Dividend Capital Total Realty Trust Announces Joint Venture with Developers Diversified to Acquire $161.5 Million Retail Portfolio.

DENVER -- Dividend Capital Total Realty Trust Inc., a diversified real estate investment trust (REIT), announced today that it has closed on a joint venture with Developers Diversified (NYSE: DDR), the leading owner, manager and developer of market-dominant community centers in the United States.

Developers Diversified has sold a portfolio of three newly developed properties totaling approximately 1.5 million square feet (675,000 square feet owned) to the joint venture for a purchase price of $161.5 million. Dividend Capital Total Realty Trust owns 90% of the joint venture, with Developers Diversified retaining a 10% interest. Developers Diversified will also provide asset management and property management services on behalf of the joint venture.

The retail centers are located in the Raleigh, NC, Philadelphia, PA and Pittsburgh, PA, markets, respectively. Beaver Creek Commons, located in Raleigh, NC, is a 452,000 square foot center anchored by Super Target, Lowe's, Office Max and Linens 'N Things. Centerton Square, a 710,000 square foot center in the Philadelphia suburb of Mt. Laurel, NJ, is occupied by Bed Bath & Beyond, PetsMart, Sports Authority, Costco and Wegman's, among others. Mt. Nebo Point, in the Pittsburgh, PA market, is a 363,000 square foot community center featuring anchor tenants such as Sam's Club, Target and Sportsman's Warehouse.

"In addition to acquiring this high quality portfolio of community centers anchored by creditworthy brand name tenants, we are very pleased to have developed what we hope to be a long-term relationship with the leading retail owner/operator in the country," said John Blumberg, chairman of Dividend Capital Total Realty Trust. "Retail centers are a very important component of building a diversified real estate portfolio, and our partnership with Developers Diversified is an important step in gaining potential access to additional opportunities."

Separately, Dividend Capital Total Realty Trust announced that it will be hosting a public conference call on May 17, 2007 to review first quarter 2007 financial and operating results. John Blumberg, chairman, Jim Giuliano, chief financial officer, and John Biallas, chief operating officer, will present quarterly performance data and provide management commentary. The conference call will take place at 4:15 p.m. EST and can be accessed by dialing 877.313.6462 and referencing "Dividend Capital Conference ID # 5841669."

Dividend Capital Total Realty Trust, a Denver-based REIT, invests in a diversified portfolio of high-quality direct real estate, real estate securities and debt related investments. The company currently has a total of approximately $772 million invested in a diversified portfolio comprised of 24 real property assets totaling approximately 5.2 million square feet, as well as various real estate securities and debt related investments.

For more complete information about Dividend Capital Total Realty Trust, you may download and view a prospectus at dividendcapital.com, or call 866.DCG.REIT. Read the prospectus carefully before investing. Please carefully consider the investment objectives, risks, and charges and expenses before you invest or send money.