DDR Ddr Corp.

Developers Diversified Realty (NYSE: DDR), the leading owner, manager and developer of market-dominant shopping centers in the United States, announced updates on asset sales and capital markets activities.

Mervyn's Sales: The Company is pleased to announce the closing of the sale of five former Mervyns locations to Kohl's. The net sales proceeds were used to repay debt. The sales to Kohl's include Northridge Plaza in Northridge, CA; College Grove Shopping Center in San Diego, CA; Nellis Crossing in Las Vegas, NV; Pear Tree Center in Ukiah, CA; and Grand Canyon Shopping Center in Las Vegas, NV.

Asset Sales: The Company is also pleased to announce the closing of the sale of Ormond Town Square in Ormond Beach, FL on January 15, 2009. The sale generated $22 million of net proceeds before closing costs to the Company. Today, the Company has over $100 million of assets under contract or subject to letter of intent for sale.

Capital Markets Activities: The Company repaid in full the outstanding balance of its senior unsecured notes which matured on January 30, 2009. The Company's next senior unsecured debt maturity does not occur until May of 2010.

David Oakes, Developers Diversified's Senior Executive Vice President of Finance and Chief Investment Officer, commented, "We are pleased by the progress on our initiatives to generate liquidity and reduce leverage ahead of the pace that we budgeted for 2009."

Developers Diversified owns and manages approximately 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, and Canada totaling approximately 159 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 www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss or significant downsizing of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms including those under contract and those subject to a letter of intent; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact: Francine Glandt Vice President of Capital Markets Developers Diversified Realty Main: (216) 755-5500 E-mail: Email Contact