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Developers Diversified Portfolio Hits 77M SF

PHILADELPHIA-Cleveland, OH-based Developers Diversified enriches its shoppingcenter portfolio by 81 existing properties, 21 under development and a pipeline of 17 more with the acquisition of Atlanta-based JDN Realty.

By Marita Thomas | Updated on October 07, 2002

PHILADELPHIA-With the proposed merger of Atlanta-based JDN Realty Corp., intoCleveland, OH-based Developers Diversified Realty, DDR will own or manage 442shopping centers, encompassing 77 million sf in 44 states. In addition, under the proposed terms, DDR will also gain 21 JDN properties under development and a development pipeline of 17 more, representing 3 million sf with a total estimated cost of $220 million, taking DDR’s total market capitalization to in excess of $5 billion.

The deal, expected to close early next year, is structured at 439 million in shares of common and preferred stock and DDR’s assumption of approximately $580 million in debt.

Scott Wolstein, DDR’s chairman and chief executive officer, says during a conference call that the merger agreement “will increase the asset base of DDR’s portfolio by 30% or $1 billion.”

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