DDR Restructures Portfolio - Analyst Blog
January 06 2012 - 5:15AM
Zacks
DDR Corp. (DDR)
recently announced the acquisition of a shopping center named
Polaris Towne Center in Ohio for $80 million and dispensed
with assets worth $247 million during the fourth quarter of
2011. The acquisition of the 700,000 square feet center
consolidates DDR's position as the major owner and operator of
prime shopping centers in the Columbus metropolitan area.
During the fourth quarter 2011, the
company divested 20 shopping centers and seven land parcels for
aggregate proceeds of $247 million. An additional $89 million of
assets are currently under contract for sale. For full-year 2011,
the company completed acquisitions worth $270 million and $461
million of dispositions.
The company is currently
undertaking a portfolio repositioning strategy, under which it
intends to dispose non-core assets and fund future acquisitions
with the disposition proceeds. The strategic move is expected to
create long-term value for its shareholders through this capital
recycling
DDR Corp. operates as a real estate
investment trust (REIT) in the United States. The company engages
in acquiring, developing, redeveloping, owning, leasing, and
managing shopping centers, mini-malls, and lifestyle centers. The
company's assets are concentrated in high barrier-to-entry
markets with high growth potential and its portfolio is actively
managed to create long-term shareholder value.
DDR Corp. currently retains a Zacks
#4 Rank, which translates into a short-term Sell rating. We are
also maintaining our long-term Neutral recommendation on the stock.
One of its competitors, Kimco Realty Corporation
(KIM) currently retains a Zacks #3 Rank, which translates into a
short-term Hold rating
DDR CORP (DDR): Free Stock Analysis Report
KIMCO REALTY CO (KIM): Free Stock Analysis Report
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