-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DsP/KPtPGbEEIjAl4JpiyjPRqvb+QmKkpZfuKAphBSD8L2ixpdGoiN7+MTLv9o2O
 lCb7qqSlB3SpA5Lm14eqIw==

<SEC-DOCUMENT>0001209191-03-007249.txt : 20030611
<SEC-HEADER>0001209191-03-007249.hdr.sgml : 20030611
<ACCEPTANCE-DATETIME>20030611121803
ACCESSION NUMBER:		0001209191-03-007249
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030609
FILED AS OF DATE:		20030611

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JACOBSTEIN DAVID M
		CENTRAL INDEX KEY:			0001191856

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11690
		FILM NUMBER:		03740106

	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>bcl01405_bcl1bb.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0101</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-06-09</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000894315</issuerCik><issuerName>DEVELOPERS DIVERSIFIED REALTY CORP</issuerName>        <issuerTradingSymbol>DDR</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001191856</rptOwnerCik><rptOwnerName>JACOBSTEIN DAVID M</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>President &amp; COO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Shares</value></
securityTitle><transactionDate><value>2003-06-09</value></transactionDate><deemedExecutionDate><value>2003-06-09</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1609</value></transactionShares><transactionValue><value>11.5625</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1609</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-06-09</value></transactionDate><deemedExecutionDate><value>2003-06-09</value></deemedExecutionDate><tra
nsactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1609</value></transactionShares><transactionValue><value>29.25</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-06-10</value></transactionDate><deemedExecutionDate><value>2003-06-10</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionC
oding><transactionAmounts><transactionShares><value>12900</value></transactionShares><transactionValue><value>11.5625</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>12900</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-06-10</value></transactionDate><deemedExecutionDate><value>2003-06-10</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>12900</value></transactionShares><transactionValue><value>28.8616</value></transactionValue>
<transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</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>2003-06-09</value></transactionDate><deemedExecutionDate><value>2003-06-09</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1609</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCod
e></transactionAmounts><exerciseDate><value>2001-03-01</value></exerciseDate><expirationDate><value>2010-03-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>1609</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>12900</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><derivativeSecurity><securityTitle><value>Stock Options</value></securityTitle><conversionOrExercisePrice><value>11.5625</value></conversionOrExercisePrice><transactionDate><value>2003-06-10</value></transactionDate><deemedExecutionDate><value>2003-06-10</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transa
ctionCoding><transactionAmounts><transactionShares><value>12900</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>12900</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><ownerSignature><signatureName> /s/David M. Jacobstein</signatureName><signatureDate>2003-06-10</signatureDate></ownerSignature></ownershipDocument>

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