The retail REIT says it gained $89 million on the separate sales of five free-standing Lowe's Home Improvement stores, three other free-standing drug stores and three small multi-tenant shopping centers. The company's investor relations director tells GlobeSt.com that five of the properties were located in Georgia and the rest in Kansas, North Carolina, Alabama and Ohio.

DDR says proceeds from the sales have been applied to repay indebtedness and enhance the strength of the Company's balance sheet. Company Chairman and CEO Scott Wolstein says the sale reflects the company's strategy "to dispose of small, non-core retail assets that do not fit its investment strategy or that do not offer significant long term revenue growth. Cap rates for these smaller properties continue to decline as demand for retail properties remains very strong."

According to DDR, the Lowe's Home Improvement stores that sold at a weighted average cap rate of 8.5%. The three other freestanding retail sites, including one Home Depot, sold at a weighted average cap rate of 7.8%. The three small multi-tenant shopping centers that sold at a weighted average cap rate of 9.3%.