The company last night topped Q1 estimates, but cut its expectation for annual growth in same-store NOI from 1-2% to negative 1.5%-to-flat. Noted is the impact of increased vacancies from recent tenant bankruptcies.
The expected end-of-year leased rate is lowered to 93-93.5%.
FFO and Operating FFO guidance is pulled thanks to the unpredictable timing and magnitude of potential buys/sells during the year. DDR -8.8%
Previously: DDR beats by $0.01, revenue in-line (April 25)