CLEVELAND, Sept. 27, 2017 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) provided an update today on its process of providing
assistance and support to its personnel in Puerto Rico as well as assessing damage from
Hurricane Maria to its 12 assets in Puerto Rico.
"We have been in contact with all but one team member in
Puerto Rico, and we continue to
work to provide basic supplies to our team and their families given
the current challenging living conditions on the island," commented
David Lukes, President and Chief
Executive Officer of DDR. "We also have made steady progress
assessing damage to our assets on the island, and are preparing our
repair plans. We expect full recovery to span a significant period
of time given damage to Puerto
Rico's critical infrastructure and the current difficulty
procuring building materials and making necessary repairs."
Plaza Palma Real, the company's
448,915 square foot asset located on the southeastern portion of
the island, near where Hurricane Maria made landfall, sustained
significant damage. Portions of its roof and façade were removed by
the storm's powerful winds.
The company's 11 other assets sustained less significant damage,
including numerous instances of roof damage and lost HVAC units,
roof leaks, missing or damaged pylons and other signage, and a wide
range of downed trees and other damage to landscaping. The company
is working to clean up debris and make short-term repairs to reopen
these assets as quickly as possible. However, it remains unclear
when re-openings will occur due to a variety of uncertainties
including the availability of power and other utilities.
DDR maintains insurance on its assets in Puerto Rico with policy limits of over
$350 million for property damage,
along with coverage for business interruption. The company's
insurance policies remain subject to various terms and condition
including a deductible of approximately $6
million.
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; 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; 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.