SITE Centers (SITC) 8-K DDR Reports a 6.9% Increase In Operating Ffo Per Diluted Share to $0.31

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 A 6.9% INCREASE IN OPERATING FFO PER DILUTED SHARE TO $0.31

FOR THE QUARTER ENDED SEPTEMBER 30, 2015

BEACHWOOD, OHIO, October 27, 2015 – DDR Corp. (NYSE: DDR) today announced operating results for the third quarter ended September 30, 2015.

Financial Highlights

• Third quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $7.3 million to $113.5 million, or $0.31 per diluted share, compared to $106.2 million, or $0.29 per diluted share, for theprior-year comparable period.

• Third quarter net income attributable to common shareholders was $54.0 million, or $0.15 per diluted share, compared to net income of $63.0 million, or $0.17 per diluted share, for the prior-year comparable period.

Significant Quarterly Activity

• Generated same store net operating income growth of 3.2% on a pro rata basis

• Executed 382 new leases and renewals for 2.9 million square feet

• Increased the annualized base rent per occupied square foot by 4.0% on a pro rata basis to $14.54 at September 30, 2015 from $13.98 at September 30, 2014

• Generated new leasing spreads of 12.3% and renewal leasing spreads of 7.1%, both on a pro rata basis

• The portfolio leased rate was 95.8% at September 30, 2015 and June 30, 2015 on a pro rata basis

• Sold 21 assets totaling $145 million at DDR’s share

• In October 2015, issued $400 million of 4.25% senior unsecured notes due February 2026

• In October 2015, called for redemption $350 million of senior convertible notes

“I am proud to report another strong and consistent quarter of same store NOI and earnings growth as our high quality portfolio and the efforts of our team continue to produce impressive results,” commented David J. Oakes, president and chief executive officer of DDR.

2015 Guidance

• The Company is revising its 2015 guidance for Operating FFO to a range of $1.21 to $1.24 per diluted share from a range of $1.20 to $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.

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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; the success of our capital recycling strategy; and the finalization of the financial statements for the three months ended September 30, 2015. 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, 2014, 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 378 value-oriented shopping centers representing 116 million square feet in 41 states and Puerto Rico. The Company’s portfolio is comprised primarily of large-format power centers located in top markets across the United States, and 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.

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, October 28, 2015, at 10:00 a.m. Eastern Time. To participate, please dial 877.249.1119 (domestic) or 412.542.4143 (international) at least ten minutes prior to the scheduled start of the call. 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.

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DDR Corp.

Income Statement: Consolidated Interests

$ in thousands, except per share
	3Q15			3Q14			9M15			9M14
Revenues:
Minimum rents (1)	$	180,523		$	171,893		$	540,583		$	507,475
Percentage rent		835			507			3,592			2,772
Recoveries		61,915			58,116			188,016			171,947
Ancillary income		4,646			6,326			13,513			18,465
Other revenues (2)		968			919			2,866			4,552
		248,887			237,761			748,570			705,211
Expenses (3):
Operating and maintenance		35,963			36,404			110,718			106,982
Real estate taxes		37,385			34,981			112,811			104,042
		73,348			71,385			223,529			211,024
Net operating income		175,539			166,376			525,041			494,187
Other income (expense):
Fee income		8,248			7,594			24,713			23,696
Interest income		7,331			2,652			21,703			8,938
Interest expense (4)		(58,217	)		(56,774	)		(182,524	)		(176,106	)
Depreciation and amortization		(97,155	)		(97,270	)		(299,470	)		(296,093	)
General and administrative (5)		(17,596	)		(19,540	)		(55,462	)		(58,878	)
Other income (expense), net (6)		(240	)		(2,758	)		(1,300	)		(11,041	)
Impairment charges (7)		0			(1,448	)		(279,021	)		(18,119	)
Income (loss) before earnings from equity method investments and other items		17,910			(1,168	)		(246,320	)		(33,416	)
Equity in net income of joint ventures		648			3,620			2,351			10,241
Impairment of joint venture investments		0			0			0			(9,100	)
Gain on sale and change in control of interests, net		0			3,984			7,772			87,814
Income from discontinued operations (8)		0			57,569			0			67,926
Tax (expense) benefit		(528	)		214			(6,001	)		(1,113	)
Gain on disposition of real estate, net of tax		41,793			2,262			78,154			2,645
Net income (loss)		59,823			66,481			(164,044	)		124,997
Non-controlling interests (9)		(268	)		2,125			(1,590	)		2,985
Net income (loss) attributable to DDR		59,555			68,606			(165,634	)		127,982
Write-off of preferred share original issuance costs		0			0			0			(1,943	)
Preferred dividends		(5,594	)		(5,594	)		(16,781	)		(18,460	)
Net income (loss) attributable to Common Shareholders		53,961			63,012			(182,415	)		107,579
FFO:
Net income (loss) attributable to common shareholders		53,961			63,012			(182,415	)		107,579
Depreciation and amortization of real estate investments		95,159			99,542			293,265			304,286
Equity in net income of joint ventures		(648	)		(3,620	)		(2,351	)		(10,241	)
Joint ventures’ FFO		6,595			8,387			21,114			24,507
Non-controlling interests (OP units)		69			223			566			509
Impairment of depreciable real estate		0			365			179,748			11,856
Gain on disposition of depreciable real estate, net		(41,734	)		(57,105	)		(78,282	)		(159,753	)
FFO attributable to Common Shareholders		113,402			110,804			231,645			278,743
Non-operating items, net (10)		136			(4,589	)		100,423			29,445
Operating FFO	$	113,538		$	106,215		$	332,068		$	308,188
FFO per share – Diluted (11)	$	0.31		$	0.31		$	0.64		$	0.77
Operating FFO per share – Diluted (11)	$	0.31		$	0.29		$	0.91		$	0.85

DDR Corp.

Balance Sheet: Consolidated Interests

$ in thousands	At Period End
	3Q15			4Q14
Assets:
Land	$	2,187,720		$	2,208,468
Buildings		6,931,911			7,087,040
Fixtures and tenant improvements		709,548			645,035
		9,829,179			9,940,543
Less: Accumulated depreciation		(2,038,635	)		(1,909,585	)
		7,790,544			8,030,958
Construction in progress and land		326,196			395,242
Real estate, net		8,116,740			8,426,200
Investments in and advances to joint ventures		393,520			414,848
Cash		21,040			20,937
Restricted cash		41,920			11,375
Notes receivable, net		47,430			56,245
Receivables, including straight-line rent, net		131,209			132,661
Other assets, net (12)		403,620			479,629
Total Assets		9,155,479			9,541,895
Liabilities and Equity:
Revolving credit facilities		395,000			29,009
Unsecured debt		3,118,656			2,765,893
Unsecured term loan		300,000			350,000
Mortgage and other secured debt		1,409,921			2,089,805
		5,223,577			5,234,707
Dividends payable		68,059			61,468
Other liabilities (13)		425,507			448,192
Total Liabilities		5,717,143			5,744,367
Preferred shares		350,000			350,000
Common shares		36,223			36,071
Paid-in-capital		5,467,413			5,438,778
Accumulated distributions in excess of net income		(2,416,655	)		(2,047,212	)
Deferred compensation obligation		15,516			16,609
Accumulated other comprehensive income		(6,662	)		(7,352	)
Less: Common shares in treasury at cost		(16,039	)		(16,646	)
Non-controlling interests		8,540			27,280
Total Equity		3,438,336			3,797,528
Total Liabilities and Equity	$	9,155,479		$	9,541,895

DDR Corp.

Income Statement: Unconsolidated Interests at 100%

$ in thousands
	3Q15			3Q14			9M15			9M14
Revenues:
Minimum rents	$	95,218		$	78,647		$	297,392		$	260,122
Percentage rent		383			318			1,325			1,051
Recoveries		28,772			21,469			90,234			64,661
Other revenues		2,325			7,900			8,413			31,141
		126,698			108,334			397,364			356,975
Expenses:
Operating and maintenance		30,558			22,287			94,213			84,032
Real estate taxes		17,118			12,596			52,859			37,852
		47,676			34,883			147,072			121,884
Net operating income		79,022			73,451			250,292			235,091
Other income (expense):
Interest expense		(33,202	)		(37,667	)		(107,698	)		(129,514	)
Depreciation and amortization		(49,949	)		(31,435	)		(158,168	)		(107,165	)
Impairment charges		0			0			(448	)		(600	)
Tax expense		0			0			0			(6,565	)
Other income (expense), net		(589	)		(173	)		(1,173	)		(2,964	)
		(83,740	)		(69,275	)		(267,487	)		(246,808	)
(Loss) income from continuing operations		(4,718	)		4,176			(17,195	)		(11,717	)
Loss from discontinued operations		0			(12,906	)		0			(17,090	)
Gain on disposition of discontinued operations, net		0			4,713			0			28,224
(Loss) gain on disposition of real estate, net		(2,626	)		3,833			(4,197	)		3,833
Non-controlling interests		0			0			0			(2,023	)
Net (loss) income attributable to unconsolidated joint ventures		(7,344	)		(184	)		(21,392	)		1,227
Depreciation and amortization of real estate investments		49,949			35,574			158,168			118,020
Impairment of depreciable real estate		0			11,093			448			11,693
Loss (gain) on disposition of depreciable real estate, net		2,626			(8,546	)		4,197			(31,965	)
FFO		45,231			37,937			141,421			98,975
FFO at DDR’s ownership interests		6,595			8,387			21,114			24,507
Operating FFO at DDR’s ownership interests		6,639			8,387			21,162			24,643
Net income at DDR’s ownership interests		336			3,316			1,406			9,483
Basis differences		312			304			945			758
Equity in net income of joint ventures	$	648		$	3,620		$	2,351		$	10,241

DDR Corp.

Balance Sheet: Unconsolidated Interests at 100%

$ in thousands	At Period End
	3Q15			4Q14
Assets:
Land	$	1,319,519		$	1,439,849
Buildings		3,457,212			3,854,585
Fixtures and tenant improvements		183,108			200,696
		4,959,839			5,495,130
Less: Accumulated depreciation		(799,161	)		(773,256	)
		4,160,678			4,721,874
Land held for development and construction in progress		52,215			55,698
Real estate, net		4,212,893			4,777,572
Cash and restricted cash		62,751			100,812
Receivables, including straight-line rent, net		52,903			80,508
Other assets, net		299,625			394,751
Total Assets		4,628,172			5,353,643
Liabilities and Equity:
Mortgage debt		3,116,584			3,552,764
Notes and accrued interest payable to DDR		2,926			144,831
Other liabilities		198,804			276,998
Total Liabilities		3,318,314			3,974,593
Redeemable preferred equity		310,763			305,310
Accumulated equity		999,095			1,073,740
Total Liabilities and Equity	$	4,628,172		$	5,353,643

DDR Corp.

Financial Statements: Footnotes

$ in millions, except per share
Includes discontinued operations		3Q15			3Q14			9M15			9M14
(1)	Minimum rents:
	Straight-line rent, net	$	1.6		$	1.5		$	3.8		$	4.0
	Below-market rent, net		1.0			0.3			2.2			0.8
	Ground lease revenue		9.5			8.5			27.9			24.5
(2)	Other revenues:
	Lease termination fees		0.7			0.7			2.3			4.1
	Other miscellaneous		0.3			0.2			0.6			0.5
(3)	Operating expenses:
	Recoverable expenses (2014 excludes sold assets)		(67.7	)		(64.0	)		(206.2	)		(189.3	)
	Non-recoverable expenses (2014 excludes sold assets)		(5.6	)		(7.4	)		(17.3	)		(21.7	)
	Straight-line ground rent expense		(0.1	)		(0.2	)		(0.4	)		(0.8	)
	Expensed costs of suspended developments		(0.1	)		(0.1	)		(0.4	)		(0.8	)
(4)	Non-cash interest expense:
	Convertible debt accretion		(3.0	)		(2.9	)		(8.9	)		(8.5	)
	Debt fair value amortization		3.0			4.1			12.7			12.5
	Loan cost amortization		(2.4	)		(3.1	)		(7.3	)		(9.5	)
	Interest expense (capitalized)		1.9			2.7			5.1			6.6
(5)	General and administrative expenses:
	Executive separation charges		(0.0	)		(0.0	)		(2.3	)		(0.0	)
	Stock compensation expenses		(1.5	)		(1.9	)		(5.2	)		(5.8	)
	Internal leasing expenses		(1.8	)		(1.7	)		(5.5	)		(5.6	)
	Construction administrative costs (capitalized)		2.3			2.5			7.0			7.3
(6)	Other income (expense):
	Transactions and other, net		(0.2	)		(1.6	)		(0.4	)		(8.8	)
	Litigation expenses		(0.0	)		(1.2	)		(0.0	)		(2.2	)
	Debt extinguishment, net		(0.0	)		(0.0	)		(0.9	)		(0.0	)
(7)	Impairment charges:
	Assets marketed for sale		(0.0	)		(0.4	)		(179.7	)		(11.9	)
	Land previously held for development		(0.0	)		(1.4	)		(99.3	)		(15.1	)

DDR Corp.

Financial Statements: Footnotes

$ in millions, except per share
Includes discontinued operations		3Q15			3Q14			9M15			9M14
(8)	Discontinued operations:
	Revenues		n/a		$	10.8			n/a		$	36.4
	Expenses		n/a			(5.4	)		n/a			(19.0	)
	Impairments		n/a			(0.4	)		n/a			(8.9	)
	Depreciation		n/a			(4.5	)		n/a			(14.9	)
	Gain on disposition of real estate, net		n/a			57.1			n/a			74.3
	Net income		n/a			57.6			n/a			67.9
	Note: Presented for 2014 only as DDR adopted the new accounting guidance on January 1, 2015, which changed the definition for reporting.
(9)	Non-controlling interests:
	FFO attributable to non-controlling interests		(0.2	)		2.3			(1.2	)		1.9
	Operating FFO attributable to non-controlling interests		(0.2	)		(0.3	)		(0.8	)		(0.7	)
(10)	Non-operating items excluded from Operating FFO:
	Non-cash impairment charges – non-depreciable assets		0.0			1.4			99.3			24.2
	Executive separation charges		0.0			0.0			2.3			0.0
	Transaction, debt extinguishment, litigation, other, net		0.1			2.8			1.6			12.1
	Joint ventures – transaction, currency, other		0.0			0.0			0.0			0.1
	Non-cash gain on sale and change in control of interests, net		0.0			(4.0	)		(7.8	)		(4.0	)
	Tax expense (primarily Puerto Rico restructuring)		0.0			0.0			4.4			0.0
	(Gain) loss on sale of non-depreciable real estate, net		0.0			(4.8	)		0.6			(4.9	)
	Non-cash write-off of preferred share original issuance costs		0.0			0.0			0.0			1.9
			0.1			(4.6	)		100.4			29.4
(11)	Outstanding per share information:
	Common shares (at quarter end)		362.1			360.2			362.1			360.2
	OP units (at quarter end)		0.4			1.4			0.4			1.4
	Total shares and units (at quarter end)		362.5			361.6			362.5			361.6
	Weighted average shares and units – Basic – EPS		361.1			358.0			360.3			357.8
	Assumed conversion of dilutive securities		2.5			0.5			0.0			0.5
	Weighted average shares and units – Diluted – EPS		363.6			358.5			360.3			358.3
	Weighted average shares and units – Basic – FFO & OFFO		362.5			361.0			362.4			360.2
	Assumed conversion of dilutive securities		0.4			0.5			0.5			0.5
	Weighted average shares and units – Diluted – FFO & OFFO		362.9			361.5			362.9			360.7
	Earnings per common share – Basic & Diluted	$	0.15		$	0.17		$	(0.51	)	$	0.30
	FFO per share – Basic & Diluted	$	0.31		$	0.31		$	0.64		$	0.77
	Operating FFO per share – Diluted	$	0.31		$	0.29		$	0.91		$	0.85
	Common stock dividends declared, per share	$	0.1725		$	0.155		$	0.5175		$	0.465
(12)	Intangible assets, net(at quarter and year end)								323.1			389.2
(13)	Below-market leases, net(at quarter and year end)								146.0			139.3

DDR Corp.

Financial Statements: Footnotes

		3Q15		3Q14		9M15		9M14
Additional financial information
	Capital expenditures (DDR share):
	Retenanting	$	13.4	$	9.8	$	36.1	$	30.5
	Maintenance – total		7.4		6.0		13.3		9.2
	Maintenance PSF of owned GLA – non reimbursable						0.09		0.10
	Miscellaneous (DDR share):
	Est. value of land owned adjacent to existing centers (at quarter end)						26.0
	Cost basis of headquarters (non-income producing at quarter end)						40.0