History

Throughout its 40-plus years, Developers Diversified has been a company that asks, “Why not?” Founded by the late Bert Wolstein in 1965, the company carved its original niche constructing community shopping centers across the country.

1965
Developers Diversified Realty begins as Developers Diversified Group (DDG) when Bert L. Wolstein forms the company to develop community shopping centers anchored by Kmart.

1977
In 1977, DDG expands its activities to include the development of community shopping centers anchored by JCPenney in the upper Midwest.

1981
The company’s principals form Diversified Equities Limited Partnership, which leads DDG into an era of acquisition and equity capital formation.

1993
On February 2, 1993, Developers Diversified Realty Corporation is formed when the principals take the company public and begin operating as a Real Estate Investment Trust (REIT).

1995
The company’s portfolio of properties dramatically increases in 1995 when a community shopping center portfolio previously owned by Homart Development Company is acquired.

1998
In 1998 the portfolio receives another boost when the company acquires three more community center portfolios, expanding its presence in Ohio, Utah, and Missouri.

2001
The company announces the acquisition of 10 properties from Burnham Pacific Realty (NYSE: BPP).

2002
Developers Diversified and joint venture partners Klaff Realty and Lubert Adler Funds are awarded designation rights to the Service Merchandise retail assets.

2003
In March 2003, Developers Diversified and JDN Realty (NYSE: JDN) merge, creating one of the largest open-air shopping center development companies in the country.

2004
Developers Diversified acquires a portfolio of 107 shopping centers valued at $2.3 billion from the Benderson Development Company. The transaction adds 18 million SF to the company’s portfolio, primarily in New York and New Jersey. Developers Diversified is also listed on the S&P 400 index of mid-cap stocks.

2005
Developers Diversified celebrates its 40th anniversary. In January the company acquires 15 shopping centers in Puerto Rico for $1.5 billion. In September, Developers Diversified and joint venture partner Macquarie DDR Trust announce the acquisition of 37 Mervyns stores. In addition, Developers Diversified acquires two Mervyns stores on a wholly-owned basis.

2006
The company announces its participation in a joint venture partnership with Sonae Sierra Brazil to own, manage, acquire and develop retail assets in Brazil.

2007
On February 27, Developers Diversified completes the acquisition of 307 shopping centers totaling 44.2 million square feet from Inland Retail Real Estate Investment Trust Inc. In May, the company formed a joint partnership with ECE Projektmanagment, a fully integrated international developer, owner and manager of shopping centers based in Hamburg, Germany. In October, Developers Diversified announced the formation of a new joint venture with Rice Commercial Group (“Rice”), a Toronto-based real estate developer.

2009
In January, Developers Diversified is the first REIT to sign with SunEdison for its GreenRoof Solar Solutions Program. The program is expected to generate 40 million dollars in revenue over the 20 year term agreement by using clean energy to power common areas of Developers Diversified’s shopping centers. In February, the Company announces a binding purchase agreement with Mr. Alexander Otto and his family for the sale of 30 million common shares, and warrants entitling the Otto Family to purchase an additional 10 million common shares of the Company’s stock.  An affiliate of the Otto family also agrees to make a five-year, fixed rate, secured mortgage loan to the Company in the amount of $60 million.  The transaction was overwhelmingly approved by shareholders, with more than 95 percent of votes in favor.