DDR Discloses Transaction Activities for Third-quarter 2015
On Oct 1, DDR Corp. DDR, the Beachwood, OH-based retail real estate investment trust (“REIT”) disclosed its transactions activities for third-quarter 2015. During the quarter, the company disposed $302 million of assets. These transactions are in sync with DDR’s strategy of reducing non-prime assets and using the proceeds for acquiring core assets with long-term potential.
In the third quarter, DDR divested 19 operating assets and 2 land parcels for a total of $145 million as its share. In addition, the company holds another 10 operating assets and 9 land parcels under contract for sale, valued at an estimated sum of $268 million as its share. Notably, year to date, DDR has divested $358 million and acquired $160 million of assets as its share.
DDR acquires, owns, develops, redevelops, leases and manages shopping centers, especially in high-growth areas of the U.S. In addition, DDR engages in origination and acquisition of loans and debt securities, which are generally collateralized directly or indirectly by shopping centers. Notably, DDR reported second-quarter 2015 operating funds from operations (“FFO”) per share of 31 cents, beating the Zacks Consensus Estimate by a penny. The figure also came 3 cents above the year-ago quarter tally. Significant leasing momentum, portfolio strengthening activity and rise in same-store NOI aided the results.
DDR currently has a Zacks Rank #3 (Hold).
Investors interested in the retail REIT industry may consider stocks like Agree Realty Corp. ADC, American Assets Trust, Inc. AAT and Cedar Realty Trust, Inc. CDR. All these stocks hold a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
DDR CORP (DDR): Free Stock Analysis Report
AGREE RLTY CORP (ADC): Free Stock Analysis Report
AMER ASSETS TR (AAT): Free Stock Analysis Report
CEDAR SHOPN CTR (CDR): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
