Stock Monitor: At Home Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 15, 2017 / Active-Investors free earnings report on DDR Corp. (NYSE: DDR) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=DDR. The Company posted its financial results on November 02, 2017, for the third quarter fiscal 2017. Register today and get free access to our complimentary member’s area where many more reports are available:
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Earnings Highlights and Summary
For three months ended September 30, 2017, DDR’s total revenues decreased 10.2% to $220.13 million from $245.24 million in Q3 FY16. The Company’s total revenue was below analysts’ expectations of $222.2 million.
For the reported quarter, DDR’s net loss was $7.40 million, compared to net loss of $65.95 million in Q3 FY16. The lower net loss was due to the reduction of $15.4 million in the valuation allowance recorded in the first quarter of 2017 on the Company’s preferred investment in two joint ventures, lower impairment charges and a higher gain on sale of real estate assets. During Q3 FY17, the Company’s diluted EPS was negative $0.02 compared to negative $0.18 in the same period last year.
For the reported quarter, DDR’s funds from operation (FFO) decreased 61.4% to $46.34 million from $120.14 million in Q3 FY16. During Q3 FY17, the Company’s FFO per share decreased 60.6% to $0.13 from $0.33 in the same period last year.
For the reported quarter, DDR’s operating FFO decreased 7.8% to $111.24 million from $120.64 million in Q3 FY16. During Q3 FY17, the Company’s operating FFO per share decreased 9.1% to $0.30 from $0.33 in the same period last year. The decrease was due to dilution from deleveraging and a decline in NOI from Puerto Rico. Operating FFO per share surpassed analysts’ expectations of $0.27.
During Q3 FY17, DDR’s net operating income (NOI) decreased 9.3% to $160.57 million from $177.07 million in the same period last year. For the reported quarter, the Company’s same-store net operating income (SSNOI) including Puerto Rico decreased 0.7% to $229.21 million from $230.95 million in Q3 FY16. For the reported quarter, the Company’s SSNOI excluding Puerto Rico decreased 0.2% to $208.99 million from $209.32 million in Q3 FY16.
For the reported quarter, the Company’s portfolio leased rate on a pro rata basis was 93.4% compared to 95.4% in Q3 FY16. During Q3 FY17, the Company’s base rent per occupied square foot increased 5.2% on a pro-rata basis to $16.16 from $15.36 in the third quarter of 2016. During Q3 FY17, DDR sold 16 shopping centers and land parcels for a total of $392.1 million.
During Q3 FY17, the Company generated new leasing spreads of 6.8% and renewal leasing spreads of 6.1% on a pro-rata basis including Puerto Rico.
As on September 30, 2017, DDR’s cash decreased 40% to $18.27 million from $30.43 million on December 31, 2016. For the reported quarter, the Company’s unsecured debt decreased 3.6% to $2.81 billion from $2.91 billion in Q4 FY16.
During Q3 FY17, DDR extended the maturity of its revolving credit facilities and enhanced borrowing capacity to $1.0 billion and extended the maturity of $200 million of $400 million unsecured term loan.
On November 10, 2017, the Company’s Board of directors declared a dividend of $0.19 per share payable on January 05, 2018, to shareholders of record at the close of business on December 12, 2017.
For FY17, the Company expects same-store NOI growth to be in the range of negative 0.5% to positive 5% for the Continental US Portfolio.
Stock Performance Snapshot
December 14, 2017 – At Thursday’s closing bell, DDR Corp.’s stock declined 1.36%, ending the trading session at $7.96.
Volume traded for the day: 6.21 million shares, which was above the 3-month average volume of 4.41 million shares.
After yesterday’s close, DDR Corp.’s market cap was at $2.90 billion.
The stock has a dividend yield of 9.55%.
The stock is part of the Financial sector, categorized under the REIT – Retail industry.
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