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                                                                     Exhibit 4.3
                                THIRD AMENDMENT
                                       TO
                              AMENDED AND RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                  DEVELOPERS DIVERSIFIED REALTY CORPORATION
                               Charter No. 831795

      The following amendments to the Amended and Restated Articles of
Incorporation of the Corporation, as amended, were adopted by a majority vote of
the shareholders of the Corporation at a meeting held on January 29, 2003 and
pursuant to the authority of Section 1701.71(A)(1) and 1701.73(A) and (C) of the
Ohio Revised Code:

      RESOLVED, that the Amended and Restated Articles of Incorporation of the
Corporation, as amended, be and they hereby are amended by adding at the end of
Division A of Article FOURTH a new Item XVI reading as follows:

      XVI.  The Voting Preferred Shares.  The Voting Preferred Shares shall
have the following express terms:

            Section 1. General. The Voting Preferred Shares shall rank on a
      parity with the Class A Shares, Class B Shares, Class C Shares, Class D
      Shares, Class E Shares, Class F Shares, Class G Shares, Class H Shares,
      Class I Shares, Class J Shares, Class K Shares and Noncumulative Shares
      and shall be identical to all Class A Shares, Class B Shares, Class C
      Shares, Class D Shares, Class E Shares, Class F Shares, Class G Shares,
      Class H Shares, Class I Shares, Class J Shares, Class K Shares and
      Noncumulative Shares except as set forth in the provisions of Sections 2
      through 10, both inclusive, which provisions shall apply to all of the
      Voting Preferred Shares.

            Section 2. Definitions. For purposes of the Voting Preferred Shares,
      the following terms shall have the meanings indicated:

            "Board of Directors" shall mean the Board of Directors of the
      Corporation or any committee authorized by such Board of Directors to
      perform any of its responsibilities with respect to the Voting Preferred
      Shares; provided that, for purposes of paragraph (a) of Section 8, the
      term "Board of Directors" shall not include any such committee.

            "Business Day" shall mean any day other than a Saturday, Sunday or a
      day on which state or federally chartered banking institutions in New
      York, New York are not required to be open.

            "Code" shall mean the Internal Revenue Code of 1986, as amended from
      time to time.

            "Dividend Payment Date" shall mean March 31, June 30, September 30
      and December 31 of each year; provided, that if any Dividend Payment Date
      falls on any day other than a Business Day, the dividend payment payable
      on such Dividend Payment Date shall be paid on the Business Day
      immediately following such Dividend Payment Date and no interest shall
      accrue on such dividend from such Dividend Payment Date to the date such
      dividend is paid.

            "Dividend Periods" shall mean each quarterly dividend period
      commencing on and including March 31, June 30, September 30 and December
      31 of each year and ending on and including the day preceding the first
      day of the next succeeding Dividend Period, other than the

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      Dividend Period during which any Voting Preferred Shares shall be redeemed
      pursuant to Section 5, which shall end on and include the Redemption Date
      with respect to the Voting Preferred Shares being redeemed.

            "Event" shall have the meaning set forth in paragraph (b) (i) of
      Section 8.

            "Liquidation Preference" shall have the meaning set forth in
      paragraph (a) of Section 4.

            "REIT" shall mean a Real Estate Investment Trust under Section 856
      of the Code.

            "set apart for payment" shall be deemed to include, without any
      action other than the following, the recording by the Corporation in its
      accounting ledgers of any accounting or bookkeeping entry which indicates,
      pursuant to a declaration of dividends or other distribution by the Board
      of Directors, the allocation of funds to be so paid on any series or class
      of capital stock of the Corporation; provided, however, that if any funds
      for any class or series of shares ranking junior to the Voting Preferred
      Shares or any class or series of shares ranking on a parity with the
      Voting Preferred Shares are placed in a separate account of the
      Corporation or delivered to a disbursing, paying or other similar agent,
      then "set apart for payment" with respect to the Voting Preferred Shares
      shall mean placing such funds in a separate account or delivering such
      funds to a disbursing, paying or other similar agent.

            Section 3. Dividends. (a) The holders of Voting Preferred Shares
      shall be entitled to receive, when and as declared by the Board of
      Directors out of funds legally available for that purpose, cumulative
      dividends payable in cash in an amount per Voting Preferred Share equal to
      $2.3438 per annum (equivalent to 9 3/8% of the per share Liquidation
      Preference per annum). Such dividends shall be cumulative from the first
      day of the Dividend Period in which the Closing Date (as defined in that
      certain Agreement and Plan of Merger dated as of October 4, 2002 by and
      among the Corporation, JDN Realty Corporation and DDR Transitory Sub,
      Inc.) shall occur, whether or not in any Dividend Period or Periods such
      dividends shall be declared or there shall be funds of the Corporation
      legally available for the payment of such dividends, and shall be payable
      quarterly in arrears on each Dividend Payment Date. Each such dividend
      shall be payable in arrears to the holders of record of the Voting
      Preferred Shares, as they appear on the stock records of the Corporation
      at the close of business on the fifteenth day of the calendar month in
      which the applicable Dividend Payment Date falls on or such other date
      designated by the Board of Directors for the payment of dividends that is
      not more than 45 nor less than 10 days prior to such Dividend Payment
      Date, as the case may be, immediately preceding such Dividend Payment
      Date. No dividends on the Voting Preferred Shares shall be declared by the
      Board of Directors or be paid or set apart for payment by the Corporation
      at such time as any agreement of the Corporation, including any agreement
      relating to the Corporation's indebtedness, prohibits such declaration,
      payment or setting apart for payment or provides that such declaration,
      payment or setting apart for payment would constitute a breach thereof or
      a default thereunder, or if such declaration, payment or setting apart for
      payment shall be restricted or prohibited by law. Accumulated, accrued and
      unpaid dividends for any past Dividend Periods may be declared and paid at
      any time, without reference to any regular Dividend Payment Date, to
      holders of record on such date, which date shall not precede by more than
      45 days the payment date thereof, as may be fixed by the Board of
      Directors.

            (b) Any dividend payable on the Voting Preferred Shares for any
      partial dividend period shall be computed ratably on the basis of twelve
      30-day months and a 360-day year. Holders of Voting Preferred Shares shall
      not be entitled to any dividends, whether payable in cash, property or
      stock, in excess of full cumulative dividends, as herein provided, on the
      Voting
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      Preferred Shares. No interest, or sum of money in lieu of interest, shall
      be payable in respect of any dividend payment or payments on the Voting
      Preferred Shares that may be in arrears. Any dividend payment made on the
      Voting Preferred Shares shall first be credited against the earliest
      accrued but unpaid dividend due with respect to such shares which remains
      payable.

            (c) If, for any taxable year, the Corporation elects to designate as
      "capital gain dividends" (as defined in Section 857 of the Code) any
      portion (the "Capital Gains Amount") of the total distributions (as
      determined for federal income tax purposes) paid or made available for the
      year to holders of all classes of capital stock (the "Total Dividends"),
      then the portion of the Capital Gains Amount that shall be allocable to
      holders of Voting Preferred Shares shall be in the same proportion that
      the Total Dividends paid or made available to the holders of Voting
      Preferred Shares for the year bears to the Total Dividends. If, for any
      taxable year, the Corporation elects, as provided in Section 857(b)(3)(D)
      of the Code, to designate as "undistributed capital gains" any portion of
      the Corporation's total net capital gains for the taxable year, then such
      undistributed capital gains shall be allocated between the holders of the
      Voting Preferred Shares and the holders of other classes or series of
      capital stock of the Corporation in a manner that is consistent with such
      allocations being considered other than a "preferential dividend" within
      the meaning of Section 562(c) of the Code.

            (d) So long as any of the Voting Preferred Shares are outstanding,
      except as described in the immediately following sentence, no dividends
      shall be declared or paid or set apart for payment by the Corporation and
      no other distribution of cash or other property shall be declared or made,
      directly or indirectly, by the Corporation with respect to any shares
      ranking on a parity unless, in each case, dividends equal to the full
      amount of accumulated, accrued and unpaid dividends on all outstanding
      Voting Preferred Shares have been or contemporaneously are declared and
      paid or declared and a sum sufficient for the payment thereof has been or
      contemporaneously is set apart for payment of such dividends on the Voting
      Preferred Shares for all Dividend Periods ending on or prior to the date
      such dividend or distribution is declared, paid, set apart for payment or
      made, as the case may be, with respect to such shares ranking on a parity.
      When dividends are not paid in full or a sum sufficient for such payment
      is not set apart, as aforesaid, all dividends declared upon the Voting
      Preferred Shares and all dividends declared upon any shares ranking on a
      parity shall be declared ratably in proportion to the respective amounts
      of dividends accumulated, accrued and unpaid on the Voting Preferred
      Shares and accumulated, accrued and unpaid on such shares ranking on a
      parity.

            (e) So long as any of the Voting Preferred Shares are outstanding,
      no dividends (other than dividends or distributions paid in shares, or
      options, warrants or rights to subscribe for or purchase shares, ranking
      junior to the Voting Preferred Shares) shall be declared or paid or set
      apart for payment by the Corporation and no other distribution of cash or
      other property shall be declared or made, directly or indirectly, by the
      Corporation with respect to any shares ranking junior to the Voting
      Preferred Shares, nor shall any shares ranking junior to the Voting
      Preferred Shares be redeemed, purchased or otherwise acquired (other than
      a redemption, purchase or other acquisition of Common Shares made for
      purposes of an employee incentive, benefit or stock purchase plan of the
      Corporation or any subsidiary) for any consideration (or any monies be
      paid to or made available for a sinking fund for the redemption of any
      shares of any such stock), directly or indirectly, by the Corporation
      (except by conversion into or exchange for shares, or options, warrants or
      rights to subscribe for or purchase shares, ranking junior to the Voting
      Preferred Shares), nor shall any other cash or other property otherwise be
      paid or distributed to or for the benefit of any holder of shares ranking
      junior to the Voting Preferred Shares in respect thereof, directly or
      indirectly, by the Corporation unless, in each case, dividends equal to
      the full amount of all accumulated, accrued and unpaid dividends on all
      outstanding Voting Preferred
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      Shares have been declared and paid, or such dividends have been declared
      and a sum sufficient for the payment thereof has been set apart for such
      payment, on all outstanding Voting Preferred Shares for all Dividend
      Periods ending on or prior to the date such dividend or distribution is
      declared, paid, set apart for payment or made with respect to such shares
      ranking junior to the Voting Preferred Shares, or the date such shares
      ranking junior to the Voting Preferred Shares are redeemed, purchased or
      otherwise acquired or monies paid to or made available for any sinking
      fund for such redemption, or the date any such cash or other property is
      paid or distributed to or for the benefit of any holders of shares ranking
      junior to the Voting Preferred Shares in respect thereof, as the case may
      be.

            (f) In determining the extent to which a distribution with respect
      to the Voting Preferred Shares constitutes a dividend for tax purposes,
      the earnings and profits of the Corporation will be allocated, on a pro
      rata basis, in accordance with the ranking of the class of capital stock
      or series of capital stock, constituting a class within the meaning of
      Code Section 562(c), of the Corporation, as described in Section 7.

            Notwithstanding the provisions of this Section 3, the Corporation
      shall not be prohibited from (i) declaring or paying or setting apart for
      payment any dividend or distribution on any shares ranking junior to or on
      a parity with the Voting Preferred Shares or (ii) redeeming, purchasing or
      otherwise acquiring any shares ranking junior to or on a parity with the
      Voting Preferred Shares, in each case, if such declaration, payment,
      redemption, purchase or other acquisition is necessary in order to assist
      in maintaining the continued qualification of the Corporation as a REIT
      under Section 856 of the Code.

            Section 4. Liquidation Preference. (a) In the event of any
      liquidation, dissolution or winding up of the Corporation, whether
      voluntary or involuntary, before any payment or distribution by the
      Corporation (whether of capital, surplus or otherwise) shall be made to or
      set apart for the holders of shares ranking junior to the Voting Preferred
      Shares, the holders of Voting Preferred Shares shall be entitled to
      receive Twenty-Five Dollars ($25.00) per Voting Preferred Share (the
      "Liquidation Preference"), plus an amount equal to all dividends
      accumulated, accrued and unpaid thereon to the date of final distribution
      to such holders; but such holders shall not be entitled to any further
      payment. Until the holders of the Voting Preferred Shares have been paid
      the Liquidation Preference in full, plus an amount equal to all dividends
      accumulated, accrued and unpaid thereon to the date of final distribution
      to such holders, no payment will be made to any holder of shares ranking
      junior to the Voting Preferred Shares upon the liquidation, dissolution or
      winding up of the Corporation. If, upon any liquidation, dissolution or
      winding up of the Corporation, the assets of the Corporation, or proceeds
      thereof, distributable among the holders of Voting Preferred Shares shall
      be insufficient to pay in full the preferential amount aforesaid and
      liquidating payments on any other shares ranking on a parity with the
      Voting Preferred Shares, then such assets, or the proceeds thereof, shall
      be distributed among the holders of Voting Preferred Shares and any such
      other shares ranking on a parity with the Voting Preferred Shares ratably
      in the same proportion as the respective amounts that would be payable on
      such Voting Preferred Shares and any such other shares ranking on a parity
      with the Voting Preferred Shares if all amounts payable thereon were paid
      in full. For the purposes of this Section 4, (i) a consolidation or merger
      of the Corporation with or into one or more other entities, (ii) a sale,
      lease, transfer or conveyance of all or substantially all of the
      Corporation's assets, or (iii) a statutory share exchange shall not be
      deemed to be a liquidation, dissolution or winding up, voluntary or
      involuntary, of the Corporation.

            (b) Upon any liquidation, dissolution or winding up of the
      Corporation, after payment shall have been made in full to the holders of
      Voting Preferred Shares and any shares
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      ranking on a parity with the Voting Preferred Shares, as provided in this
      Section 4, any other shares ranking junior to the Voting Preferred Shares
      shall, subject to the respective terms thereof, be entitled to receive any
      and all assets remaining to be paid or distributed, and the holders of the
      Voting Preferred Shares and any shares ranking on a parity with the Voting
      Preferred Shares shall not be entitled to share therein.

            Section 5. Redemption at the Option of the Corporation. (a) Shares
      of Voting Preferred Shares shall not be redeemable by the Corporation
      prior to September 15, 2003. On and after September 15, 2003, the
      Corporation, at its option, may redeem Voting Preferred Shares, in whole
      or from time to time in part, at a redemption price payable in cash equal
      to $25.00 per share, plus all accumulated, accrued and unpaid dividends to
      the date fixed for redemption (the "Redemption Date"); provided, however,
      that in the event of a redemption of Voting Preferred Shares, if the
      Redemption Date occurs after a dividend record date and on or prior to the
      related Dividend Payment Date, the dividend payable on such Dividend
      Payment Date in respect of such shares called for redemption shall be
      payable on such Dividend Payment Date to the holders of record at the
      close of business on such dividend record date, and shall not be payable
      as part of the redemption price for such shares. In connection with any
      redemption pursuant to this Section 5(a), the redemption price of the
      Voting Preferred Shares (other than any portion thereof consisting of
      accumulated, accrued and unpaid dividends) shall be payable solely with
      the proceeds from the sale by the Corporation of other capital shares of
      the Corporation (whether or not such sale occurs concurrently with such
      redemption). For purposes of the preceding sentence, "capital shares"
      means any common shares, preferred shares, depositary shares,
      participations or other ownership interests (however designated) and any
      rights (other than debt securities convertible into or exchangeable at the
      option of the holder for equity securities (unless and to the extent such
      debt securities are subsequently converted into capital shares)) or
      options to purchase any of the foregoing of or in the Corporation.

            (b) The Redemption Date shall be selected by the Corporation, shall
      be specified in the notice of redemption and shall be not less than 30
      days nor more than 60 days after the date notice of redemption is sent by
      the Corporation.

            (c) If full cumulative dividends on all outstanding Voting Preferred
      Shares have not been declared and paid, or declared and set apart for
      payment, no Voting Preferred Shares may be redeemed unless all outstanding
      Voting Preferred Shares are simultaneously redeemed, and neither the
      Corporation nor any affiliate of the Corporation may purchase or acquire
      Voting Preferred Shares other than pursuant to a purchase or exchange
      offer made on the same terms to all holders of Voting Preferred Shares.

            (d) If the Corporation shall redeem Voting Preferred Shares pursuant
      to paragraph (a) of this Section 5, notice of such redemption shall be
      given to each holder of record of the shares to be redeemed. Such notice
      shall be provided by first class mail, postage prepaid, at such holder's
      address as the same appears on the stock records of the Corporation.
      Neither the failure to mail any notice required by this paragraph (d), nor
      any defect therein or in the mailing thereof to any particular holder,
      shall affect the sufficiency of the notice or the validity of the
      proceedings for redemption with respect to the other holders. Any notice
      which was mailed in the manner herein provided shall be conclusively
      presumed to have been duly given on the date mailed whether or not the
      holder receives the notice. Each such notice shall state, as appropriate:
      (1) the Redemption Date; (2) the number of Voting Preferred Shares to be
      redeemed and, if fewer than all such shares held by such holder are to be
      redeemed, the number of such shares to be redeemed from such holder; (3)
      the place or places at which certificates for such shares are to be
      surrendered for cash; and (4) the redemption price payable on such
      Redemption Date, including,
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      without limitation, a statement as to whether or not accumulated, accrued
      and unpaid dividends will be (x) payable as part of the redemption price,
      or (y) payable on the next Dividend Payment Date to the record holder at
      the close of business on the relevant record date as described in the next
      succeeding sentence.

            Notice having been mailed as aforesaid, from and after the
      Redemption Date (unless the Corporation shall fail to make available the
      amount of cash necessary to effect such redemption), (i) dividends on the
      Voting Preferred Shares so called for redemption shall cease to accumulate
      or accrue on the Voting Preferred Shares called for redemption, (ii) said
      shares shall no longer be deemed to be outstanding, and (iii) all rights
      of the holders thereof as holders of Voting Preferred Shares of the
      Corporation shall cease except the rights to receive the cash payable upon
      such redemption, without interest thereon, upon surrender and endorsement
      of their certificates if so required; provided, however, that if the
      Redemption Date for any Voting Preferred Shares occurs after any dividend
      record date and on or prior to the related Dividend Payment Date, the full
      dividend payable on such Dividend Payment Date in respect of such Voting
      Preferred Shares called for redemption shall be payable on such Dividend
      Payment Date to the holders of record of such shares at the close of
      business on the corresponding dividend record date notwithstanding the
      prior redemption of such shares. The Corporation's obligation to make
      available the redemption price in accordance with the preceding sentence
      shall be deemed fulfilled if, on or before the applicable Redemption Date,
      the Corporation shall irrevocably deposit in trust with a bank or trust
      company (which may not be an affiliate of the Corporation) that has, or is
      an affiliate of a bank or trust company that has, a capital and surplus of
      at least $50,000,000, such amount of cash as is necessary for such
      redemption plus, if such Redemption Date occurs after any dividend record
      date and on or prior to the related Dividend Payment Date, such amount of
      cash as is necessary to pay the dividend payable on such Dividend Payment
      Date in respect of such Voting Preferred Shares called for redemption,
      with irrevocable instructions that such cash be applied to the redemption
      of the Voting Preferred Shares so called for redemption and, if
      applicable, the payment of such dividend. No interest shall accrue for the
      benefit of the holders of Voting Preferred Shares to be redeemed on any
      cash so set aside by the Corporation. Subject to applicable escheat laws,
      any such cash unclaimed at the end of two years from the Redemption Date
      shall revert to the general funds of the Corporation, after which
      reversion the holders of Voting Preferred Shares so called for redemption
      shall look only to the general funds of the Corporation for the payment of
      such cash.

            As promptly as practicable after the surrender in accordance with
      such notice of the certificates for any such Voting Preferred Shares to be
      so redeemed (properly endorsed or assigned for transfer, if the
      Corporation shall so require and the notice shall so state), such
      certificates shall be exchanged for cash (without interest thereon) for
      which such shares have been redeemed in accordance with such notice. If
      fewer than all the outstanding Voting Preferred Shares are to be redeemed,
      shares to be redeemed shall be selected by the Corporation from
      outstanding Voting Preferred Shares not previously called for redemption
      by lot or, with respect to the number of Voting Preferred Shares held of
      record by each holder of such shares, pro rata (as nearly as may be) or by
      any other method as may be determined by the Board of Directors in its
      discretion to be equitable. If fewer than all the shares of Voting
      Preferred Shares represented by any certificate are redeemed, then a new
      certificate representing the unredeemed shares shall be issued without
      cost to the holders thereof.

            Section 6. Status of Reacquired Shares. All Voting Preferred Shares
      which shall have been issued and reacquired in any manner by the
      Corporation shall be deemed retired.
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            Section 7. Ranking. The Voting Preferred Shares rank prior to, on a
      parity with, or junior to other shares of capital stock of the Corporation
      in accordance with Item XIII of this Division A.

            Section 8. Voting. (a) If and whenever six quarterly dividends
      (whether or not consecutive) payable on the Voting Preferred Shares or any
      series or class of shares ranking on a parity with the Voting Preferred
      Shares shall be in arrears (which shall, with respect to any such
      quarterly dividend, mean that any such dividend has not been paid in
      full), the number of directors then constituting the Board of Directors
      shall be increased by two (if not already increased by reason of similar
      types of provisions with respect to shares ranking on a parity with the
      Voting Preferred Shares of any other class or series which is entitled to
      similar voting rights (the "Arrearage Voting Preferred Shares")) and the
      holders of Voting Preferred Shares, together with the holders of shares of
      all other Arrearage Voting Preferred Shares then entitled to exercise
      similar voting rights, voting as a single class regardless of class or
      series, shall be entitled to elect the two additional directors to serve
      on the Board of Directors at any annual meeting of shareholders or special
      meeting held in place thereof, or at a special meeting of the holders of
      the Voting Preferred Shares and the Arrearage Voting Preferred Shares
      called as hereinafter provided. Whenever all arrearages in dividends on
      the Voting Preferred Shares and the Arrearage Voting Preferred Shares then
      outstanding shall have been paid and dividends thereon for the current
      quarterly dividend period shall have been declared and paid, or declared
      and set apart for payment, then the right of the holders of the Voting
      Preferred Shares and the Arrearage Voting Preferred Shares to elect such
      additional two directors shall cease (but subject always to the same
      provision for the vesting of such voting rights in the case of any similar
      future arrearages), and the terms of office of all persons elected as
      directors by the holders of the Voting Preferred Shares and the Arrearage
      Voting Preferred Shares shall forthwith terminate and the number of
      directors constituting the Board of Directors shall be reduced
      accordingly. At any time after such voting power shall have been so vested
      in the holders of Voting Preferred Shares and the Arrearage Voting
      Preferred Shares, if applicable, the Secretary of the Corporation may, and
      upon the written request of any holder of at least ten percent (10%) of
      Voting Preferred Shares (addressed to the Secretary at the principal
      office of the Corporation) shall, call a special meeting of the holders of
      the Voting Preferred Shares and of the Arrearage Voting Preferred Shares
      for the election of the two directors to be elected by them as herein
      provided, such call to be made by notice similar to that provided in the
      Code of Regulations of the Corporation for a special meeting of the
      shareholders or as required by law. If any such special meeting required
      to be called as above provided shall not be called by the Secretary within
      20 days after receipt of any such request, then any holder of Voting
      Preferred Shares may call such meeting, upon the notice above provided,
      and for that purpose shall have access to the stock books of the
      Corporation. The directors elected at any such special meeting shall hold
      office until the next annual meeting of the shareholders or special
      meeting held in lieu thereof if such office shall not have previously
      terminated as above provided. If any vacancy shall occur among the
      directors elected by the holders of the Voting Preferred Shares and the
      Arrearage Voting Preferred Shares, a successor shall be elected by the
      Board of Directors, upon the nomination of the then-remaining director
      elected by the holders of the Voting Preferred Shares and the Arrearage
      Voting Preferred Shares or the successor of such remaining director, to
      serve until the next annual meeting of the shareholders or special meeting
      held in place thereof if such office shall not have previously terminated
      as provided above.

            (b) So long as any Voting Preferred Shares are outstanding, in
      addition to any other vote or consent of shareholders required by law or
      by the Amended and Restated Articles of Incorporation of the Corporation,
      the affirmative vote of at least 66-2/3% of the votes entitled to be cast
      by the holders of the Voting Preferred Shares voting as a single class
      with the holders of
<PAGE>

      all other classes or series of shares ranking on a parity with the Voting
      Preferred Shares entitled to vote on such matters, given in person or by
      proxy, either in writing without a meeting or by vote at any meeting
      called for the purpose, shall be necessary for effecting or validating:

            (i) Any amendment, alteration or repeal of any of the provisions of,
      or the addition of any provision to, the Amended and Restated Articles of
      Incorporation or the Code of Regulations of the Corporation, whether by
      merger, consolidation or otherwise (an "Event"), that materially adversely
      affects the voting powers, rights or preferences of the holders of the
      Voting Preferred Shares; provided, however, that the amendment of the
      provisions of the Amended and Restated Articles of Incorporation (A) so as
      to authorize or create, or to increase the authorized amount of, or issue,
      any shares ranking junior to the Voting Preferred Shares or any shares of
      any class or series of shares ranking on a parity with the Voting
      Preferred Shares or (B) with respect to the occurrence of any Event, so
      long as the Voting Preferred Shares remains outstanding with the terms
      thereof materially unchanged, taking into account that upon the occurrence
      of the Event, the Corporation may not be the surviving entity, shall not
      in either case be deemed to materially adversely affect the voting powers,
      rights or preferences of the holders of Voting Preferred Shares; or

            (ii) The authorization, creation of, increase in the authorized
      amount of, or issuance of any shares of any class or series of shares
      ranking prior to the Voting Preferred Shares or any security convertible
      into shares of any class or series of shares ranking prior to the Voting
      Preferred Shares (whether or not such class or series of shares ranking
      prior to the Voting Preferred Shares is currently authorized);

      provided, however, that no such vote of the holders of Voting Preferred
      Shares shall be required if, at or prior to the time when such amendment,
      alteration or repeal is to take effect, or when the issuance of any such
      shares ranking prior to the Voting Preferred Shares or convertible or
      exchangeable security is to be made, as the case may be, provision is made
      for the redemption of all shares of Voting Preferred Shares at the time
      outstanding to the extent such redemption is authorized by Section 5.

            (c) In addition to the foregoing, the holders of Voting Preferred
      Shares shall be entitled to vote on all matters (for which holders of
      Common Shares shall be entitled to vote thereon) at all meetings of the
      shareholders of the Corporation, and shall be entitled to one vote for
      each Voting Preferred Share entitled to vote at such meeting.

            Section 9. Record Holders. The Corporation and its transfer agent
      may deem and treat the record holder of any Voting Preferred Shares as the
      true and lawful owner thereof for all purposes, and neither the
      Corporation nor such transfer agent shall be affected by any notice to the
      contrary.

            Section 10. Restrictions on Ownership and Transfers. The Voting
      Preferred Shares are subject to the provisions of Article XIV of this
      Division A pertaining to restrictions on ownership and transfers,
      including without limitation the provisions relative to Excess Preferred
      Shares (as defined in Item XIV).
<PAGE>

      FURTHER RESOLVED, that the Amended and Restated Articles of Incorporation
of the Corporation, as amended, be and they hereby are amended by deleting Item
XIII of Division A of Article FOURTH in its entirety and replacing it with the
following:

      XIII.  Definitions.  For the purposes of this Division:

            (a) Whenever reference is made to shares "ranking prior to" Class A
      Shares, Class B Shares, Class C Shares, Class D Shares, Class E Shares,
      Class F Shares, Class G Shares, Class H Shares, Class I Shares, Class J
      Shares, Class K Shares, Noncumulative Shares or Voting Preferred Shares,
      such reference shall mean and include all shares of the Corporation in
      respect of which the rights of the holders thereof as to the payment of
      dividends or as to distributions in the event of a voluntary or
      involuntary liquidation, dissolution or winding up of the affairs of the
      Corporation are given preference over the rights of the holders of Class A
      Shares, Class B Shares, Class C Shares, Class D Shares, Class E Shares,
      Class F Shares, Class G Shares, Class H Shares, Class I Shares, Class J
      Shares, Class K Shares, Noncumulative Shares or Voting Preferred Shares,
      as the case may be;

            (b) Whenever reference is made to shares "on a parity with" Class A
      Shares, Class B Shares, Class C Shares, Class D Shares, Class E Shares,
      Class F Shares, Class G Shares, Class H Shares, Class I Shares, Class J
      Shares, Class K Shares, Noncumulative Shares or Voting Preferred Shares,
      such reference shall mean and include all shares of the Corporation in
      respect of which the rights of the holders thereof as to the payment of
      dividends or as to distributions in the event of a voluntary or
      involuntary liquidation, dissolution or winding up of the affairs of the
      Corporation rank equally (except as to the amounts fixed therefor) with
      the rights of the holders of Class A Shares, Class B Shares, Class C
      Shares, Class D Shares, Class E Shares, Class F Shares, Class G Shares,
      Class H Shares, Class I Shares, Class J Shares, Class K Shares,
      Noncumulative Shares or Voting Preferred Shares, as the case may be; and

            (c) Whenever reference is made to shares "ranking junior to" Class A
      Shares, Class B Shares, Class C Shares, Class D Shares, Class E Shares,
      Class F Shares, Class G Shares, Class H Shares, Class I Shares, Class J
      Shares, Class K Shares, Noncumulative Shares or Voting Preferred Shares,
      such reference shall mean and include all shares of the Corporation other
      than those defined under Subsections (a) and (b) of this Section as shares
      "ranking prior to" or "on a parity with" Class A Shares, Class B Shares,
      Class C Shares, Class D Shares, Class E Shares, Class F Shares, Class G
      Shares, Class H Shares, Class I Shares, Class J Shares, Class K Shares,
      Noncumulative Shares or Voting Preferred Shares, as the case may be.

      FURTHER RESOLVED, that the Amended and Restated Articles of Incorporation
of the Corporation, as amended, be and they hereby are amended by deleting the
definition of "Preferred Shares" in Item XIV of Division A of Article FOURTH in
its entirety and replacing it with the following:

            "Preferred Shares" shall mean, collectively, Class A Shares, Class B
      Shares, Class C Shares, Class D Shares, Class E Shares, Class F Shares,
      Class G Shares, Class H Shares, Class I Shares, Class J Shares, Class K
      Shares, Noncumulative Shares and Voting Preferred Shares.<PAGE>

                                                                     Exhibit 4.4

                            CERTIFICATE OF AMENDMENT
                                       TO
                              AMENDED AND RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                    DEVELOPERS DIVERSIFIED REALTY CORPORATION

      SCOTT A. WOLSTEIN, Chairman and Chief Executive Officer, and JOAN U.
ALLGOOD, Secretary, of Developers Diversified Realty Corporation, an Ohio
corporation (the "Corporation"), do hereby certify that the following resolution
to amend the Amended and Restated Articles of Incorporation of the Corporation
was adopted by a majority vote of the Board of Directors of the Corporation at a
meeting held on February 25, 2003 and by a majority vote of a committee of such
Board of Directors, previously established by the Board of Directors, at a
meeting held on March 21, 2003, no greater vote being required by the Amended
and Restated Articles of Incorporation of the Corporation, and pursuant to the
authority of Section 1701.70(B)(1) and 1701.73(A) of the Ohio Revised Code:

      RESOLVED, that the Amended and Restated Articles of Incorporation of the
Corporation be and they hereby are amended by adding at the end of Division
A-VII of Article FOURTH thereof a new Section 6 reading as follows:

      SECTION 6. 8% CLASS G CUMULATIVE REDEEMABLE PREFERRED SHARES. Of the
750,000 authorized Class G Shares, 736,000 shares are designated as a series
entitled "8% Class G Cumulative Redeemable Preferred Shares" (hereinafter called
"8% Class G Preferred Shares"). The 8% Class G Preferred Shares shall have the
express terms set forth in this Division as being applicable to all Class G
Shares as a class and, in addition, the following express terms applicable to
all 8% Class G Preferred Shares as a series of Class G Shares:

      (a) The annual dividend rate of the 8% Class G Preferred Shares shall be
      8% of the liquidation preference of $250.00 per share.

      (b) Dividends on the 8% Class G Preferred Shares shall be payable, if
      declared, quarterly in arrears on or about the fifteenth day of each
      March, June, September, and December or, if not a business day, the next
      succeeding business day, the first quarterly dividend being payable, if
      declared, on June 16, 2003. The dividends payable for each full quarterly
      dividend period on each 8% Class G Preferred Shares shall be $0.50.

            Dividends for the initial dividend period on the 8% Class G
            Preferred Shares, or for any period shorter or longer than a full
            dividend period on the 8% Class G Preferred Shares, shall be
            computed on the basis of a 360-day year consisting of twelve 30-day
            months. The aggregate dividend payable quarterly to each holder of
            8% Class G Preferred Shares shall be rounded to the nearest one
            one-hundredth of one cent with $.00005 being rounded upward. Each
            dividend shall be payable to the holders of record on such record
            date, no less than 10 nor more than 30 days preceding the payment
            date thereof, as shall be fixed from time to time by the
            Corporation's Board of Directors.
<PAGE>
      (c) Dividends on 8% Class G Preferred Shares shall be cumulative as
      follows:

            (1) With respect to shares included in the initial issue of 8% Class
            G Preferred Shares and shares issued any time thereafter up to and
            including the record date for the payment of the first dividend on
            the initial issue of 8% Class G Preferred Shares, dividends shall be
            cumulative from the date of the initial issue of 8% Class G
            Preferred Shares; and

            (2) With respect to shares issued any time after the aforesaid
            record date, dividends shall be cumulative from the dividend payment
            date next preceding the date of issue of such shares, except that if
            such shares are issued during the period commencing the day after
            the record date for the payment of a dividend on 8% Class G
            Preferred Shares and ending on the payment date of that dividend,
            dividends with respect to such shares shall be cumulative from that
            dividend payment date.

      (d) Except as required to preserve the Corporation's status as a real
      estate investment trust under the Internal Revenue Code of 1986, as
      amended, the 8% Class G Preferred Shares may not be redeemed prior to
      March 28, 2008. At any time or from time to time on and after March 28,
      2008 the Corporation, at its option upon not less than thirty (30) nor
      more than sixty (60) days' written notice, may redeem all or any part of
      the 8% Class G Preferred Shares at a redemption price of $250.00 per share
      plus, in each case, an amount equal to all dividends accrued and unpaid
      thereon to the redemption date, without interest.

      (e) The amount payable per 8% Class G Preferred Share in the event of any
      voluntary or involuntary liquidation, dissolution or winding up of the
      affairs of the Corporation shall be $250.00, plus an amount equal to all
      dividends accrued and unpaid thereon to the date of payment.

      (f) All dividend payments made on the 8% Class G Preferred Shares, at any
      time during which the Corporation is in default in the payment of
      dividends on such 8% Class G Preferred Shares for any dividend period,
      shall, for the purposes of Section 5(b)(1) of this Division A-VII, be
      deemed to be made in respect of the earliest dividend period with respect
      to which the Corporation is in default.

                                     Page 2
<PAGE>
      IN WITNESS WHEREOF, we have executed this instrument in one or more
counterparts as of the 24th day of March, 2003.

                                         /s/ SCOTT A. WOLSTEIN
                                         ------------------------------
                                         Scott A. Wolstein
                                         Chairman and Chief Executive Officer

                                         /s/ JOAN U. ALLGOOD
                                         -----------------------------
                                         Joan U. Allgood
                                         Secretary

                                     Page 3

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