DDR Announces Completion of Spin-Off of Retail Value Inc.
02 Julho 2018 - 9:00AM
Business Wire
DDR Corp. (NYSE:DDR) today announced that it has completed the
previously announced spin-off of Retail Value Inc. (“RVI”), which
is now an independent, publicly traded company that will begin
regular-way trading today on the New York Stock Exchange (“NYSE”)
under the ticker symbol “RVI.” RVI has a portfolio of 48 assets
that includes 36 continental U.S. assets and all 12 of DDR’s
previously owned Puerto Rico assets.
DDR shareholders received one RVI common share for every ten
common shares of DDR held at the close of business on the record
date of June 26, 2018. Fractional shares of RVI were not
distributed, and instead DDR common shareholders will receive cash
in lieu of any fractional shares that they would otherwise have
been entitled to receive in the distribution.
“I am extremely excited by the completion of the spin-off of
RVI, which should allow our shareholders to benefit from value
realization through operations and dispositions at RVI and
redevelopment, same store NOI growth, and opportunistic investing
at New DDR,” said David R. Lukes, president and chief executive
officer of DDR. “This transaction represents a decisive, strategic
transformation that aims to generate both short and long-term
benefits for all our stakeholders.”
About DDR
DDR is an owner and manager of open-air shopping centers that
provide a compelling shopping experience and merchandise mix for
retail partners and consumers. The Company 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 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, the impact of the spin-off on our business and
the Company’s ability to execute its business strategies following
the spin-off. Other risks and uncertainties that could cause our
results to differ materially from those indicated by such
forward-looking statements include 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; and our ability to maintain our REIT status. 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 most recent reports on
Form 10-K and Form 10-Q. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180702005161/en/
DDR Corp.Matthew Ostrower, 216-755-5500EVP and Chief Financial
Officer
Developers Realty (NYSE:DDR)
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