BEACHWOOD, Ohio, March 9, 2012 /PRNewswire/ -- 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.