SITE Centers (SITC) 8-K DDR Reports Operating Ffo Per Diluted Share of $1.16

Exhibit 99.1

For immediate release:

Media Contact:	Investor Contact:
Matt Schuler	Matt Lougee
mschuler@ddr.com	mlougee@ddr.com
216.755.5500	216.755.5500

DDR REPORTS OPERATING FFO PER DILUTED SHARE OF $1.16

FOR THE YEAR ENDED DECEMBER 31, 2014

BEACHWOOD, OHIO, February 11, 2015 – DDR Corp. (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2014.

Significant Fourth Quarter Activity

• Generated Operating FFO of $0.31 per diluted share, a 6.9% increase from the fourth quarter of 2013

• Executed 327 new leases and renewals for 1.8 million square feet

• Increased the U.S. portfolio leased rate by 10 basis points to 95.7% from 95.6% at September 30, 2014

• Generated new leasing spreads of 25.0% on a pro rata basis, and renewal leasing spreads of 7.2% on a pro rata basis

• Generated same store net operating income growth of 3.0% on a pro rata basis compared to the prior year

• Closed on a new unconsolidated joint venture with Blackstone that acquired a portfolio of 70 shopping centers with a total cost of $1.93 billion

• Acquired sole ownership of one power center, from an existing joint venture, for $15 million at DDR’s share

• Liquidated two joint ventures containing 23 assets

• Sold $591 million of assets; DDR’s pro rata gross proceeds were $258 million

• Issued $500 million, 3.625% senior unsecured notes due February 2025 in January 2015

2014 Year-end Highlights

• Generated Operating FFO of $1.16 per diluted share for the full year 2014, an increase of 4.5% compared to 2013

• Executed 1,411 new leases and renewals for 10.6 million square feet in 2014

• Increased the U.S. portfolio leased rate by 70 basis points from 95.0% at December 31, 2013

• Generated new leasing spreads for the full year 2014 of 22.2% on a pro rata basis, and renewal leasing spreads of 7.7% on a pro rata basis.

“We are pleased to announce another quarter of strong results and we remain confident that we are well-positioned and excited about the opportunity ahead,” commented David J. Oakes, president and chief executive officer of DDR.

Financial Highlights

• Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $7.7 million to $112.2 million, or $0.31 per diluted share, compared to $104.5 million, or $0.29 per diluted share, for the prior-year comparable period.

• Operating FFO for the year ended December 31, 2014, increased to $420.4 million, or $1.16 per diluted share, compared to $366.7 million or $1.11 per diluted share, for the prior year.

• Fourth quarter net loss attributable to common shareholders was $16.3 million, or $0.05 per diluted share, which compares to net income of $0.6 million, or $0.00 per diluted share, for the prior-year comparable period.

• Net income attributable to common shareholders for the year ended December 31, 2014, was $91.3 million, or $0.25 per diluted share, which compares to net loss of $43.1 million or $0.14 per diluted share, for the prior year.

Significant Fourth Quarter and Year-End Operating Activity

• Executed 576 new leases totaling 2.9 million square feet at positive spreads of 22.2% on a pro rata basis, of which 140 new leases aggregating 0.6 million square feet at positive spreads of 25.0% on a pro rata basis were executed in the fourth quarter

• Executed 835 renewal leases totaling 7.7 million square feet at positive spreads of 7.7% on a pro rata basis, of which 187 renewal leases totaling 1.2 million square feet at positive spreads of 7.2% on a pro rata basis were executed in the fourth quarter

• The U.S. annualized base rent per occupied square foot was $13.91 at December 31, 2014 as compared to $13.35 at December 31, 2013, and increase of 4.2%.

Significant Fourth Quarter Transactional Activity

• In October, acquired a portfolio of 70 shopping centers with joint venture partner, Blackstone, for $1.93 billion or $376 million at the Company’s share. The Company’s investment includes $20 million of common equity, $62 million of newly financed and debt assumed at our share, and $300 million in preferred equity with a fixed dividend rate of 8.5%.

• Sold 12 consolidated operating shopping centers totaling 2.0 million square feet and seven land parcels generating gross proceeds of $214.4 million. A net gain of $22.1 million was recorded related to these sales.

• Sold 29 unconsolidated joint venture operating shopping centers, totaling 3.8 million square feet, generating gross proceeds of $376.2 million, of which the Company’s pro rata share was $48.6 million. An aggregate net gain of approximately $26.8 million was recorded related to these asset sales, of which the Company’s pro rata share was $4.2 million.

• Included in unconsolidated joint venture sale proceeds is the substantial liquidation of the Company’s interests in two joint ventures as all of the underlying assets owned by the joint ventures were sold.

2015 Guidance

• There has been no change in Operating FFO per share guidance since the initial release on January 7, 2015. The Company continues to estimate Operating FFO for 2015 between $1.20 and $1.25 per diluted share.

Non-GAAP Disclosures

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity.

FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property, which are presented net of taxes, (iii) impairment charges on depreciable real estate property and related investments, (iv) extraordinary items and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company calculates Operating FFO by excluding the non-operating charges and gains described below. The Company computes FFO in accordance with the NAREIT definition. Other real estate companies may calculate FFO and Operating FFO in a different manner. Operating FFO is useful to investors as the Company removes these charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. A reconciliation of net income (loss) to FFO and Operating FFO is presented herein.

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 oversupply 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; the success of our capital recycling strategy; and the finalization of the financial statements for the three-month period ended and year ended December 31, 2014. 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, 2013, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

About DDR Corp.

DDR is an owner and manager of 415 value-oriented shopping centers representing 118 million square feet in 41 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 atwww.ddr.com, as well as onTwitter,LinkedIn andFacebook.

Conference Call and Supplemental Information

A copy of the Company’s Supplemental package is available upon request to Brooke Vanek at the Company’s corporate office, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or atwww.ddr.com.

The Company will hold its quarterly conference call tomorrow, February 12, 2015, at 10:00 a.m. Eastern Time. To participate, please dial 877.703.6107 (domestic) or 857.244.7306 (international) at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 16795709. The conference call webcast will be recorded and available for replay through the Investors portion of DDR’s website,http://ir.ddr.com/events.cfm.

DDR Corp.

Income Statement: Consolidated Interests

$ in thousands, except per share
	4Q14			4Q13			12M14			12M13
Revenues:
Minimum rents (1)	$	181,081		$	165,996		$	688,556		$	563,098
Percentage rent		2,459			2,591			5,231			5,650
Recoveries		59,040			56,267			230,987			186,672
Ancillary income		5,824			7,603			24,288			28,108
Other revenues (2)		153			242			4,706			6,246
		248,557			232,699			953,768			789,774
Expenses (3):
Operating and maintenance		35,355			35,854			142,336			129,952
Real estate taxes		34,729			33,407			138,771			109,227
		70,084			69,261			281,107			239,179
Net operating income		178,473			163,438			672,661			550,595
Other income (expense):
Fee income		8,211			8,966			31,907			40,161
Interest income		6,989			3,173			15,927			23,541
Interest expense (4)		(61,014	)		(59,846	)		(237,120	)		(214,370	)
Depreciation and amortization		(106,732	)		(103,656	)		(402,825	)		(296,560	)
General and administrative (5)		(25,606	)		(20,432	)		(84,484	)		(79,556	)
Other income (expense), net (6)		(1,221	)		(3,121	)		(12,262	)		(6,408	)
Impairment charges (7)		(11,055	)		(442	)		(29,175	)		(19,044	)
Loss before earnings from equity method investments and other items		(11,955	)		(11,920	)		(45,371	)		(1,641	)
Equity in net income of joint ventures		748			1,276			10,989			6,819
Impairment of joint venture investments		(21,552	)		(980	)		(30,652	)		(980	)
Gain on sale and change in control of interests, net		183			18,840			87,996			19,906
Income (loss) from discontinued operations (8)		21,471			334			89,398			(31,267	)
Tax expense		(742	)		(223	)		(1,855	)		(2,685	)
Gain on disposition of real estate, net of tax		415			120			3,060			467
Net (loss) income		(11,432	)		7,447			113,565			(9,381	)
Non-controlling interests (9)		732			(237	)		3,717			(794	)
Net (loss) income attributable to DDR		(10,700	)		7,210			117,282			(10,175	)
Write-off of preferred share original issuance costs		0			0			(1,943	)		(5,246	)
Preferred dividends		(5,594	)		(6,608	)		(24,054	)		(27,721	)
Net (loss) income attributable to Common Shareholders		(16,294	)		602			91,285			(43,142	)
FFO:
Net (loss) income attributable to common shareholders		(16,294	)		602			91,285			(43,142	)
Depreciation and amortization of real estate investments		105,887			107,158			410,172			314,720
Equity in net income of joint ventures		(748	)		(1,276	)		(10,989	)		(6,819	)
Joint ventures’ FFO		5,836			12,306			30,344			49,409
Non-controlling interests (OP units)		223			54			732			215
Impairment of depreciable real estate		7,555			5,361			19,412			69,597
Gain on disposition of depreciable real estate, net		(21,565	)		(4,042	)		(181,319	)		(11,459	)
FFO attributable to Common Shareholders		80,894			120,163			359,637			372,521
Non-operating items, net (10)		31,311			(15,667	)		60,756			(5,854	)
Operating FFO	$	112,205		$	104,496		$	420,393		$	366,667
FFO per share – Diluted (11)	$	0.22		$	0.33		$	1.00		$	1.13
Operating FFO per share – Diluted (11)	$	0.31		$	0.29		$	1.16		$	1.11

DDR Corp.

Balance Sheet: Consolidated Interests

$ in thousands		At Year End
		4Q14			4Q13
Assets:
Land		$	2,208,468		$	2,209,970
Buildings			7,087,040			6,949,440
Fixtures and tenant improvements			645,035			599,221
			9,940,543			9,758,631
Less: Accumulated depreciation			(1,909,585	)		(1,823,199	)
	��
			8,030,958			7,935,432
Land held for development and construction in progress			395,242			452,980
Real estate held for sale, net			0			12,670
Real estate, net			8,426,200			8,401,082
Investments in and advances to joint ventures			414,848			448,008
Cash			20,937			86,664
Restricted cash			11,375			33,476
Notes receivable, net			56,245			78,338
Receivables, including straight-line rent, net			132,661			129,513
Other assets, net (12)			479,629			515,992
Total Assets			9,541,895			9,693,073
Liabilities and Equity:
Revolving credit facilities			29,009			29,133
Unsecured debt			2,765,893			2,754,120
Unsecured term loan			350,000			350,000
Mortgage and other secured debt			2,089,805			2,161,421
			5,234,707			5,294,674
Dividends payable			61,468			55,107
Other liabilities (13)			448,192			415,413
Total Liabilities			5,744,367			5,765,194
Preferred shares			350,000			405,000
Common shares			36,071			35,938
Paid-in-capital			5,438,778			5,417,363
Accumulated distributions in excess of net income			(2,047,212	)		(1,915,638	)
Deferred compensation obligation			16,609			16,702
Accumulated other comprehensive income			(7,352	)		(36,493	)
Less: Common shares in treasury at cost			(16,646	)		(18,211	)
Non-controlling interests			27,280			23,218
Total Equity			3,797,528			3,927,879
Total Liabilities and Equity		$	9,541,895		$	9,693,073

DDR Corp.

Income Statement: Unconsolidated Interests at 100%

$ in thousands
	4Q14			4Q13			12M14			12M13
Revenues:
Minimum rents	$	99,018		$	102,346		$	359,140		$	459,666
Percentage rent		858			860			1,909			2,234
Recoveries		27,256			20,566			91,917			106,642
Other revenues		1,700			18,981			32,798			67,391
		128,832			142,753			485,764			635,933
Expenses:
Operating and maintenance		28,810			31,757			112,800			142,910
Real estate taxes		17,040			12,275			54,891			67,919
		45,850			44,032			167,691			210,829
Net operating income		82,982			98,721			318,073			425,104
Other income (expense):
Interest expense		(42,306	)		(47,053	)		(171,803	)		(204,893	)
Depreciation and amortization		(44,485	)		(41,523	)		(151,651	)		(201,021	)
Impairment charges		(20,983	)		(643	)		(21,583	)		(43,913	)
Tax expense		0			(7,254	)		(6,565	)		(27,553	)
Other expense, net		(15,285	)		(41	)		(18,249	)		(2,298	)
		(123,059	)		(96,514	)		(369,851	)		(479,678	)
(Loss) income from continuing operations		(40,077	)		2,207			(51,778	)		(54,574	)
Income (loss) from discontinued operations		3,151			(28,289	)		(13,955	)		(65,951	)
Gain (loss) on disposition of discontinued operations, net		26,797			7,944			55,020			(19,190	)
Gain on disposition of real estate, net		6,283			0			10,116			794
Net loss		(3,846	)		(18,138	)		(597	)		(138,921	)
Non-controlling interests		0			(6,290	)		(2,022	)		(26,005	)
Net loss attributable to unconsolidated joint ventures		(3,846	)		(24,428	)		(2,619	)		(164,926	)
Depreciation and amortization of real estate investments		46,647			45,726			164,668			226,635
Impairment of depreciable real estate		20,983			26,729			32,675			93,166
(Gain) loss on disposition of depreciable real estate, net		(33,080	)		(7,944	)		(65,045	)		18,711
FFO		30,704			40,083			129,679			173,586
FFO at DDR’s ownership interests		5,836			12,306			30,344			49,409
Operating FFO at DDR’s ownership interests		6,771			12,087			31,414			48,500
Net (loss) income at DDR’s ownership interests		(264	)		(1,014	)		9,218			3,314
Basis differences		1,012			2,290			1,771			3,505
Equity in net income of joint ventures	$	748		$	1,276		$	10,989		$	6,819

DDR Corp.

Balance Sheet: Unconsolidated Interests at 100%

$ in thousands	At Year End
	4Q14			4Q13
Assets:
Land	$	1,439,849		$	1,275,232
Buildings		3,854,585			3,940,806
Fixtures and tenant improvements		200,696			266,851
		5,495,130			5,482,889
Less: Accumulated depreciation		(773,256	)		(839,867	)
		4,721,874			4,643,022
Land held for development and construction in progress		55,698			116,088
Real estate, net		4,777,572			4,759,110
Cash and restricted cash		100,812			282,866
Receivables, including straight-line rent, net		80,508			101,003
Other assets, net		394,751			196,615
Total Assets		5,353,643			5,339,594
Liabilities and Equity:
Mortgage debt		3,552,764			3,282,643
Notes and accrued interest payable to DDR		144,831			127,679
Other liabilities		276,998			245,368
Total Liabilities		3,974,593			3,655,690
Redeemable preferred equity		305,310			71,771
Accumulated equity		1,073,740			1,612,133
Total Liabilities and Equity	$	5,353,643		$	5,339,594

DDR Corp.

Financial Statements: Footnotes

$ in millions, except per share
Includes discontinued operations		4Q14			4Q13			12M14			12M13
(1)	Minimum rents:
	Straight-line rent, net	$	1.9		$	1.4		$	5.9		$	5.6
	Below-market rent, net		0.4			(0.1	)		1.3			0.1
	Ground lease revenue		9.2			8.4			33.7			26.5
(2)	Other revenues:
	Lease termination fees		0.0			0.1			4.1			6.3
	Other miscellaneous		0.1			0.2			0.6			0.6
(3)	Operating expenses:
	Recoverable expenses (excludes discontinued operations)		(64.6	)		(60.6	)		(253.9	)		(205.7	)
	Non-recoverable expenses (excludes discontinued operations)		(5.5	)		(8.6	)		(27.2	)		(33.5	)
	Straight-line ground rent expense		(0.3	)		(0.3	)		(1.1	)		(1.2	)
	Expensed costs of suspended developments		(0.5	)		(0.3	)		(1.3	)		(2.0	)
(4)	Non-cash interest expense:
	Convertible debt accretion		(2.9	)		(2.8	)		(11.4	)		(10.8	)
	Debt fair value amortization		5.4			4.2			17.9			6.7
	Loan cost amortization		(2.5	)		(3.1	)		(12.0	)		(12.1	)
	Interest expense (capitalized)		2.0			2.0			8.7			8.8
(5)	General and administrative expenses:
	Executive separation charges		(5.4	)		0.0			(5.6	)		(0.7	)
	Stock compensation expenses		(1.9	)		(1.8	)		(7.7	)		(7.4	)
	Internal leasing expenses		(1.6	)		(1.7	)		(7.1	)		(7.5	)
	Construction administrative costs (capitalized)		2.5			3.1			9.9			10.0
(6)	Other income (expense):
	Transactions and other, net		(0.3	)		(2.3	)		(9.2	)		(4.7	)
	Litigation expenses		(1.0	)		(1.0	)		(3.2	)		(2.2	)
	Note receivable reserve		(0.5	)		(0.0	)		(0.5	)		(0.0	)
	Debt extinguishment gain/(loss), net		0.6			0.0			0.6			0.3
(7)	Impairment charges:
	Land held for development		0.0			0.0			13.2			0.0
	Undeveloped land		3.5			0.4			5.4			3.0
	Assets marketed for sale		7.6			0.0			10.6			16.0

DDR Corp.

Financial Statements: Footnotes

$ in millions, except per share
Includes discontinued operations		4Q14			4Q13			12M14			12M13
(8)	Discontinued operations:
	Revenues	$	3.2		$	17.5		$	39.5		$	81.3
	Expenses		(2.0	)		(9.5	)		(21.0	)		(42.7	)
	Impairments		(0.0	)		(5.4	)		(8.9	)		(53.6	)
	Depreciation		(1.4	)		(6.3	)		(16.2	)		(27.6	)
	Gain on disposition of real estate, net		21.7			4.0			96.0			11.3
	Net income (loss)		21.5			0.3			89.4			(31.3	)
(9)	Non-controlling interests:
	FFO attributable to non-controlling interests		0.9			(0.3	)		2.8			(1.0	)
	Operating FFO attributable to non-controlling interests		(0.1	)		(0.3	)		(0.8	)		(1.0	)
(10)	Non-operating items excluded from Operating FFO:
	Non-cash impairment charges – non-depreciable assets		25.0			1.4			49.3			4.0
	Executive separation charges		5.4			0.0			5.6			0.7
	Transaction, litigation, debt extinguishment, other, net		1.8			2.0			13.7			5.4
	Joint ventures – transaction, currency, other		0.9			(0.2	)		1.1			(0.9	)
	Non-cash gain on sale of non-depreciable real estate, net of non-controlling interests and foreign currency		(1.5	)		(0.1	)		(6.5	)		(0.3	)
	Non-cash gain on sale and change in control of interests, net		(0.3	)		(18.8	)		(4.3	)		(19.9	)
	Non-cash write-off of preferred share original issuance costs		0.0			0.0			1.9			5.2
			31.3			(15.7	)		60.8			(5.8	)
(11)	Outstanding per share information:
	Common shares (at quarter end)		360.7			359.2			360.7			359.2
	OP units (at quarter end)		1.4			0.4			1.4			0.4
	Total shares and units (at quarter end)		362.1			359.6			362.1			359.6
	Weighted average shares and units – Basic & Diluted – EPS		359.0			356.9			358.1			326.4
	Weighted average shares and units – Basic – FFO & OFFO		361.9			359.3			360.6			328.9
	Assumed conversion of dilutive securities		0.5			0.4			0.5			0.5
	Weighted average shares and units – Diluted – FFO & OFFO		362.4			359.7			361.1			329.4
	Earnings per common share – Basic & Diluted	$	(0.05	)	$	0.00		$	0.25		$	(0.14	)
	FFO per share – Basic	$	0.22		$	0.33		$	1.00		$	1.13
	FFO per share – Diluted	$	0.22		$	0.33		$	1.00		$	1.13
	Operating FFO per share – Diluted	$	0.31		$	0.29		$	1.16		$	1.11
	Common stock dividends declared, per share	$	0.155		$	0.135		$	0.62		$	0.54
(12)	Intangible assets, net (at year end)								389.2			409.6
(13)	Below-market leases, net (at year end)								139.3			123.9

DDR Corp.

Financial Statements: Footnotes

		4Q14		4Q13		12M14		12M13
Additional financial information:
	Capital expenditures (DDR share):
	Leasing	$	8.5	$	10.5	$	39.0	$	40.0
	Maintenance – total		5.2		3.2		14.4		8.6
	Maintenance PSF of owned GLA – non reimbursable						0.16		0.11
	Miscellaneous (DDR share):
	Est. value of land owned adjacent to existing centers (at 12/31/14)						23.0
	Cost basis of headquarters (non-income producing at 12/31/14)						40.0