DDR Corp. (formerly Developers Diversified Realty, Inc.) is a publicly traded real estate investment trust that invests in shopping centers.
As of December 31, 2016, the company owned interests in 317 shopping centers in 35 states in the United States and Puerto Rico.
Notable properties wholly owned by the company include the following:
In 1965, the company was founded by Bert Wolstein.
In 1967, the company built its first property, a KMart store in Eastlake, Ohio.
On February 12, 1993, the company became a public company via an initial public offering.
In 1995, the company acquired 10 power centers from Homart Development Company, which was being acquired by GGP Inc., for $501.5 million.
In 1998, the company acquired a portfolio of 9 properties in Salt Lake City for $300 million.
In 2002, the company acquired JDN Realty Corporation for $436 million in stock.
In February 2011, Scott Wolstein resigned as executive chairman.
In September 2011, the company changed its name to DDR Corp. and launched a new tagline, "Think Retail. Create Value."
In December 2011, the company purchased Polaris Towne Center from and sold Town Center Plaza to Glimcher Realty Trust.
In August 2013, a joint venture between DDR and Blackstone Group acquired 7 open-air shopping centers from Regency Centers Corporation for $332 million.
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.
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.
In February 2015, David Oakes was appointed as president and chief executive officer of the company. Oakes was fired in July 2016 and replaced by Thomas August.
In January 2016, the company sold Paseo Colorado to Cypress Equities.
In October 2016, the company sold a 16-property portfolio for $390 million in a transaction brokered by HFF.
In 2016, as part of a portfolio repositioning, the company sold $1.0 billion worth of properties, while only acquiring $148 million of properties.