Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

DDR Corp. (DDR - Analyst Report) disclosed the strengthening of its ties with Nordstrom Inc. (JWN - Analyst Report) through the opening of the Nordstrom Rack outlets at two shopping centers – Lake Brandon Plaza and Harbison Court – in Brandon (Florida) and Columbia (South Carolina), respectively. The move upgraded Nordstrom to DDR's top 40 tenants as per the annual base rent generation.

Lake Brandon Plaza is a fully leased prime power center and spans 440,442 square feet. To accommodate a Nordstrom Rack store in the property, that will span 32,000 square feet, DDR did not renew the lease for the Babies "R" Us outlet and repositioned and merged two small shop units. The power center boasts several other well-known retailers such as Publix and buybuy BABY.

Another power center, Harbison Court spans 317,066 square feet and is 96% leased to industry giants like Pier 1 Imports, Inc. (PIR - Snapshot Report), Ross Dress for Less and Anna's Linens. DDR will let Nordstrom a 34,000 square feet space at this property through the non-renewal of its lease with Barnes & Noble, Inc. (BKS - Snapshot Report) and merging of two small shop units and a non-income-producing storage unit. As a matter of fact, along with the addition of the Nordstrom outlet, Harbison Court will undergo a façade refurbishment.

DDR anticipates the opening of these two Nordstrom outlets in the fall of this year. The extension of DDR’s alliance with this high-end retailer is encouraging and Nordstrom’s promotion to the company’s top 40 list ensures greater revenue contribution from this tenant. Moreover, the efficient retail space management through relocation and consolidation is poised to enhance its net operating income.

DDR is slated to report its fourth-quarter 2013 earnings on Feb 12, 2014, after the closing bell.The Zacks Consensus Estimate for core funds from operations (FFO) per share for the fourth quarter is pegged at 29 cents per share, depicting a year-over-year increase of 7.98%.

Currently, DDR has a Zacks Rank #3 (Hold).

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
VERTEX ENERG VTNR 8.25 +10.59%
MODINE MANUF MOD 17.12 +8.77%
CLAYTON WILL CWEI 140.03 +7.27%
E*TRADE FINA ETFC 22.67 +5.44%
KNIGHTSBRIDG VLCCF 13.22 +5.42%