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DDRCorp. ( DDR - Analyst Report ) recently announced that it has acquiredthree prime shopping centers for$110 million. Among the acquired properties, two prime assets are located inCharlotte, North Carolina, Cotswold Village and The Terraces at South Park and are worth $85 millionwhile the other asset is located in Colorado and worth $25 million.
In connection with these acquisitions, DDR assumed three existing mortgage loans for $50.8 million, $6.6 million and $9.6 million, respectively. The assets are occupied by high quality retailers spanning 500,000 square feet.
With this strategic move, DDR expanded its presence in the Charlotte trade area to 9 prime assets spanning 2.2 million square feet as well as in the Denver area to 9 prime assets totaling 2.8 million square feet.
In order to further enhance its portfolio, DDR is also under contract to acquire a 700,000 square feet asset named Polaris Towne Center in Columbus, Ohio,for $80 million. The company expects to close the transaction by the fourth quarter of 2011.
The company disposed of10non-primeassetsand 7 land parcels during the third quarter for approximately $59million.An additional $209million of assets are currently under contract for sale, of which the company's share is $196million.
The company is currently undertaking a portfolio repositioning strategy under which it intends to dispose the non-core assets and funds the acquisitions with the disposition proceedsthereby enhancing the quality of its portfolio.
DDR Corp. operates as a real estate investment trust (REIT) in the United States. The company engages in acquiring, developing, redeveloping, owning, leasing, and managing shopping centers, mini-malls, and lifestyle centers.
DDR Corp. currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, BRT Realty Trust ( BRT ) currently retains a Zacks #1 Rank, which translates into a Strong Buy rating.
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