-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WXT5lbglFqm/bucW4wfPzYJ5uqWFosmLU7SdJqCXHEK+W0uRb0M4md9GP7m9ImtV
 W0mc3a2oJ4J/ppV8fSyWOw==

<SEC-DOCUMENT>0001209191-03-011467.txt : 20030710
<SEC-HEADER>0001209191-03-011467.hdr.sgml : 20030710
<ACCEPTANCE-DATETIME>20030710102624
ACCESSION NUMBER:		0001209191-03-011467
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030708
FILED AS OF DATE:		20030710

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCHAFER WILLIAM H
		CENTRAL INDEX KEY:			0001191862

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11690
		FILM NUMBER:		03781203

	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>bcl01957_bcl1whs.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0101</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-07-08</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000894315</issuerCik><issuerName>DEVELOPERS DIVERSIFIED REALTY CORP</issuerName>        <issuerTradingSymbol>DDR</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001191862</rptOwnerCik><rptOwnerName>SCHAFER WILLIAM H</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>  </rptOwnerStreet1><rptOwnerStreet2>  </rptOwnerStreet2><rptOwnerCity>  </rptOwnerCity><rptOwnerState>  </rptOwnerState><rptOwnerZipCode>  </rptOwnerZipCode></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Senior Vice President &amp; CFO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Share
s</value></securityTitle><transactionDate><value>2003-07-08</value></transactionDate><deemedExecutionDate><value>2003-07-08</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>6019</value></transactionShares><transactionValue><value>14.0625</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>84995</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-07-08</value></transactionDate><deemedExecutionDate><value>2003-07-08</value></deemedExecut
ionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>38289</value></transactionShares><transactionValue><value>15.375</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>123284</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-07-08</value></transactionDate><deemedExecutionDate><value>2003-07-08</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>F</transactionCode><equitySwapInvolved>0</equitySwapInvo
lved></transactionCoding><transactionAmounts><transactionShares><value>31446</value></transactionShares><transactionValue><value>29.70</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>91838</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><derivativeSecurity><securityTitle><value>Stock Options</value></securityTitle><conversionOrExercisePrice><value>14.0625</value></conversionOrExercisePrice><transactionDate><value>2003-07-08</value></transactionDate><deemedExecutionDate><value>2003-07-08</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>6
019</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1996-03-23</value></exerciseDate><expirationDate><value>2005-03-23</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>6019</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>87523</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><derivativeSecurity><securityTitle><value>Stock Options</value></securityTitle><conversionOrExercisePrice><value>15.375</value></conversionOrExercisePrice><transactionDate><value>2003-07-08</value></transactionDate><deemedExecutionDate><value>2003-07-08</value></deeme
dExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>38289</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1997-07-17</value></exerciseDate><expirationDate><value>2006-07-17</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>38289</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>49234</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><ownerSignature><signatureName> /s/ William
 H. Schafer</signatureName><signatureDate>2003-07-10</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----