Enterprising Investor
6 years ago
DDR Announces Name Change to SITE Centers (10/09/18)
BEACHWOOD, Ohio--(BUSINESS WIRE)--DDR Corp. (NYSE: DDR) today announced plans to change its name to SITE Centers Corp. as well as a change to the ticker symbol for common and preferred stock on the New York Stock Exchange ticker to “SITC” from “DDR” effective with the opening of trading on October 12, 2018.
"Our new brand reflects our mission to drive sustainable growth by owning and investing in high quality communities and locations," said David R. Lukes, President and Chief Executive Officer of SITE Centers. "We are focused on maximizing the value of our centers by utilizing our company’s creativity, vision and operating capabilities to generate compelling returns."
Visitors to www.sitecenters.com may see and experience the new brand, and learn more about the Company.
SITE Centers will remain an Ohio corporation. No action is needed from current shareholders in relation to the name or ticker symbol change.
About SITE Centers
SITE Centers is an owner and manager of open-air shopping centers that provide a compelling shopping experience and merchandise mix for retail partners and consumers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and will be publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
https://www.businesswire.com/news/home/20181009005249/en/DDR-Announces-Change-SITE-Centers
Enterprising Investor
6 years ago
DDR Announces Completion of Spin-Off of Retail Value Inc. (7/02/18)
EACHWOOD, Ohio--(BUSINESS WIRE)--DDR Corp. (NYSE:DDR) today announced that it has completed the previously announced spin-off of Retail Value Inc. (“RVI”), which is now an independent, publicly traded company that will begin regular-way trading today on the New York Stock Exchange (“NYSE”) under the ticker symbol “RVI.” RVI has a portfolio of 48 assets that includes 36 continental U.S. assets and all 12 of DDR’s previously owned Puerto Rico assets.
DDR shareholders received one RVI common share for every ten common shares of DDR held at the close of business on the record date of June 26, 2018. Fractional shares of RVI were not distributed, and instead DDR common shareholders will receive cash in lieu of any fractional shares that they would otherwise have been entitled to receive in the distribution.
“I am extremely excited by the completion of the spin-off of RVI, which should allow our shareholders to benefit from value realization through operations and dispositions at RVI and redevelopment, same store NOI growth, and opportunistic investing at New DDR,” said David R. Lukes, president and chief executive officer of DDR. “This transaction represents a decisive, strategic transformation that aims to generate both short and long-term benefits for all our stakeholders.”
About DDR
DDR is an owner and manager of open-air shopping centers that provide a compelling shopping experience and merchandise mix for retail partners and consumers. The Company 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. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
https://www.businesswire.com/news/home/20180702005161/en/DDR-Announces-Completion-Spin-Off-Retail
Enterprising Investor
7 years ago
DDR Announces Spin-Off Record and Distribution Dates; RVI Files Form 10 Publicly with SEC (6/04/18)
BEACHWOOD, Ohio--(BUSINESS WIRE)--DDR Corp. (NYSE: DDR) today announced that its Board of Directors has set record and distribution dates for the spin-off of a portfolio of 49 assets that includes 37 continental U.S. assets and all 12 of its Puerto Rico assets into a separate publicly traded company, which will be effected through the distribution of 100 percent of the common shares of Retail Value Inc. (“RVI”) to holders of DDR common shares. The board's decision was followed by the filing with the Securities and Exchange Commission (the “SEC”) on June 4, 2018 of the RVI Registration Statement on Form 10 (the "Form 10"), a copy of which is available at www.sec.gov.
The distribution date for the RVI common shares is expected to be on or about July 1, 2018. Following the distribution date, RVI will be an independent, publicly traded company managed by one or more subsidiaries of DDR. RVI expects to receive approval prior to the distribution date to list its common shares on the New York Stock Exchange (the “NYSE”) under the ticker symbol “RVI.”
DDR shareholders will receive one RVI common share for every ten common shares of DDR held at the close of business on the record date of June 26, 2018. DDR shareholders entitled to receive the July 1 distribution will receive a book-entry account statement or a credit to their brokerage account reflecting their new ownership of RVI common shares. Fractional shares of RVI will not be distributed, and instead DDR common shareholders will receive cash in lieu of any fractional shares that they would otherwise be entitled to receive in the distribution.
DDR expects “when-issued” public trading for RVI common shares will commence on the NYSE on or about June 25, 2018, under the ticker symbol “RVI WI,” and will continue through the distribution date. DDR also anticipates that "regular way" trading of RVI common shares will begin on July 2, 2018, which is expected to be the first trading day following the distribution date.
The completion of the spin-off is subject to certain conditions including, without limitation, the SEC declaring RVI's Form 10 effective.
About RVI
RVI will become an independent publicly traded company upon its spin-off, which is expected to occur on or about July 1, and thereafter trade under the ticker symbol RVI on the New York Stock Exchange. RVI was formed primarily to hold assets in the continental U.S. and Puerto Rico and will be managed by one or more subsidiaries of DDR. RVI expects to focus on realizing value in its business through operations and sales of its assets, which had a combined gross book value of approximately $2.8 billion as of March 31, 2018.
About DDR
DDR is an owner and manager of 258 value-oriented shopping centers representing 89 million square feet in 32 states and Puerto Rico. The Company owns a high-quality portfolio of open-air shopping centers in major metropolitan areas that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company actively manages its assets with a focus on creating 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 NYSE under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
https://www.businesswire.com/news/home/20180604006388/en/DDR-Announces-Spin-Off-Record-Distribution-Dates-RVI
Enterprising Investor
7 years ago
DDR Announces Reverse Stock Split and Declares Common Stock Dividend for Second Quarter 2018 (5/08/18)
BEACHWOOD, Ohio--(BUSINESS WIRE)--DDR Corp. (NYSE: DDR) (the “Company”) today announced that its Board of Directors has unanimously approved a one-for-two reverse stock split of the Company's common shares. The reverse stock split was authorized by the Company’s shareholders at the annual meeting of shareholders held on May 8, 2018. As a result of the reverse stock split, every two of the Company’s issued common shares will be exchanged for one of the Company’s common shares. The Company’s shareholders will not receive fractional shares in connection with the reverse stock split, but will receive cash in lieu of fractional shares. The Company currently anticipates that its common shares will begin trading on a split-adjusted basis on the New York Stock Exchange at the opening of trading on May 21, 2018.
The Company will distribute a letter of transmittal to the holders of record of the Company’s common shares who hold shares in certificated form. The letter of transmittal will provide instructions and other information with respect to the reverse stock split, including procedures for exchanging stock certificates. The accounts of holders of record who hold their shares solely in book-entry form will be updated automatically, so such holders do not need to take any actions in connection with the reverse stock split. Holders of common shares who hold their shares in “street name” through a bank, broker or other nominee should contact their nominee for further information on the reverse stock split.
The Company also declared its second quarter 2018 common stock dividend of $0.19 per share, or $0.38 per share after giving effect to the one-for-two reverse stock split discussed above. The common stock dividend is payable on July 3, 2018 to shareholders of record at the close of business on June 13, 2018.
About DDR
DDR is an owner and manager of 258 value-oriented shopping centers representing 89 million square feet in 32 states and Puerto Rico. The Company owns a high-quality portfolio of open-air shopping centers in major metropolitan areas that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company actively manages its assets with a focus on creating 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. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
https://www.businesswire.com/news/home/20180508006681/en/DDR-Announces-Reverse-Stock-Split-Declares-Common
Enterprising Investor
7 years ago
DDR Reports First Quarter 2018 Operating Results (4/24/18)
BEACHWOOD, Ohio--(BUSINESS WIRE)--DDR Corp. (NYSE: DDR) today announced operating results for the quarter ended March 31, 2018.
“I am thrilled with our progress in the first quarter, both operationally and with the execution of our strategic transformation through the planned spin-off of RVI. Our strong same store NOI and operating FFO results were ahead of our budget, and demonstrate the strength of our high-quality portfolio. The completion of the securitization of the $1.35 billion mortgage loan secured by the RVI assets represented the last significant hurdle ahead of the expected July spin-off. Finally, we closed the disposition of our first RVI asset at a compelling price, an auspicious beginning for the execution of RVI’s business plan,” commented David R. Lukes, president and chief executive officer.
Results for the Quarter
First quarter net loss attributable to common shareholders was $62.5 million, or $0.17 per diluted share, as compared to net loss of $59.8 million, or $0.16 per diluted share, in the year ago-period. The year-over-year increase in net loss is primarily attributable to debt extinguishment charges and transaction costs of $61.6 million partially offset by lower impairment charges and the reserve on preferred equity interests in 2017.
First quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $97.8 million, or $0.26 per diluted share, compared to $108.5 million, or $0.30 per diluted share, in the year ago-period. The year-over-year decrease in OFFO is primarily attributable to the dilutive impact of deleveraging asset sales partially offset by a reduction in general and administrative expenses.
Significant First Quarter Activity
Sold 15 shopping centers and land parcels for an aggregate sales price of $365.9 million, totaling $208.7 million at DDR’s share, including $36.1 million from the repayment of the Company’s preferred equity investment in its two joint ventures with Blackstone.
In February 2018, in connection with the previously announced planned spin-off of 38 continental U.S. assets and all 12 Puerto Rico assets into RVI, completed $1.35 billion of mortgage financing and repaid $452 million of mortgage debt, $900 million aggregate principal amount of senior unsecured notes and $200 million of unsecured term loan using proceeds from the new financing and asset sales. DDR recorded approximately $5.2 million of costs related to the planned RVI spin-off in the first quarter of 2018.
Sold Silver Spring Square in Harrisburg, PA, for $80.8 million on April 17, 2018 marking the completion of the first RVI asset sale.
Key Quarterly Operating Results
Reported 2.6% same store net operating income growth on a pro rata basis for New DDR. The results of “New DDR” represent the results of the assets that will remain in DDR after the completion of both the spin-off of RVI and the previously announced $900 million disposition program.
Generated new leasing spreads of 21.2% and renewal leasing spreads of 6.4%, both on a pro rata basis for New DDR for the quarter, and new leasing spreads of 21.6% and renewal leasing spreads of 7.2%, both on a pro rata basis for New DDR for the trailing twelve-month period.
Reported a leased rate of 93.7% at March 31, 2018 for New DDR on a pro rata basis, compared to 93.6% at December 31, 2017.
Annualized base rent per occupied square foot on a pro rata basis was $17.29 at March 31, 2018 for New DDR, compared to $17.00 at March 31, 2017.
Guidance
There has been no change in the Company’s Operating FFO per share guidance since the initial release on February 15, 2018 and the related assumptions. The Company continues to estimate Operating FFO for the third quarter of 2018 to be at least $0.15 per diluted share, after an assumed spin-off date of July 2018.
About DDR Corp.
DDR is an owner and manager of 258 value-oriented shopping centers representing 89 million square feet in 32 states and Puerto Rico. The Company owns a high-quality portfolio of open-air shopping centers in major metropolitan areas that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company actively manages its assets with a focus on creating 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.
Conference Call and Supplemental Information
The Company will hold its quarterly conference call today at 5:00 p.m. Eastern Time. To participate with access to the slide presentation, please visit the Investors portion of DDR's website, ir.ddr.com, or for audio only, dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 3646421 at least ten minutes prior to the scheduled start of the call. A replay of the conference call will also be available at ir.ddr.com for one year after the call. A copy of the Company’s Supplemental package is available on the Company’s website.
https://www.businesswire.com/news/home/20180424006305/en/DDR-Reports-Quarter-2018-Operating-Results
Burkhard
15 years ago
Got It! Look at er' climb today.
Out @ $10.00, profit of $5.67 per share.
Damn, I knew I should have checked earlier at open, would have changed that GTC. Oh, well....nice chunk of change added to my account today.
One thing I must say....I'm no expert at this but what made all my investments profitable (except CGFIA) was the crash in March. I simply picked 40 stocks to watch in the $3 to $5 range that had previously been trading around the $20 to $40 + mark and after a few weeks to a month I saw the best ten performing stocks percentage wise and invested almost every cent I had in those picks. Anyone could have done the same, ANYONE. I feel very fortunate to have made some really nice gains and am tempted to pull the plug on all my investments before the next BIG DROP that many annalists are predicting due to the over inflated dollar and national debt we are facing. If it does happen, I'll do it all over again but with more kegs of powder.
I hope all in DDR experience massive gains in the near future. Good Luck!
Sieg
Holycroc
15 years ago
This must be the serious board, the ones who tuck things away and hibernate, come back later and check things out! I need to be like that, go crazy watching everything daily, lol.
I do want to know how long they'll maintain the dividend payout in stocks.
Anyways, happy Summer to all, hope it's been a good one for ya!
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