Exhibit 99.1

For Immediate Release:

 

Media Contact:    Investor Contact:
Marty Richmond    Samir Khanal

Vice President Marketing and

Corporate Communications

  

Senior Director of Investor

Relations

216.755.5500    216.755.5500
mrichmond@ddr.com    skhanal@ddr.com

DDR REPORTS OPERATING FFO PER DILUTED SHARE

OF $0.26 FOR THE QUARTER ENDED DECEMBER 31, 2011

BEACHWOOD, OHIO, February 16, 2012

– DDR Corp. (NYSE: DDR) today announced operating results for the fourth quarter ended December 31, 2011.

SIGNIFICANT 2011 ACTIVITY

 

   

Generated operating FFO of $0.97 per diluted share for the full year 2011 and $0.26 per diluted share for the fourth quarter, which excludes certain non-operating items

 

   

Executed a total of 2,108 new leases and renewals for over 11.7 million square feet in 2011

 

   

Executed 543 new leases and renewals for over 2.9 million square feet in the fourth quarter

 

   

Increased the portfolio leased rate to 93.6% at December 31, 2011, an increase of 100 basis points year over year

 

   

Generated positive leasing spreads for the full year 2011, with new leases up 11.2% and renewals up 5.0%, for a blended spread of 6.1%

 

   

Generated positive leasing spreads for the fourth quarter, with new leases up 9.6% and renewals up 4.5%, for a blended spread of 5.8%

 

   

Generated same store net operating income growth of 3.5% for the full year 2011 as compared to 2010

 

   

Generated same store net operating income growth of 2.9% for the fourth quarter as compared to the fourth quarter of 2010

 

   

Generated same store net operating income growth on a sequential basis of 4.0% in the fourth quarter of 2011 as compared to the third quarter of 2011

 

   

Reduced consolidated debt-to-EBITDA to 7.26 in the fourth quarter of 2011

 

   

Completed $461 million of asset sales in 2011 of which $247 million were sold in the fourth quarter; DDR’s total share of dispositions in 2011 was $371 million, $205 million of which was in the fourth quarter

 

   

Completed $270 million of wholly owned acquisitions of prime assets in 2011 of which $80 million were completed in the fourth quarter

“We are pleased to report another quarter of positive operational trends within our portfolio. The strong property level performance when combined with the execution of our internal operating platform provided us with the ability to pursue opportunistic capital raising events to further de-risk our balance sheet while simultaneously expanding and improving the quality of our asset base,” commented DDR’s president and chief executive officer, Daniel B. Hurwitz.

FINANCIAL HIGHLIGHTS

The Company’s fourth quarter operating funds from operations was $72.1 million, or $0.26 per diluted share, before $24.7 million of net adjustments. The Company’s full year 2011 operating funds from operations was $267.1 million, or $0.97 per diluted share, before $39.5 million of net adjustments.


The following information was filed by Ddr Corp (DDR) on Friday, February 17, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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