Developers Diversified Realty Responds to Press Release Announcing Coventry Lawsuit

Developers Diversified Realty Corporation (NYSE: DDR) today announced that it has received a copy of the press release issued today by Coventry Real Estate Advisors. While the Company has not been served with the lawsuit or seen the complaint, in response to the allegations in the press release, the Company stated that it vehemently denies the allegations set forth in the press release, and will vigorously defend itself against such allegations in any legal proceeding. Further, the Company stated that it has not received notice of termination of any agreement with Coventry, and denies that it has breached any terms of any such agreements.

Developers Diversified owns and manages approximately 670 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 148 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 www.ddr.com.