CLEVELAND, Nov. 27 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (NYSE:DDR) announced today the successful closing of the securitization of a $400 million, five year loan to the Company that was originated by an affiliate of Goldman, Sachs & Co. on October 8, 2009. Commencing Wednesday, November 25, 2009, the blended interest rate on the loan that the Company pays is 4.225%. The triple-A rated portion of the certificates in the securitization constituted "eligible collateral" under the Term Asset-Backed Securities Loan Facility, or TALF, provided by the Federal Reserve Bank of New York. The mortgage loan to the Company is secured by a pool of 28 assets. Proceeds from the initial loan, originated on October 8, were used primarily to repay secured debt with near term maturities and reduce balances on the Company's revolving credit facilities. The Company has repaid over $270 million of mortgage debt with a weighted average duration of 1.2 years and an interest rate of approximately 6.2%. Additionally, since the end of the third quarter, the Company has used retained cash flow and revolver availability to retire approximately $119 million of unsecured notes with a weighted average duration of 1.6 years and a yield to maturity of approximately 6.6%. David Oakes, Senior Executive Vice President of Finance and Chief Investment Officer, commented, "We are very pleased to complete this transaction, which highlights the availability of attractive financing for quality assets with strong sponsorship. This also reaffirms our continued strategy to access long-term capital to retire short-term debt." Developers Diversified owns and manages approximately 665 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 147 million square feet, the Company's shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Internet at http://www.ddr.com/. DATASOURCE: Developers Diversified Realty Corporation CONTACT: Kate Deck, Investor Relations Director of Developers Diversified, +1-216-755-5500, Web Site: http://www.ddr.com/

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