BEACHWOOD, Ohio, Nov. 12, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the sale of an 11-property portfolio located primarily in the Buffalo MSA that was previously held in joint venture with Kuwaiti Financial Centre II ("KFC II"), for a total of $154 million. The portfolio was comprised of small-format traditional grocery-anchored centers and single tenant non-prime assets.
"This transaction aligns with our strategic initiative to reduce exposure to non-core markets and assets, while simplifying our structure through the prudent dissolution of joint ventures," said Daniel B. Hurwitz, chief executive officer of DDR.
Following the sale of KFC II, combined with assets currently under contract for sale in Buffalo, DDR will have reduced its total GLA in the Buffalo market by 68% since 2007, from 40 properties to 10. As a result, Buffalo will drop out of the top 15 MSAs by base rent for the Company. The wind-down of KFC II represents the 13th joint venture since 2009 that DDR has exited or expects to exit by year-end 2014, and is reflective of the Company's continued focus on simplifying its business.
About DDR Corp.
DDR is an owner and manager of 456 value-oriented shopping centers representing 125 million square feet in 42 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, as well as on Twitter, LinkedIn and Facebook.
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, 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.