UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 29, 2015
DDR Corp.
(Exact name
of registrant as specified in its charter)
|
|
|
|
|
Ohio |
|
1-11690 |
|
34-1723097 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
|
|
3300 Enterprise Parkway, Beachwood, Ohio |
|
44122 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrants telephone number, including area code (216) 755-5500
Not Applicable
(Former
name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On July 29, 2015, DDR Corp. (the Company) issued a News Release containing financial results of the Company (the News Release) and
a quarterly financial supplement containing financial and property information of the Company (Quarterly Supplement) for the three and six months ended June 30, 2015. Among other things, the News Release reports net income of $0.03
per diluted share for the three months ended June 30, 2015, and net loss of $0.66 per diluted share for the six months ended June 30, 2015, as compared to net income of $0.19 and $0.12 per diluted share for the three and six months ended
June 30, 2014, respectively. A copy of the News Release is attached hereto as Exhibit 99.1 and a copy of the Quarterly Financial Supplement is attached hereto as Exhibit 99.2 and are each incorporated herein by reference. This information shall
not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a
filing under the Securities Act of 1933 (the Securities Act) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
|
|
Exhibit No. |
|
Description |
|
|
99.1 |
|
News release dated as of July 29, 2015. |
|
|
99.2 |
|
Quarterly financial supplement dated as of June 30, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
|
|
DDR CORP. |
|
|
By: |
|
/s/ Christa A. Vesy |
Name: |
|
Christa A. Vesy |
Title: |
|
Executive Vice President and Chief
Accounting Officer |
Date: July 29, 2015
EXHIBIT INDEX
|
|
|
Exhibit No. |
|
Description |
|
|
99.1 |
|
News release dated as of July 29, 2015. |
|
|
99.2 |
|
Quarterly financial supplement dated as of June 30, 2015. |
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 A 10.7% INCREASE IN OPERATING FFO PER DILUTED SHARE TO $0.31
FOR THE QUARTER ENDED JUNE 30, 2015
BEACHWOOD, OHIO, July 29, 2015 DDR Corp. (NYSE: DDR) today announced operating results for the second quarter ended June 30, 2015.
Financial Highlights
|
|
|
Second quarter operating funds from operations attributable to common shareholders (Operating FFO) increased $10.1 million to $111.4 million, or $0.31 per diluted share, compared to $101.3 million, or $0.28
per diluted share, for the prior-year comparable period. |
|
|
|
Second quarter net income attributable to common shareholders was $13.0 million, or $0.03 per diluted share, which compares to net income of $67.8 million, or $0.19 per diluted share, for the prior-year comparable
period. |
Significant Quarterly Activity
|
|
|
Generated same store net operating income growth of 3.0% on a pro rata basis |
|
|
|
Executed 369 new leases and renewals for 2.9 million square feet |
|
|
|
The annualized base rent per occupied square foot was $14.37 at June 30, 2015 as compared to $13.72 at June 30, 2014, an increase of 4.7% on a pro rata basis |
|
|
|
Generated new leasing spreads of 25.4% on a pro rata basis, and renewal leasing spreads of 7.2% on a pro rata basis |
|
|
|
The portfolio leased rate was 95.8% at June 30, 2015 and 2014 on a pro rata basis |
|
|
|
Acquired $111 million of wholly-owned prime power centers |
|
|
|
Sold ten assets totaling $60 million at DDRs share |
|
|
|
Repaid $153 million, 5.50% senior unsecured notes at maturity |
|
|
|
Amended and restated $750 million unsecured revolving credit facility to extend the final maturity date to June 2020, including options. The smaller unsecured revolving credit facility was also amended to reduce the
commitment to $50 million and modify certain other terms to conform to the primary facility. Pricing on both amended revolving credit facilities was reduced and is currently set at LIBOR plus 100 basis points, a decrease of 15 basis points from the
previous rate, and is determined based upon DDRs credit ratings. |
|
|
|
Entered into a $400 million unsecured term loan with Wells Fargo Bank, as administrative agent, and PNC Bank, as syndication agent. The unsecured term loan has a maturity date of April 2020, including options. Pricing
on the unsecured term loan is currently set at LIBOR plus 110 basis points and is determined based upon DDRs credit ratings. There was $300 million drawn at June 30, 2015. |
|
|
|
Repaid $257 million of mortgage debt that had encumbered four prime power centers |
We are pleased to
report another strong quarter of operational and transactional results driving an increase in earnings, commented David J. Oakes, president and chief executive officer of DDR. Our portfolio transformation and operating platform continue
to drive earnings growth and generate net asset value for our shareholders.
2015 Guidance
|
|
|
There has been no change in Operating FFO per share guidance since the initial release on January 7, 2015. The Company continues to estimate Operating FFO for 2015 between $1.20 and $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 Companys 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, (iv) extraordinary items
and (v) 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
Companys 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.
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 Companys
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 oversupply 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; constructing properties or expansions that produce a desired yield 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 June 30, 2015. 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 Companys Form 10-K for the year ended December 31, 2014, as amended. The Company
undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
About DDR Corp.
DDR is an owner and manager of 401
value-oriented shopping centers representing 119 million square feet in 41 states and Puerto Rico. The Companys portfolio is comprised primarily of large-format power centers located in top U.S. markets, and 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 at www.ddr.com.
Conference Call and Supplemental Information
A copy of the Companys Supplemental package is available upon request to Brooke Vanek at the Companys corporate office, 3300 Enterprise Parkway,
Beachwood, Ohio 44122 or at www.ddr.com.
The Company will hold its quarterly conference call tomorrow, July 30, 2015, 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 DDRs website, http://ir.ddr.com/events.cfm.
DDR Corp.
Income Statement: Consolidated Interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in thousands, except per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents (1) |
|
$ |
179,363 |
|
|
$ |
169,395 |
|
|
$ |
360,060 |
|
|
$ |
335,582 |
|
Percentage rent |
|
|
1,372 |
|
|
|
624 |
|
|
|
2,757 |
|
|
|
2,265 |
|
Recoveries |
|
|
62,021 |
|
|
|
56,031 |
|
|
|
126,101 |
|
|
|
113,831 |
|
Ancillary income |
|
|
4,648 |
|
|
|
5,935 |
|
|
|
8,866 |
|
|
|
12,138 |
|
Other revenues (2) |
|
|
1,528 |
|
|
|
2,176 |
|
|
|
1,898 |
|
|
|
3,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
248,932 |
|
|
|
234,161 |
|
|
|
499,682 |
|
|
|
467,450 |
|
Expenses (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance |
|
|
36,029 |
|
|
|
33,990 |
|
|
|
74,755 |
|
|
|
70,577 |
|
Real estate taxes |
|
|
37,797 |
|
|
|
35,085 |
|
|
|
75,426 |
|
|
|
69,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,826 |
|
|
|
69,075 |
|
|
|
150,181 |
|
|
|
139,638 |
|
|
|
|
|
|
Net operating income |
|
|
175,106 |
|
|
|
165,086 |
|
|
|
349,501 |
|
|
|
327,812 |
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee income |
|
|
8,391 |
|
|
|
7,879 |
|
|
|
16,466 |
|
|
|
16,102 |
|
Interest income |
|
|
7,211 |
|
|
|
3,158 |
|
|
|
14,372 |
|
|
|
6,286 |
|
Interest expense (4) |
|
|
(61,287 |
) |
|
|
(59,634 |
) |
|
|
(124,307 |
) |
|
|
(119,332 |
) |
Depreciation and amortization |
|
|
(99,300 |
) |
|
|
(95,203 |
) |
|
|
(202,315 |
) |
|
|
(198,823 |
) |
General and administrative (5) |
|
|
(19,271 |
) |
|
|
(19,085 |
) |
|
|
(37,866 |
) |
|
|
(39,338 |
) |
Other income (expense), net (6) |
|
|
2,368 |
|
|
|
(4,100 |
) |
|
|
(1,060 |
) |
|
|
(8,283 |
) |
Impairment charges (7) |
|
|
0 |
|
|
|
(14,342 |
) |
|
|
(279,021 |
) |
|
|
(16,671 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before earnings from equity method investments and other items |
|
|
13,218 |
|
|
|
(16,241 |
) |
|
|
(264,230 |
) |
|
|
(32,247 |
) |
Equity in net income of joint ventures |
|
|
1,642 |
|
|
|
1,131 |
|
|
|
1,703 |
|
|
|
6,621 |
|
Impairment of joint venture investments |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(9,100 |
) |
(Loss) gain on sale and change in control of interests, net |
|
|
(6,507 |
) |
|
|
83,830 |
|
|
|
7,772 |
|
|
|
83,830 |
|
Income from discontinued operations (8) |
|
|
0 |
|
|
|
7,345 |
|
|
|
0 |
|
|
|
10,357 |
|
Tax expense |
|
|
(573 |
) |
|
|
(642 |
) |
|
|
(5,473 |
) |
|
|
(1,327 |
) |
Gain on disposition of real estate, net of tax |
|
|
11,267 |
|
|
|
1,472 |
|
|
|
36,361 |
|
|
|
383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
19,047 |
|
|
|
76,895 |
|
|
|
(223,867 |
) |
|
|
58,517 |
|
Non-controlling interests (9) |
|
|
(449 |
) |
|
|
(878 |
) |
|
|
(1,322 |
) |
|
|
860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to DDR |
|
|
18,598 |
|
|
|
76,017 |
|
|
|
(225,189 |
) |
|
|
59,377 |
|
Write-off of preferred share original issuance costs |
|
|
0 |
|
|
|
(1,943 |
) |
|
|
0 |
|
|
|
(1,943 |
) |
Preferred dividends |
|
|
(5,594 |
) |
|
|
(6,259 |
) |
|
|
(11,188 |
) |
|
|
(12,867 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Common Shareholders |
|
|
13,004 |
|
|
|
67,815 |
|
|
|
(236,377 |
) |
|
|
44,567 |
|
|
|
|
|
|
FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common shareholders |
|
|
13,004 |
|
|
|
67,815 |
|
|
|
(236,377 |
) |
|
|
44,567 |
|
Depreciation and amortization of real estate investments |
|
|
97,239 |
|
|
|
97,677 |
|
|
|
198,106 |
|
|
|
204,744 |
|
Equity in net income of joint ventures |
|
|
(1,642 |
) |
|
|
(1,131 |
) |
|
|
(1,703 |
) |
|
|
(6,621 |
) |
Joint ventures FFO |
|
|
7,502 |
|
|
|
7,377 |
|
|
|
14,519 |
|
|
|
16,120 |
|
Non-controlling interests (OP units) |
|
|
248 |
|
|
|
223 |
|
|
|
497 |
|
|
|
285 |
|
Impairment of depreciable real estate |
|
|
0 |
|
|
|
1,102 |
|
|
|
179,748 |
|
|
|
11,491 |
|
Gain on disposition of depreciable real estate, net |
|
|
(11,312 |
) |
|
|
(90,937 |
) |
|
|
(36,548 |
) |
|
|
(102,648 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to Common Shareholders |
|
|
105,039 |
|
|
|
82,126 |
|
|
|
118,242 |
|
|
|
167,938 |
|
Non-operating items, net (10) |
|
|
6,357 |
|
|
|
19,137 |
|
|
|
100,287 |
|
|
|
34,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating FFO |
|
$ |
111,396 |
|
|
$ |
101,263 |
|
|
$ |
218,529 |
|
|
$ |
201,973 |
|
|
|
|
|
|
FFO per share Diluted (11) |
|
$ |
0.29 |
|
|
$ |
0.23 |
|
|
$ |
0.33 |
|
|
$ |
0.47 |
|
Operating FFO per share Diluted (11) |
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
0.60 |
|
|
$ |
0.56 |
|
DDR Corp.
Balance Sheet: Consolidated Interests
|
|
|
|
|
|
|
|
|
$ in thousands |
|
At Period End |
|
|
|
2Q15 |
|
|
4Q14 |
|
Assets: |
|
|
|
|
|
|
|
|
Land |
|
$ |
2,208,102 |
|
|
$ |
2,208,468 |
|
Buildings |
|
|
6,988,655 |
|
|
|
7,087,040 |
|
Fixtures and tenant improvements |
|
|
672,612 |
|
|
|
645,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,869,369 |
|
|
|
9,940,543 |
|
Less: Accumulated depreciation |
|
|
(1,998,760 |
) |
|
|
(1,909,585 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
7,870,609 |
|
|
|
8,030,958 |
|
Construction in progress and land |
|
|
311,005 |
|
|
|
395,242 |
|
|
|
|
|
|
|
|
|
|
Real estate, net |
|
|
8,181,614 |
|
|
|
8,426,200 |
|
|
|
|
Investments in and advances to joint ventures |
|
|
399,218 |
|
|
|
414,848 |
|
Cash |
|
|
25,268 |
|
|
|
20,937 |
|
Restricted cash |
|
|
11,417 |
|
|
|
11,375 |
|
Notes receivable, net |
|
|
47,304 |
|
|
|
56,245 |
|
Receivables, including straight-line rent, net |
|
|
128,509 |
|
|
|
132,661 |
|
Other assets, net (12) |
|
|
432,257 |
|
|
|
479,629 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
9,225,587 |
|
|
|
9,541,895 |
|
|
|
|
Liabilities and Equity: |
|
|
|
|
|
|
|
|
Revolving credit facilities |
|
|
241,474 |
|
|
|
29,009 |
|
Unsecured debt |
|
|
3,115,459 |
|
|
|
2,765,893 |
|
Unsecured term loan |
|
|
300,000 |
|
|
|
350,000 |
|
Mortgage and other secured debt |
|
|
1,603,231 |
|
|
|
2,089,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,260,164 |
|
|
|
5,234,707 |
|
Dividends payable |
|
|
67,884 |
|
|
|
61,468 |
|
Other liabilities (13) |
|
|
450,070 |
|
|
|
448,192 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
5,778,118 |
|
|
|
5,744,367 |
|
|
|
|
Preferred shares |
|
|
350,000 |
|
|
|
350,000 |
|
Common shares |
|
|
36,117 |
|
|
|
36,071 |
|
Paid-in-capital |
|
|
5,448,298 |
|
|
|
5,438,778 |
|
Accumulated distributions in excess of net income |
|
|
(2,408,151 |
) |
|
|
(2,047,212 |
) |
Deferred compensation obligation |
|
|
16,980 |
|
|
|
16,609 |
|
Accumulated other comprehensive income |
|
|
(6,137 |
) |
|
|
(7,352 |
) |
Less: Common shares in treasury at cost |
|
|
(16,819 |
) |
|
|
(16,646 |
) |
Non-controlling interests |
|
|
27,181 |
|
|
|
27,280 |
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
3,447,469 |
|
|
|
3,797,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
9,225,587 |
|
|
$ |
9,541,895 |
|
DDR Corp.
Income Statement: Unconsolidated Interests at 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in thousands |
|
|
|
|
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
98,437 |
|
|
$ |
82,910 |
|
|
$ |
202,174 |
|
|
$ |
181,475 |
|
Percentage rent |
|
|
353 |
|
|
|
324 |
|
|
|
942 |
|
|
|
733 |
|
Recoveries |
|
|
30,603 |
|
|
|
21,309 |
|
|
|
61,462 |
|
|
|
43,192 |
|
Other revenues |
|
|
3,673 |
|
|
|
7,598 |
|
|
|
6,088 |
|
|
|
23,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133,066 |
|
|
|
112,141 |
|
|
|
270,666 |
|
|
|
248,641 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance |
|
|
30,944 |
|
|
|
26,611 |
|
|
|
63,655 |
|
|
|
61,746 |
|
Real estate taxes |
|
|
17,470 |
|
|
|
12,584 |
|
|
|
35,741 |
|
|
|
25,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,414 |
|
|
|
39,195 |
|
|
|
99,396 |
|
|
|
87,002 |
|
|
|
|
|
|
Net operating income |
|
|
84,652 |
|
|
|
72,946 |
|
|
|
171,270 |
|
|
|
161,639 |
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(33,593 |
) |
|
|
(41,787 |
) |
|
|
(74,496 |
) |
|
|
(91,844 |
) |
Depreciation and amortization |
|
|
(51,482 |
) |
|
|
(34,517 |
) |
|
|
(108,219 |
) |
|
|
(75,730 |
) |
Impairment charges |
|
|
0 |
|
|
|
(600 |
) |
|
|
(448 |
) |
|
|
(600 |
) |
Tax expense |
|
|
0 |
|
|
|
(2,425 |
) |
|
|
0 |
|
|
|
(6,565 |
) |
Other income (expense), net |
|
|
(217 |
) |
|
|
252 |
|
|
|
(584 |
) |
|
|
(2,790 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(85,292 |
) |
|
|
(79,077 |
) |
|
|
(183,747 |
) |
|
|
(177,529 |
) |
Loss from continuing operations |
|
|
(640 |
) |
|
|
(6,131 |
) |
|
|
(12,477 |
) |
|
|
(15,890 |
) |
Loss from discontinued operations |
|
|
0 |
|
|
|
(1,695 |
) |
|
|
0 |
|
|
|
(4,187 |
) |
Gain on disposition of discontinued operations, net |
|
|
0 |
|
|
|
2,038 |
|
|
|
0 |
|
|
|
23,511 |
|
Loss on disposition of real estate, net |
|
|
(1,358 |
) |
|
|
0 |
|
|
|
(1,571 |
) |
|
|
0 |
|
Non-controlling interests |
|
|
0 |
|
|
|
(535 |
) |
|
|
0 |
|
|
|
(2,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to unconsolidated joint ventures |
|
|
(1,998 |
) |
|
|
(6,323 |
) |
|
|
(14,048 |
) |
|
|
1,411 |
|
Depreciation and amortization of real estate investments |
|
|
51,482 |
|
|
|
38,272 |
|
|
|
108,219 |
|
|
|
82,447 |
|
Impairment of depreciable real estate |
|
|
0 |
|
|
|
600 |
|
|
|
448 |
|
|
|
600 |
|
Loss (gain) on disposition of depreciable real estate, net |
|
|
1,358 |
|
|
|
(1,947 |
) |
|
|
1,571 |
|
|
|
(23,420 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
|
50,842 |
|
|
|
30,602 |
|
|
|
96,190 |
|
|
|
61,038 |
|
FFO at DDRs ownership interests |
|
|
7,502 |
|
|
|
7,377 |
|
|
|
14,519 |
|
|
|
16,120 |
|
Operating FFO at DDRs ownership interests |
|
|
7,501 |
|
|
|
7,158 |
|
|
|
14,523 |
|
|
|
16,253 |
|
|
|
|
|
|
Net income at DDRs ownership interests |
|
|
1,317 |
|
|
|
1,436 |
|
|
|
1,070 |
|
|
|
6,167 |
|
Basis differences |
|
|
325 |
|
|
|
(305 |
) |
|
|
633 |
|
|
|
454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income of joint ventures |
|
$ |
1,642 |
|
|
$ |
1,131 |
|
|
$ |
1,703 |
|
|
$ |
6,621 |
|
DDR Corp.
Balance Sheet: Unconsolidated Interests at 100%
|
|
|
|
|
|
|
|
|
$ in thousands |
|
At Period End |
|
|
|
2Q15 |
|
|
4Q14 |
|
Assets: |
|
|
|
|
|
|
|
|
Land |
|
$ |
1,346,862 |
|
|
$ |
1,439,849 |
|
Buildings |
|
|
3,566,004 |
|
|
|
3,854,585 |
|
Fixtures and tenant improvements |
|
|
184,661 |
|
|
|
200,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,097,527 |
|
|
|
5,495,130 |
|
Less: Accumulated depreciation |
|
|
(770,122 |
) |
|
|
(773,256 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
4,327,405 |
|
|
|
4,721,874 |
|
Land held for development and construction in progress |
|
|
54,209 |
|
|
|
55,698 |
|
|
|
|
|
|
|
|
|
|
Real estate, net |
|
|
4,381,614 |
|
|
|
4,777,572 |
|
Cash and restricted cash |
|
|
80,234 |
|
|
|
100,812 |
|
Receivables, including straight-line rent, net |
|
|
48,814 |
|
|
|
80,508 |
|
Other assets, net |
|
|
346,595 |
|
|
|
394,751 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
4,857,257 |
|
|
|
5,353,643 |
|
|
|
|
Liabilities and Equity: |
|
|
|
|
|
|
|
|
Mortgage debt |
|
|
3,247,337 |
|
|
|
3,552,764 |
|
Notes and accrued interest payable to DDR |
|
|
3,031 |
|
|
|
144,831 |
|
Other liabilities |
|
|
205,924 |
|
|
|
276,998 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
3,456,292 |
|
|
|
3,974,593 |
|
|
|
|
Redeemable preferred equity |
|
|
309,150 |
|
|
|
305,310 |
|
Accumulated equity |
|
|
1,091,815 |
|
|
|
1,073,740 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
4,857,257 |
|
|
$ |
5,353,643 |
|
DDR Corp.
Financial Statements: Footnotes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in millions, except per share |
|
|
|
|
|
|
Includes discontinued operations |
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
|
|
|
|
|
|
(1) |
|
Minimum rents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rent, net |
|
$ |
0.7 |
|
|
$ |
1.5 |
|
|
$ |
2.1 |
|
|
$ |
2.5 |
|
|
|
Below-market rent, net |
|
|
0.9 |
|
|
|
0.7 |
|
|
|
1.2 |
|
|
|
0.6 |
|
|
|
Ground lease revenue |
|
|
9.3 |
|
|
|
8.1 |
|
|
|
18.4 |
|
|
|
16.0 |
|
|
|
|
|
|
|
(2) |
|
Other revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease termination fees |
|
|
1.4 |
|
|
|
2.0 |
|
|
|
1.6 |
|
|
|
3.3 |
|
|
|
Other miscellaneous |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
|
|
|
|
(3) |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoverable expenses (2014 excludes sold assets) |
|
|
(67.8 |
) |
|
|
(62.4 |
) |
|
|
(138.5 |
) |
|
|
(125.3 |
) |
|
|
Non-recoverable expenses (2014 excludes sold assets) |
|
|
(6.0 |
) |
|
|
(6.7 |
) |
|
|
(11.7 |
) |
|
|
(14.3 |
) |
|
|
Straight-line ground rent expense |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.6 |
) |
|
|
Expensed costs of suspended developments |
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
|
|
|
|
(4) |
|
Non-cash interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt accretion |
|
|
(3.0 |
) |
|
|
(2.8 |
) |
|
|
(5.9 |
) |
|
|
(5.6 |
) |
|
|
Debt fair value amortization |
|
|
4.5 |
|
|
|
4.1 |
|
|
|
9.8 |
|
|
|
8.4 |
|
|
|
Loan cost amortization |
|
|
(2.4 |
) |
|
|
(3.1 |
) |
|
|
(5.0 |
) |
|
|
(6.3 |
) |
|
|
Interest expense (capitalized) |
|
|
1.6 |
|
|
|
2.2 |
|
|
|
3.2 |
|
|
|
4.0 |
|
|
|
|
|
|
|
(5) |
|
General and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Executive separation charges |
|
|
(1.7 |
) |
|
|
(0.0 |
) |
|
|
(2.3 |
) |
|
|
(0.0 |
) |
|
|
Stock compensation expenses |
|
|
(1.5 |
) |
|
|
(2.0 |
) |
|
|
(3.6 |
) |
|
|
(3.9 |
) |
|
|
Internal leasing expenses |
|
|
(1.7 |
) |
|
|
(1.8 |
) |
|
|
(3.7 |
) |
|
|
(3.8 |
) |
|
|
Construction administrative costs (capitalized) |
|
|
2.2 |
|
|
|
2.5 |
|
|
|
4.6 |
|
|
|
4.9 |
|
|
|
|
|
|
|
(6) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions and other, net |
|
|
(0.0 |
) |
|
|
(3.4 |
) |
|
|
(0.2 |
) |
|
|
(7.3 |
) |
|
|
Litigation expenses |
|
|
(0.0 |
) |
|
|
(0.7 |
) |
|
|
(0.0 |
) |
|
|
(1.0 |
) |
|
|
Debt extinguishment, net |
|
|
2.4 |
|
|
|
0.0 |
|
|
|
(0.9 |
) |
|
|
0.0 |
|
|
|
|
|
|
|
(7) |
|
Impairment charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets marketed for sale |
|
|
(0.0 |
) |
|
|
(1.1 |
) |
|
|
(179.7 |
) |
|
|
(11.5 |
) |
|
|
Land previously held for development |
|
|
(0.0 |
) |
|
|
(13.2 |
) |
|
|
(99.3 |
) |
|
|
(13.7 |
) |
DDR Corp.
Financial Statements: Footnotes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in millions, except per share |
|
|
|
|
|
|
Includes discontinued operations |
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
|
|
|
|
|
|
(8) |
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
n/a |
|
|
$ |
11.5 |
|
|
|
n/a |
|
|
$ |
25.6 |
|
|
|
Expenses |
|
|
n/a |
|
|
|
(6.0 |
) |
|
|
n/a |
|
|
|
(13.5 |
) |
|
|
Impairments |
|
|
n/a |
|
|
|
(0.0 |
) |
|
|
n/a |
|
|
|
(8.5 |
) |
|
|
Depreciation |
|
|
n/a |
|
|
|
(4.7 |
) |
|
|
n/a |
|
|
|
(10.4 |
) |
|
|
Gain on disposition of real estate, net |
|
|
n/a |
|
|
|
6.5 |
|
|
|
n/a |
|
|
|
17.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
n/a |
|
|
|
7.3 |
|
|
|
n/a |
|
|
|
10.4 |
|
|
|
|
|
Note: Presented for 2014 only as DDR adopted the new accounting guidance on January 1, 2015, which changed the definition for reporting. |
|
|
|
|
|
|
|
(9) |
|
Non-controlling interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to non-controlling interests |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.9 |
) |
|
|
(0.4 |
) |
|
|
Operating FFO attributable to non-controlling interests |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
(0.4 |
) |
|
|
|
|
|
|
(10) |
|
Non-operating items excluded from Operating FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash impairment charges non-depreciable assets |
|
|
0.0 |
|
|
|
13.2 |
|
|
|
99.3 |
|
|
|
22.8 |
|
|
|
Executive separation charges |
|
|
1.7 |
|
|
|
0.0 |
|
|
|
2.3 |
|
|
|
0.0 |
|
|
|
Transaction, debt extinguishment, litigation, other, net |
|
|
(1.9 |
) |
|
|
4.5 |
|
|
|
1.5 |
|
|
|
9.3 |
|
|
|
Joint ventures transaction, currency, other |
|
|
0.0 |
|
|
|
(0.2 |
) |
|
|
0.0 |
|
|
|
0.1 |
|
|
|
Non-cash loss (gain) on sale and change in control of interests, net |
|
|
6.5 |
|
|
|
0.0 |
|
|
|
(7.8 |
) |
|
|
0.0 |
|
|
|
Tax expense (primarily Puerto Rico restructuring) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
4.4 |
|
|
|
0.0 |
|
|
|
Loss (gain) on sale of non-depreciable real estate, net |
|
|
0.1 |
|
|
|
(0.3 |
) |
|
|
0.6 |
|
|
|
(0.1 |
) |
|
|
Non-cash write-off of preferred share original issuance costs |
|
|
0.0 |
|
|
|
1.9 |
|
|
|
0.0 |
|
|
|
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.4 |
|
|
|
19.1 |
|
|
|
100.3 |
|
|
|
34.0 |
|
|
|
|
|
|
|
(11) |
|
Outstanding per share information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares (at quarter end) |
|
|
361.1 |
|
|
|
359.6 |
|
|
|
361.1 |
|
|
|
359.6 |
|
|
|
OP units (at quarter end) |
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares and units (at quarter end) |
|
|
362.5 |
|
|
|
361.0 |
|
|
|
362.5 |
|
|
|
361.0 |
|
|
|
Weighted average shares and units Basic EPS |
|
|
360.1 |
|
|
|
357.8 |
|
|
|
359.9 |
|
|
|
357.7 |
|
|
|
Assumed conversion of dilutive securities |
|
|
4.1 |
|
|
|
0.5 |
|
|
|
0.0 |
|
|
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and units Diluted EPS |
|
|
364.2 |
|
|
|
358.3 |
|
|
|
359.9 |
|
|
|
358.2 |
|
|
|
Weighted average shares and units Basic FFO & OFFO |
|
|
362.5 |
|
|
|
360.1 |
|
|
|
362.4 |
|
|
|
359.8 |
|
|
|
Assumed conversion of dilutive securities |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and units Diluted FFO & OFFO |
|
|
362.9 |
|
|
|
360.6 |
|
|
|
362.9 |
|
|
|
360.3 |
|
|
|
Earnings per common share Basic & Diluted |
|
$ |
0.03 |
|
|
$ |
0.19 |
|
|
$ |
(0.66 |
) |
|
$ |
0.12 |
|
|
|
FFO per share Basic & Diluted |
|
$ |
0.29 |
|
|
$ |
0.23 |
|
|
$ |
0.33 |
|
|
$ |
0.47 |
|
|
|
Operating FFO per share Diluted |
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
0.60 |
|
|
$ |
0.56 |
|
|
|
Common stock dividends declared, per share |
|
$ |
0.1725 |
|
|
$ |
0.155 |
|
|
$ |
0.345 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
(12) |
|
Intangible assets, net (at quarter and year end) |
|
|
|
|
|
|
|
|
|
|
353.2 |
|
|
|
389.2 |
|
|
|
|
|
|
|
(13) |
|
Below-market leases, net (at quarter and year end) |
|
|
|
|
|
|
|
|
|
|
149.9 |
|
|
|
139.3 |
|
DDR Corp.
Financial Statements: Footnotes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
|
|
|
|
|
Additional financial information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (DDR share): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retenanting |
|
$ |
10.7 |
|
|
$ |
9.3 |
|
|
$ |
22.7 |
|
|
$ |
20.6 |
|
|
|
Maintenance total |
|
|
4.3 |
|
|
|
2.1 |
|
|
|
5.9 |
|
|
|
3.2 |
|
|
|
Maintenance PSF of owned GLA non reimbursable |
|
|
|
|
|
|
|
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
|
|
|
|
|
|
Miscellaneous (DDR share): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Est. value of land owned adjacent to existing centers (at quarter end) |
|
|
|
|
|
|
|
|
|
|
26.5 |
|
|
|
|
|
|
|
Cost basis of headquarters (non-income producing at quarter end) |
|
|
|
|
|
|
|
|
|
|
40.0 |
|
|
|
|
|
Exhibit 99.2
DDR Corp.
Table of Contents
|
|
|
|
|
Section |
|
Page |
|
Earnings Release & Financial Statements |
|
|
|
|
Press Release |
|
|
1 - 9 |
|
|
|
Asset Summary |
|
|
|
|
Portfolio Summary |
|
|
10 |
|
Portfolio Detail |
|
|
11 |
|
Leasing Summary |
|
|
12 |
|
Top 50 Tenants |
|
|
13 |
|
Top 50 Assets by ABR at DDR Share |
|
|
14 |
|
|
|
Investments |
|
|
|
|
Transactions |
|
|
15 |
|
Developments/Redevelopments |
|
|
16 |
|
|
|
Joint Ventures |
|
|
|
|
Summary |
|
|
17 |
|
Income Statement |
|
|
18 |
|
Balance Sheet |
|
|
19 |
|
|
|
Balance Sheet Summary |
|
|
|
|
Capital Structure |
|
|
20 |
|
Debt/EBITDA |
|
|
21 |
|
Debt Summary |
|
|
22 |
|
Consolidated Debt Detail |
|
|
23 - 25 |
|
Unconsolidated Debt Detail |
|
|
26 - 27 |
|
|
|
Analyst Information and Reporting Policies |
|
|
|
|
Analyst Coverage |
|
|
28 |
|
Notable Policies |
|
|
29 - 30 |
|
Property list available online at http://www.ddr.com
DDR considers portions of this information 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 Companys expectations 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 the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply 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; constructing properties or expansions that produce a desired yield on
investment; ability to sell assets on commercially reasonable terms; ability to secure equity or debt financing on commercially acceptable terms or at all; or 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; and the finalization of the financial statements for the three months ended June 30, 2015. For additional factors that could cause the results of the
Company to differ materially from these indicated in the forward-looking statements, please refer to the Companys Form 10-K for the year ended December 31, 2014, as amended. The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that arise after the date hereof.
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 A 10.7% INCREASE IN OPERATING FFO PER DILUTED SHARE TO $0.31
FOR THE QUARTER ENDED JUNE 30, 2015
BEACHWOOD, OHIO, July 29, 2015 DDR Corp. (NYSE: DDR) today announced operating results for the second quarter ended June 30, 2015.
Financial Highlights
|
|
|
Second quarter operating funds from operations attributable to common shareholders (Operating FFO) increased $10.1 million to $111.4 million, or $0.31 per diluted share, compared to $101.3 million, or $0.28
per diluted share, for the prior-year comparable period. |
|
|
|
Second quarter net income attributable to common shareholders was $13.0 million, or $0.03 per diluted share, which compares to net income of $67.8 million, or $0.19 per diluted share, for the prior-year comparable
period. |
Significant Quarterly Activity
|
|
|
Generated same store net operating income growth of 3.0% on a pro rata basis |
|
|
|
Executed 369 new leases and renewals for 2.9 million square feet |
|
|
|
The annualized base rent per occupied square foot was $14.37 at June 30, 2015 as compared to $13.72 at June 30, 2014, an increase of 4.7% on a pro rata basis |
|
|
|
Generated new leasing spreads of 25.4% on a pro rata basis, and renewal leasing spreads of 7.2% on a pro rata basis |
|
|
|
The portfolio leased rate was 95.8% at June 30, 2015 and 2014 on a pro rata basis |
|
|
|
Acquired $111 million of wholly-owned prime power centers |
|
|
|
Sold ten assets totaling $60 million at DDRs share |
|
|
|
Repaid $153 million, 5.50% senior unsecured notes at maturity |
|
|
|
Amended and restated $750 million unsecured revolving credit facility to extend the final maturity date to June 2020, including options. The smaller unsecured revolving credit facility was also amended to reduce the
commitment to $50 million and modify certain other terms to conform to the primary facility. Pricing on both amended revolving credit facilities was reduced and is currently set at LIBOR plus 100 basis points, a decrease of 15 basis points from the
previous rate, and is determined based upon DDRs credit ratings. |
|
|
|
Entered into a $400 million unsecured term loan with Wells Fargo Bank, as administrative agent, and PNC Bank, as syndication agent. The unsecured term loan has a maturity date of April 2020, including options. Pricing
on the unsecured term loan is currently set at LIBOR plus 110 basis points and is determined based upon DDRs credit ratings. There was $300 million drawn at June 30, 2015. |
|
|
|
Repaid $257 million of mortgage debt that had encumbered four prime power centers |
We are pleased to
report another strong quarter of operational and transactional results driving an increase in earnings, commented David J. Oakes, president and chief executive officer of DDR. Our portfolio transformation and operating platform continue
to drive earnings growth and generate net asset value for our shareholders.
2015 Guidance
|
|
|
There has been no change in Operating FFO per share guidance since the initial release on January 7, 2015. The Company continues to estimate Operating FFO for 2015 between $1.20 and $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 Companys operating performance or as an alternative to cash flow as a measure of liquidity.
1
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, (iv) extraordinary items
and (v) 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
Companys 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.
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 Companys
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 oversupply 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; constructing properties or expansions that produce a desired yield 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 June 30, 2015. 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 Companys Form 10-K for the year ended December 31, 2014, as amended. The Company
undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
About DDR Corp.
DDR is an owner and manager of 401
value-oriented shopping centers representing 119 million square feet in 41 states and Puerto Rico. The Companys portfolio is comprised primarily of large-format power centers located in top U.S. markets, and 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 at www.ddr.com.
Conference Call and Supplemental Information
A copy of the Companys Supplemental package is available upon request to Brooke Vanek at the Companys corporate office, 3300 Enterprise Parkway,
Beachwood, Ohio 44122 or at www.ddr.com.
The Company will hold its quarterly conference call tomorrow, July 30, 2015, 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 DDRs website, http://ir.ddr.com/events.cfm.
2
DDR Corp.
Income Statement: Consolidated Interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in thousands, except per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents (1) |
|
$ |
179,363 |
|
|
$ |
169,395 |
|
|
$ |
360,060 |
|
|
$ |
335,582 |
|
Percentage rent |
|
|
1,372 |
|
|
|
624 |
|
|
|
2,757 |
|
|
|
2,265 |
|
Recoveries |
|
|
62,021 |
|
|
|
56,031 |
|
|
|
126,101 |
|
|
|
113,831 |
|
Ancillary income |
|
|
4,648 |
|
|
|
5,935 |
|
|
|
8,866 |
|
|
|
12,138 |
|
Other revenues (2) |
|
|
1,528 |
|
|
|
2,176 |
|
|
|
1,898 |
|
|
|
3,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
248,932 |
|
|
|
234,161 |
|
|
|
499,682 |
|
|
|
467,450 |
|
Expenses (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance |
|
|
36,029 |
|
|
|
33,990 |
|
|
|
74,755 |
|
|
|
70,577 |
|
Real estate taxes |
|
|
37,797 |
|
|
|
35,085 |
|
|
|
75,426 |
|
|
|
69,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,826 |
|
|
|
69,075 |
|
|
|
150,181 |
|
|
|
139,638 |
|
|
|
|
|
|
Net operating income |
|
|
175,106 |
|
|
|
165,086 |
|
|
|
349,501 |
|
|
|
327,812 |
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee income |
|
|
8,391 |
|
|
|
7,879 |
|
|
|
16,466 |
|
|
|
16,102 |
|
Interest income |
|
|
7,211 |
|
|
|
3,158 |
|
|
|
14,372 |
|
|
|
6,286 |
|
Interest expense (4) |
|
|
(61,287 |
) |
|
|
(59,634 |
) |
|
|
(124,307 |
) |
|
|
(119,332 |
) |
Depreciation and amortization |
|
|
(99,300 |
) |
|
|
(95,203 |
) |
|
|
(202,315 |
) |
|
|
(198,823 |
) |
General and administrative (5) |
|
|
(19,271 |
) |
|
|
(19,085 |
) |
|
|
(37,866 |
) |
|
|
(39,338 |
) |
Other income (expense), net (6) |
|
|
2,368 |
|
|
|
(4,100 |
) |
|
|
(1,060 |
) |
|
|
(8,283 |
) |
Impairment charges (7) |
|
|
0 |
|
|
|
(14,342 |
) |
|
|
(279,021 |
) |
|
|
(16,671 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before earnings from equity method investments and other items |
|
|
13,218 |
|
|
|
(16,241 |
) |
|
|
(264,230 |
) |
|
|
(32,247 |
) |
Equity in net income of joint ventures |
|
|
1,642 |
|
|
|
1,131 |
|
|
|
1,703 |
|
|
|
6,621 |
|
Impairment of joint venture investments |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(9,100 |
) |
(Loss) gain on sale and change in control of interests, net |
|
|
(6,507 |
) |
|
|
83,830 |
|
|
|
7,772 |
|
|
|
83,830 |
|
Income from discontinued operations (8) |
|
|
0 |
|
|
|
7,345 |
|
|
|
0 |
|
|
|
10,357 |
|
Tax expense |
|
|
(573 |
) |
|
|
(642 |
) |
|
|
(5,473 |
) |
|
|
(1,327 |
) |
Gain on disposition of real estate, net of tax |
|
|
11,267 |
|
|
|
1,472 |
|
|
|
36,361 |
|
|
|
383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
19,047 |
|
|
|
76,895 |
|
|
|
(223,867 |
) |
|
|
58,517 |
|
Non-controlling interests (9) |
|
|
(449 |
) |
|
|
(878 |
) |
|
|
(1,322 |
) |
|
|
860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to DDR |
|
|
18,598 |
|
|
|
76,017 |
|
|
|
(225,189 |
) |
|
|
59,377 |
|
Write-off of preferred share original issuance costs |
|
|
0 |
|
|
|
(1,943 |
) |
|
|
0 |
|
|
|
(1,943 |
) |
Preferred dividends |
|
|
(5,594 |
) |
|
|
(6,259 |
) |
|
|
(11,188 |
) |
|
|
(12,867 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Common Shareholders |
|
|
13,004 |
|
|
|
67,815 |
|
|
|
(236,377 |
) |
|
|
44,567 |
|
|
|
|
|
|
FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common shareholders |
|
|
13,004 |
|
|
|
67,815 |
|
|
|
(236,377 |
) |
|
|
44,567 |
|
Depreciation and amortization of real estate investments |
|
|
97,239 |
|
|
|
97,677 |
|
|
|
198,106 |
|
|
|
204,744 |
|
Equity in net income of joint ventures |
|
|
(1,642 |
) |
|
|
(1,131 |
) |
|
|
(1,703 |
) |
|
|
(6,621 |
) |
Joint ventures FFO |
|
|
7,502 |
|
|
|
7,377 |
|
|
|
14,519 |
|
|
|
16,120 |
|
Non-controlling interests (OP units) |
|
|
248 |
|
|
|
223 |
|
|
|
497 |
|
|
|
285 |
|
Impairment of depreciable real estate |
|
|
0 |
|
|
|
1,102 |
|
|
|
179,748 |
|
|
|
11,491 |
|
Gain on disposition of depreciable real estate, net |
|
|
(11,312 |
) |
|
|
(90,937 |
) |
|
|
(36,548 |
) |
|
|
(102,648 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to Common Shareholders |
|
|
105,039 |
|
|
|
82,126 |
|
|
|
118,242 |
|
|
|
167,938 |
|
Non-operating items, net (10) |
|
|
6,357 |
|
|
|
19,137 |
|
|
|
100,287 |
|
|
|
34,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating FFO |
|
$ |
111,396 |
|
|
$ |
101,263 |
|
|
$ |
218,529 |
|
|
$ |
201,973 |
|
|
|
|
|
|
FFO per share Diluted (11) |
|
$ |
0.29 |
|
|
$ |
0.23 |
|
|
$ |
0.33 |
|
|
$ |
0.47 |
|
Operating FFO per share Diluted (11) |
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
0.60 |
|
|
$ |
0.56 |
|
3
DDR Corp.
Balance Sheet: Consolidated Interests
|
|
|
|
|
|
|
|
|
$ in thousands |
|
At Period End |
|
|
|
2Q15 |
|
|
4Q14 |
|
Assets: |
|
|
|
|
|
|
|
|
Land |
|
$ |
2,208,102 |
|
|
$ |
2,208,468 |
|
Buildings |
|
|
6,988,655 |
|
|
|
7,087,040 |
|
Fixtures and tenant improvements |
|
|
672,612 |
|
|
|
645,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,869,369 |
|
|
|
9,940,543 |
|
Less: Accumulated depreciation |
|
|
(1,998,760 |
) |
|
|
(1,909,585 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
7,870,609 |
|
|
|
8,030,958 |
|
Construction in progress and land |
|
|
311,005 |
|
|
|
395,242 |
|
|
|
|
|
|
|
|
|
|
Real estate, net |
|
|
8,181,614 |
|
|
|
8,426,200 |
|
|
|
|
Investments in and advances to joint ventures |
|
|
399,218 |
|
|
|
414,848 |
|
Cash |
|
|
25,268 |
|
|
|
20,937 |
|
Restricted cash |
|
|
11,417 |
|
|
|
11,375 |
|
Notes receivable, net |
|
|
47,304 |
|
|
|
56,245 |
|
Receivables, including straight-line rent, net |
|
|
128,509 |
|
|
|
132,661 |
|
Other assets, net (12) |
|
|
432,257 |
|
|
|
479,629 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
9,225,587 |
|
|
|
9,541,895 |
|
|
|
|
Liabilities and Equity: |
|
|
|
|
|
|
|
|
Revolving credit facilities |
|
|
241,474 |
|
|
|
29,009 |
|
Unsecured debt |
|
|
3,115,459 |
|
|
|
2,765,893 |
|
Unsecured term loan |
|
|
300,000 |
|
|
|
350,000 |
|
Mortgage and other secured debt |
|
|
1,603,231 |
|
|
|
2,089,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,260,164 |
|
|
|
5,234,707 |
|
Dividends payable |
|
|
67,884 |
|
|
|
61,468 |
|
Other liabilities (13) |
|
|
450,070 |
|
|
|
448,192 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
5,778,118 |
|
|
|
5,744,367 |
|
|
|
|
Preferred shares |
|
|
350,000 |
|
|
|
350,000 |
|
Common shares |
|
|
36,117 |
|
|
|
36,071 |
|
Paid-in-capital |
|
|
5,448,298 |
|
|
|
5,438,778 |
|
Accumulated distributions in excess of net income |
|
|
(2,408,151 |
) |
|
|
(2,047,212 |
) |
Deferred compensation obligation |
|
|
16,980 |
|
|
|
16,609 |
|
Accumulated other comprehensive income |
|
|
(6,137 |
) |
|
|
(7,352 |
) |
Less: Common shares in treasury at cost |
|
|
(16,819 |
) |
|
|
(16,646 |
) |
Non-controlling interests |
|
|
27,181 |
|
|
|
27,280 |
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
3,447,469 |
|
|
|
3,797,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
9,225,587 |
|
|
$ |
9,541,895 |
|
4
DDR Corp.
Income Statement: Unconsolidated Interests at 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in thousands |
|
|
|
|
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
98,437 |
|
|
$ |
82,910 |
|
|
$ |
202,174 |
|
|
$ |
181,475 |
|
Percentage rent |
|
|
353 |
|
|
|
324 |
|
|
|
942 |
|
|
|
733 |
|
Recoveries |
|
|
30,603 |
|
|
|
21,309 |
|
|
|
61,462 |
|
|
|
43,192 |
|
Other revenues |
|
|
3,673 |
|
|
|
7,598 |
|
|
|
6,088 |
|
|
|
23,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133,066 |
|
|
|
112,141 |
|
|
|
270,666 |
|
|
|
248,641 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance |
|
|
30,944 |
|
|
|
26,611 |
|
|
|
63,655 |
|
|
|
61,746 |
|
Real estate taxes |
|
|
17,470 |
|
|
|
12,584 |
|
|
|
35,741 |
|
|
|
25,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,414 |
|
|
|
39,195 |
|
|
|
99,396 |
|
|
|
87,002 |
|
|
|
|
|
|
Net operating income |
|
|
84,652 |
|
|
|
72,946 |
|
|
|
171,270 |
|
|
|
161,639 |
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(33,593 |
) |
|
|
(41,787 |
) |
|
|
(74,496 |
) |
|
|
(91,844 |
) |
Depreciation and amortization |
|
|
(51,482 |
) |
|
|
(34,517 |
) |
|
|
(108,219 |
) |
|
|
(75,730 |
) |
Impairment charges |
|
|
0 |
|
|
|
(600 |
) |
|
|
(448 |
) |
|
|
(600 |
) |
Tax expense |
|
|
0 |
|
|
|
(2,425 |
) |
|
|
0 |
|
|
|
(6,565 |
) |
Other income (expense), net |
|
|
(217 |
) |
|
|
252 |
|
|
|
(584 |
) |
|
|
(2,790 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(85,292 |
) |
|
|
(79,077 |
) |
|
|
(183,747 |
) |
|
|
(177,529 |
) |
Loss from continuing operations |
|
|
(640 |
) |
|
|
(6,131 |
) |
|
|
(12,477 |
) |
|
|
(15,890 |
) |
Loss from discontinued operations |
|
|
0 |
|
|
|
(1,695 |
) |
|
|
0 |
|
|
|
(4,187 |
) |
Gain on disposition of discontinued operations, net |
|
|
0 |
|
|
|
2,038 |
|
|
|
0 |
|
|
|
23,511 |
|
Loss on disposition of real estate, net |
|
|
(1,358 |
) |
|
|
0 |
|
|
|
(1,571 |
) |
|
|
0 |
|
Non-controlling interests |
|
|
0 |
|
|
|
(535 |
) |
|
|
0 |
|
|
|
(2,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to unconsolidated joint ventures |
|
|
(1,998 |
) |
|
|
(6,323 |
) |
|
|
(14,048 |
) |
|
|
1,411 |
|
Depreciation and amortization of real estate investments |
|
|
51,482 |
|
|
|
38,272 |
|
|
|
108,219 |
|
|
|
82,447 |
|
Impairment of depreciable real estate |
|
|
0 |
|
|
|
600 |
|
|
|
448 |
|
|
|
600 |
|
Loss (gain) on disposition of depreciable real estate, net |
|
|
1,358 |
|
|
|
(1,947 |
) |
|
|
1,571 |
|
|
|
(23,420 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
|
50,842 |
|
|
|
30,602 |
|
|
|
96,190 |
|
|
|
61,038 |
|
FFO at DDRs ownership interests |
|
|
7,502 |
|
|
|
7,377 |
|
|
|
14,519 |
|
|
|
16,120 |
|
Operating FFO at DDRs ownership interests |
|
|
7,501 |
|
|
|
7,158 |
|
|
|
14,523 |
|
|
|
16,253 |
|
|
|
|
|
|
Net income at DDRs ownership interests |
|
|
1,317 |
|
|
|
1,436 |
|
|
|
1,070 |
|
|
|
6,167 |
|
Basis differences |
|
|
325 |
|
|
|
(305 |
) |
|
|
633 |
|
|
|
454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income of joint ventures |
|
$ |
1,642 |
|
|
$ |
1,131 |
|
|
$ |
1,703 |
|
|
$ |
6,621 |
|
5
DDR Corp.
Balance Sheet: Unconsolidated Interests at 100%
|
|
|
|
|
|
|
|
|
$ in thousands |
|
At Period End |
|
|
|
2Q15 |
|
|
4Q14 |
|
Assets: |
|
|
|
|
|
|
|
|
Land |
|
$ |
1,346,862 |
|
|
$ |
1,439,849 |
|
Buildings |
|
|
3,566,004 |
|
|
|
3,854,585 |
|
Fixtures and tenant improvements |
|
|
184,661 |
|
|
|
200,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,097,527 |
|
|
|
5,495,130 |
|
Less: Accumulated depreciation |
|
|
(770,122 |
) |
|
|
(773,256 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
4,327,405 |
|
|
|
4,721,874 |
|
Land held for development and construction in progress |
|
|
54,209 |
|
|
|
55,698 |
|
|
|
|
|
|
|
|
|
|
Real estate, net |
|
|
4,381,614 |
|
|
|
4,777,572 |
|
Cash and restricted cash |
|
|
80,234 |
|
|
|
100,812 |
|
Receivables, including straight-line rent, net |
|
|
48,814 |
|
|
|
80,508 |
|
Other assets, net |
|
|
346,595 |
|
|
|
394,751 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
4,857,257 |
|
|
|
5,353,643 |
|
|
|
|
Liabilities and Equity: |
|
|
|
|
|
|
|
|
Mortgage debt |
|
|
3,247,337 |
|
|
|
3,552,764 |
|
Notes and accrued interest payable to DDR |
|
|
3,031 |
|
|
|
144,831 |
|
Other liabilities |
|
|
205,924 |
|
|
|
276,998 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
3,456,292 |
|
|
|
3,974,593 |
|
|
|
|
Redeemable preferred equity |
|
|
309,150 |
|
|
|
305,310 |
|
Accumulated equity |
|
|
1,091,815 |
|
|
|
1,073,740 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
4,857,257 |
|
|
$ |
5,353,643 |
|
6
DDR Corp.
Financial Statements: Footnotes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in millions, except per share |
|
|
|
|
|
|
Includes discontinued operations |
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
|
|
|
|
|
|
(1) |
|
Minimum rents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rent, net |
|
$ |
0.7 |
|
|
$ |
1.5 |
|
|
$ |
2.1 |
|
|
$ |
2.5 |
|
|
|
Below-market rent, net |
|
|
0.9 |
|
|
|
0.7 |
|
|
|
1.2 |
|
|
|
0.6 |
|
|
|
Ground lease revenue |
|
|
9.3 |
|
|
|
8.1 |
|
|
|
18.4 |
|
|
|
16.0 |
|
|
|
|
|
|
|
(2) |
|
Other revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease termination fees |
|
|
1.4 |
|
|
|
2.0 |
|
|
|
1.6 |
|
|
|
3.3 |
|
|
|
Other miscellaneous |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
|
|
|
|
(3) |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoverable expenses (2014 excludes sold assets) |
|
|
(67.8 |
) |
|
|
(62.4 |
) |
|
|
(138.5 |
) |
|
|
(125.3 |
) |
|
|
Non-recoverable expenses (2014 excludes sold assets) |
|
|
(6.0 |
) |
|
|
(6.7 |
) |
|
|
(11.7 |
) |
|
|
(14.3 |
) |
|
|
Straight-line ground rent expense |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.6 |
) |
|
|
Expensed costs of suspended developments |
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
|
|
|
|
(4) |
|
Non-cash interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt accretion |
|
|
(3.0 |
) |
|
|
(2.8 |
) |
|
|
(5.9 |
) |
|
|
(5.6 |
) |
|
|
Debt fair value amortization |
|
|
4.5 |
|
|
|
4.1 |
|
|
|
9.8 |
|
|
|
8.4 |
|
|
|
Loan cost amortization |
|
|
(2.4 |
) |
|
|
(3.1 |
) |
|
|
(5.0 |
) |
|
|
(6.3 |
) |
|
|
Interest expense (capitalized) |
|
|
1.6 |
|
|
|
2.2 |
|
|
|
3.2 |
|
|
|
4.0 |
|
|
|
|
|
|
|
(5) |
|
General and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Executive separation charges |
|
|
(1.7 |
) |
|
|
(0.0 |
) |
|
|
(2.3 |
) |
|
|
(0.0 |
) |
|
|
Stock compensation expenses |
|
|
(1.5 |
) |
|
|
(2.0 |
) |
|
|
(3.6 |
) |
|
|
(3.9 |
) |
|
|
Internal leasing expenses |
|
|
(1.7 |
) |
|
|
(1.8 |
) |
|
|
(3.7 |
) |
|
|
(3.8 |
) |
|
|
Construction administrative costs (capitalized) |
|
|
2.2 |
|
|
|
2.5 |
|
|
|
4.6 |
|
|
|
4.9 |
|
|
|
|
|
|
|
(6) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions and other, net |
|
|
(0.0 |
) |
|
|
(3.4 |
) |
|
|
(0.2 |
) |
|
|
(7.3 |
) |
|
|
Litigation expenses |
|
|
(0.0 |
) |
|
|
(0.7 |
) |
|
|
(0.0 |
) |
|
|
(1.0 |
) |
|
|
Debt extinguishment, net |
|
|
2.4 |
|
|
|
0.0 |
|
|
|
(0.9 |
) |
|
|
0.0 |
|
|
|
|
|
|
|
(7) |
|
Impairment charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets marketed for sale |
|
|
(0.0 |
) |
|
|
(1.1 |
) |
|
|
(179.7 |
) |
|
|
(11.5 |
) |
|
|
Land previously held for development |
|
|
(0.0 |
) |
|
|
(13.2 |
) |
|
|
(99.3 |
) |
|
|
(13.7 |
) |
7
DDR Corp.
Financial Statements: Footnotes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in millions, except per share |
|
|
|
|
|
|
Includes discontinued operations |
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
|
|
|
|
|
|
(8) |
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
n/a |
|
|
$ |
11.5 |
|
|
|
n/a |
|
|
$ |
25.6 |
|
|
|
Expenses |
|
|
n/a |
|
|
|
(6.0 |
) |
|
|
n/a |
|
|
|
(13.5 |
) |
|
|
Impairments |
|
|
n/a |
|
|
|
(0.0 |
) |
|
|
n/a |
|
|
|
(8.5 |
) |
|
|
Depreciation |
|
|
n/a |
|
|
|
(4.7 |
) |
|
|
n/a |
|
|
|
(10.4 |
) |
|
|
Gain on disposition of real estate, net |
|
|
n/a |
|
|
|
6.5 |
|
|
|
n/a |
|
|
|
17.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
n/a |
|
|
|
7.3 |
|
|
|
n/a |
|
|
|
10.4 |
|
|
|
|
|
Note: Presented for 2014 only as DDR adopted the new accounting guidance on January 1, 2015, which changed the definition for reporting. |
|
|
|
|
|
|
|
(9) |
|
Non-controlling interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to non-controlling interests |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.9 |
) |
|
|
(0.4 |
) |
|
|
Operating FFO attributable to non-controlling interests |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
(0.4 |
) |
|
|
|
|
|
|
(10) |
|
Non-operating items excluded from Operating FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash impairment charges non-depreciable assets |
|
|
0.0 |
|
|
|
13.2 |
|
|
|
99.3 |
|
|
|
22.8 |
|
|
|
Executive separation charges |
|
|
1.7 |
|
|
|
0.0 |
|
|
|
2.3 |
|
|
|
0.0 |
|
|
|
Transaction, debt extinguishment, litigation, other, net |
|
|
(1.9 |
) |
|
|
4.5 |
|
|
|
1.5 |
|
|
|
9.3 |
|
|
|
Joint ventures transaction, currency, other |
|
|
0.0 |
|
|
|
(0.2 |
) |
|
|
0.0 |
|
|
|
0.1 |
|
|
|
Non-cash loss (gain) on sale and change in control of interests, net |
|
|
6.5 |
|
|
|
0.0 |
|
|
|
(7.8 |
) |
|
|
0.0 |
|
|
|
Tax expense (primarily Puerto Rico restructuring) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
4.4 |
|
|
|
0.0 |
|
|
|
Loss (gain) on sale of non-depreciable real estate, net |
|
|
0.1 |
|
|
|
(0.3 |
) |
|
|
0.6 |
|
|
|
(0.1 |
) |
|
|
Non-cash write-off of preferred share original issuance costs |
|
|
0.0 |
|
|
|
1.9 |
|
|
|
0.0 |
|
|
|
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.4 |
|
|
|
19.1 |
|
|
|
100.3 |
|
|
|
34.0 |
|
|
|
|
|
|
|
(11) |
|
Outstanding per share information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares (at quarter end) |
|
|
361.1 |
|
|
|
359.6 |
|
|
|
361.1 |
|
|
|
359.6 |
|
|
|
OP units (at quarter end) |
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares and units (at quarter end) |
|
|
362.5 |
|
|
|
361.0 |
|
|
|
362.5 |
|
|
|
361.0 |
|
|
|
Weighted average shares and units Basic EPS |
|
|
360.1 |
|
|
|
357.8 |
|
|
|
359.9 |
|
|
|
357.7 |
|
|
|
Assumed conversion of dilutive securities |
|
|
4.1 |
|
|
|
0.5 |
|
|
|
0.0 |
|
|
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and units Diluted EPS |
|
|
364.2 |
|
|
|
358.3 |
|
|
|
359.9 |
|
|
|
358.2 |
|
|
|
Weighted average shares and units Basic FFO & OFFO |
|
|
362.5 |
|
|
|
360.1 |
|
|
|
362.4 |
|
|
|
359.8 |
|
|
|
Assumed conversion of dilutive securities |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and units Diluted FFO & OFFO |
|
|
362.9 |
|
|
|
360.6 |
|
|
|
362.9 |
|
|
|
360.3 |
|
|
|
Earnings per common share Basic & Diluted |
|
$ |
0.03 |
|
|
$ |
0.19 |
|
|
$ |
(0.66 |
) |
|
$ |
0.12 |
|
|
|
FFO per share Basic & Diluted |
|
$ |
0.29 |
|
|
$ |
0.23 |
|
|
$ |
0.33 |
|
|
$ |
0.47 |
|
|
|
Operating FFO per share Diluted |
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
0.60 |
|
|
$ |
0.56 |
|
|
|
Common stock dividends declared, per share |
|
$ |
0.1725 |
|
|
$ |
0.155 |
|
|
$ |
0.345 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
(12) |
|
Intangible assets, net (at quarter and year end) |
|
|
|
|
|
|
|
|
|
|
353.2 |
|
|
|
389.2 |
|
|
|
|
|
|
|
(13) |
|
Below-market leases, net (at quarter and year end) |
|
|
|
|
|
|
|
|
|
|
149.9 |
|
|
|
139.3 |
|
8
DDR Corp.
Financial Statements: Footnotes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q15 |
|
|
2Q14 |
|
|
6M15 |
|
|
6M14 |
|
|
|
|
|
|
Additional financial information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (DDR share): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retenanting |
|
$ |
10.7 |
|
|
$ |
9.3 |
|
|
$ |
22.7 |
|
|
$ |
20.6 |
|
|
|
Maintenance total |
|
|
4.3 |
|
|
|
2.1 |
|
|
|
5.9 |
|
|
|
3.2 |
|
|
|
Maintenance PSF of owned GLA non reimbursable |
|
|
|
|
|
|
|
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
|
|
|
|
|
|
Miscellaneous (DDR share): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Est. value of land owned adjacent to existing centers (at quarter end) |
|
|
|
|
|
|
|
|
|
|
26.5 |
|
|
|
|
|
|
|
Cost basis of headquarters (non-income producing at quarter end) |
|
|
|
|
|
|
|
|
|
|
40.0 |
|
|
|
|
|
9
DDR Corp.
Portfolio Summary
$, GLA in millions, except PSF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 100% |
|
|
|
|
|
|
|
|
|
|
At DDR Share |
|
|
|
|
Portfolio Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Centers |
|
|
|
|
|
|
401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
401 |
|
|
|
|
|
Owned GLA |
|
|
|
|
|
|
79.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
54.6 |
|
|
|
|
|
Ground Lease GLA |
|
|
|
|
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.0 |
|
|
|
|
|
Additional Unowned |
|
|
|
|
|
|
32.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1 |
|
|
|
|
|
Base Rent PSF |
|
|
|
|
|
$ |
14.09 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14.37 |
|
|
|
|
|
Leased Rate |
|
|
|
|
|
|
95.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
95.8 |
% |
|
|
|
|
Commenced Rate |
|
|
|
|
|
|
93.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
94.0 |
% |
|
|
|
|
|
|
|
|
|
|
Same Store NOI at 100% |
|
|
|
|
Same Store NOI at DDR Share |
|
|
|
2Q15 |
|
|
2Q14 |
|
|
Change |
|
|
|
|
2Q15 |
|
|
2Q14 |
|
|
Change |
|
Same Store Leased Rate |
|
|
95.5 |
% |
|
|
95.4 |
% |
|
|
0.1 |
% |
|
|
|
|
95.8 |
% |
|
|
95.7 |
% |
|
|
0.1 |
% |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Rents |
|
$ |
213.5 |
|
|
$ |
209.6 |
|
|
|
1.8 |
% |
|
|
|
$ |
168.4 |
|
|
$ |
165.3 |
|
|
|
1.9 |
% |
Recoveries |
|
|
72.4 |
|
|
|
69.7 |
|
|
|
4.0 |
% |
|
|
|
|
58.8 |
|
|
|
56.8 |
|
|
|
3.5 |
% |
Other |
|
|
4.9 |
|
|
|
4.0 |
|
|
|
22.3 |
% |
|
|
|
|
4.2 |
|
|
|
3.4 |
|
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
290.8 |
|
|
|
283.3 |
|
|
|
2.6 |
% |
|
|
|
|
231.4 |
|
|
|
225.5 |
|
|
|
2.6 |
% |
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
(39.1 |
) |
|
|
(39.0 |
) |
|
|
0.4 |
% |
|
|
|
|
(30.7 |
) |
|
|
(30.7 |
) |
|
|
0.2 |
% |
Real Estate Taxes |
|
|
(42.1 |
) |
|
|
(40.8 |
) |
|
|
3.1 |
% |
|
|
|
|
(34.4 |
) |
|
|
(33.4 |
) |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(81.2 |
) |
|
|
(79.8 |
) |
|
|
1.8 |
% |
|
|
|
|
(65.1 |
) |
|
|
(64.0 |
) |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store NOI |
|
$ |
209.6 |
|
|
$ |
203.5 |
|
|
|
3.0 |
% |
|
|
|
$ |
166.3 |
|
|
$ |
161.5 |
|
|
|
3.0 |
% |
Non-Same Store NOI |
|
|
50.2 |
|
|
|
34.5 |
|
|
|
|
|
|
|
|
|
21.5 |
|
|
|
18.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
259.8 |
|
|
$ |
238.0 |
|
|
|
|
|
|
|
|
$ |
187.8 |
|
|
$ |
179.7 |
|
|
|
|
|
|
Same Store NOI Reconciliation to Income Statement |
|
|
|
|
|
|
Consolidated at 100%: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated at DDR Share: |
|
Revenues |
|
$ |
248.9 |
|
|
$ |
234.2 |
|
|
|
|
|
|
DDR Share |
|
$ |
175.1 |
|
|
$ |
165.1 |
|
|
|
|
|
Expenses |
|
|
(73.8 |
) |
|
|
(69.1 |
) |
|
|
|
|
|
JV Share |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
175.1 |
|
|
$ |
165.1 |
|
|
|
|
|
|
|
|
$ |
174.7 |
|
|
$ |
164.7 |
|
|
|
|
|
Unconsolidated at 100%: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated at DDR Share: |
|
Revenues |
|
$ |
133.1 |
|
|
$ |
112.1 |
|
|
|
|
|
|
Revenues |
|
$ |
20.0 |
|
|
$ |
22.8 |
|
|
|
|
|
Expenses |
|
|
(48.4 |
) |
|
|
(39.2 |
) |
|
|
|
|
|
Expenses |
|
|
(6.9 |
) |
|
|
(7.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
84.7 |
|
|
$ |
72.9 |
|
|
|
|
|
|
|
|
$ |
13.1 |
|
|
$ |
15.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
259.8 |
|
|
$ |
238.0 |
|
|
|
|
|
|
Total |
|
$ |
187.8 |
|
|
$ |
179.7 |
|
|
|
|
|
10
DDR Corp.
Portfolio Detail (at 100% unless otherwise noted)
Lease Expiration Schedule
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than 10,000 SF |
|
|
|
|
Less than 10,000 SF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABR |
|
|
Rent |
|
|
% of |
|
|
|
|
|
|
|
ABR |
|
|
Rent |
|
|
% of |
|
Year |
|
Leases |
|
|
(mil) |
|
|
PSF |
|
|
ABR |
|
|
|
|
Leases |
|
|
(mil) |
|
|
PSF |
|
|
ABR |
|
2015 |
|
|
33 |
|
|
$ |
10.2 |
|
|
$ |
10.49 |
|
|
|
1.0 |
% |
|
|
|
|
358 |
|
|
$ |
19.2 |
|
|
$ |
23.39 |
|
|
|
1.9 |
% |
2016 |
|
|
202 |
|
|
|
63.4 |
|
|
|
10.99 |
|
|
|
6.2 |
% |
|
|
|
|
931 |
|
|
|
55.4 |
|
|
|
22.29 |
|
|
|
5.4 |
% |
2017 |
|
|
216 |
|
|
|
81.2 |
|
|
|
10.86 |
|
|
|
7.9 |
% |
|
|
|
|
905 |
|
|
|
54.3 |
|
|
|
23.20 |
|
|
|
5.3 |
% |
2018 |
|
|
229 |
|
|
|
82.3 |
|
|
|
11.54 |
|
|
|
8.0 |
% |
|
|
|
|
926 |
|
|
|
64.7 |
|
|
|
23.94 |
|
|
|
6.3 |
% |
2019 |
|
|
239 |
|
|
|
93.9 |
|
|
|
11.13 |
|
|
|
9.2 |
% |
|
|
|
|
691 |
|
|
|
46.8 |
|
|
|
23.70 |
|
|
|
4.6 |
% |
2020 |
|
|
190 |
|
|
|
68.9 |
|
|
|
11.65 |
|
|
|
6.7 |
% |
|
|
|
|
461 |
|
|
|
31.7 |
|
|
|
23.27 |
|
|
|
3.1 |
% |
2021 |
|
|
136 |
|
|
|
59.7 |
|
|
|
10.80 |
|
|
|
5.8 |
% |
|
|
|
|
220 |
|
|
|
18.2 |
|
|
|
24.92 |
|
|
|
1.8 |
% |
2022 |
|
|
119 |
|
|
|
46.9 |
|
|
|
11.17 |
|
|
|
4.6 |
% |
|
|
|
|
209 |
|
|
|
17.9 |
|
|
|
24.83 |
|
|
|
1.7 |
% |
2023 |
|
|
118 |
|
|
|
44.8 |
|
|
|
10.55 |
|
|
|
4.4 |
% |
|
|
|
|
177 |
|
|
|
16.6 |
|
|
|
23.88 |
|
|
|
1.6 |
% |
2024 |
|
|
102 |
|
|
|
36.2 |
|
|
|
12.20 |
|
|
|
3.5 |
% |
|
|
|
|
222 |
|
|
|
20.9 |
|
|
|
24.01 |
|
|
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015-2024 |
|
|
1,584 |
|
|
$ |
587.5 |
|
|
$ |
11.14 |
|
|
|
57.3 |
% |
|
|
|
|
5,100 |
|
|
$ |
345.7 |
|
|
$ |
23.74 |
|
|
|
33.7 |
% |
Total Rent Roll |
|
|
1,706 |
|
|
$ |
658.5 |
|
|
$ |
11.43 |
|
|
|
64.3 |
% |
|
|
|
|
5,420 |
|
|
$ |
366.4 |
|
|
$ |
23.48 |
|
|
|
35.7 |
% |
|
|
|
|
|
|
Annual Metrics |
|
|
|
|
Leased Rate Breakdown at 100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ending |
|
|
Centers |
|
|
Leased Rate |
|
|
ABR PSF |
|
|
|
|
SF |
|
|
Leased Rate |
|
|
% of GLA |
|
|
% of Vacancy |
|
|
|
|
2Q 2015 |
|
|
|
401 |
|
|
|
95.5 |
% |
|
$ |
14.09 |
|
|
|
|
|
< 5,000 |
|
|
|
86.0 |
% |
|
|
14.8 |
% |
|
|
46.5 |
% |
|
|
|
YE 2014 |
|
|
|
415 |
|
|
|
95.7 |
% |
|
|
13.91 |
|
|
|
|
|
5,000-9,999 |
|
|
|
91.2 |
% |
|
|
8.6 |
% |
|
|
16.9 |
% |
|
|
|
YE 2013 |
|
|
|
406 |
|
|
|
95.0 |
% |
|
|
13.35 |
|
|
|
|
|
> 10,000 |
|
|
|
97.9 |
% |
|
|
76.6 |
% |
|
|
36.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YE 2012 |
|
|
|
444 |
|
|
|
94.1 |
% |
|
|
12.77 |
|
|
|
|
|
Total |
|
|
|
95.5 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
YE 2011 |
|
|
|
422 |
|
|
|
93.3 |
% |
|
|
12.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YE 2010 |
|
|
|
476 |
|
|
|
92.3 |
% |
|
|
12.46 |
|
|
|
|
|
Leased Rate Breakdown at DDR Share |
|
|
|
|
YE 2009 |
|
|
|
534 |
|
|
|
91.2 |
% |
|
|
12.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YE 2008 |
|
|
|
611 |
|
|
|
92.6 |
% |
|
|
12.34 |
|
|
|
|
|
|
|
|
|
Leased |
|
|
|
% of |
|
|
|
% of |
|
|
|
|
YE 2007 |
|
|
|
619 |
|
|
|
95.8 |
% |
|
|
12.22 |
|
|
|
|
|
SF |
|
|
|
Rate |
|
|
|
GLA |
|
|
|
Vacancy |
|
|
|
|
YE 2006 |
|
|
|
370 |
|
|
|
96.2 |
% |
|
|
11.57 |
|
|
|
|
|
< 5,000 |
|
|
|
86.2 |
% |
|
|
14.2 |
% |
|
|
47.2 |
% |
|
|
|
YE 2005 |
|
|
|
379 |
|
|
|
96.3 |
% |
|
|
11.30 |
|
|
|
|
|
5,000-9,999 |
|
|
|
91.1 |
% |
|
|
8.7 |
% |
|
|
18.6 |
% |
|
|
|
YE 2004 |
|
|
|
373 |
|
|
|
95.4 |
% |
|
|
11.13 |
|
|
|
|
|
> 10,000 |
|
|
|
98.2 |
% |
|
|
77.1 |
% |
|
|
34.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YE 2003 |
|
|
|
274 |
|
|
|
95.1 |
% |
|
|
10.82 |
|
|
|
|
|
Total |
|
|
|
95.8 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
YE 2002 |
|
|
|
189 |
|
|
|
95.9 |
% |
|
|
10.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YE 2001 |
|
|
|
192 |
|
|
|
95.4 |
% |
|
|
10.03 |
|
|
|
|
|
Portfolio Concentration at 100% |
|
|
|
|
YE 2000 |
|
|
|
190 |
|
|
|
96.9 |
% |
|
|
9.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YE 1999 |
|
|
|
186 |
|
|
|
95.7 |
% |
|
|
9.20 |
|
|
|
|
|
|
|
|
|
% of |
|
|
|
|
|
|
|
% of |
|
|
|
|
YE 1998 |
|
|
|
159 |
|
|
|
96.5 |
% |
|
|
8.99 |
|
|
|
|
|
|
|
|
|
ABR |
|
|
|
MSF |
|
|
|
GLA |
|
|
|
|
YE 1997 |
|
|
|
123 |
|
|
|
96.1 |
% |
|
|
8.49 |
|
|
|
|
|
Florida |
|
|
|
10.9 |
% |
|
|
10.2 |
|
|
|
11.7 |
% |
|
|
|
YE 1996 |
|
|
|
112 |
|
|
|
94.8 |
% |
|
|
7.85 |
|
|
|
|
|
Georgia |
|
|
|
9.4 |
% |
|
|
9.1 |
|
|
|
10.5 |
% |
|
|
|
YE 1995 |
|
|
|
106 |
|
|
|
96.3 |
% |
|
|
7.60 |
|
|
|
|
|
Puerto Rico |
|
|
|
7.5 |
% |
|
|
4.8 |
|
|
|
5.5 |
% |
|
|
|
YE 1994 |
|
|
|
84 |
|
|
|
97.1 |
% |
|
|
5.89 |
|
|
|
|
|
Ohio |
|
|
|
7.4 |
% |
|
|
7.1 |
|
|
|
8.2 |
% |
|
|
|
YE 1993 |
|
|
|
69 |
|
|
|
96.2 |
% |
|
|
5.60 |
|
|
|
|
|
N. Carolina |
|
|
|
6.7 |
% |
|
|
5.4 |
|
|
|
6.2 |
% |
|
|
|
YE 1992 |
|
|
|
53 |
|
|
|
95.4 |
% |
|
|
5.37 |
|
|
|
|
|
California |
|
|
|
5.1 |
% |
|
|
4.0 |
|
|
|
4.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
|
|
4.6 |
% |
|
|
3.2 |
|
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
|
|
4.5 |
% |
|
|
2.7 |
|
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas |
|
|
|
4.3 |
% |
|
|
3.5 |
|
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
3.9 |
% |
|
|
4.4 |
|
|
|
5.0 |
% |
11
DDR Corp.
Leasing Summary
Leases, GLA, and net effective
rents at 100%
All other figures at DDR share
Leasing
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of Leases |
|
|
GLA (000) |
|
|
New Rent PSF |
|
|
Rent Spread |
|
|
Wtd Avg Term (Years) |
|
|
|
|
|
Vacant < 12 months |
|
|
|
|
|
|
|
|
|
# of |
|
|
GLA |
|
|
|
|
|
|
|
|
|
Leases |
|
|
(000) |
|
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q15 |
|
|
124 |
|
|
|
680 |
|
|
$ |
16.88 |
|
|
|
26.9 |
% |
|
|
9.3 |
|
|
|
|
|
|
|
58 |
|
|
|
325 |
|
2Q15 |
|
|
146 |
|
|
|
835 |
|
|
|
20.35 |
|
|
|
25.4 |
% |
|
|
9.4 |
|
|
|
|
|
|
|
72 |
|
|
|
372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270 |
|
|
|
1,515 |
|
|
$ |
18.74 |
|
|
|
26.1 |
% |
|
|
9.3 |
|
|
|
|
|
|
|
130 |
|
|
|
697 |
|
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q15 |
|
|
165 |
|
|
|
1,931 |
|
|
$ |
13.77 |
|
|
|
6.7 |
% |
|
|
5.6 |
|
|
|
|
|
|
|
165 |
|
|
|
1,931 |
|
2Q15 |
|
|
223 |
|
|
|
2,030 |
|
|
|
15.04 |
|
|
|
7.2 |
% |
|
|
5.6 |
|
|
|
|
|
|
|
223 |
|
|
|
2,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
388 |
|
|
|
3,961 |
|
|
$ |
14.41 |
|
|
|
6.9 |
% |
|
|
5.6 |
|
|
|
|
|
|
|
388 |
|
|
|
3,961 |
|
New + Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q15 |
|
|
289 |
|
|
|
2,611 |
|
|
$ |
14.61 |
|
|
|
9.7 |
% |
|
|
6.6 |
|
|
|
|
|
|
|
223 |
|
|
|
2,256 |
|
2Q15 |
|
|
369 |
|
|
|
2,865 |
|
|
|
16.63 |
|
|
|
10.2 |
% |
|
|
6.7 |
|
|
|
|
|
|
|
295 |
|
|
|
2,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
658 |
|
|
|
5,476 |
|
|
$ |
15.65 |
|
|
|
10.0 |
% |
|
|
6.7 |
|
|
|
|
|
|
|
518 |
|
|
|
4,658 |
|
|
|
|
|
|
|
|
|
|
Net Effective Rents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLA (000) |
|
|
Base Rent PSF |
|
|
Capex PSF |
|
|
Net Effective Rent PSF |
|
|
Wtd Avg Term (Years) |
|
|
|
|
|
|
|
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q15 |
|
|
|
|
|
|
578 |
|
|
$ |
18.40 |
|
|
($ |
6.14 |
) |
|
$ |
12.26 |
|
|
|
8.6 |
|
|
|
|
|
|
|
|
|
2Q15 |
|
|
|
|
|
|
624 |
|
|
|
19.51 |
|
|
|
(5.28 |
) |
|
|
14.23 |
|
|
|
8.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,202 |
|
|
$ |
18.97 |
|
|
($ |
5.71 |
) |
|
$ |
13.26 |
|
|
|
8.4 |
|
|
|
|
|
|
|
|
|
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q15 |
|
|
|
|
|
|
1,931 |
|
|
$ |
13.78 |
|
|
($ |
0.03 |
) |
|
$ |
13.75 |
|
|
|
5.5 |
|
|
|
|
|
|
|
|
|
2Q15 |
|
|
|
|
|
|
2,030 |
|
|
|
15.57 |
|
|
|
(0.01 |
) |
|
|
15.56 |
|
|
|
5.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,961 |
|
|
$ |
14.70 |
|
|
($ |
0.02 |
) |
|
$ |
14.68 |
|
|
|
5.5 |
|
|
|
|
|
|
|
|
|
12
DDR Corp.
Top 50 Tenants
$, GLA in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of Units |
|
|
Base Rent |
|
|
GLA |
|
|
Credit Ratings |
|
|
Tenant |
|
Owned |
|
|
Total |
|
|
at 100% |
|
|
% of Total |
|
|
Pro Rata |
|
|
at 100% |
|
|
% of Total |
|
|
Pro Rata |
|
|
(S&P/Moodys/Fitch) |
1 |
|
TJX Companies (1) |
|
|
111 |
|
|
|
112 |
|
|
$ |
37.4 |
|
|
|
3.4 |
% |
|
$ |
26.6 |
|
|
|
3.5 |
|
|
|
4.0 |
% |
|
|
2.4 |
|
|
A+ / A3 / NR |
2 |
|
Bed Bath & Beyond (2) |
|
|
93 |
|
|
|
94 |
|
|
|
32.9 |
|
|
|
3.0 |
% |
|
|
24.0 |
|
|
|
2.7 |
|
|
|
3.1 |
% |
|
|
1.9 |
|
|
A- / Baa1 / NR |
3 |
|
PetSmart |
|
|
103 |
|
|
|
104 |
|
|
|
32.2 |
|
|
|
3.0 |
% |
|
|
21.5 |
|
|
|
2.2 |
|
|
|
2.5 |
% |
|
|
1.4 |
|
|
B+ / NR / NR |
4 |
|
Walmart (3) |
|
|
29 |
|
|
|
76 |
|
|
|
27.9 |
|
|
|
2.6 |
% |
|
|
24.9 |
|
|
|
4.4 |
|
|
|
5.1 |
% |
|
|
4.0 |
|
|
AA / Aa2 / AA |
5 |
|
Kohls |
|
|
38 |
|
|
|
54 |
|
|
|
25.3 |
|
|
|
2.3 |
% |
|
|
17.9 |
|
|
|
3.3 |
|
|
|
3.8 |
% |
|
|
2.4 |
|
|
BBB / Baa1 / BBB+ |
6 |
|
Dicks Sporting Goods (4) |
|
|
40 |
|
|
|
41 |
|
|
|
23.5 |
|
|
|
2.2 |
% |
|
|
14.3 |
|
|
|
1.9 |
|
|
|
2.2 |
% |
|
|
1.1 |
|
|
NR |
7 |
|
Ross Stores (5) |
|
|
72 |
|
|
|
72 |
|
|
|
22.8 |
|
|
|
2.1 |
% |
|
|
14.2 |
|
|
|
2.1 |
|
|
|
2.4 |
% |
|
|
1.3 |
|
|
A- / A3 / NR |
8 |
|
Best Buy |
|
|
38 |
|
|
|
44 |
|
|
|
22.0 |
|
|
|
2.0 |
% |
|
|
15.8 |
|
|
|
1.5 |
|
|
|
1.7 |
% |
|
|
1.1 |
|
|
BB / Baa2 / BB |
9 |
|
AMC Theatres |
|
|
11 |
|
|
|
12 |
|
|
|
19.7 |
|
|
|
1.8 |
% |
|
|
14.5 |
|
|
|
0.9 |
|
|
|
1.0 |
% |
|
|
0.6 |
|
|
B+ / NR / NR |
10 |
|
Michaels |
|
|
65 |
|
|
|
67 |
|
|
|
19.0 |
|
|
|
1.7 |
% |
|
|
13.1 |
|
|
|
1.5 |
|
|
|
1.7 |
% |
|
|
1.0 |
|
|
B+ / NR / NR |
11 |
|
Gap (6) |
|
|
66 |
|
|
|
66 |
|
|
|
16.6 |
|
|
|
1.5 |
% |
|
|
12.4 |
|
|
|
1.1 |
|
|
|
1.3 |
% |
|
|
0.8 |
|
|
BBB- / Baa3 / BBB- |
12 |
|
Office Depot (7) |
|
|
50 |
|
|
|
54 |
|
|
|
15.4 |
|
|
|
1.4 |
% |
|
|
11.0 |
|
|
|
1.1 |
|
|
|
1.3 |
% |
|
|
0.8 |
|
|
B- / B2 / NR |
13 |
|
Publix |
|
|
35 |
|
|
|
38 |
|
|
|
15.1 |
|
|
|
1.4 |
% |
|
|
3.6 |
|
|
|
1.7 |
|
|
|
2.0 |
% |
|
|
0.4 |
|
|
NR |
14 |
|
Ulta |
|
|
54 |
|
|
|
56 |
|
|
|
13.1 |
|
|
|
1.2 |
% |
|
|
9.0 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.4 |
|
|
NR |
15 |
|
Ascena (8) |
|
|
110 |
|
|
|
110 |
|
|
|
12.4 |
|
|
|
1.1 |
% |
|
|
9.6 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.5 |
|
|
BB / Ba2 / NR |
16 |
|
Kroger (9) |
|
|
25 |
|
|
|
28 |
|
|
|
11.1 |
|
|
|
1.0 |
% |
|
|
4.7 |
|
|
|
1.3 |
|
|
|
1.5 |
% |
|
|
0.5 |
|
|
BBB / Baa2 / BBB |
17 |
|
Jo-Ann |
|
|
34 |
|
|
|
34 |
|
|
|
10.5 |
|
|
|
1.0 |
% |
|
|
8.3 |
|
|
|
1.0 |
|
|
|
1.2 |
% |
|
|
0.8 |
|
|
B / Caa1 / NR |
18 |
|
Lowes |
|
|
13 |
|
|
|
33 |
|
|
|
10.5 |
|
|
|
1.0 |
% |
|
|
9.5 |
|
|
|
1.7 |
|
|
|
2.0 |
% |
|
|
1.5 |
|
|
A- / A3 / NR |
19 |
|
Barnes & Noble |
|
|
24 |
|
|
|
26 |
|
|
|
10.3 |
|
|
|
0.9 |
% |
|
|
7.7 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.4 |
|
|
NR |
20 |
|
Staples |
|
|
36 |
|
|
|
37 |
|
|
|
10.1 |
|
|
|
0.9 |
% |
|
|
6.6 |
|
|
|
0.7 |
|
|
|
0.8 |
% |
|
|
0.5 |
|
|
BBB- / Baa2 / BBB- |
21 |
|
LA Fitness |
|
|
14 |
|
|
|
15 |
|
|
|
9.9 |
|
|
|
0.9 |
% |
|
|
6.1 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.4 |
|
|
NR |
22 |
|
Toys R Us (10) |
|
|
27 |
|
|
|
31 |
|
|
|
9.6 |
|
|
|
0.9 |
% |
|
|
8.7 |
|
|
|
1.1 |
|
|
|
1.3 |
% |
|
|
0.9 |
|
|
B- / B3 / CCC |
23 |
|
Hobby Lobby |
|
|
22 |
|
|
|
25 |
|
|
|
9.4 |
|
|
|
0.9 |
% |
|
|
5.0 |
|
|
|
1.2 |
|
|
|
1.4 |
% |
|
|
0.7 |
|
|
NR |
24 |
|
Dollar Tree Stores |
|
|
83 |
|
|
|
86 |
|
|
|
9.3 |
|
|
|
0.9 |
% |
|
|
6.5 |
|
|
|
0.8 |
|
|
|
0.9 |
% |
|
|
0.6 |
|
|
BB / Ba2 / NR |
25 |
|
Petco |
|
|
36 |
|
|
|
38 |
|
|
|
9.3 |
|
|
|
0.9 |
% |
|
|
6.8 |
|
|
|
0.5 |
|
|
|
0.6 |
% |
|
|
0.4 |
|
|
B / B3 / NR |
26 |
|
Home Depot |
|
|
10 |
|
|
|
41 |
|
|
|
9.2 |
|
|
|
0.8 |
% |
|
|
9.0 |
|
|
|
1.1 |
|
|
|
1.3 |
% |
|
|
1.0 |
|
|
A / A2 / A |
27 |
|
Regal Cinemas |
|
|
10 |
|
|
|
11 |
|
|
|
9.1 |
|
|
|
0.8 |
% |
|
|
7.1 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.5 |
|
|
B+ / B1 / B+ |
28 |
|
DSW |
|
|
25 |
|
|
|
26 |
|
|
|
9.0 |
|
|
|
0.8 |
% |
|
|
6.0 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.4 |
|
|
NR |
29 |
|
Cinemark |
|
|
10 |
|
|
|
10 |
|
|
|
8.9 |
|
|
|
0.8 |
% |
|
|
6.9 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.5 |
|
|
BB / NR / NR |
30 |
|
Sports Authority |
|
|
16 |
|
|
|
17 |
|
|
|
8.6 |
|
|
|
0.8 |
% |
|
|
8.6 |
|
|
|
0.7 |
|
|
|
0.8 |
% |
|
|
0.6 |
|
|
NR / Caa1 / NR |
31 |
|
Party City |
|
|
41 |
|
|
|
42 |
|
|
|
8.0 |
|
|
|
0.7 |
% |
|
|
5.9 |
|
|
|
0.5 |
|
|
|
0.6 |
% |
|
|
0.4 |
|
|
NR |
32 |
|
Royal Ahold (11) |
|
|
9 |
|
|
|
9 |
|
|
|
7.5 |
|
|
|
0.7 |
% |
|
|
2.9 |
|
|
|
0.5 |
|
|
|
0.6 |
% |
|
|
0.2 |
|
|
BBB / Baa3 / BBB |
33 |
|
Nordstrom Rack |
|
|
11 |
|
|
|
12 |
|
|
|
7.2 |
|
|
|
0.7 |
% |
|
|
6.2 |
|
|
|
0.4 |
|
|
|
0.5 |
% |
|
|
0.3 |
|
|
A- / Baa1 / BBB+ |
34 |
|
Burlington |
|
|
13 |
|
|
|
13 |
|
|
|
6.8 |
|
|
|
0.6 |
% |
|
|
5.0 |
|
|
|
1.0 |
|
|
|
1.2 |
% |
|
|
0.7 |
|
|
B+ / NR / NR |
35 |
|
Pier 1 Imports |
|
|
32 |
|
|
|
37 |
|
|
|
6.8 |
|
|
|
0.6 |
% |
|
|
4.9 |
|
|
|
0.3 |
|
|
|
0.3 |
% |
|
|
0.2 |
|
|
B+ / NR / NR |
36 |
|
Five Below |
|
|
50 |
|
|
|
50 |
|
|
|
6.7 |
|
|
|
0.6 |
% |
|
|
4.9 |
|
|
|
0.4 |
|
|
|
0.5 |
% |
|
|
0.3 |
|
|
NR |
37 |
|
Whole Foods |
|
|
6 |
|
|
|
6 |
|
|
|
6.3 |
|
|
|
0.6 |
% |
|
|
4.6 |
|
|
|
0.3 |
|
|
|
0.3 |
% |
|
|
0.2 |
|
|
BBB- / NR / NR |
38 |
|
hhgregg |
|
|
18 |
|
|
|
19 |
|
|
|
6.1 |
|
|
|
0.6 |
% |
|
|
4.3 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.4 |
|
|
NR |
39 |
|
Giant Eagle |
|
|
6 |
|
|
|
7 |
|
|
|
6.0 |
|
|
|
0.5 |
% |
|
|
3.3 |
|
|
|
0.5 |
|
|
|
0.6 |
% |
|
|
0.3 |
|
|
NR |
40 |
|
BJs Wholesale Club |
|
|
5 |
|
|
|
6 |
|
|
|
5.8 |
|
|
|
0.5 |
% |
|
|
3.0 |
|
|
|
0.5 |
|
|
|
0.6 |
% |
|
|
0.3 |
|
|
B- / B3 / NR |
41 |
|
AT&T |
|
|
63 |
|
|
|
64 |
|
|
|
5.7 |
|
|
|
0.5 |
% |
|
|
4.4 |
|
|
|
0.2 |
|
|
|
0.2 |
% |
|
|
0.1 |
|
|
BBB+ / Baa1 / A- |
42 |
|
Mattress Firm |
|
|
46 |
|
|
|
47 |
|
|
|
5.5 |
|
|
|
0.5 |
% |
|
|
3.7 |
|
|
|
0.2 |
|
|
|
0.2 |
% |
|
|
0.1 |
|
|
B / B2 / NR |
43 |
|
Panera |
|
|
41 |
|
|
|
42 |
|
|
|
5.4 |
|
|
|
0.5 |
% |
|
|
3.8 |
|
|
|
0.2 |
|
|
|
0.2 |
% |
|
|
0.1 |
|
|
NR |
44 |
|
Bealls |
|
|
18 |
|
|
|
19 |
|
|
|
5.4 |
|
|
|
0.5 |
% |
|
|
2.6 |
|
|
|
0.7 |
|
|
|
0.8 |
% |
|
|
0.4 |
|
|
NR |
45 |
|
Famous Footwear |
|
|
38 |
|
|
|
38 |
|
|
|
5.3 |
|
|
|
0.5 |
% |
|
|
4.2 |
|
|
|
0.3 |
|
|
|
0.3 |
% |
|
|
0.2 |
|
|
BB / Ba3 / NR |
46 |
|
Stein Mart |
|
|
17 |
|
|
|
17 |
|
|
|
5.0 |
|
|
|
0.5 |
% |
|
|
3.2 |
|
|
|
0.6 |
|
|
|
0.7 |
% |
|
|
0.4 |
|
|
NR |
47 |
|
Gamestop |
|
|
102 |
|
|
|
102 |
|
|
|
5.0 |
|
|
|
0.5 |
% |
|
|
3.7 |
|
|
|
0.2 |
|
|
|
0.2 |
% |
|
|
0.1 |
|
|
BB+ / Ba1 / NR |
48 |
|
Sears (12) |
|
|
14 |
|
|
|
15 |
|
|
|
4.8 |
|
|
|
0.4 |
% |
|
|
3.5 |
|
|
|
1.3 |
|
|
|
1.5 |
% |
|
|
0.9 |
|
|
CCC+ / Caa1 / CC |
49 |
|
Shoe Carnival |
|
|
31 |
|
|
|
31 |
|
|
|
4.8 |
|
|
|
0.4 |
% |
|
|
3.2 |
|
|
|
0.4 |
|
|
|
0.5 |
% |
|
|
0.2 |
|
|
NR |
50 |
|
Mens Wearhouse |
|
|
34 |
|
|
|
34 |
|
|
|
4.6 |
|
|
|
0.4 |
% |
|
|
3.4 |
|
|
|
0.2 |
|
|
|
0.2 |
% |
|
|
0.2 |
|
|
B+ / Ba3 / NR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top 50 Total |
|
|
1,895 |
|
|
|
2,068 |
|
|
$ |
598.8 |
|
|
|
54.9 |
% |
|
$ |
420.6 |
|
|
|
51.5 |
|
|
|
59.5 |
% |
|
|
35.8 |
|
|
|
|
|
Total Portfolio |
|
|
|
|
|
|
|
|
|
$ |
1,091.1 |
|
|
|
100.0 |
% |
|
$ |
764.1 |
|
|
|
86.6 |
|
|
|
100.0 |
% |
|
|
59.6 |
|
|
|
(1) |
T.J. Maxx (49) / Marshalls (44) / HomeGoods (17) / Sierra Trading (1) |
(2) |
Bed Bath (59) / World Market (21) / buybuy Baby (11) / CTS (2) |
(3) Walmart (24) / Sams Club (3) / Neighborhood Market (2)
(4) |
Dicks Sporting Goods (37) / Golf Galaxy (2) / Field & Stream (1) |
(5) |
Ross Dress For Less (69) / dds Discounts (3) |
(6) |
Gap (5) / Old Navy (58) / Banana Republic
(3) |
(7) |
Office Depot (18) / OfficeMax (32) |
(8) |
Catherines (8) / Dress Barn (30) / Justice (26) / Lane Bryant (29) / Maurices (17) |
(9) |
Kroger (17) / Harris Teeter (7) / King Soopers (1) |
(10) |
Toys R Us (7) / Babies R Us (15) / Toys-Babies Combo (5) |
(11) |
Stop & Shop (4) / Martins (3) / Others (2) |
(12) |
Sears (5) / Kmart (9) |
13
DDR Corp.
Top 50 Assets by ABR at DDR Share
$, GLA in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Rent |
|
|
Total GLA |
|
|
|
Asset |
|
Location |
|
MSA |
|
Pro Rata |
|
|
% of Pro Rata |
|
|
Pro Rata |
|
|
% of Pro Rata |
|
1 |
|
Plaza Del Sol |
|
Bayamon, PR |
|
San Juan |
|
$ |
16,735 |
|
|
|
2.2 |
% |
|
|
684 |
|
|
|
0.7 |
% |
2 |
|
Shoppers World |
|
Framingham, MA |
|
Boston |
|
|
16,239 |
|
|
|
2.1 |
% |
|
|
783 |
|
|
|
0.9 |
% |
3 |
|
Plaza Rio Hondo |
|
Bayamon, PR |
|
San Juan |
|
|
13,371 |
|
|
|
1.7 |
% |
|
|
555 |
|
|
|
0.6 |
% |
4 |
|
Winter Garden Village |
|
Winter Garden, FL |
|
Orlando |
|
|
13,276 |
|
|
|
1.7 |
% |
|
|
1,121 |
|
|
|
1.2 |
% |
5 |
|
Plaza Del Norte |
|
Hatillo, PR |
|
San Juan |
|
|
12,228 |
|
|
|
1.6 |
% |
|
|
682 |
|
|
|
0.7 |
% |
6 |
|
Ahwatukee Foothills |
|
Phoenix, AZ |
|
Phoenix |
|
|
10,303 |
|
|
|
1.3 |
% |
|
|
694 |
|
|
|
0.8 |
% |
7 |
|
Wrangleboro Consumer Square |
|
Mays Landing, NJ |
|
Atlantic City |
|
|
10,292 |
|
|
|
1.3 |
% |
|
|
842 |
|
|
|
0.9 |
% |
8 |
|
Riverdale Village |
|
Coon Rapids, MN |
|
Minneapolis |
|
|
10,107 |
|
|
|
1.3 |
% |
|
|
950 |
|
|
|
1.0 |
% |
9 |
|
Tucson Spectrum |
|
Tucson, AZ |
|
Tucson |
|
|
9,724 |
|
|
|
1.3 |
% |
|
|
966 |
|
|
|
1.1 |
% |
10 |
|
Nassau Park Pavilion |
|
Princeton, NJ |
|
Trenton |
|
|
9,598 |
|
|
|
1.3 |
% |
|
|
1,106 |
|
|
|
1.2 |
% |
11 |
|
Hamilton Marketplace |
|
Hamilton, NJ |
|
Trenton |
|
|
9,351 |
|
|
|
1.2 |
% |
|
|
960 |
|
|
|
1.0 |
% |
12 |
|
Woodfield Village Green |
|
Schaumburg, IL |
|
Chicago |
|
|
8,631 |
|
|
|
1.1 |
% |
|
|
687 |
|
|
|
0.7 |
% |
13 |
|
Carolina Pavilion |
|
Charlotte, NC |
|
Charlotte |
|
|
8,597 |
|
|
|
1.1 |
% |
|
|
844 |
|
|
|
0.9 |
% |
14 |
|
Great Northern Plaza |
|
North Olmsted, OH |
|
Cleveland |
|
|
8,335 |
|
|
|
1.1 |
% |
|
|
669 |
|
|
|
0.7 |
% |
15 |
|
Plaza Escorial |
|
Carolina, PR |
|
San Juan |
|
|
8,326 |
|
|
|
1.1 |
% |
|
|
636 |
|
|
|
0.7 |
% |
16 |
|
The Shops at Midtown Miami |
|
Miami, FL |
|
Miami |
|
|
8,249 |
|
|
|
1.1 |
% |
|
|
467 |
|
|
|
0.5 |
% |
17 |
|
Plaza Palma Real |
|
Humacao, PR |
|
San Juan |
|
|
7,765 |
|
|
|
1.0 |
% |
|
|
449 |
|
|
|
0.5 |
% |
18 |
|
Polaris Towne Center |
|
Columbus, OH |
|
Columbus |
|
|
7,520 |
|
|
|
1.0 |
% |
|
|
725 |
|
|
|
0.8 |
% |
19 |
|
Connecticut Commons |
|
Plainville, CT |
|
Hartford |
|
|
6,965 |
|
|
|
0.9 |
% |
|
|
562 |
|
|
|
0.6 |
% |
20 |
|
Centennial Promenade |
|
Centennial, CO |
|
Denver |
|
|
6,746 |
|
|
|
0.9 |
% |
|
|
827 |
|
|
|
0.9 |
% |
21 |
|
Easton Market |
|
Columbus, OH |
|
Columbus |
|
|
6,275 |
|
|
|
0.8 |
% |
|
|
502 |
|
|
|
0.5 |
% |
22 |
|
Paseo Colorado |
|
Pasadena, CA |
|
Los Angeles |
|
|
6,247 |
|
|
|
0.8 |
% |
|
|
546 |
|
|
|
0.6 |
% |
23 |
|
Hamilton Commons |
|
Mays Landing, NJ |
|
Atlantic City |
|
|
6,161 |
|
|
|
0.8 |
% |
|
|
397 |
|
|
|
0.4 |
% |
24 |
|
Falcon Ridge Town Center |
|
Fontana, CA |
|
Los Angeles |
|
|
5,973 |
|
|
|
0.8 |
% |
|
|
423 |
|
|
|
0.5 |
% |
25 |
|
Crossroads Center |
|
Gulfport, MS |
|
Gulfport |
|
|
5,934 |
|
|
|
0.8 |
% |
|
|
555 |
|
|
|
0.6 |
% |
26 |
|
Silver Springs Square |
|
Mechanicsburg, PA |
|
Harrisburg |
|
|
5,877 |
|
|
|
0.8 |
% |
|
|
569 |
|
|
|
0.6 |
% |
27 |
|
Belden Park Crossings |
|
North Canton, OH |
|
Cleveland |
|
|
5,832 |
|
|
|
0.8 |
% |
|
|
593 |
|
|
|
0.6 |
% |
28 |
|
Aspen Grove |
|
Littleton, CO |
|
Denver |
|
|
5,749 |
|
|
|
0.8 |
% |
|
|
272 |
|
|
|
0.3 |
% |
29 |
|
Sycamore Crossing |
|
Cincinnati, OH |
|
Cincinnati |
|
|
5,749 |
|
|
|
0.8 |
% |
|
|
392 |
|
|
|
0.4 |
% |
30 |
|
Ridge at Creekside |
|
Roseville, CA |
|
Sacramento |
|
|
5,692 |
|
|
|
0.7 |
% |
|
|
275 |
|
|
|
0.3 |
% |
31 |
|
The Fountains |
|
Plantation, FL |
|
Miami |
|
|
5,651 |
|
|
|
0.7 |
% |
|
|
489 |
|
|
|
0.5 |
% |
32 |
|
Cotswold Village |
|
Charlotte, NC |
|
Charlotte |
|
|
5,584 |
|
|
|
0.7 |
% |
|
|
261 |
|
|
|
0.3 |
% |
33 |
|
Perimeter Pointe |
|
Atlanta, GA |
|
Atlanta |
|
|
5,532 |
|
|
|
0.7 |
% |
|
|
352 |
|
|
|
0.4 |
% |
34 |
|
The Maxwell |
|
Chicago, IL |
|
Chicago |
|
|
5,481 |
|
|
|
0.7 |
% |
|
|
240 |
|
|
|
0.3 |
% |
35 |
|
Peach Street Square |
|
Erie, PA |
|
Erie |
|
|
5,459 |
|
|
|
0.7 |
% |
|
|
717 |
|
|
|
0.8 |
% |
36 |
|
Bandera Pointe |
|
San Antonio, TX |
|
San Antonio |
|
|
5,437 |
|
|
|
0.7 |
% |
|
|
890 |
|
|
|
1.0 |
% |
37 |
|
Big Flats Consumer Square |
|
Big Flats, NY |
|
Elmira |
|
|
5,333 |
|
|
|
0.7 |
% |
|
|
574 |
|
|
|
0.6 |
% |
38 |
|
Merriam Village |
|
Merriam, KS |
|
Kansas City |
|
|
5,257 |
|
|
|
0.7 |
% |
|
|
890 |
|
|
|
1.0 |
% |
39 |
|
Independence Commons |
|
Independence, MO |
|
Kansas City |
|
|
5,151 |
|
|
|
0.7 |
% |
|
|
403 |
|
|
|
0.4 |
% |
40 |
|
Beaver Creek Crossings |
|
Apex, NC |
|
Raleigh |
|
|
5,090 |
|
|
|
0.7 |
% |
|
|
321 |
|
|
|
0.4 |
% |
41 |
|
Homestead Pavilion |
|
Homestead, FL |
|
Miami |
|
|
5,078 |
|
|
|
0.7 |
% |
|
|
397 |
|
|
|
0.4 |
% |
42 |
|
Mohawk Commons |
|
Niskayuna, NY |
|
Albany |
|
|
5,021 |
|
|
|
0.7 |
% |
|
|
530 |
|
|
|
0.6 |
% |
43 |
|
Fairfax Towne Center |
|
Fairfax, VA |
|
Balt-Wash DC |
|
|
4,926 |
|
|
|
0.6 |
% |
|
|
253 |
|
|
|
0.3 |
% |
44 |
|
Gateway Center |
|
Everett, MA |
|
Boston |
|
|
4,890 |
|
|
|
0.6 |
% |
|
|
640 |
|
|
|
0.7 |
% |
45 |
|
Arrowhead Crossing |
|
Phoenix, AZ |
|
Phoenix |
|
|
4,875 |
|
|
|
0.6 |
% |
|
|
407 |
|
|
|
0.4 |
% |
46 |
|
Willowbrook Plaza |
|
Houston, TX |
|
Houston |
|
|
4,843 |
|
|
|
0.6 |
% |
|
|
393 |
|
|
|
0.4 |
% |
47 |
|
Village at Stone Oak |
|
San Antonio, TX |
|
San Antonio |
|
|
4,828 |
|
|
|
0.6 |
% |
|
|
211 |
|
|
|
0.2 |
% |
48 |
|
Cumming Town Center |
|
Cumming, GA |
|
Atlanta |
|
|
4,793 |
|
|
|
0.6 |
% |
|
|
311 |
|
|
|
0.3 |
% |
49 |
|
Meridian Crossroads |
|
Meridian, ID |
|
Boise |
|
|
4,754 |
|
|
|
0.6 |
% |
|
|
732 |
|
|
|
0.8 |
% |
50 |
|
Brookside Marketplace |
|
Tinley Park, IL |
|
Chicago |
|
|
4,681 |
|
|
|
0.6 |
% |
|
|
602 |
|
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top 50 Total |
|
|
|
|
|
$ |
364,511 |
|
|
|
47.7 |
% |
|
|
29,346 |
|
|
|
32.0 |
% |
|
|
Total Portfolio |
|
|
|
|
|
$ |
764,089 |
|
|
|
100.0 |
% |
|
|
91,679 |
|
|
|
100.0 |
% |
14
DDR Corp.
Transactions
$ in millions, GLA in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR |
|
|
Owned |
|
|
At 100% |
|
|
At DDR Share |
|
|
|
|
|
|
|
Own. % |
|
|
GLA |
|
|
Price |
|
|
Debt |
|
|
Price |
|
|
Debt |
|
|
Anchors |
Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/15 |
|
Los Angeles, CA |
|
|
100 |
% |
|
|
208 |
|
|
$ |
49.2 |
|
|
$ |
0.0 |
|
|
$ |
49.2 |
|
|
$ |
0.0 |
|
|
Kohls, Michaels, PetSmart |
04/15 |
|
Wilmington, NC |
|
|
100 |
% |
|
|
6 |
|
|
|
3.3 |
|
|
|
0.0 |
|
|
|
3.3 |
|
|
|
0.0 |
|
|
|
04/15 |
|
Orlando, FL |
|
|
100 |
% |
|
|
186 |
|
|
|
33.3 |
|
|
|
0.0 |
|
|
|
33.3 |
|
|
|
0.0 |
|
|
Bed Bath & Beyond, T.J. Maxx, Ross Dress For Less |
06/15 |
|
Houston, TX |
|
|
100 |
% |
|
|
385 |
|
|
|
74.3 |
|
|
|
0.0 |
|
|
|
74.3 |
|
|
|
0.0 |
|
|
AMC Theaters, Bed Bath & Beyond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Year to Date |
|
|
|
|
|
|
785 |
|
|
$ |
160.1 |
|
|
$ |
0.0 |
|
|
$ |
160.1 |
|
|
$ |
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/15 |
|
Morgantown, WV |
|
|
100 |
% |
|
|
122 |
|
|
|
13.9 |
|
|
|
0.0 |
|
|
|
13.9 |
|
|
|
0.0 |
|
|
Michaels, Shop N Save |
02/15 |
|
Camden, SC |
|
|
100 |
% |
|
|
179 |
|
|
|
11.4 |
|
|
|
0.0 |
|
|
|
11.4 |
|
|
|
0.0 |
|
|
Belk |
03/15 |
|
Charlotte, NC |
|
|
100 |
% |
|
|
70 |
|
|
|
11.8 |
|
|
|
0.0 |
|
|
|
11.8 |
|
|
|
0.0 |
|
|
Bi-Lo |
03/15 |
|
Bedford, IN |
|
|
100 |
% |
|
|
223 |
|
|
|
6.8 |
|
|
|
0.0 |
|
|
|
6.8 |
|
|
|
0.0 |
|
|
Goodys, JCPenney |
03/15 |
|
Ashtabula, OH |
|
|
100 |
% |
|
|
58 |
|
|
|
0.6 |
|
|
|
0.0 |
|
|
|
0.6 |
|
|
|
0.0 |
|
|
- |
03/15 |
|
Fayetteville, NC |
|
|
100 |
% |
|
|
226 |
|
|
|
26.2 |
|
|
|
0.0 |
|
|
|
26.2 |
|
|
|
0.0 |
|
|
Bed Bath & Beyond, T.J. Maxx |
03/15 |
|
Northville, MI |
|
|
5 |
% |
|
|
16 |
|
|
|
4.3 |
|
|
|
0.0 |
|
|
|
0.2 |
|
|
|
0.0 |
|
|
- |
03/15 |
|
Apex, NC |
|
|
100 |
% |
|
|
36 |
|
|
|
5.5 |
|
|
|
0.0 |
|
|
|
5.5 |
|
|
|
0.0 |
|
|
hhgregg |
03/15 |
|
San Diego, CA |
|
|
100 |
% |
|
|
80 |
|
|
|
18.2 |
|
|
|
0.0 |
|
|
|
18.2 |
|
|
|
0.0 |
|
|
Regal |
03/15 |
|
Frisco, TX |
|
|
100 |
% |
|
|
108 |
|
|
|
9.0 |
|
|
|
0.0 |
|
|
|
9.0 |
|
|
|
0.0 |
|
|
Kohls |
03/15 |
|
Phoenix, AZ |
|
|
20 |
% |
|
|
851 |
|
|
|
106.0 |
|
|
|
64.6 |
|
|
|
21.2 |
|
|
|
12.9 |
|
|
Target, Walmart, Costco, JCPenney |
03/15 |
|
Kirkland, WA |
|
|
20 |
% |
|
|
291 |
|
|
|
36.0 |
|
|
|
27.5 |
|
|
|
7.2 |
|
|
|
5.5 |
|
|
24 Hour Fitness, My Home Furniture |
03/15 |
|
SM Portfolio (16 assets) |
|
|
20 |
% |
|
|
835 |
|
|
|
33.0 |
|
|
|
28.0 |
|
|
|
6.6 |
|
|
|
5.6 |
|
|
Various |
03/15 |
|
Benton Harbor, MI |
|
|
20 |
% |
|
|
280 |
|
|
|
21.0 |
|
|
|
18.1 |
|
|
|
4.2 |
|
|
|
3.6 |
|
|
Dunhams, T.J. Maxx, PetSmart, Michaels |
03/15 |
|
Orange County, CA |
|
|
20 |
% |
|
|
741 |
|
|
|
99.0 |
|
|
|
73.0 |
|
|
|
19.8 |
|
|
|
14.6 |
|
|
Krikorian Premiere Theatres, T.J. Maxx |
03/15 |
|
Bloomfield Hills, MI |
|
|
20 |
% |
|
|
0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q Total |
|
|
|
|
|
|
4,116 |
|
|
$ |
402.7 |
|
|
$ |
211.2 |
|
|
$ |
162.6 |
|
|
$ |
42.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
04/15 |
|
Middletown, RI |
|
|
100 |
% |
|
|
99 |
|
|
|
16.8 |
|
|
|
0.0 |
|
|
|
16.8 |
|
|
|
0.0 |
|
|
Barnes & Noble, Michaels, Sports Authority |
04/15 |
|
Columbus, GA |
|
|
100 |
% |
|
|
117 |
|
|
|
20.2 |
|
|
|
0.0 |
|
|
|
20.2 |
|
|
|
0.0 |
|
|
Michaels, PetSmart, The Fresh Market |
05/15 |
|
Napa, CA |
|
|
5 |
% |
|
|
76 |
|
|
|
26.9 |
|
|
|
20.0 |
|
|
|
1.4 |
|
|
|
1.0 |
|
|
Kohls |
05/15 |
|
Clarence, NY |
|
|
100 |
% |
|
|
93 |
|
|
|
9.3 |
|
|
|
0.0 |
|
|
|
9.3 |
|
|
|
0.0 |
|
|
Big Lots, Jo-Ann, OfficeMax |
05/15 |
|
Homosassa, FL |
|
|
5 |
% |
|
|
53 |
|
|
|
13.2 |
|
|
|
0.0 |
|
|
|
0.7 |
|
|
|
0.0 |
|
|
Publix |
06/15 |
|
Macon, GA |
|
|
100 |
% |
|
|
82 |
|
|
|
7.9 |
|
|
|
0.0 |
|
|
|
7.9 |
|
|
|
0.0 |
|
|
hhgregg, PetSmart |
06/15 |
|
Cleveland, OH |
|
|
5 |
% |
|
|
48 |
|
|
|
3.8 |
|
|
|
3.2 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
Toys R Us/Babies R Us |
2Q |
|
Land Sales |
|
|
|
|
|
|
0.0 |
|
|
|
3.7 |
|
|
|
0.0 |
|
|
|
3.7 |
|
|
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q Total |
|
|
|
|
|
|
568 |
|
|
$ |
101.8 |
|
|
$ |
23.2 |
|
|
$ |
60.2 |
|
|
$ |
1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Year to Date |
|
|
|
|
|
|
4,684 |
|
|
$ |
504.5 |
|
|
$ |
234.4 |
|
|
$ |
222.8 |
|
|
$ |
43.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
DDR Corp.
Developments/Redevelopments
$ in millions, GLA in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned SF |
|
|
Est. Total Net Cost |
|
|
Cost Incurred To Date |
|
|
Est. Remain Costs |
|
|
Placed In Service |
|
|
CIP (a) |
|
|
Est. Anchor Opening |
|
Est. Stabilized Quarter |
|
|
Key Tenants |
Consolidated Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developments in Progress |
|
|
|
|
|
$ |
308 |
|
|
$ |
249 |
|
|
$ |
59 |
|
|
$ |
121 |
|
|
$ |
128 |
|
|
|
|
|
|
|
|
|
Redevelopments - Major |
|
|
|
|
|
|
217 |
|
|
|
56 |
|
|
|
161 |
|
|
|
14 |
|
|
|
42 |
|
|
|
|
|
|
|
|
|
Redevelopments - Minor |
|
|
|
|
|
|
203 |
|
|
|
89 |
|
|
|
114 |
|
|
|
48 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
Retenanting |
|
|
|
|
|
|
38 |
|
|
|
20 |
|
|
|
18 |
|
|
|
10 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
CIP and Land (b) |
|
|
|
|
|
|
N/A |
|
|
|
90 |
|
|
|
0 |
|
|
|
0 |
|
|
|
90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
766 |
|
|
$ |
504 |
|
|
$ |
352 |
|
|
$ |
193 |
|
|
$ |
311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developments in Progress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL |
|
|
208 |
|
|
$ |
62 |
|
|
$ |
40 |
|
|
$ |
22 |
|
|
$ |
0 |
|
|
$ |
40 |
|
|
2Q16 |
|
|
2Q16 |
|
|
Epic Theater, Five Below, Petco, HomeGoods, Michaels, Ulta, Ross Dress for Less |
New Haven, CT |
|
|
132 |
|
|
|
68 |
|
|
|
46 |
|
|
|
22 |
|
|
|
0 |
|
|
|
46 |
|
|
4Q15 |
|
|
4Q16 |
|
|
Fresh Market, Michaels, Ulta, Bed Bath & Beyond, DSW |
Other Developments
(primarily placed in service) |
|
|
0 |
|
|
|
178 |
|
|
|
163 |
|
|
|
15 |
|
|
|
121 |
|
|
|
42 |
|
|
N/A |
|
|
N/A |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
340 |
|
|
$ |
308 |
|
|
$ |
249 |
|
|
$ |
59 |
|
|
$ |
121 |
|
|
$ |
128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopments - Major |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pasadena, CA |
|
|
|
|
|
$ |
92 |
|
|
$ |
10 |
|
|
$ |
82 |
|
|
$ |
0 |
|
|
$ |
10 |
|
|
N/A |
|
|
2Q18 |
|
|
Hyatt Place, H&M, West Elm, Victorias Secret, Chicos |
Long Beach, CA |
|
|
|
|
|
|
67 |
|
|
|
34 |
|
|
|
33 |
|
|
|
9 |
|
|
|
25 |
|
|
N/A |
|
|
2Q16 |
|
|
Restoration Hardware, H&M, Forever 21, Nike, Converse, Gap Factory |
Cincinnati, OH |
|
|
|
|
|
|
30 |
|
|
|
2 |
|
|
|
28 |
|
|
|
0 |
|
|
|
2 |
|
|
N/A |
|
|
2Q17 |
|
|
Dicks Sporting Goods, Staples |
Richmond, VA |
|
|
|
|
|
|
17 |
|
|
|
10 |
|
|
|
7 |
|
|
|
5 |
|
|
|
5 |
|
|
N/A |
|
|
3Q17 |
|
|
Martins, Petco |
San Juan, PR (Del Sol) |
|
|
|
|
|
|
11 |
|
|
|
0 |
|
|
|
11 |
|
|
|
0 |
|
|
|
0 |
|
|
N/A |
|
|
1Q17 |
|
|
Dave & Busters |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
217 |
|
|
$ |
56 |
|
|
$ |
161 |
|
|
$ |
14 |
|
|
$ |
42 |
|
|
|
|
|
|
|
|
|
(a) |
This balance is in addition to DDRs pro rata share of joint venture CIP of $6.1 million. |
(b) |
This balance is in addition to owned land adjacent to existing centers that has an estimated value of $26.5 million. |
16
DDR Corp.
Unconsolidated Joint Ventures
$, GLA in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partner |
|
DDR Own % |
|
Operating Properties |
|
Owned GLA |
|
ABR |
|
Gross Book Value |
|
Debt |
BRE DDR Retail |
|
Blackstone Real |
|
|
|
5%(1) |
|
|
|
|
66 |
|
|
|
|
11.2 |
|
|
|
$ |
142.4 |
|
|
|
$ |
1,691.4 |
|
|
|
$ |
1,219.3 |
|
Holdings III |
|
Estate Partners VII |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDRTC Core |
|
TIAA-CREF |
|
|
|
15% |
|
|
|
|
26 |
|
|
|
|
8.4 |
|
|
|
|
105.4 |
|
|
|
|
1,554.1 |
|
|
|
|
815.0 |
|
Retail Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR Domestic |
|
Various |
|
|
|
20% |
|
|
|
|
56 |
|
|
|
|
7.9 |
|
|
|
|
88.4 |
|
|
|
|
1,382.7 |
|
|
|
|
920.4 |
|
Retail Fund I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR-SAU |
|
State of Utah |
|
|
|
20% |
|
|
|
|
23 |
|
|
|
|
2.1 |
|
|
|
|
22.3 |
|
|
|
|
282.1 |
|
|
|
|
153.5 |
|
Retail Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
Various |
|
|
|
Various |
|
|
|
|
13 |
|
|
|
|
2.0 |
|
|
|
|
20.3 |
|
|
|
|
241.5 |
|
|
|
|
139.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
184 |
|
|
|
|
31.6 |
|
|
|
$ |
378.8 |
|
|
|
$ |
5,151.8 |
|
|
|
$ |
3,247.3 |
|
(1) |
In addition to DDRs 5% common equity, DDR has $309.2 million of Preferred Equity with an interest rate of 8.5%. |
17
DDR Corp.
Joint Venture Income Statement
$ in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 100% |
|
|
At DDR Share |
|
|
|
6M15 |
|
|
2Q15 |
|
|
2Q15 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents (1) |
|
$ |
202.2 |
|
|
$ |
98.4 |
|
|
$ |
14.3 |
|
Percentage rent |
|
|
0.9 |
|
|
|
0.4 |
|
|
|
0.1 |
|
Recoveries |
|
|
61.5 |
|
|
|
30.6 |
|
|
|
4.5 |
|
Other revenues |
|
|
6.1 |
|
|
|
3.7 |
|
|
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270.7 |
|
|
|
133.1 |
|
|
|
20.0 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance |
|
|
63.7 |
|
|
|
30.9 |
|
|
|
4.2 |
|
Real estate taxes |
|
|
35.7 |
|
|
|
17.5 |
|
|
|
2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.4 |
|
|
|
48.4 |
|
|
|
6.9 |
|
|
|
|
|
Net operating income |
|
|
171.3 |
|
|
|
84.7 |
|
|
|
13.1 |
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (2) |
|
|
(74.5 |
) |
|
|
(33.6 |
) |
|
|
(5.6 |
) |
Depreciation and amortization |
|
|
(108.2 |
) |
|
|
(51.5 |
) |
|
|
(6.1 |
) |
Impairment charges |
|
|
(0.4 |
) |
|
|
0.0 |
|
|
|
0.0 |
|
Other expense, net |
|
|
(0.6 |
) |
|
|
(0.2 |
) |
|
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(183.7 |
) |
|
|
(85.3 |
) |
|
|
(11.7 |
) |
(Loss) income from continuing operations |
|
|
(12.4 |
) |
|
|
(0.6 |
) |
|
|
1.4 |
|
Loss on disposition of real estate, net |
|
|
(1.6 |
) |
|
|
(1.4 |
) |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to unconsolidated joint ventures |
|
|
(14.0 |
) |
|
|
(2.0 |
) |
|
|
1.3 |
|
Depreciation and amortization of real estate investments |
|
|
108.2 |
|
|
|
51.5 |
|
|
|
6.1 |
|
Impairment of depreciable real estate |
|
|
0.4 |
|
|
|
0.0 |
|
|
|
0.0 |
|
Loss on disposition of depreciable real estate, net |
|
|
1.6 |
|
|
|
1.4 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations: |
|
$ |
96.2 |
|
|
$ |
50.9 |
|
|
$ |
7.5 |
|
|
|
|
|
Net income at DDR ownership interests |
|
$ |
1.1 |
|
|
$ |
1.3 |
|
|
$ |
1.3 |
|
Basis differences |
|
|
0.6 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income of joint ventures |
|
|
1.7 |
|
|
|
1.6 |
|
|
|
1.6 |
|
FFO at DDRs ownership interests |
|
$ |
14.5 |
|
|
$ |
7.5 |
|
|
|
|
|
Operating FFO at DDRs ownership interests |
|
$ |
14.5 |
|
|
$ |
7.5 |
|
|
|
|
|
|
|
|
|
(1) Straight-line rent, net |
|
|
2.0 |
|
|
|
1.0 |
|
|
|
0.0 |
|
(2) Non-cash interest expense |
|
|
(1.6 |
) |
|
|
(0.8 |
) |
|
|
0.0 |
|
18
DDR Corp.
Joint Venture Balance Sheet
$ in millions
|
|
|
|
|
|
|
|
|
|
|
At 100% |
|
|
|
2Q15 |
|
|
4Q14 |
|
Land |
|
$ |
1,346.8 |
|
|
$ |
1,439.8 |
|
Buildings |
|
|
3,566.0 |
|
|
|
3,854.6 |
|
Fixtures and tenant improvements |
|
|
184.7 |
|
|
|
200.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,097.5 |
|
|
|
5,495.1 |
|
Less: Accumulated depreciation |
|
|
(770.1 |
) |
|
|
(773.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
4,327.4 |
|
|
|
4,721.9 |
|
Land held for development and construction in progress |
|
|
54.2 |
|
|
|
55.7 |
|
|
|
|
|
|
|
|
|
|
Real estate, net |
|
|
4,381.6 |
|
|
|
4,777.6 |
|
|
|
|
|
|
|
|
|
|
Cash and restricted cash |
|
|
80.2 |
|
|
|
100.8 |
|
Receivables, including straight-line rent, net |
|
|
48.8 |
|
|
|
80.5 |
|
Other assets, net |
|
|
346.7 |
|
|
|
394.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,857.3 |
|
|
|
5,353.6 |
|
|
|
|
Mortgage debt |
|
|
3,247.3 |
|
|
|
3,552.8 |
|
Notes and accrued interest payable to DDR |
|
|
3.0 |
|
|
|
144.8 |
|
Other liabilities |
|
|
206.0 |
|
|
|
277.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,456.3 |
|
|
|
3,974.6 |
|
Redeemable preferred equity |
|
|
309.2 |
|
|
|
305.3 |
|
Accumulated equity |
|
|
1,091.8 |
|
|
|
1,073.7 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,857.3 |
|
|
$ |
5,353.6 |
|
|
|
|
|
At DDR Share |
|
|
|
2Q15 |
|
|
4Q14 |
|
Land |
|
$ |
186.9 |
|
|
$ |
202.5 |
|
Buildings |
|
|
501.5 |
|
|
|
555.5 |
|
Fixtures and tenant improvements |
|
|
29.9 |
|
|
|
33.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
718.3 |
|
|
|
791.3 |
|
Less: Accumulated depreciation |
|
|
(145.6 |
) |
|
|
(150.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
572.7 |
|
|
|
641.1 |
|
Land held for development and construction in progress |
|
|
6.1 |
|
|
|
5.8 |
|
|
|
|
|
|
|
|
|
|
Real estate, net |
|
|
578.8 |
|
|
|
646.9 |
|
|
|
|
|
|
|
|
|
|
Cash and restricted cash |
|
|
10.2 |
|
|
|
16.8 |
|
Receivables, including straight-line rent, net |
|
|
7.7 |
|
|
|
15.4 |
|
Other assets, net (1) |
|
|
24.6 |
|
|
|
27.7 |
|
Disproportionate share of equity (2) |
|
|
(2.2 |
) |
|
|
(2.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
619.1 |
|
|
|
704.6 |
|
|
|
|
Mortgage debt (3) (4) |
|
|
452.1 |
|
|
|
503.5 |
|
Notes and accrued interest payable to DDR |
|
|
0.6 |
|
|
|
14.7 |
|
Other liabilities |
|
|
18.9 |
|
|
|
29.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
471.6 |
|
|
|
547.4 |
|
Accumulated equity |
|
|
134.3 |
|
|
|
144.1 |
|
Disproportionate share of equity (2) |
|
|
13.2 |
|
|
|
13.1 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
619.1 |
|
|
$ |
704.6 |
|
(1) Intangible assets at DDR share |
|
|
18.0 |
|
|
|
20.4 |
|
(2) Adjustments represent promoted equity and minority interests |
|
|
|
|
|
|
|
|
(3) Fair market value of debt adjustment at DDR share (ASC 820) |
|
|
0.9 |
|
|
|
1.0 |
|
(4) Non-recourse mortgage debt with a zero basis at DDR share |
|
|
0.0 |
|
|
|
17.4 |
|
19
DDR Corp.
Capital Structure
$, shares and units in
millions, except per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2014 |
|
Capital Structure |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
Common Shares Equity |
|
$ |
5,605.0 |
|
|
|
50 |
% |
|
$ |
6,365.6 |
|
|
|
53 |
% |
|
|
|
|
|
Perpetual Preferred Stock |
|
|
350.0 |
|
|
|
3 |
% |
|
|
350.0 |
|
|
|
3 |
% |
|
|
|
|
|
Unsecured Credit Facilities |
|
|
241.5 |
|
|
|
2 |
% |
|
|
28.6 |
|
|
|
0 |
% |
Unsecured Term Loan |
|
|
300.0 |
|
|
|
3 |
% |
|
|
350.0 |
|
|
|
3 |
% |
Unsecured Public Debt |
|
|
3,119.5 |
|
|
|
28 |
% |
|
|
2,775.6 |
|
|
|
23 |
% |
Secured Term Loan |
|
|
200.0 |
|
|
|
2 |
% |
|
|
400.0 |
|
|
|
3 |
% |
Fixed Rate Mortgage Debt |
|
|
1,287.2 |
|
|
|
11 |
% |
|
|
1,674.5 |
|
|
|
14 |
% |
Variable Rate Mortgage Debt |
|
|
98.6 |
|
|
|
1 |
% |
|
|
85.3 |
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,246.8 |
|
|
|
47 |
% |
|
|
5,314.0 |
|
|
|
44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
11,201.8 |
|
|
|
100 |
% |
|
$ |
12,029.6 |
|
|
|
100 |
% |
|
|
|
|
|
Capital Structure Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt to Market Capitalization |
|
|
46.8 |
% |
|
|
|
|
|
|
44.2 |
% |
|
|
|
|
Common Shares Outstanding |
|
|
361.1 |
|
|
|
|
|
|
|
359.6 |
|
|
|
|
|
Operating Partnership Units |
|
|
1.4 |
|
|
|
|
|
|
|
1.4 |
|
|
|
|
|
Market Value per Share |
|
$ |
15.46 |
|
|
|
|
|
|
$ |
17.63 |
|
|
|
|
|
Accretion on Convertible Notes (excluded above) |
|
$ |
4.0 |
|
|
|
|
|
|
$ |
15.7 |
|
|
|
|
|
Partners Share of Consolidated Debt (included above) |
|
$ |
9.9 |
|
|
|
|
|
|
$ |
9.9 |
|
|
|
|
|
DDR Share of Unconsolidated Debt (excluded above) |
|
$ |
452.1 |
|
|
|
|
|
|
$ |
494.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Ratings |
|
|
|
|
|
Covenants |
|
|
|
|
|
|
|
|
Debt Rating |
|
Outlook |
|
|
|
Covenant Threshold |
|
|
Actual Covenant |
|
Moodys |
|
Baa2 |
|
Stable |
|
Total Debt to Real Estate Assets Ratio |
|
£ |
65 |
% |
|
|
50 |
% |
S&P |
|
BBB- |
|
Stable |
|
Secured Debt to Assets Ratio |
|
£ |
40 |
% |
|
|
14 |
% |
Fitch |
|
BBB- |
|
Stable |
|
Unencumbered Assets to Unsecured Debt |
|
³ |
135 |
% |
|
|
197 |
% |
|
|
|
|
|
|
Fixed Charge Coverage Ratio |
|
³ |
1.5x |
|
|
|
2.2 |
x |
20
DDR Corp.
Debt/EBITDA
$ in millions
|
|
|
|
|
|
|
|
|
|
|
2Q15 |
|
|
2Q14 |
|
Consolidated |
|
|
|
|
|
|
|
|
Net income to DDR |
|
$ |
18.6 |
|
|
$ |
76.0 |
|
Impairments |
|
|
0.0 |
|
|
|
14.3 |
|
Depreciation and amortization |
|
|
99.3 |
|
|
|
95.2 |
|
Interest expense |
|
|
61.3 |
|
|
|
59.6 |
|
Loss (gain) on change in control of interests |
|
|
6.5 |
|
|
|
(83.8 |
) |
Other (income) expense, net |
|
|
(0.2 |
) |
|
|
4.5 |
|
Equity in net income of JVs |
|
|
(1.6 |
) |
|
|
(1.1 |
) |
Income tax expense |
|
|
0.6 |
|
|
|
0.6 |
|
EBITDA adjustments from discontinued operations |
|
|
0.0 |
|
|
|
1.3 |
|
Gain on disposition of real estate, net |
|
|
(11.3 |
) |
|
|
(1.5 |
) |
Adjustments for non-controlling interests |
|
|
(0.2 |
) |
|
|
0.3 |
|
JV FFO (at DDR share) |
|
|
7.5 |
|
|
|
7.4 |
|
Other JV adjustments (at DDR share) |
|
|
0.0 |
|
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
EBITDA - current quarter |
|
|
180.5 |
|
|
|
172.6 |
|
EBITDA - annualized |
|
|
722.0 |
|
|
|
690.4 |
|
|
|
|
Consolidated debt |
|
|
5,260.2 |
|
|
|
5,328.9 |
|
Partner share of consolidated debt |
|
|
(9.9 |
) |
|
|
(9.9 |
) |
Face value adjustments |
|
|
(13.5 |
) |
|
|
(14.9 |
) |
Cash and restricted cash |
|
|
(36.3 |
) |
|
|
(389.4 |
) |
|
|
|
|
|
|
|
|
|
Net adjusted debt |
|
$ |
5,200.5 |
|
|
$ |
4,914.7 |
|
|
|
|
Debt/EBITDA - Consolidated |
|
|
7.20x |
|
|
|
7.12x |
|
|
|
|
Pro rata including JVs |
|
|
|
|
|
|
|
|
EBITDA - current quarter |
|
|
186.2 |
|
|
|
181.4 |
|
EBITDA - annualized |
|
|
744.8 |
|
|
|
725.6 |
|
|
|
|
Consolidated net debt |
|
|
5,200.5 |
|
|
|
4,914.7 |
|
JV debt (at DDR share) |
|
|
451.2 |
|
|
|
493.8 |
|
Cash and restricted cash |
|
|
(10.2 |
) |
|
|
(17.2 |
) |
|
|
|
|
|
|
|
|
|
Net adjusted debt |
|
$ |
5,641.5 |
|
|
$ |
5,391.3 |
|
|
|
|
Debt/EBITDA - Pro rata |
|
|
7.57x |
|
|
|
7.43x |
|
21
DDR Corp.
Debt Summary
$ in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
Unconsolidated |
|
|
|
|
|
|
Total 100% |
|
|
Total DDR Share |
|
|
Interest Rate DDR Share |
|
|
Total 100% |
|
|
Total DDR Share |
|
|
Interest Rate DDR Share |
|
Debt Composition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Credit Facilities |
|
|
|
|
|
$ |
241.5 |
|
|
$ |
241.5 |
|
|
|
1.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Term Loan |
|
|
|
|
|
|
300.0 |
|
|
|
300.0 |
|
|
|
1.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Public Debt |
|
|
|
|
|
|
3,115.5 |
|
|
|
3,115.5 |
|
|
|
4.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Secured Term Loan |
|
|
|
|
|
|
200.0 |
|
|
|
200.0 |
|
|
|
1.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Mortgage Loans |
|
|
|
|
|
|
1,287.2 |
|
|
|
1,277.3 |
|
|
|
5.16 |
% |
|
$ |
2,061.8 |
|
|
$ |
351.5 |
|
|
|
5.34 |
% |
Variable Rate Mortgage Loans |
|
|
|
|
|
|
98.6 |
|
|
|
98.6 |
|
|
|
1.42 |
% |
|
|
1,167.4 |
|
|
|
99.7 |
|
|
|
1.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal |
|
|
|
|
|
|
5,242.8 |
|
|
|
5,232.9 |
|
|
|
4.44 |
% |
|
|
3,229.2 |
|
|
|
451.2 |
|
|
|
4.58 |
% |
Fair Market Value Adjustment |
|
|
|
|
|
|
17.4 |
|
|
|
17.4 |
|
|
|
|
|
|
|
18.1 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
$ |
5,260.2 |
|
|
$ |
5,250.3 |
|
|
|
4.44 |
% |
|
$ |
3,247.3 |
|
|
$ |
452.1 |
|
|
|
4.58 |
% |
|
|
|
|
|
|
|
|
|
|
Scheduled Principal Payments |
|
|
Secured Debt Maturities |
|
|
Unsecured Debt Maturities |
|
|
Total 100% |
|
|
Total Pro Rata |
|
|
Cash Interest Rate Pro Rata |
|
|
GAAP Interest Rate Pro Rata |
|
Consolidated Maturity Schedule (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
$ |
17.3 |
|
|
$ |
174.3 |
|
|
$ |
350.0 |
|
|
$ |
541.6 |
|
|
$ |
541.6 |
|
|
|
3.23 |
% |
|
|
4.50 |
% |
2016 |
|
|
30.7 |
|
|
|
117.3 |
|
|
|
240.0 |
|
|
|
388.0 |
|
|
|
388.0 |
|
|
|
7.74 |
% |
|
|
7.49 |
% |
2017 |
|
|
29.8 |
|
|
|
173.4 |
|
|
|
300.0 |
|
|
|
503.2 |
|
|
|
503.2 |
|
|
|
6.58 |
% |
|
|
5.83 |
% |
2018 |
|
|
22.7 |
|
|
|
158.2 |
|
|
|
582.2 |
|
|
|
763.1 |
|
|
|
763.1 |
|
|
|
4.16 |
% |
|
|
4.07 |
% |
2019 |
|
|
16.5 |
|
|
|
169.3 |
|
|
|
0.0 |
|
|
|
185.8 |
|
|
|
185.8 |
|
|
|
5.33 |
% |
|
|
5.25 |
% |
2020 |
|
|
7.3 |
|
|
|
280.2 |
|
|
|
841.5 |
|
|
|
1,129.0 |
|
|
|
1,129.0 |
|
|
|
3.83 |
% |
|
|
3.75 |
% |
2021 |
|
|
4.4 |
|
|
|
126.5 |
|
|
|
300.0 |
|
|
|
430.9 |
|
|
|
430.9 |
|
|
|
3.92 |
% |
|
|
3.82 |
% |
2022 |
|
|
0.1 |
|
|
|
42.8 |
|
|
|
450.0 |
|
|
|
492.9 |
|
|
|
483.0 |
|
|
|
4.67 |
% |
|
|
4.67 |
% |
2023 |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
300.0 |
|
|
|
300.0 |
|
|
|
300.0 |
|
|
|
3.38 |
% |
|
|
3.38 |
% |
2024 and beyond |
|
|
0.0 |
|
|
|
15.0 |
|
|
|
500.0 |
|
|
|
515.0 |
|
|
|
515.0 |
|
|
|
3.53 |
% |
|
|
3.53 |
% |
Unsecured debt discount |
|
|
|
|
|
|
|
|
|
|
(6.7 |
) |
|
|
(6.7 |
) |
|
|
(6.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
128.8 |
|
|
$ |
1,257.0 |
|
|
$ |
3,857.0 |
|
|
$ |
5,242.8 |
|
|
$ |
5,232.9 |
|
|
|
4.44 |
% |
|
|
4.44 |
% |
|
|
|
|
|
|
|
|
Unconsolidated Maturity Schedule (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
$ |
4.1 |
|
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
$ |
4.1 |
|
|
$ |
3.1 |
|
|
|
0.00 |
% |
|
|
0.00 |
% |
2016 |
|
|
7.8 |
|
|
|
4.6 |
|
|
|
0.0 |
|
|
|
12.4 |
|
|
|
2.1 |
|
|
|
5.99 |
% |
|
|
5.99 |
% |
2017 |
|
|
7.3 |
|
|
|
1,358.2 |
|
|
|
0.0 |
|
|
|
1,365.5 |
|
|
|
280.5 |
|
|
|
5.46 |
% |
|
|
5.46 |
% |
2018 |
|
|
4.0 |
|
|
|
124.0 |
|
|
|
0.0 |
|
|
|
128.0 |
|
|
|
19.6 |
|
|
|
4.46 |
% |
|
|
4.34 |
% |
2019 |
|
|
4.0 |
|
|
|
784.0 |
|
|
|
0.0 |
|
|
|
788.0 |
|
|
|
40.3 |
|
|
|
2.11 |
% |
|
|
1.82 |
% |
2020 |
|
|
4.2 |
|
|
|
442.8 |
|
|
|
0.0 |
|
|
|
447.0 |
|
|
|
65.1 |
|
|
|
2.23 |
% |
|
|
2.18 |
% |
2021 |
|
|
3.4 |
|
|
|
80.5 |
|
|
|
0.0 |
|
|
|
83.9 |
|
|
|
31.6 |
|
|
|
5.41 |
% |
|
|
5.41 |
% |
2022 |
|
|
1.7 |
|
|
|
244.1 |
|
|
|
0.0 |
|
|
|
245.8 |
|
|
|
12.4 |
|
|
|
4.39 |
% |
|
|
3.38 |
% |
2023 |
|
|
1.7 |
|
|
|
80.7 |
|
|
|
0.0 |
|
|
|
82.4 |
|
|
|
4.3 |
|
|
|
3.93 |
% |
|
|
4.32 |
% |
2024 and beyond |
|
|
0.5 |
|
|
|
71.6 |
|
|
|
0.0 |
|
|
|
72.1 |
|
|
|
10.8 |
|
|
|
4.30 |
% |
|
|
4.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
38.7 |
|
|
$ |
3,190.5 |
|
|
$ |
0.0 |
|
|
$ |
3,229.2 |
|
|
$ |
469.8 |
|
|
|
4.58 |
% |
|
|
4.52 |
% |
|
|
|
|
|
|
|
|
% of Total |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated |
|
|
|
|
|
|
|
Fixed |
|
|
84.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63.8 |
% |
|
|
|
|
|
|
|
|
Variable |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36.2 |
% |
|
|
|
|
|
|
|
|
Recourse to DDR |
|
|
74.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Non-recourse to DDR |
|
|
25.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
(1) |
Assumes borrower extension options are exercised. |
22
DDR Corp.
Consolidated Debt Detail
$ in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance 100% |
|
|
Balance DDR Share |
|
|
Maturity Date (1) |
|
|
Cash Interest Rate (2) (3) |
|
Senior Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Revolver ($750m) |
|
$ |
241.5 |
|
|
$ |
241.5 |
|
|
|
06/20 |
|
|
|
L + 100 |
|
Unsecured Revolver ($50m) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
06/20 |
|
|
|
L + 100 |
|
Secured Term Loan ($200m) |
|
|
200.0 |
|
|
|
200.0 |
|
|
|
04/18 |
|
|
|
L + 135 |
|
Unsecured Term Loan ($400m) |
|
|
300.0 |
|
|
|
300.0 |
|
|
|
04/20 |
|
|
|
L + 110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
741.5 |
|
|
$ |
741.5 |
|
|
|
|
|
|
|
|
|
Public Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Notes (4) |
|
$ |
346.0 |
|
|
$ |
346.0 |
|
|
|
11/15 |
|
|
|
1.75 |
% |
Unsecured Notes |
|
|
239.9 |
|
|
|
239.9 |
|
|
|
03/16 |
|
|
|
9.63 |
% |
Unsecured Notes |
|
|
300.0 |
|
|
|
300.0 |
|
|
|
04/17 |
|
|
|
7.50 |
% |
Unsecured Notes |
|
|
299.2 |
|
|
|
299.2 |
|
|
|
04/18 |
|
|
|
4.75 |
% |
Unsecured Notes |
|
|
82.2 |
|
|
|
82.2 |
|
|
|
07/18 |
|
|
|
7.50 |
% |
Unsecured Notes |
|
|
298.7 |
|
|
|
298.7 |
|
|
|
09/20 |
|
|
|
7.88 |
% |
Unsecured Notes |
|
|
298.4 |
|
|
|
298.4 |
|
|
|
01/21 |
|
|
|
3.50 |
% |
Unsecured Notes |
|
|
456.1 |
|
|
|
456.1 |
|
|
|
07/22 |
|
|
|
4.63 |
% |
Unsecured Notes |
|
|
298.5 |
|
|
|
298.5 |
|
|
|
05/23 |
|
|
|
3.38 |
% |
Unsecured Notes |
|
|
496.5 |
|
|
|
496.5 |
|
|
|
02/25 |
|
|
|
3.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,115.5 |
|
|
$ |
3,115.5 |
|
|
|
|
|
|
|
|
|
Mortgage Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hamilton Commons, NJ |
|
$ |
0.5 |
|
|
$ |
0.5 |
|
|
|
09/15 |
|
|
|
4.70 |
% |
Winter Garden Village, FL |
|
|
103.1 |
|
|
|
103.1 |
|
|
|
10/15 |
|
|
|
6.10 |
% |
Cumming Town Center, GA |
|
|
33.4 |
|
|
|
33.4 |
|
|
|
10/15 |
|
|
|
6.10 |
% |
Silver Spring Square, PA |
|
|
38.0 |
|
|
|
38.0 |
|
|
|
10/15 |
|
|
|
6.35 |
% |
|
|
|
|
|
Tops Plaza, NY |
|
|
1.1 |
|
|
|
1.1 |
|
|
|
01/16 |
|
|
|
8.00 |
% |
Freedom Plaza, NY |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
09/16 |
|
|
|
7.85 |
% |
Sycamore Crossing, OH |
|
|
63.0 |
|
|
|
63.0 |
|
|
|
12/16 |
|
|
|
5.81 |
% |
The Maxwell, IL |
|
|
55.5 |
|
|
|
55.5 |
|
|
|
12/16 |
|
|
|
L + 160 |
|
|
|
|
|
|
Falcon Ridge Town Center, CA |
|
|
43.5 |
|
|
|
43.5 |
|
|
|
01/17 |
|
|
|
5.68 |
% |
Vista Village, CA |
|
|
33.2 |
|
|
|
33.2 |
|
|
|
04/17 |
|
|
|
5.71 |
% |
Walmart Supercenter, NC |
|
|
2.9 |
|
|
|
2.9 |
|
|
|
08/17 |
|
|
|
6.00 |
% |
Connecticut Commons, CT |
|
|
47.0 |
|
|
|
47.0 |
|
|
|
10/17 |
|
|
|
5.01 |
% |
Riverdale Village, MN |
|
|
25.8 |
|
|
|
25.8 |
|
|
|
10/17 |
|
|
|
5.01 |
% |
Riverdale Village Perimeter, MN |
|
|
32.3 |
|
|
|
32.3 |
|
|
|
10/17 |
|
|
|
5.01 |
% |
Lake Brandon Village, FL |
|
|
9.3 |
|
|
|
9.3 |
|
|
|
10/17 |
|
|
|
5.01 |
% |
Shoppers World Brookfield, WI |
|
|
5.8 |
|
|
|
5.8 |
|
|
|
10/17 |
|
|
|
5.01 |
% |
Marketplace of Brown Deer, WI |
|
|
4.1 |
|
|
|
4.1 |
|
|
|
10/17 |
|
|
|
5.01 |
% |
Brown Deer Center, WI |
|
|
7.8 |
|
|
|
7.8 |
|
|
|
10/17 |
|
|
|
5.01 |
% |
Thruway Plaza (Walmart), NY |
|
|
1.3 |
|
|
|
1.3 |
|
|
|
10/17 |
|
|
|
6.78 |
% |
|
|
|
|
|
Tops Plaza, NY |
|
|
5.6 |
|
|
|
5.6 |
|
|
|
01/18 |
|
|
|
7.05 |
% |
Falcon Ridge Town Center, CA |
|
|
14.6 |
|
|
|
14.6 |
|
|
|
01/18 |
|
|
|
5.91 |
% |
Walmart Supercenter, SC |
|
|
3.0 |
|
|
|
3.0 |
|
|
|
01/18 |
|
|
|
6.00 |
% |
Fortuna Center, VA |
|
|
12.1 |
|
|
|
12.1 |
|
|
|
02/18 |
|
|
|
6.18 |
% |
23
DDR Corp.
Consolidated Debt Detail
$ in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance 100% |
|
|
Balance DDR Share |
|
|
Maturity Date (1) |
|
|
Cash Interest Rate (2) (3) |
|
Johns Creek Town Center, GA |
|
|
24.2 |
|
|
|
24.2 |
|
|
|
03/18 |
|
|
|
5.06 |
% |
Southland Crossings, OH |
|
|
24.2 |
|
|
|
24.2 |
|
|
|
03/18 |
|
|
|
5.06 |
% |
The Promenade at Brentwood, MO |
|
|
30.8 |
|
|
|
30.8 |
|
|
|
03/18 |
|
|
|
5.06 |
% |
DDR Headquarters, OH |
|
|
28.1 |
|
|
|
28.1 |
|
|
|
03/18 |
|
|
|
L + 105 |
|
Mohawk Commons, NY |
|
|
8.7 |
|
|
|
8.7 |
|
|
|
12/18 |
|
|
|
5.75 |
% |
|
|
|
|
|
Lowes, TN |
|
|
3.7 |
|
|
|
3.7 |
|
|
|
01/19 |
|
|
|
7.66 |
% |
Nassau Park Pavilion, NJ |
|
|
56.6 |
|
|
|
56.6 |
|
|
|
02/19 |
|
|
|
3.40 |
% |
Bandera Pointe, TX |
|
|
24.6 |
|
|
|
24.6 |
|
|
|
02/19 |
|
|
|
3.40 |
% |
Presidential Commons, GA |
|
|
21.1 |
|
|
|
21.1 |
|
|
|
02/19 |
|
|
|
3.40 |
% |
Plaza Cayey, PR |
|
|
20.8 |
|
|
|
20.8 |
|
|
|
06/19 |
|
|
|
7.59 |
% |
Plaza Fajardo, PR |
|
|
25.0 |
|
|
|
25.0 |
|
|
|
06/19 |
|
|
|
7.59 |
% |
Plaza Isabela, PR |
|
|
21.9 |
|
|
|
21.9 |
|
|
|
06/19 |
|
|
|
7.59 |
% |
Plaza Walmart, PR |
|
|
11.7 |
|
|
|
11.7 |
|
|
|
06/19 |
|
|
|
7.59 |
% |
Mariner Square, FL |
|
|
2.4 |
|
|
|
2.4 |
|
|
|
09/19 |
|
|
|
9.75 |
% |
|
|
|
|
|
Northland Square, IA |
|
|
4.7 |
|
|
|
4.7 |
|
|
|
01/20 |
|
|
|
9.38 |
% |
Plaza Rio Hondo, PR |
|
|
124.8 |
|
|
|
124.8 |
|
|
|
01/20 |
|
|
|
3.95 |
% |
Easton Marketplace, OH |
|
|
49.8 |
|
|
|
49.8 |
|
|
|
01/20 |
|
|
|
3.95 |
% |
The Fountains, FL |
|
|
45.5 |
|
|
|
45.5 |
|
|
|
01/20 |
|
|
|
3.95 |
% |
Perimeter Pointe, GA |
|
|
43.0 |
|
|
|
43.0 |
|
|
|
01/20 |
|
|
|
3.95 |
% |
Polaris Towne Center, OH |
|
|
43.3 |
|
|
|
43.3 |
|
|
|
04/20 |
|
|
|
6.76 |
% |
|
|
|
|
|
Chapel Hills West, CO |
|
|
12.3 |
|
|
|
12.3 |
|
|
|
06/21 |
|
|
|
5.49 |
% |
West Valley Marketplace, PA |
|
|
9.4 |
|
|
|
9.4 |
|
|
|
07/21 |
|
|
|
6.95 |
% |
Plaza Escorial, PR |
|
|
73.3 |
|
|
|
73.3 |
|
|
|
07/21 |
|
|
|
3.59 |
% |
Wrangleboro Consumer Sq, NJ |
|
|
60.0 |
|
|
|
60.0 |
|
|
|
10/21 |
|
|
|
5.41 |
% |
Chapel Hills East, CO |
|
|
8.4 |
|
|
|
8.4 |
|
|
|
12/21 |
|
|
|
5.24 |
% |
|
|
|
|
|
Paradise Village Gateway, AZ |
|
|
30.0 |
|
|
|
20.1 |
|
|
|
01/22 |
|
|
|
4.65 |
% |
Macedonia Commons, OH |
|
|
19.1 |
|
|
|
19.1 |
|
|
|
02/22 |
|
|
|
5.71 |
% |
|
|
|
|
|
Gulfport Promenade, MS |
|
|
15.0 |
|
|
|
15.0 |
|
|
|
12/37 |
|
|
|
S + 37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,385.8 |
|
|
$ |
1,375.9 |
|
|
|
|
|
|
|
|
|
FMV adjustment - assumed debt |
|
|
17.4 |
|
|
|
17.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,403.2 |
|
|
$ |
1,393.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
$ |
4,402.7 |
|
|
$ |
4,392.8 |
|
|
|
4.5 years |
|
|
|
5.03 |
% |
Variable |
|
|
840.1 |
|
|
|
840.1 |
|
|
|
4.4 years |
|
|
|
1.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,242.8 |
|
|
$ |
5,232.9 |
|
|
|
4.5 years |
|
|
|
4.44 |
% |
24
DDR Corp.
Consolidated Debt Detail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in millions |
|
Balance 100% |
|
|
Balance DDR Share |
|
|
Maturity Date (1) |
|
|
Cash Interest Rate (2) (3) |
|
Perpetual Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class J |
|
$ |
200.0 |
|
|
$ |
200.0 |
|
|
|
Perpetual |
|
|
|
6.500 |
% |
Class K |
|
|
150.0 |
|
|
|
150.0 |
|
|
|
Perpetual |
|
|
|
6.250 |
% |
|
|
|
|
|
Interest Rate Swaps |
|
|
Notional |
|
|
|
Rate |
|
|
|
Fixed |
|
|
|
Termination |
|
Underlying Debt Hedged: |
|
|
Amount |
|
|
|
Hedged |
|
|
|
Rate |
|
|
|
Date |
|
Mortgage Portfolio |
|
$ |
79.2 |
|
|
|
1 mo. LIBOR |
|
|
|
2.81 |
% |
|
|
9/1/17 |
|
(1) |
Assumes borrower extension options are exercised. |
(2) |
L = LIBOR, S = SIFMA. |
(3) |
Does not include discounts or premiums. |
(4) |
The $350 million face value of the convertible notes is to be settled in cash. Any premium may be net settled prior to November 2015 with DDRs common stock or cash at DDRs option once the stock price rises
above 125% of the $14.59 conversion price (as of June 30, 2015) for a specified period of time as outlined in the Prospectus Supplement dated November 1, 2010. The conversion price is subject to future adjustments, including the
declaration of a quarterly dividend. No dilution assumed for purposes of calculating FFO or Operating FFO as of June 30, 2015, since the market trigger has not been achieved and the notes were not convertible. Included in this amount is a $4.0
million reduction as compared to the face value of the convertible notes representing the remaining accretion of the initial conversion valuation. |
25
DDR Corp.
Unconsolidated Debt Detail
$ in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance 100% |
|
|
Balance DDR Share |
|
|
Maturity Date (1) |
|
|
Cash Interest Rate (2) (3) |
|
BRE DDR Retail Holdings III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telegraph Plaza, MI |
|
$ |
4.8 |
|
|
$ |
0.2 |
|
|
|
12/16 |
|
|
|
5.99 |
% |
Camp Creek, GA |
|
|
42.0 |
|
|
|
2.1 |
|
|
|
12/18 |
|
|
|
4.62 |
% |
May 2019 Loan Pool (2 assets) |
|
|
20.7 |
|
|
|
1.0 |
|
|
|
05/19 |
|
|
|
4.85 |
% |
November 2019 Loan Pool (42 assets) |
|
|
764.5 |
|
|
|
38.2 |
|
|
|
11/19 |
|
|
|
L + 185 |
|
Whittwood Town Center, CA |
|
|
43.0 |
|
|
|
2.2 |
|
|
|
12/20 |
|
|
|
5.20 |
% |
January 2022 Loan Pool (3 assets) |
|
|
23.0 |
|
|
|
1.1 |
|
|
|
01/22 |
|
|
|
4.75 |
% |
Kyle Marketplace, TX |
|
|
24.8 |
|
|
|
1.2 |
|
|
|
03/22 |
|
|
|
4.09 |
% |
March 2022 Loan Pool (3 assets) |
|
|
23.4 |
|
|
|
1.2 |
|
|
|
03/22 |
|
|
|
5.49 |
% |
Eastland Center, CA |
|
|
90.0 |
|
|
|
4.5 |
|
|
|
07/22 |
|
|
|
4.50 |
% |
Greenway Commons, TX |
|
|
33.0 |
|
|
|
1.7 |
|
|
|
07/22 |
|
|
|
4.10 |
% |
July 2022 Loan Pool (4 assets) |
|
|
17.0 |
|
|
|
0.9 |
|
|
|
07/22 |
|
|
|
4.40 |
% |
White Oak Village, VA |
|
|
34.3 |
|
|
|
1.7 |
|
|
|
09/22 |
|
|
|
3.60 |
% |
January 2023 Loan Pool (4 assets) |
|
|
22.7 |
|
|
|
1.1 |
|
|
|
01/23 |
|
|
|
4.27 |
% |
Kingsbury Center, IL |
|
|
14.5 |
|
|
|
0.7 |
|
|
|
06/23 |
|
|
|
3.97 |
% |
Valley Bend, AL |
|
|
43.5 |
|
|
|
2.2 |
|
|
|
06/23 |
|
|
|
3.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,201.2 |
|
|
$ |
60.0 |
|
|
|
|
|
|
|
|
|
DDR Domestic Retail Fund I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Center, WI |
|
$ |
10.7 |
|
|
$ |
2.1 |
|
|
|
02/17 |
|
|
|
L + 140 |
|
West Falls Plaza, NJ |
|
|
9.9 |
|
|
|
2.0 |
|
|
|
02/17 |
|
|
|
L + 140 |
|
52 Additional Assets |
|
|
883.5 |
|
|
|
176.7 |
|
|
|
07/17 |
|
|
|
5.60 |
% |
Heather Island, FL |
|
|
4.5 |
|
|
|
0.9 |
|
|
|
02/18 |
|
|
|
3.56 |
% |
Hilliard Rome, OH |
|
|
11.8 |
|
|
|
2.4 |
|
|
|
02/18 |
|
|
|
3.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
920.4 |
|
|
$ |
184.1 |
|
|
|
|
|
|
|
|
|
DDRTC Core Retail Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pool 1 (9 assets) |
|
$ |
350.2 |
|
|
$ |
52.5 |
|
|
|
03/17 |
|
|
|
5.45 |
% |
Pool 5 (11 assets) (3) |
|
|
217.0 |
|
|
|
32.6 |
|
|
|
07/20 |
|
|
|
L + 150 |
|
Pool 3 (6 assets) (3) |
|
|
165.3 |
|
|
|
24.8 |
|
|
|
07/20 |
|
|
|
L + 175 |
|
Birkdale Village, NC |
|
|
82.5 |
|
|
|
12.4 |
|
|
|
04/24 |
|
|
|
4.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
815.0 |
|
|
$ |
122.3 |
|
|
|
|
|
|
|
|
|
DDR-SAU Retail Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR-SAU Retail Fund (14 assets) |
|
$ |
83.3 |
|
|
$ |
16.7 |
|
|
|
09/17 |
|
|
|
4.74 |
% |
DDR-SAU Retail Fund (9 assets) |
|
|
70.2 |
|
|
|
14.0 |
|
|
|
04/18 |
|
|
|
4.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
153.5 |
|
|
$ |
30.7 |
|
|
|
|
|
|
|
|
|
Other Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennox Town Center Limited, OH |
|
$ |
1.0 |
|
|
$ |
0.5 |
|
|
|
07/17 |
|
|
|
6.44 |
% |
Lennox Town Center Limited, OH |
|
|
26.0 |
|
|
|
13.0 |
|
|
|
07/17 |
|
|
|
5.64 |
% |
RO & SW Realty (9 assets) |
|
|
19.3 |
|
|
|
4.9 |
|
|
|
10/20 |
|
|
|
5.25 |
% |
Sun Center Limited, OH |
|
|
22.1 |
|
|
|
17.6 |
|
|
|
05/21 |
|
|
|
5.99 |
% |
RVIP IIIB, Deer Park, IL |
|
|
70.7 |
|
|
|
18.1 |
|
|
|
09/21 |
|
|
|
4.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
139.1 |
|
|
$ |
54.1 |
|
|
|
|
|
|
|
|
|
26
DDR Corp.
Unconsolidated Debt Detail
$ in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance 100% |
|
|
Balance DDR Share |
|
|
Maturity Date (1) |
|
|
Cash Interest Rate (2) (3) |
|
Subtotal |
|
$ |
3,229.2 |
|
|
$ |
451.2 |
|
|
|
|
|
|
|
|
|
FMV Adjustment - Assumed Debt |
|
|
18.1 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,247.3 |
|
|
$ |
452.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
$ |
2,061.8 |
|
|
$ |
351.5 |
|
|
|
3.0 years |
|
|
|
5.34 |
% |
Variable |
|
|
1,167.4 |
|
|
|
99.7 |
|
|
|
4.6 years |
|
|
|
1.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,229.2 |
|
|
$ |
451.2 |
|
|
|
3.3 years |
|
|
|
4.58 |
% |
|
|
|
|
|
Interest Rate Swaps |
|
|
Notional |
|
|
|
Rate |
|
|
|
Fixed |
|
|
|
Termination |
|
Underlying Debt Hedged: |
|
|
Amount |
|
|
|
Hedged |
|
|
|
Rate |
|
|
|
Date |
|
Mortgage Loan |
|
$ |
42.0 |
|
|
|
1 mo. LIBOR |
|
|
|
1.87 |
% |
|
|
12/1/18 |
|
(1) |
Assumes borrower extension options are exercised. |
|
|
|
(3) Loans with floor interest rates: |
|
Floor: |
DDRTC Holdings Pool 5 (11 assets) |
|
1 mo. LIBOR of 0.25% |
DDRTC Holdings Pool 3 (6 assets) |
|
1 mo. LIBOR of 0.25% |
27
DDR Corp.
Analyst Coverage
|
|
|
|
|
|
|
|
|
Corporate Headquarters |
|
|
|
Investor Relations |
|
|
|
|
DDR Corp. |
|
|
|
Matt Lougee |
|
|
|
|
3300 Enterprise Parkway |
|
|
|
Toll Free: (877) 225-5337 |
|
|
|
|
Beachwood, Ohio 44122 |
|
|
|
Main: (216) 755-5500 |
|
|
|
|
Website: www.ddr.com |
|
|
|
Email: mlougee@ddr.com |
|
|
|
|
|
|
|
|
Equity Research |
|
|
|
|
|
|
|
|
Bank of America Merrill Lynch |
|
Craig Schmidt |
|
craig.schmidt@baml.com |
|
|
(646 |
) 855-3640 |
Canaccord Genuity |
|
Paul Morgan |
|
pmorgan@canaccordgenuity.com |
|
|
(415 |
) 229-7181 |
Capital One |
|
Chris Lucas |
|
christopher.lucas@capitalone.com |
|
|
(571 |
) 633-8151 |
Citigroup |
|
Michael Bilerman |
|
michael.bilerman@citi.com |
|
|
(212 |
) 816-1383 |
|
|
Christy McElroy |
|
christy.mcelroy@citi.com |
|
|
(212 |
) 816-6981 |
Cowen & Company |
|
Jim Sullivan |
|
james.sullivan@cowen.com |
|
|
(646 |
) 562-1380 |
Credit Suisse |
|
Ian Weissman |
|
ian.weissman@credit-suisse.com |
|
|
(212 |
) 538-6889 |
|
|
George Auerbach |
|
george.auerbach@credit-suisse.com |
|
|
(212 |
) 538-8082 |
Deutsche Bank |
|
Vincent Chao |
|
vincent.chao@db.com |
|
|
(212 |
) 250-6799 |
DISCERN |
|
Dave Wigginton |
|
dwigginton@discern.com |
|
|
(646 |
) 863-4177 |
Evercore ISI |
|
Steve Sakwa |
|
steve.sakwa@evercoreisi.com |
|
|
(212 |
) 446-9462 |
|
|
Samir Khanal |
|
samir.khanal@evercoreisi.com |
|
|
(212 |
) 888-3796 |
Goldman Sachs |
|
Andrew Rosivach |
|
andrew.rosivach@gs.com |
|
|
(212 |
) 902-2796 |
|
|
Caitlin Burrows |
|
caitlin.burrows@gs.com |
|
|
(212 |
) 902-4736 |
Green Street Advisors |
|
Jason White |
|
jwhite@greenstreetadvisors.com |
|
|
(949 |
) 640-8780 |
Hilliard Lyons |
|
Carol Kemple |
|
ckemple@hilliard.com |
|
|
(502 |
) 588-1839 |
Jefferies and Company |
|
Tayo Okusanya |
|
tokusanya@jefferies.com |
|
|
(212 |
) 336-7076 |
J.P. Morgan |
|
Michael Mueller |
|
michael.w.mueller@jpmorgan.com |
|
|
(212 |
) 622-6689 |
KeyBanc Capital Markets |
|
Jordan Sadler |
|
jsadler@keybanccm.com |
|
|
(917 |
) 368-2280 |
|
|
Todd Thomas |
|
tthomas@keybanccm.com |
|
|
(917 |
) 368-2286 |
Morgan Stanley |
|
Haendel St. Juste |
|
haendel.stjuste@morganstanley.com |
|
|
(212 |
) 761-0071 |
|
|
Catherine Klinchuch |
|
catherine.klinchuch@morganstanley.com |
|
|
(212 |
) 296-8581 |
RBC Capital Markets |
|
Rich Moore |
|
rich.moore@rbccm.com |
|
|
(440 |
) 715-2646 |
Sandler ONeill |
|
Alex Goldfarb |
|
agoldfarb@sandleroneill.com |
|
|
(212 |
) 466-7937 |
SunTrust Robinson Humphrey |
|
Ki Bin Kim |
|
kibin.kim@suntrust.com |
|
|
(212 |
) 303-4124 |
UBS |
|
Ross Nussbaum |
|
ross.nussbaum@ubs.com |
|
|
(212 |
) 713-2484 |
|
|
Jeremy Metz |
|
jeremy.metz@ubs.com |
|
|
(212 |
) 713-2429 |
Wells Fargo |
|
Jeff Donnelly |
|
jeff.donnelly@wellsfargo.com |
|
|
(617 |
) 603-4262 |
|
|
Tamara Fique |
|
tamara.fique@wellsfargo.com |
|
|
(443 |
) 263-6568 |
|
|
|
|
Fixed Income Research |
|
|
|
|
|
|
|
|
Barclays |
|
Peter Troisi |
|
peter.troisi@barclays.com |
|
|
(212 |
) 412-3695 |
Citigroup |
|
Tom Cook |
|
thomas.n.cook@citigroup.com |
|
|
(212 |
) 723-1112 |
J.P. Morgan |
|
Mark Streeter |
|
mark.streeter@jpmorgan.com |
|
|
(212 |
) 834-5086 |
Wells Fargo |
|
Thierry Perrein |
|
thierry.perrein@wellsfargo.com |
|
|
(704 |
) 715-8455 |
28
DDR Corp.
Notable Accounting and Supplemental Policies
Revenues
|
|
Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint. |
|
|
Tenant reimbursements are recognized in the period in which the expenses are incurred. |
|
|
Lease termination fees are recognized upon termination of a tenants lease when the Company has no further obligations under the lease. |
General and Administrative Expenses
|
|
General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. |
|
|
All internal and external acquisition costs are expensed as incurred. |
|
|
The Company does not capitalize any executive officer compensation. |
|
|
General and administrative expenses include executive property management compensation and related expenses. Property management services direct compensation is reflected in operating and maintenance expenses.
|
Deferred Financing Costs
|
|
Costs incurred in obtaining financing are included in deferred charges and amortized on a straight-line basis over the term of the related debt agreement; such amortization is reflected as interest expense in the
consolidated statements of operations. |
Real Estate
|
|
Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual propertys estimated undiscounted future cash flows, including estimated
proceeds from disposition. |
|
|
Construction in progress includes shopping center developments and significant expansions and redevelopments. |
|
|
Acquisitions of a partners interest in an unconsolidated joint venture in which a change of control has occurred are recorded at fair value. |
|
|
Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows: |
|
|
|
Buildings |
|
20 to 40 years |
Building Improvements |
|
5 to 20 years |
Furniture/Fixtures/ |
|
Shorter of economic life or lease terms |
Tenant Improvements |
|
|
29
DDR Corp.
Notable Accounting and Supplemental Policies
Capitalization
|
|
Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and expenditures that improve or extend the life of the asset are capitalized. |
|
|
The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when
construction activities are completed and the property is available for occupancy by tenants or when activities are suspended. |
|
|
Interest expense and real estate taxes incurred during construction are capitalized and depreciated over the building life. The Company does not capitalize interest on land held for development which is on hold and is
not undergoing any development activities. |
Gains on Sales of Real Estate
|
|
Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete. |
|
|
Effective in 2015, the operating activity and the gains or losses on the sales of operating shopping centers are generally no longer reflected as discontinued operations. |
Leasing Spreads
|
|
Leasing spreads are calculated by comparing the prior tenants annual base rent in the final year of the old lease to the new tenants annual base rent in the first year of the new lease. The reported
calculation, Comparable, only includes deals executed within one year of the date that the prior tenant vacated. Non-comp deals consist of deals not executed within one year of the date the prior tenant vacated, deals which
resulted in a significant difference in size, or deals for space which was vacant at acquisition. |
Same Store NOI (SSNOI)
|
|
Excludes development, major redevelopment, straight-line rental income and expenses, lease termination income, FMV of leases and provisions for uncollectible amounts and/or recoveries thereof; includes assets owned in
comparable periods (15 months for quarter comparisons). |
Net Effective Rents
|
|
Net effective rents are calculated as a weighted average per rentable square foot over the lease term with full consideration for all costs associated with leasing the space rather than pro rata costs. Landlord work
represents property level improvements associated with the lease transactions; however, those improvements are attributed to the landlords property value and typically extend the life of the asset in excess of the lease term.
|
30
Developers Realty (NYSE:DDR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Developers Realty (NYSE:DDR)
Historical Stock Chart
From Apr 2023 to Apr 2024