DDR Corp. Headquarters - Beachwood OH.jpg
DDR Corp., a publicly traded shopping-center landlord based in Beachwood, reported financial results for the second quarter after markets closed Wednesday.
(DDR Corp.; Roger Mastroianni )
BEACHWOOD, Ohio -- Shopping center owner DDR Corp. turned in better second-quarter results Wednesday, based on a key performance yardstick for real estate investment trusts.
The company, based in Beachwood, said funds from operations rose to $105 million, up nearly 28 percent from the same stretch of 2014. Stripping out costs that weren't tied to the company's shopping centers - for example, payments to departed executives - DDR said funds from operations rose 10 percent to $111.4 million, or 31 cents per share.
David Oakes, the company's president and chief executive officer, described the three-month period that ended June 30 as "another strong quarter."
DDR turned a profit of $13 million, or 3 cents per share, down from $67.8 million, or 19 cents per share, a year before. It's not unusual for real estate investment trusts to see swings in net income or losses, particularly when they're buying or selling properties.
Second-quarter revenues rose 6.3 percent, to $249 million.
DDR owns and manages 401 shopping centers in 41 states and Puerto Rico. The company focuses on large retail strips anchored by big-box tenants including T.J. Maxx, Bed Bath & Beyond, PetSmart, Walmart and Kohl's.
The company reported financial results after markets closed Wednesday. DDR shares ended the day at $16.22, up 0.6 percent or 10 cents.