Developers Diversified Announces Public Offering of Common Shares
February 08 2010 - 4:01PM
PR Newswire (US)
CLEVELAND, Feb. 8 /PRNewswire-FirstCall/ -- Developers Diversified
Realty Corporation (NYSE:DDR) today announced it has commenced an
underwritten public offering to sell 36,000,000 of its common
shares. The Company intends to use the net proceeds from the
offering to repay debt with short-term maturities and reduce
balances on the Company's revolving credit facilities. Morgan
Stanley, J.P. Morgan, Goldman, Sachs & Co. and Wells Fargo
Securities are the joint book-running managers for this offering.
The underwriters will be granted a 30-day option to purchase up to
an additional 5,400,000 common shares to cover over-allotments, if
any. A preliminary prospectus supplement and accompanying
prospectus relating to this offering will be filed with the
Securities and Exchange Commission. A copy of the preliminary
prospectus supplement and accompanying prospectus relating to this
offering may be obtained from: Morgan Stanley, Attn: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by
emailing , or by calling toll free at (866) 718-1649; or from J.P.
Morgan via Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by calling toll-free at (866) 803-9204; or
from Goldman, Sachs & Co., Prospectus Department, 85 Broad
Street, New York, NY 10004, telephone: (866) 471-2526, facsimile:
(212) 902-9316 or by emailing ; or from Wells Fargo Securities,
Attention: Equity Syndicate Department, 375 Park Avenue, New York,
NY 10152, or by emailing , or by calling (800) 326-5897. This news
release does not constitute an offer to sell or a solicitation of
an offer to buy any securities, nor will there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale is not permitted. A registration statement
relating to these securities has been filed with the Securities and
Exchange Commission and is effective. Developers Diversified owns
and manages approximately 665 retail operating and development
properties in 44 states, Brazil, Canada and Puerto Rico. Totaling
more than 147 million square feet, the Company's shopping center
portfolio features open-air, value-oriented neighborhood and
community centers, mixed-use centers and lifestyle centers located
in prime markets with stable populations and high-growth potential.
Developers Diversified is the largest landlord in Puerto Rico and
owns a premier portfolio of regional malls in and around Sao Paulo,
Brazil. Developers Diversified is a self-administered and
self-managed REIT operating as a fully integrated real estate
company. Cautionary Note on Forward-Looking Statements Developers
Diversified Realty Corporation considers portions of this
information 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 the Company's 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; the Company's ability
to sell assets on commercially reasonable terms; the Company's
ability to secure equity or debt financing on commercially
acceptable terms or at all; the Company's ability to enter into
definitive agreements with regard to its financing and joint
venture arrangements or the Company's failure to satisfy conditions
to the completion of these arrangements; the finalization of the
financial statements for the year ended December 31, 2009; and the
Company's ability to successfully complete this proposed public
offering due to market conditions or any other reason. 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 as of December
31, 2008. The Company undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof, unless otherwise required by law.
DATASOURCE: Developers Diversified Realty Corporation CONTACT: Kate
Deck, Investor Relations Director, Developers Diversified,
+1-216-755-5500, Web Site: http://www.ddr.com/
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