SITE Centers

Source: Wikipedia, the free encyclopedia.
SITE Centers Corp.
RevenueIncrease $532.86 million (2021)
Increase $125.41 million (2021)
Total assetsDecrease $3.967 billion (2021)
Total equityIncrease $2.036 billion (2021)
Number of employees
293 (2021)
Websitewww.sitecenters.com
Footnotes / references
[1]

SITE Centers Corp. (formerly DDR Corp. and Developers Diversified Realty, Inc.) is a publicly traded

PetsMart, Dick's Sporting Goods, Ulta Beauty, Ross Stores, and Nordstrom.[1]

History

SITE Centers was founded in 1965 by

KMart store in Eastlake, Ohio.[3]

On February 12, 1993 Developers Diversified Realty, Inc. became a public company after making its initial public offering.[citation needed] Two years later the company acquired ten power centers from Homart Development Company during that company's acquisition by GGP Inc.[4]

In 1998, the company acquired a portfolio of nine properties in Salt Lake City for $300 million.[5] In 2002 the company acquired JDN Realty Corporation for $436 million in stock.[6] In February 2011 the company's executive chairman, Scott Wolstein, resigned,[7] and the company was renamed to DDR Corp. that September.[8]

In December the company sold Town Center Plaza to Glimcher Realty Trust in exchange for Polaris Towne Center.[9]

In August 2013 DDR Corp. entered into a joint venture with

Regency Centers Corporation for $332 million.[10] 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.[11][12] 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.[13][14]

In February 2015, David Oakes was appointed as president and chief executive officer of the company,

Paseo Colorado to Cypress Equities.[17] In October of the same year, the company sold a 16-property portfolio for $390 million in a transaction brokered by HFF.[18]

In July 2018, the company completed the corporate spin-off of Retail Value, Inc.[19] Three months later, the company announced a name change to SITE Centers Corp.[20]

References

  1. ^ a b c "SITE Centers Corp. 2021 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. ^ "NEW OWNER PLANS SALE OF SOME HOMARTS". The New York Times. Bloomberg News. October 19, 1995.
  5. ^ "DEVELOPERS DIVERSIFIED TO BUY SALT LAKE CITY PROPERTIES". The New York Times. Bloomberg News. May 21, 1998.
  6. ^ "DEVELOPMENT COMPANY BUYS RIVAL JDN REALTY FOR STOCK". The New York Times. Bloomberg News. October 8, 2002.
  7. Cleveland Plain Dealer
    .
  8. ^ "DDR Announces New Name, Tagline and Brand Identity" (Press release). PR Newswire. September 12, 2011.
  9. ^ "DDR Corp., Glimcher Realty Trust complete shopping center swap". Crain Communications. December 8, 2011.
  10. ^ Jonas, Ilaina (August 13, 2013). "Regency sells 7 shopping centers to Blackstone-DDR JV". Reuters.
  11. ^ "DDR Accelerates Asset Sales and Reaches an Agreement to Sell its Investment in Brazil for $344 million" (Press release). PR Newswire. March 10, 2014.
  12. ^ Goel, Garima (March 10, 2014). "U.S. shopping center operator DDR to exit Brazil in $343.6 million deal". Reuters.
  13. ^ "DDR Completes $4.3 Billion of Transactions in 2014" (Press release). PR Newswire. January 6, 2015.
  14. Cleveland Plain Dealer
    .
  15. ^ "DDR Appoints David J. Oakes Chief Executive Officer" (Press release). PR Newswire. February 11, 2015.
  16. Cleveland Plain Dealer
    .
  17. ^ Smith, Kevin (January 28, 2016). "Cypress Equities acquires Paseo Colorado center in Pasadena". San Gabriel Valley Tribune.
  18. ^ "HFF Closes $390 Million Sale of 16-Property Retail Portfolio Located Throughout New York State" (Press release). PR Newswire. October 11, 2016.
  19. ^ "Retail Value Inc. Announces Completion of Spin-Off From DDR Corp" (Press release). Business Wire. July 2, 2018.
  20. ^ "DDR Announces Name Change to SITE Centers" (Press release). Business Wire. October 9, 2018.

External links

  • Official website
  • Business data for SITE Centers:
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