BEACHWOOD, Ohio and
COLUMBUS, Ohio, Dec. 8, 2011 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) and Glimcher Realty Trust (NYSE: GRT) today announced
that the companies have completed a previously announced strategic
asset swap in which DDR purchased the power center, Polaris Towne
Center, in Columbus, Ohio; and
Glimcher purchased the open-air mall, Town Center Plaza, in
Leawood, Kansas. In September 2011 the companies entered into an
agreement to swap these two assets, each better aligned with the
other's operating platform and strategy.
The terms of the sale were, as reported previously, DDR
purchased Polaris Towne Center for approximately $80 million and Glimcher purchased Town Center
Plaza for approximately $139
million.
"We are pleased with the successful execution of this strategic
transaction and the continued progress towards the enhancement of
quality with the addition of Town Center Plaza to our platform,"
stated Michael P. Glimcher, Chairman
of the Board and Chief Executive Officer of
Glimcher.
"This transaction reflects our ongoing commitment to simplify
our portfolio and focus on the highest quality assets occupied by
the tenants we know best," said Daniel B.
Hurwitz, President and Chief Executive Officer of
DDR.
Town Center Plaza is a 650,000 square-foot open-air mall
anchored by Macy's and Dick's Sporting Goods and features Pottery
Barn and Anthropologie. Town Center Plaza is well aligned with
Glimcher's core competencies and capitalizes on its deep tenant
relationships within the mall sector.
Polaris Towne Center is a 700,000 square-foot market-dominant
prime asset anchored by Target, Lowe's, Kroger, Best Buy and
T.J. Maxx. Polaris Towne Center is
the seventh asset owned by DDR in the Columbus MSA, solidifying the
company's position as the dominant power center owner and manager
in the market.
Safe Harbor
Glimcher Realty Trust
This news release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such statements are based on assumptions and
expectations that may not be realized and are inherently subject to
risks and uncertainties, many of which cannot be predicted with
accuracy. Future events and actual results, financial and
otherwise, may differ from the results discussed in the
forward-looking statements. Risks and other factors that might
cause differences, some of which could be material, include, but
are not limited to, economic and market conditions, tenant
bankruptcies, bankruptcies of joint venture (JV) partners,
rejection of leases by tenants in bankruptcy, financing and
development risks, construction and lease-up delays, cost overruns,
the level and volatility of interest rates, the rate of revenue
increases versus expense increases, the financial stability of
tenants within the retail industry, the failure of Glimcher to make
additional investments in regional mall properties and
redevelopment of properties, the failure to acquire properties as
and when anticipated, the failure to fully recover tenant
obligations for CAM, taxes and other property expenses, failure to
comply or remain in compliance with covenants in the company's debt
instruments, failure or inability to exercise available extension
options on debt instruments, failure of Glimcher to qualify as a
real estate investment trust, termination of existing JV
arrangements, conflicts of interest with the company's existing JV
partners, failure to achieve projected returns on development
properties, the failure to sell mall and community centers and the
failure to sell such properties when anticipated, the failure to
achieve estimated sales prices and proceeds from the sale of malls,
increases in impairment charges, additional impairment charges, as
well as other risks listed in this news release and from time to
time in Glimcher's reports filed with the Securities and Exchange
Commission or otherwise publicly disseminated by Glimcher.
DDR
DDR considers portions of the information in this press
release to be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, both as amended, with respect to
the Company's expectation for future periods. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be achieved. For this purpose,
any statements contained herein that are not historical fact may be
deemed to be forward-looking statements. There are a number of
important factors that could cause our results to differ materially
from those indicated by such forward-looking statements, including,
among other factors: our ability to successfully integrate Polaris
Towne Center into our operations and deploy the additional proceeds
from Town Center Plaza into prime assets; local conditions such as
oversupply of space or a reduction in demand for real estate in the
area; competition from other available space; dependence on rental
income from real property; the loss of, significant downsizing of
or bankruptcy of a major tenant; constructing properties or
expansions that produce a desired yield on investment; our ability
to sell assets on commercially reasonable terms; and our ability to
secure equity or debt financing on commercially acceptable terms or
at all. For additional factors that could cause the results of the
Company to differ materially from those indicated in the
forward-looking statements, please refer to the Company's Form 10-K
for the year ended December 31, 2010.
The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
About Glimcher Realty Trust
Glimcher Realty Trust, a real estate investment trust, is a
recognized leader in the ownership, management, acquisition and
development of malls, which includes enclosed regional malls and
open-air lifestyle centers as well as community centers. Glimcher®
is a registered trademark of Glimcher Realty Trust.
Glimcher Realty Trust's common shares are listed on the New York
Stock Exchange under the symbol "GRT." Glimcher Realty Trust's
Series F and Series G preferred shares are listed on the New York
Stock Exchange under the symbols "GRTPrF" and "GRTPrG,"
respectively. Glimcher Realty Trust is a component of both the
Russell 2000® Index, representing small cap stocks, and the Russell
3000® Index, representing the broader market.
About DDR
DDR is an owner and manager of 538 primarily open-air,
value-oriented shopping centers that leverages its retail knowledge
to help tenants be successful and create value for its
shareholders. DDR operates a total of 134 million square feet in 41
states, Puerto Rico and
Brazil, concentrated in high
barrier-to-entry markets with stable populations and high growth
potential. DDR is a self-administered and self-managed REIT
operating as a fully integrated real estate company, and is
publicly traded on the New York Stock Exchange under the symbol
DDR. Additional information about the company is available at
www.ddr.com.
SOURCE DDR Corp.; Glimcher Realty Trust