|Traded as||NYSE: DDR|
|Industry||REIT - Retail|
|Headquarters||Beachwood, Ohio, USA|
CEO Daniel B. HurwitzPresident & CFO David J. Oakes
|Revenue||US$$803.069 mil (2010)|
|Net income||US$251.627 mil (2010)|
|Total assets||US$7.77 bil (2010)7.8%|
|Employees||601 (January 31, 2013) |
DDR Corp. is a publicly traded company that owns & manages large format, open-air retail shopping centers, or "power centers" in the United States, Puerto Rico and Brazil. The company was founded in 1965 and is based in Beachwood, Ohio, an eastern suburb of Greater Cleveland. It operates in 39 U.S. states, Puerto Rico and Brazil.
The company's roots go back to a group of companies established by lawyer and single family home builder Bertram Wolstein, an alumnus of Cleveland–Marshall College of Law. In 1965 he switched to commercial real estate and began a partnership with Kmart, with the first one built in 1965.
On September 12, 2011 the company announced plans to change its name from Developers Diversified Realty Corporation to DDR Corp., adopting the NYSE ticker symbol as its name. The name change took effect September 15, 2011. According to CEO Daniel Hurwitz, the company's new focus (value-oriented shopping centers) and simplified strategy necessitated the removal of the words developers and diversified from the name. The change in strategy comes about a year and a half after the company made significant changes to management; In January 2010 it promoted Daniel B. Hurwitz to CEO, prior to that, he served as president and chief operating officer from May 2007.
As of December 31, 2013 the company has been successful in leasing out 95.1% of its portfolio (up from 90.7% in July 2009).
The company's portfolio primarily features open-air, value-oriented shopping centers in high barrier-to-entry markets with stable populations and high growth potential. Core tenants include Wal-Mart, Kohl's, T.J. Maxx, PetSmart, Bed Bath & Beyond, Michaels and Lowe's. As of 2013 the company operates 416 retail properties in the continental United States, Puerto Rico and Brazil.
Since July 1, 2009 the company has reduced its total debt by approximately 25%, or $1.4 billion. Reasons for that include: The removal from its portfolio of vacant space, 30% of the 7.5 million sq ft of empty space left behind by bankrupt tenants and a 65% decrease in development expenditures.
- "DDR 2010 Year End 8-K Report". 2011-02-18.
- "DDR Corp. 10-K Report". Edgar. 2013.
- "DDR Announces New Name, Tagline and Brand Identity". Acquire Media. 2011-09-12.
- "Developers Diversified Realty Corporation ("DDR") Name Change to: DDR Corp.". 2011-09-09.
- McFee, Michelle (2011-09-12). "Developers Diversified changing its name to DDR, reflecting changes in company strategy". Cleveland.com.
- "Daniel B. Hurwitz Profile". Forbes. Retrieved 2011-09-21.
- Ilaina Jonas (13 August 2013). "Regency sells 7 shopping centers to Blackstone: DDR JV". Reuters.
- "DDR 4Q13 Financial Supplement".
- "DDR NAREIT Presentation".
- "Developers Diversified Year End". 2010-02-12.