DDR Announces Redemption of the Remaining $55 Million 7 3/8% Class H Cumulative Redeemable Preferred Shares
BEACHWOOD, Ohio, April 28, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it intends to call for redemption all of its outstanding 7 3/8% Class H Cumulative Redeemable Preferred Shares, without par value ("Class H Preferred Shares"), and the related depositary shares, each representing 1/20th of one share of the Class H Preferred Shares ("Depositary Shares") (NYSE: DDR-H – CUSIP No. 23317H 508). Pursuant to the provisions of the Articles of Incorporation of DDR, DDR is undertaking actions to redeem 110,000 of the Class H Preferred Shares, represented by 2,200,000 Depositary Shares, on or about May 30, 2014.
The Class H Preferred Shares and respective Depositary Shares will be redeemed at a redemption price of $504.6094 per Class H Preferred Share or $25.2305 per Depositary Share (the "Redemption Price") (the sum of $500.00 per Class H Preferred Share plus accrued and unpaid dividends of $4.6094 per Class H Preferred Share to the redemption date or $25.00 per Depositary Share plus accrued and unpaid dividends of $0.2305 per Depositary Share to the redemption date).
On and after the redemption date, the Class H Preferred Shares and respective Depositary Shares that are redeemed shall no longer be deemed to be outstanding and all rights with respect to such shares shall forthwith cease and terminate (including, but not limited to, the right to receive dividends from and after the redemption date) except only the right of the holders thereof to receive, out of the funds so deposited in trust, from and after such date, the Redemption Price, without interest.
About DDR Corp.
DDR is an owner and manager of 396 value-oriented shopping centers representing 108 million square feet in 39 states and Puerto Rico. The Company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR 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, as well as on Twitter, LinkedIn and Facebook.
DDR Corp. 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, 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; constructing properties or expansions that produce a desired yield 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; and the success of our capital recycling strategy. 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 Form 10-K for the year ended December 31, 2013, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
SOURCE DDR Corp.