Developers Diversified Realty Reports a 15.4% Increase in First Quarter Operating Results.
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Developers Diversified Realty Reports a 15.4% Increase in First Quarter Operating Results.
CLEVELAND--(BUSINESS WIRE)--May 6, 1998--Developers Diversified Realty Corporation (NYSE:DDR), real estate investment trust ("REIT"), today announced that first quarter 1998 Funds From Operations ("FFO") grew 30.7%, to $25.0 million from first quarter 1997 FFO of $19.1 million. On a per share basis, first quarter 1998 FFO of $0.90 per common share increased 15.4% over the $0.78 per common share. FFO is a widely accepted measure of REIT performance.
Commenting on today's announcement Scott A. Wolstein, DDR's chairman and chief executive officer commented, "We're pleased with these quarterly results. They reflect a continuation of very positive market influences enhancing our proven ability to lease existing property at improving rental rates. These results also demonstrate the continued favorable acquisition environment for high quality shopping centers and portfolios which was present last year and continues thus far in 1998." Wolstein continued, "Our solo and joint venture development projects and...See the full content of this document
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