DDR Corp. announced that David Lukes will be the new President and Chief Executive Officer (CEO) of the company. Notably, David, who served Equity One, Inc. as CEO from Jun 2014 to Mar 2017, will replace Tom August, who has stepped down. Additionally, some more changes have been brought at the top management level. Michael Makinen will serve as Executive Vice President and Chief Operating Officer and Matthew Ostrower will serve as Executive Vice President, Chief Financial Officer, and Treasurer.
DDR, the Beachwood, OH-based retail real estate investment trust (“REIT”) acquires, owns, develops, redevelops, leases and manages shopping centers, especially in high-growth areas of the country. Lately, the objective of the company has been to ensure long-term management succession. The company believes that with these changes it is well placed to efficiently navigate through present dynamic retail and capital markets environment. The Board is grateful to Tom for his invaluable leadership, guidance and outstanding service to the company.
Last month, DDR reported fourth-quarter 2016 funds from operations (“FFO”) per share of $0.30, lower than both the Zacks Consensus Estimate and the prior-year quarter tally by $0.01.
Currently, DDR carries a Zacks Rank #4 (Sell). Shares of DDR underperformed the Zacks categorized REIT and Equity Trust – Retail industry in the last three months. During that time frame, shares of the company lost 5%, whereas the industry gained 1.8%.
Investors interested in the REIT and Equity Trust – Retail industry, may consider stocks like Retail Properties of America, Inc. (RPAI - Free Report) , Urban Edge Properties (UE - Free Report) and Urstadt Biddle Properties Inc. (UBA - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Retail Properties of America’s first-quarter 2017 estimate for FFO remained stable at 25 cents per share in the last 30 days.
First-quarter 2017 estimate for FFO per share for Urban Edge Properties moved up 3.1% to 33 cents in the last 30 days.
Urstadt Biddle Properties’ first-quarter 2017 estimate for FFO remained stable at 33 cents per share in the last 30 days.
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.
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