DDR Corp. (DDR)

[Enterprising Investor]

DDR Announces Reverse Stock Split and Declares Common Stock Dividend for Second Quarter 2018 (5/08/18)

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.

About DDR

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.

https://www.businesswire.com/news/home/20180508006681/en/DDR-Announces-Reverse-Stock-Split-Declares-Common