BEACHWOOD, Ohio, Nov. 8, 2011 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) declared its fourth quarter 2011 common stock dividend of
$0.08 per share, representing a 33
percent increase from the third quarter 2011 dividend and a 300
percent increase from the fourth quarter 2010 dividend. The
dividend is payable January 6, 2012
to shareholders of record at the close of business on December 16, 2011.
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"We remain confident in our near- and long-term prospects and
are very pleased that the Board has approved another increase to
the cash distribution to our shareholders. We believe that the
value creation initiatives that we have underway, combined with a
growing dividend and improving leverage ratios, provide a
compelling opportunity for investors," said Daniel B. Hurwitz, president and chief executive
officer of DDR.
"We are pleased to announce another increase in the common stock
dividend which still results in a low payout ratio, allowing us to
continue to retain an above average percentage of cash flow for
deleveraging and portfolio reinvestment," said David J. Oakes, chief financial officer of
DDR.
About DDR
DDR is an owner and manager of 538 value-oriented shopping
centers representing 134 million square feet in 41 states,
Puerto Rico and Brazil. The Company's assets are concentrated
in high barrier-to-entry markets with stable populations and high
growth potential and its portfolio is actively managed to create
long-term shareholder value. DDR is a self-administered and
self-managed REIT operating as a fully integrated real estate
company, and is publicly traded on the New York Stock Exchange
under the ticker symbol DDR. Additional information about the
company is available at www.ddr.com.
Safe Harbor
DDR considers portions of the information in this press release
to be forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, both as amended, with respect to the
Company's expectation for future periods. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be achieved. For this purpose,
any statements contained herein that are not historical fact may be
deemed to be forward-looking statements. There are a number of
important factors that could cause our results to differ materially
from those indicated by such forward-looking statements, including,
among other factors, local conditions such as oversupply of space
or a reduction in demand for real estate in the area; competition
from other available space; dependence on rental income from real
property; the loss of, significant downsizing of or bankruptcy of a
major tenant; constructing properties or expansions that produce a
desired yield on investment; our ability to sell assets on
commercially reasonable terms; our ability to secure equity or debt
financing on commercially acceptable terms or at all; our ability
to enter into definitive agreements with regard to our financing
and joint venture arrangements or our failure to satisfy conditions
to the completion of these arrangements; our ability to continue to
pay dividends on our common shares at the current or higher rates;
and the finalization of the financial statements for the
three-month period ended September 30,
2011. For additional factors that could cause the results of
the Company to differ materially from those indicated in the
forward-looking statements, please refer to the Company's Form 10-K
for the year ended December 31, 2010.
The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
SOURCE DDR Corp.