LONDON, UK / ACCESSWIRE / October 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for DDR Corp. (NYSE: DDR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=DDR. The Company announced on October 04, 2017, that it continues the process of providing assistance and support to its personnel, and assessing the damage caused to its assets in Puerto Rico from the passage of Hurricane Maria. The Company maintained insurance on its assets in Puerto Rico with policy limits of over $350 million for property damage, along with coverage for business interruption. The insurance policies remain subject to various terms and conditions including a deductible of approximately $6 million. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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DDR in Process of Making Temporary Repairs and Helping Tenants Reopen
David Lukes, President and Chief Executive Officer (CEO) of DDR, stated that all 12 of its properties are in a clean and safe condition and the Company is in the process of making temporary repairs and helping tenants reopen wherever possible. Lukes further added that he is incredibly proud of DDR’s Puerto Rico team, who has demonstrated courage and resilience in this challenging time, as well as the numerous employees throughout the firm who have worked with remarkable speed and resourcefulness.
Impact of Hurricane Maria on DDR’s Assets
DDR’s 448,915 square foot asset located on the southeastern portion of Puerto Rico, near where Hurricane Maria made landfall, sustained significant damage. The Company’s 11 other assets sustained less damage, including numerous instances of roof damage and lost HVAC units, roof leaks, missing or damaged pylons and other signage, and a wide range of downed trees and other damage to landscaping.
Most anchor spaces at DDR’s 12 Puerto Rico centers are currently open, including Walmarts, and all Home Depots, Sam’s Club, and Pueblo and Econo grocery stores. Most of the outparcel tenants are also currently open and operating.
Openings of small-shops at the Company’s open-air assets will depend on restoration of utility power, the timing of which is currently uncertain. Few of the tenant spaces have been rendered currently untenantable.
DDR’s largest asset by Net Operating Income in Puerto Rico, Plaza Del Sol, is receiving power from both generator and utility sources.
The Company’s second largest asset in Puerto Rico, Rio Hondo, will start receiving utility power within the next week, also enabling openings of small shops.
Additional generators are likely to be installed at Plaza del Norte, DDR’s third-largest mall asset, in the next several weeks.
Cleanup work at Palma Real has been completed and assessment of necessary repairs is in process.
About DDR Corp.
DDR is a real estate investment trust that owns and manages a high-quality portfolio of value-oriented shopping centers located in top markets across the United States. The Company’s portfolio is comprised primarily of large-format power centers located in top markets and owns and manages 298 retail properties, representing 100 million square feet in the continental United States and Puerto Rico. DDR is headquartered in Beachwood, Ohio.
Last Close Stock Review
DDR Corp.’s share price finished yesterday’s trading session at $9.15, marginally up 0.33%. A total volume of 2.81 million shares have exchanged hands. The Company’s stock price advanced 0.77% in the last three months. Shares of the Company have a dividend yield of 8.31% and currently have a market cap of $3.39 billion.
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