BEACHWOOD, Ohio, March 1, 2011 /PRNewswire/ -- Developers
Diversified Realty Corporation (NYSE: DDR), an Ohio corporation (the "Company"), today
announced that it is calling for redemption all outstanding shares
of its 8% Class G Cumulative Redeemable Preferred Shares, without
par value ("Class G Preferred Shares"), and the related depositary
shares ("Depositary Shares"), each representing 1/10th of one share
of the Class G Preferred Shares (NYSE: DDRPRG - CUSIP No.: 251591
83 0). Pursuant to the provisions of the Articles of Incorporation
of the Company, the Company has taken action to redeem all
outstanding Class G Preferred Shares and respective Depositary
Shares on April 4, 2011.
The Class G Preferred Shares and respective Depositary Shares
will be redeemed in whole at a redemption price of $251.05556 per Class G Preferred Share or
$25.105556 per Depositary Share (the
"Redemption Price") (the sum of $250.00 per Class G Preferred Share plus accrued
and unpaid dividends of $1.05556 per
Class G Preferred Share to the redemption date or $25.00 per Depositary Share plus accrued and
unpaid dividends of $0.105556 per
Depositary Share to the redemption date).
Payment of the Redemption Price shall be made on and after
April 4, 2011, as soon as practicable
after presentation and surrender of receipts evidencing the
Depositary Shares and the Letter of Transmittal by "hand delivery"
or by mail to BNY Mellon Shareowner Services LLC ("Redemption
Agent"), 480 Washington Blvd. – 27th Floor, Jersey City, NJ 07310.
Upon deposit by the Company of the Redemption Price in trust
with the Redemption Agent for the account of the holders of the
Class G Preferred Shares and respective Depositary Shares, such
shares shall no longer be deemed to be outstanding and all rights
with respect to such shares shall forthwith cease and terminate
(including, but not limited to, the right to receive dividends from
and after the redemption date) except only the right of the holders
thereof to receive, out of the funds so deposited in trust, from
and after such date, the Redemption Price, without interest.
About Developers Diversified Realty
Developers Diversified owns and manages approximately 570 retail
operating and development properties in 41 states, Brazil, Canada and Puerto
Rico. Totaling approximately 132 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
primarily clustered 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 Internet at www.ddr.com.
Developers Diversified – Financial
SOURCE Developers Diversified Realty Corporation