DDR and Glimcher Realty Trust Announce Strategic Asset Swap

DDR (NYSE: DDR) and Glimcher Realty Trust (NYSE: GRT) today announced that the companies have entered into an agreement to swap two assets better aligned with the other's operating platforms and strategies. DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kansas; and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio. The transaction is expected to close in the fourth quarter of 2011, subject to the satisfaction or waiver of customary closing conditions.

The valuations for both assets were set using consistent cap rates that are in line with the current market. These valuations were adjusted for the debt profiles on each property.

DDR and Glimcher believe the transaction is mutually beneficial given the core competencies of each organization, the proven execution of both companies' operating platforms and the long-term value creation potential of each asset.

Town Center Plaza, which Glimcher will purchase from DDR for approximately $139 million, is a 650,000 square-foot open-air mall anchored by Macy's and Dick's Sporting Goods and features Pottery Barn and Anthropologie. Town Center Plaza is well aligned with Glimcher's core competencies and capitalizes on its deep tenant relationships within the mall sector. Town Center Plaza's high sales productivity of more than $400 psf and 95% occupancy level will enhance the quality of Glimcher's mall portfolio.