BEACHWOOD, Ohio, Jan. 4, 2012 /PRNewswire/
-- DDR Corp. (NYSE: DDR)
today announced that it acquired a strategic shopping
center for $80 million and disposed of $247 million of assets during the fourth
quarter of 2011. DDR continues to focus on quality enhancement by
recycling capital generated from non-prime and non-income producing
asset sales into the acquisition of prime shopping centers.
For the full year 2011, the Company completed $270 million of acquisitions and $461 million of dispositions. DDR's share of 2011
acquisitions was $230 million. DDR's
share of 2011 dispositions was $371
million, including the sale of $57
million of non-income producing assets.
Fourth quarter acquisition activity:
As previously announced, DDR acquired Polaris Towne Center
in Columbus, Ohio, a 700,000
square foot prime shopping center anchored by Target, Lowe's,
Kroger, Best Buy and T.J. Maxx, for
$80 million. The inclusion of Polaris
Towne Center in the portfolio solidifies DDR's position as the
major owner and operator of prime shopping centers in the Columbus
MSA. DDR's Columbus portfolio
consists of seven prime shopping centers comprised of 2.3 million
square feet that are currently 99% leased.
Fourth quarter disposition activity:
During the quarter, the Company disposed of 20 shopping centers
and seven land parcels for aggregate proceeds of $247 million, of which DDR's share was
$205 million. An additional
$89 million of assets are currently
under contract for sale, of which the Company's share is
$82 million.
Over the last two years, DDR has disposed of 62 consolidated
non-prime assets comprised of 5.3 million square feet located
primarily in tertiary markets. The top three tenants generating
base rent in the properties sold were Rite Aid, BI-LO and Kmart.
Since 2007, DDR has completed $2.6
billion of dispositions of primarily non-prime assets.
Daniel B. Hurwitz, president and chief executive officer of
DDR, commented, "The execution of our strategic capital recycling
program continues to significantly strengthen the quality of the
portfolio from a demographic, credit quality of cash flow and
overall trade area perspective. Viewing the market
opportunistically throughout 2011 enabled both acquisition and
disposition volume to significantly exceed our guidance for the
year, and we are confident these efforts will create long-term
value for our shareholders."
Safe Harbor
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, 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 buy or sell assets on commercially
reasonable terms; our ability to complete acquisitions or
dispositions of assets under contract; our ability to secure equity
or debt financing on commercially acceptable terms or at all; our
ability to enter into definitive agreements with regard to our
financing and joint venture arrangements or our failure to satisfy
conditions to the completion of these arrangements and the success
of our capital recycling strategy. 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 DDR
DDR is an owner and manager of 538 value-oriented shopping
centers representing 134 million square feet in 41 states,
Puerto Rico and Brazil. The company's assets
are concentrated in high barrier-to-entry markets with stable
populations and high growth potential and its portfolio is actively
managed to create long-term shareholder value. 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 ticker symbol DDR. Additional
information about the company is available at www.ddr.com.
SOURCE DDR Corp.