Developers Diversified Realty Responds to Press Release Announcing Coventry Lawsuit
November 04 2009 - 4:48PM
Business Wire
Developers Diversified Realty Corporation (NYSE: DDR) today
announced that it has received a copy of the press release issued
today by Coventry Real Estate Advisors. While the Company has not
been served with the lawsuit or seen the complaint, in response to
the allegations in the press release, the Company stated that it
vehemently denies the allegations set forth in the press release,
and will vigorously defend itself against such allegations in any
legal proceeding. Further, the Company stated that it has not
received notice of termination of any agreement with Coventry, and
denies that it has breached any terms of any such agreements.
Developers Diversified owns and manages approximately 670 retail
operating and development properties in 44 states, Brazil, Canada
and Puerto Rico. Totaling more than 148 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 in and 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 Internet at www.ddr.com.
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