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The three assets to be transferred to Developers Diversified are Perimeter Pointe, a 353,000 square foot community shopping center located in Atlanta, Georgia; Town Center Prado, a 327,000 square foot community shopping center in Marietta (Atlanta MSA), Georgia; and Lake Brandon Plaza, a 197,000 square foot community shopping center in Brandon (Tampa MSA), Florida. As of December 31, 2008, the assets had an aggregate appraised value of approximately $146 million. Developers Diversified will be responsible for the assumption or repayment of approximately $65 million mortgage debt with a current final maturity of 2013 secured by Towne Center Prado and Perimeter Point, while the DDR Macquarie Fund will repay the $14 million of mortgage debt on Lake Brandon Plaza and transfer the asset unencumbered. Developers Diversified will no longer be responsible for its 14.5% share of over $1.0 billion of debt in the DDR Macquarie Fund or the more than $600 million of 2009 and 2010 maturities.
It is anticipated that this redemption will be completed in the second half of 2009, subject to MDT unitholder approval, lender approval and other customary closing conditions. Developers Diversified will continue to actively lease and manage the assets that remain in the DDR Macquarie Fund and receive fees for these services.
David Oakes, Developers Diversified's Senior Executive Vice President of Finance and Chief Investment Officer, stated, "The redemption is consistent with our stated goals of improving liquidity and lowering leverage, simplifying our strategy and structure, and increasing our portfolio's focus on Prime properties. In addition to eliminating considerable near term debt maturities, the transaction is also important because it provides greater financial flexibility to both DDR and MDT as we maneuver through this challenging environment."
Developers Diversified currently owns and manages over 700 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, and Canada, totaling over 153 million square feet. Developers Diversified Realty is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. Additional information about Developers Diversified Realty is available on the Internet at http://www.ddr.com.
Contact: Tom Morabito Senior Director of Investor Relations Developers Diversified Realty Main: (216) 755-5500 E-mail: Email Contact
SOURCE: Developers Diversified Realty Corporation
http://www2.marketwire.com/mw/emailprcntct?id=CC13FB6871D88040
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