DDR Announces Reverse Stock Split and Declares Common Stock Dividend for Second Quarter 2018
May 08 2018 - 3:30PM
Business Wire
DDR Corp. (NYSE: DDR) (the “Company”) today announced that its
Board of Directors has unanimously approved a one-for-two reverse
stock split of the Company's common shares. The reverse stock split
was authorized by the Company’s shareholders at the annual meeting
of shareholders held on May 8, 2018. As a result of the reverse
stock split, every two of the Company’s issued common shares will
be exchanged for one of the Company’s common shares. The Company’s
shareholders will not receive fractional shares in connection with
the reverse stock split, but will receive cash in lieu of
fractional shares. The Company currently anticipates that its
common shares will begin trading on a split-adjusted basis on the
New York Stock Exchange at the opening of trading on May 21,
2018.
The Company will distribute a letter of transmittal to the
holders of record of the Company’s common shares who hold shares in
certificated form. The letter of transmittal will provide
instructions and other information with respect to the reverse
stock split, including procedures for exchanging stock
certificates. The accounts of holders of record who hold their
shares solely in book-entry form will be updated automatically, so
such holders do not need to take any actions in connection with the
reverse stock split. Holders of common shares who hold their shares
in “street name” through a bank, broker or other nominee should
contact their nominee for further information on the reverse stock
split.
The Company also declared its second quarter 2018 common stock
dividend of $0.19 per share, or $0.38 per share after giving effect
to the one-for-two reverse stock split discussed above. The common
stock dividend is payable on July 3, 2018 to shareholders of record
at the close of business on June 13, 2018.
About DDR
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.
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, 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,
including the ability of the spun-off company to sell assets on
commercially reasonable terms; and entering into management
agreements with the spin-off company on commercially reasonable
terms. 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, 2017. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20180508006681/en/
DDR Corp.Matthew Ostrower, 216-755-5500EVP and Chief Financial
Officer
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