BEACHWOOD, Ohio, Sept. 14, 2011 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today declared its third quarter 2011 common stock dividend of $0.06 per share, representing a 50 percent increase from the second quarter 2011 common stock dividend. The dividend is payable October 11, 2011 to shareholders of record at the close of business on September 27, 2011.
"The Board has demonstrated confidence in our operating results and the execution of our strategic plan by increasing the cash distribution to our shareholders for the second time this year," said Daniel B. Hurwitz, president and chief executive officer of DDR. "An increasing dividend, combined with strong internal growth, a significant redevelopment program, disciplined acquisitions and dispositions, and the monetization of non-income producing assets, will position DDR to substantially enhance shareholder value in the coming years."
"We are pleased to announce this increase which delivers a more significant and consistent return to shareholders while still retaining considerable cash flow for portfolio reinvestment and deleveraging," said David J. Oakes, chief financial officer of DDR. "This increase is a direct result of the continued execution of our strategic plan, and we will remain focused on the goals outlined by the plan."
DDR is an owner and manager of 546 primarily open-air, value-oriented shopping centers that leverages its retail knowledge to help tenants be successful and create value for its shareholders. DDR operates a total of 126 million square feet in 41 states, Puerto Rico and Brazil, concentrated in high barrier-to-entry markets with stable populations and high growth potential. 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.
SOURCE DDR Corp.