BEACHWOOD, Ohio, Oct. 1, 2015 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that it closed on the disposition of 21
assets totaling $302 million at 100%
ownership, $145 million at DDR's share, during the third
quarter of 2015.
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During the third quarter, DDR sold 19 operating assets and two
land parcels for an aggregate $145
million at the Company's share. Included in the third
quarter total is the sale of 10 assets from the BRE DDR Retail
Holdings III portfolio for $165
million, bringing year-to-date sales in the joint venture to
$213 million at a premium to the
fourth quarter 2014 acquisition costs. DDR has an additional 10
operating assets and nine land parcels under contract for sale,
representing an expected total price of $268
million at the Company's share. Year-to-date, the Company
has sold $358 million and acquired
$160 million of assets at DDR's
share.
Luke J. Petherbridge, chief
financial officer of DDR, commented, "During the third quarter, we
continued to upgrade our portfolio by selling lower growth,
institutional quality assets into an environment of historically
low cap rates for our property type. We will continue to
opportunistically sell the bottom tier of the portfolio and use
proceeds to acquire assets at a volume consistent with our original
acquisition guidance, invest in attractive redevelopment projects,
and to continue to delever the balance sheet."
About DDR Corp.
DDR is an owner and manager of 382
value-oriented shopping centers representing 116 million square
feet in 41 states and Puerto Rico.
The Company's portfolio is comprised primarily of large-format
power centers located in top markets across the United States, and 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.