BEACHWOOD, Ohio, Nov. 12, 2014 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced the sale of an 11-property portfolio located
primarily in the Buffalo MSA that was previously held in joint
venture with Kuwaiti Financial Centre II ("KFC II"), for a total of
$154 million. The portfolio was
comprised of small-format traditional grocery-anchored centers and
single tenant non-prime assets.
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO )
"This transaction aligns with our strategic initiative to reduce
exposure to non-core markets and assets, while simplifying our
structure through the prudent dissolution of joint ventures," said
Daniel B. Hurwitz, chief executive
officer of DDR.
Following the sale of KFC II, combined with assets currently
under contract for sale in Buffalo, DDR will have reduced its total
GLA in the Buffalo market by 68% since 2007, from 40 properties to
10. As a result, Buffalo will drop out of the top 15 MSAs by base
rent for the Company. The wind-down of KFC II represents the 13th
joint venture since 2009 that DDR has exited or expects to exit by
year-end 2014, and is reflective of the Company's continued focus
on simplifying its business.
About DDR Corp.
DDR is an owner and manager of 456
value-oriented shopping centers representing 125 million square
feet in 42 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.
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, 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.
SOURCE DDR Corp.