Print
Email
Developers Diversified Realty Corp. (DDR) filed Quarterly Report for the period ended 2011-09-30.
Ddr Corp has a market cap of $3.44 billion; its shares were traded at around $12.44 with and P/S ratio of 4.3. The dividend yield of Ddr Corp stocks is 1.9%.
This is the annual revenues and earnings per share of DDR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of DDR.
Highlight of Business Operations:
At September 30, 2011 and 2010, the Company had an approximate 33% and 48% interest, respectively, in an unconsolidated joint venture, Sonae Sierra Brasil, which owns real estate in Brazil and is headquartered in San Paulo, Brazil. In February 2011, Sonae Sierra Brasil, completed an initial public offering (“IPO”) of its common shares on the Sao Paulo Stock Exchange, raising total proceeds of approximately US$280 million. The Company’s effective ownership interest in Sonae Sierra Brasil decreased during the first quarter of 2011 due to the IPO. This entity uses the functional currency of Brazilian Reais. The Company has generally chosen not to mitigate any of the foreign currency risk through the use of hedging instruments for this entity. The operating cash flow generated by this investment has been generally retained by the joint venture and reinvested in ground up developments and expansions in Brazil. The weighted average exchange rate used for recording the equity in net income was 1.63 and 1.79 for the nine months ended September 30, 2011 and 2010, respectively. The overall increase in equity in net income from the Sonae Sierra Brasil joint venture, net of the impact of foreign currency translation, primarily is due to shopping center expansion activity coming on line, increases in parking revenue and increases in ancillary income and interest income.For the three-month period ended September 30, 2011, Operating FFO applicable to DDR common shareholders was $67.4 million, compared to $63.2 million for the same period in 2010. For the nine-month period ended September 30, 2011, Operating FFO applicable to DDR common shareholders was $195.0 million, as compared to $193.4 million for the same period in 2010. The slight increase in Operating FFO for the nine-month period ended September 30, 2011, was primarily the result of increased revenue and interest income partially offset by higher general and administrative costs and interest expense.
Investing Activities: The change in cash flow from investing activities for the nine months ended September 30, 2011 as compared to the same period in 2010, was primarily due to an increase in proceeds from note repayments and increased distributions from joint ventures related to asset sales and refinancings offset by the change in restricted cash.
During the nine-month period ended September 30, 2011, the Company sold 20 shopping center properties and one office property, aggregating 1.9 million square feet, at an aggregate sales price of $106.9 million. In addition, the Company also sold $27.3 million of consolidated non-income producing assets. The Company recorded a net loss of $7.0 million, which excludes the impact of $52.6 million in related impairment charges that were recorded in prior periods. During the nine-month period ended September 30, 2011, three of the Company’s joint ventures sold three shopping centers, aggregating approximately 0.6 million square feet, generating gross proceeds of approximately $80.0 million. The joint ventures recorded an aggregate net gain of approximately $21.3 million related to these asset sales, of which the Company’s share was approximately $10.5 million.
Subscribe RSS
