BEACHWOOD, Ohio, March 9, 2016 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that its Board of Directors intends to nominate Tom August for election to its Board of Directors. If elected, Mr. August will replace James Boland following the conclusion of his current term in May 2016.
Mr. August is a 30-year veteran of the real estate industry with extensive experience leading all facets of finance, investment and operational activities. Tom was president and chief executive officer of Equity Office, the U.S. office platform wholly-owned by Blackstone's real estate funds, from 2010 to 2015 and has served as a board member of the company since October 2009.
He previously served as president, chief executive officer, and a trustee of the office REIT Prentiss Properties Trust from 1996 until its acquisition in 2006. Mr. August held other executive roles, including chief financial officer, at Prentiss since 1987.
Mr. August also served in executive capacities with Cadillac Fairview Urban Development, Inc., Oxford Properties, Inc., and was a vice president of Citibank. He currently serves as Chairman of the board of DCT Industrial, and has been a board member since 2006. Mr. August earned a bachelor's degree from Brandeis University and an MBA from Boston University.
"I am very pleased that Tom has agreed to be nominated to our Board. His deep real estate and public market experience will be beneficial in helping to shape our strategic direction and execution. I would also like to thank Jim Boland for his leadership and commitment to our Board over the past six years of significant portfolio and balance sheet improvement," said David Oakes, president and chief executive officer of DDR.
"I'm excited and honored to be nominated to DDR's Board at a time when the reshaped portfolio is so well-positioned for the future, and I hope my experiences can be useful as the Company continues to execute," said Tom August.
Terrence R. Ahern, Chairman of the Board, added, "On behalf of all DDR stakeholders, let me begin by thanking Jim Boland for his many contributions. Jim is a terrific person, and I and my fellow Board members are better people for having worked with him. Jim will be missed. Every Board member is pleased to nominate Tom August to join the Board. Tom is a thoughtful and articulate professional. He is highly respected in the REIT community, and he will bring direct REIT experience that will be helpful to both our Board and management team."
About DDR Corp. DDR is an owner and manager of 367 value-oriented shopping centers representing 115 million square feet in 38 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.
Safe Harbor 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, 2015. 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.