BEACHWOOD, Ohio, Sept. 12, 2011 /PRNewswire/ -- Developers Diversified Realty Corporation (NYSE: DDR) today announced plans to officially change its name to DDR Corp., and adopt 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.
(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO )
"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 maintains a deep appreciation for the market in which it operates, and management views itself, first and foremost, as stewards of shareholder capital. Formally adopting its New York Stock Exchange ticker symbol, DDR, as its official identity is meant to reflect this humble reality. In addition, it signifies the acceptance of the corporate identity to which the company is most commonly referred within the industry.
Included in the launch of the new brand is the tagline: "Think Retail. Create Value."
"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. It is also meant to remind our investors that our primary purpose for being is the creation of long-term shareholder value," Mr. Hurwitz concluded.
Visitors to www.ddr.com may see and experience the new brand, and learn more about the company.
DDR will remain an Ohio corporation. DDR common stock will continue to trade on the New York Stock Exchange under its current ticker symbol "DDR."
DDR is an owner and manager of 546 primarily open-air, value-oriented shopping centers that leverages its retail knowledge to help tenants be successful and create value for its shareholders. DDR operates 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, and is publicly traded on the New York Stock Exchange under the symbol DDR. Additional information about the company is available at www.ddr.com.
SOURCE DDR Corp.