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Developers Diversified Realty: Developers Diversified Announces Shareholder Approval of Transaction With Otto Family

^{Published on 2009-04-14 14:06:32, Last Modified on 2009-04-14 14:07:19 - Market Wire}
 

CLEVELAND, OH--(Marketwire - April 14, 2009) - Developers Diversified Realty (NYSE: [ DDR ]), the leading owner, manager and developer of market-dominant shopping centers in the United States, today announced it has received shareholder approval on all of the proposals described in the Company's proxy statement filed with the SEC on March 11, 2009 pertaining to the share purchase agreement with Mr. Alexander Otto and members of his family. The proposals were passed at a special meeting held on April 9, 2009 at the Company's headquarters.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive Officer, stated, "We are pleased with the confidence that our shareholders have shown in this strategic investment by the Otto Family. We currently expect the first tranche of 15 million shares to be sold to the Otto Family within the next several weeks, which will be concurrent with our closing on more than $120 million of new debt financing. The Company has obtained commitments from lending relationships for new loans well in excess of the $112.5 million required as a condition to closing. All of these transactions are important steps in lowering our leverage and improving our liquidity, and we continue to work diligently on additional initiatives."

Developers Diversified owns and manages over 710 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, and Canada totaling 157 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 Realty is available on the Internet at [ http://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, our ability to complete, in a timely manner or at all, the new debt financings required to consummate the sale of shares to the Otto Family, and our ability to satisfy various other conditions to consummate the sale of the shares to the Otto Family contemplated by the share purchase agreement. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.