FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Otto Alexander
2. Issuer Name and Ticker or Trading Symbol

DEVELOPERS DIVERSIFIED REALTY CORP [ DDR ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      __ X __ Other (specify below)
Member of 13(d) group
(Last)          (First)          (Middle)

KG CURA VERM?GENSVERWALTUNG, G.M.B.H. & CO. WANDSBEKER STR. 3-7
3. Date of Earliest Transaction (MM/DD/YYYY)

7/17/2009
(Street)

HAMBURG, 2M 22179
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   7/17/2009     J (1)    647212   (1) A $4.49   26863948   (2) (6) D    
Common Stock   7/17/2009     J (1)    193287   (1) A $4.49   10050908   (3) (6) D    
Common Stock   7/17/2009     J (1)    32214   (1) A $4.49   1675150   (4) (6) D    
Common Stock   7/17/2009     J (1)    32214   (1) A $4.49   1675150   (5) (6) D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  On May 28, 2009, DDR declared a common share dividend, payable on July 21, 2009, to shareholders of record at the close of business on June 11, 2009, in a combination of cash and DDR's Common Stock in a ratio determined by DDR on July 17, 2009, and based upon the aggregate elections of all shareholders. As a result, Alexander Otto received 647,212 shares of Common Stock, Katharina Otto-Bernstein received 193,287 shares of Common Stock, Dr. Michael Otto received 32,214 shares of Common Stock, and Janina Vater received 32,214 shares of Common Stock.
( 2)  Alexander Otto has sole ownership of 16,791,565 shares of Common Stock and the sole obligation to purchase 10,072,383 shares of Common Stock within the second closing period, which is anticipated to occur at any time between May 11, 2009 and six months from the date on which DDR's shareholders held a meeting to approve amendments to DDR's articles of incorporation, which was April 9, 2009 (the "Second Closing Period").
( 3)  Katharina Otto-Bernstein has sole ownership of 5,014,716 shares of Common Stock and the sole obligation to purchase 5,036,192 shares of Common Stock within the Second Closing Period.
( 4)  Dr. Michael Otto has sole ownership of 835,785 shares of Common Stock and the sole obligation to purchase 839,365 shares of Common Stock within the Second Closing Period.
( 5)  Janina Vater directly has beneficial ownership of 835,785 shares of Common Stock and the sole obligation to purchase 839,365 shares of Common Stock within the Second Closing Period. Pursuant to a General Power of Attorney, Dr. Michael Otto has indirect beneficial ownership over the shares Ms. Vater owns as well as those she is obligated to purchase.
( 6)  The number of shares of Common Stock reported in this column includes shares issuable at the second closing pursuant to the anti-dilution provision of the stock purchase agreement filed as Exhibit 10.1 to the Form 8-K filed by DDR on February 27, 2009.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Otto Alexander
KG CURA VERM?GENSVERWALTUNG
G.M.B.H. & CO. WANDSBEKER STR. 3-7
HAMBURG, 2M 22179

X
Member of 13(d) group
Otto-Bernstein Katharina
KG CURA VERM?GENSVERWALTUNG
G.M.B.H. & CO. WANDSBEKER STR. 3-7,
HAMBURG, 2M 22179



Member of 13(d) group
Otto Michael Ingo Werner
KG CURA VERM?GENSVERWALTUNG
G.M.B.H. & CO. WANDSBEKER STR. 3-7,
HAMBURG, 2M 22179



Member of 13(d) group
Vater Janina
KG CURA VERM?GENSVERWALTUNG
G.M.B.H. & CO. WANDSBEKER STR. 3-7,
HAMBURG, 2M 22179



Member of 13(d) group

Signatures
/s/ KG CURA Verm?gensverwaltung G.m.b.H. & Co., by power of attorney, By: Dr. Thomas Finne, For: Alexander Otto 8/7/2009
** Signature of Reporting Person Date

/s/ KG CURA Verm?gensverwaltung G.m.b.H. & Co., by power of attorney, By: Dr. Thomas Finne, For: Katharina Otto-Bernstein 8/7/2009
** Signature of Reporting Person Date

/s/ KG CURA Verm?gensverwaltung G.m.b.H. & Co., by power of attorney, By: Dr. Thomas Finne, For: Dr. Michael Otto 8/7/2009
** Signature of Reporting Person Date

/s/ KG CURA Verm?gensverwaltung G.m.b.H. & Co., by power of attorney, By: Dr. Thomas Finne, For: Janina Vater 8/7/2009
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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