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DDR Corp. (DDR)

- NYSE
  • 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%).
    | Comment!
  • 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%).
    | Comment!
  • 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.”
    • RPAI, IRC, KIM, FRT, DDR, WHLR, WSR, EQY, CBL, TCO, SPG, GGP, WRI, MAC, PEI
    | 6 Comments
  • 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)
    | Comment!
  • 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%.
    | Comment!
  • 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)
    | Comment!
  • 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)
    | Comment!
  • Nov. 13, 2014, 8:41 AM
    | Comment!
  • Nov. 12, 2014, 4:27 PM
    • In line with its strategy to reduce exposure to non-core markets and assets, DDR announces the $154M sale of an 11-property portfolio in the Buffalo MSA which had been held in a JV with Kuwaiti Financial Centre II.
    • Following the sale and combined with assets currently under agreement to be sold, DDR has reduced its total GLA in Buffalo by 68% since 2007, from 40 properties to 10, and Buffalo is no longer in the top 15 MSAs by base rent for DDR.
    • Source: Press Release
    | Comment!
  • Oct. 27, 2014, 4:53 PM
    • Q3 FFO of $106.2M or $0.29 per share vs. $90M and $0.28 one year ago.
    • U.S. portfolio leased rate up 80 basis points Y/Y to 95.6%. Executed 342 leases (148 new, 194 renewal) for 2.7M square feet. Positive new leasing spreads of 23.6% on a pro rate basis, and positive renewal leasing spreads of 8.2% on a pro rate basis.
    • Annualized base rent per occupied square foot of $13.65 vs. $13.19 one year ago.
    • Same-store NOI growth of 3.1%.
    • Full-year operating FFO guidance narrowed to $1.15-$1.17 from $1.14-$1.18.
    • Conference call tomorrow at 10 ET
    • Previously: DDR misses by $0.01, misses on revenue
    • DDR flat AH
    | Comment!
  • Oct. 27, 2014, 4:07 PM
    • DDR (NYSE:DDR): Q3 FFO of $0.29 misses by $0.01.
    • Revenue of $242.9M (+23.9% Y/Y) misses by $5.46M.
    • Press Release
    | 1 Comment
  • Oct. 26, 2014, 5:35 PM
  • Oct. 20, 2014, 7:46 AM
    • The sale of 71 properties totaling about 11.3M square feet over 25 states to DDR and Blackstone (NYSE:BX) will results in net proceeds of roughly $1.34B to ARCP that will be used to pay down the company credit line.
    • The company also announces a LOI with another party to sell five multi-tenant properties for $52.8M, and it's expected to close before year-end.
    • Source: Press Release
    • Previously: American Realty inks agreement to sell shopping centers
    | Comment!
  • Oct. 1, 2014, 9:39 AM
    • DDR Corp. closed on the purchase of eight prime power centers and sale of seven operating assets in Q3, totaling $699M of deals.
    • Seven of the eight purchases were made for $377M from DDR's JV with Blackstone Real Estate Partners. The eight purchase is an urban power center in Philadelphia, anchored by Bed Bath & Beyond and PetSmart, for $31.5M.
    • Sold were seven operating assets, two land parcels, and DDR's share of the preferred equity in BRE DDR Retail Holdings for a total of $290M. DDR has another 39 operating assets under contract for sale totaling $207M. YTD, the company has old $826M of non-prime assets.
    • President & CFO David Oakes: "Our portfolio upgrade has been dramatic, and we look forward to continuing this transformation as opportunities arise."
    • Source: Press Release
    | Comment!
  • Sep. 29, 2014, 8:22 AM
    • The deal satisfies DDR's desire to exit the Salt Lake City market while allowing Excel Trust (NYSE:EXL) to boost its presence there.
    • The properties included total about 1.8M square feet and the deal price is about $223M.
    • Source: Press Release
    | Comment!
  • Sep. 12, 2014, 7:21 AM
    • Calling the decision not to renew CEO Dan Hurwitz's contract at the end of 2015 unexpected, UBS sees DDR as being range-bound until there is clarity on a new chief. The team downgrades the stock to Neutral and cuts the price target by $1 to $18.
    • Previously: DDR chief to exit at end of 2015
    | Comment!
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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