CLEVELAND-Despite the ongoing credit crisis, Developers Diversified Realty generated approximately $136 million of aggregate net proceeds (before closing costs) from asset sales in calendar 2008, the company said. That figure includes sums from the sales of five assets in December.

In addition to the sales, Developers Diversified has continued to refinance loans, raising approximately $1.2 billion in new mortgages for both its wholly owned and joint venture portfolios this year. As a result, the company continues to expect to remain in compliance with all of its loan covenants and to have enough liquidity to meet near-term liabilities.

“We are pleased to have completed these liquidity enhancing transactions despite the challenges of the current environment. As we enter into 2009, we remain extremely focused on executing transactions that will further reduce our leverage and improve our liquidity,” says David Oakes, Developers Diversified’s senior executive vice president of finance and chief investment officer, in a statement.

Recently, the company drew down the first R$90 million of its R$112 million 8.5% fixed-rate, 12-year financing on a joint venture development in Brazil. It also has continued to refinance development loans, most recently upsizing a $19 million loan to $30 million. Approximately $43 million in proceeds from the sale of 8.6 million shares in December has been used to pay down debt, further reducing leverage.

Also, the company says, it continues to actively pursue additional asset sales and additional financing alternatives with numerous potential sources. The company has approximately $28 million of assets under contract to be sold in the first quarter of 2009, and approximately $111 million of additional asset sales subject to letters of intent.

Developers Diversified currently owns and manages over 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling 159 million square feet. For the third quarter, which ended Sept. 30, the company reported Funds From Operations (“FFO”) per diluted share of $0.83 and net income per diluted share of $0.23, compared with results of $0.80 per share and $0.26 per share, respectively in the prior-year quarter. Fourth-quarter results will be released on February 11.