Developers Diversified Realty Beats; Reaffirms Guidance (DDR)

Developers Diversified Realty Corporation DDR reports Q2 earnings of $0.25 versus estimates of $0.24. Developers Diversified Realty Corporation reports Q2 revenues of $202 million versus estimates of $197.87 million. Revenues increased 2.3% year over year. There is no change in guidance since the last update provided on April 22, 2010. The company continues to estimate operating FFO for the year of $1.00-$1.05 per diluted share. "Our second quarter operating fundamentals were very solid, driven by demand for space, positive rental growth, and increased occupancy levels. Growing same store NOI and the continued progress on the disposition of non-prime assets were also key components of our encouraging results. We expect to build on the momentum established during the second quarter as our operating platform continues to perform at a very high level and as we remain extremely focused on successfully executing on our stated strategy," commented Developers Diversified's president and chief executive officer, Daniel B. Hurwitz.