DDR Expands Partnership with Tesla
BEACHWOOD, Ohio, April 24, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) is pleased to announce the installation of the third Tesla Supercharger station in the Company's portfolio. The new Supercharger station is located at Hamilton Marketplace in Hamilton, NJ and represents the third state where a flagship Supercharger station has been activated at a DDR shopping center, following Virginia and Ohio. Based on current conversations, the relationship could expand to several more locations across the country by year-end.
"We are very proud of our relationship with Tesla and look forward to expanding our involvement across the country as Tesla seeks to broaden its charging network," commented Joe Tichar, senior vice president of corporate operations for DDR. "DDR shopping centers thrive on offering value and convenience to the consumer. Our retail partners provide the outstanding value through their merchandise offerings while Tesla validates the convenience of our prime locations by positioning charging stations that are carefully selected to meet their owners' needs."
Hamilton Marketplace is a 1-million-square-foot power center located along Interstate 195 and U.S. 130 in Hamilton, NJ. The shopping center is 100% leased and anchored by national retailers including Walmart, Kohl's, BJ's, Lowe's, Ross Dress for Less, Bed Bath & Beyond, PetSmart, Michaels, Old Navy, and Pier 1 Imports and features several restaurants including Chick-fil-A, Panera, Red Robin, Cracker Barrel, Longhorn Steakhouse, Ruby Tuesday and Chili's.
Tesla Superchargers allow Model S owners to recharge their vehicles free of charge while traveling between cities along major highways in North America. Supercharger stations are strategically placed to enable owners to drive from station to station with minimal stops, and are conveniently located near amenities including roadside diners, cafes, and shopping centers.
In addition to the Tesla Superchargers, DDR has also installed four Volta charging stations in Arizona that accommodate a variety of electric vehicles from various manufacturers.
About DDR Corp.
DDR is an owner and manager of 406 value-oriented shopping centers representing 113 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, as well as on Twitter, LinkedIn and Facebook.
Tesla Motors' (NASDAQ: TSLA) goal is to accelerate the world's transition to electric mobility with a full range of increasingly affordable electric cars. California-based Tesla designs and manufactures EVs, as well as EV powertrain components for industry partners.
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 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.