DDR Corp. (NYSE: DDR) declared its second quarter 2018 Preferred Class J stock dividend of $0.406250 per depositary share, Preferred Class K stock dividend of $0.39063 per depositary share and Preferred Class A stock dividend of $0.39844 per depositary share.
Each Class J depositary share is equal to one-twentieth of a share of DDR's 6.50% Class J Cumulative Redeemable Preferred Stock. The declared Preferred Class J dividend covers the period beginning April 15, 2018 and ending July 14, 2018. The declared Preferred Class J Dividend is payable July 16, 2018 to shareholders of record at the close of business on June 29, 2018.
Each Class K depositary share is equal to one-twentieth of a share of DDR's 6.25% Class K Cumulative Redeemable Preferred Stock. The declared Preferred Class K dividend covers the period beginning April 15, 2018 and ending July 14, 2018. The declared Preferred Class K Dividend is payable July 16, 2018 to shareholders of record at the close of business on June 29, 2018.
Each Class A depositary share is equal to one-twentieth of a share of DDR's 6.375% Class A Cumulative Redeemable Preferred Stock. The declared Preferred Class A dividend covers the period beginning April 15, 2018 and ending July 14, 2018. The declared Preferred Class A Dividend is payable July 16, 2018 to shareholders of record at the close of business on June 29, 2018.
DDR is an owner and manager of 258 value-oriented shopping centers representing 89 million square feet in 32 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. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
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, and the ability to estimate accurately the amounts thereof; 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; any change in strategy; our ability to complete our previously announced plan to spin-off certain of our assets in a timely manner; the impact of such spin-off on our business and that of the spun-off company; and the ability of the Company and the spun-off company to execute their respective strategies following consummation of the spin-off. 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 most recent reports on Form 10-K and Form 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Matthew Ostrower, 216-755-5500
EVP and Chief Financial Officer