-----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,
 Aax30yZNaKGeXIG8AoStpqLeYR+CuciZRlFVZGsRX/Wftu60sxSPQfDt9Ex4QrU2
 Ji2v7xDqBMZ5lq9OS1frpQ==

<SEC-DOCUMENT>0001209191-05-024622.txt : 20050509
<SEC-HEADER>0001209191-05-024622.hdr.sgml : 20050509
<ACCEPTANCE-DATETIME>20050509141104
ACCESSION NUMBER:		0001209191-05-024622
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050506
FILED AS OF DATE:		20050509
DATE AS OF CHANGE:		20050509

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BROWN RICHARD E
		CENTRAL INDEX KEY:			0001191866

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11690
		FILM NUMBER:		05810902

	MAIL ADDRESS:	
		STREET 1:		3300 ENTERPRISES PARKWAY
		CITY:			BEECHWOOD
		STATE:			OH
		ZIP:			44122
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcl13916_bcl1reb.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-05-06</periodOfReport>

    <issuer>
        <issuerCik>0000894315</issuerCik>
        <issuerName>DEVELOPERS DIVERSIFIED REALTY CORP</issuerName>
        <issuerTradingSymbol>DDR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001191866</rptOwnerCik>
            <rptOwnerName>BROWN RICHARD E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3300 ENTERPRISE PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BEACHWOOD</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>44122</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2005-05-06</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-05-06</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3560</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>31000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2005-05-06</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-05-06</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3560</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>43.03</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>27440</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>19.90</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-05-06</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-05-06</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3560</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-02-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-02-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3560</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>44071</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <ownerSignature>
        <signatureName>/s/Richard E. Brown</signatureName>
        <signatureDate>2005-05-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----