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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,
 WBw3VlASog4ho0gMTohfoNtCRY7ZsByZFeHk+5QaMaGXL8N6VqizT7dOZMKRzmDI
 sPRcqa92XMS4tXNEdfCsUA==

<SEC-DOCUMENT>0001209191-04-001411.txt : 20040106
<SEC-HEADER>0001209191-04-001411.hdr.sgml : 20040106
<ACCEPTANCE-DATETIME>20040106142757
ACCESSION NUMBER:		0001209191-04-001411
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040102
FILED AS OF DATE:		20040106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AHERN TERRANCE R
		CENTRAL INDEX KEY:			0001191824

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11690
		FILM NUMBER:		04509453

	MAIL ADDRESS:	
		STREET 1:		1500 W 3RD ST
		STREET 2:		STE 410
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44113

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>bcl04916_bcl1tra.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2004-01-02</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000894315</issuerCik><issuerName>DEVELOPERS DIVERSIFIED REALTY CORP</issuerName>        <issuerTradingSymbol>DDR</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001191824</rptOwnerCik><rptOwnerName>AHERN TERRANCE R</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>1500 WEST 3RD STREET</rptOwnerStreet1><rptOwnerStreet2>SUITE 410</rptOwnerStreet2><rptOwnerCity>CLEVELAND</rptOwnerCity><rptOwnerState>OH</rptOwnerState><rptOwnerZipCode>44113</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDeriva
tiveTransaction><securityTitle><value>Common Shares (Restricted)</value><footnoteId id="F1" /></securityTitle><transactionDate><value>2004-01-02</value></transactionDate><deemedExecutionDate><value>2004-01-02</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1043</value></transactionShares><transactionPricePerShare><value>33.57</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2193</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes><footnote id="F1">Pursuant to a plan, to vest 1/3 per year beginning 
01-02-2004.</footnote></footnotes><ownerSignature><signatureName>/s/Terrance R. Ahern</signatureName><signatureDate>2004-01-06</signatureDate></ownerSignature></ownershipDocument>

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