On Tuesday, DDR Corp (NYSE:DDR)’s shares inclined 1.77% to $16.09.
DDR Corp. (DDR) declared that it closed on the acquisition of two power centers and an adjoining outparcel valued at $111 million and the disposition of ten assets totaling $102 million at 100% ownership during the second quarter of 2015.
The Company attained Willowbrook Plaza, a 385,000-square-foot power center located in Houston, Texas. The asset is adjacent to Willowbrook Mall, one of Houston’s top performing malls, and presents noteworthy opportunity to drive occupancy and NOI growth given its current 87% leased rate. The asset also has the potential for at least 10,000 square feet of expansion. DDR also attained International Drive Value Center, a 186,000-square-foot power center located in Orlando, Florida. The center’s tenant lineup features a strong mix of national retailers, counting two of the highest-performing Ross Dress for Less and T.J. Maxx stores in each respective chain. The asset is located in a submarket with two of the nation’s most productive retail properties, the Mall at Millenia and Orlando International Premium Outlets. Year-to-date, the Company has attained $160 million of assets at DDR’s share.
DDR Corp. is an equity real estate investment trust. It invests in the real estate markets of the United States and Puerto Rico. The firm is in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. It formerly known as Developers Diversified Realty Corp. DDR Corp is based in Beachwood, Ohio.
Cabot Oil & Gas Corporation (NYSE:COG)’s shares dropped -0.29% to $30.51.
Cabot Oil & Gas Corporation (COG) will host its second quarter 2015 earnings conference call on Friday, July 24, 2015 at 9:30 a.m. Eastern Time. The Company plans to issue its financial and operating results prior to the market opening on the same day.
Cabot Oil & Gas Corporation, an independent oil and gas company, develops, exploits, explores for, produces, and markets natural gas, oil, and natural gas liquids in the United States. The company primarily focuses on the Marcellus Shale in northeast Pennsylvania with about 200,000 net acres in the dry gas window of the play; and the Eagle Ford Shale in south Texas with about 89,000 net acres in the oil window of the play. It also transports, stores, gathers, and purchases 5.82% to $39.64.
On Tuesday, Pinnacle Entertainment, Inc (NYSE:PNK)’s shares inclined 5.82% to $39.64.
Gaming and Leisure Properties, Inc. (GLPI) sent a letter to the Board of Directors of Pinnacle Entertainment, Inc. (PNK) conveying a significantly raised offer to acquire the real estate assets of Pinnacle.
As formerly declared, GLPI has projected that Pinnacle’s operating business would be spun off into a separately traded public company (“OpCo”) and its remaining real estate assets (“PropCo”) would be merged into GLPI. Under GLPI’s revised proposal, Pinnacle shareholders would receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for PropCo, which is a 54% enhance over the formerly declared exchange ratio of 0.5517 on March 9 and values PropCo at over $31.50 per Pinnacle share based on GLPI’s closing share price yesterday. This implies a PropCo enterprise value of $5.0 billion, or about 13.3x the initial year’s PropCo adjusted EBITDA, while maintaining a lease coverage ratio at OpCo of 1.9x property EBITDAR/lease expense. Pinnacle shareholders would also continue to receive one share of OpCo common stock for each share of Pinnacle they own, which has an assumed value of about $16.00 per Pinnacle share. The total implied value would be about $47.50 per share, which is a 73% premium to Pinnacle’s unaffected stock price on March 9, 2015, and a 27% premium to the current stock price.
GLPI has committed financing in place and is ready to finalize this transaction right away, and we would expect to close our transaction within about six months of signing. Nevertheless, Pinnacle continues to make new demands, delaying the signing of a definitive agreement and denying its shareholders a value-creating transaction that is clearly superior to Pinnacle’s formerly declared standalone separation plan.
Pinnacle Entertainment, Inc. owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. Its Midwest segment operates Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St. Charles, Belterra, Belterra Park, and River City properties.
Public Service Enterprise Group Inc. (NYSE:PEG), ended its Tuesday’s trading session with 3.25% gain, and closed at $41.64.
The PSEG Foundation is accepting applications from afterschool, summer and youth development programs to develop new or enhance existing STEM (Science, Technology, Engineering, and Math) educational opportunities for students. A total of up to $250,000 in grants will be awarded by the Foundation through its PSEG Science SPARK Partners funding program.
The PSEG Foundation will consider applications from our New Jersey service territory, in addition to Salem and Cumberland counties, and our service/operation territories in Long Island and Albany, NY, and Bridgeport and New Haven, CT.
The number of recipients and their award amount will be decided based on the strength of the proposals received, at the discretion of Foundation staff. Applications must be accomplished and presented by Friday, August 14 at 5 p.m. EST. All applicants will receive notification about funding decisions in late September.
Public Service Enterprise Group Incorporated, through its auxiliaries, operates as an energy company primarily in the northeastern and Mid Atlantic United States. The company operates nuclear, coal, gas, oil-fired, and renewable generation facilities with a generation capacity of about 13,146 megawatts. It sells electricity, natural gas, emissions credits, and a series of energy-related products that are used to optimize the operation of the energy grid.
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