July 1, 2013
/PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it completed the acquisition of its joint venture partner's 85% interest in five prime power centers located in
in the second quarter of 2013. Also during the quarter, DDR disposed of
of non-prime assets, of which
was the Company's share.
These transactions allow DDR to further enhance its portfolio quality while also simplifying the Company's structure. The investments were funded with proceeds from asset sales and the issuance of common equity. DDR issued 2.5 million new common shares during the quarter at an average price of
, generating gross proceeds of
. These prime power centers were unencumbered at the time of acquisition, and will be included in the Company's high quality unencumbered asset pool.
Second quarter acquisition activity:
The Company acquired its partner's interest in five prime power centers located in the top 50 MSA's including The Walk at Highwoods Preserve (
), Douglasville Pavilion (
), Commonwealth Center and Chesterfield Crossing (
Newport News, VA
). DDR has managed and leased the centers for over six years. The 1.3 million square foot, 98% leased portfolio is anchored by national high credit quality retailers such as Walmart, Target, Costco, Home Depot,
for Less, PetSmart, Fresh Market, and Pier One, while small shop space comprises only 13% of total GLA. The portfolio features an average trade area household income of approximately
and a population of over 330,000 people.