SITE Centers

SITE Centers Corp. (formerly DDR Corp. and Developers Diversified Realty, Inc.) is a publicly traded real estate investment trust that invests in shopping centers. Founded in 1965 by Bert Wolstein, the company is headquartered in Beachwood, Ohio. As of December 31, 2019 the company owned interests in 170 shopping centers in the United States containing 57.0 million square feet and managed 13.2 million square feet for Retail Value Inc. Notable properties wholly owned by the company include Shopper's World in Framingham, Massachusetts.[1]

SITE Centers Corp.
TypePublic company
NYSE: SITC
Russell 1000 Index component
IndustryReal estate investment trust
Founded1965 (1965) (as Developers Diversified Realty, Inc.)
FounderBert Wolstein
Headquarters
Beachwood, Ohio
Key people
David R. Lukes, President & CEO
Conor Fennerty, CFO
Revenue $507 million (2019)
$101 million (2019)
Total assets $4.093 billion (2019)
Total equity $1.981 billion (2019)
Number of employees
361 (2020)
Websitewww.sitecenters.com
Footnotes / references
[1]

History

SITE Centers was founded in 1965 by Bert Wolstein as Developers Diversified Realty, Inc.[2] After two years, the company built its first property, a KMart store in Eastlake, Ohio.[3] On February 12, 1993 Developers Diversified Realty, Inc. became a public company after making its initial public offering.[4] Two years later the company acquired ten power centers from Homart Development Company during that company's acquisition by GGP Inc.[5] In 1998, the company acquired a portfolio of nine 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 the company's executive chairman, Scott Wolstein, resigned,[8] and the company was renamed to DDR Corp. that September.[9] In December the company sold Town Center Plaza to Glimcher Realty Trust in exchange for Polaris Towne Center.[10]

In August 2013 DDR Corp. entered into a joint venture with Blackstone Group and acquired seven open-air shopping centers from Regency Centers Corporation for $332 million.[11] In March of the next year, the company 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 DDR Corp. entered into a second joint venture with Blackstone Group, acquiring seventy 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] though was fired and replaced by Thomas August in July 2016.[17] In January 2016, the company sold Paseo Colorado to Cypress Equities.[18] In October of the same year, the company sold a 16-property portfolio for $390 million in a transaction brokered by HFF.[19] In July 2018, the company completed the corporate spin-off of Retail Value, Inc.[20] Three months later, the company announced a name change to SITE Centers Corp.[21]

References
  1. "SITE Centers Corp. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  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. Bloomberg News. October 19, 1995.
  6. "DEVELOPERS DIVERSIFIED TO BUY SALT LAKE CITY PROPERTIES". The New York Times. Bloomberg News. May 21, 1998.
  7. "DEVELOPMENT COMPANY BUYS RIVAL JDN REALTY FOR STOCK". The New York Times. Bloomberg News. 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. "Retail Value Inc. Announces Completion of Spin-Off From DDR Corp" (Press release). Business Wire. July 2, 2018.
  21. "DDR Announces Name Change to SITE Centers" (Press release). Business Wire. October 9, 2018.
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