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SITE Centers

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DDR
Company typePublic company
NYSE: DDR
IndustryReal estate investment trust
Founded1965
FounderBert Wolstein
Headquarters
Beachwood, Ohio
Key people
Terrance Ahern, Chairman
David Lukes, President & CEO[1]
Revenue Decrease US$1.005 billion (2016)[1]
Increase US$0.061 billion (2016)[1]
Total assets Decrease US$8.197 billion (2016)[1]
Total equity Decrease US$3.246 billion (2016)[1]
Number of employees
540 (2016)[1]
Websitewww.ddr.com
DDR Corp. headquarters in Beachwood, Ohio

DDR Corp. (formerly Developers Diversified Realty, Inc.) is a publicly-traded real estate investment trust that invests in shopping centers.

Investments

As of December 31, 2016, the company owned interests in 317 shopping centers in 35 states in the United States and Puerto Rico.[1]

Notable properties wholly-owned by the company include the following:[1]

Property Name Location
Shopper's World Framingham, Massachusetts
Plaza Rio Hondo Bayamon, Puerto Rico
Plaza del Sol Bayamon, Puerto Rico
Plaza del Norte Hatillo, Puerto Rico

History

In 1965, the company was founded by Bert Wolstein.[2]

In 1967, the company built its first property, a KMart store in Eastlake, Ohio.[3]

On February 12, 1993, the company became a public company via an initial public offering.[4]

In 1995, the company acquired 10 power centers from Homart Development Company, which was being acquired by GGP Inc., for $501.5 million.[5]

In 1998, the company acquired a portfolio of 9 properties in Salt Lake City for $300 million.[6]

In 2002, the company acquired JDN Realty Corporation for $436 million in stock.[7]

In February 2011, Scott Wolstein resigned as executive chairman.[8]

In September 2011, the company changed its name to DDR Corp. and launched a new tagline, "Think Retail. Create Value."[9]

In December 2011, the company purchased Polaris Towne Center from and sold Town Center Plaza to Glimcher Realty Trust.[10]

In August 2013, a joint venture between DDR and Blackstone Group acquired 7 open-air shopping centers from Regency Centers Corporation for $332 million.[11]

In March 2014, DDR agreed to exit its Brazilian joint venture by selling its stake to the firm’s largest shareholder for $343.6 million.[12][13]

In October 2014, in a joint venture with Blackstone Group, the company acquired 70 shopping centers totaling 15.7 million square feet for $1.93 billion.[14][15]

In February 2015, David Oakes was appointed as president and chief executive officer of the company.[16] Oakes was fired in July 2016 and replaced by Thomas August.[17]

In January 2016, the company sold Paseo Colorado to Cypress Equities.[18]

In October 2016, the company sold a 16-property portfolio for $390 million in a transaction brokered by HFF.[19]

In 2016, as part of a portfolio repositioning, the company sold $1.0 billion worth of properties, while only acquiring $148 million of properties.[20]

References

  1. ^ a b c d e f g h DDR Corp. 2016 Form 10-K Annual Report
  2. ^ DERY, JANET (November 18, 2004). "Developer Scott Wolstein crafts his own 'art of the deal'". Cleveland Jewish News.
  3. ^ FINE, ARLENE (May 20, 2004). "Maverick developer and philanthropist Bart Wolstein dies at 77". Cleveland Jewish News.
  4. ^ "DDR Corp". Crunchbase.
  5. ^ "NEW OWNER PLANS SALE OF SOME HOMARTS". The New York Times. October 19, 1995.
  6. ^ "DEVELOPERS DIVERSIFIED TO BUY SALT LAKE CITY PROPERTIES". Bloomberg News. The New York Times. May 21, 1998.
  7. ^ "DEVELOPMENT COMPANY BUYS RIVAL JDN REALTY FOR STOCK". Bloomberg News. The New York Times. October 8, 2002.
  8. ^ Jarboe, Michelle (February 15, 2011). "Scott Wolstein stepping down as executive chairman of Developers Diversified". Cleveland Plain Dealer.
  9. ^ "DDR Announces New Name, Tagline and Brand Identity" (Press release). PR Newswire. September 12, 2011.
  10. ^ "DDR Corp., Glimcher Realty Trust complete shopping center swap". Crain Communications. December 8, 2011.
  11. ^ Jonas, Ilaina (August 13, 2013). "Regency sells 7 shopping centers to Blackstone-DDR JV". Reuters.
  12. ^ "DDR Accelerates Asset Sales and Reaches an Agreement to Sell its Investment in Brazil for $344 million" (Press release). PR Newswire. March 10, 2014.
  13. ^ Goel, Garima (March 10, 2014). "U.S. shopping center operator DDR to exit Brazil in $343.6 million deal". Reuters.
  14. ^ "DDR Completes $4.3 Billion of Transactions in 2014" (Press release). PR Newswire. January 6, 2015.
  15. ^ Jarboe, Michelle (October 20, 2014). "DDR Corp., Blackstone close on $1.9 billion shopping-center deal through joint venture". Cleveland Plain Dealer.
  16. ^ "DDR Appoints David J. Oakes Chief Executive Officer" (Press release). PR Newswire. February 11, 2015.
  17. ^ Jarboe, Michelle (October 20, 2014). "DDR Corp. terminates CEO David Oakes, replaces him with Thomas August". Cleveland Plain Dealer.
  18. ^ Smith, Kevin (January 28, 2016). "Cypress Equities acquires Paseo Colorado center in Pasadena". San Gabriel Valley Tribune.
  19. ^ "HFF Closes $390 Million Sale of 16-Property Retail Portfolio Located Throughout New York State" (Press release). PR Newswire. October 11, 2016.
  20. ^ "DDR Completes $1.1 Billion of Transactions in 2016" (Press release). PR Newswire. January 3, 2017.
  • Business data for DDR Corp.:
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