BEACHWOOD, Ohio, March 25, 2011 /PRNewswire/ -- Developers Diversified Realty Corporation (NYSE : DDR ) today announced it has furthered its commitment to risk management with the formalization of its Enterprise Risk Management (ERM) Program.
ERM at Developers Diversified is an integration of strategy, process, people and technology that promotes the identification, prioritization, ownership and management of the company's critical risks.
The Developers Diversified ERM Program is managed by a risk committee comprised of senior executives representing all major departments and is designed to assess and manage the strategic, operational, compliance and financial risks of the organization.
Daniel B. Hurwitz, president & chief executive officer of Developers Diversified and chair of the risk committee, said, "Embracing sound and comprehensive enterprise risk management practices is aligned with our consistent commitment to manage this company with less risk, both operationally and financially. This is becoming more apparent in every aspect of our business, from reducing our debt and extending its duration to pursuing leases with the most creditworthy tenants."
Please visit the new ERM section of the Developers Diversified website www.ddr.com/erm.aspx to learn more about the program.
About Developers Diversified Realty
Developers Diversified owns and manages approximately 570 retail operating and development properties in 41 states, Brazil, Canada and Puerto Rico. Totaling approximately 132 million square feet, the Company's shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls primarily clustered around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Company's website at www.ddr.com.
SOURCE Developers Diversified Realty Corporation