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For Immediate Release:
|Media Contact:||Investor Contact:|
|Matt Schuler||Matt Lougee|
|Director of Communications||Senior Vice President of Finance|
DDR REPORTS OPERATING FFO PER DILUTED SHARE INCREASES 7.8% TO $1.11
FOR THE YEAR ENDED DECEMBER 31, 2013
BEACHWOOD, OHIO, February 12, 2014 DDR Corp. (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2013.
SIGNIFICANT FOURTH QUARTER ACTIVITY
|||Generated Operating FFO of $0.29 per diluted share for the fourth quarter, an increase of 7.4% compared to the fourth quarter of 2012|
|||Executed 384 new leases and renewals for 2.5 million square feet|
|||Increased the portfolio leased rate by 30 basis points to 95.1% at December 31, 2013 from 94.8% at September 30, 2013|
|||Generated positive leasing spreads with new leases up 13.9% at 100% ownership and 20.7% on a pro rata basis, and renewals up 8.0% at 100% ownership and 7.9% on a pro rata basis; blended spreads were up 9.2% at 100% ownership and 10.0% on a pro rata basis|
|||Generated same store net operating growth of 3.4% at 100% ownership and 3.1% on a pro rata basis compared to the prior year|
|||Acquired sole ownership of 30 prime power centers from an existing joint venture with Blackstone Real Estate Partners VII for $1.46 billion|
|||Issued $300 million of 3.50% senior unsecured notes due 2021|
|||Closed on the forward issuance of $664 million of common equity to fund the net investment in prime assets|
|||Completed the disposition of $184 million of non-prime assets; DDRs pro rata gross proceeds were $98 million|
2013 YEAR-END HIGHLIGHTS
|||Generated Operating FFO of $1.11 per diluted share for the full year 2013, an increase of 7.8% compared to 2012|
|||Executed 1,719 new leases and renewals for 10.3 million square feet in 2013|
|||Increased the portfolio leased rate by 90 basis points from 94.2% at December 31, 2012|
|||Generated positive leasing spreads for the full year 2013, with new leases up 12.2% at 100% ownership and 14.9% on a pro rata basis, and renewals up 7.4% at 100% ownership and 7.6% on a pro rata basis|
|||Generated same store net operating income growth of 3.3% at 100% ownership and 3.1% on a pro rata basis for the full year 2013 as compared to 2012|
|||Increased the total portfolio average annualized base rent per occupied square foot to $14.18 as of December 31, 2013 as compared to $13.66 at December 31, 2012|
We are extremely pleased with the consistent operating performance of our portfolio which led to high quality growth in 2013 and we expect operating metrics to accelerate further in 2014, commented DDRs chief executive officer, Daniel B. Hurwitz.
The following information was filed by Ddr Corp (DDR) on Thursday, February 13, 2014 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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