Exhibit 99.1
 
DEVELOPERS DIVERSIFIED REALTY CORPORATION
For Immediate Release:
         
Contact:
  Scott A. Wolstein   Francine Glandt
 
  Chairman and   Vice President of Capital Markets and Treasurer
 
  Chief Executive Officer   216-755-5500
 
  216-755-5500   FGlandt@ddr.com
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $3.29 FOR THE YEAR ENDED DECEMBER 31, 2008 BEFORE NON-
RECURRING GAINS AND LOSSES
CLEVELAND, OHIO, February 23, 2009
- Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the fourth quarter and year ended December 31, 2008.
    The Company’s fourth quarter operating Funds From Operations (“FFO”) was $0.74 per share after adjusting for the $216.3 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.4 million.
 
      FFO and net income for the three-month period ended December 31, 2008, reflected $216.3 million, or $1.78 per share, of net charges, primarily non cash, summarized as follows (in millions):
         
Consolidated non-cash impairment charges
  $ 79.9  
Non-cash termination of an equity award plan
    15.8  
Abandoned projects, transaction costs and other expenses
    20.8  
Non-cash impairment charges on equity investments
    107.0  
Impairment charges and other expense recorded in equity income (loss) from joint ventures
    8.5  
Loss on sale of discontinued operations
    3.0  
Effect of above charges allocated to minority interest
    (18.7 )
 
     
 
  $ 216.3  
 
     
    FFO applicable to common shareholders for the three-month period ended December 31, 2008 was a loss of $114.9 million or a loss of $0.95 per diluted share which compares to FFO income of $100.0 million or $0.82 per diluted share for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended December 31, 2008 was $190.2 million or a loss of $1.57 per diluted share which compares to net income of $32.2 million or $0.27 per diluted share for the prior-year comparable period.
 
    The Company’s operating FFO for the year was $3.29 per share after adjusting for the $225.6 million of charges summarized below and eliminating the gain on repurchase of unsecured notes of $11.6 million.
 
      FFO and net income for the year ended December 31, 2008, reflected $225.6 million, or $1.86 per share, of net charges, primarily non cash, summarized as follows (in millions):

 


The following information was filed by Ddr Corp (DDR) on Monday, February 23, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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