CLEVELAND, Sept. 22, 2017 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) announced today that it continues the process of providing
assistance and support to its personnel in Puerto Rico as well as assessing damage to its
12 assets from Hurricane Maria.
"Our thoughts and prayers go out to the people of Puerto Rico during this challenging time. DDR
is currently focused on accounting for, and providing resources to,
our Puerto Rico-based team and
their families. The loss of power and phone service throughout the
island have made this process challenging," commented David Lukes, President and Chief Executive
Officer of DDR. "While the safety of our people remains our
priority, we also are attempting to visit and assess the condition
of our assets, but damage to roads and infrastructure, as well as
ongoing storm conditions, have hampered this process. We
anticipate that a complete property assessment and overall
financial impact could take a number of weeks to
complete."
DDR maintains property, casualty, flood and business
interruption insurance at its properties in Puerto Rico.
ABOUT DDR
DDR is an owner and manager of 298
value-oriented shopping centers representing 100 million square
feet in 34 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.
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, 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; 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; and any impact or results from the Company's portfolio
transition or any change in 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, 2016. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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SOURCE DDR Corp.