DDR Posts $90M FFO Loss for Q3

CLEVELAND-Developers Diversified Realty Corp. saw a loss in funds from operations of $90.1 million, a $0.54 per diluted share decline for stockholders. Company executives say the loss was due in large part to a variety of net charges. Prior to those charges FFO was $74.5 million or $0.44 per diluted share.

The loss of FFO is not however as detrimental as previous quarters. CEO and chairman Scott Wolstein told investors this morning on the Q3 earnings call, “We are pleased to report solid earnings results this quarter. We had another high volume quarter in terms of leasing activity, and we are happy to see the improvement in leased rate as a result.”

He went on say, “We also executed upon several important financial transactions this quarter, and have made good progress on our de-leveraging and liquidity enhancing initiatives. We are proud of the considerable strides that we have made thus far, but our focus remains keenly on the additional balance sheet progress that we expect to complete in the coming quarters.”

According to the earnings report, the net charges include: