DDR Corp.’s DDR first-quarter 2016 funds from operations (“FFO”) per share of 31 cents were higher than both the Zacks Consensus Estimate and the prior-year quarter tally by a penny.Total revenue was $246.2 million, down from $250.8 million recorded in the year-ago quarter. The Zacks Consensus Estimate was pegged at $244.3 million.Quarter in DetailDDR inked 301 new and renewal leases for 1.9 million square feet of space during the quarter. The company generated positive leasing spreads, with 19.5% rise in new leases and renewals up 8.7% on a pro rata basis. Also, same-store net operating income (“NOI”) climbed 3.4% year over year on a pro rata basis.As of Mar 31, 2016, the company’s portfolio average annualized base rent per occupied square foot was $14.86, up 4% on a year-over-year basis. Further, as of the same date, the company’s portfolio was 96.1% leased, up 10 basis points (bps) sequentially.During the quarter, DDR acquired Phoenix, Arizona-based prime power center for a price of $61 million. Also, the REIT divested 16 assets & 3 land parcels worth $224 million at its share.DDR exited first-quarter 2016 with $23.7 million cash compared with $22.4 million as of Dec 31, 2015.2016 OutlookDDR has raised the lower end of the 2016 operating FFO guidance range to $1.20–$1.25 from the earlier range of $1.19–$1.25. The Zacks Consensus Estimate for the same is currently pegged at $1.23.To ConcludeDDR’s solid portfolio of value-oriented shopping centers bodes well for the long term. At the same time, addition of premium assets to the company’s high-end asset pool will not only strengthen its tenant base but also promises steady rental revenues for the company.However, an increasing competition from other retail channels like catalogs and e-Commerce websites has become a major concern for this Zacks Rank #3 (Hold) stock.We now look forward to other REITs that are scheduled to release first-quarter 2016 results next week. These include General Growth Properties, Inc GGP, Taubman Centers, Inc. TCO and Vornado Realty Trust VNO.Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DDR CORP (DDR): Free Stock Analysis Report TAUBMAN CENTERS (TCO): Free Stock Analysis Report GENL GRWTH PPTY (GGP): Free Stock Analysis Report VORNADO RLTY TR (VNO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research