Developers Diversified Realty (DDR)

Developers Diversified Realty Corporation (DDR) operates as a real estate investment trust (REIT) in the United States. The company engages in acquiring, developing, redeveloping, owning, leasing, and managing shopping centers, mini-malls, and lifestyle centers. As of February 5, 2007, it owned or managed approximately 461 shopping centers and 7 business centers, as well as 1,170 acres of undeveloped land. The company qualifies as a REIT for federal income tax purposes. As a REIT, the company would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. DDR was founded in 1965 and is headquartered in Beachwood, Ohio.

For the nine months ended 30 September 2006, Developers Diversified Realty Corporation's revenues rose 15% to $606.3M. Net income from cont. ops. fell 17% to $145.9M. Revenues reflects an increase in minimum rents, higher overage rents, increased recoveries from tenants, an increase in ancillary income and higher management & other fee income. Net income was offset by higher operating maintenance expenses and an increase in interest expense.