DOW JONES NEWSWIRES Developers Diversified Realty Corp. (DDR) Tuesday said it may sell as much as $200 million in common stock from time to time over the next three years through Bank of New York Mellon Corp. (BK). The major shopping center owner, which sold $200 million of shares through a similar effort in December, has been moving to shore up its balance sheet the past year following a debt-fuel growth effort. The company is now dealing with a soft retail environment, driving up occupancy rates and putting pressure on rents. The "at the market" stock offerings may be made directly on the New York Stock Exchange or through an electronic platform or market maker; they may also be private transactions. The price per share will be no lower than $1 without Bank of New York's consent and can't be lower than 10 cents a share. DDR's shares closed Monday at $8.65 and were inactive premarket. The stock is up 77% this year and has a market capitalization of about $1.2 billion. Bank of New York will get a commission equal to 1% of the sales price plus legal fees and expenses. The shares may be offered in one or more selling periods, none of which will exceed 20 consecutive trading days. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
