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.
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.