DDR Acquires Two Prime Power Centers for $151M in the Fourth Quarter and Closes $2.1B of Acquisitions in 2012

DDR

today announced the acquisition of two prime power centers for $151 million and the disposition of $255 million of non-prime operating assets ($62 million at DDR's share) during the fourth quarter of 2012. For the full year 2012, the Company closed $2.1 billion of acquisitions ($760 million at DDR's share) and disposed of $347 million of non-prime operating assets ($143 million at DDR's share). In addition, the Company sold $61 million of non-income producing assets during the quarter and $107 million ($96 million at DDR's share) for the year. DDR issued $75 million of common equity in the fourth quarter and $511 million in 2012 to fund the net acquisition of market dominant power centers and to further reduce overall leverage. Prime acquisitions in 2012 have an average leased rate of 94% with average trade area household income of $83,000 and population of 548,000 people.