U.S. real estate has been a pretty tricky business in the last decade as the housing bubble created whole new neighborhoods that needed shopping centers and donut shops and card stores and all the rest. Until, of course, they didn’t anymore and banks started to foreclose on such things.
If you’re in the real-estate biz, it might not be the worst idea to separate yourself from the past and start with a whole new image, right? That seems to be what’s going on in the real-estate investment trust side of the business.
REIT.com reports that four “well-known REITs are re-branding their company names, logos and ticker symbols to keep up with the changing times or to better align their brand with their core strategies.”
“Brand has become much more important in our industry as the ways our customers find our product have changed,” said Dean Jernigan, CubeSmart CEO.
“The words ‘developers’ and ‘diversified’ no longer have primary significance in our company strategy,” Daniel B. Hurwitz, president and CEO of DDR, stated.
The company’s new tagline — “Think Retail. Create Value” — Hurwitz noted, “emphasizes to tenants, investors and employees that DDR strives to see the world through the eyes of its retailer customers.”
Another company that recently had a shift in its approach to customers is Aimco, the Apartment Investment and Management Company, which “unveiled its new look in July 2011 when it rolled out a new brand identity,” the site reports. Keith Dodds, Aimco’s senior vice president of marketing, said the company had seven potential logos and test marketing one of them to dismal reviews (80 percent didn’t think it worked). So they went with another one.
The Mid-Atlantic Apartment Communities went the other way when it renamed itself earlier this Year. It is now officially MAA, which is the same as its ticker symbol.