BEACHWOOD, Ohio, Sept. 16, 2013 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that Ulta Beauty (Nasdaq: ULTA) will
open 12 new stores in the Company's prime power centers by year-end
2013. Year-to-date, Ulta and DDR have opened six new stores, and
are scheduled to open an additional six stores prior to year-end,
bringing Ulta's total store count to 43 locations across DDR's
portfolio.
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"Ulta continues to be very focused on securing prime locations
in market dominant power centers, and we are excited to expand our
relationship with this best-in-class retailer," said Paul Freddo, senior executive vice president of
leasing and development for DDR. "Ulta brings a complementary and
unique merchandise offering to our shopping centers while
simultaneously increasing credit quality of cash flow."
Through the combination of small shop consolidation, backfilling
underperforming and expiring tenants, and new construction, DDR has
proactively facilitated Ulta's growth plans by creating space in
assets that were collectively already 97% leased. The 12 new
locations at DDR shopping centers represent nearly 10% of Ulta's
current 2013 store growth guidance. These stores solidify DDR
as Ulta's largest landlord, and elevate the retailer into DDR's top
25 tenant ranking as measured by annual base rent.
DDR Prime
Shopping Center
|
Total GLA
(SF)
|
Leased
Rate
|
Delivery
Type
|
Store
Opening
|
The Commons,
Salisbury, MD
|
350,000
|
98%
|
Small shop
consolidation
|
Q1
|
Belgate Shopping
Center, Charlotte, NC
|
890,000
|
100%
|
New
construction
|
Q2
|
Commonwealth Center,
Richmond, VA
|
166,000
|
100%
|
Small shop
consolidation
|
Q3
|
Cotswold Village,
Charlotte, NC
|
262,000
|
98%
|
Store
expansion
|
Q3
|
Belden Park
Crossings, Cleveland/Akron, OH
|
594,000
|
97%
|
Small shop
consolidation
|
Q3
|
Springfield Commons,
Toledo, OH
|
272,000
|
97%
|
Backfill
|
Q3
|
Connecticut Commons,
Hartford, CT
|
567,000
|
96%
|
Backfill
|
Q3
|
Great Northern
Plazas, Cleveland/Akron, OH
|
670,000
|
97%
|
Small shop
consolidation
|
Q3
|
The Family Center at
Fort Union, Salt Lake City, UT
|
687,000
|
97%
|
Backfill
|
Q4
|
Aspen Grove, Denver,
CO
|
279,000
|
92%
|
Backfill
|
Q4
|
The Promenade at
Brentwood, St. Louis, MO
|
300,000
|
99%
|
Backfill
|
Q4
|
The Marketplace at
Delta Township, Lansing, MI
|
490,000
|
99%
|
New store
construction
|
Q4
|
About DDR Corp.
DDR is an owner and manager of
435 value-oriented shopping centers representing 115 million square
feet in 39 states, Puerto Rico and
Brazil. 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, as well
as on Twitter, LinkedIn, Facebook and Pinterest.
Safe Harbor
DDR 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 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; 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, 2012,
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.
SOURCE DDR Corp.