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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ____________ TO ____________
COMMISSION FILE NUMBER 1-11690
DEVELOPERS DIVERSIFIED REALTY CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
OHIO 34-1723097
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(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
3300 ENTERPRISE PARKWAY, BEACHWOOD, OHIO 44122
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(Address of principal executive offices -- zip code)
(216) 755-5500
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(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
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Common Shares, Without Par Value............................ New York Stock Exchange
Depositary Shares Representing Class A Cumulative Redeemable
Preferred Shares.......................................... New York Stock Exchange
Depositary Shares Representing Class B Cumulative Redeemable
Preferred Shares.......................................... New York Stock Exchange
Depositary Shares Representing Class C Cumulative Redeemable
Preferred Shares.......................................... New York Stock Exchange
Depositary Shares Representing Class D Cumulative Redeemable
Preferred Shares.......................................... New York Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
NONE
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(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The aggregate market value of the voting stock held by non-affiliates of
the registrant at March 15, 2000 was $712.7 million.
APPLICABLE ONLY TO CORPORATE REGISTRANTS
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date.
58,355,946 common shares outstanding as of March 15, 2000
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DOCUMENTS INCORPORATED BY REFERENCE.
The registrant incorporates by reference in Part III hereof portions of its
definitive Proxy Statement for its 2000 Annual Meeting of Shareholders.
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TABLE OF CONTENTS
REPORT
ITEM NO. PAGE
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PART I
1. Business.................................................... 3
2. Properties.................................................. 8
3. Legal Proceedings........................................... 26
4. Submission of Matters to a Vote of Security Holders......... 26
PART II
5. Market for the Registrant's Common Equity and Related
Shareholder Matters....................................... 28
6. Selected Financial Data..................................... 29
7. Management's Discussion and Analysis of Financial Condition
and Results of Operations................................. 31
7a. Quantitative and Qualitative Disclosures about Market
Risk...................................................... 45
8. Financial Statements and Supplementary Data................. 45
9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure.................................. 45
PART III
10. Directors and Executive Officers of the Registrant.......... 46
11. Executive Compensation...................................... 46
12. Security Ownership of Certain Beneficial Owners and
Management................................................ 46
13. Certain Relationships and Related Transactions.............. 46
PART IV
14. Exhibits, Financial Statements, Schedules and Reports on
Form 8-K.................................................. 46
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PART I
ITEM 1. BUSINESS
GENERAL DEVELOPMENT OF BUSINESS
Developers Diversified Realty Corporation, an Ohio Corporation (the
"Company" or "DDR"), a self-administered and self-managed real estate investment
trust (a "REIT"), is in the business of acquiring, developing, redeveloping,
owning, leasing and managing shopping centers and business centers. Unless
otherwise provided, references herein to the Company or DDR includes Developers
Diversified Realty Corporation, its wholly owned and majority owned subsidiaries
and its joint ventures.
From January 1, 1997 to March 15, 2000, the Company has acquired 54
shopping center properties, including those owned through joint ventures, five
of which were acquired in 1999, 41 of which were acquired in 1998 and eight of
which were acquired in 1997. In February 2000, the Company sold one property.
The Company also contributed one property to a 50% joint venture and entered
into an agreement to sell 60% of its 50% joint venture interest in a joint
venture which owns 10 shopping centers.
The Company's executive offices are located at 3300 Enterprise Parkway,
Beachwood, Ohio 44122, and its telephone number is (216) 755-5500.
SHARE SPLIT
Effective August 3, 1998, the Company effected a two for one share split to
shareholders of record on July 27, 1998 in the form of a stock dividend. All per
share amounts and the number of common shares outstanding reflect this split,
unless indicated otherwise.
FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS
The Company is in the business of managing, operating, leasing, acquiring,
developing and investing in shopping centers and business centers. See the
consolidated financial statements and notes thereto included in Item 8 of this
Annual Report on Form 10-K for certain information required by Item 1.
NARRATIVE DESCRIPTION OF BUSINESS
Since 1965, the Company and Developers Diversified Group ("DDG"), its
predecessor, have owned and managed approximately 342 shopping centers and
business centers. The Company's portfolio as of March 15, 2000, not including
those properties owned through the Company's minority equity investment,
consisted of 184 shopping centers and one business center (including 44
properties which are owned through joint ventures) and approximately 119
undeveloped acres (of which approximately 9 acres are owned through joint
ventures) (the "Portfolio Properties"). From January 1, 1997 to March 15, 2000,
the Company has acquired 54 shopping centers, including those owned through
joint ventures, containing an aggregate of 11.1 million square feet of gross
leasable area ("GLA") owned by the Company for an aggregate purchase price of
approximately $1.3 billion. During 1997, 1998 and 1999, the Company completed
expansions at 34 of its shopping centers.
As of March 15, 2000, the Company was expanding three shopping centers and
expects to commence expansions at additional shopping centers in 2000. The
Company has also substantially completed the development of twelve shopping
centers since December 31, 1996, at an aggregate cost of approximately $525
million aggregating approximately 3.9 million square feet of GLA. As of March
15, 2000, the Company had fourteen shopping centers under development.
The Company's shopping centers were approximately 95.7% leased as of
December 31, 1999. On December 31, 1999, the average annualized base rent per
square foot of Company-owned GLA of the shopping centers was $9.20.
The Company is self-administered and self-managed and, therefore, does not
engage or pay for a REIT advisor. The Company manages all of the Portfolio
Properties. At December 31, 1999, the Company owned and/or managed approximately
47.3 million total square feet of GLA, which included all of the Portfolio
Properties and 21 properties owned by third parties.
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STRATEGY AND PHILOSOPHY
The Company's investment objective is to increase cash flow and the value
of its portfolio of properties and to seek continued growth through the
selective acquisition, development, redevelopment, renovation and expansion of
income-producing real estate properties, primarily shopping centers. In
addition, the Company may also pursue the disposition of certain real estate
assets and utilize the proceeds to repay debt, repurchase the Company's common
shares, reinvest in other real estate assets and developments and for other
corporate purposes. In pursuing its investment objective, the Company will
continue to seek to acquire and develop high quality, well-located shopping
centers and business centers with attractive initial yields and strong prospects
for future cash flow growth and capital appreciation where the Company's
financial strength and management and leasing capabilities can enhance value.
Management believes that opportunities to acquire existing shopping centers
have been and will continue to be available to buyers with access to capital
markets and institutional investors, such as the Company. See "Management's
Discussion and Analysis of Financial Condition and Results of
Operations -- Liquidity and Capital Resources."
The Company's real estate strategy and philosophy is to grow its business
through a combination of leasing, expansion, acquisition and development. The
Company seeks to:
- increase cash flows and property values through strategic leasing,
re-tenanting, renovation and expansion of the Company's portfolio;
- continue to selectively acquire well-located, quality shopping
centers (individually or in portfolio transactions) which have
leases at rental rates below market rates or other cash flow growth
or capital appreciation potential where the Company's financial
strength, relationships with retailers and management capabilities
can enhance value;
- increase cash flows and property values by continuing to take
advantage of attractive financing and refinancing opportunities (see
"Recent Developments -- Financings");
- increase per share cash flows through the selective disposition of
certain real estate assets and utilizing the proceeds to repay debt,
repurchase of the Company's common shares and for other corporate
purposes;
- selectively develop the Company's undeveloped parcels or new sites
in areas with attractive demographics;
- hold properties for long-term investment and place a strong emphasis
on regular maintenance, periodic renovation and capital
improvements; and
- continue to manage and develop the properties of others to generate
fee income, subject to restrictions imposed by federal income tax
laws, and create opportunities for acquisitions.
As part of its ongoing business the Company engages in discussions with
public and private real estate entities regarding possible portfolio or asset
acquisitions or business combinations.
In addition, the Company intends to maintain a conservative debt
capitalization ratio. At December 31, 1999, the Company's debt to total market
capitalization ratio, excluding the Company's proportionate share of non-
recourse indebtedness of its unconsolidated joint ventures, was approximately
0.48 to 1.0; and at March 15, 2000 this ratio was approximately 0.49 to 1.0. At
December 31, 1999, the Company's capitalization consisted of $1.2 billion of
debt (excluding the Company's proportionate share of joint venture mortgage debt
aggregating $466.6 million), $413.8 million of preferred stock and preferred
operating partnership units and $826.7 billion of market equity. (Market equity
is defined as common shares outstanding and operating partnership units
outstanding multiplied by the closing price of common shares on the New York
Stock Exchange at December 31, 1999 of $12.875.) At December 31, 1999, the
Company's total debt consisted of $751.0 million of fixed-rate debt and $401.1
million of variable rate debt. Fluctuations in the market price of the Company's
common shares may cause this ratio to vary from time to time.
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The strategy, philosophy, investment and financing policies of the Company,
and its policies with respect to certain other activities, including its growth,
debt capitalization, distributions, status as a REIT and operating policies, are
determined by the Board of Directors. Although it has no present intention to do
so, the Board of Directors may amend or revise these policies from time to time
without a vote of the shareholders of the Company.
RECENT DEVELOPMENTS
Financings
Through December 31, 1999, the Company purchased in open market
transactions 1,860,300 of its common shares, at prices ranging from $12.69 to
$14.00, for an aggregate purchase price of approximately $25.8 million. For the
period January 1, 2000 through March 15, 2000, the Company initiated the
purchase of an additional 1,368,000 shares, at prices ranging from $11.61 to
$12.29, for an aggregate purchase price of approximately $16.2 million. In
February and August 1999, the Company's Board of Directors authorized the
officers of the Company to implement and continue a common share repurchase
program in response to what the Company believed was a distinct undervaluation
of the Company's common shares in the public market. Under the terms authorized
by the Company's Board, as amended in November 1999, the Company may purchase in
the open market, subject to certain requirements, common shares of the Company,
up to a maximum value of $200 million. The Company may invest proceeds from the
sale of assets to purchase these shares. It is not the Company's intention to
increase the leverage on its balance sheet to implement this stock repurchase
program.
Also in December 1999, one of the Company's joint ventures refinanced its
secured mortgage and entered into a ten year fixed rate mortgage for $21.3
million with interest at 8.46%. Additional proceeds from this refinancing of
approximately $6.4 million were used to repay a portion of a note payable to the
Company.
During 1999, the Prudential/DDR Retail Value Fund ("Fund"), a joint venture
in which the Company effectively owns a 25% interest, agreed to acquire the
Company's 50% joint venture interests relating to the development of six
shopping centers. The Company was reimbursed by the Fund for approximately $74.3
million associated with development costs incurred on each of these projects.
The Company also obtained third party financing for three of these projects
aggregating approximately $77.1 million with rates ranging from LIBOR plus 175
to LIBOR plus 180. In addition, the Company transferred its interest in a
shopping center development in Coon Rapids, Minnesota, a suburb of Minneapolis,
to a joint venture in which the Company retained a 25% interest and was
reimbursed $2.5 million relating to development costs previously incurred on
this project. The Company also sold certain land parcels adjacent to its
shopping center in Wilmington, North Carolina, Jacksonville, North Carolina and
Erie, Pennsylvania and a portion of a shopping center and residual land in
Pensacola, Florida and received aggregate proceeds of approximately $13.9
million.
In September 1999, the Company completed a $75 million private placement of
0.3 million, 8.875% perpetual preferred "down-REIT" partnership units with an
institutional investor. The units may be exchanged, under certain circumstances,
for Class K, 8.875% cumulative preferred shares. The units may be exchangeable
into common shares if the Company fails to pay dividends for six consecutive
quarters. The net proceeds of approximately $73.1 million were effectively used
to repay approximately $25.8 million in mortgage indebtedness and $40.1 million
in convertible debentures which matured on August 15, 1999. The balance of these
proceeds was used to repay variable rate borrowings under the Company's
revolving credit facilities.
In March 1999, the Company filed a $750 million shelf registration
statement with the SEC pursuant to which the Company may issue senior or
subordinated debt securities, common shares, preferred shares or warrants to
purchase common shares.
In March 1999, the Company amended its revolving credit facility with
National City Bank to increase the available borrowings to $25 million from $20
million, to convert it to a secured facility and to extend the agreement through
November 2002. The credit facility is secured by certain partnership
investments. The Company also maintains the right to convert the credit facility
back to an unsecured credit facility and to reduce the credit facility amount to
$20 million.
In January 1999, the Company repaid a third party mortgage of a 50% owned
joint venture partnership aggregating approximately $49.2 million. In return,
the joint venture entered into a corresponding mortgage note payable to the
Company bearing an interest rate of LIBOR plus 2.75%. In addition, the Company
received a loan
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origination fee for this transaction of $0.4 million. In March 1999, the joint
venture obtained a bridge loan and used the proceeds to repay the mortgage note
to the Company. In June 1999, the joint venture entered into a 10 year, fixed
rate mortgage for $55.5 million at 7.31%.
During the year ended December 31, 1999, the Company issued $2.7 million in
OP Units in conjunction with the purchase of certain expansion areas at two
recently acquired shopping centers and the purchase of joint venture interests.
These OP Units are, in certain circumstances and at the election of the Company,
exchangeable into approximately 139,000 common shares of the Company or for
cash.
Property Acquisitions, Developments and Expansions
During 1999, the Company and its joint ventures completed the acquisition
of, or investment in five shopping centers aggregating 0.9 million square feet
of Company owned GLA for an aggregate investment of approximately $79.7 million.
In November 1999, the Company acquired, through a 50% owned joint venture,
the fourth phase of a shopping center in Phoenix, Arizona which aggregates
125,000 square feet. The total purchase price for the fourth phase of this
center aggregated approximately $15.6 million.
In July 1999, the Company acquired Deer Valley Towne Center, a 198,000
square foot shopping center in Phoenix, Arizona, for an aggregate purchase price
of $25.8 million. The Company contributed this property in March 2000 to a 50%
owned joint venture with DRA Advisors.
In July 1999, the Company purchased the remaining 50% interest of a 289,000
square foot shopping center located in Salisbury, Maryland which was developed
through one of the Company's joint ventures. The Company paid approximately $7.3
million for the remaining interest which was funded through the use of cash and
the issuance of approximately 47,000 Units.
In April 1999, the Company acquired a 50% interest in a 206,000 square foot
shopping center in St. Louis, Missouri. The joint venture's aggregate purchase
price was $16.6 million and included the assumption of debt aggregating $13.0
million.
In February 1999, the Company acquired Spring Creek Centre (Phase III), a
65,000 square foot shopping center located in Fayetteville, Arkansas, for an
aggregate purchase price of $6.2 million.
In August 1998, the Company announced a strategic investment in AIP.
Through December 31, 1998, the Company acquired 5.9 million common shares of AIP
at an aggregate cost of $91.3 million. In January 1999, the Company acquired 3.4
million additional common shares of AIP for approximately $51.8 million. In
August 1999, the Company purchased an additional 0.4 million shares of AIP for
approximately $5.5 million. At December 31, 1999, the Company's ownership in AIP
approximated 46.1% of the total outstanding shares of AIP.
In June 1999, DD Development Company, a Company in which DDR has an equity
ownership interest, acquired Prudential Real Estate Investors' ("PREI") limited
partnership interest in a joint venture, Hendon/DDR/ BP, LLC, which owned 15
sites formerly occupied by Best Products at a cost of approximately $29.7
million. As a result, the Company's aggregate investment in the joint venture
increased to approximately $36 million. Eleven of the sites are leased as of
December 31, 1999 and two were sold as of December 31, 1999. In addition, in
June 1999, Hendon/DDR/BP, LLC, entered into a $25 million mortgage, with a
financial institution secured by the leased sites. The net financing proceeds
were used to repay advances made by the Company to the joint venture.
Expansions 1999
During 1999, the Company, on a wholly-owned basis and through certain joint
ventures, completed fourteen expansion projects at an aggregate cost of $46.6
million. In addition, the Company is currently expanding/redeveloping three of
its shopping centers at an aggregate cost of $6.3 million. The Company is also
planning to commence expansion/redevelopment projects at five additional
shopping centers located in: North
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Charleston, South Carolina; North Canton, Ohio; Maple Grove, Minnesota; Mount
Pleasant, South Carolina and Wilmington, North Carolina.
Development (Wholly Owned) 1999
During 1999, the Company completed construction at five shopping centers
located in Solon, Ohio; Erie, Pennsylvania; Toledo, Ohio; Ovideo, Florida and
Macedonia, Ohio. Phase II of both the Toledo, Ohio and Oviedo, Florida projects
are under construction and scheduled for completion in 2000. In addition, the
Company is developing projects located in Meridian, Idaho and Riverdale, Utah.
Development (Joint Ventures) 1999
During 1999, the Company through certain joint ventures completed
construction of three shopping centers located in Salem, New Hampshire;
Salisbury, Maryland and Plainville, Connecticut.
During 1998 and 1999, the Company entered into joint venture development
agreements on an additional eight shopping center projects with leading regional
developers. These eight projects have a projected aggregate cost of
approximately $321.7 million. Several of these projects have commenced
development and are currently scheduled for completion in 2000. In addition to
the Salem, New Hampshire and Plainville, Connecticut developments completed, the
Company is currently financing projects located in Round Rock, Texas;
Hagerstown, Maryland; Deer Park, Illinois and Long Beach, California, through
the Prudential/DDR Retail Value Fund and also intends to finance its investment
in the Fenton, Missouri project through this fund.
In 1999, the Company entered into a joint venture relating to a 642,000
square foot shopping center in Coon Rapids, Minnesota, the initial phase of
which is scheduled to be completed in March 2000 and is anchored by a Kohl's
(opened fourth quarter 1999) and Jo-Ann, ETC. The Company owns a 25% equity
interest.
The Company, through its affiliate DDR OliverMcMillan, LP ("DDROM")
continued to pursue six urban entertainment and retail projects aggregating 1.2
million square feet of GLA at a projected cost of approximately $233 million.
The majority of the above projects are scheduled to commence construction in
1999 and 2000 with completion occurring between 2000 and 2002. The Company may
also pursue partnership relationships with institutional investors in
conjunction with the above projects.
RETAIL ENVIRONMENT
During 1999, certain national and regional retailers experienced financial
difficulties and several have filed for protection under bankruptcy laws. No
significant bankruptcies have occurred during the period January 1, 1999 through
March 15, 2000 with regard to the Company's portfolio of tenants.
See Management's Discussion and Analysis of Financial Condition and Results
of Operations included in Item 7 and the Consolidated Financial Statements and
Notes thereto included in Item 8 of this Annual Report on Form 10-K for further
information on certain of the recent developments described above.
COMPETITION
As one of the nation's largest owners and developers of neighborhood and
community shopping centers, the Company has established close relationships with
a large number of major national and regional retailers. Management is
associated with and actively participates in many shopping center and REIT
industry organizations.
Notwithstanding these relationships, there are numerous developers and real
estate companies that compete with the Company in seeking properties for
acquisition and tenants who will lease space in these properties.
Many investors believe e-commerce would seriously erode traditional retail
business, particularly big box commodity retailers. The Company believes these
fears are unfounded with the majority of the e-commerce sales occurring in the
travel and computer categories, which account for a small portion of the
Company's tenant base. In addition, the Company believes that the individual
consumer is primarily shopping in discount stores, the majority of the Company's
tenant base, rather than through e-commerce.
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EMPLOYEES
As of March 15, 2000, the Company employed 251 full-time individuals,
including executive, administrative and field personnel. The Company considers
its relations with its personnel to be good.
QUALIFICATION AS A REAL ESTATE INVESTMENT TRUST
The Company presently meets the qualification requirements of a REIT under
Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").
As a result, the Company generally will not be subject to federal income tax to
the extent it meets certain requirements of the Code.
ITEM 2. PROPERTIES
At December 31, 1999 the Portfolio Properties included 185 shopping centers
and one business center (44 of which are owned through joint ventures). The
shopping centers consist of 154 community shopping centers and power centers, 12
enclosed mini-malls and 19 neighborhood shopping centers. The Portfolio
Properties also include approximately 119 undeveloped acres primarily located
adjacent to certain of the shopping centers. The shopping centers aggregate
approximately 36.3 million square feet of Company-owned GLA (approximately 45.1
million square feet of total GLA) and are located in 37 states, principally in
the East and Midwest, with significant concentrations in Ohio, Florida,
Missouri, Michigan and South Carolina.
The Company's shopping centers are designed to attract local area customers
and are typically anchored by one or more discount department stores and often
include a supermarket, drug store, junior department store and/or other major
"category-killer" discount retailer as additional anchors. Substantially all of
the shopping centers are anchored by a Wal-Mart, Kmart or Target, and the power
centers are anchored by two or more national or regional tenants. The tenants of
the shopping centers typically offer day-to-day necessities rather than
high-priced luxury items. As one of the nation's largest owners and operators of
shopping centers, the Company has established close relationships with a large
number of major national and regional retailers, many of which occupy space in
the shopping centers.
Neighborhood and community shopping centers and power centers make up the
largest portion of the Company's portfolio, comprising 32.2 million (88.6%)
square feet of Company-owned GLA. Enclosed mini-malls account for 2.9 million
(8.1%) square feet of Company-owned GLA and neighborhood shopping centers
account for 1.2 million (3.3%) square feet of Company-owned GLA. On December 31,
1999, the average annualized base rent per square foot of Company-owned GLA of
the shopping centers, including those owned through joint ventures, was $9.20.
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The following table sets forth, as of December 31, 1999, information as to
anchor and/or national retail tenants which individually accounted for at least
1.0% of total annualized base rent of the properties, including those owned
though joint ventures:
% OF SHOPPING CENTER % OF COMPANY-OWNED
BASE RENTAL REVENUES SHOPPING CENTER GLA
-------------------- -------------------
Wal-Mart...................................... 5.7% 9.3%
Kmart......................................... 3.9% 7.1%
Homeplace/Waccamaw............................ 2.3% 1.7%
OfficeMax..................................... 2.3% 2.0%
T. J. Maxx/Marshall's......................... 2.2% 2.3%
Kohl's Dept. Store............................ 2.7% 3.0%
Barnes & Noble/B. Dalton...................... 1.8% 1.0%
Best Buy...................................... 1.7% 1.0%
Lowes Home Centers............................ 1.7% 2.2%
Bed Bath & Beyond............................. 1.2% 1.0%
AMC Theaters.................................. 1.4% 1.2%
Toys R Us..................................... 1.2% 1.7%
Michaels...................................... 1.2% 1.0%
Gap/Old Navy.................................. 1.0% 0.6%
Circuit City.................................. 1.0% 0.7%
In addition, as of December 31, 1999 unless otherwise indicated, with
respect to the 185 shopping centers:
- 49 of these properties were developed by DDG, 16 were developed by
the Company and the balance were acquired by the Company;
- 97 of these properties are anchored by a Wal-Mart, Kmart or Target
store;
- these properties range in size from 4,000 square feet to
approximately 900,000 square feet of GLA (with 30 properties
exceeding 400,000 square feet of GLA);
- approximately 62.3% of the Company-owned GLA of these properties is
leased to national chains, including subsidiaries, with
approximately 26.3% of the Company-owned GLA leased to regional
chains and approximately 7.1% of the Company-owned GLA leased to
local tenants;
- approximately 95.7% of the aggregate Company-owned GLA of these
properties was leased as of December 31, 1999 (and, with respect to
the properties owned by the Company at December 31, for each of the
five years beginning with 1995, between 94.8% and 97.2% of aggregate
Company-owned GLA of these properties was leased);
- Three of these properties are currently being expanded by the
Company, and the Company is pursuing the expansion of additional
properties.
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TENANT LEASE EXPIRATIONS AND RENEWALS
The following table shows tenant lease expirations for the next ten years
at the Company's shopping centers, including joint ventures, assuming that none
of the tenants exercise any of their renewal options:
PERCENTAGE OF PERCENTAGE OF
TOTAL LEASED TOTAL BASE
ANNUALIZED AVERAGE BASE SQ. FOOTAGE RENTAL REVENUES
NO. OF APPROXIMATE BASE RENT RENT PER SQ. FOOT REPRESENTED REPRESENTED
EXPIRATION LEASES LEASE AREA IN UNDER EXPIRING UNDER EXPIRING BY EXPIRING BY EXPIRING
YEAR EXPIRING SQUARE FEET LEASES LEASES LEASES LEASES
- -------------- -------- ------------- -------------- ----------------- ------------- ---------------
2000.......... 464 2,414,125 $ 30,488,752 $12.63 7.0% 9.7%
2001.......... 493 1,765,804 18,322,532 $10.38 5.1% 5.8%
2002.......... 472 2,298,377 20,237,220 $ 8.81 6.6% 6.4%
2003.......... 353 1,950,237 18,283,991 $ 9.38 5.6% 5.8%
2004.......... 312 1,827,419 19,089,010 $10.45 5.3% 6.1%
2005.......... 138 1,598,680 12,845,747 $ 8.04 4.6% 4.1%
2006.......... 94 966,898 11,594,295 $11.99 2.8% 3.7%
2007.......... 95 1,224,875 14,453,031 $11.80 3.5% 4.6%
2008.......... 99 1,434,630 14,179,554 $ 9.88 4.1% 4.5%
2009.......... 109 2,566,780 24,414,552 $ 9.51 7.4% 7.8%
----- ---------- ------------ ------ ---- ----
TOTAL......... 2,629 18,047,825 $183,908,684 $10.19 52.0% 58.4%
The rental payments under several of these leases will remain constant
until the expiration of their base terms, regardless of inflationary increases.
There can be no assurance that any of these leases will be renewed or that any
new tenants will be obtained if not renewed.
The Company's 119 undeveloped acres primarily consist of outlots, retail
pads and expansion pads which are primarily located adjacent to certain of the
shopping centers. The Company is pursuing an active marketing program to lease,
develop or sell its undeveloped acres.
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DEVELOPERS DIVERSIFIED REALTY CORPORATION
PROPERTY LIST DECEMBER 31, 1999
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
ALABAMA
-----------------
1 Birmingham (Brook 5291 Highway 280 South 35242 PC 100% Fee 1994 1994 64.46
Highland), AL
2 Birmingham 7001 Crestwood Blvd 35210 PC 100% Fee 1989 1995 45.49
(Eastwood
Festival), AL
3 Huntsville, AL 6140-A University 35806 PC 100% Fee 1995 1995 5.29
Drive
ARIZONA
-----------------
4 Phoenix 4711 East Ray Road 85044 PC 50% Fee(3) 1996 1997 59.28
(Ahwatukee), AZ
5 Phoenix (Deer 2805 - 3053 West Auga 85027 PC 100% Fee 1996 1999
Valley), AZ Freeway
6 Phoenix (Peoria), 7553 West Bell Road 85382 PC 50% Fee(3) 1995 1996 24.12
AZ
ARKANSAS
-----------------
7 Fayetteville, AR 464 E. Joyce Boulevard 72703 PC 100% Fee 1997 1997
8 North Little 4124 East McCain Blvd 72117 PC 100% Fee 1991 1994 27.76
Rock, AR
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
1 503,350 $ 3,957,973 $ 8.09 97.2% Wal-Mart (2004/2024), Winn-Dixie
(2014/2044), Goody's (2004/2019),
Stein Mart (2011/2021), OfficeMax
(2011/2026), Rhodes Furniture
(2004/2014), Regal Cinemas
(2014/2029)
2 301,067 2,131,147 8.12 88.0% Home Depot (not owned) Western
Supermarkets (not owned), Office
Depot (2004/2014), Goody's
(2004/2019), Cobb Theaters
(2006/2016)
3 41,000 462,125 11.27 100.0% Wal-Mart (not owned)
4 647,833 8,086,442 12.45 100.0% HomePlace (2012/2027), Smith's
(2021/2046), Stein Mart (2011/2026),
AMC Theatre (2021/2036), Barnes &
Noble (2012/2027), Baby Superstore
(2007/2022), Ross Dress For Less
(2007/2022), Best Buy (2014/2029)
5 197,889 2,710,958 13.77 100.0% Target (2077/2077), AMC Theatres
(2077/2077), Ross Dress For Less
(2009/2024), PetsMart (2014/2029),
OfficeMax (2013/2028), Michael's
(2009/2019)
6 346,430 3,928,454 11.34 100.0% Lil' Things (2009/2024), Barnes &
Noble(2011/2026), TJMaxx
(2005/2020), Circuit City
(2016/2036), Oshman's (2017/2037),
Linens 'N Things (2011/2026),
Staples (2009/2024), MacFrugal's
(2010/2025), Fry's (not owned)
7 235,932 2,032,643 8.83 97.6% TJMaxx (2005/2020), Service
Merchandise (2016/2031), Wal-Mart
(not owned)
8 294,357 1,791,416 6.51 94.0% Kmart (2016/2066), Wards
(2014/2034), TJMaxx (2001/2011),
Cinemark (2011/2031)
11
12
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
{9 Russellville, AR 3093 East Main Street 72801 PC 100% Fee 1992 1994 31.20
CALIFORNIA
-----------------
10 San Diego, CA 11610 Carmel Mntn. Rd 92128 PC 50% Fee(3) 1993 1995 50.00
COLORADO
-----------------
11 Alamosa, CO 145 Craft Avenue 81101 PC 100% Fee 1986 IPO 13.10
12 Denver (Broadway 505 South Broadway 80223 PC 50% Fee(3) 1993 1995 38.59
Marketplace), CO
13 Denver 9555 E. County Line 80223 PC 100% Fee 1997 1997 46.07
(Centennial), CO Road
14 Trinidad, CO Hwy 239 @ I25 Frontage 81082 PC 100% Fee 1986 IPO 17.88
CONNETICUT
-----------------
15 Plainville, CT 292 New Britain Ave. 06062 PC 50% Fee(3) 1999 DEV
16 Waterbury (Kmart 899 Wolcott Street 06705 PC 100% GL 1973 IPO 15.60
Plaza), CT
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
{9 272,245 $ 1,689,078 $ 6.26 99.1% Wal-Mart (2011/2041), JCPenney
(2012/2032), Beall-Ladymon
(2007/2022)
10 439,939 6,263,573 14.74 97.3% Mervyn's (not owned), Kmart
(2018/2048), Pacific Theaters
(2013/2023), Sportmart (2008/2023),
Circuit City (2009/2024), Marshall's
(2009/2029), Ross Dress For Less
(2004/2019), Michael's (2004/2014),
Barnes & Noble (2003/2013),
Blockbuster Video (2003/2013)
11 19,875 144,399 8.78 82.8% Wal-Mart (not owned)
12 369,386 3,568,429 9.83 98.3% Kmart (2019/2069), Albertson's
(2019/2049), Sam's (2018/2058),
Office Max (2010/2035), Pep Boys
(2014/2035)
13 418,608 5,864,741 14.01 100.0% Border's (2017/2027), Golfsmith
(2007/2022), HomePlace (2017/2037),
Ross Dress For Less (2008/2028),
Toys R Us (2011/2046), Soundtrack
(2017/2028), Office Max (2013/2033),
Michael's (2007/2027)
14 63,836 92,923 4.47 32.5% Wal-Mart (not owned)
15 347,916 3,275,423 9.41 100.0% Lowe's Home Improvement (2019/2044),
Kmart (2019/2049), Loew's Theaters
(2019/2044), AC Moore (2014/2029)
16 124,310 417,500 3.36 100.0% Kmart (2003/2048), Jo-Ann ETC
(2010/2025)
12
13
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
FLORIDA
-----------------
17 Cape Coral, FL 1420 Del Prado Blvd 33904 NC 100% Fee 1985 IPO 9.61
18 Crystal River, FL 420 Sun Coast Hwy 33523 PC 100% Fee 1986 IPO 21.18
19 Jacksonville, FL 3000 Dunn Avenue 32218 PC 100% Fee 1988 1995 30.82
20 Marianna, FL 2820 Highway 71 32446 PC 100% Fee 1990 IPO 17.34
21 Melbourne, FL 750-850 Apollo Blvd 32935 PC 100% GL 1978 IPO 15.52
22 Naples, FL 5010 Airport Road 33942 PC 50% Fee(3) 1994 1995 30.60
North
23 Ocala, FL 3711 Silver Sprgs, NE 32671 PC 100% Fee 1974 IPO 2.23
24 Orlando (Fern 6735 U.S. 17/92 32720 PC 100% Fee 1970 IPO 3.04
Park), FL
25 Orlando (Pine 5250 W. Colonial Dr 32808 PC 100% Fee 1989 IPO 30.57
Hills), FL
26 Orlando (Oviedo), Rte. 417 and Red Bug 32765 PC 100% Fee 1999 DEV 30.57
FL Lake Rd
27 Ormond Beach, FL 1458 West Granada Blvd 32174 PC 100% Fee 1993 1994 32.09
28 Pensacola, FL 8934 Pensacola Blvd 32534 PC 100% Fee 1998 DEV 21.00
29 Tampa, FL 15233 No. Dale Mabry 33618 PC 100% Fee 1990 IPO 23.70
30 Tampa, FL 7039 West Waters Ave 33634 PC 100% Fee 1990 IPO 30.61
31 Tampa (Bayonet U.S. 19 & S.R. 52 34667 PC 100% Fee 1985 IPO 58.67
Point), FL
32 Tampa (Brandon), 1602 Brandon Blvd 33511 PC 100% GL 1972 IPO 17.33
FL
33 Tampa (Palm 300 East Lake Road 34685 PC 100% Fee 1990 1995 5.80
Harbor), FL
34 Tampa (Spring 13050 Cortez Blvd 34613 PC 100% Fee 1988 IPO 21.60
Hill), FL
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
17 74,318 $ 498,279 $ 7.38 90.8% TJMaxx (2007/2017), Office Max
(2012/2027)
18 147,005 485,485 3.47 95.1% Beall's (2001/2016), Beall's Outlet
(2001/2016), Scotty's (2008/2038)
19 219,073 1,360,889 6.60 94.2% Wal-Mart (not owned), J.C.Penney
(2002/2022), Winn Dixie (2009/2034),
Walgreen's (2029/2029)
20 63,894 453,927 7.32 97.0% Wal-Mart (not owned), Beall's
(2005/2020), Eckerd (2010/2030)
21 121,913 407,035 3.45 96.9% Kmart (2003/2048)
22 267,838 2,956,875 11.04 100.0% Winn Dixie (2014/2038), TJMaxx
(2009/2024), Service Merchandise
(2015/2035), Ross Dress For Less
(2005/2025), Circuit City
(2015/2035), OfficeMax (2010/2025)
23 19,280 51,500 3.88 68.9% Kmart (not owned), Eckerd
(2008/2018)
24 16,000 94,768 7.40 80.0% Kmart (not owned)
25 177,037 1,182,947 6.88 97.9% Wal-Mart (not owned), Publix
(2009/2019), Walgreens (2029/2029)
26 106,229 883,060 9.79 84.9%
27 234,045 1,787,185 7.88 96.9% Kmart (2018/2064), Publix
(2013/2033), Bealls (2004/2024)
28 17,150 115,687 9.52 45.2% Wal-Mart (not owned)
29 104,473 1,177,895 11.27 100.0% Wal-Mart (not owned), Publix
(2010/2030)
30 134,166 937,223 8.31 84.0% Wal-Mart (not owned), Beall's
(2005/2029), Kash N Karry
(2010/2040)
31 203,760 1,097,696 5.76 93.5% Publix (2005/2025), Beall's
(2002/2017), TJMaxx (2010/2030)*,
Eckerd (2005/2025)
32 136,900 265,205 2.16 89.6% Kmart (2002/2047)
33 52,395 804,750 15.36 100.0% Target (not owned), Albertson's (not
owned), Eckerd (2010/2025)
34 196,073 1,331,095 7.06 96.1% Wal-Mart (not owned), Publix
(2008/2028), Walgreens (2028/2028),
Beall's (2006/2046)
13
14
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
{35 Tampa (Tarpon 41232 U.S. 19, North 34689 PC 100% Fee 1974 IPO 23.30
Springs), FL
36 Tampa (West 7201 County Rd 54 34653 PC 100% Fee 1986 IPO 24.40
Pasco), FL
GEORGIA
-----------------
37 Atlanta (Duluth), 1630 Pleasant Hill 30136 PC 100% Fee 1990 1994 30.67
GA Road
38 Atlanta 1155 Mt. Vernon 30338 PC 50% Fee(3) 1995 1995 8.70
(Dunwoody), GA Highway
39 Atlanta 2609 Bells Ferry Road 30066 PC 50% Fee(3) 1995 1995 48.28
(Marietta), GA
40 Atlanta (Stone 5615 Memorial Drive 30083 PC 100% Fee 1973 IPO 16.60
Mountain), GA
IDAHO
-----------------
41 Idaho Falls, ID 1515 Northgate Mile 83401 PC 100% Fee 1976 1998 24.46
42 Meridian, ID Eagle and Fairview Rds 83642 PC 100% Fee 1999 DEV
ILLINOIS
-----------------
43 Chicago 1430 East Golf Road 60173 PC 50% Fee(3) 1993 1995 62.80
(Schaumburg), IL
44 Harrisburg, IL 701 North Commercial 62946 PC 100% Fee 1991 1994 24.46
45 Mount Vernon, IL 42nd and Broadway 62864 MM 100% Fee 1974 1993 39.25
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
{35 198,797 $ 1,016,953 $ 5.72 90.2% Kmart (2009/2049), Big Lots
(2002/2012), Beall's Outlet
(2003/2018)
36 135,421 1,006,991 7.86 94.6% Wal-Mart (not owned), Publix
(2006/2026), Bealls (2001/2016),
Walgreens (2026/2026)
37 99,025 1,175,418 13.05 90.9% Wal-Mart (not owned), Office Depot
(2000/2020), Ethan Allen (2000/2010)
38 343,115 4,012,646 14.06 83.6% SteinMart (2010/2025), HomePlace
(2011/2026), United Artists
(2015/2035), Babies R Us
(2007/2027), Office Depot
(2012/2027), St. Joseph's Hospital
(2006/2016)
39 318,038 3,677,995 11.56 100.0% Publix (2015/2035), HomePlace
(2011/2026), PetsMart (2011/2021),
Barnes & Noble (2011/2026),
Sportslife (2011/2021), Stein Mart
(2007/2027)
40 143,860 Property sold 2/00
41 148,593 808,122 5.67 96.0% Fred Meyer (not owned), Lamonts
(2001/2016), OfficeMax, (2011/2026),
Payless Drug (2006/2026), JoAnn
Fabrics (2002/2022), Hollywood
Theaters (2001/2001)
42 109,783 876,068 7.98 100.0% Shopko (2020/2045)
43 501,092 7,369,774 14.85 99.1% Builder's Square (2019/2049),
Service Merchandise (2014/2049),
OfficeMax (2010/2020), Sports
Authority (2013/2033), Marshall's
(2009/2024), Nordstrom Rack
(2009/2024), Border's Books
(2009/2029), Circuit City
(2010/2025), Off 5th Saks Fifth
Avenue (2011/2026), Container Store
(2011/2026)
44 168,424 875,298 5.30 98.0% Wal-Mart (2011/2041), Roundy's
Grocery (2011/2031)
45 268,263 912,408 3.68 92.3% Wal-Mart (2008/2028),J.C.Penney
(2002/2022), Stage (2004/2014)
14
15
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
INDIANA
-----------------
46 Bedford, IN 1320 James Avenue 47421 PC 100% Fee 1993 1993 20.56
47 Connersville, IN 2100 Park Road 47331 PC 100% Fee 1991 1993 21.99
48 Highland Highway 41 & Main 46322 PC 100% Fee 1995 1996 16.08
(Chicago), IN Street
IOWA
-----------------
49 Cedar Rapids, IA 303-367 Collins Road, 52404 PC 100% Fee 1984 1998
N.E
50 Ottumwa, IA 1110 Quincy Avenue 52501 MM 100% Fee 1990 IPO 34.00
KANSAS
-----------------
51 Leawood (Kansas 5100 W. 119th. St 66209 PC 50.0% Fee(3) 1990 1998 34.00
City), KS
52 Merriam, KS 5700 Antioch Road 66202 PC 50% Fee(3) 1998 DEV
KENTUCKY
-----------------
53 Florence, KY 55 Spiral Blvd 41701 PC 100% Fee 1998 1998 11.74
54 Hazard, KY Kentucky Highway 80 41701 PC 100% Fee 1978 IPO 11.74
MAINE
-----------------
55 Brunswick, ME 172 Bath Road 42071 PC 100% GL 1965 1997 28.46
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
46 223,431 $ 1,324,507 $ 5.93 100.0% Kmart (2018/2068), J.C.Penney
(2008/2028), Goody's (2003/2018),
Buehler's (2010/2025)
47 141,791 823,542 5.81 100.0% Wal-Mart (2011/2041), Cox
Supermarket (2011/2026)
48 290,592 2,753,170 9.93 94.2% Marshall's (2011/2021), Circuit City
(2016/2036), Kohl's (2016/2036),
OfficeMax (2012/2032), Jewel (not
owned), Target (not owned)
49 187,068 1,531,973 8.56 95.7% Kohl's (2021/2046), TJMaxx
(2004/2014), Barnes & Noble
(2010/2025), Office Max (2010/2025)
50 184,560 1,392,402 7.40 99.0% Wal-Mart (not owned), J.C. Penney
(2005/2035), Herberger (2004/2019),
OfficeMax (2020/2020)
51 388,962 7,105,658 19.21 94.5% Jacobson's (2021/2051), Gaylan's
(not owned), AMC Theaters (not
owned), Barnes and Nobles
(2011/2011), Express/Structure
(2009/2009), Pottery Barn
(2009/2009), Limited/Limited TOO
(2009/2009), Restoration Hardware
(2011/2011)
52 302,509 3,238,165 11.03 99.5% Home Depot (not owned), Cinemark
(2018/2038), Hen House (2018/2038),
Marshall's (2008/2023), PetsMart
(2016/2041), Office Max (2013/2033)
53 15,000 273,000 18.20 100.0%
54 111,492 438,079 4.10 91.4% Kmart* (2003/2053), A&P (2003/2038)
55 314,620 2,249,702 7.44 96.1% Hoyt's Cinemas (2010/2025), TJMaxx
(2004/2019), Sears (2002/2027),
Bookland (2004/2004), Porteous
(2001/2006)
15
16
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
MARYLAND
-----------------
56 Glen Burnie, MD 8115 Governor Ritchie 21061 NC-BP 71% Fee(3) 1980 1999
Hwy
57 Salisbury, MD E. North Point Dr 21801 PC 100% Fee 1999 DEV
MASSACHUSETTS
-----------------
58 Boston 1 Worcester Road 01701 PC 50% Fee(3) 1994 1995 177.00
(Framingham), MA
MICHIGAN
-----------------
59 Bad Axe, MI 850 No. Van Dyke Rd 48413 PC 100% Fee 1991 1993 18.58
60 Cheboygan, MI 1109 East State 49721 PC 100% Fee 1988 1993 16.75
61 Detroit, MI 8400 E. Eight Mile 48234 PC 100% GL 1989 1998 24.46
Road
62 Gaylord, MI 1401 West Main Street 49735 PC 100% Fee 1991 1993 19.49
63 Grand Rapids 3390-B Alpine Ave., 49504 PC 100% Fee 1989 1995 16.40
(Walker), MI N.W
64 Houghton, MI Highway M26 49931 MM 100% Fee 1981 IPO 21.48
65 Howell, MI 3599 East Grand River 48843 PC 100% Fee 1991 1993 26.52
66 Mt Pleasant, MI 4208 E. Blue Grass Rd 48858 PC 100% Fee 1990 1993 51.13
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
56 58,000 $ 250,000 $ 4.31 100.0%
57 66,052 778,735 100.0% Home Depot (not owned), Target (not
owned), Michael's (2009/2029),
OfficeMax (2013/2033), PetsMart
(2014/2029)
58 768,136 12,170,679 15.84 100.0% General Cinema (2014/2034), TJMaxx
(2010/2020), Sears Homelife
(2004/2024), Marshall's (2011/2026),
Bob's (2011/2026), Linens 'N Things
(2011/2026), Sports Authority
(2015/2035), Barnes & Noble
(2011/2026), OfficeMax (2011/2026),
Toys R Us (2020/2070), Kids R Us
(2020/2070), Bradlee's (2005/2020),
Jordan Marsh (2020/2070), DSW
(2007/2022)
59 63,415 542,418 8.55 100.0% Wal-Mart (not owned), Farmer Jack's
(2012/2037)
60 95,094 400,693 4.45 94.7% Kmart (2005/2055), Carters Food
Center (2004/2024)
61 450,232 3,300,445 9.67 99.4% Target Stores (2017/2032), Builders
Square (2014/2029), Farmer Jack
(2008/2023), Toys 'R' Us
(2021/2036), American Multi-Cinema
(2008/2018), Kids 'R' Us
(2002/2013), Arbor Drugs (2000/2008)
62 190,482 1,135,557 5.96 100.0% Wal-Mart (2010/2040), Buy-Low
(2011/2031)
63 133,981 1,404,626 10.48 100.0% Circuit City (not owned), Target
(not owned), Toys R Us (not owned),
TJMaxx (2005/2020), Office Depot
(2005/2019)
64 257,479 1,238,762 5.06 95.0% Kmart (2005/2055), J.C. Penney
(2000/2020)
65 215,147 1,273,646 6.12 95.5% Wal-Mart (2011/2041), Kroger
(2012/2042)
66 248,963 1,541,016 6.19 100.0% Wal-Mart (2009/2039), Kroger
(2011/2041)
16
17
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
67 Sault Ste Marie, 4516 I-75 Business 49783 PC 100% Fee 1993 1994 40.08
MI Spur
MINNESOTA
-----------------
68 Bemidji, MN 1201 Paul Bunyan Dr 56601 MM 100% Fee 1977 IPO 31.55
69 Brainerd, MN 1200 Hwy 210 West 56401 MM 100% Fee 1985 IPO 17.19
70 Coon Rapids, MN 12921 Riverdale Dr 55433 PC 25% Fee(3) 1999 DEV
71 Hutchinson, MN 1060 S.R. 15 55350 MM 100% Fee 1981 IPO 36.88
72 Minneapolis I299 Promenade Place 55122 PC 50% Fee(3) 1997 1997 45.70
(Eagan), MN
73 Minneapolis Weaver Lake Road 55369 PC 50% Fee(3) 1995 1996 25.61
(Maple Grove), MN & I-94
74 St. Paul, MN 1450 University Avenue 55104 PC 100% Fee 1995 1997 20.27
75 Worthington, MN 1635 Oxford Street 56187 MM 100% Fee 1977 IPO 38.02
MISSISSIPPI
-----------------
76 Starkville, MS 882 Highway 12 West 39759 PC 100% Fee 1990 1994 28.81
77 Tupelo, MS 3850 North Gloster 38801 PC 100% Fee 1992 1994 41.91
MISSOURI
-----------------
78 Fenton, MO Gravois Rd-Hwy 141 63026 NC 100% Fee 1970 IPO 11.07
79 Independence, MO 900 East 39th Street 64057 PC 50% Fee(3) 1995 1995 46.95
80 Springfield, MO 1425 East Battlefield 65804 NC 100% GL 1989 1998
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
67 270,761 $ 1,783,726 $ 6.59 100.0% Wal-Mart (2012/2042), J.C. Penney
(2008/2033), Glen's Supermarket
(2013/2033), Office Max (2013/2028)
68 297,720 1,326,853 4.91 90.8% Kmart (2002/2052), J.C. Penney
(2003/2018), Herberger's (2005/2030)
69 260,199 1,833,673 7.16 99.5% Kmart (2004/2054), Herberger's
(2008/2023), Movies 10 Theatre
(2011/2026),
70 86,584 735,964 8.50 100.0% Kohl's (2020/2040)
71 121,001 794,870 6.90 95.2% Kmart (not owned), J.C. Penney
(2001/2021)
72 278,510 3,295,758 11.80 99.0% HomePlace (2017/2037), Office Max
(2013/2033), TJMaxx (2007/2022),
Byerly's (2016/2046), Barnes & Noble
(2012/2027)
73 250,436 2,441,552 9.75 100.0% Kohl's (2016/2036), Barnes & Noble
(2011/2026), Holiday Sports
(2011/2027), HomePlace (2016/2036),
Cub Foods (not owned)
74 324,354 2,600,755 8.02 100.0% Kmart (2022/2057), Cub Foods
(2015/2045), PetsMart
(2011/2036),Mervyn's (2016/2046)
75 185,658 1,019,597 5.85 93.8% Kmart (2001/2051), J.C. Penney
(2007/2032), Sterling (2001/2021),
Hy-Vee (2011/2031)
76 234,652 1,277,580 5.50 99.0% Wal-Mart (2015/2045), J.C. Penney
(2010/2040), Kroger (2012/2042)
77 348,236 1,927,609 5.54 100.0% Wal-Mart (2012/2042), Sam's
(2012/2042), Goody's (2002/2017)
78 93,548 789,408 9.45 90.1% Family Dollar (2003/2028), Fashion
Bug (2005/2025), Blockbuster Video
(2004/2009)
79 374,914 4,015,393 10.84 98.8% Kohl's (2016/2036), Bed Bath &
Beyond (2012/2027), Marshall's
(2012/2027), Rhodes Furniture
(2016/2026), Barnes & Noble
(2011/2026), American Multi-Cinema
(2015/2034)
80 56,033 454,293 8.11 100.0% Toys R Us (2013/2038), Pier 1
(2000/2013)
17
18
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
81 St. Louis 3144 South 63139 NC 100% Fee 1998 1998
(American), MO Kingshighway
82 St. Louis 1 Brentwood Promenade 63144 PC 100% Fee 1998 1998
(Brentwood), MO Court
83 St. Louis 11298 W. Florissant 63033 NC 50% Fee(3) 1998 1998
(Clocktower), MO
84 St. Louis 4523 Gravois Village 63049 PC 100% Fee 1983 1998
(Gravois), MO Plaza
85 St. Louis (HQ), 6303 S. Lindbergh Blvd 63123 PC 100% Fee 1992 1998
MO
86 St. Louis 4500 LeMay Ferry Road 63129 NC 100% Fee 1987 1998
(Keller), MO
87 St. Louis 12109 Manchester Road 63121 NC 100% Fee 1985 1998
(Olympic Oaks),
MO
88 St. Louis Kings Highway & 63109 PC 100% Fee 1992 1998
(Southtowne), MO Chippewa
89 St. Louis (Sunset 10980 Sunset Plaza 63128 PC 100% Fee 1997 1998
Hill), MO
NEVADA
-----------------
90 Las Vegas, NV 14833 West Charleston 89102 NC 100% Fee 1973 1998
Blvd
NEW HAMPSHIRE
-----------------
91 Salem, NH 14 Kelly Rd 03079 PC 12% Fee(3) 1999 DEV 177.00
NEW JERSEY
-----------------
92 Deptford, NJ 1450 Almonesson Road 08096 NC-BP 71% Fee(3) 1978 1999 9.45
93 Eatontown, NJ 90 Highway 36 07724 NC-BP 71% Fee(3) 1981 1999 9.12
94 Lawrenceville, NJ 4152 Quakerbridge Rd 08648 NC-BP 71% Fee(3) 1981 1999 7.26
95 Maple Shade, NJ 590 Route 38 East 08052 NC-BP 71% Fee(3) 1978 1999 10.16
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
81 0 $ 46,000 $ 0.00 n.a Home Depot (not owned), National
Tire (Gd Lease:2018/2038)
82 299,584 3,914,797 13.07 100.0% Target (2023/2048), Sports Authority
(2013/2028), Petsmart (2014/2039)
83 206,365 1,883,982 9.92 92.1% Dierberg's Market (2007/2037),
Office Depot (2008/2023), TJ Maxx
(2002/2012)
84 110,992 613,436 5.53 100.0% Kmart (2008/2048)
85 118,611 0 0.00 0.0%
86 52,842 570,307 10.79 100.0% Wehrenberg Theatres (2003/2023)
87 92,372 1,229,130 13.51 98.5% TJ Maxx (2001/2006), Michael's
(2005/2010), Walgreen's (2020/2020)
88 0 0 0.00 n.a.
89 420,867 4,527,989 10.89 98.8% Homeplace (2011/2026), Marshall's
(2012/2022), Home Depot (2023/2063),
Petsmart (2011/2031), Comp USA
(2013/2028), Toys R Us (2013/2038),
Cost Plus (2009/2024), Borders
(2011/2026)
90 62,005 696,365 11.57 97.1% Big 5 Sports (2007/2017), Chief Auto
Parts (2006/2011), Family Books
(2003/2003)
91 169,242 2,752,742 16.27 100.0% Best Buy (2020/2040), Linen N'
Things (2015/2030), M.V.P. Sports
(2019/2039), Comp USA (2014/2029),
Michael's (2009/2029), Big Party
(2010/2020)
92 50,000 775,000 16.24 100.0%
93 69,412 1,332,111 19.31 100.0%
94 67,234 425,000 6.32 100.0%
95 66,750 467,250 7.00 100.0%
18
19
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
96 Princeton, NJ Route 1 and Quaker 42071 PC 100% Fee 1995 1997
(Nassau Park) Bridge Road
97 Princeton, NJ Route 1 and Quaker 42071 PC 57% Fee(3) 1999 DEV
(Nassau Pavilion) Bridge Road
98 Tom's River, NJ 1240 Hooper Avenue 08753 NC-BP 71% Fee(3) 1981 1999 5.00
NEW MEXICO
-----------------
99 Los Alamos, NM 800 Trinity Drive 87533 NC 100% Fee 1978 IPO 8.72
NORTH CAROLINA
-----------------
100 Ahoskie, NC 1400 East Memorial 27910 PC 100% Fee 1992 1994 26.95
Drive
101 Durham, NC 5428-B New Hope 27707 PC 50% Fee(3) 1995 1995 39.53
Commons
102 Durham, NC 3500 Oxford Road 27702 PC 100% Fee 1990 IPO 41.70
103 Jacksonville, NC US Hwy 17-Western Ave 28540 PC 100% Fee 1989 IPO 27.51
104 New Bern, NC 3003 Claredon Blvd 28561 PC 100% GL 1989 IPO 28.18
105 Washington, NC 536 Pamlico Plaza 27889 PC 100% Fee 1990 IPO 22.17
106 Waynesville, NC 201 Paragon Parkway 28721 PC 100% Fee 1990 1993 28.40
107 Wilmington, NC S. College-New Centre 28403 PC 100% Fee 1989 IPO 57.78
Dr
NORTH DAKOTA
-----------------
108 Dickinson, ND 1681 Third Avenue 58601 MM 100% Fee 1978 IPO 27.10
109 Grand Forks, ND 2500 South Columbia 58201 NC-BP 71% Fee(3) 1978 1999 6.63
Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
96 202,121 $ 3,435,862 $17.00 100.0% Border's Books & Music (2011/2026),
Best Buy (2012/2027), Linens N
Things (2011/2026), PetsMart
(2011/2026), Wal-Mart (not owned),
Sam's (not owned), Home Depot (not
owned)
97 215,584 1,983,946 9.20 100.0% Wegman's (2024/2049), Kohl's
(2009/2039)
98 33,552 494,346 14.73 100.0%
99 97,970 569,059 6.12 94.9% Furrs (2002/2027), Furrs Pharmacy
(2003/2013), TG&Y (2018/2033)
100 188,428 923,449 5.01 97.8% Wal-Mart (2013/2043), Belk
(2008/2033), Food Lion (2012/2032)
101 408,292 4,593,183 11.25 98.2% Wal-Mart (2015/2035), Upton's (not
owned), Michael's (2005/2020),
Marshall's (2011/2026), Linens 'N
Things (2011/2026), Best Buy
(2011/2026), OfficeMax (2010/2025),
Barnes & Noble (2010/2025)
102 206,827 1,307,353 6.71 94.2% Wal-Mart (not owned), Food Lion
(2010/2030), Lowe's (2011/2031)
103 67,060 538,433 8.24 97.4% Wal-Mart (not owned), Wilson's
(2009/2024)
104 258,690 1,414,703 5.61 97.5% Wal-Mart (2009/2034), Goody's
(2007/2017)
105 278,311 1,424,924 5.12 100.0% Wal-Mart (2009/2034)
106 181,894 1,054,177 6.00 98.5% Wal-Mart (2011/2041), Food Lion
(2011/2031)
107 442,110 3,085,918 7.08 98.6% Wal-Mart (2009/2034), Sam's (not
owned), Lowes (2009/2029), Hamrick's
(2002/2007), Goody's (2005/2015),
Barnes & Noble (2007/2022)
108 267,506 1,085,101 4.28 94.8% Kmart (2003/2053), J.C. Penney
(2003/2018), Herberger (2000/2020),
Thrifty Drug (2001/2001)
109 65,008 0 0.00 0.0%
19
20
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
OHIO
-----------------
110 Akron, OH 1990 Buchholzer Blvd 44310 NC-BP 71% Fee(3) 1973 1999 4.78
111 Akron (Stow), OH 4332 Kent Road 44224 PC 100% Fee 1969 IPO 20.14
112 Akron (Stow), OH Kent Road 44224 PC 100% Fee 1997 DEV
113 Ashland, OH U.S. Route 42 44805 PC 100% Fee 1977 IPO 6.26
114 Bellefontaine, OH 2250 South Main Street 43311 NC 100% Fee 1995 1998
115 Boardman, OH I-680 & US-224 44514 PC 100% Fee 1997 DEV 57.04
116 Canton, OH 5496 Dressler Road 44720 PC 50% Fee(3) 1995 DEV 20.00
117 Canton (II), OH Dressler Road 44720 PC 100% Fee 1997 DEV
118 Chillicothe, OH 867 North Bridge 45601 PC 100% GL 1974 IPO 16.70
Street
119 Cincinnati, OH 5100 Glencrossing Way 45238 PC 100% Fee 1990 1993 24.47
120 Cincinnati 1371 Main Street 43450 NC 100% Fee 1986 1998
(Hamilton), OH
121 Cleveland 70-130 Barrington Town 44202 NC 100% Fee 1996 DEV
(Aurora), OH Square Drive
122 Cleveland 33752 Vine Street 44094 PC 100% Fee 1971 IPO 0.99
(Eastlake), OH
123 Cleveland 825 Cleveland 44035 PC 100% Fee 1977 IPO 16.30
(Elyria), OH
124 Cleveland 6235 Wilson Mills Rd 44143 PC 100% Fee 1995 IPO 11.63
(Highland Hts.),
OH
125 Cleveland (Mac 8210 Macedonia Commons 44056 PC 100% Fee 1999 DEV
II), OH
126 Cleveland 8210 Macedonia Commons 44056 PC 50% Fee(3) 1994 1994 19.94
(Macedonia), OH
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
110 45,000 $ 517,500 $11.50 100.0% Dick's (2013/2028)
111 116,806 189,344 1.62 100.0% Kmart (2001/2006)
112 283,140 2,164,862 7.94 96.3% Target (not owned), Giant Eagle
(2017/2032), Stein Mart (2007/2022),
OfficeMax (2011/2026)
113 110,656 233,382 2.11 100.0% Kmart (2002/2052), Quality Farm
(2000/2003)
114 54,780 0 0.00 0.0% Big Bear Supermarket (2016/2031)
115 506,254 4,147,108 8.19 100.0% Lowe's (2016/2046), Staples
(2012/2032), Dick's Clothing &
Sporting Goods (2012/2027), Wal-
Mart (2017/2047), PetsMart
(2013/2038), Giant Eagle (2018/2033)
116 230,065 1,967,323 11.08 77.2% Kohl's (2016/2046), Target (not
owned), London Fog (2011/2011),
Dick's Clothing & Sporting Goods
(2010/2025)
117 225,874 1,160,373 9.13 76.7% PetsMart (2013/2028), Service
Merchandise (2013/2028), Homeplace
(2012/2027), Jo-Ann ETC. (2008/2023)
118 236,009 1,808,673 7.66 100.0% Lowes, (2015/2035), Kroger
(2001/2031), Super X (2001/2031),
Office Max (2012/2027)
119 235,616 2,265,964 9.85 97.6% Thriftway (2009/2029), Service
Merchandise (2006/2031)
120 40,000 230,000 5.75 100.0% Roundy's (2006/2021)
121 65,373 629,421 12.20 78.9% Heinens (not owned)
122 4,000 68,400 17.10 100.0% Kmart (not owned)
123 150,200 761,970 5.07 100.0% Hill's (2003/2028), Finast
(2010/2045)
124 247,146 2,563,263 10.37 100.0% Builders Square (2020/2070), Kohl's
(2007/2047), Dick's Clothing and
Sporting Goods (2016/2036)
125 169,481 1,601,734 9.45 100.0% Home Depot (2020/2040), Cinemark
(2019/2039)
126 234,789 2,345,024 9.99 100.0% Wal-Mart (not owned), Finast
(2018/2049), Kohl's (2016/2041)
20
21
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
127 Cleveland 5140-25877 Great 44070 PC 100% Fee 1958 1997 43.14
(N.Olmsted), OH Northern Blvd
128 Cleveland (N. 26520 Lorain Avenue 44070 NC-BP 71% Fee(3) 1978 1999 6.20
Olmsted), OH
129 Cleveland Kruse Drive 44139 PC 100% Fee 1998 DEV
(Solon), OH
130 Cleveland 3250 West 65th Street 44102 PC 100% Fee 1977 IPO 4.18
(W.65th) (Kmart
Plaza), OH
131 Columbus (Lennox 1647 Olentangy River 43212 PC 50% Fee(3) 1997 1998
Town), OH Road
132 Columbus (Sun 3622-3860 W. Dublin 43017 PC 79.5% Fee(3) 1995 1998
Center), OH Granville Road
133 Columbus (Dublin 6561-6815 Dublin 43017 PC 80% Fee(3) 1987 1998
Vlg), OH Center Drive
134 Columbus 6644-6804 Perimeter 43017 PC 100% Fee 1996 1998
(Dublin), OH Loop Road
135 Columbus 3740 Easton Market 43230 PC 100% Fee 1998 1998
(Easton), OH
136 Columbus (Grove 2161-2263 Stringtown 43123 PC 100% Fee 1992 1998
City), OH Road
137 Columbus (New 1370-1399 E. Johnstown 43230 NC 100% Fee 1995 1998
Albany), OH Rd
138 Columbus 78-80 Oak Meadow Drive 43062 NC 100% Fee 1980 1998
(Pataskala), OH
139 Columbus 1701-1797 Hill Road No 43147 NC 100% Fee 1990 1998
(Pickerington),
OH
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
127 619,058 $ 6,829,148 $11.04 99.9% HomePlace (2017/2032), Best Buy
(2010/2025), PetsMart (2003/2013),
Kids R Us (2008/2008), Marshall's
(2000/2005), Regal Cinemas
(2001/2001), Marc's (2002/2007),
CompUSA (2008/2023), Kronheim's
(2009/2009), Finast (not owned)
128 61,000 0 0.00 100.0% Kids R' Us (2008/2008)
129 181,318 2,642,160 14.63 98.2% Bed, Bath, & Beyond (2009/2029),
Borders Books (2018/2043), Mustard
Seed (2019/2044)
130 49,420 267,604 5.41 100.0% Kmart (not owned), A&P (2002/2027)
131 336,273 2,880,191 8.94 95.8% Target (2016/2031), AMC Theatres
(2021/2036), Barnes & Noble
(2007/2022), Staples (2011/2026),
Just For Feet (2007/2022), Old Navy
(2009/2009)
132 317,581 3,426,209 10.84 99.5% Big Bear (2016/2031), Homeplace
(2010/2025), Babies R Us
(2011/2026), Rhodes Furniture
(2012/2027), Stein Mart (2007/2022),
Staples (2010/2025), Old Navy
(2009/2009)
133 327,242 2,962,432 10.56 85.7% AMC (2007/2033), DSW (2005/2015),
PharMor (2003/2015), Michaels
(2014/2019)
134 137,610 1,467,399 11.05 96.5% Big Bear Supermarket (2016/2031),
CVS (2011/2026)
135 509,959 5,570,905 11.33 96.4% Kittle's (2012/2037), Galyans
(2013/2038), TJMaxx (2008/2023),
Staples (2013/2028), Comp USA
(2013/2028), PetsMart (2015/2035),
Golfsmith (2013/2028), Michael's
(2013/2023), DSW Shoe Warehouse
(2012/2027), Bed Bath & Beyond
(2014/2029)
136 128,050 1,249,629 9.76 100.0% Big Bear Supermarket (2012/2027)
137 30,110 463,775 15.40 100.0% Hoggy's Barn & Grille (2005/2015)
138 33,270 184,340 5.54 100.0% Village Market (2007/2017), Rite Aid
(2000/2010)
139 59,495 792,208 13.68 97.3% CVS (2020/2035)
21
22
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
140 Dayton (Huber 8280 Old Troy Pike 45424 PC 100% Fee 1990 1993 17.39
Hts.), OH
141 Dayton 615-799 Lyons Road 45458 PC 50% Fee(3) 1990 1998
(Washington), OH
142 Hillsboro, OH 1100 North High St 45133 PC 100% Fee 1979 IPO 11.02
143 Lebanon, OH 1879 Deerfield Road 45036 PC 100% Fee 1990 1993 14.40
144 Niles, OH 909 Great East Plaza 44446 NC-BP 71% Fee(3) 1980 1999 4.83
145 St. Clairsville, 67781 Mall Road 43950 NC-BP 71% Fee(3) 1999 5.05
OH
146 S. Dayton, OH 8336 Springboro Pike 45342 NC-BP 71% Fee(3) 1978 1999 6.38
147 Tiffin, OH 870 West Market St 44883 MM 100% Fee 1980 IPO 27.62
148 Toledo (Airport 5245 Airport Highway 43615 PC 100% Fee 1993 1995 22.87
Square), OH
149 Toledo 5245 Airport Highway 43615 PC 100% Fee 1999 DEV
(Springfield), OH
150 Westlake, OH 30100 Detroit Road 44145 PC 100% Fee 1974 IPO 12.71
151 Wilmington, OH 1025 S. South Street 45177 PC 100% Fee 1977 IPO 7.38
152 Xenia, OH 1700 West Park Square 45385 PC 100% Fee 1994 DEV 7.38
153 Zanesville, OH 3431 North Maple Ave 43701 PC 100% Fee 1990 IPO 3.28
OREGON
-----------------
154 Portland NW Evergreen Pkwy. & 97006 PC 50% Fee(3) 1995 1996 18.29
(Hillsboro), OR NW Ring Road
PENNSYLVANIA
-----------------
155 Erie, PA 2301 West 38th Street 16506 PC 100% GL 1973 IPO 13.27
156 Erie (Peach 1902 Keystone Drive 16509 PC 100% Fee 1995 DEV 65.69
Street), PA
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT ANCHOR TENANTS
AREA (SF) BASE RENT (2) LEASED (LEASE EXPIRATION/OPTION EXPIRATION)
-------------- ------------ ---------- --------- ------------------------------------
140 163,741 $ 1,469,242 $ 9.13 98.3% Wal-Mart (not owned), Cub Foods
(2011/2031), Sears (2002/2012)
141 213,798 1,361,641 8.15 78.9% Books-A-Million (2005/2015), PharMor
(2008/2023), Just For Feet
(2007/2017)
142 58,583 257,539 4.55 96.6% Kmart (2004/2054) *, CVS
(2000/2000), Bob & Carls (not owned)
143 26,500 230,090 8.68 89.4% Wal-Mart (not owned), PK Lumber (not
owned)
144 23,500 0 0.00 0.0%
145 33,292 0 0.00 0.0%
146 33,379 239,250 5.90 100.0% National City Mortgage (2008/2019)
147 231,793 797,364 3.99 83.9% Kmart (2005/2055), J.C. Penney
(2000/2010), Heileg-Myers
(2004/2014)
148 187,674 1,504,451 8.02 100.0% Best Buy (2009/2024),Office Depot
(2009/2024),Michaels
(2004/2014)Sears (2002/2012), The
Pharm (2004/2014)
149 188,264 1,431,328 9.08 100.0% Kohl's (2019/2049), Bed Bath and
Beyond (2010/2030), Gander Mtn
(2014/2034), Babies 'R' Us
(2010/2045)
150 165,120 806,385 5.88 84.5% Kmart (2004/2049), Marc's
(2004/2019)
151 55,130 218,892 4.09 97.1% Kmart (not owned), Super Valu
(2003/2018)
152 104,873 741,356 7.82 90.4% Wal-Mart (not owned), Kroger
(2019/2049)
153 13,283 138,777 10.45 100.0% Kmart (not owned)
154 306,269 4,568,124 14.92 100.0% Office Depot (2010/2025), Haggan
Supermarket (2021/2046), Barnes &
Noble (2011/2026), Mervyn's (not
owned), Target (not owned)
155 95,000 263,488 5.23 50.5% West Telemarketing (2015/2015)
156 484,030 3,694,037 7.94 96.1% Wal-Mart (2015/2045), Lowe's
(2015/2045), Media Play (2010/2025),
Kohl's (2016/2046), Cinemark
(2011/2026)
22
23
OWNERSHIP
INTEREST
(GROUND
LEASE
TYPE OF DDR TERMINATION/ LAND
PROPERTY OWNERSHIP OPTION YEAR YEAR AREA
CENTER/PROPERTY LOCATION ZIP CODE (1) INTEREST TERMINATION) DEVELOPED ACQUIRED (ACRES)
----------------- ---------------------- -------- -------- --------- ------------ --------- -------- -------
157 Erie (Peach 1902 Keystone Drive 16509 PC 100% GL 1999 DEV
Street), PA
158 Philadelphia 2700 DeKalb Pike 19401 PC 100% Fee 1975 IPO 24.22
(E.Norriton), PA
SOUTH CAROLINA
-----------------
159 Anderson 406 Highway 28 By-Pass 29624 PC 100% Fee 1990 1994 20.90
(Crossroads), SC
160 Anderson 3812 Liberty Highway 29621 PC 100% Fee 1993 1995 2.13
(Northtowne), SC
161 Camden, SC 1671 Springdale Drive 29020 PC 100% Fee 1990 1993 22.97
162 Charleston 1500 Highway 17 North 29465 PC 100% Fee 1992 1995 22.70
(Mt.Pleasant), SC
163 Charleston 7400 Rivers Avenue 29406 PC 100% Fee 1989 1993 28.10
(North), SC
164 Columbia, SC 5420 Forest Drive 29206 PC 100% Fee 1995 1995 7.04
165 Greenville 621 Fairview Road 29681 PC 100% Fee 1990 1994 17.23
(Simpsonville),
SC
166 Orangeburg, SC 2795 North Road 29115 PC 100% Fee 1994 1995 2.65
167 Union, SC Highway 176 By-Pass #1 29379 PC 100% Fee 1990 1993 45.65
SOUTH DAKOTA
-----------------
168 Rapid City, SD 740-780 Mountain View 57702 NC 100% Fee 1972 1998
Road
169 Watertown, SD 1300 9th Avenue, S.E 56401 MM 100% Fee 1977 IPO 29.30
TEXAS
-----------------
170 El Paso, TX 10501 Gateway West 79925 NC-BP 71% Fee(3) 1982 1999
171 Ft. Worth, TX SWC Eastchase Pkwy. 76112 PC 50% Fee(3) 1995 1996 17.00
and I-30
172 San Antonio, TX 125 NE Loop 410 78216 PC 35% Fee(3) 1996 1997 26.45
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEAS