BEACHWOOD, Ohio, July 1, 2015 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced that it closed on the acquisition of two power
centers and an adjoining outparcel valued at $111 million and the disposition of ten assets
totaling $102 million at 100%
ownership during the second quarter of 2015.
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO )
The Company acquired Willowbrook Plaza, a 385,000-square-foot
power center located in Houston,
Texas, for $74 million. The
asset is adjacent to Willowbrook Mall, one of Houston's top performing malls, and presents
significant opportunity to drive occupancy and NOI growth given its
current 87% leased rate. The asset also has the potential for at
least 10,000 square feet of expansion. DDR also acquired
International Drive Value Center, a 186,000-square-foot power
center located in Orlando,
Florida, for $33 million. The
center's tenant lineup features a strong mix of national retailers,
including two of the highest-performing Ross Dress for Less and T.J. Maxx stores in each respective chain. The
asset is located in a submarket with two of the nation's most
productive retail properties, the Mall at Millenia and Orlando
International Premium Outlets. Year-to-date, the Company has
acquired $160 million of assets at
DDR's share.
During the second quarter, DDR also sold seven operating assets
and three land parcels for an aggregate $60
million at the Company's share. DDR has an additional 18
operating assets and three land parcels under contract for sale,
representing an expected total value of $119
million at the Company's share. Year-to-date, the Company
has sold $213 million of assets at
DDR's share.
Luke J. Petherbridge, chief
financial officer of DDR, commented, "We are pleased to report
another strong quarter of transactional activity. We continue to
cull the remaining non-prime and selective prime minus assets in
our portfolio, redeploying proceeds into assets that we expect to
offer much better long-term growth opportunities, and intend to be
a net seller in 2015. Further, we are committed to mitigating
earnings dilution by actively sourcing attractive acquisition
opportunities and by realizing corporate-level
efficiencies."
About DDR Corp.
DDR is an owner and manager of 401
value-oriented shopping centers representing 119 million square
feet in 41 states and Puerto Rico.
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.
Safe Harbor
DDR Corp. 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 supply 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, 2014, as amended. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
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SOURCE DDR Corp.