Developers Diversified Realty Sells Salem, New Hampshire Shopping Center
CLEVELAND, Jun 10, 2002 /PRNewswire-FirstCall via COMTEX/ -- Developers Diversified Realty (NYSE: DDR) announced today that DDR and Coventry Real Estate Partners, its majority-owned affiliate, have sold a Salem, New Hampshire shopping center. Developers Diversified expects to report a gain of approximately $1.2 million on the asset sale as part of the Company's merchant building development program, approximately $350,000 of which reflects Coventry's promoted interest in the asset.
The Village Shoppes of Salem, a 170,000 square foot shopping center, was developed in 1999 through Developers Diversified's Retail Value Investment Program (RVIP), a joint venture among the Company, Coventry Real Estate Partners and Prudential Real Estate Investors. The shopping center is anchored by Best Buy, Linens 'n Things, Michael's and Comp USA.
DDR currently owns and manages approximately 220 shopping centers in 41 states totaling 56 million square feet of retail real estate. DDR is a self- administered and managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and manages shopping centers. You can learn more about DDR on the Internet at www.ddrc.com.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21 E 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 the results of the Company 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 or the loss of a major tenant. For more details on the risk factors, please refer to the Company's Form on 10-K as of December 31, 2001.
SOURCE Developers Diversified Realty Corporation 6/10/2002