Among the REIT's projects in the works announced yesterday are three developments totaling 1.5 million sf executives plan to start work on this year. They are open-air centers in Horesheads, NY; McHenry, IL; and Seabrook, NH. The company is also set to break ground on centers in McKinney, TX; and Norwood, MA, by the end of the year.
Additionally, DDR has seven projects currently under construction in Miami; Chesterfield and Lansing, MI; Freehold and Mount Laurel, NJ; Apex, NC; and Pittsburgh. All seven centers will total 2.8 million sf.
As reported earlier in GSR, the REIT is also marketing a portfolio of 42 former Service Merchandise department store sites that it acquired in 2002 and has redeveloped into open-air centers. "We expect a very strong response form the market, with pricing to be very highly competitive," said David Hurwitz, the company's senior executive vice president and chief investment officer.
DDR's FFO was $92.5 million during the quarter, which ended June 30, up from $81.6 million during the same year-ago period. The company's net income decreased 27.1%, to $54.2 million, due to the sale of centers earlier this year to its joint venture with the Australia-based Macquarie Bank Ltd.
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