BEACHWOOD, Ohio, March 9, 2016 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that its Board of Directors intends to
nominate Tom August for election to
its Board of Directors. If elected, Mr. August will replace
James Boland following the
conclusion of his current term in May
2016.
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO)
Mr. August is a 30-year veteran of the real estate industry with
extensive experience leading all facets of finance, investment and
operational activities. Tom was president and chief executive
officer of Equity Office, the U.S. office platform wholly-owned by
Blackstone's real estate funds, from 2010 to 2015 and has served as
a board member of the company since October
2009.
He previously served as president, chief executive officer, and
a trustee of the office REIT Prentiss Properties Trust from 1996
until its acquisition in 2006. Mr. August held other executive
roles, including chief financial officer, at Prentiss since
1987.
Mr. August also served in executive capacities with Cadillac
Fairview Urban Development, Inc., Oxford Properties, Inc., and was
a vice president of Citibank. He currently serves as Chairman of
the board of DCT Industrial, and has been a board member since
2006. Mr. August earned a bachelor's degree from Brandeis University and an MBA from Boston University.
"I am very pleased that Tom has agreed to be nominated to our
Board. His deep real estate and public market experience will be
beneficial in helping to shape our strategic direction and
execution. I would also like to thank Jim
Boland for his leadership and commitment to our Board over
the past six years of significant portfolio and balance sheet
improvement," said David Oakes,
president and chief executive officer of DDR.
"I'm excited and honored to be nominated to DDR's Board at a
time when the reshaped portfolio is so well-positioned for the
future, and I hope my experiences can be useful as the Company
continues to execute," said Tom
August.
Terrence R. Ahern, Chairman of
the Board, added, "On behalf of all DDR stakeholders, let me begin
by thanking Jim Boland for his many
contributions. Jim is a terrific person, and I and my fellow Board
members are better people for having worked with him. Jim will be
missed. Every Board member is pleased to nominate Tom August to join the Board. Tom is a
thoughtful and articulate professional. He is highly respected in
the REIT community, and he will bring direct REIT experience that
will be helpful to both our Board and management team."
About DDR Corp.
DDR is an owner and manager of 367
value-oriented shopping centers representing 115 million square
feet in 38 states and Puerto Rico.
The Company's assets are concentrated in high barrier-to-entry
markets with stable populations and high growth potential and its
portfolio is actively managed to create long-term shareholder
value. DDR is a self-administered and self-managed REIT operating
as a fully integrated real estate company, and is publicly traded
on the New York Stock Exchange under the ticker symbol DDR.
Additional information about the Company is available at
www.ddr.com.
Safe Harbor
DDR Corp. considers portions of the
information in this press release to be forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, both as
amended, with respect to the Company's expectation for future
periods. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its
expectations will be achieved. For this purpose, any statements
contained herein that are not historical fact may be deemed to be
forward-looking statements. There are a number of important factors
that could cause our results to differ materially from those
indicated by such forward-looking statements, including, among
other factors, local conditions such as supply of space or a
reduction in demand for real estate in the area; competition from
other available space; dependence on rental income from real
property; the loss of, significant downsizing of or bankruptcy of a
major tenant; constructing properties or expansions that produce a
desired yield on investment; our ability to buy or sell assets on
commercially reasonable terms; our ability to complete acquisitions
or dispositions of assets under contract; our ability to secure
equity or debt financing on commercially acceptable terms or at
all; our ability to enter into definitive agreements with regard to
our financing and joint venture arrangements or our failure to
satisfy conditions to the completion of these arrangements; and the
success of our capital recycling strategy. For additional factors
that could cause the results of the Company to differ materially
from those indicated in the forward-looking statements, please
refer to the Company's Form 10-K for the year ended December 31, 2015. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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SOURCE DDR Corp.