Posted on April - 22 - 2010
Developers Diversified Realty reports first-quarter loss vs. year-earlier profit
Developers Diversified Realty Corp. (NYSE: DDR) has reported a first-quarter loss compared to a year-earlier profit thanks largely to one-time items in both periods.
The real estate investment trust that specializes in shopping centers posted a loss in the latest first quarter of $34.8 million, or 15 cents a share, which compares to net income of $76.8 million, or 59 cents a share, in the first quarter of 2009.
Results in the latest first quarter include losses on equity derivative investments of $24.9 million, while results for the first quarter of 2009 included a gain of $72.6 million from the repurchase of senior notes.
Developers Diversified said funds from operations — a common measurement of REIT performance — were down nearly 80%, to $28.4 million, or 12 cents a share, from $140 million, or $1.08 a share, in the first quarter of 2009.
Revenues at Developers Diversified slipped less than 1%, to $206.7 million from $207.7 million.
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