BEACHWOOD, Ohio, July 1, 2015 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it closed on the acquisition of two power centers and an adjoining outparcel valued at $111 million and the disposition of ten assets totaling $102 million at 100% ownership during the second quarter of 2015.
The Company acquired Willowbrook Plaza, a 385,000-square-foot power center located in Houston, Texas. The asset is adjacent to Willowbrook Mall, one of Houston's top performing malls, and presents significant opportunity to drive occupancy and NOI growth given its current 87% leased rate. The asset also has the potential for at least 10,000 square feet of expansion. DDR also acquired International Drive Value Center, a 186,000-square-foot power center located in Orlando, Florida. The center's tenant lineup features a strong mix of national retailers, including two of the highest-performing Ross Dress for Less and T.J. Maxx stores in each respective chain. The asset is located in a submarket with two of the nation's most productive retail properties, the Mall at Millenia and Orlando International Premium Outlets. Year-to-date, the Company has acquired $160 million of assets at DDR's share.
During the second quarter, DDR also sold seven operating assets and three land parcels for an aggregate $60 million at the Company's share. DDR has an additional 18 operating assets and three land parcels under contract for sale, representing an expected total value of $119 million at the Company's share. Year-to-date, the Company has sold $213 million of assets at DDR's share.
Luke J. Petherbridge, chief financial officer of DDR, commented, "We are pleased to report another strong quarter of transactional activity. We continue to cull the remaining non-prime and selective prime minus assets in our portfolio, redeploying proceeds into assets that we expect to offer much better long-term growth opportunities, and intend to be a net seller in 2015. Further, we are committed to mitigating earnings dilution by actively sourcing attractive acquisition opportunities and by realizing corporate-level efficiencies."
About DDR Corp. DDR is an owner and manager of 401 value-oriented shopping centers representing 119 million square feet in 41 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.
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, 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.
SOURCE DDR Corp.