Developers Diversified Realty Sells Non-Core Shopping Center in Rapid City, South Dakota

Apr 12, 2001, 01:00 ET from Developers Diversified Realty Corporation

    CLEVELAND, April 12 /PRNewswire/ -- Developers Diversified Realty ("DDR")
 (NYSE:   DDR) announced it sold a 35,500 square foot shopping center in Rapid
 City, South Dakota to a private investor for $2.35 million.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990826/DDRLOGO )
     DDR's year-to-date asset sales for 2001 aggregate nearly $11 million in
 total gross proceeds.  Proceeds from DDR's asset sales were used to repay debt
 and fund previously announced property acquisitions and ongoing development
 projects.
     Developers Diversified Realty currently owns and manages over 240 shopping
 centers totaling over 57 million square feet of real estate in 41 states.  DDR
 is a self-administered and self-managed real estate investment trust (REIT)
 operating as a fully integrated real estate company which develops, leases and
 manages shopping centers.  You can learn more about DDR on the internet at
 www.ddrc.com .
     Developers Diversified Realty Corporation considers portions of this
 information to be forward-looking statements within the meaning of Section 27A
 of the Securities Exchange 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 or the loss of
 a major tenant and other matters described in the Management's Discussion and
 Analysis section of the Company's Form 10-K for the year ended December 31,
 2000.
 
 

SOURCE Developers Diversified Realty Corporation
    CLEVELAND, April 12 /PRNewswire/ -- Developers Diversified Realty ("DDR")
 (NYSE:   DDR) announced it sold a 35,500 square foot shopping center in Rapid
 City, South Dakota to a private investor for $2.35 million.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990826/DDRLOGO )
     DDR's year-to-date asset sales for 2001 aggregate nearly $11 million in
 total gross proceeds.  Proceeds from DDR's asset sales were used to repay debt
 and fund previously announced property acquisitions and ongoing development
 projects.
     Developers Diversified Realty currently owns and manages over 240 shopping
 centers totaling over 57 million square feet of real estate in 41 states.  DDR
 is a self-administered and self-managed real estate investment trust (REIT)
 operating as a fully integrated real estate company which develops, leases and
 manages shopping centers.  You can learn more about DDR on the internet at
 www.ddrc.com .
     Developers Diversified Realty Corporation considers portions of this
 information to be forward-looking statements within the meaning of Section 27A
 of the Securities Exchange 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 or the loss of
 a major tenant and other matters described in the Management's Discussion and
 Analysis section of the Company's Form 10-K for the year ended December 31,
 2000.
 
 SOURCE  Developers Diversified Realty Corporation