BEACHWOOD, Ohio and
SAN DIEGO, Sept. 29, 2014 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) and Excel Trust, Inc. (NYSE: EXL) today announced that Excel
Trust has purchased three shopping centers in the Salt Lake City area from DDR for approximately
$223 million. The transaction is
strategically aligned with each company's portfolio objectives
given DDR's desire to exit the Salt Lake
City market and Excel's aspiration to expand their presence
in a market where they have an established corporate and operating
presence.
"We are pleased to reach an agreement with the team at Excel and
appreciate their high level of collaboration to effectuate an
off-market transaction that accrues to the benefit of both
parties," said Daniel B. Hurwitz,
chief executive officer of DDR.
The properties included in the transaction are: The Family
Center at Fort Union, The Family Center at Orem and The Family Center at Taylorsville. The three properties total
approximately 1.8 million square feet. As a part of the
transaction, Excel Trust has sold The Family Center at Taylorsville to a third party.
"We value our relationship with DDR and are pleased to announce
this transaction. We see this acquisition as an opportunity to
enhance our portfolio by securing a foothold in a strong market
where Excel Trust already has a management presence. Utah is a business friendly state and boasts
some of the best employment and economic data in the nation," said
Gary Sabin, chief executive officer
of Excel Trust.
About DDR Corp.
DDR is an owner and manager of 390
value-oriented shopping centers representing 108 million square
feet in 39 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, as well as
on Twitter, LinkedIn and Facebook.
About Excel Trust, Inc.
Excel Trust, Inc. is a retail
focused real estate investment trust ("REIT") that primarily
targets community and power centers, grocery anchored neighborhood
centers and freestanding retail properties. The Company has elected
to be treated as a REIT for U.S. federal income tax purposes. Excel
Trust trades publicly on the NYSE under the symbol "EXL".
Additional information about the Company is available
at www.exceltrust.com
Safe Harbor
DDR Corp.
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, including the ability of
the joint venture between DDR and Blackstone to successfully
complete the acquisition of the portfolio from American Realty
Capital Properties, Inc.; 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, 2013, 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.
Excel Trust, Inc.
This press release may contain
statements that are forward-looking, as that term is defined by the
Private Securities Litigation Reform Act of 1995 or by the SEC in
its rules, regulations and releases. These statements include, but
are not limited to, discussions related to the Company's
expectations regarding the performance of its business, its
liquidity and capital resources and other non-historical
statements. These forward-looking statements are based on
management's beliefs, as well as assumptions made by, and
information currently available to, management. When used in this
release, the words "believe," "anticipate," "estimate," "expect,"
"intend" and similar expressions are intended to identify
forward-looking statements. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. For a list and description of risks and
uncertainties that could cause actual results to differ materially
from expectations, see the reports filed by the Company with the
SEC, including the Company's most recent annual report on Form 10-K
and quarterly reports on Form 10-Q. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE DDR Corp.; Excel Trust, Inc.