Market Overview

DDR Ticks Up Following 2016 Guidance, Expects 'Another Year Of Strong Operating Results'


Shares of DDR Corp (NYSE: DDR) were trading higher by 0.5 percent on Tuesday as investors likely found the company's guidance announcement for fiscal 2016 encouraging.

DDR said that it expects its FFO (Funds From Operations) to be $1.19 to $1.25 per share during 2016. The company also expects dispositions to be $600 million to $800 million at DDR's pro rata share, weighted to the first half of the year and acquisitions to total $200 million to $300 million at a cap rate of 75 to 100 basis points lower than dispositions.

DDR also expects its same-store net operating income to rise 2.5 percent to 3.5 percent. In addition, the company doesn't expect to initiate any major capital raises and its debt/EBITDA ratio is expected to fall to 6.4x - 6.7x, approximately 0.5x to 0.8x lower than its most recently reported consolidated results.

Finally, DDR reported a 10 percent growth in its dividend to $0.75 per share annually.

"We are pleased to guide to another year of strong operating results, transactional activity, and increased dividends to our shareholders. The aggressive transactions market encourages us to be a net seller of assets, which weighs on 2016 earnings but should benefit DDR in the future. We continue to take a long term view of performance and intend to position our portfolio and balance sheet to outperform over the course of all economic cycles," remarked David J. Oakes, President and Chief Executive Officer.

Posted-In: DDR Funds From Operations Real Estate shopping centersNews Guidance


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