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DLC Realty Trust (NYSE:DLC), a vertically integrated, self-administered and self-managed real estate investment trust, is expected to price its IPO this week.

Business Overview (from prospectus)

We are a vertically integrated, self-administered and self-managed real estate investment trust, or REIT, that acquires, manages, leases, repositions and redevelops grocery and value-retail anchored shopping centers primarily in the Southeast, Northeast, Midwest and Mid-Atlantic United States. As of March 31, 2010, our portfolio consisted of 86 shopping centers totaling approximately 13.4 million square feet of gross leasable area, or GLA, located in 24 states. The shopping centers in our portfolio typically are tenanted by retailers that focus on value and necessity items and services, with approximately 66% of our annualized base rent derived from grocery-anchored shopping centers. We believe such retail shopping centers generate reliable customer traffic, which will provide us with more consistent property cash flows to support our ability to sustain our distributions through all economic cycles.

Offering: 10 million shares at $12 - $13 per share. Net proceeds of approximately $460 million will be used for debt repayment.

Lead Underwriters: BofA Merrill Lynch (NYSE:BAC), Barclays Capital (NYSE:BCS)

Financial Highlights:

Total revenues increased approximately $442, or 1.1%, to $42,040 for the quarter ended March 31, 2010 compared to $41,598 for the quarter ended March 31, 2009...total operating, maintenance and management expenses decreased approximately $896, or 10.9%, to $7,345 for the quarter ended March 31, 2010 compared to $8,241 for the quarter ended March 31, 2009...Real estate taxes increased approximately $133, or 2.3%, to $5,952 for the quarter ended March 31, 2010 compared to $5,819 for the quarter ended March 31, 2009...General and administrative expenses increased approximately $1,463, or 43.4%, to $4,834 for the quarter ended March 31, 2010 compared to $3,371 for the quarter ended March 31, 2009...Non-operating income (expense) decreased approximately $1,081, or 6.7%, to $(15,117) for the quarter ended March 31, 2010 compared to $(16,198) for the quarter ended March 31, 2009...Net loss decreased to $3,451 for the quarter ended March 31, 2010 compared to $5,048 for the quarter ended March 31, 2009...

Competitors

We compete with numerous acquirers, redevelopers, owners and operators of retail real estate, many of which own or may seek to acquire properties similar to ours in the same markets in which our properties are located. The principal means of competition are rent charged, location, services provided and the nature and condition of the facility to be leased. If our competitors offer space at rental rates below current market rates, below the rental rates we currently charge our tenants, in better locations within our markets or in higher quality facilities, we may lose potential tenants and we may be pressured to reduce our rental rates below those we currently charge in order to retain tenants when our tenants’ leases expire.

Additional Resources:

Source: REIT IPO: DLC Realty Trust