BEACHWOOD, Ohio, July 1, 2016 /PRNewswire/ -- DDR
Corp. (NYSE: DDR) today announced that it closed on the disposition
of six assets totaling $58 million at
100% ownership during the second quarter of 2016.
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO
)
During the second quarter, DDR sold three operating assets
for $45 million and three land
parcels for $13 million, aggregating
$58 million at the Company's share.
DDR has an additional 21 operating assets and seven land parcels
under contract for sale, representing an expected total price of
$505 million at the Company's share.
Year-to-date, DDR has sold $282
million of assets at the Company's share. No acquisitions
closed during the quarter.
David J. Oakes, president
and chief executive officer of DDR, commented, "I am pleased to
report continued progress toward our full-year disposition guidance
of $600 to $800 million, as the vast
majority of the assets under contract for sale are expected to
close in the third quarter. We also continue to find certain
attractive acquisition opportunities in line with our original
guidance, however, we remain very selective and focused on
redeploying the majority of the net proceeds into further
strengthening our balance sheet and lowering debt to
EBITDA."
About DDR Corp.
DDR is an owner
and manager of 349 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; redevelopment and construction
activities may not achieve a desired return 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; the success of our capital
recycling strategy; and the finalization of the financial
statements for the three months ended June
30, 2016. 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.
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SOURCE DDR Corp.