Tag Archives: David Lukes

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DDR provides further update on the impact of Hurricane Maria in Puerto Rico

CLEVELAND, 2017-Oct-05 — /EPR Retail News/ — DDR Corp. (NYSE: DDR) provided a further update today (Oct 04, 2017) on its process of providing assistance and support to its personnel in Puerto Rico as well as assessing damage from Hurricane Maria to its assets in Puerto Rico.

“We have now been in contact with all of our team members in Puerto Rico and remain focused on delivering aid to them,” commented David Lukes, President and Chief Executive Officer of DDR.  “All 12 of our properties are now in a clean and safe condition and we are in the process of making temporary repairs and helping tenants reopen wherever possible. I am incredibly proud of DDR’s Puerto Rico team, who have demonstrated courage and resilience in this challenging time, as well as the numerous employees throughout the firm who have worked with remarkable speed and resourcefulness.”

Most anchor spaces at the company’s 12 Puerto Rico centers are currently open, including 7 of 8 Walmarts, and all Home Depots (2), Sam’s Club (1), and Pueblo and Econo grocery stores (3).  A significant number of additional anchor openings are expected to take place in the coming days. Most of the company’s Puerto Rico outparcel tenants are also currently open and operating. Openings of small-shops at the company’s open air assets will generally depend on restoration of utility power, the timing of which is currently uncertain. In addition, there are selective tenant spaces that have been rendered currently untenantable.

Plaza Del Sol, the company’s largest asset by Net Operating Income in Puerto Rico, is now receiving power from both generator and utility sources, which is facilitating the reopening of small-shops.  Rio Hondo, the company’s second largest asset in Puerto Rico, is expected to begin receiving utility power within the next week, enabling small shop openings. The company expects to have additional generators installed at Plaza del Norte, its third largest mall asset in the next several weeks. The company has completed cleanup work at Palma Real and continues to assess necessary repairs. A determination of expected tenant opening dates will be made as further analysis of the repair of this property is completed.

DDR maintains insurance on its assets in Puerto Rico with policy limits of over $350 million for property damage, along with coverage for business interruption. The company’s insurance policies remain subject to various terms and condition including a deductible of approximately $6 million.

ABOUT DDR
DDR is an owner and manager of 298 value-oriented shopping centers representing 100 million square feet in 34 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.

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, property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions in locations where we own properties; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions; 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, 2016. 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.

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DDR provides assistance and support to its personnel in Puerto Rico affected by Hurricane Maria

CLEVELAND, OH, 2017-Sep-27 — /EPR Retail News/ — DDR Corp. (NYSE: DDR) announced today that it continues the process of providing assistance and support to its personnel in Puerto Rico as well as assessing damage to its 12 assets from Hurricane Maria.

“Our thoughts and prayers go out to the people of Puerto Rico during this challenging time. DDR is currently focused on accounting for, and providing resources to, our Puerto Rico-based team and their families. The loss of power and phone service throughout the island have made this process challenging,” commented David Lukes, President and Chief Executive Officer of DDR.  “While the safety of our people remains our priority, we also are attempting to visit and assess the condition of our assets, but damage to roads and infrastructure, as well as ongoing storm conditions, have hampered this process.  We anticipate that a complete property assessment and overall financial impact could  take a number of weeks to complete.”

DDR maintains property, casualty, flood and business interruption insurance at its properties in Puerto Rico.

ABOUT DDR
DDR is an owner and manager of 298 value-oriented shopping centers representing 100 million square feet in 34 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.

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, property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions in locations where we own properties; 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, 2016. 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.

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DDR refinances two revolving credit facilities, increasing borrowing capacity to $1.0 billion

BEACHWOOD, Ohio, 2017-Sep-19 — /EPR Retail News/ — DDR Corp. (NYSE: DDR) announced today (Sept. 13, 2017) that it has refinanced its two revolving credit facilities, increasing borrowing capacity to $1.0 billion and extending their maturities. The company also extended the maturity on $200 million of its $400 million unsecured term loan.

“The refinancing of our lines of credit and term loan mark the successful completion of the maturity extension and liquidity improvement portion of our balance sheet restructuring. As a result of this transaction and $975 million of recent unsecured debt and perpetual preferred transactions, DDR’s weighted average debt maturity is now among the longest in the shopping center REIT sector, and our upsized credit facility can absorb approximately four years of existing debt maturities.  Our focus is now on completion of the deleveraging process, which we expect to conclude by mid-2018,” commented David Lukes, Chief Executive Officer.  “We very much appreciate the support of our lender group during this balance sheet restructuring process.”

The amended $950 million unsecured revolving credit facility, up from $750 million, has an initial maturity of September 1, 2021 with two six-month extension options, and contains an accordion feature that provides for up to $1.45 billion of potential total capacity. DDR also refinanced its $50 million unsecured revolving credit facility provided solely by PNC Bank, National Association, matching the borrower financial covenants of the $950 million unsecured revolving credit facility.  Based on DDR’s current credit rating, pricing on the refinanced revolving credit facilities remains the same as the prior facilities.

DDR also recast $200 million of its existing $400 million unsecured term loan. The new recast portion of the unsecured term loan has a maturity of January 31, 2023 and the remaining portion of the unsecured term loan has a maturity date of January 20, 2018 with two one-year extension options. The company anticipates repaying the earlier maturing portion of the term loan as part of its previously announced deleveraging plan. Pricing of the unsecured term loan remains unchanged at LIBOR plus 110 basis points, based on DDR’s current credit rating.

JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC served as Joint Bookrunners, JPMorgan Chase Bank, N.A. served as Administrative Agent, and JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, Citizens Bank, N.A., RBC Capital Markets and U.S.Bank National Association served as Joint Lead Arrangers on the amended $950 million revolving credit facility.

Wells Fargo Securities, LLC and PNC Capital Markets LLC served as Joint Bookrunners, Wells Fargo Bank, N.A. served as Administrative Agent, and Wells Fargo Securities, LLC, PNC Capital Markets LLC, and KeyBanc Capital Markets Inc. served as Joint Lead Arrangers on the amended $400 million unsecured term loan.

ABOUT DDR
DDR is an owner and manager of 298 value-oriented shopping centers representing 100 million square feet in 34 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.

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, 2016. 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.

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DDR and Madison International Realty announce recapitalization of DDR Domestic Retail Fund I, totaling $1.05 billion

BEACHWOOD, Ohio, 2017-Jun-15 — /EPR Retail News/ — DDR Corp. (NYSE: DDR) and an affiliate of Madison International Realty today (June 14, 2017) announced the recapitalization of a joint venture with 52 shopping centers previously owned by DDR and various partners through the DDR Domestic Retail Fund I, totaling $1.05 billion.

Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80% of the common equity of the joint venture and an affiliate of DDR retained 20%. This ownership structure is consistent with the structure of the joint venture prior to the recapitalization and will be a long-term strategic partnership.  DDR will continue to provide leasing and management services.

The portfolio, totaling 7.0 million square feet, consists primarily of grocery anchored shopping centers located predominantly in Florida and the Southeastern United States and was originally formed in 2007.  Three properties previously held by the partnership have been excluded from the recapitalization and are being held in a separate joint venture with the previous partners of DDR Domestic Retail Fund I including DDR. The recapitalization includes the repayment of all outstanding mortgage debt previously held by the partnership with a new $707 million mortgage loan ($141 million at DDR share) secured by the 52 assets.

David Lukes, President and Chief Executive Officer of DDR, commented, “We are pleased to announce the closing of this transaction with Madison International.  The recapitalized venture will continue to drive our return on invested equity, demonstrates the sustainability of our joint venture business, and provides us the ability to add value to a property type with which this management team has extensive experience.”

“We are very pleased to be partnering with DDR. This venture is an exceptional opportunity and an excellent fit with our investment strategy.  Madison’s investment will allow existing partners to exit, Madison to expand its retail footprint, and DDR to continue its value creation strategy.  The portfolio consists of destination grocery-anchored centers located in Southeastern markets with growing populations and favorable demographics,” said Ronald M. Dickerman, Founder and President of Madison International Realty.

About DDR Corp.
DDR is an owner and manager of 309 value-oriented shopping centers representing 103 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.

About Madison International Realty
Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides joint venture and preferred equity capital for real estate owners and investors seeking to create an exit strategy; or where existing sponsors seek to sell a portion of their ownership position and take on a partner. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests only in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Western Europe. Madison has offices in New York, London and Frankfurt, Germany, where the firm operates under the name of Madison Real Estate Beteiligungsgesellschaft mbH.

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, 2016. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact:

Phone: 216-755-5500
Fax: 216-755-1500

SOURCE: DDR Corp.

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DDR Corp. reschedules its quarterly conference call and audio webcast to Tuesday, April 25, 2017

BEACHWOOD, Ohio, 2017-Apr-22 — /EPR Retail News/ — DDR Corp.  (NYSE: DDR), an owner, developer, and operator of shopping centers, announced today a revised schedule for its quarterly conference call and audio webcast, which was previously planned for Wednesday, April 26, 2017 at 10 a.m. ET.  The rescheduled time is Tuesday, April 25, 2017 at 4:45 p.m. ET.  The timing for the release of quarterly earnings results remains unchanged with results to be issued following the market close on Tuesday, April 25, 2017.

David Lukes, CEO, said “We have moved up our conference call time in an attempt to communicate our business plans in a timelier manner, and to allow for greater investor focus outside of market hours.”

To access the conference, 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 the Investors portion of DDR’s website, http://ir.ddr.com.

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.

SOURCE:  DDR Corp.

Contact:

Phone: 216-755-5500
Fax: 216-755-1500

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DDR streamlines its organizational structure

BEACHWOOD, Ohio, 2017-Apr-05 — /EPR Retail News/ — DDR Corp. (NYSE: DDR) today (April 3, 2017) announced the streamlining of its organizational structure in an effort to gain efficiencies, provide appropriate staffing for the Company’s current and future operations, facilitate decision-making and lower operating costs. The changes are aimed at further centralizing key operational decision-making and will result in the elimination of 65 existing positions including nine officer level roles. The changes are expected to generate a stabilized annual reduction to recurring General and Administrative expenses of approximately $6 million, excluding a one-time charge to earnings of approximately $7.2 million associated with the transition, of which approximately $2 million will be recognized in the first quarter of 2017 and the balance in the second quarter of 2017.  The Company expects that the vast majority of its employees will remain based in the Beachwood, Ohio headquarters location.

In connection with the announced reorganization, DDR also has appointed Conor Fennerty to the role of Senior Vice President, Capital Markets reporting to Matthew Ostrower, Chief Financial Officer. Mr. Fennerty will have responsibility for capital raising activities and management of the Company’s planning and analysis functions.  Mr. Fennerty most recently served as Vice President, Senior Analyst at BlackRock, Inc., a $5.1 trillion global funds manager.

“The organizational changes we announced today reflect our commitment to optimizing our operating structure based on the Company’s current and future portfolio needs and improving our leverage profile.  We are grateful for the leadership and execution provided by all our current and former employees during the past several years and believe our streamlined organization and structure will facilitate a more agile and efficient operating platform for the future,” said David Lukes, CEO.

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.

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, 2016. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact:

Phone: 216-755-5500
Fax: 216-755-1500

SOURCE: DDR Corp.

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Equity One, Inc. to hold an Investor Day on December 9, 2015 in New York City

New York, NY, 2015-12-3 — /EPR Retail News/ — Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today that it will hold an Investor Day on Wednesday, December 9, 2015 at 8:30 a.m. Eastern Time in New York City. David Lukes, Chief Executive Officer, and members of executive management will present. Presentations, including a question and answer session, will begin at approximately 9:00 a.m. Eastern Time.

Stockholders, analysts and other interested parties can access the live audio webcast of the presentation, in a listenonly mode, on Equity One’s web site at www.equityone.com under Investors, or by clicking the following link, Equity One, Inc. 2015 Investor Day. The presentation slides will be posted on the day of the event to the investor relations page of www.equityone.com.

A replay of the presentation will also be available via webcast at www.equityone.com under Investors.

ABOUT EQUITY ONE, INC.
As of September 30, 2015, our portfolio comprised 124 properties, including 99 retail properties and five non-retail properties totaling approximately 12.5 million square feet of gross leasable area, or GLA, 14 development or redevelopment properties with approximately 2.9 million square feet of GLA, and six land parcels. As of September 30, 2015, our retail occupancy excluding developments and redevelopments was 95.6% and included national, regional and local tenants. Additionally, we had joint venture interests in seven retail properties and two office buildings totaling approximately 1.6 million square feet of GLA. To be included in the company’s e-mail distributions for press releases and other company notices, please click here or send contact details to Investor Relations at investorrelations@equityone.com.

For additional information:
Matthew Ostrower
EVP and Chief Financial Officer
Equity One, Inc.
410 Park Avenue, Suite 1220
New York, NY 10022
212-796-1760

SOURCE: EQUITY ONE, INC.