DDR News today DDR Corp. (NYSE: DDR) today an

DDR News today

DDR Corp. (NYSE: DDR) today announced that it has acquired its joint venture partner's 50% ownership interest in two high quality prime power centers located in Portland, Oregon and Phoenix, Arizona for $70 million. The Company funded its entire $70 million investment with proceeds from the issuance of 4.8 million common shares through its at-the-market common equity program. At closing, $104 million of mortgage debt was repaid, and these prime shopping centers are now wholly owned by DDR and part of the Company's large and growing unencumbered asset pool.

(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO )

Daniel B. Hurwitz, president and chief executive officer of DDR, commented, "This transaction is another example of our continued effort to creatively source transactions that allow us to grow our prime portfolio while improving our balance sheet and simplifying our story. Furthermore, our knowledge and familiarity of the assets reduces risk and give us confidence in the long-term growth profile of each property."

Tanasbourne Town Center, located in Portland, Oregon, is a large-format power center totaling 566,000 square feet and is currently 97% leased. It benefits from a strong credit tenant lineup, enjoys significant barriers to entry and has household incomes of over $84,000 and a population of 376,000 within a seven mile radius. The shopping center is anchored by national tenants such as Target, Nordstrom Rack, Bed Bath & Beyond, Ross Dress For Less, Michaels, Old Navy and Petco. DDR has managed and leased the center since 1996.

Arrowhead Crossing, located in Phoenix, Arizona, is a large-format power center totaling 412,000 square feet and is currently 96% leased. The shopping center is anchored by national tenants such as Nordstrom Rack, DSW, T.J.Maxx, HomeGoods, Staples and Hobby Lobby. This prime asset enjoys strong barriers to entry and has household incomes over $73,000 and a population of 582,000 within a seven mile radius. DDR has managed and leased the center since 1996.

David J. Oakes, chief financial officer of DDR, commented, "Financing attractively priced prime acquisitions with equity proceeds allows us to grow our portfolio of wholly owned prime assets in our unencumbered pool while continuing to improve our cash flow, maturity profile and fixed charge coverage."

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.