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DDR Provides 2017 Guidance

Montag, 13.02.2017 22:05 von

PR Newswire

BEACHWOOD, Ohio, Feb. 13, 2017 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today released guidance for 2017.  The Company will conduct a conference call and audio webcast on Tuesday, February 14, 2017, at 11 a.m. ET to discuss guidance and the related assumptions in conjunction with its quarterly conference call.  To access the call, dial 877-249-1119 (domestic), or 412-542-4143 (international) at least 10 minutes prior to the scheduled start of the call. The conference call webcast will be recorded and available for replay through DDR's website at www.ddr.com/events.  

Based on 2016 results and current market conditions, the Company is providing the following full-year Net Income, Operating FFO and NAREIT FFO / Share guidance for 2017: 

Net Income Common Shareholders / Share 

$0.15 to $0.17

FFO / Share (Operating) 

$1.12 to $1.16

FFO / Share (NAREIT) 

$1.10 to $1.14

 

The Company's 2017 Net Income, Operating FFO and NAREIT FFO guidance is based upon the following assumptions:

Dispositions    

$800 million to $1 billion at DDR's pro rata share, executed ratably throughout the year

Acquisitions  

$100 million

Same Store NOI Growth 

+1.0% to +2.0%

Leased Rate 

+25 to +50 basis points greater at year end 2017 compared to year end 2016

Redevelopment 

$80 million (approximately $40 million incremental to same store NOI) weighted towards the second half of the year at high single-digit yields

Fee Income 

$30 to $33 million

Interest Income 

$33 to $36 million

Interest Expense (GAAP) 

$175 to $190 million

G&A Expense 

$77 to $80 million

Annual Dividend / Share 

$0.76 per share (annual)

Capital Raising   

No major capital raises expected

Debt / EBITDA   

Approximately 1.0x lower than the reported fourth quarter 2016 pro rata results

About DDR Corp.
DDR is an owner and manager of 319 value-oriented shopping centers representing 106 million square feet in 35 states and Puerto Rico. The Company owns a high-quality portfolio of open-air shopping centers in major metropolitan areas that provide a highly compelling shopping experience and merchandise mix for retail partners and consumers. The Company actively manages its assets with a focus on creating 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.

Non-GAAP Measures
FFO is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust ("REIT") performance. Management believes that both FFO and Operating FFO (as further described below) provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. FFO and Operating FFO do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP as indicators of the Company's operating performance or as alternatives to cash flow as a measure of liquidity. 

FFO is generally defined and calculated by the Company as net income (loss), adjusted to exclude:  (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property and related investments, which are presented net of taxes, (iii) impairment charges on depreciable real estate property and related investments and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company's proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company's calculation of FFO is consistent with the NAREIT definition. The Company calculates Operating FFO by excluding certain non-operating charges and gains. Operating FFO is useful to investors as the Company removes non-comparable charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner. 

The reconciliation of these non-GAAP measures to the most directly comparable GAAP measure of net income is as follows ($ in millions):


2017E


2017E

(Per Share – Diluted)


Net Income Common Shareholders

$54 - $64 


 $0.15 - $0.17 


Depreciation and amortization of real estate

330 - 335 


     0.90 - 0.91 


Equity in net income of JVs

  (8) - (9)


(0.02)


JVs' FFO

27 - 30 


0.07- 0.08 


FFO (NAREIT)

403 - 420 


1.10 - 1.14 


Debt extinguishment costs

8-9 


0.02


Operating FFO

$411 - $429 


 $1.12 - $1.16

Safe Harbor

DDR Corp. 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 supply 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; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; 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; the success of our deleveraging strategy; and any impact or results from the Company's portfolio transition or any change in strategy. 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, 2015. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

PRGR

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ddr-provides-2017-guidance-300406311.html

SOURCE DDR Corp.