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|Media Contact:||Investor Contact:|
|Matt Schuler||Matt Lougee|
DDR REPORTS A 6.0% INCREASE IN OPERATING FFO PER DILUTED SHARE TO $1.23
FOR THE YEAR ENDED DECEMBER 31, 2015
BEACHWOOD, OHIO, February 11, 2016 DDR Corp. (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2015.
|||Fourth quarter operating funds from operations attributable to common shareholders (Operating FFO) increased $1.9 million to $114.1 million, or $0.31 per diluted share, compared to $112.2 million, or $0.31 per diluted share, for the prior-year comparable period.|
|||Fourth quarter net income attributable to common shareholders was $87.9 million, or $0.24 per diluted share, compared to net loss of $16.3 million, or $0.05 per diluted share, for the prior-year comparable period.|
Significant Quarterly Activity
|||Generated same-store net operating income growth of 3.4% on a pro rata basis|
|||Executed 290 new leases and renewals for 2.5 million square feet|
|||Generated new leasing spreads of 24.5% and renewal leasing spreads of 7.0%, both on a pro rata basis|
|||Increased the portfolio leased rate by 20 basis points to 96.0% at December 31, 2015, from 95.8% at September 30, 2015, on a pro rata basis|
|||Closed on a new joint venture with Blackstone that acquired six shopping centers with a total investment of $96 million at DDRs share|
|||Acquired one prime power center in Orlando for $67 million|
|||Sold nine operating assets and three non-operating assets totaling $211 million at DDRs share|
|||Issued $400 million aggregate principal amount of 4.25% senior unsecured notes due 2026 and redeemed $350 million of senior convertible notes|
2015 Year-End Highlights
|||Generated Operating FFO of $1.23 per diluted share for the full year 2015, an increase of 6.0% compared to 2014|
|||Acquired 10 shopping centers and three outparcels for $326 million at DDRs share|
|||Sold 66 operating assets and eight non-operating assets for $569 million at DDRs share|
|||Executed 1,330 new leases and renewals for 10.9 million square feet in 2015|
|||The portfolio leased rate was 96.0% at December 31, 2015 and 2014, on a pro rata basis|
|||Increased the annualized base rent per occupied square foot by 4.1% on a pro rata basis to $14.76 at December 31, 2015, from $14.15 at December 31, 2014|
|||Generated new leasing spreads for the full year 2015 of 22.0% and renewal leasing spreads of 7.0%, both on a pro rata basis|
I am pleased to report another year of positive results and portfolio improvement. I am extremely proud of the efforts of our team in 2015. Our portfolio evolution is evident in our operating statistics, as same-store net operating income grew 3.1% in 2015, above the high end of our original guidance range. The operating figures translated into strong earnings and dividend growth in excess of 6%, and 10%, respectively, which highlights our teams focus on best positioning DDR for long-term growth, commented David J. Oakes, president and chief executive officer of DDR.
There has been no change in guidance since the initial release on January 4, 2016. The Company continues to estimate Operating and NAREIT defined FFO for 2016 between $1.19 and $1.25 per diluted share.
The following information was filed by Ddr Corp (DDR) on Friday, February 12, 2016 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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