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Filed Pursuant to Rule 424(b)(7)
Registration No. 333-05565
PRICING SUPPLEMENT NO. 5, dated September 26, 1996
(To Prospectus dated June 18, 1996 and
Prospectus Supplement dated August 19, 1996)
$150,000,000
Developers Diversified Realty Corporation
Medium-Term Notes
Senior Fixed Rate Notes
Due 9 Months or More From Date of Issue
Principal Amount: $20,000,000
Issue Price: 99.6%
Original Issue Date: October 1, 1996
Maturity Date: October 1, 2001
Interest Rate: 7.30%
Agent's Commission: .475%
Agent's Capacity: Agent
Net Proceeds to Company: $19,905,000
Agent: Lehman Brothers Inc.
CUSIP: 25159N AN5
This Pricing Supplement supplements the Prospectus and Prospectus Supplement
with respect to both (1) the initial offering of Medium-Term Notes and (2)
market-making transactions in Medium-Term Notes by Lehman Brothers Inc.
