|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|