We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
DDR Prices $450 Million Senior Unsecured Notes Offering
Read MoreHide Full Article
DDR Corp. announced that it has priced an offering of $450 million worth senior unsecured notes. This pricing of offering of notes is likely to add to the financial flexibility of the Beachwood, OH-based retail real estate investment trust (REIT).
The offering, which is slated to be due on 2027, bears a rate of interest of 4.7%. Interest payment on the notes will be made on a semi-annual basis on Jun 1 and Dec 1. The first payment will be made on Dec 1, 2017. Subject to the satisfaction of certain customary closing conditions, the offering is likely to close on or around May 26, 2017.
DDR is engaged in owning, acquiring, developing, redeveloping, leasing and managing shopping centers, especially in the high-growth areas of the country. In first-quarter 2017, the company reported funds from operations (FFO) of 30 cents per share, beating the Zacks Consensus Estimate by a penny. The company plans to utilize the net proceeds generated from the offering for repayment of debts under its $750 million unsecured revolving credit facility and for general corporate purposes. The general corporate purposes may include repayment of secured and unsecured debt.
Shares of DDR have underperformed the Zacks categorized REIT and Equity Trust – Retail industry in the last three months. Shares of the company decreased 38.9%, whereas the industry lost 10.6%. In the last 30 days, its second quarter and full-year 2017 funds from operations (FFO) per share estimates remained unchanged.
In the last 30 days, Easterly Government Properties’ FFO per share for second-quarter 2017 remained unchanged at 31 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 increased 1.3% to 77 cents.
In the last 30 days, DiamondRock Hospitality Company’ FFO per share for second-quarter 2017 remained unchanged at 31 cents.
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. All EPS numbers presented in this write up represent FFO per share.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
DDR Prices $450 Million Senior Unsecured Notes Offering
DDR Corp. announced that it has priced an offering of $450 million worth senior unsecured notes. This pricing of offering of notes is likely to add to the financial flexibility of the Beachwood, OH-based retail real estate investment trust (REIT).
The offering, which is slated to be due on 2027, bears a rate of interest of 4.7%. Interest payment on the notes will be made on a semi-annual basis on Jun 1 and Dec 1. The first payment will be made on Dec 1, 2017. Subject to the satisfaction of certain customary closing conditions, the offering is likely to close on or around May 26, 2017.
DDR is engaged in owning, acquiring, developing, redeveloping, leasing and managing shopping centers, especially in the high-growth areas of the country. In first-quarter 2017, the company reported funds from operations (FFO) of 30 cents per share, beating the Zacks Consensus Estimate by a penny. The company plans to utilize the net proceeds generated from the offering for repayment of debts under its $750 million unsecured revolving credit facility and for general corporate purposes. The general corporate purposes may include repayment of secured and unsecured debt.
Shares of DDR have underperformed the Zacks categorized REIT and Equity Trust – Retail industry in the last three months. Shares of the company decreased 38.9%, whereas the industry lost 10.6%. In the last 30 days, its second quarter and full-year 2017 funds from operations (FFO) per share estimates remained unchanged.
Currently, DDR carries a Zacks Rank #3 (Hold).
Investors interested in the REIT space, may consider better-ranked stocks like Easterly Government Properties, Inc. (DEA - Free Report) , Gaming and Leisure Properties, Inc. (GLPI - Free Report) and DiamondRock Hospitality Company (DRH - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, Easterly Government Properties’ FFO per share for second-quarter 2017 remained unchanged at 31 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 increased 1.3% to 77 cents.
In the last 30 days, DiamondRock Hospitality Company’ FFO per share for second-quarter 2017 remained unchanged at 31 cents.
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. All EPS numbers presented in this write up represent FFO per share.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>