Developers Diversified Welcomes T.J.Maxx to Puerto Rico

BEACHWOOD, Ohio,  May 21 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (NYSE: DDR), the owner, manager and developer of a dynamic international portfolio of highly valued shopping centers, is pleased to announce the signing of a lease for the first T.J.Maxx in Puerto Rico at Plaza del Norte, a 671,278 million square-foot regional enclosed mall located in Hatillo, Puerto Rico. The store is expected to open in spring 2011.

"We are very pleased that T.J.Maxx will join us in Puerto Rico," said Bryan Zabell, senior vice president of leasing for Developers Diversified. "Leasing momentum of our available junior anchor space remains very positive and we anticipate that trend to continue as demand steadily increases and supply steadily declines."

In addition to T.J.Maxx, Developers Diversified continues to successfully attract other retailers interested in entering the Puerto Rico market. In March the company executed leases for the island's first two PetSmart locations in Bayamon and Rio Piedras; both of which are also anticipated to open in spring 2011.

Domestically, the company also completed leases for three of the first hhgregg stores located in the Mid-Atlantic region. The stores in Mays Landing, New Jersey and Dover, Delaware opened earlier this month; and the Springfield, Virginia location will open in fall 2010.

"We are pleased with the overall leasing velocity related to all aspects of our portfolio," stated Paul Freddo, senior executive vice president of leasing and development for Developers Diversified. "Heading into RECon, we expect many of our nearly 900 tenant meetings to produce positive near- and long-term results as we move toward occupancy stabilization."

Within the past five quarters, the company has executed multiple transactions with many of the nation's leading retailers. Examples include eight deals with Kohl's, seven with Bed Bath & Beyond, seven with The TJX Companies, seven with Hobby Lobby, six with hhgregg, five with Jo-Ann and three with Best Buy, in addition to numerous transactions with many of the nation's other leading tenants.

About Developers Diversified Realty

Developers Diversified owns and manages approximately 640 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 140 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 Company's website at www.ddr.com.

SOURCE Developers Diversified Realty Corporation