The REIT also will be busy at home. DDR has $1.7 billion of projects in its pipeline over the next three-to-four years, Wolstein says. Further development and acquisition possibilities could also come from over-leveraged private developers that could have financing difficulties, he surmises. "I expect we will be the beneficiary of that."

DDR currently has eight shopping centers under construction. At a cost of $428.6 million, they located are in Miami; Nampa, ID; McHenry, IL; Chesterfield, MI; Horseheads, NY; Apex, NC; Pittsburgh; and San Antonio. Those centers are scheduled to open this year or in 2007. Executives expect four more to come online this year, and DDR completed four new centers last year.

Last year DDR sold nearly $600 million in assets to fund its development pipeline. The company currently has interests in about 500 shopping centers in the United States and Puerto Rico, where Wolstein says the firm also expects to grow.