DDR and Shoe Carnival to Open Four Stores in 2012
BEACHWOOD, Ohio, Feb. 28, 2012 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced four new Shoe Carnival stores to open at prime DDR shopping centers in 2012.
These new locations are a result of DDR's continued focus to consolidate small shop space by reconfiguring and re-leasing space to national retailers, improving tenant mix and the quality of cash flow. At three of the shopping centers, multiple small shop units have been combined to accommodate the new Shoe Carnival stores. The fourth center is located in Puerto Rico and is another example of US retailers reaching out to DDR as they plan their initial market strategy for the island.
"These new Shoe Carnival locations are another example of DDR proactively providing opportunity for growing retailers in a supply constrained environment," said Paul Freddo, senior executive vice president of leasing and development for DDR.
The new Shoe Carnival stores will open in the summer of 2012 at the following shopping centers:
The Family Center at Riverdale, a 97 percent leased, 1,000,000 square-foot shopping center in Riverdale, Utah where Shoe Carnival will occupy three combined small shop units for a total of 12,000 square feet and will join Walmart, Super Target, Sam's Club, Sports Authority, Best Buy, Jo-Ann fabric and craft stores and PetSmart.
Wando Crossing, a 99 percent leased, 325,000 square-foot shopping center in Mt. Pleasant, South Carolina where Shoe Carnival will occupy two combined small shop units for a total of 11,000 square feet. Shoe Carnival will join anchors Walmart, Marshalls / HomeGoods, Office Depot, Michaels and Petco.
Ashley Crossing, a 94 percent leased, 188,000 square-foot center in Charleston, South Carolina where Shoe Carnival will occupy two combined small shop units for a total of 8,000 square feet. Shoe Carnival will join anchors Kohl's, Food Lion and Marshalls in this recently redeveloped center.
Plaza Escorial, a 99 percent leased, 636,000 square-foot shopping center in Carolina, Puerto Rico where Shoe Carnival will backfill the 12,000 square-foot Group USA location. Shoe Carnival will join anchors Walmart, Sam's Club, Home Depot, Caribbean Cinemas, OfficeMax, Old Navy, PetSmart and David's Bridal.
DDR is an owner and manager of 481 value-oriented shopping centers representing 123 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.
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 sell assets on commercially reasonable terms; 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; our ability to continue to pay dividends on our common shares at the current or higher rates; and the finalization of the financial statements for the three-month period ended September 30, 2011. 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, 2010. 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.