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Retail property company

Developers Diversified


sold six retail properties to the company's joint venture with Macquarie DDR Trust, an Australian listed property trust sponsored by Macquarie Bank.

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The aggregate purchase price of the 1.5 million-square-foot portfolio was $122.7 million, which equates to a 6.6% cap rate.

The sale generated initial merchant build gains of around $33 million, which will be included in Developers Diversified's second-quarter funds from operations. These merchant build gains were anticipated in the company's 2006 FFO guidance of $3.36 a share to $3.46 a share. Based on the timing of these gains, the Cleveland-based company anticipates its second quarter FFO will significantly exceed analysts' consensus estimates of 91 cents a share.

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