DDR Corp.

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DDR
Public company
Traded as NYSEDDR
Russell 1000 Component
Industry Real estate investment trust
Founded 1965; 53 years ago (1965)
Founder Bert Wolstein
Headquarters Beachwood, Ohio
Key people
Terrance Ahern, Chairman
David Lukes, President & CEO[1]
Revenue Decrease $1.005 billion (2016)[1]
Increase $0.061 billion (2016)[1]
Total assets Decrease $8.197 billion (2016)[1]
Total equity Decrease $3.246 billion (2016)[1]
Number of employees
540 (2016)[1]
Website www.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[edit]

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[edit]

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[edit]

  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. 

External links[edit]