ddr corp (DDR) Key Developments
DDR Corp. and Blackstone Real Estate Partners VII Form Joint Venture to Buy 76 Shopping Centers from American Realty Capital
Jun 12 14
DDR Corp. announced that it has formed a joint venture with affiliates of Blackstone Real Estate Partners VII, to acquire 76 shopping centers currently owned by American Realty Capital Properties Inc. (ARCP) in a $1.975 billion cash deal. On May 21, American Realty Capital had announced its intention to sell substantially all its multi-tenant shopping center portfolio to Blackstone for $1.975 billion in cash. DDR now announced that the joint venture has executed a purchase and sale agreement with American Realty Capital to acquire the portfolio. The deal value includes assumed debt of $461 million and approximately $800 million of new financings. The sale is expected to close by late third quarter 2014, subject to customary closing conditions. DDR announced that the non-prime asset sales within the portfolio are expected to commence thereafter as a result of active portfolio management within the joint venture. In the new joint venture, Blackstone owns 95% of the common equity, while an affiliate of DDR owns the remaining 5%. DDR will also invest up to a maximum of $300 million in preferred equity in the joint venture with a fixed dividend rate of 8.5%. DDR has agreed to provide customary leasing and management services. DDR further said that it will have the right of first offer to acquire ten of the assets under specified conditions consistent with past transactions. DDR noted that the 16.4 million square foot portfolio in the acquisition primarily consists of prime power centers located in Los Angeles, Houston, Denver, Chicago, Atlanta, Washington D.C. and Phoenix. The portfolio is 95.1% leased. In the transaction, Goldman, Sachs & Co. and KeyBanc Capital Markets served as advisors to DDR.
DDR Mulls Acquisitions
Jun 12 14
DDR Corp. (NYSE:DDR) intends to pursue acquisitions. Daniel B. Hurwitz, Chief Executive Officer of DDR, said, "We expect to generate outsized asset-level growth by leveraging our operating platform, and have appropriately structured our investment to produce attractive risk-adjusted returns while securing access to acquisition opportunities in the future."
DDR Corp. Declares Second Quarter 2014 Class J and Class K Preferred Share Dividends, Payable July 15, 2014
Jun 10 14
DDR Corp. declared its second quarter 2014 Preferred Class J stock dividend of $0.406250 per depositary share and Preferred Class K stock dividend of $0.39063 per depositary share. The declared Preferred Class J dividend covers the period beginning April 15, 2014 and ending July 14, 2014. The declared Preferred Class J Dividend is payable July 15, 2014 to shareholders of record at the close of business on July 1, 2014. The declared Preferred Class K dividend covers the period beginning April 15, 2014 and ending July 14, 2014. The declared Preferred Class K Dividend is payable July 15, 2014 to shareholders of record at the close of business on July 1, 2014.
DDR Corp. Presents at Jefferies 2014 Global Consumer Conference, Jun-18-2014 01:30 PM
Jun 10 14
DDR Corp. Presents at Jefferies 2014 Global Consumer Conference, Jun-18-2014 01:30 PM. Venue: The White Elephant Hotel, Nantucket, Massachusetts, United States. Speakers: David John Oakes, President, Chief Financial Officer and Member of Enterprise Risk Management Committee.
DDR Corp. Presents at Morgan Stanley REIT Summit, Jun-23-2014
Jun 5 14
DDR Corp. Presents at Morgan Stanley REIT Summit, Jun-23-2014 . Venue: Newport Beach, California, United States.