DDR: The Perfect Storm

Since the end of the recession and around 2011, DDR has evolved the portfolio from smaller, lower-quality assets into larger-format prime power center properties. As of Q3-17, DDR owned 286 value-oriented shopping centers representing 97 million square feet in 33 states and Puerto Rico.


  • Puerto Rico debt is now trading at 25 cents on the dollar and is almost as cheap as my framed shares of Trump Casino stock.
  • I consider DDR a bargain based “on all metrics”.
  • I am initiating an entry position, and as disclosed, I am now a stakeholder in DDR.