On Jul 1, DDR Corp. DDR, the Beachwood, OH-based retail real estate investment trust (“REIT”) disclosed its transactions activities for second-quarter 2015. During the quarter, the company acquired properties worth $111 million, while disposing $102 million of assets. These transaction activities are in sync with DDR’s strategy of reducing non-prime assets and using the proceeds for acquiring core assets with long-term growth potential.
During the quarter, DDR acquired Willowbrook Plaza, a 385,000-square foot power center situated in Houston, TX. Given its present lease rate of 87%, the acquired property promises huge prospects for occupancy as well as net operating income. Additionally, the company acquired International Drive Value Center in Orlando, FL; which is an 186,000-square foot power center boasting the presence of eminent national retailers.
Also, in second-quarter 2015, DDR divested 7 operating assets and 3 land parcels for a total of $60 million as its share. In addition, the company holds another 18 operating assets and 3 land parcels under contract for sale.
DDR acquires, owns, develops, redevelops, leases and manages shopping centers, especially in high-growth areas of the country. In addition, DDR engages in origination and acquisition of loans and debt securities, which are generally collateralized directly or indirectly by shopping centers.
DDR currently has a Zacks Rank #4 (Sell).
Investors interested in the retail REIT industry may consider stocks like Agree Realty Corp. ADC, American Assets Trust, Inc. AAT and Cedar Realty Trust, Inc. CDR. All these stocks hold a Zacks Rank #2 (Buy).
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