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Last $17.81 USD
Change Today -0.07 / -0.39%
Volume 3.1M
DDR On Other Exchanges
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As of 8:04 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

ddr corp (DDR) Key Developments

DDR Closes Refinancing of $800 Million Unsecured Revolving Credit Facilities and New $400 Million Unsecured Term Loan

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.

DDR Corp. Presents at ReitWise 2015, Apr-01-2015 02:45 PM

DDR Corp. Presents at ReitWise 2015, Apr-01-2015 02:45 PM. Venue: JW Marriott Desert Ridge Resort & Spa, Phoenix, Arizona, United States. Speakers: Craig A. Schultz, Senior Vice President of Strategic Finance & Tax.

DDR Corp. Declares First Quarter 2015 Dividend on Class J and Class K Preferred Shares, Payable on April 15, 2015

DDR Corp. declared its first quarter 2015 Preferred Class J stock dividend of $0.406250 per depositary share and Preferred Class K stock dividend of $0.39063 per depositary share. Each Class J depositary share is equal to one-twentieth of a share of DDR's 6.50% Class J Cumulative Redeemable Preferred Stock. The declared Preferred Class J dividend covers the period beginning January 15, 2015 and ending April 14, 2015. The declared Preferred Class J Dividend is payable April 15, 2015 to shareholders of record at the close of business on April 1, 2015. Each Class K depositary share is equal to one-twentieth of a share of DDR's 6.25% Class K Cumulative Redeemable Preferred Stock. The declared Preferred Class K dividend covers the period beginning January 15, 2015 and ending April 14, 2015. The declared Preferred Class K Dividend is payable April 15, 2015 to shareholders of record at the close of business on April 1, 2015.

DDR Appoints Luke J. Petherbridge as Chief Financial Officer and Treasurer

DDR Corp. announced that it has appointed Luke J. Petherbridge to the role of chief financial officer and Treasurer of the company, effective March 1, 2015. Mr. Petherbridge joined DDR as senior vice president of capital markets in December 2011, and most recently held the role of executive vice president of capital markets and treasurer. Mr. Petherbridge formerly served as the chief executive officer and a director of shopping center owner EDT Retail Trust.

DDR Corp. Reports Unconsolidated and Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for 2015; Reports Consolidated and Unconsolidated Impairment Charges for the Fourth Quarter Ended December 31, 2014

DDR Corp. reported unconsolidated and consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, on consolidated basis, the company reported revenues of USD 248.557 million compared to USD 232.699 million a year ago. Net operating income was USD 178.473 million compared to USD 163.438 million a year ago. Net loss attributable to common shareholders was USD 16.294 million compared to income of USD 0.602 million a year ago. FFO attributable to Common Shareholders was USD 80.894 million or USD 0.22 per diluted share compared to USD 120.163 million or USD 0.33 per diluted share a year ago. Operating FFO was USD 112.205 million or USD 0.31 per diluted share compared to USD 104.946 million or USD 0.29 per diluted share a year ago. For the year, on consolidated basis, the company reported revenues of USD 953.768 million compared to USD 789.774 million a year ago. Net operating income was USD 672.661 million compared to USD 550.595 million a year ago. Net loss attributable to common shareholders was USD 91.285 million compared to income of USD 43.142 million a year ago. FFO attributable to Common Shareholders was USD 359.637 million or USD 1.00 per diluted share compared to USD 372.521 million or USD 1.13 per diluted share a year ago. Operating FFO was USD 420.393 million or USD 1.16 per diluted share compared to USD 366.667 million or USD 1.11 per diluted share a year ago. For the quarter, on unconsolidated basis, the company reported revenues of USD 128.832 million compared to USD 142.753 million a year ago. Net operating income was USD 82.982 million compared to USD 98.721 million a year ago. Net loss was USD 3.846 million compared to income of USD 18.138 million a year ago. FFO was USD 30.704 million compared to USD 40.083 million a year ago. For the year, on unconsolidated basis, the company reported revenues of USD 485.764 million compared to USD 635.933 million a year ago. Net operating income was USD 318.073 million compared to USD 425.104 million a year ago. Net loss was USD 0.597 million compared to income of USD 138.921 million a year ago. FFO was USD 129.679 million compared to USD 173.586 million a year ago. On consolidated basis, the company reported total impairment charges for the fourth quarter 2014 of USD 11.1 million compared to USD 0.4 million a year ago. On unconsolidated basis, the company reported total impairment charges for the fourth quarter 2014 of USD 20.9 million compared to USD 0.6 million a year ago. The company continued to estimate operating FFO for 2015 between USD 1.20 and USD 1.25 per diluted share.

 

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