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DDR Completes $58 Million Of Transactions In 2Q

DDR Completes $58 Million Of Transactions In 2Q
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DDR Corp (NYSE: DDR) revealed that it closed on the disposition of six assets for a total of $58 million at 100 percent ownership in the second quarter of the current year.

DDR said that it divested operating assets for $45 million apart from three land parcels for $13 million in the second quarter. Both together fetched $58 million at the company's share. The company has an additional 21 operating assets, as well as, seven land parcels under contract for sale. That accounted for an expected total price of$505 million at its share.

For the year-to-date period, the company sold $282 million of assets at its share. The company indicated that there were no acquisitions closed in the June quarter.

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DDR president and CEO David Oakes commented, "I am pleased to report continued progress toward our full-year disposition guidance of $600 to $800 million, as the vast majority of the assets under contract for sale are expected to close in the third quarter."

He added, "We also continue to find certain attractive acquisition opportunities in line with our original guidance, however, we remain very selective and focused on redeploying the majority of the net proceeds into further strengthening our balance sheet and lowering debt to EBITDA."

At time of writing, the stock was up 1.16 percent on the day, trading at $18.35.

Posted-In: David OakesNews REIT Asset Sales Real Estate


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