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For Immediate Release:
|Media Contact:||Investor Contact:|
|Marty Richmond||Samir Khanal|
Vice President Marketing and
Senior Director of Investor
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; DDRs 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 DDRs president and chief executive officer, Daniel B. Hurwitz.
The Companys fourth quarter operating funds from operations was $72.1 million, or $0.26 per diluted share, before $24.7 million of net adjustments. The Companys 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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