SITE Centers (SITC) 8-K DDR Reports First Quarter 2016 Operating Results

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 FIRST QUARTER 2016 OPERATING RESULTS

BEACHWOOD, OHIO, April 28, 2016 – DDR Corp. (NYSE: DDR) today announced operating results for the first quarter ended March 31, 2016.

Financial Highlights

• First quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $7.1 million to $114.2 million, or $0.31 per diluted share, compared to $107.1 million, or $0.30 per diluted share, for the prior-year comparable period.

• First quarter net income attributable to common shareholders was $40.0 million, or $0.11 per diluted share, compared to net loss of $249.4 million, or $0.69 per diluted share, for the prior-year comparable period.

Significant Quarterly Activity

• Generated same store net operating income growth of 3.4% on a pro rata basis

• Executed 301 new leases and renewals for 1.9 million square feet

• Generated new leasing spreads of 19.5% and renewal leasing spreads of 8.7%, both on a pro rata basis

• Increased the portfolio leased rate by 10 basis points to 96.1% at March 31, 2016, from 96.0% at December 31, 2015 and 95.8% at March 31, 2015, on a pro rata basis

• Increased the annualized base rent per occupied square foot by 4.0% on a pro rata basis to $14.86 at March 31, 2016, from $14.29 at March 31, 2015

• Acquired one prime power center in Phoenix, Arizona, for $61 million

• Sold 16 operating assets and three land parcels totaling $224 million at DDR’s share

• Repaid $240 million, 9.625% unsecured notes at maturity in March 2016

“I am extremely pleased with our operational and transactional execution in the first quarter. The portfolio evolution is nearly completed as we remain on track for our disposition guidance, and the results of these transactional efforts were on display as same-store NOI was strong at 3.4%,” commented David J. Oakes, president and chief executive officer of DDR.

2016 Guidance

The Company is raising the lower end of the range of its 2016 Operating FFO and NAREIT defined FFO to a revised estimated range of $1.20 to $1.25 per diluted share from a range of $1.19 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 and (iv) 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.

About DDR Corp.

DDR is an owner and manager of 352 value-oriented shopping centers representing 113 million square feet in 37 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.

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, April 29, 2016, 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.

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; redevelopment and construction activities may not achieve a desired return 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 March 31, 2016. 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.

DDR Corp.

Income Statement: Consolidated Interests

$ in thousands, except per share	1Q16									1Q15
	Consolidated			Share of JVs			Prorata			Consolidated			Share of JVs			Prorata
Revenues:
Minimum rents (1)	$	177,367		$	13,645		$	191,012		$	180,697		$	15,078		$	195,775
Percentage rent		1,936			27			1,963			1,385			100			1,485
Recoveries		61,599			4,228			65,827			64,080			4,671			68,751
Other property revenues (2)		5,343			155			5,498			4,589			371			4,960
		246,245			18,055			264,300			250,751			20,220			270,971
Expenses (3):
Operating and maintenance		36,508			2,717			39,225			38,726			3,146			41,872
Real estate taxes		36,534			2,598			39,132			37,629			2,756			40,385
		73,042			5,315			78,357			76,355			5,902			82,257
Net operating income		173,203			12,740			185,943			174,396			14,318			188,714
Other income (expense):
Fee income		8,178			(935	)		7,243			8,074			(982	)		7,092
Interest income		9,050			(413	)		8,637			7,161			(316	)		6,845
Interest expense (4)		(57,897	)		(5,298	)		(63,195	)		(63,020	)		(5,926	)		(68,946	)
Depreciation and amortization		(96,902	)		(5,549	)		(102,451	)		(103,015	)		(7,098	)		(110,113	)
General and administrative (5)		(17,876	)		0			(17,876	)		(18,595	)		0			(18,595	)
Other income (expense), net (6)		1,773			(48	)		1,725			(3,428	)		(49	)		(3,477	)
Impairment charges (7)		0			0			0			(279,021	)		(90	)		(279,111	)
Income before earnings from JVs and other		19,529			497			20,026			(277,448	)		(143	)		(277,591	)
Equity in net income of JVs		14,421			(14,421	)		0			61			(61	)		0
Basis differences of JVs		0			3,229			3,229			0			177			177
Gain on change in control		0			0			0			14,279			0			14,279
Tax expense		(458	)		0			(458	)		(4,900	)		0			(4,900	)
Gain on disposition of real estate, net		12,381			10,695			23,076			25,094			27			25,121
Net income (loss)		45,873			0			45,873			(242,914	)		0			(242,914	)
Non-controlling interests		(300	)		0			(300	)		(873	)		0			(873	)
Net income (loss) DDR		45,573			0			45,573			(243,787	)		0			(243,787	)
Preferred dividends		(5,594	)								(5,594	)
Net income (loss) Common Shareholders		39,979									(249,381	)
Depreciation and amortization of real estate		94,854									100,867
Equity in net income of JVs		(14,421	)								(61	)
JVs’ FFO		6,150									7,017
Non-controlling interests		76									249
Impairment of depreciable real estate		0									179,748
Gain on disposition of depreciable real estate, net		(12,096	)								(25,236	)
FFO Common Shareholders		114,542									13,203
Non-operating items, net (8)		(314	)								93,930
Operating FFO	$	114,228								$	107,133
FFO per share – Diluted (9)	$	0.31								$	0.04
Operating FFO per share – Diluted (9)	$	0.31								$	0.30

DDR Corp.

Balance Sheet: Consolidated Interests

$ in thousands	At Period End
	1Q16									4Q15
	Consolidated			Share of JVs			Prorata			Consolidated			Share of JVs			Prorata
Assets:
Land	$	2,145,471		$	174,406		$	2,319,877		$	2,184,145		$	181,843		$	2,365,988
Buildings		6,908,815			470,734			7,379,549			6,965,632			491,662			7,457,294
Fixtures and tenant improvements		744,059			29,574			773,633			743,037			31,105			774,142
		9,798,345			674,714			10,473,059			9,892,814			704,610			10,597,424
Depreciation		(2,060,005	)		(147,979	)		(2,207,984	)		(2,062,899	)		(152,035	)		(2,214,934	)
		7,738,340			526,735			8,265,075			7,829,915			552,575			8,382,490
Construction in progress and land		174,736			5,916			180,652			235,385			5,654			241,039
Real estate, net		7,913,076			532,651			8,445,727			8,065,300			558,229			8,623,529
Investments in JVs		68,422			2,335			70,757			72,576			636			73,212
Preferred equity interest		398,410			0			398,410			395,156			0			395,156
Cash		23,720			9,146			32,866			22,416			7,815			30,231
Restricted cash		10,515			949			11,464			10,104			803			10,907
Notes receivable, net		42,592			0			42,592			42,534			0			42,534
Receivables, net		125,473			6,595			132,068			129,089			8,151			137,240
Other assets, net (10)		353,419			21,028			374,447			359,913			21,598			381,511
Total Assets		8,935,627			572,704			9,508,331			9,097,088			597,232			9,694,320
Liabilities and Equity:
Revolving credit facilities		350,000			0			350,000			210,000			0			210,000
Unsecured debt		2,910,307			0			2,910,307			3,149,188			0			3,149,188
Unsecured term loan		398,050			0			398,050			397,934			0			397,934
Secured debt		1,373,316			425,419			1,798,735			1,382,415			441,918			1,824,333
		5,031,673			425,419			5,457,092			5,139,537			441,918			5,581,455
Dividends payable		75,042			0			75,042			68,604			0			68,604
Other liabilities (11)		389,991			18,833			408,824			425,478			19,686			445,164
Total Liabilities		5,496,706			444,252			5,940,958			5,633,619			461,604			6,095,223
JVs share of equity		0			22,255			22,255			0			20,393			20,393
Preferred shares		350,000			0			350,000			350,000			0			350,000
Common shares		36,537			0			36,537			36,529			0			36,529
Paid-in capital		5,470,030			0			5,470,030			5,466,511			0			5,466,511
Distributions in excess of net income		(2,421,296	)		106,197			(2,315,099	)		(2,391,793	)		115,235			(2,276,558	)
Deferred compensation		15,471			0			15,471			15,537			0			15,537
Other comprehensive income		(5,485	)		0			(5,485	)		(6,283	)		0			(6,283	)
Common shares in treasury at cost		(14,854	)		0			(14,854	)		(15,316	)		0			(15,316	)
Non-controlling interests		8,518			0			8,518			8,284			0			8,284
Total Equity		3,438,921			128,452			3,567,373			3,463,469			135,628			3,599,097
Total Liabilities and Equity	$	8,935,627		$	572,704		$	9,508,331		$	9,097,088		$	597,232		$	9,694,320

DDR Corp.

Income Statement: Unconsolidated Interests at 100%

$ in thousands
	1Q16			1Q15
Revenues:
Minimum rents	$	96,575		$	103,737
Percentage rent		331			589
Recoveries		29,969			30,859
Other property revenues		1,035			2,415
		127,910			137,600
Expenses:
Operating and maintenance		18,999			20,695
Real estate taxes		18,657			18,271
		37,656			38,966
Net operating income		90,254			98,634
Other income (expense):
Interest expense		(33,322	)		(40,903	)
Depreciation and amortization		(49,035	)		(56,737	)
Impairment charges		0			(448	)
Preferred share expense		(8,264	)		(6,314	)
Other (expense) income, net		(5,811	)		(6,069	)
		(6,178	)		(11,837	)
Gain (loss) on disposition of real estate, net		53,483			(213	)
Net income (loss) attributable to unconsolidated JVs		47,305			(12,050	)
Depreciation and amortization		49,035			56,737
Impairment of depreciable real estate		0			448
(Gain) loss on disposition of depreciable real estate, net		(53,483	)		213
FFO		42,857			45,348
FFO at DDR’s ownership interests		6,150			7,017
Operating FFO at DDR’s ownership interests		6,150			7,022

DDR Corp.

Balance Sheet: Unconsolidated Interests at 100%

$ in thousands
	At Period End
	1Q16			4Q15
Assets:
Land	$	1,306,704		$	1,343,889
Buildings		3,446,655			3,551,227
Improvements		184,497			191,581
		4,937,856			5,086,697
Depreciation		(807,415	)		(817,235	)
		4,130,441			4,269,462
Land held for development and construction in progress		54,846			52,390
Real estate, net		4,185,287			4,321,852
Cash and restricted cash		69,576			58,916
Receivables, net		45,077			52,768
Other assets, net		304,255			318,546
Total Assets		4,604,195			4,752,082
Liabilities and Equity:
Mortgage debt		3,119,992			3,177,603
Notes and accrued interest payable to DDR		2,577			1,556
Other liabilities		212,237			219,799
Total Liabilities		3,334,806			3,398,958
Redeemable preferred equity		398,410			395,156
Accumulated equity		870,979			957,968
Total Liabilities and Equity	$	4,604,195		$	4,752,082

DDR Corp.

Financial Statements: Footnotes

$ in millions, except per share
		1Q16			1Q15
(1)	Minimum rents:
	Straight-line rent, net	$	1.3		$	1.4
	Below-market rent, net		0.3			0.3
	Ground lease revenue		10.1			9.1
(2)	Other property revenues:
	Lease termination fees		1.2			0.2
(3)	Operating expenses:
	Recoverable expenses		(66.1	)		(70.2	)
	Non-recoverable expenses		(6.9	)		(6.2	)
	Straight-line ground rent expense		(0.1	)		(0.3	)
	Expensed costs of suspended developments		(0.1	)		(0.1	)
(4)	Non-cash interest expense:
	Debt fair value amortization		1.6			5.3
	Loan cost amortization		(2.2	)		(2.5	)
	Interest expense (capitalized)		1.2			1.6
(5)	General and administrative expenses:
	Stock compensation expenses		(1.6	)		(2.2	)
	Internal leasing expenses		(2.1	)		(2.0	)
	Construction administrative costs (capitalized)		2.0			2.4
(6)	Other income (expense):
	Transactions and other, net		(1.8	)		(0.1	)
	Debt extinguishment, net		(0.0	)		(3.3	)
(7)	Impairment charges:
	Assets marketed for sale		(0.0	)		(179.7	)
	Land previously held for development		(0.0	)		(99.3	)
(8)	Non-operating items excluded from Operating FFO:
	Non-cash impairment charges – non-depreciable assets		0.0			99.3
	Transaction, debt extinguishment, litigation, other, net		0.0			3.9
	Non-cash gain on sale and change in control of interests, net		0.0			(14.3	)
	Tax expense (primarily Puerto Rico restructuring)		0.0			4.4
	(Gain) loss on sale of non-depreciable real estate, net		(0.3	)		0.6
			(0.3	)		93.9

DDR Corp.

Financial Statements:Footnotes

$ in millions, except per share
		1Q16		1Q15
(9)	Outstanding per share information:
	Common shares (at quarter end)		365.4		361.0
	OP units (at quarter end)		0.4		1.4
	Total shares and units (at quarter end)		365.8		362.4
	Weighted average shares and units – Basic – EPS		364.7		359.8
	Assumed conversion of dilutive securities		0.3		0.0
	Weighted average shares and units – Diluted – EPS		365.0		359.8
	Weighted average shares and units – Basic – FFO & OFFO		365.7		362.4
	Assumed conversion of dilutive securities		0.3		0.6
	Weighted average shares and units – Diluted – FFO & OFFO		366.0		363.0
	Earnings per common share – Basic & Diluted	$	0.11	$	(0.69	)
	FFO per share – Basic & Diluted	$	0.31	$	0.04
	Operating FFO per share – Diluted	$	0.31	$	0.30
	Common stock dividends declared, per share	$	0.19	$	0.1725
(10)	Intangible assets, net (at quarter and year end)		295.8		311.0
(11)	Below-market leases, net (at quarter and year end)		155.2		155.3
Additional financial information:
	Capital expenditures(DDR share):
	Retenanting	$	8.4	$	12.0
	Maintenance – total		1.0		1.5
	Maintenance PSF of owned GLA – non reimbursable		0.01		0.02
	Miscellaneous(DDR share):
	Est. value of land owned adjacent to existing centers	$	26
	Cost basis of headquarters (non-income producing)		40