ddr corp (DDR) Key Developments
DDR Corp. Declares Second Quarter 2015 Common Stock Dividend, Payable on July 7, 2015
May 13 15
DDR Corp. declared its second quarter 2015 common stock dividend of $0.1725 per share, which represents an increase of 11% from the second quarter of 2014. The common stock dividend is payable on July 7, 2015 to shareholders of record at the close of business on June 11, 2015.
DDR Corp. Accelerates Sales Of Shopping Centers
Apr 29 15
DDR Corp. (NYSE:DDR) is planning to sell of its shopping centers. David Oakes, President and Chief Executive Officer of DDR Corp states, "Although taking a large impairment charge is disappointing, we believe that disposing of these assets is in the best interest of shareholders."
DDR Corp. Seeks Acquisitions
Apr 29 15
DDR Corp. (NYSE:DDR) is looking for acquisitions. David Oakes, President and Chief Executive Officer of DDR states, "Very simply, we only seek to own assets that sit on high-quality dirt with attractive growth profiles and those shopping centers that do not meet these criteria will be disposed of. That increased focus of the quality of the dirt and our strict underwriting standards have made the acquisition environment difficult, although we remain confident in our ability to source unique, high-quality acquisition at attractive prices. Longer-term, we envision that the overall asset count of the Company will continue to decline although we would expect our total portfolio value to be higher as we find larger scale acquisitions in redevelopment in which to invest in coming years."
DDR Corp. Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for the Year 2015; Announces Impairment Charges
Apr 28 15
DDR Corp. reported consolidated earnings results for the first quarter ended March 31, 2015. First quarter operating funds from operations attributable to common shareholders (Operating FFO) increased $6.4 million to $107.1 million, or $0.30 per diluted share, compared to $100.7 million, or $0.28 per diluted share, for the prior-year comparable period. First quarter net loss attributable to common shareholders was $249.4 million, or $0.69 per diluted share, which compares to net loss of $23.2 million, or $0.07 per diluted share, for the prior-year comparable period. FFO attributable to common shareholders was $13.2 million or $0.04 per diluted share against $85.8 million or $0.24 per diluted share reported last year. Revenues were $250.75 million against $233.3 million reported last year. Net operating income was $174.4 million against $162.7 million reported last year. Loss before earnings from equity method investments and other items was $277.4 million against $16.0 million reported last year. Loss from continuing operations was $11.8 million against $9.8 million reported last year.
There has been no change in Operating FFO per share guidance since the initial release on January 7, 2015. The company continues to estimate Operating FFO for 2015 between $1.20 and $1.25 per diluted share.
For the quarter, the company also reported impairment charges of $279.0 million against $2.3 million reported in the same period last year.
DDR Closes Refinancing of $800 Million Unsecured Revolving Credit Facilities and New $400 Million Unsecured Term Loan
Apr 23 15
DDR Corp. announced that it has closed the refinancing of its two unsecured revolving credit facilities scheduled to mature in April 2018 and closed on a new $400 million unsecured term loan. The amended $750 million unsecured revolving credit facility, arranged by J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, has an initial maturity of June 2019 with a borrower option to extend an additional year, and contains an accordion feature that provides for $1.25 billion of potential total capacity. DDR refinanced its unsecured revolving credit facility provided solely by PNC Bank, National Association, in the amount of $50 million, matching the terms of the $750 million unsecured revolving credit facility. Pricing on both refinanced revolving credit facilities was reduced and is currently set at LIBOR plus 100 bp, a decrease of 15 bp from the previous rate, and is determined based upon DDR's credit ratings. Simultaneously with refinancing its unsecured revolving credit facilities, DDR entered into a new $400 million unsecured term loan arranged by Wells Fargo Securities, LLC and PNC Capital Markets, LLC. The unsecured term loan has an initial maturity of April 2017 with a borrower option to extend for three additional one-year periods. Pricing on the unsecured term loan is currently set at LIBOR plus 110 basis points and is determined based upon DDR's credit ratings.