CLEVELAND, OH (REIT Media) May 15, 2008 - Developers Diversified Realty (NYSE:DDR), the nation's leading owner, developer and manager of market-dominant shopping centers, declared its second quarter 2008 common stock dividend of $0.69 per share. The common dividend is payable July 8, 2008 to shareholders of record at the close of business on June 20, 2008.

Developers Diversified currently owns and manages over 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 162 million square feet. Developers Diversified Realty is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. Additional information about Developers Diversified Realty is available on the Internet at http://www.ddr.com.

     Contact:
     Michelle M. Dawson
     Vice President of Investor Relations
     Developers Diversified Realty
     216.755.5455