 2011 and 5.375% Notes due 2012 (the "2011 and 2012 Tender Offer") by $25,000,000. Developers Diversified is now offering to purchase the maximum aggregate principal amount of its 5.00% Notes due 2010 and 4.625% Notes due 2010 available for $73,000,000 (excluding accrued interest and subject to increase) and the maximum aggregate principal amount of its 5.25% Notes due 2011 and 5.375% Notes due 2012 available for $115,000,000 (excluding accrued interest and subject to increase).

As of 10:00 a.m., New York City time, on September 2, 2009, the aggregate principal amount of each series of Notes validly tendered pursuant to the 2010 Tender Offer and the 2011 and 2012 Tender Offer was as follows:

                                          Aggregate Principal
         Notes                              Amount Tendered
-------------------------                ---------------------
2010 Notes
   5.00% Notes due 2010                  $          89,420,000
   4.625% Notes due 2010                 $         134,998,000
2011 and 2012 Notes
   5.25% Notes due 2011                  $          75,222,000
   5.375% Notes due 2012                 $         229,844,000

Developers Diversified also announced that it is extending the early participation deadline for the 2010 Tender Offer and the 2011 and 2012 Tender Offer until midnight, New York City time, on September 16, 2009 (as may be extended by Developers Diversified, the "Early Participation Deadline") and that it is extending the expiration time for the 2010 Tender Offer and the 2011 and 2012 Tender Offer until midnight, New York City time, on September 16, 2009. Holders who validly tender Notes pursuant to the 2010 Tender Offer or the 2011 and 2012 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.

Developers Diversified has not increased the maximum payment amount for its offer to purchase for cash the maximum aggregate principal amount of its 5.50% Notes due 2015 and 7.50% Notes due 2018 (the "2015 and 2018 Tender Offer") available for $40,000,000 (excluding accrued interest and subject to increase). The early participation period for the 2015 and 2018 Tender Offer expired at 5:00 P.M., New York City time, on August 27, 2009, and the 2015 and 2018 Tender Offer remains scheduled to expire at midnight, New York City time, on September 11, 2009.

In each of the Tender Offers 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 amended by this press release and as it may be further amended or supplemented from time to time, the "Offer to Purchase"). Holders no longer have the right to withdraw their tender of Notes in any Tender Offer.

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

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, as amended by this press release. 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