BEACHWOOD, Ohio, Jan. 3, 2017 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced that it closed on the disposition of 27 assets
totaling $532 million at 100%
ownership during the fourth quarter of 2016. For the full year
2016, the Company closed on $148
million of acquisitions and $1.0
billion of dispositions at 100% ownership with an average
base rent per square foot of approximately $11.00.
Fourth quarter activity:
During the fourth quarter,
DDR sold 24 operating assets and three land parcels for an
aggregate $497 million at the
Company's share. Included in the assets sold during the fourth
quarter was a portfolio of 16 assets located primarily in upstate
New York that DDR sold for
$390 million. DDR also has an
additional six operating assets and four land parcels currently
under contract for sale, representing aggregate gross proceeds of
$74 million at DDR's share. DDR did
not acquire any assets in the fourth quarter.
Full year acquisition activity:
For the full year
2016, DDR acquired one shopping center in Phoenix, Arizona, and one in Portland, Oregon, for an aggregate
$148 million at DDR's share. DDR also
is under contract to acquire a Mariano's-anchored center in the
Lincoln Park neighborhood of
Chicago, Illinois, for
$81 million. The Company expects this
transaction to close in early 2017.
Full year disposition activity:
For the full year
2016, DDR sold 50 operating assets and nine land parcels for
$833 million at DDR's share. Proceeds
from asset sales were primarily used to reduce leverage.
Tom August, chief executive
officer of DDR, commented, "We made great progress on the final
steps of our transition in 2016 through the exit of the upstate
New York portfolio, as well as
select lower-quality and lower-growth assets that were sold at
attractive cap rates. We expect to continue the transactional
momentum into 2017 as DDR accelerates its portfolio and balance
sheet transition."
DDR will provide 2017 Operating and NAREIT FFO guidance on
February 13, 2017, in conjunction
with fourth quarter 2016 earnings.
About DDR Corp.
DDR is an owner and manager of 319
value-oriented shopping centers representing 106 million square
feet in 35 states and Puerto Rico. The Company's assets are
concentrated in high barrier-to-entry markets with stable
population 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 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; the success of our capital recycling strategy; and
any impact or results from the Company's portfolio transition or
any change in 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.
PRTU
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SOURCE DDR Corp.