-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Hl5TIsNlJKhpGcjBb2TROtKXHvyNdAmH7imPhu6I4O0z2LVRnGnso2yvdPEbLPGj
 Aeroi0JMSeLb11UoAHgPRA==

<SEC-DOCUMENT>0001209191-03-004373.txt : 20030514
<SEC-HEADER>0001209191-03-004373.hdr.sgml : 20030514
<ACCEPTANCE-DATETIME>20030514153315
ACCESSION NUMBER:		0001209191-03-004373
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030512
FILED AS OF DATE:		20030514

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HURWITZ DANIEL B
		CENTRAL INDEX KEY:			0001191860

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11690
		FILM NUMBER:		03698861

	MAIL ADDRESS:	
		STREET 1:		3300 ENTERPRISES PARKWAY
		CITY:			BEECHWOOD
		STATE:			OH
		ZIP:			44122

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEVELOPERS DIVERSIFIED REALTY CORP
		CENTRAL INDEX KEY:			0000894315
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				341723097
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122
		BUSINESS PHONE:		2167555500

	MAIL ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcl00997_bcl1bb.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>    <schemaVersion>X0101</schemaVersion><documentType>4</documentType><periodOfReport>2003-05-12</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000894315</issuerCik>        <issuerName>DEVELOPERS DIVERSIFIED REALTY CORP</issuerName><issuerTradingSymbol>DDR</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001191860</rptOwnerCik>            <rptOwnerName>HURWITZ DANIEL B</rptOwnerName>        </reportingOwnerId>        <reportingOwnerAddress>            <rptOwnerStreet1>  </rptOwnerStreet1>            <rptOwnerStreet2>  </rptOwnerStreet2>            <rptOwnerCity>  </rptOwnerCity>            <rptOwnerState>  </rptOwnerState>            <rptOwnerZipCode>  </rptOwnerZipCode>        </reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Exec. Vice President</officerTitle></reportingOwnerRel
ationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-05-12</value></transactionDate><deemedExecutionDate><value>2003-05-12</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>8929</value></transactionShares><transactionValue><value>11.5625</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>53396</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-05-12</
value></transactionDate><deemedExecutionDate><value>2003-05-12</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>8929</value></transactionShares><transactionValue><value>27.55</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>44467</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-05-12</value></transactionDate><deemedExecutionDate><value>2003-05-12</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionF
ormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>7630</value></transactionShares><transactionValue><value>13.333</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>52097</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-05-12</value></transactionDate><deemedExecutionDate><value>2003-05-12</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><
value>7630</value></transactionShares><transactionValue><value>27.55</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>44467</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><derivativeSecurity><securityTitle><value>Stock Options</value></securityTitle><conversionOrExercisePrice><value>11.5625</value></conversionOrExercisePrice><transactionDate><value>2003-05-12</value></transactionDate><deemedExecutionDate><value>2003-05-12</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>8929</value></transactionShares><transactionValue><value>0</value><
/transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2001-03-01</value></exerciseDate><expirationDate><value>2010-03-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>8929</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>131879</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><derivativeSecurity><securityTitle><value>Stock Options</value></securityTitle><conversionOrExercisePrice><value>13.333</value></conversionOrExercisePrice><transactionDate><value>2003-05-12</value></transactionDate><deemedExecutionDate><value>2003-05-12</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transac
tionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>7630</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2002-02-27</value></exerciseDate><expirationDate><value>2011-02-27</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>7630</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>124139</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><ownerSignature><signatureName> /s/Daniel B. Hurwitz</signatureName><signatureDate>2003-05-13</signatureDate>
</ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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