DDR Announces Twelve New Ulta Beauty Stores in 2013
BEACHWOOD, Ohio, Sept. 16, 2013
BEACHWOOD, Ohio, Sept. 16, 2013 /PRNewswire/ --DDR Corp. (NYSE: DDR) today
announced that Ulta Beauty (Nasdaq: ULTA) will open 12 new stores in the
Company's prime power centers by year-end 2013. Year-to-date, Ulta and DDR
have opened six new stores, and are scheduled to open an additional six stores
prior to year-end, bringing Ulta's total store count to 43 locations across
"Ulta continues to be very focused on securing prime locations in market
dominant power centers, and we are excited to expand our relationship with
this best-in-class retailer," said Paul Freddo, senior executive vice
president of leasing and development for DDR. "Ulta brings a complementary and
unique merchandise offering to our shopping centers while simultaneously
increasing credit quality of cash flow."
Through the combination of small shop consolidation, backfilling
underperforming and expiring tenants, and new construction, DDR has
proactively facilitated Ulta's growth plans by creating space in assets that
were collectively already 97% leased. The 12 new locations at DDR shopping
centers represent nearly 10% of Ulta's current 2013 store growth guidance.
These stores solidify DDR as Ulta's largest landlord, and elevate the retailer
into DDR's top 25 tenant ranking as measured by annual base rent.
DDR Prime Shopping Center Total GLA Leased Delivery Type Store
(SF) Rate Opening
The Commons, Salisbury, MD 350,000 98% Small shop Q1
Belgate Shopping Center, Charlotte, 890,000 100% New construction Q2
Commonwealth Center, Richmond, VA 166,000 100% Small shop Q3
Cotswold Village, Charlotte, NC 262,000 98% Store expansion Q3
Belden Park Crossings, 594,000 97% Small shop Q3
Cleveland/Akron, OH consolidation
Springfield Commons, Toledo, OH 272,000 97% Backfill Q3
Connecticut Commons, Hartford, CT 567,000 96% Backfill Q3
Great Northern Plazas, 670,000 97% Small shop Q3
Cleveland/Akron, OH consolidation
The Family Center at Fort Union, 687,000 97% Backfill Q4
Salt Lake City, UT
Aspen Grove, Denver, CO 279,000 92% Backfill Q4
The Promenade at Brentwood, St. 300,000 99% Backfill Q4
The Marketplace at Delta Township, 490,000 99% New store Q4
Lansing, MI construction
About DDR Corp.
DDR is an owner and manager of 435 value-oriented shopping centers
representing 115 million square feet in 39 states, Puerto Rico and Brazil. 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, Facebook and Pinterest.
DDR 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 oversupply 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; 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, 2012, 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.
Contact: Investor Contact: Samir Khanal, Senior Director of Investor
Relations, 216.755.5500; or Media Contact: Matt Schuler, Communications
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