Zacks Names Commercial REIT 'Bear of the Day'

Published September 21, 2009, 1:00 p.m. EDT

1 Min Read

Zacks Equity Research's Bear of the Day for Sept. 18 was Developers Diversified Realty Corp., Beachwood, Ohio. DDR is a real estate investment trust which invests in retail properties. The statement from Zacks said the company "has a relatively high leverage compared to its peers due to acquisitions over the past several years. Developers Diversified is raising cash through asset sales, debt, and by selling 30 million shares and additional warrants to the Otto family, a shopping center developer in Germany. The equity sale is dilutive and the long-term sustainability of the company is under doubt. Our recommendation for the company is underperform as we anticipate it to perform well below the broader market. However, if Developers Diversified can tide over the current storm, the share price can rise."

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