BEACHWOOD, Ohio, March 1, 2011 /PRNewswire/ -- Developers Diversified Realty Corporation (NYSE: DDR), an Ohio corporation (the "Company"), today announced that it is calling for redemption all outstanding shares of its 8% Class G Cumulative Redeemable Preferred Shares, without par value ("Class G Preferred Shares"), and the related depositary shares ("Depositary Shares"), each representing 1/10th of one share of the Class G Preferred Shares (NYSE: DDRPRG - CUSIP No.: 251591 83 0). Pursuant to the provisions of the Articles of Incorporation of the Company, the Company has taken action to redeem all outstanding Class G Preferred Shares and respective Depositary Shares on April 4, 2011.
The Class G Preferred Shares and respective Depositary Shares will be redeemed in whole at a redemption price of $251.05556 per Class G Preferred Share or $25.105556 per Depositary Share (the "Redemption Price") (the sum of $250.00 per Class G Preferred Share plus accrued and unpaid dividends of $1.05556 per Class G Preferred Share to the redemption date or $25.00 per Depositary Share plus accrued and unpaid dividends of $0.105556 per Depositary Share to the redemption date).
Payment of the Redemption Price shall be made on and after April 4, 2011, as soon as practicable after presentation and surrender of receipts evidencing the Depositary Shares and the Letter of Transmittal by "hand delivery" or by mail to BNY Mellon Shareowner Services LLC ("Redemption Agent"), 480 Washington Blvd. – 27th Floor, Jersey City, NJ 07310.
Upon deposit by the Company of the Redemption Price in trust with the Redemption Agent for the account of the holders of the Class G Preferred Shares and respective Depositary Shares, such shares shall no longer be deemed to be outstanding and all rights with respect to such shares shall forthwith cease and terminate (including, but not limited to, the right to receive dividends from and after the redemption date) except only the right of the holders thereof to receive, out of the funds so deposited in trust, from and after such date, the Redemption Price, without interest.
About Developers Diversified Realty
Developers Diversified owns and manages approximately 570 retail operating and development properties in 41 states, Brazil, Canada and Puerto Rico. Totaling approximately 132 million square feet, the Company's shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls primarily clustered around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Internet at www.ddr.com.
Developers Diversified – Financial
SOURCE Developers Diversified Realty Corporation