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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ddr Corp. | NYSE:DDR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.99 | 0.00 | 01:00:00 |
BEACHWOOD, Ohio, Jan. 7, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today highlighted 2012 execution of strategic objectives and released guidance for 2013. During 2012 the Company significantly improved the quality of its portfolio through the acquisition of $2.1 billion of prime shopping centers ($760 million at DDR's share) and the disposition of $347 million of non-prime operating assets ($143 million at DDR's share). Investments in 2012 were funded primarily with proceeds from asset sales and $511 million of new common equity issued throughout the year, which significantly improved the Company's balance sheet as well. DDR's considerable progress in recent years recycling capital, growing its high quality pool of unencumbered prime shopping centers, lowering leverage and extending debt duration combined with strong operating results contributed to Standard & Poor's upgrade of the Company's corporate bond rating to BBB- in September and Moody's affirming its investment grade rating on DDR bonds and raising its credit outlook to positive from stable. Additionally, DDR retired $969 million of consolidated debt with a weighted average interest rate of 4.8% during the year with $1.2 billion of new long-term financings with a weighted average interest rate of 3.8%. As a result, the Company has no unsecured debt maturities until May 2015, and 2013 consolidated debt maturities are only $41 million. At year-end, the Company had over $600 million of availability under its revolving credit facilities.
(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO )
The Company's operating platform continued to perform at a very high level in 2012, reporting solid improvements in leased rate, which reflect robust demand and stronger competition for quality space from retailers. During the year, the Company leased approximately 11.3 million square feet, representing a 60 basis point improvement in the leased rate over year end 2011, and resulting in a 94.2% leased rate at December 31, 2012.
Daniel B. Hurwitz, chief executive officer, commented, "2012 was another year of successful execution of our strategic objectives. We have positioned the Company for future growth with attractive investments, and our primary tenants continue to increase market share and have a significant need for new stores. With a dramatically improved portfolio of high quality prime power centers, a unique and proven operating platform, and a competitive cost of capital, we expect to generate strong relative total returns in 2013 and beyond."
In 2012, the Company completed approximately $4.5 billion of capital transactions and consolidated financing activities including the following:
The Company also achieved the following operational accomplishments in 2012:
2013 Guidance
The Company expects to generate operating FFO per diluted share of $1.07 - $1.11 in 2013, an increase of 5% to 9% over the midpoint of the latest 2012 guidance. Significant activity assumed in this guidance is as follows:
About DDR
DDR is an owner and manager of 459 value-oriented shopping centers representing 116 million square feet in 39 states, Puerto Rico and Brazil. The company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the company is available at www.ddr.com.
Safe Harbor
DDR considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the success of our capital recycling strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's Form 10-K for the year ended December 31, 2011, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
SOURCE DDR Corp.
Copyright 2013 PR Newswire
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