DDR Corp.
 (DDR)

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  • May 13, 2015, 8:14 AM
    • DDR (NYSE:DDR) declares $0.17/share quarterly dividend, in line with previous.
    • Forward yield 3.98%
    • Payable July 7; for shareholders of record June 11; ex-div June 9.
    | May 13, 2015, 8:14 AM
  • Apr. 28, 2015, 5:05 PM
    • DDR (NYSE:DDR): Q1 FFO of $0.30 in-line.
    • Revenue of $180.69M (+8.7% Y/Y)
    | Apr. 28, 2015, 5:05 PM
  • Apr. 27, 2015, 5:35 PM
  • Apr. 23, 2015, 4:48 PM
    • The amended $750M unsecured revolver has an accordion feature allowing for $1.25B in total capacity. DDR also refinanced another $50M revolver. Pricing on both was reduced by 15 bps to Libor plus 100 bps.
    • DDR also entered into a new $400M term loan , with initial maturity of April 2017 with a borrower option to extend for three more one-year periods. Pricing is currently set at Libor plus 110 basis points, and based on the company's credit ratings.
    | Apr. 23, 2015, 4:48 PM
  • Apr. 21, 2015, 2:51 PM
    • The big picture, says Morgan Stanley: Solid fundamentals - i.e., tenant demand remains strong - limited supply, and wicked Northeast weather in Q1 likely negatively impacted same-store NOI.
    • Turning to three individual names, American Assets Trust (AAT +0.3%) is expected to report FFO per share of $0.42, up 8% Y/Y, says Morgan, inline with Street estimates.
    • DDR Corp. (DDR +0.5%) is expected by Morgan to report an inline FFO of $0.30. Morgan's conference call questions would ask for color on power center cap rates vs. grocery anchored centers, what's up with acquisitions/sales, and updates on struggling retailers like Best Buy and Barnes & Noble.
    • Regency Centers (REG +0.7%) should report $0.72 vs. the Street at $0.73, says Morgan. Conference call questions would include a query on store opening plans, small shop leasing updates, the outlook for new developments, and the whether grocers are seeing an impact from lower gasoline prices.
    • Source: Benzinga
    | Apr. 21, 2015, 2:51 PM
  • Apr. 9, 2015, 3:24 PM
    • A weak 30-year bond auction has long-term Treasury yields on the move higher, with the 10-year up five basis points to 1.96%. One also can't help but notice a recent uptick in capital raising among the equity REITs.
    • Realty Income (O -2.2%), Agree Realty (ADC -2.2%), Omega Healthcare (OHI -4%), Medical Properties Trust (MPW -2.5%), W.P. Carey (WPC -2.2%), Duke Realty (DRE -2.5%), Essex Property (ESS -2.9%), Aimco (AIV -3%), Simon Property (SPG -2.4%), Kimco (KIM -2.9%), Inland Real Estate (IRC -3%), DDR Corp (DDR -2.3%), Sovran Self Storage (SSS -2.2%), Washington Real Estate (WRE -4%), Digital Realty Trust (DLR -2%), Hospitality Properties (HPT -2.6%), Ashford Hospitality (AHT -2.4%), Stag Industrial (STAG -4.6%), American Campus (ACC -2.3%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Treasury yields on the rise after weak 30-year auction (April 9)
    | Apr. 9, 2015, 3:24 PM | 37 Comments
  • Apr. 1, 2015, 8:20 AM
    • DDR Corp. (NYSE:DDR) closed on the purchase of one shopping center for $49M, and the sale of 31 assets for $353M in Q1. DDR's share of the sales was $153M.
    • CFO Luke Petherbridge: "The current pricing environment has allowed us to continue to accelerate our portfolio transformation," and the company expects sales to exceed purchases in H1. Given the aggressive demand environment, DDR is considering the sale of additional assets sooner than previously expected.
    | Apr. 1, 2015, 8:20 AM
  • Mar. 24, 2015, 10:21 AM
    • Started at Outperform are Agree Realty (ADC +0.4%), DDR (DDR -0.7%), Excel Trust (EXL +0.1%), Kite Realty (KRG), Retail Opportunity Investments (ROIC -0.3%), and Store Capital (STOR +0.9%).
    • Initiated at Neutral are Kimco (KIM -0.3%), National Retail Properties (NNN -0.3%), Ramco-Gershenshon (RPT -0.3%), Realty Income (O -0.5%), Regency Centers (REG -0.2%), and Spirit Realty (SRC -0.7%).
    | Mar. 24, 2015, 10:21 AM
  • Mar. 18, 2015, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Mar. 18, 2015, 3:28 PM
  • Mar. 6, 2015, 10:31 AM
    • Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
    • Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
    • The iShares U.S. Real Estate ETF (IYR -2.3%).
    • Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
    | Mar. 6, 2015, 10:31 AM | 62 Comments
  • Mar. 2, 2015, 9:14 AM
    • Luke Petherbridge has been promoted to the CFO spot at DDR, replacing David Oakes who earlier this month was promoted to CEO.
    • Petherbridge joined DDR as SVP of capital markets late in 2011, and most recently was ECP of capita markets and treasurer.
    | Mar. 2, 2015, 9:14 AM
  • Feb. 11, 2015, 5:04 PM
    • DDR (NYSE:DDR): Q4 FFO of $0.31 in-line.
    • Revenue of $248.56M (+6.8% Y/Y) misses by $2.27M.
    | Feb. 11, 2015, 5:04 PM
  • Feb. 11, 2015, 9:10 AM
    • David Oakes has been CFO since 2010, and has also served as CIO since 2007. He's been promoted to the role of CEO and board member, effective immediately.
    • Roughly six months ago, DDR signaled then-CEO Daniel Hurwitz was out as of the end of 2015, and the two later agreed to part ways at the start of this year.
    • Previously: DDR's Hurwitz no longer CEO or director (Jan. 2)
    | Feb. 11, 2015, 9:10 AM
  • Feb. 10, 2015, 5:35 PM
  • Feb. 4, 2015, 3:21 PM
    • About 14% of DDR's net operating income comes from 15 Puerto Rican shopping centers, says Morgan Stanley as the team there picks just the right time to take a tour. What they found were strong cash flows and tenant demand, and a mix of mostly U.S.-based retailers. Looking at a price chart of DDR (upward and to the right), it's hard to see any Puerto Rican exposure fear priced in, but nevertheless, the team thinks current levels are a nice entry point into the shares.
    • They're not as impressed with Taubman Centers' (NYSE:TCO) island assets, noting they've run over-budget and have had leasing issues. Miami is a different story, however, and Morgan thinks Taubman's WorldCenter properties will be a success despite competition from Brickell City Center just two miles away.
    | Feb. 4, 2015, 3:21 PM
  • Jan. 21, 2015, 10:08 AM
    • Upgraded to Outperform from Neutral: Ashford Trust (AHT +1.1%), Camden Property Trust (CPT +0.1%), DDR (DDR +0.4%), Eastgroup Properties (EGP +0.3%), Host Hotels (HST -0.1%), Strategic Hotels (BEE +0.3%).
    • Upgraded to Neutral from Underperform: Kilroy Realty (KRC +0.4%).
    • Downgraded to Underperform from Neutral: Equity One (EQY -0.4%), Macerich (MAC -0.3%), Vornado Realty (VNO -0.7%).
    • Downgraded to Neutral from Outperform: Kimco Realty (KIM -0.5%).
    | Jan. 21, 2015, 10:08 AM
Company Description
DDR Corp is a self-administered and self-managed REIT operating as a fully integrated real estate company. It owns and manages approximately 413 value-oriented shopping centers representing 118.1 million square feet in 41 states and Puerto Rico.
Sector: Financial
Industry: REIT - Retail
Country: United States