Seeking Alpha

DDR Corp. (DDR)

  • Tue, Mar. 24, 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%).
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  • Wed, Mar. 18, 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)
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  • Fri, Mar. 6, 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%).
    • Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
  • Mon, Mar. 2, 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.
    • Source: Press Release
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  • Wed, Feb. 11, 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.
    • Press Release
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  • Wed, Feb. 11, 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.
    • Source: Press Release
    • Previously: DDR's Hurwitz no longer CEO or director (Jan. 2)
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  • Tue, Feb. 10, 5:35 PM
  • Wed, Feb. 4, 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.
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  • Wed, Jan. 21, 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%).
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  • Thu, Jan. 15, 9:39 AM
    • Now an Overweight from Neutral are shopping-center operator Kimco (KIM +0.7%) and DCT Industrial Trust (DCT +0.8%), and boosted to Neutral from Underweight is D.C.-area property owner Washington Real Estate (WRE +1.1%).
    • Downgraded to Neutral from Overweight after nice runs higher are DDR (DDR -0.2%) and STAG Industrial (STAG -1.5%).
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  • Mon, Jan. 12, 10:41 AM
    • "We certainly expect more malls to close than open over the next several years," says D.J. Busch, a mall-REIT analyst at Green Street Advisors. Those regional malls with low per-square-foot tenant sales that have lost relevance probably will be closed or reused for something other than retail over the next few years.
    • Morgan Stanley real estate debt analyst Richard Hill: “There’s a level of complacency among investors ... Competitive pressures that haven’t been seen in decades are making some retailers and some properties obsolete.”
  • Wed, Jan. 7, 8:14 AM
    • Operating FFO per share of $1.20-$1.25 is expected for 2015, with same-store NOI up 2.5-3%, and the leased rate up 25-50 basis points. Both acquisitions and dispositions are expected at $250M.
    • Capital raising will be opportunistic to extend debt duration and improve credit metrics. "We expect another year of self-funded growth," says DDR President and CFO David Oakes.
    • Source: Press Release
    • Previously: Busy Q4 for DDR; dividend hiked 11% (Jan. 6)
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  • Tue, Jan. 6, 8:17 AM
    • DDR disposed of 41 non-prime operating assets and seven land parcels in Q4 for a total of $258M. Another six non-prime assets are under agreement for sale, representing another $63M.
    • For the year, DDR sold 82 non-prime assets and 16 land parcels for $1.21B.
    • Acquisitions: As previously announced, a JV of DDR and an affiliate of Blackstone purchased 70 shopping centers formerly owned by American Realty Capital for $376M in Q4. DDR acquired another prime power center for $15M in Q4 as well.
    • Source: Press Release
    • Last night the company announced an 11% increase in the quarterly dividend to $0.1725 per share for an annualized yield of 3.7%.
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  • Fri, Jan. 2, 8:09 AM
    • Four months ago, DDR announced CEO Daniel Hurwitz's employment contract would not be renewed past its end of 2015 expiration date.
    • The two have finalized their separation, with Hurwitz out as CEO and board member, effective the end of 2014. Hurwitz will stay with the company until Feb. 14.
    • Source: Press Release
    • Previously: DDR chief to exit at end of 2015 (Sept. 11, 2014)
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  • Dec. 31, 2014, 9:43 AM
    • The push by large-format stores to downsize gives growing retail chains an easy path to accelerate growth.
    • ICSC notes the trend of real estate managers such as DDR Corporation (NYSE:DDR) to remerchandise high-quality space before lease expiration could increase even more in 2015.
    • What to watch: Nordstrom Rack (NYSE:JWN), Trader Joe's, Sprouts Farmers Market (NASDAQ:SFM) Dick's Sporting Goods (NYSE:DKS), and Whole Foods Market (NASDAQ:WFM) are expected to continue utilizing sub-leases or reworked leases to add outlets. Fast-fashion retailers Hennes & Mauritz (OTCPK:HMRZF), Fast Retailing (OTCPK:FRCOY), and Inditex (OTCPK:IDEXY) might also take advantage of the trend as they look to increase their brick-and-mortar U.S. presence.
    • Previously: Big box retailers expected to follow sub-leasing strategy (Dec. 30 2014)
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  • Nov. 13, 2014, 8:41 AM
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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