DDR Corp. (DDR) Guides FY16 FFO Below Expectations

Based on anticipated 2015 results and current market conditions, the Company is providing the following full year Operating and NAREIT FFO / Share guidance for 2016:

FFO / Share (Operating)

$1.19 to $1.25

FFO / Share (NAREIT)

$1.19 to $1.25

The Company's 2016 Operating and NAREIT FFO guidance is based upon the following assumptions:

Dispositions

$600 - $800 million at DDR's pro rata share, weighted to the first half of the year

Acquisitions

$200 - $300 million at a cap rate 75 – 100 basis points lower than dispositions

Same Store NOI

+2.5% to +3.5%

Leased Rate

0 to +50 basis points greater at year end 2016 from year end 2015

Development and Redevelopment

$190 million placed into service at a yield of approximately 7.0%, which will primarily be delivered during the second half of the year

Fee Income

$30 to $32 million

Interest Income

$32 to $36 million

Interest Expense (GAAP)

$210 to $220 million

G&A Expense

Approximately 5% of total revenues, including ventures at 100% share

Annual Dividend / Share

$0.76 per share annually, representing 10% annual growth

Capital Raising

No major capital raises contemplated

Debt / EBITDA

6.4x – 6.7x, approximately 0.5x to 0.8x lower than the most recently reported consolidated results