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Home > Investing > Spotlight on REITs: JDN Realty Corp

Spotlight on REITs: JDN Realty Corp

Money Manager | Monday, May 23rd, 2011

JDN Realty Corp: This Real Estate Investment Trust is based in retail properties and management. This company buys and manages properties that deal in retail sales. As of 2001 the company owned 101 retail shopping centers spread over 20 states, but most of the properties were based in Georgia and the South East part of the Country.

Then in 2002 the company was merged with Developers Diversified Realty, this would be done in a stock buy out each JDN Realty Corp stock would be traded for $0.518 of Developers Diversified Realty stock, the transaction was said to have cost $1.02 billion dollars, Developers Diversified Realty also assumed $548 million dollars worth of JDN Realty Corp debt and $50 million dollars’ worth of preferred stock.

Developers Diversified Realty is a company that is based worldwide and has properties in Brazil, Canada, Russia and Puerto Rico and in 45 states of America. They owned and operated over 600 community’s shopping centers and 30 enclosed malls and properties at the time on the merger. This company also owns industrial space and commercial space along with its main income source of retail, they also own over 2000 square feet of undeveloped land at the current moment that is set to be made into retail shopping centers.

Developers Diversified Realty is currently listed on the New York Stock Exchange as DDR and is trading at $13.58 per common share in the company. Now owning all of JDN Realty Corp properties and real estate they have grown by leaps and bound, since they currently have a huge portion of the market share.

Both companies are (were) registered REITs meaning that they are taxed differently than any other business since the profits are given away to the shareholders rather than paid to the government and income tax.

JDN Realty Corp was founded in Atlanta Georgia, and was able to operate for a number of years, although this was not without some troubles such as money owed to the IRS, at the end of a long legal battle JDN Realty Corp was ordered to pay the IRS $286,000 to settle the debts that the company owned.

JDN Realty Corp is no longer a company REIT or otherwise, in fact before the company was sold it was experiencing financial difficulty and issues with some of its properties, so the buyout was something that the company was planning for a couple of months. The life of a REIT can be short and difficult or long and prosperous, that was not the case with JDN Realty Corp.

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