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Developers Diversified Doesn't Complete Sale

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Developers Diversified was unable to complete a previously announced deal to sell 13 properties. Here are the basics:

Developers Diversified Realty Corp. said Monday that a 13-property sale didn't close as expected this month, but the shopping mall owner doesn't expect that to hurt its ability to meet debt requirements.

But investors punished the retail REIT's shares on the news. The stock fell 91 cents, or 16 percent, to $4.77 in midday trading.

The Cleveland-based company said it hasn't closed on the previously announced sale and it doesn't expect to by the end of the year. It's still in talks with the buyer, an unidentified institutional investor, and hopes for a deal to pan out next year.

The Wall Street Journal has a piece in today's paper with more.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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