BEACHWOOD, Ohio--(BUSINESS WIRE)--DDR Corp. (NYSE: DDR) (the “Company”) today announced that its Board of Directors has unanimously approved a one-for-two reverse stock split of the Company's common shares. The reverse stock split was authorized by the Company’s shareholders at the annual meeting of shareholders held on May 8, 2018. As a result of the reverse stock split, every two of the Company’s issued common shares will be exchanged for one of the Company’s common shares. The Company’s shareholders will not receive fractional shares in connection with the reverse stock split, but will receive cash in lieu of fractional shares. The Company currently anticipates that its common shares will begin trading on a split-adjusted basis on the New York Stock Exchange at the opening of trading on May 21, 2018.
The Company will distribute a letter of transmittal to the holders of record of the Company’s common shares who hold shares in certificated form. The letter of transmittal will provide instructions and other information with respect to the reverse stock split, including procedures for exchanging stock certificates. The accounts of holders of record who hold their shares solely in book-entry form will be updated automatically, so such holders do not need to take any actions in connection with the reverse stock split. Holders of common shares who hold their shares in “street name” through a bank, broker or other nominee should contact their nominee for further information on the reverse stock split.
The Company also declared its second quarter 2018 common stock dividend of $0.19 per share, or $0.38 per share after giving effect to the one-for-two reverse stock split discussed above. The common stock dividend is payable on July 3, 2018 to shareholders of record at the close of business on June 13, 2018.
DDR is an owner and manager of 258 value-oriented shopping centers representing 89 million square feet in 32 states and Puerto Rico. The Company owns a high-quality portfolio of open-air shopping centers in major metropolitan areas that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company actively manages its assets with a focus on creating 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. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
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, 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; any change in strategy; our ability to complete our previously announced plan to spin-off certain of our assets in a timely manner; the impact of such spin-off on our business and that of the spun-off company; and the ability of the Company and the spun-off company to execute their respective strategies following consummation of the spin-off, including the ability of the spun-off company to sell assets on commercially reasonable terms; and entering into management agreements with the spin-off company on commercially reasonable terms. 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, 2017. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.