Good morning, and thank you for joining us. On today's call you will hear from President and CEO, Dan Hurwitz; Senior Executive Vice President of Leasing and Development, Paul Freddo; and Chief Financial Officer, David Oakes.
Please be aware that certain of our statements today may be forward-looking. Although we believe such statements are based upon reasonable assumptions, you should understand those statements are subject to risk and uncertainties and actual results may differ materially from the forward-looking statements. Additional information about such factors and uncertainties that could cause actual results to differ may be found in the press release issued yesterday and filed with the SEC on Form 8-K and in our Form 10-K for the year ended December 31, 2010, and filed with the SEC.
In addition, we will be discussing non-GAAP financial measures on today's call, including FFO. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings press release issued yesterday. This release and our quarterly financial supplement are available on our website at www.ddr.com.[Operator Instructions] At this time, it's my pleasure to introduce our CEO, Dan Hurwitz.Daniel B. HurwitzThank you, Samir. Good morning, and thank you for joining us and for your interest in our company. The fourth quarter of 2011 was another excellent quarter for DDR, but that really should come as no surprise at this point. 2011 and 2010 overall were excellent years for our company as we continue to execute on our articulated strategy designed to enhance all aspects of our business model. We continue to be very consistent performer in very inconsistent times. And we look ahead to 2012, that consistent performance will continue. Fourth quarter 2011 marks 7 consecutive quarters of same-store NOI growth, 7 consecutive quarters of positive leasing spreads, 10 consecutive quarters of leased rate gains, 12 consecutive quarters of balance sheet improvement and 16 consecutive quarters of non-prime asset sales. In addition, the trend for small shop space over the past 2 years has been positive, with a net gain of 1% in 2010, but growing to 29% in 2011 due to move-ins outpacing move-outs. And with regard to tenant accounts receivable and bad debt expense, we have seen continued meaningful reductions over the past 3 years. We are now in the enviable position of having historically low debt maturities and historically high liquidity, with a staggered and balanced maturity profile. We continue to experience historically high leasing velocity with an historically limited tenant watch list. The credit quality of cash flow continues to improve across our portfolio specifically and our sector generally, as described in detail on Page 35 of our updated investor presentation that you can find on our website.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV