Thursday, Developers Diversified Realty Corp. (DDR), reported a loss for the third quarter compared to a profit last year. Funds from operations for the quarter was negative, compared to positive FFO last year.
The company reported third quarter loss applicable to common shareholders of $148.4 million or $0.90 per share, compared to a profit of $24.7 million or $0.20 per share in the comparable quarter last year.
FFO applicable to common shareholders was negative $90.13 million or $0.54 per share, compared with FFO of $96.72 million or $0.80 per share in the year-ago period, primarily due to net charges, deferred tax allowance and the impact of asset sales.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share. Analysts' estimates typically exclude special items. The Ohio-based company's revenue for the quarter decreased to $202.3 million from $222.9 million in the same quarter last year. Analysts expected revenues of $194.35 million for the quarter.
Total expenses increased to $147.07 million from $141.03 million in the comparable quarter last year.
Rent rates on new leases and renewals decreased 3.5%. At the end of the quarter, the company's core portfolio leased was 90.9% compared with 90.7% last year.
Same store net operating income for the year decreased 4.1% over the prior-year, primarily due to bankruptcies and store closings of Circuit City, Linens 'N Things, Goody's and Steve & Barry's.
For the nine months, FFO attributable to common shareholders was negative $116.62 million or $0.80 per share compared with FFO of $288.93 million or $2.39 per share in the year-ago period. Revenue decreased to $613.94 million from $669.69 million last year.
DDR closed Thursday's regular trading session at $10.01, up $0.41 or 4.27% on the NYSE. In the after-hours, the stock further gained $0.11 or 1.10% to trade at $10.12.
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