BEACHWOOD, Ohio, April 1, 2016 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that it closed on the acquisition of
one power center valued at $61
million and the disposition of 19 assets totaling
$360 million at 100% ownership during
the first quarter of 2016.
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO)
The Company acquired Palm Valley Pavilions West, a
277,000-square-foot power center located in Phoenix, Arizona. Junior anchors at the center
include Ross Dress for Less, Total
Wine & More, Best Buy, and Ulta. Palm Valley Pavilions West is
DDR's seventh asset in Phoenix,
which is DDR's fourth largest market ranked by net operating
income.
During the first quarter, DDR sold 16 operating assets and three
land parcels for an aggregate $224
million at the Company's share. Included in the first
quarter total is the sale of 11 assets from a joint venture for
$34 million at DDR's 20% share, as
well as the sale of Paseo Colorado, a mixed-use lifestyle center in
Pasadena, California, for
$132 million. DDR has an additional
21 operating assets and nine land parcels under contract for sale,
representing an expected $499 million
at the Company's share.
Luke J. Petherbridge, chief
financial officer of DDR, commented, "I am extremely pleased with
our transactional execution thus far in 2016. We are on track to
meet our full year disposition guidance range of $600 to $800 million of asset sales, largely in
the first half of 2016. While we are finding select acquisition
opportunities to augment our portfolio, we are focused on using the
majority of sales proceeds to further reduce leverage."
About DDR Corp.
DDR is an owner and manager of 352
value-oriented shopping centers representing 113 million square
feet in 37 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, 2015. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ddr-completes-421-million-of-transactions-in-the-first-quarter-2016-300244610.html
SOURCE DDR Corp.