DDR Corp (DDR) is considered a turnaround story with exposure to some of the largest retail powerhouses in the nation, holding precious real estate in a vertical where the building of new shopping space has yet to meet demand, says Alexander D. Goldfarb, Managing Director and Senior REIT Analyst at Sandler O’Neill + Partners, L.P.
“The Cleveland-based shopping center company. Not only is this a turnaround story — and the company’s been doing extremely well at delivering — but also they’re focusing on power centers, which are your Wal-Marts (WMT) and Home Depots (HD) and Lowe’s (LOW) and those sorts of shopping centers, where there’s very little space available for new big box tenants,” Goldfarb said.
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Goldfarb says this Cleveland-based REIT recently issue 3.4% for 10-year investment-grade debt, an attractive offering for some investors, and the company has a track history of being strong at delivering.
“The demand from the retailers is 150 million square feet this year and next year, which equates to about 500 centers, and there are very few even being built, so there’s far more demand than there is availability, and DDR continues to benefit,” Goldfarb said.
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