CLEVELAND, OHIO -- (MARKET WIRE) -- 08/15/05 -- Developers Diversified Realty (NYSE: DDR) announced today the declaration of its third quarter 2005 Preferred Class F and Preferred Class G stock dividends.

--  Third Quarter 2005 Preferred Class F Stock Dividend: $0.5375 per
    depository share

    Each Class F Depositary Share is equal to one tenth of a share of
    Developers Diversified's 8.60% Class F Cumulative Redeemable Preferred
    Stock. This dividend covers the period beginning on June 15, 2005 and
    ending on September 14, 2005. The declared Preferred Class F Dividend is
    payable September 15, 2005 to shareholders of record at the close of
    business on September 1, 2005.

--  Third Quarter 2005 Preferred Class G Stock Dividend: $0.5000 per
    depository share

    Each Class G Depositary Share is equal to one tenth of a share of
    Developers Diversified's 8.00% Class G Cumulative Redeemable Preferred
    Stock.  This dividend covers the period beginning on June 15, 2005 and
    ending on September 14, 2005. The declared Preferred Class G Dividend is
    payable September 15, 2005 to shareholders of record at the close of
    business on September 1, 2005.
    

Developers Diversified currently owns and manages over 470 operating and development properties totaling approximately 107 million square feet of real estate in 44 states and Puerto Rico. Developers Diversified is a self-administered and 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 is available on the Internet at http://www.ddr.com.

Contact:
William H. Schafer
Senior Vice President and Chief Financial Officer
Developers Diversified Realty
216.755.5500