History

Developers Diversified Realty, based in Northeast Ohio, has grown to become one of the largest retail real estate owners and managers in the world. 

The 1960's
Developers Diversified Realty began as Developers Diversified Group (DDG) when Bert L. Wolstein formed the company to develop community shopping centers anchored by Kmart in 1965.

The 1970's
During the 1970’s the company grew steadily and late in the decade DDG expanded its activities to include the development of community shopping centers anchored by JCPenney in the upper Midwest.

The 1980's
The company continued its steady growth in the 1980’s and during the decade the company’s principals formed Diversified Equities Limited Partnership. This would lead DDG into an era of tremendous growth through acquisition.

The 1990's
On February 2, 1993, Developers Diversified Realty Corporation (NYSE: DDR) was formed when the principals took the company public and began operating as a self-managed and fully integrated Real Estate Investment Trust (REIT). The company’s portfolio of properties dramatically increased when the company acquired a community shopping center portfolio in 1995. In 1998 the company acquired additional portfolios, expanding its presence in Ohio, Utah and Missouri.

The 2000's
As the decade began the company managed approximately 50 million square feet of gross leasable area (GLA). By the time the decade would close that number would triple to over 150 million square feet of GLA in over 700 properties.

Major portfolio acquisitions in 2001, 2003, 2004 and 2005 helped make Developers Diversified one of the largest open-air shopping center developers in the country by the middle of the decade.

By 2005 the company was listed on the S&P Midcap 400 and celebrated its 40th anniversary. Early that year the company acquired 15 shopping centers in Puerto Rico; and in 2006 the company announced its participation in a joint venture partnership with Sonae Sierra Brasil to own, manage, acquire and develop retail assets in Brazil. These two transactions solidified the company’s presence in the Caribbean and South America. 

A portfolio acquisition in 2007 added over 300 shopping centers to the portfolio.

The 2010's
The decade began with new leadership, a new economic reality and a new direction. In January 2010 long-serving chief executive Scott A. Wolstein transitioned to executive chairman of the board and the company named Daniel B. Hurwitz president and chief executive officer.

Intent on shoring up its financial position from the economic downturn in 2008 and 2009, the company continues to focus on divesting of non-prime assets and instead devotes financial and operational resources to its Prime Portfolio. These market dominant centers with stable tenants and favorable demographics contribute over 80% of the company’s net operating income.

Today Developers Diversified owns and manages approximately 620 retail operating and development properties in 42 states, Brazil, Canada and Puerto Rico totaling more than 137 million square feet.