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.
DDR News today DDR Corp. (NYSE: DDR) today announced
Top 10 Most Recent News Articles
EZaccessMD Data Breach: Class Action Lawsuit Looms
Data breaches are the bogeyman no one wants lurking in the shadows, and when it’s your personal info at stake, folks rightfully squirm. This recent fiasco at EZaccessMD is one of those unsettling incidents. The word on the street isn't pretty: sensitive medical data has slipped through the cracks, leaving Edelson Lechtzin LLP, a heavyweight in class action maneuvers, to...
Continue Reading
Championing Change: USTA Mid-Atlantic Gala's Impact
A Night to Remember: USTA Mid-Atlantic's Gala Who would've thought tennis could wield such transformative power? This ain't your average sport gala. Last Saturday, a crowd of over 300 gathered at the Ritz-Carlton Tysons Corner for the USTA Mid-Atlantic Foundation's 2026 Tennis Creates Gala. Hosted by the formidable Malika Andrews, this event wasn't just a fancy...
Continue Reading
Employment Law Suit Hits ABC: Alleged Wage Violations
ABC Under Fire for Labor Code Violations You know it's a rocky road when a company like American Broadcasting Companies, Inc. lands itself in hot water with accusations riding high on labor law violations. People yapping about lunch breaks? Well, that’s the ball game here. Meal and Rest Break Controversies According to a recent lawsuit filed by Blumenthal Nordrehaug...
Continue Reading
Servier's Data on Tovorafenib Shows Promise in pLGG
New Light on a Critical Challenge Talk about a fight in the dark. Pediatric low-grade glioma (pLGG) is a menace that families dread, an uphill battle with odds that feel relentless. Enter Servier and its four-year updated data on OJEMDA® (tovorafenib), a beacon of hope for kids battling these tricky brain tumors. Results, presented at the SNO meeting, are fresh off the...
Continue Reading
InstaHeat 35K: FOGATTI Offers Upgraded RV Furnace Control
Winter RV Trips Just Got Cozier There's nothing quite like hitting the open road in an RV during the winter months. But let's face it, nobody wants to return to a cabin that's as frigid as the great outdoors. Here's where FOGATTI steps up its game with the InstaHeat Ultra 35K RV Furnace. They’ve tinkered with the thermostat to iron out more precise control, just in time...
Continue Reading
Princess Cruises Launches New Era at Celebration Key
Never thought I'd see the day when a cruise ship docking would stir such excitement, but here we are. The Star Princess has made its grand debut at Celebration Key, the latest jewel in Princess Cruises' crown. And they're going all out with Bahamian flair—something about a Junkanoo band and beach art that would make even the crustiest sailor crack a smile. Inaugural Fun...
Continue Reading
Uber Data Breach: Class Action Investigation Begins
When Tech Meets Trouble: Uber's Data Breach Picture this: the hum of Uber rides weaving through your city, drivers none the wiser that personal info has been pried from the vaults thanks to their tech partner, Fireworks AI. Uber, folks, is in hot water once again. This isn’t just another tech hiccup; it's a legal whirlwind brewing up courtesy of Edelson Lechtzin LLP, a...
Continue Reading
Layne's Chicken Fingers Expands with Brownsville Opening
Fried Delights Rise in Brownsville Never thought I'd see the day when chicken fingers felt like the main character in an epic expansion saga, but here we are. Ricki Oberoi, a veteran in the fast-food game, is pushing onward with Layne's Chicken Fingers in Brownsville, Texas. I tell you, some folks are as keen on expanding their palates as they are their portfolios....
Continue Reading
JOYEE N01 Debuts Globally with First 2,000 Deliveries
JOYYE N01 Breaks into the Global Market Now, here we go, folks—a Chinese car with ambitions bigger than the Sahara. On October 28, the JOYEE N01 rolled off the assembly line and into the international scene with a lot of fanfare at FAW's Yancheng Branch. Mark my words, this isn't just another model trying to strut into the global auto arena. This event delivered the...
Continue Reading
Portillo's Faces Class Action: Investor Losses at Stake
Investor Tensions Rise as Portillo's Inc. Lawsuit Unfolds Investment ain't all sunshine and rainbows, and if you've been holding Portillo's Inc. (NASDAQ: PTLO) stocks between September 19, 2023, and May 4, 2026, you might find yourself caught in a storm front. We're talking shareholder class action lawsuit, folks, thanks to some allegedly misguided management moves. This...
Continue ReadingTop 5 Most Recently Viewed Articles
Kal Raman Joins Photon to Drive Strategic AI Innovation Forward
Kal Raman Joins Photon as Strategic Advisor to CEO Photon, a leader in digital and AI solutions, is excited to announce that Kal Raman has been appointed as a Strategic Advisor to the CEO. His primary focus will be to work closely with the executive leadership team to build strong relationships with major cloud and technology platforms in the AI ecosystem. This strategic...
Continue Reading
Fiverr's Q3 2024: Growth Strategies and Financial Insights
Fiverr Reports Strong Q3 2024 Results Fiverr International Ltd. (NYSE: FVRR) has delivered impressive financial results for the third quarter of 2024. This success demonstrates the company's commitment to enhancing its services and reaching growth targets even amidst a challenging economic environment. Fiverr's strategy focuses on increasing its take rate by offering...
Continue Reading
Upcoming Legal Action for Jasper Therapeutics Investors Explained
Legal Investigation Updates for Jasper Investors As the legal landscape around Jasper Therapeutics, Inc. (NASDAQ: JSPR) evolves, important updates are emerging for investors affected by recent developments. Faruqi & Faruqi, LLP, a prominent national securities law firm, is currently investigating claims on behalf of shareholders who may have suffered losses due to the...
Continue Reading
Naf Naf Grill Unveils Flavor-Packed Spiced Meatballs Today
Introducing Spiced Meatballs at Naf Naf Grill Naf Naf Grill has just launched an exciting new dish: Spiced Meatballs. These flavorful meatballs are crafted with care to showcase the vibrant essence of Middle Eastern cuisine, making them a perfect addition to enhance your dining experience this fall. Rich Middle Eastern Flavors Made from 100% beef, these Spiced Meatballs...
Continue Reading
Pulmatrix Shares Q1 2025 Financial Results and New Directions
Overview of Pulmatrix's Recent Developments Pulmatrix, Inc. is a biopharmaceutical entity focused on developing innovative inhaled therapeutic products to treat migraine and respiratory diseases, utilizing its specialized iSPERSE™ technology. In a recent announcement, the company outlined its financial performance for the first quarter of 2025. Key Financial Outcomes...
Continue Reading