DDR Corp. (NYSE: DDR) today announced that Dick's Sporting Goods will open stores at two prime shopping centers in Utah . The new Dick's Sporting Goods locations will replace former F.Y.E. stores and result in higher and longer-term contracted rents. At the same time, the re-tenanting improves the merchandise mix and credit quality of cash flows at the shopping centers by replacing underperforming stores with a market-share and category-leading retailer.

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"Retailers continue to search for new stores in a supply-constrained environment of mid-size and big box locations, resulting in significant opportunities for owners of high-quality shopping centers to creatively work with growing tenants like Dick's Sporting Goods," said Paul Freddo , senior executive vice president of leasing and development for DDR. "In addition to our proactive downsizing programs, small shop consolidation efforts, and other recently announced leasing programs such as Set Up Shop and Franchise Connect, this is another example of our continued effort to maximize value in our prime assets."

Dick's Sporting Goods will open a 54,000 square-foot store in fall 2012 at The Family Center at Orem , a 282,000 square-foot prime shopping center featuring anchors Jo-Ann fabric and craft stores, Toys "R" Us and Babies "R" Us.

Dick's Sporting Goods will also open a 49,000 square-foot store in fall 2012 at The Family Center at Fort Union, a 670,000 square-foot prime power center featuring anchors Walmart Supercenter, Bed Bath & Beyond, Ross Dress For Less, DSW, Petco and Michaels.  

DDR and Dick's Sporting Goods have completed six leases representing approximately 300,000 square feet in the past two years in Florida , Michigan , Minnesota , New Jersey and Utah . Dick's is a top-ten tenant of DDR in terms of average base rent and gross leasable area, with 35 locations in the portfolio.

About DDR DDR is an owner and manager of 481 value-oriented shopping centers representing 123 million square feet in 39 states, Puerto Rico and Brazil . 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 .

Safe Harbor DDR 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 oversupply 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 sell assets on commercially reasonable terms; 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 our ability to continue to pay dividends on our common shares at the current or higher rates. 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, 2011 . 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.