Developers Diversified Announces Pricing of Common Share Offering
10 February 2010 - 1:00AM
PR Newswire (US)
CLEVELAND, Feb. 9 /PRNewswire-FirstCall/ -- Developers Diversified
Realty Corporation (NYSE:DDR) today announced it has priced an
offering of 37,295,000 of its common shares at a price of $8.16 per
share. The offering is expected to close on February 12, 2010. The
Company intends to use the net proceeds from the offering to repay
debt with short-term maturities and reduce balances on the
Company's revolving credit facilities. Morgan Stanley, J.P. Morgan,
Goldman, Sachs & Co. and Wells Fargo Securities are the joint
book-running managers for this offering. In addition, Citi,
Deutsche Bank Securities, KeyBanc Capital Markets, Scotia Capital
and UBS Investment Bank are senior co-managers, and PNC Capital
Markets LLC, RBC Capital Markets, RBS, SunTrust Robinson Humphrey
and The Williams Capital Group, L.P. are co-managers, for this
offering. The underwriters have been granted a 30-day option to
purchase up to an additional 5,594,250 common shares to cover
over-allotments, if any. A final prospectus supplement and
accompanying prospectus relating to this offering will be filed
with the Securities and Exchange Commission. A copy of the final
prospectus supplement and accompanying prospectus relating to this
offering may be obtained from: Morgan Stanley, Attn: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by
emailing , or by calling toll free at (866) 718-1649; or from J.P.
Morgan via Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by calling toll-free at (866) 803-9204; or
from Goldman, Sachs & Co., Prospectus Department, 85 Broad
Street, New York, NY 10004, telephone: (866) 471-2526, facsimile:
(212) 902-9316 or by emailing ; or from Wells Fargo Securities,
Attention: Equity Syndicate Department, 375 Park Avenue, New York,
NY 10152 or by e-mailing , or by calling (800) 326-5897. This news
release does not constitute an offer to sell or a solicitation of
an offer to buy any securities, nor will there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale is not permitted. A registration statement
relating to these securities has been filed with the Securities and
Exchange Commission and is effective. About Developers Diversified
Realty Developers Diversified owns and manages approximately 665
retail operating and development properties in 44 states, Brazil,
Canada and Puerto Rico. Totaling more than 147 million square feet,
the Company's shopping center portfolio features open-air,
value-oriented neighborhood and community centers, mixed-use
centers and lifestyle centers located in prime markets with stable
populations and high-growth potential. Developers Diversified is
the largest landlord in Puerto Rico and owns a premier portfolio of
regional malls in and around Sao Paulo, Brazil. Developers
Diversified is a self-administered and self-managed REIT operating
as a fully integrated real estate company. Cautionary Note on
Forward-Looking Statements Developers Diversified Realty
Corporation considers portions of this information 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 the Company's results to differ materially from
those indicated by such forward-looking statements, including,
among other factors, local conditions such as oversupply 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; the Company's ability to sell assets
on commercially reasonable terms; the Company's ability to secure
equity or debt financing on commercially acceptable terms or at
all; the Company's ability to enter into definitive agreements with
regard to its financing and joint venture arrangements or the
Company's failure to satisfy conditions to the completion of these
arrangements; the finalization of the financial statements for the
year ended December 31, 2009; and the Company's ability to
successfully complete this proposed public offering due to market
conditions or any other reason. 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 as of December 31, 2008. The Company undertakes
no obligation to publicly revise these forward-looking statements
to reflect events or circumstances that arise after the date
hereof, unless otherwise required by law. DATASOURCE: Developers
Diversified Realty Corporation CONTACT: Kate Deck, Investor
Relations Director, Developers Diversified, +1-216-755-5500, Web
Site: http://www.ddr.com/
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