Wednesday, December 03, 2008

Developers Diversified and Inland
In early 2007, Developers Diversified (DDR) acquired the Inland Retail REIT. I think DDR paid about $14 per share for the Inland REIT. It was $12.50 in cash and the balance in DDR stock. I just saw this evening that DDR is trading at $4.80 per share. It was trading in the mid-$30s in September and has a 52-week high of over $47. In late November it hit a low of $1.73. I hope most of the Inland REIT investors took the cash and put it somewhere safe. The realist in me says that a large chunk probably went to Inland American REIT.

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