The new year brings some good news from DDR Corp., which reported its results including a lot of buying and selling, its highest leased percentage in five years—and, yes, new development.
Not unlike other REITs, including Kimco, the company has been disposing of non-core assets. Last year, it completed the sale of $433 million in properties, while acquiring $2.33 billion in projects in tune with its strategy. Among them was the acquisition of the remaining 95 percent interest in 30 power centers in its joint venture with Blackstone last spring.
Meanwhile, the portfolio is now 95.1% leased, its highest level since 2008, and includes such in-demand tenants as Nordstrom Rack, Whole Foods and Five Below in its top 50 tenants. The last will be one of the anchors for Seabrook Commons, a new power center to open in Seabrook, N.H. this summer. So development also is taking place.
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