A joint venture between DDR and Blackstone recently purchased a 46-property portfolio for $1.4 billion.
The properties, all shopping centers, were acquired from EPN group. In total, the properties span 20 states and have a combined 10.6 million square feet in space. Overall, the portfolio is 90 percent leased and has tenants such as Walmart, Old Navy, Home Depot and Best Buy.
In all, the companies took on $635 million in debt, as well as a $320 million loan facility, according to the report. DDR paid $17 million in common equity, as well as $150 million of preferred equity and a joint venture debt of approximately $48 million. Blackstone has 95 percent of the equity in the venture, while DDR holds the rest.
The report added that an approximate 94 percent of the portfolio's net operating income comes from prime assets, while half of this is generated from centers located in some of the largest metropolitan statistical areas in the country. The average household income for the homes near the properties is $88,000.