BEACHWOOD, Ohio, Jan. 6, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) declared its first quarter 2014 common stock dividend of $0.155 per share, which represents an increase of 15% from the first quarter of 2013. The common stock dividend is payable on April 8, 2014 to shareholders of record at the close of business on March 13, 2014. Based on the most recent closing price, the new dividend represents a yield of 4.0% on an annualized basis.
"We are pleased to announce an increase in our dividend to an annualized rate of $0.62 per share, which reflects the continued strength of the portfolio and balance sheet. Our relatively low payout ratio allows us to invest our free cash flow into various growth levers and positions us well for further increases in the dividend in the coming years," said David J. Oakes, president and chief financial officer of DDR.
About DDR Corp. DDR is an owner and manager of 417 value-oriented shopping centers representing 114 million square feet in 39 states, Puerto Rico and Brazil. 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.
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, local conditions such as oversupply 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, 2012, 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.