Based on closing prices on Oct. 3, the transaction is valued at about $1 billion, DDR says in a prepared statement.

DDR will pay $439 million in shares of common and preferred stock and assume about $584 million in debt. In exchange, it will acquire the 81 properties that are owned and operated by JDN, 21 properties that are under construction by JDN, and a pipeline of 17 additional properties to be developed for $220 million.

During an Oct. 7 conference call, Craig Macnab, acting chief executive officer of JDN, said his company, working with advisor, New York-based Lazard Freres, had evaluated 40 potential acquirers over the past two years. The choice, he said, was based on DDR's advantages of JDN stockholders. He said DDR's share price had doubled in the 10 years since it went public.