<PAGE> 1
Filed Pursuant to Rule 424(b)(7)
Registration No. 333-37067
PRICING SUPPLEMENT NO. 1, dated December 11, 1997 This Pricing Supplement is
used in reliance on Rule 434 under the Securities Act of 1933, as amended (the
"Act"), and supplements the Prospectus dated October 24, 1997 and the Prospectus
Supplement dated October 24, 1997. For purposes of Section 10(a) of the Act, the
final prospectus relating to the securities offered hereby consists of this
Pricing Supplement, the Prospectus and the Prospectus Supplement and the
documents incorporated therein by reference.
$250,000,000
Developers Diversified Realty Corporation
Medium-Term Notes
Senior Fixed Rate Notes
Due from 9 Months or More From Date of Issue
Principal Amount: $35,000,000
Issue Price: 100%
Original Issue Date: December 16, 1997
Maturity Date: December 16, 2004
Interest Rate: 6.84%
Agent's Commission: .600%
Agent's Capacity: Agent
Net Proceeds to Company: $34,790,000
Agent: Lehman Brothers Inc.
CUSIP: 25159N AT2
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.
