Exhibit 31.4

CERTIFICATIONS

I, William H. Schafer, certify that:

1.	I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Developers Diversified Realty Corporation (“DDR”); and
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	[Not applicable];
4.	[Not applicable]; and
5.	[Not applicable];

March 10, 2006

Date

/s/ William H. Schafer

Signature

Executive Vice President and Chief Financial Officer

Title

24