|Traded as||NYSE: DDR|
|Industry||REIT - Retail|
|Headquarters||Beachwood, Ohio, USA|
CEO Daniel B. HurwitzPresident & CFO David J. Oakes
|Revenue||US$$1.628 bil (2013)|
|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 mainland and Puerto Rico. The company was founded in 1965 and is based in Beachwood, Ohio, an eastern suburb of Greater Cleveland. It operates in 39 continental U.S. states and in the U.S. Commonwealth of Puerto Rico.
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.
DDR filed its initial public offering of Common Shares on February 2, 1993. The price at that time was $22.00 per share, and the company began trading on the New York Stock Exchange under the ticker symbol DDR on February 2, 1993.
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.
In March 2014, DDR Corp agreed to exit its Brazilian joint venture by selling its stake to the firm’s largest shareholder for $343.6 million.
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 April, 2014, the company operates 396 retail properties in the continental United States and Puerto Rico.
- "DDR Quarterly Supplement for the Year Ended Dec. 31, 2013". 2013-02-12.
- "DDR Corp. 10-K Report". Edgar. 2013.
- "DDR Corp. Investor FAQs". 2014-03-25.
- "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.
- "U.S. shopping center operator DDR to exit Brazil in $343.6 million deal". Reuters. 10 March 2014. Retrieved 11 March 2014.
- "DDR 4Q13 Financial Supplement".
- "DDR NAREIT Presentation".