Read Zacks_Analysts' blog in RSS
May 24, 2010
Share ThisDevelopers Diversified Realty Corp. (DDR), a leading real estate investment trust (REIT), has recently signed a leasing agreement for 671,278 million square feet of space in Hatillo, Puerto Rico. The lessee is T.J. Maxx, a chain of U.S. department stores owned by The TJX Companies Inc. (TJX) – an off-price apparel and home fashions retailer.
Earlier in March 2010, Developers Diversified had executed leasing agreement with PetSmart, Inc. (PETM), a specialty retailer of products, services, and solutions for pets in North America, for opening the first retail stores in Puerto Rico at Bayamon and Rio Piedras. All the leased properties are expected to open in spring 2011.
Despite challenging market conditions, Developers Diversified had executed strong leasing transactions during the past five quarters with some of the leading retailers of the country. These include eight deals with Kohl's Corp. (KSS), seven with Bed Bath & Beyond, Inc. (BBBY), seven with TJX Companies, five with Jo-Ann Stores Inc. (JAS), and three with Best Buy Co. Inc. (BBY).
Developers Diversified specializes in the acquisition, ownership, development, redevelopment, leasing and management of shopping centers and business centers. The company owns and manages 640 retail operating (including joint ventures) and development properties spanning approximately 140 million square feet of real estate in 44 states in the U.S., and Puerto Rico, Brazil, and Canada.
Read the full analyst report on "DDR"
Read the full analyst report on "TJX"
Read the full analyst report on "PETM"
Read the full analyst report on "KSS"
Read the full analyst report on "BBBY"
Read the full analyst report on "BBY"
Read the full analyst report on "JAS"
Zacks Investment Research