BEACHWOOD, OHIO — Beachwood-based shopping center developer Developers Diversified Realty Corporation (NYSE: DDR) plans to officially change its name to DDR Corp., adopting its New York Stock Exchange ticker symbol and most commonly-referred identity, DDR, as its official brand name. The company also unveiled a new logo, tagline and brand identity, including in the launch of the new brand the tagline “Think Retail. Create Value.”
“Our new name accurately reflects the fact that we have simplified our strategy, portfolio and capital structure,” said Daniel B. Hurwitz, president and chief executive officer of DDR. “The words 'developers' and 'diversified' no longer have primary significance in our company strategy. Ground-up development of new shopping centers, while still part of our business, no longer warrants top billing in our name. Furthermore, our focus on open-air, value-oriented shopping centers renders the word 'diversified' inaccurate.”
DDR is an owner and manager of 546 primarily open-air shopping centers, operating a total of 126 million square feet in 41 states, Puerto Rico and Brazil, concentrated in high barrier-to-entry markets with stable populations and high growth potential. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company. DDR will remain an Ohio corporation, and its common stock will continue to trade on the New York Stock Exchange under its current ticker symbol “DDR.”
“The new tagline is meant to emphasize to both tenants and employees that one of our prime differentiators is a sincere effort to see the world through the eyes of our customer — the retailer,” added Hurwitz. “It is also meant to remind our investors that our primary purpose for being is the creation of long-term shareholder value.”
— Dan Marcec