Developers Diversified Realty buys JDN for $380.3 mln

Developers Diversified Realty and JDN Realty Corporation announced Friday that they have entered into a definitive merger agreement pursuant to which JDN shareholders will receive 0.518 shares of DDR in exchange for each share of JDN stock.

Based on ThursdayÂ's closing prices, the transaction values JDN at approximately $1.02 billion, which includes approximately $584 million of assumed debt and $50 million of preferred stock.

Following the merger, DDR will own or manage 442 shopping center properties in 44 states comprising 77 million square feet, which includes approximately 15 million square feet of total GLA attributable to JDN.

In addition, DDR will acquire 21 properties comprising approximately 7 million square feet of total GLA currently under development by JDN as well as a development pipeline of 17 properties representing 3 million square feet of total GLA with a total estimated cost of $220 million.

Upon completion of the transaction, expected in the first quarter of 2003, DDR will have a total market capitalization of over $5.0 billion (including its pro rata portion of unconsolidated debt).

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(source: DDR and JDN)

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