BEACHWOOD, Ohio, April 1, 2016 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it closed on the acquisition of one power center valued at $61 million and the disposition of 19 assets totaling $360 million at 100% ownership during the first quarter of 2016.
The Company acquired Palm Valley Pavilions West, a 277,000-square-foot power center located in Phoenix, Arizona. Junior anchors at the center include Ross Dress for Less, Total Wine & More, Best Buy, and Ulta. Palm Valley Pavilions West is DDR's seventh asset in Phoenix, which is DDR's fourth largest market ranked by net operating income.
During the first quarter, DDR sold 16 operating assets and three land parcels for an aggregate $224 million at the Company's share. Included in the first quarter total is the sale of 11 assets from a joint venture for $34 million at DDR's 20% share, as well as the sale of Paseo Colorado, a mixed-use lifestyle center in Pasadena, California, for $132 million. DDR has an additional 21 operating assets and nine land parcels under contract for sale, representing an expected $499 million at the Company's share.
Luke J. Petherbridge, chief financial officer of DDR, commented, "I am extremely pleased with our transactional execution thus far in 2016. We are on track to meet our full year disposition guidance range of $600 to $800 million of asset sales, largely in the first half of 2016. While we are finding select acquisition opportunities to augment our portfolio, we are focused on using the majority of sales proceeds to further reduce leverage."
About DDR Corp.
DDR is an owner and manager of 352 value-oriented shopping centers representing 113 million square feet in 37 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.
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, 2015. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ddr-completes-421-million-of-transactions-in-the-first-quarter-2016-300244610.html
SOURCE DDR Corp.