DDR Prices Stock Sale

Developers Diversified Realty Corp., Cleveland, has priced the sale of $160 million of preferred stock based on a liquidation value of $25 per depositary share.The class G cumulative redeemable shares will pay an annual dividend of 8% and be redeemable at par on or after March 28, 2008. The real estate investment trust said it will use the proceeds chiefly to buy a portion of DDRC DownREIT LLC's class J 9% and class K 8-7/8% preferred units, which were issued privately to an institutional investor, and to repay borrowings under the company's unsecured credit facility. Deutsche Banc Securities and Morgan Stanley were the joint book-running managers for the class G offering. DDR, which specializes in owning and managing shopping centers, can be found on the Web at http://www.ddrc.com.