Shopping Centers Today International

FEB 2016

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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F E B R U A R Y 2 0 1 6 / S C T 11 DDR DOES IT BY THE BOOK DDR Corp. has published a tome to tout the power of its portfolio. The Beachwood, Ohio–based REIT's Focus book includes aerials and key statistics on the com- pany's top 50 assets. "These top 50 are judged by the same characteristics that we use to internally rank our assets: market-dominant centers located in the best sub- markets of the top 50 MSAs with above-average growth profiles and a strong, creditworthy mix of tenants," said DDR President and CEO David J. Oakes. "While only 50 assets made the book, these qualities are represented in the overwhelming majority of our shopping centers. While our asset count will continue to change, our fo- cus on asset quality will not, as evidenced by those assets included in the book." DDR is sending hard copies of the book to investors. It can also be downloaded on the firm's website. Inland Real Estate goes private Real estate funds managed by DRA Advisors LLC plan to acquire Oak- brook, Ill.–based REIT Inland Real Estate Corp. for about $2.3 billion, including assumed debt. DRA plans to take the Inland REIT, which owns about 135 retail properties totaling 15 million square feet, private. "The board has been focused on the options available to ad- dress the long-term discount at which the company's shares have traded versus private-market valuations and its shopping center REIT peers," said IRC Chairman Thomas P. D'Arcy in a press release. Inland Real Estate Corp.'s same- center net-operating income slipped by 0.6 percent for the third quarter, attributable largely to redevelopment expenses, executives said. Same-cen- ter NOI for the nine months ended Sept. 30 increased by 4.1 percent. Average base rent for new leases and renewals signed in the quarter increased by 111.5 percent and 10.1 percent, respectively, over expiring average rents in the year-ago period. Third-quarter funds from operations rose to $24.1 million, from $23.9 million a year ago. The firm's aver- age rental rate of $13.99 per square foot during the quarter represented an increase of 20.8 percent over the average expiring rent. DRA Advisors has about $6.8 bil- lion of assets under management, and represents public and corporate pension funds, endowments, foun- dations and financial institutions. As of Sept. 30, DRA has invested in properties valued in excess of $23.5 billion.

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