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For DDR, It’ll Be Hard To Match 2012

Deal Flow Expected To Look More Like 2011
January 9, 2013
Coming off a year when it completed more than $2 billion of portfolio acquisitions, Cleveland-based retail REIT DDR Corp., is shooting for a little more modest growth this year.

In 2013, DDR said in plans to acquire $250 million of prime shopping centers while disposing of $150 million of non-prime operating assets and $50 million of non-income producing assets. It also plans to bring at least $75 million of opportunistic development and redevelopment investment on line, primarily in the second half of the year.

The acquisition target numbers were expected to be down from last year as the firm digests the large number of 2012 acquisitions . At the start of last year, DDR announced a joint venture with Blackstone Group to acquire a $1.43 billion of 46 shopping centers. It finished the year acquiring $2.1 billion of prime shopping centers ($760 million at DDR's share) and the disposing of $347 million of non-prime operating assets ($143 million at DDR's share).

Investments in 2012 were funded primarily with proceeds from asset sales and $511 million of new common equity issued throughout the year, which significantly improved the company's balance sheet as well

During the year, the company leased 11.3 million square feet, representing a 60 basis point improvement in the leased rate over year end 2011, and resulting in a 94.2% leased rate at Dec. 31, 2012.

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