Developer Launches Solar-Energy Partnership
Cleveland Shopping center developer Developers Diversified Realty announced Wednesday it has partnered with SunEdison, North America’s largest solar-energy provider, to launch an income-producing solar-energy program.
The program will enable Developers Diversified to incorporate solar photovoltaic (PV) systems through a multi-phase deployment at the company’s shopping centers, starting with those in California; Colorado; New Jersey; and Puerto Rico.
As part of the long-term partnership, SunEdison has the option to develop solar-energy systems at hundreds of Developers Diversified’s shopping centers in the United States and Puerto Rico.
“This program is part of our continued commitment toward sustainability and energy efficiency at our assets,” said Daniel B. Hurwitz, president and COO at Developers Diversified. “With a portfolio our size, the impact that energy savings can have on the environment and for our tenants is significant.”
Once a system is operational, Developers Diversified will be able to purchase energy for common-area uses. In addition, shopping center tenants can benefit and realize energy savings by opting to purchase the power generated by the solar systems at rates less than retail energy rates. Developers Diversified will receive significant rental stream from the program by converting unused rooftop space into a revenue-generating asset.
“We’re excited to announce this energy program, which will enable us to offer predictably priced electricity to our tenants. We are committed to solar wherever it makes economic sense for our tenants,” said John S. Kokinchak, Developers Diversified’s executive VP, property management.
Wal-Mart, Netflix accused of monopoly building
NEW YORK Wal-Mart Stores and Netflix have been accused of trying to build a monopoly for online DVD rentals in a consumer lawsuit filed Jan. 2 in the U.S. District Court of the Northern District of California, according to reports.
The plaintiffs claim that in 2005, Wal-Mart agreed to end its online rental business and refer customersto Netflix, which in turn agreed to promote Wal-Mart’s DVD movie sales.
Family Dollar posts 1Q earnings growth
MATTHEWS, N.C. Family Dollar Stores reported that net income per diluted share for the first quarter of fiscal 2009 increased 13.5% to 42 cents compared with 37 cents for the first quarter of fiscal 2008. Net income for the quarter increased 14.1% to $59.3 million compared with net income of $51.9 million for the first quarter of fiscal 2008.
As previously reported, sales for the first quarter of fiscal 2009 were approximately $1.754 billion, or 4.2% above sales of approximately $1.683 billion for the first quarter of fiscal 2008. Comparable-store sales increased 2.1%.
For the fiscal year ending August 29, 2009, the company expects net sales will increase 4% to 6% and expects comparable-store sales will increase 2% to 4%. Anticipating continued strong sales of consumable merchandise, the company expects earnings per share will be between $1.63 and $1.81 in fiscal 2009.