BEACHWOOD, Ohio, Feb. 28, 2012 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced four new Shoe Carnival stores to open
at prime DDR shopping centers in 2012.
(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO
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These new locations are a result of DDR's continued focus to
consolidate small shop space by reconfiguring and re-leasing space
to national retailers, improving tenant mix and the quality of cash
flow. At three of the shopping centers, multiple small shop units
have been combined to accommodate the new Shoe Carnival stores. The
fourth center is located in Puerto
Rico and is another example of US retailers reaching out to
DDR as they plan their initial market strategy for the island.
"These new Shoe Carnival locations are another example of DDR
proactively providing opportunity for growing retailers in a supply
constrained environment," said Paul
Freddo, senior executive vice president of leasing and
development for DDR.
The new Shoe Carnival stores will open in the summer of 2012 at
the following shopping centers:
The Family Center at Riverdale,
a 97 percent leased, 1,000,000 square-foot shopping center in
Riverdale, Utah where Shoe
Carnival will occupy three combined small shop units for a total of
12,000 square feet and will join Walmart, Super Target, Sam's Club,
Sports Authority, Best Buy, Jo-Ann fabric and craft stores and
PetSmart.
Wando Crossing, a 99 percent leased, 325,000 square-foot
shopping center in Mt. Pleasant, South
Carolina where Shoe Carnival will occupy two combined small
shop units for a total of 11,000 square feet. Shoe Carnival will
join anchors Walmart, Marshalls / HomeGoods, Office Depot, Michaels
and Petco.
Ashley Crossing, a 94 percent leased, 188,000 square-foot center
in Charleston, South Carolina
where Shoe Carnival will occupy two combined small shop units for a
total of 8,000 square feet. Shoe Carnival will join anchors Kohl's,
Food Lion and Marshalls in this recently redeveloped center.
Plaza Escorial, a 99 percent leased, 636,000 square-foot
shopping center in Carolina, Puerto
Rico where Shoe Carnival will backfill the 12,000
square-foot Group USA location.
Shoe Carnival will join anchors Walmart, Sam's Club, Home Depot,
Caribbean Cinemas, OfficeMax, Old Navy, PetSmart and David's
Bridal.
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; 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.