DDR adds Nordstrom Rack to The Shops at Midtown Miami

BEACHWOOD, Ohio, Sept. 3, 2014 /PRNewswire/ -- DDR Corp. DDR today announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a 98% leased, 645,000-square-foot urban power center that features the largest concentration of value-oriented retailers in the city of Miami. DDR created space for Nordstrom Rack through its Project Accelerate initiative announced in May of 2014, whereby DDR is recapturing below-market leases from underperforming anchor tenants and backfilling these locations with best-in-class retailers.

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"We are pleased to add a best-in-class retailer to one of our premier assets, with minimal downtime and capex," said Paul Freddo, senior executive vice president of leasing and development for DDR. "The addition of Nordstrom Rack significantly enhances the merchandise mix at Midtown Miami, while also significantly improving the asset's regional draw, NOI growth profile, and net asset value."

Nordstrom Rack is expected to open in spring 2015, bolstering the existing anchor store lineup, which includes Target, Marshalls, HomeGoods, West Elm, Guess, PetSmart, Ross Dress for Less, Sports Authority, and Walmart which will be coming soon. In addition, the property features an array of dining and entertainment retailers such as Bar Louie, Lime Fresh Mexican Grill, and Pinkberry, among many others.

Opened in 2006, The Shops at Midtown Miami benefits from its central location with close proximity to downtown, the Port of Miami, Miami Beach, Miami International Airport and the convergence of Interstate 95 and Interstate 195. Since its opening, the shopping center has served as a catalyst for the revitalization of the Midtown area, including the nearby Miami Design District, a growing neighborhood of designer showrooms, galleries, furniture wholesalers and luxury retailers in a pedestrian-friendly environment. The Shops at Midtown Miami is one of DDR's top-performing assets in the state of Florida and has produced a compound annual NOI growth rate of 32% since 2010.

About DDR Corp.
DDR is an owner and manager of 390 value-oriented shopping centers representing 108 million square feet in 39 states and Puerto Rico.  The Company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR.  Additional information about the Company is available at www.ddr.com, as well as on Twitter, LinkedIn and Facebook.

Safe Harbor 
DDR Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as supply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract, including the ability of the joint venture between DDR and Blackstone to successfully complete the acquisition of the portfolio from American Realty Capital Properties, Inc.; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the success of our capital recycling strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's Form 10-K for the year ended December 31, 2013, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SOURCE DDR Corp.