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DDR's CEO Discusses Q1 2012 Results - Earnings Call Transcript

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

[Operator Instructions] At this time, it's my pleasure to introduce our CEO, Dan Hurwitz.

Daniel B. Hurwitz

Thank you, Samir. Good morning and thank you for joining us. We continue to be very pleased with our operating results, performance of our platform, sales results and growth aspirations of our retail partners and the receptivity we continue to receive from the capital markets. All factors, when combined, continued to provide consistent performance, long-term value creation and a simplified story that continues to enjoy a very positive momentum. Paul and David will provide you with more details in a moment, but suffice it to say we are very pleased with our progress and remained firmly committed to the strategic objectives that we have articulated to the market over the past few years.

The strategy is working and we have no reason to doubt its continued success. Undesirable assets are being sold; quality assets are being bought; vacancy is being leased and occupancy rates continue to grow with improved credit quality of cash flows; projects are being redeveloped, providing new store opportunities our retail partners; access to capital is abundant as leverage metrics continue to improve and our maturity profile continues to expand; and NAV continues to grow as financial engineering and short-term FFO focus continues to become a distant memory. So overall, we are very pleased and see continued runway for continued positive results moving forward.

Before turning the call over to Paul I'd, like to share with you one observation that I have noticed over the past few months as I have traveled to meet with many of you through the non-deal roadshow process. Whether it's folks trying to grab catchy hired headlines at the expense of actual retail operating results or individuals attempting to paint a specific business with an inappropriately broadbrush, it's important to keep in mind that the success of our tenants is completely dependent on the merchandising presented to the consumer by our retailers and the receptivity that, that consumer has to the inventory contained in the store.

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