The properties in the sold portfolio have an average size ofabout 100,000 sf and are in 15 states, with major concentrations inNew York, Florida, North Carolina, Ohio and Virginia. Theproperties are about 93% leased and make up about 5.7 million sf,with tenants such as Publix, Food Lion, Staples and Dollar Tree,said DDR in a statement. A Phillips Edison spokeswoman did notreturn a phone call for comment.

Michelle Dawson, VP of investor relations for DDR, tellsGlobeSt.com that after the $6.2-billion acquisition of InlandRetail Real Estate Inc. with more than 300 properties in 2006, thecompany took the opportunity to evaluate the combined portfolio."Some we decided to keep on the balance sheet, some we put in thefund pool and some we decided to sell outright," Dawson says.

The centers sold did not meet long-term investment criteria, shesays. "If you take a look at the markets, they can be remote, orareas where we don't have a critical mass of properties and it'smore efficient to sell off assets rather than try to build upmore," Dawson says. "Also, some of the anchor tenants, such as WinnDixie, are not the most stellar credit tenants. We made ourevaluations to sell on a relative basis."