DDR Corp.
Income Statement: Consolidated Interests
|
|
$ in thousands,
except per share
|
2Q16
|
|
2Q15
|
|
Consolidated
|
|
Share of
JVs
|
|
Total
DDR Share (Non-GAAP)
|
|
Consolidated
|
|
Share of
JVs
|
|
Total
DDR Share (Non-GAAP)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents
(1)
|
$178,064
|
|
$13,666
|
|
$191,730
|
|
$179,363
|
|
$14,275
|
|
$193,638
|
Percentage
rent
|
1,654
|
|
113
|
|
1,767
|
|
1,372
|
|
74
|
|
1,446
|
Recoveries
|
61,376
|
|
4,321
|
|
65,697
|
|
62,021
|
|
4,529
|
|
66,550
|
Other property
revenues (2)
|
4,762
|
|
157
|
|
4,919
|
|
6,176
|
|
1,107
|
|
7,283
|
|
245,856
|
|
18,257
|
|
264,113
|
|
248,932
|
|
19,985
|
|
268,917
|
Expenses
(3):
|
|
|
|
|
|
|
|
|
|
|
|
Operating and
maintenance
|
34,588
|
|
2,684
|
|
37,272
|
|
36,029
|
|
2,866
|
|
38,895
|
Real estate
taxes
|
37,276
|
|
2,542
|
|
39,818
|
|
37,797
|
|
2,650
|
|
40,447
|
|
71,864
|
|
5,226
|
|
77,090
|
|
73,826
|
|
5,516
|
|
79,342
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income (4)
|
173,992
|
|
13,031
|
|
187,023
|
|
175,106
|
|
14,469
|
|
189,575
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Fee income
|
11,465
|
|
(955)
|
|
10,510
|
|
8,391
|
|
(1,007)
|
|
7,384
|
Interest
income
|
9,446
|
|
(415)
|
|
9,031
|
|
7,211
|
|
(321)
|
|
6,890
|
Interest expense
(5)
|
(54,012)
|
|
(5,278)
|
|
(59,290)
|
|
(61,287)
|
|
(5,589)
|
|
(66,876)
|
Depreciation and
amortization
|
(97,698)
|
|
(5,635)
|
|
(103,333)
|
|
(99,300)
|
|
(6,115)
|
|
(105,415)
|
General and
administrative (6)
|
(18,499)
|
|
0
|
|
(18,499)
|
|
(19,271)
|
|
0
|
|
(19,271)
|
Other income
(expense), net (7)
|
2,081
|
|
(56)
|
|
2,025
|
|
2,368
|
|
(33)
|
|
2,335
|
Income before
earnings from JVs and other
|
26,775
|
|
692
|
|
27,467
|
|
13,218
|
|
1,404
|
|
14,622
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income
of JVs
|
1,117
|
|
(1,117)
|
|
0
|
|
1,642
|
|
(1,642)
|
|
0
|
Basis differences of
JVs
|
0
|
|
403
|
|
403
|
|
0
|
|
307
|
|
307
|
Loss on sale and
change in control
|
0
|
|
0
|
|
0
|
|
(6,507)
|
|
0
|
|
(6,507)
|
Tax
expense
|
(245)
|
|
0
|
|
(245)
|
|
(573)
|
|
0
|
|
(573)
|
Gain on disposition
of real estate, net
|
13,721
|
|
22
|
|
13,743
|
|
11,267
|
|
(69)
|
|
11,198
|
Net income
|
41,368
|
|
0
|
|
41,368
|
|
19,047
|
|
0
|
|
19,047
|
Non-controlling
interests
|
(310)
|
|
0
|
|
(310)
|
|
(449)
|
|
0
|
|
(449)
|
Net income
DDR
|
41,058
|
|
0
|
|
41,058
|
|
18,598
|
|
0
|
|
18,598
|
Preferred
dividends
|
(5,594)
|
|
|
|
|
|
(5,594)
|
|
|
|
|
Net income Common
Shareholders
|
35,464
|
|
|
|
|
|
13,004
|
|
|
|
|
Depreciation and
amortization of real estate
|
95,626
|
|
|
|
|
|
97,239
|
|
|
|
|
Equity in net income
of JVs
|
(1,117)
|
|
|
|
|
|
(1,642)
|
|
|
|
|
JVs' FFO
|
6,426
|
|
|
|
|
|
7,502
|
|
|
|
|
Non-controlling
interests
|
76
|
|
|
|
|
|
248
|
|
|
|
|
Gain on disposition
of depreciable real estate,
net
|
(16,154)
|
|
|
|
|
|
(11,312)
|
|
|
|
|
FFO Common
Shareholders
|
120,321
|
|
|
|
|
|
105,039
|
|
|
|
|
Non-operating items,
net (9)
|
2,120
|
|
|
|
|
|
6,357
|
|
|
|
|
Operating
FFO
|
$122,441
|
|
|
|
|
|
$111,396
|
|
|
|
|
FFO per share
– Diluted (10)
|
$0.33
|
|
|
|
|
|
$0.29
|
|
|
|
|
Operating FFO per
share – Diluted (10)
|
$0.33
|
|
|
|
|
|
$0.31
|
|
|
|
|
|
|
|
DDR Corp.
Income Statement: Consolidated Interests
|
|
$ in thousands,
except per share
|
6M16
|
|
6M15
|
|
Consolidated
|
|
Share of
JVs
|
|
Total
DDR Share (Non-GAAP)
|
|
Consolidated
|
|
Share of
JVs
|
|
Total
DDR Share (Non-GAAP)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents
(1)
|
$355,431
|
|
$27,311
|
|
$382,742
|
|
$360,060
|
|
$29,353
|
|
$389,413
|
Percentage
rent
|
3,590
|
|
141
|
|
3,731
|
|
2,757
|
|
174
|
|
2,931
|
Recoveries
|
122,975
|
|
8,549
|
|
131,524
|
|
126,101
|
|
9,200
|
|
135,301
|
Other property
revenues (2)
|
10,105
|
|
312
|
|
10,417
|
|
10,764
|
|
1,478
|
|
12,242
|
|
492,101
|
|
36,313
|
|
528,414
|
|
499,682
|
|
40,205
|
|
539,887
|
Expenses
(3):
|
|
|
|
|
|
|
|
|
|
|
|
Operating and
maintenance
|
71,096
|
|
5,401
|
|
76,497
|
|
74,755
|
|
6,012
|
|
80,767
|
Real estate
taxes
|
73,810
|
|
5,141
|
|
78,951
|
|
75,426
|
|
5,406
|
|
80,832
|
|
144,906
|
|
10,542
|
|
155,448
|
|
150,181
|
|
11,418
|
|
161,599
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
347,195
|
|
25,771
|
|
372,966
|
|
349,501
|
|
28,787
|
|
378,288
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Fee income
|
19,643
|
|
(1,890)
|
|
17,753
|
|
16,466
|
|
(1,977)
|
|
14,489
|
Interest
income
|
18,496
|
|
(828)
|
|
17,668
|
|
14,372
|
|
(636)
|
|
13,736
|
Interest expense
(5)
|
(111,909)
|
|
(10,576)
|
|
(122,485)
|
|
(124,307)
|
|
(11,515)
|
|
(135,822)
|
Depreciation and
amortization
|
(194,600)
|
|
(11,184)
|
|
(205,784)
|
|
(202,315)
|
|
(13,214)
|
|
(215,529)
|
General and
administrative (6)
|
(36,375)
|
|
0
|
|
(36,375)
|
|
(37,866)
|
|
0
|
|
(37,866)
|
Other income
(expense), net (7)
|
3,854
|
|
(104)
|
|
3,750
|
|
(1,060)
|
|
(94)
|
|
(1,154)
|
Impairment charges
(8)
|
0
|
|
0
|
|
0
|
|
(279,021)
|
|
(90)
|
|
(279,111)
|
Income before
earnings from JVs and other
|
46,304
|
|
1,189
|
|
47,493
|
|
(264,230)
|
|
1,261
|
|
(262,969)
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income
of JVs
|
15,538
|
|
(15,538)
|
|
0
|
|
1,703
|
|
(1,703)
|
|
0
|
Basis differences of
JVs
|
0
|
|
3,632
|
|
3,632
|
|
0
|
|
484
|
|
484
|
Gain on sale and
change in control
|
0
|
|
0
|
|
0
|
|
7,772
|
|
0
|
|
7,772
|
Tax
expense
|
(703)
|
|
0
|
|
(703)
|
|
(5,473)
|
|
0
|
|
(5,473)
|
Gain on disposition
of real estate, net
|
26,102
|
|
10,717
|
|
36,819
|
|
36,361
|
|
(42)
|
|
36,319
|
Net income
(loss)
|
87,241
|
|
0
|
|
87,241
|
|
(223,867)
|
|
0
|
|
(223,867)
|
Non-controlling
interests
|
(610)
|
|
0
|
|
(610)
|
|
(1,322)
|
|
0
|
|
(1,322)
|
Net income (loss)
DDR
|
86,631
|
|
0
|
|
86,631
|
|
(225,189)
|
|
0
|
|
(225,189)
|
Preferred
dividends
|
(11,188)
|
|
|
|
|
|
(11,188)
|
|
|
|
|
Net income (loss)
Common Shareholders
|
75,443
|
|
|
|
|
|
(236,377)
|
|
|
|
|
Depreciation and
amortization of real estate
|
190,480
|
|
|
|
|
|
198,106
|
|
|
|
|
Equity in net income
of JVs
|
(15,538)
|
|
|
|
|
|
(1,703)
|
|
|
|
|
JVs' FFO
|
12,576
|
|
|
|
|
|
14,519
|
|
|
|
|
Non-controlling
interests
|
152
|
|
|
|
|
|
497
|
|
|
|
|
Impairment of
depreciable real estate
|
0
|
|
|
|
|
|
179,748
|
|
|
|
|
Gain on disposition
of depreciable real estate,
net
|
(28,250)
|
|
|
|
|
|
(36,548)
|
|
|
|
|
FFO Common
Shareholders
|
234,863
|
|
|
|
|
|
118,242
|
|
|
|
|
Non-operating items,
net (9)
|
1,807
|
|
|
|
|
|
100,287
|
|
|
|
|
Operating
FFO
|
$236,670
|
|
|
|
|
|
$218,529
|
|
|
|
|
FFO per share
– Diluted (10)
|
$0.64
|
|
|
|
|
|
$0.33
|
|
|
|
|
Operating FFO per
share – Diluted (10)
|
$0.65
|
|
|
|
|
|
$0.60
|
|
|
|
|
|
|
|
DDR Corp.
Balance Sheet: Consolidated Interests
|
|
|
$ in
thousands
|
At Period
End
|
|
2Q16
|
|
4Q15
|
|
Consolidated
|
|
Share of
JVs
|
|
Total
DDR Share (Non-GAAP)
|
|
Consolidated
|
|
Share of
JVs
|
|
Total
DDR Share (Non-GAAP)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
$2,137,889
|
|
$174,406
|
|
$2,312,295
|
|
$2,184,145
|
|
$181,843
|
|
$2,365,988
|
Buildings
|
6,893,792
|
|
471,139
|
|
7,364,931
|
|
6,965,632
|
|
491,662
|
|
7,457,294
|
Fixtures and tenant
improvements
|
756,617
|
|
30,764
|
|
787,381
|
|
743,037
|
|
31,105
|
|
774,142
|
|
9,788,298
|
|
676,309
|
|
10,464,607
|
|
9,892,814
|
|
704,610
|
|
10,597,424
|
Depreciation
|
(2,115,084)
|
|
(152,440)
|
|
(2,267,524)
|
|
(2,062,899)
|
|
(152,035)
|
|
(2,214,934)
|
|
7,673,214
|
|
523,869
|
|
8,197,083
|
|
7,829,915
|
|
552,575
|
|
8,382,490
|
Construction in
progress and land
|
161,663
|
|
7,048
|
|
168,711
|
|
235,385
|
|
5,654
|
|
241,039
|
Real estate,
net
|
7,834,877
|
|
530,917
|
|
8,365,794
|
|
8,065,300
|
|
558,229
|
|
8,623,529
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in
JVs
|
65,186
|
|
2,330
|
|
67,516
|
|
72,576
|
|
636
|
|
73,212
|
Preferred equity
interest
|
400,203
|
|
0
|
|
400,203
|
|
395,156
|
|
0
|
|
395,156
|
Cash
|
17,981
|
|
8,956
|
|
26,937
|
|
22,416
|
|
7,815
|
|
30,231
|
Restricted
cash
|
9,173
|
|
727
|
|
9,900
|
|
10,104
|
|
803
|
|
10,907
|
Notes receivable,
net
|
47,294
|
|
0
|
|
47,294
|
|
42,534
|
|
0
|
|
42,534
|
Receivables,
net
|
124,878
|
|
7,213
|
|
132,091
|
|
129,089
|
|
8,151
|
|
137,240
|
Other assets, net
(11)
|
321,994
|
|
19,900
|
|
341,894
|
|
359,913
|
|
21,598
|
|
381,511
|
Total
Assets
|
8,821,586
|
|
570,043
|
|
9,391,629
|
|
9,097,088
|
|
597,232
|
|
9,694,320
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit
facilities
|
265,000
|
|
0
|
|
265,000
|
|
210,000
|
|
0
|
|
210,000
|
Unsecured
debt
|
2,911,277
|
|
0
|
|
2,911,277
|
|
3,149,188
|
|
0
|
|
3,149,188
|
Unsecured term
loan
|
398,167
|
|
0
|
|
398,167
|
|
397,934
|
|
0
|
|
397,934
|
Secured
debt
|
1,364,363
|
|
425,166
|
|
1,789,529
|
|
1,382,415
|
|
441,918
|
|
1,824,333
|
|
4,938,807
|
|
425,166
|
|
5,363,973
|
|
5,139,537
|
|
441,918
|
|
5,581,455
|
Dividends
payable
|
75,078
|
|
0
|
|
75,078
|
|
68,604
|
|
0
|
|
68,604
|
Other liabilities
(12)
|
398,909
|
|
20,367
|
|
419,276
|
|
425,478
|
|
19,686
|
|
445,164
|
Total
Liabilities
|
5,412,794
|
|
445,533
|
|
5,858,327
|
|
5,633,619
|
|
461,604
|
|
6,095,223
|
|
|
|
|
|
|
|
|
|
|
|
|
JVs share of
equity
|
0
|
|
22,340
|
|
22,340
|
|
0
|
|
20,393
|
|
20,393
|
Preferred
shares
|
350,000
|
|
0
|
|
350,000
|
|
350,000
|
|
0
|
|
350,000
|
Common
shares
|
36,551
|
|
0
|
|
36,551
|
|
36,529
|
|
0
|
|
36,529
|
Paid-in
capital
|
5,473,632
|
|
0
|
|
5,473,632
|
|
5,466,511
|
|
0
|
|
5,466,511
|
Distributions in
excess of net income
|
(2,455,319)
|
|
102,170
|
|
(2,353,149)
|
|
(2,391,793)
|
|
115,235
|
|
(2,276,558)
|
Deferred
compensation
|
15,425
|
|
0
|
|
15,425
|
|
15,537
|
|
0
|
|
15,537
|
Other comprehensive
income
|
(5,157)
|
|
0
|
|
(5,157)
|
|
(6,283)
|
|
0
|
|
(6,283)
|
Common shares in
treasury at cost
|
(14,919)
|
|
0
|
|
(14,919)
|
|
(15,316)
|
|
0
|
|
(15,316)
|
Non-controlling
interests
|
8,579
|
|
0
|
|
8,579
|
|
8,284
|
|
0
|
|
8,284
|
Total
Equity
|
3,408,792
|
|
124,510
|
|
3,533,302
|
|
3,463,469
|
|
135,628
|
|
3,599,097
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
$8,821,586
|
|
$570,043
|
|
$9,391,629
|
|
$9,097,088
|
|
$597,232
|
|
$9,694,320
|
|
|
|
DDR Corp.
Income Statement: Unconsolidated Interests at
100%
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q16
|
|
2Q15
|
|
6M16
|
|
6M15
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Minimum
rents
|
|
|
|
|
$96,960
|
|
$98,437
|
|
$193,535
|
|
$202,174
|
Percentage
rent
|
|
|
|
|
573
|
|
353
|
|
904
|
|
942
|
Recoveries
|
|
|
|
|
30,312
|
|
30,603
|
|
60,281
|
|
61,462
|
Other property
revenues
|
|
|
|
|
1,045
|
|
3,673
|
|
2,080
|
|
6,088
|
|
|
|
|
|
128,890
|
|
133,066
|
|
256,800
|
|
270,666
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Operating and
maintenance
|
|
|
|
|
18,644
|
|
18,620
|
|
37,643
|
|
39,315
|
Real estate
taxes
|
|
|
|
|
18,329
|
|
17,470
|
|
36,986
|
|
35,741
|
|
|
|
|
|
36,973
|
|
36,090
|
|
74,629
|
|
75,056
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income (4)
|
|
|
|
|
91,917
|
|
96,976
|
|
182,171
|
|
195,610
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
(33,319)
|
|
(33,593)
|
|
(66,641)
|
|
(74,496)
|
Depreciation and
amortization
|
|
|
|
|
(49,021)
|
|
(51,482)
|
|
(98,056)
|
|
(108,219)
|
Impairment
charges
|
|
|
|
|
0
|
|
0
|
|
0
|
|
(448)
|
Preferred share
expense
|
|
|
|
|
(8,305)
|
|
(6,415)
|
|
(16,569)
|
|
(12,729)
|
Other (expense)
income, net
|
|
|
|
|
(6,319)
|
|
(6,126)
|
|
(12,130)
|
|
(12,195)
|
|
|
|
|
|
(5,047)
|
|
(640)
|
|
(11,225)
|
|
(12,477)
|
Gain (loss) on
disposition of real estate, net
|
|
114
|
|
(1,358)
|
|
53,597
|
|
(1,571)
|
Net (loss) income
attributable to unconsolidated JVs
|
|
(4,933)
|
|
(1,998)
|
|
42,372
|
|
(14,048)
|
Depreciation and
amortization
|
|
|
|
|
49,021
|
|
51,482
|
|
98,056
|
|
108,219
|
Impairment of
depreciable real estate
|
|
0
|
|
0
|
|
0
|
|
448
|
(Gain) loss on
disposition of depreciable real estate, net
|
|
(114)
|
|
1,358
|
|
(53,597)
|
|
1,571
|
FFO
|
|
|
|
|
43,974
|
|
50,842
|
|
86,831
|
|
96,190
|
FFO at DDR's
ownership interests
|
|
6,426
|
|
7,502
|
|
12,576
|
|
14,519
|
Operating FFO at
DDR's ownership interests
|
|
|
$6,446
|
|
$7,501
|
|
$12,596
|
|
$14,523
|
|
|
|
DDR Corp.
Balance Statement: Unconsolidated Interests at
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Period
End
|
|
|
|
|
|
|
|
|
|
2Q16
|
|
4Q15
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
|
|
|
|
|
|
$1,306,704
|
|
$1,343,889
|
Buildings
|
|
|
|
|
|
|
|
|
3,449,494
|
|
3,551,227
|
Improvements
|
|
|
|
|
|
|
|
|
192,647
|
|
191,581
|
|
|
|
|
|
|
|
|
|
4,948,845
|
|
5,086,697
|
Depreciation
|
|
|
|
|
|
|
|
|
(840,227)
|
|
(817,235)
|
|
|
|
|
|
|
|
|
|
4,108,618
|
|
4,269,462
|
Land held for
development and construction in progress
|
|
|
|
|
|
58,654
|
|
52,390
|
Real estate,
net
|
|
|
|
|
|
|
|
|
4,167,272
|
|
4,321,852
|
Cash and restricted
cash
|
|
|
|
|
|
|
|
|
69,815
|
|
58,916
|
Receivables,
net
|
|
|
|
|
|
|
|
|
48,568
|
|
52,768
|
Other assets,
net
|
|
|
|
|
|
|
|
|
286,501
|
|
318,546
|
Total
Assets
|
|
|
|
|
|
|
|
|
4,572,156
|
|
4,752,082
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
debt
|
|
|
|
|
|
|
|
|
3,118,908
|
|
3,177,603
|
Notes and accrued
interest payable to DDR
|
|
|
|
|
|
2,555
|
|
1,556
|
Other
liabilities
|
|
|
|
|
|
|
|
|
223,109
|
|
219,799
|
Total
Liabilities
|
|
|
|
|
|
|
|
|
3,344,572
|
|
3,398,958
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable preferred
equity
|
|
|
|
|
|
|
|
|
400,203
|
|
395,156
|
Accumulated
equity
|
|
|
|
|
|
|
|
|
827,381
|
|
957,968
|
Total Liabilities
and Equity
|
|
|
|
|
|
|
|
|
$4,572,156
|
|
$4,752,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR Corp.
Financial Statements: Footnotes
|
|
$ in millions, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q16
|
|
2Q15
|
|
6M16
|
|
6M15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Minimum
rents:
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rent,
net
|
|
|
|
$1.3
|
|
$0.7
|
|
$2.6
|
|
$2.1
|
|
Below-market rent,
net
|
|
|
|
1.1
|
|
0.9
|
|
1.4
|
|
1.2
|
|
Ground lease
revenue
|
|
|
|
10.2
|
|
9.3
|
|
20.3
|
|
18.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Other property
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Lease termination
fees
|
|
|
|
0.3
|
|
1.4
|
|
1.5
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Recoverable
expenses
|
|
|
|
(65.0)
|
|
(67.0)
|
|
(131.1)
|
|
(137.2)
|
|
Non-recoverable
expenses
|
|
|
|
(6.9)
|
|
(6.8)
|
|
(13.8)
|
|
(13.0)
|
|
Straight-line ground
rent expense
|
|
|
|
(0.2)
|
|
(0.1)
|
|
(0.3)
|
|
(0.3)
|
|
Expensed costs of
suspended developments
|
|
(0.1)
|
|
(0.2)
|
|
(0.2)
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Same Store
NOI:
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
NOI
|
|
|
|
|
174.0
|
|
175.1
|
|
|
|
|
|
Less: Non-controlling
interests
|
|
|
(0.4)
|
|
(0.4)
|
|
|
|
|
|
Unconsolidated NOI at
DDR Share
|
|
|
13.0
|
|
14.5
|
|
|
|
|
|
|
|
|
|
|
186.6
|
|
189.2
|
|
|
|
|
|
Less: Non-Same Store
NOI
|
|
(14.2)
|
|
(22.0)
|
|
|
|
|
|
Same Store
NOI
|
|
|
|
|
172.4
|
|
167.2
|
|
|
|
|
|
% Increase at DDR
share
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Non-cash interest
expense:
|
|
|
|
|
|
|
|
|
|
Debt fair value
amortization
|
1.6
|
|
4.5
|
|
3.1
|
|
9.8
|
|
Loan cost
amortization
|
|
(2.1)
|
|
(2.4)
|
|
(4.3)
|
|
(5.0)
|
|
Interest expense
(capitalized)
|
|
0.7
|
|
1.6
|
|
1.9
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
General and
administrative expenses:
|
|
|
|
|
|
|
|
|
|
Executive separation
charges
|
|
(0.0)
|
|
(1.7)
|
|
(0.0)
|
|
(2.3)
|
|
Stock compensation
expenses
|
|
(1.7)
|
|
(1.5)
|
|
(3.3)
|
|
(3.6)
|
|
Internal leasing
expenses
|
|
(2.0)
|
|
(1.7)
|
|
(4.1)
|
|
(3.7)
|
|
Construction
administrative costs (capitalized)
|
|
1.9
|
|
2.2
|
|
3.9
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Other income
(primarily insurance recovery), net
|
2.1
|
|
(0.0)
|
|
3.9
|
|
(0.2)
|
|
Debt extinguishment,
net
|
|
(0.0)
|
|
2.4
|
|
(0.0)
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
Impairment
charges:
|
|
|
|
|
|
|
|
|
|
Assets marketed for
sale
|
|
(0.0)
|
|
(0.0)
|
|
(0.0)
|
|
(179.7)
|
|
Land previously held
for development
|
|
(0.0)
|
|
(0.0)
|
|
(0.0)
|
|
(99.3)
|
|
|
|
$ in millions, except
per share
|
|
|
|
|
|
2Q16
|
|
2Q15
|
|
6M16
|
|
6M15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
Non-operating
items excluded from Operating FFO:
|
|
|
|
|
|
|
|
|
|
Impairment charges –
non-depreciable assets
|
|
$0.0
|
|
$0.0
|
|
$0.0
|
|
$99.3
|
|
Executive separation
charges
|
|
0.0
|
|
1.7
|
|
0.0
|
|
2.3
|
|
Transaction, debt
extinguishment, litigation, other, net
|
|
0.0
|
|
(1.9)
|
|
0.0
|
|
1.5
|
|
Loss (gain) on sale
and change in control of interests, net
|
|
0.0
|
|
6.5
|
|
0.0
|
|
(7.8)
|
|
Tax expense
(primarily Puerto Rico restructuring), net
|
|
(0.3)
|
|
0.0
|
|
(0.3)
|
|
4.4
|
|
Loss on disposition
of non-depreciable real estate, net
|
|
2.4
|
|
0.1
|
|
2.1
|
|
0.6
|
|
|
|
2.1
|
|
6.4
|
|
1.8
|
|
100.3
|
|
|
|
|
|
|
|
|
|
|
(10)
|
Outstanding per
share information:
|
|
|
|
|
|
|
|
|
|
Common shares (at
quarter end)
|
|
365.5
|
|
361.1
|
|
365.5
|
|
361.1
|
|
OP units (at quarter
end)
|
|
0.4
|
|
1.4
|
|
0.4
|
|
1.4
|
|
Total shares and
units (at quarter end)
|
|
365.9
|
|
362.5
|
|
365.9
|
|
362.5
|
|
Weighted average
shares and units – Basic – EPS
|
|
365.0
|
|
360.1
|
|
364.9
|
|
359.9
|
|
Assumed conversion of
dilutive securities
|
|
0.3
|
|
4.1
|
|
0.3
|
|
0.0
|
|
Weighted average
shares and units – Diluted – EPS
|
|
365.3
|
|
364.2
|
|
365.2
|
|
359.9
|
|
Weighted average
shares and units – Basic – FFO & OFFO
|
|
365.9
|
|
362.5
|
|
365.8
|
|
362.4
|
|
Assumed conversion of
dilutive securities
|
|
0.3
|
|
0.4
|
|
0.3
|
|
0.5
|
|
Weighted average
shares and units – Diluted – FFO & OFFO
|
|
366.2
|
|
362.9
|
|
366.1
|
|
362.9
|
|
Earnings per common
share – Basic & Diluted
|
|
$0.10
|
|
$0.03
|
|
$0.21
|
|
$(0.66)
|
|
FFO per share – Basic
& Diluted
|
|
$0.33
|
|
$0.29
|
|
$0.64
|
|
$0.33
|
|
Operating FFO per
share – Diluted
|
|
$0.33
|
|
$0.31
|
|
$0.65
|
|
$0.60
|
|
Common stock
dividends declared, per share
|
|
$0.19
|
|
$0.1725
|
|
$0.38
|
|
$0.345
|
|
|
|
|
|
|
|
|
|
|
(11)
|
Intangible assets,
net (at quarter and year end)
|
|
|
|
|
|
271.5
|
|
311.0
|
|
|
|
|
|
|
|
|
|
|
(12)
|
Below-market
leases, net (at quarter and year end)
|
|
|
|
|
|
152.2
|
|
155.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
financial information:
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Capital
expenditures (DDR share):
|
|
|
|
|
|
|
|
|
|
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Retenanting
|
|
|
$7.9
|
|
$10.7
|
|
$16.3
|
|
$22.7
|
|
Maintenance –
reimbursable and non reimbursable
|
|
6.0
|
|
4.3
|
|
7.0
|
|
5.9
|
|
Maintenance PSF of
owned GLA – non reimbursable
|
|
|
|
|
|
0.04
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous
(DDR share):
|
|
|
|
|
|
|
|
|
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Est. value of land
owned adjacent to existing centers
|
|
|
|
|
|
$26
|
|
|
|
Cost basis of
headquarters (non-income producing)
|
|
|
|
|
|
40
|
|
|
|
|
|
|
|
|
|