FOR IMMEDIATE RELEASE

Contact: Scott R. Schroeder

Vice President of Marketing & Corporate Communications

Developers Diversified Realty

216.755.5500

Lights! Camera! Shop!

Developers Diversified Opens South Phase of

Beaver Creek Crossings in Apex, NC

Cleveland, OH (November 2, 2006)—Today, Developers Diversified Realty brought the sparkle and glamour of Hollywood to Apex with the grand opening of Beaver Creek Crossings.

Much like ceremonies held outside Grauman’s Chinese Theater in Hollywood, community leaders and tenants joined the developer in unveiling signed handprints that had been made in cement at the center’s groundbreaking in April 2005, now embedded in the sidewalk in front of Consolidated Theatres.

The Developers Diversified team enjoyed the opportunity to engage tenants and community leaders in the unveiling of the first of the center’s two phases. “We appreciate the public/private partnership we have formed with the Town of Apex that makes projects such as these a great success,” said Tim Bruce, executive vice president of development for Developers Diversified. “We are excited to continue the momentum generated on the south phase as we look to completion of the north phase in 2008.”

Tenants in the south phase include Dick’s Sporting Goods, T.J. Maxx/HomeGoods, Old Navy, Borders Books, Consolidated Theatres, ULTA Cosmetics, LongHorn Steakhouse, Red Robin and Circuit City. The north phase (located directly across Highway 64) and the south phase total 600,000 square feet of retail space.

Located in suburban Raleigh, Beaver Creek Crossings is owned and managed by Developers Diversified Realty. Developers Diversified also owns and manages Beaver Creek Commons, the 475,000 square foot open-air shopping center adjacent to Beaver Creek Crossings. The center opened in 2004, and is home to SuperTarget, Lowe’s, Linens ‘N Things, OfficeMax, PetSmart and several specialty shops.

The mixed-use center also features residential and office development opportunities, and includes pedestrian connections to nearby parks along with bike and walking trails.

Developers Diversified is the nation’s leading owner, developer and operator of market-dominant community shopping centers. The company owns and manages over 500 operating and development retail properties in 44 states, Puerto Rico and Brazil, comprising approximately 118 million square feet, including over 4.6 million square feet in North Carolina. Developers Diversified 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. More information about Developers Diversified is available on the Internet at www.ddr.com.

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