DDR Hikes Quarterly Dividend - Analyst Blog
September 15 2011 - 10:15AM
Zacks
DDR Corp. (DDR), a
real estate investment trust (REIT), has recently increased its
quarterly dividend for third quarter 2011 by about 50% compared to
the last dividend payout in the previous quarter. The common stock
dividend of 6 cents per share is payable on October 11, 2011 to
shareholders of record at the close of business on September 27,
2011.
The dividend hike is the second of
its kind in the current year and denotes continued strong
performance by the company backed by solid operating results and a
diligent execution of its strategic plan. The company has followed
a significant redevelopment program, disciplined acquisition
policy, and monetization of non-income producing assets.
DDR Corp. has long been minimizing
ground-up development spending in its domestic portfolio, and
instead started allocating capital to the lease-up of existing
projects. These redevelopments have created a growth opportunity
for the company’s existing assets without the level of risk or
capital required for new development. This in turn has enabled DDR
to de-lever the balance sheet and generate considerable cash flow
for portfolio reinvestment as well as increase the cash
distribution to its shareholders.
Headquartered in Beachwood, Ohio,
DDR Cop. acquires, owns, develops, leases and manages shopping
centers and business centers across 41 states in the U.S., along
with Puerto Rico and Brazil. At the end of second quarter 2011, DDR
Corp. owned and managed 546 retail operating (primarily open-air,
value-oriented shopping centers) and development properties
spanning approximately 126 million square feet.
We maintain our ‘Neutral’
recommendation on DDR Corp. for the long term. The company
presently has a Zacks #3 Rank, which translates into a short-term
‘Hold’ rating. We also have a ‘Neutral’ recommendation and a Zacks
#3 Rank for Kimco Realty Corporation (KIM), one of
the competitors of DDR Corp.
DEV DIVERFD RLT (DDR): Free Stock Analysis Report
KIMCO REALTY CO (KIM): Free Stock Analysis Report
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