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DDR beats and boosts

Jul. 26, 2016 5:53 PM ETSITE Centers Corp. (SITC) StockSITCBy: Stephen Alpher, SA News Editor
  • Q2 operating FFO of $122.4M or $0.33 per share vs. $111.4M and $0.31 one year ago.
  • Same-store NOI growth of 3.1%.
  • 338 new leases for 2.3M square feet. New leasing spreads of 27.7% and renewal lease spreads of 7%.
  • Portfolio lease rate of 96.1% up 10 bps from start of year and 30 bps Y/Y.
  • Annualized base rent per occupied square foot up 3.8% to $14.92.
  • Full-year operating FFO guidance is upped to $1.23-$1.26 per share from $1.20-$1.25 previously. Disposition guidance remains at $600M-$800M.
  • Previously: DDR beats by $0.02, beats on revenue (July 26)
  • DDR flat after hours

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