8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 17, 2010

DEVELOPERS DIVERSIFIED REALTY CORPORATION

(Exact Name of Registrant as Specified in Charter)

Ohio	1-11690	34-1723097
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3300 Enterprise Parkway, Beachwood, Ohio	44122
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:                     (216) 755-5500                                        

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     On February 17, 2010, the Board of Directors of Developers Diversified Realty Corporation (the “Company”) appointed David J. Oakes, age 31, as Senior Executive Vice President and Chief Financial Officer of the Company effective as of February 17, 2010. In connection with the appointment, Mr. Oakes will receive a one-time promotion equity award of 50,000 restricted shares under the Amended and Restated 2008 Developers Diversified Realty Corporation Equity-Based Award Plan (Amended and Restated as of June 25, 2009). The equity award will have a grant date of February 22, 2010 and will vest in 20% annual increments on February 22, 2010, 2011, 2012, 2013 and 2014. In addition, Mr. Oakes will receive a salary increase to $450,000 per year effective as of March 1, 2010.

     Mr. Oakes joined the Company as Executive Vice President of Finance and Chief Investment Officer in April 2007. Mr. Oakes was promoted to Senior Executive Vice President of Finance and Chief Investment Officer in December 2008. In February 2010, he assumed the additional role of interim Chief Financial Officer. Prior to joining the Company, Mr. Oakes served as Senior Vice President and portfolio manager at Cohen & Steers Capital Management from April 2002 through March 2007. In his role, he oversaw the firm’s global and international real estate securities portfolios. Previously, he worked as a research analyst in global investment research at Goldman Sachs, where he covered U.S. real estate investment trusts.

     A copy of the press release announcing this appointment is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

     (d) Exhibits

Exhibit Number		Description
	99.1	Press Release, dated February 18, 2010

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
By:	/s/ Joan U. Allgood
	Joan U. Allgood
	Executive Vice President — Corporate Transactions and Governance

Date: February 22, 2010

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EXHIBIT INDEX

Exhibit Number		Description
	99.1	Press Release, dated February 18, 2010

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact: MEDIA
Scott Schroeder
Vice President of Marketing and Corporate Communications
Developers Diversified
216.755.5500

INVESTORS
Kate Deck
Investor Relations Director
Developers Diversified
216.755.5500

Developers Diversified Realty Corporation Names
David J. Oakes Senior Executive Vice President & Chief Financial Officer

BEACHWOOD, Ohio, February 18, 2010 – Developers Diversified Realty Corporation (NYSE: DDR) today announced the appointment of David J. Oakes as senior executive vice president & chief financial officer. Mr. Oakes had most recently served as senior executive vice president of finance, chief investment officer & interim chief financial officer.

Developers Diversified president & chief executive officer, Daniel B. Hurwitz, commented, “After an extensive national search and meeting an extremely talented pool of candidates, it became patently obvious that the most qualified candidate was David. Over the past 18 months he has developed and executed the restructuring strategy for our balance sheet, raised over $2 billion of capital, has emerged as an internal leader and is widely respected by the investing and lending communities. I have valued my partnership with him as CIO and look forward to his continued prudent financial leadership as CFO.”

Mr. Oakes commented, “I am honored by this appointment and excited by the opportunity to take even greater responsibility within this high-quality organization. We have made great strides during the past year, particularly related to strengthening the balance sheet, and I am very enthusiastic about our opportunities to continue to improve and generate strong shareholder returns with a reduced risk profile.”

As chief financial officer, Mr. Oakes will have primary responsibility for the capital markets, budgeting, tax, investor relations, property and corporate accounting, audit, and external reporting functions. He will continue to serve on the Company’s executive, compensation and management committees, and chair the investment committee.

In Developers Diversified’s continued effort to attract and retain high quality talent, a search for Mr. Oakes successor as the Company’s senior investment officer has commenced.

Mr. Oakes joined Developers Diversified as executive vice president of finance & chief investment officer in April 2007. Mr. Oakes was promoted to senior executive vice president of finance & chief investment officer in December 2008.

Prior to joining Developers Diversified, Mr. Oakes served as senior vice president and portfolio manager at Cohen & Steers Capital Management. In his role, he oversaw the firm’s global and international real estate securities portfolios for the oldest and largest dedicated real estate securities fund manager. Previously he worked as research analyst in global investment research at Goldman Sachs, where he covered U.S. REITs.

Mr. Oakes earned his bachelor’s degree at Washington University in St. Louis and is a Chartered Financial Analyst (CFA). He is a member of the International Council of Shopping Centers (ICSC) and the New York Society of Securities Analysts.

About Developers Diversified Realty

Developers Diversified owns and manages approximately 665 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 147 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 in and 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.

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