BEACHWOOD, Ohio, Jan. 6, 2012 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced new Five Below stores in consolidated small shop and downsized junior anchor locations at five Atlanta-area prime shopping centers.

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These new locations represent the continuation of DDR's effort to strategically reduce small-shop space as well as rightsize junior anchors and re-lease the residual space at attractive market rents. At the locations where Five Below will be occupying downsized space, DDR will realize rental increases of nearly 50 percent.

"In this limited supply environment, our ability to combine high-quality assets with creatively reconfigured space ensures that we proactively provide opportunity for growing retailers and creatively enhance asset value," said Paul Freddo, senior executive vice president of leasing & development for DDR.

Five Below's new Atlanta-area stores will be located in prime shopping centers with excellent tenancy, affluent household incomes and dense population. Seven mile average household income for the centers averages over $96,000 and average seven mile population exceeds 328,000 people. All of the new stores are expected to open in 2012.

The new Five Below stores will be located at the following shopping centers:

Perimeter Pointe, a 353,000 square-foot prime power center in Atlanta, where Five Below will occupy all of the residual space of a downsized Office Depot. Five Below will join anchors Babies "R" Us, HomeGoods, Michaels, Sports Authority, Regal Cinemas and Stein Mart.

Town Center Commons, a 160,000 square-foot community center in Kennesaw, where Five Below will occupy two combined historically vacant small shop units. Five Below will join anchors Dick's Sporting Goods and JCPenney.

Marketplace at Millcreek, a 403,000 square-foot prime power center in Buford, where Five Below will occupy two combined previously vacant small shop units. Five Below will join Bed Bath & Beyond, Costco, DSW, Marshalls, PetSmart and Ross Dress For Less.

Woodstock Square, a 393,000 square-foot prime power center in Woodstock, where Five Below will occupy all of the residual space of a downsized Old Navy. Five Below will join anchors Kohl's, Old Navy, PetSmart and ULTA.

Presidential Commons, a 371,000 square-foot prime power center in Snellville, where Five Below will occupy all of the residual space of a downsized Jo-Ann fabric and craft stores. Five Below will join anchors buybuyBaby, Home Depot, Jo-Ann fabric and craft stores, Kroger, Petco and Stein Mart.

About DDR

DDR is an owner and manager of 538 value-oriented shopping centers representing 134 million square feet in 41 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; our ability to continue to pay dividends on our common shares at the current or higher rates; and the finalization of the financial statements for the three-month period ended September 30, 2011. 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, 2010. 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.

Copyright 2012 PR Newswire

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