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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, 2000
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, 2001 was $768.1 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.
54,958,781 common shares outstanding as of March 15, 2001
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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 2001 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.................................................. 9
3. Legal Proceedings........................................... 28
4. Submission of Matters to a Vote of Security Holders......... 28
PART II
5. Market for Registrant's Common Equity and Related
Shareholder Matters....................................... 30
6. Selected Financial Data..................................... 31
7. Management's Discussion and Analysis of Financial Condition
and Results of Operations................................. 33
7a. Quantitative and Qualitative Disclosures about Market
Risk...................................................... 49
8. Financial Statements and Supplementary Data................. 50
9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure.................................. 50
PART III
10. Directors and Executive Officers of the Registrant.......... 50
11. Executive Compensation...................................... 50
12. Security Ownership of Certain Beneficial Owners and
Management................................................ 50
13. Certain Relationships and Related Transactions.............. 50
PART IV
14. Exhibits, Financial Statements, Schedules and Reports on
Form 8-K.................................................. 51
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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, 1998 to March 15, 2001, the Company has acquired 54
shopping center properties, including those owned through joint ventures, five
of which were acquired in 2001, three of which were acquired in 2000, five of
which were acquired in 1999 and 41 of which were acquired in 1998. In January,
2001, the Company sold one property.
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.
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 355 shopping centers and
business centers. The Company's portfolio as of March 15, 2001, not including
those properties owned through the Company's minority equity investment,
consisted of 192 shopping centers and one business center (including 54
properties which are owned through joint ventures) and approximately 107
undeveloped acres (of which approximately 6 acres are owned through joint
ventures) (the "Portfolio Properties"). From January 1, 1998 to March 15, 2001,
the Company has acquired 54 shopping centers, including those owned through
joint ventures, containing an aggregate of 11.9 million square feet of gross
leasable area ("GLA") owned by the Company for an aggregate purchase price of
approximately $1.2 billion. During 1998, 1999 and 2000, the Company completed
expansions at 21 of its shopping centers.
As of March 15, 2001, the Company was expanding one shopping center and
expects to commence expansions at additional shopping centers in 2001. The
Company, including its joint ventures, has also substantially completed the
development of 15 shopping centers since December 31, 1997, at an aggregate cost
of approximately $648 million aggregating approximately 4.0 million square feet
of GLA. As of March 15, 2001, the Company and its joint ventures had 14 shopping
centers under development.
The Company's shopping centers were approximately 95.7% leased as of
December 31, 2000. On December 31, 2000, the average annualized base rent per
square foot of Company-owned GLA of the shopping centers was $9.66.
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, 2000, the Company owned and/or managed approximately
60.1 million total square feet of GLA, which included all of the Portfolio
Properties and 70 properties owned by third parties.
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In 2000, the Company and Coventry Real Estate Partners ("Coventry") were
also selected by Burnham Pacific Properties, Inc. ("Burnham") to serve as its
liquidation agent pursuant to Burnham's plan of liquidation. At December 31,
2000, the liquidation portfolio included 47 properties aggregating 5.8 million
square feet. The Company is providing property management services for this
portfolio and is receiving property management, asset management, leasing and
development fees for its services at market rates. Coventry, which is 79% owned
by the Company, is providing asset management services for this portfolio and is
receiving asset management fees at market rates. The appointment of Coventry and
the Company was effective on December 15, 2000 following approval from Burnham's
shareholders.
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 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 strategic disposition of
certain real estate assets and utilizing the proceeds to repay debt,
repurchase of the Company's common shares, invest in other real
estate assets and, or developments 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, 2000, 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
0.49 to 1.0; and at March 15, 2001,
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this ratio was approximately 0.48 to 1.0. At December 31, 2000, the Company's
capitalization consisted of $1.2 billion of debt (excluding the Company's
proportionate share of joint venture mortgage debt aggregating $322.8 million at
December 31, 2000 as compared to $466.6 million at December 31, 1999), $518.8
million of preferred stock and preferred operating partnership units and $744.6
million of market equity. (Market equity is defined as common shares and
operating partnership units outstanding multiplied by the closing price of
common shares on the New York Stock Exchange at December 31, 2000 of $13.3125).
At December 31, 2000, the Company's total debt consisted of $759.6 million of
fixed-rate debt and $468.0 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.
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
In January, 2001, the Company entered into a $100 million, two-year swap
agreement, effectively converting a portion of the variable rate debt on the
Company's unsecured credit facility to a fixed rate of approximately 6.3%.
In 1999 and 2000, 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 and 2000, 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 utilize 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.
In accordance with the stock repurchase plan approved by the Company's
Board of Directors, from February 29, 2000 through December 31, 2000, the
Company purchased, in open market transactions, 4,741,700 of its common shares,
at prices ranging from $11.61 to $14.88, for an aggregate purchase price of
approximately $62.9 million. Since the fourth quarter of 1999, the Company has
acquired 6,602,000 shares at prices ranging from $11.61 to $14.88 at an
aggregate cost of $88.7 million. From and including the fourth quarter of 1999
through December 31, 2000, total common shares and OP Units
repurchased/converted aggregated 10.3 million shares and units of which 8.4
million shares and units have been repurchased/converted in 2000.
In December, 2000, the Company amended its $25 million credit facility with
National City Bank. The current stated rate on this facility is LIBOR plus 1.10%
with a maturity of November, 2002.
In December, 2000, the Company refinanced its newly developed Toledo, Ohio
property for $23.0 million. The mortgage bears interest at LIBOR plus 1.20% and
has a maturity date of December, 2002. In addition, the Company obtained a $35.5
million construction loan on its project in Everett, Massachusetts bearing
interest at LIBOR plus 1.85% of which $17.1 million has been drawn at December
31, 2000. Also, the Company transferred its 50% ownership interest in a
development property located in San Antonio, Texas to the Retail Value Fund and
received proceeds of approximately $18.5 in conjunction with this transaction.
In October, 2000, the Company entered into two, two-year interest rate swap
agreements aggregating $100 million, effectively converting a portion of the
variable rate debt on the Company's unsecured line of credit facility to a fixed
rate of approximately 7.6%.
In July, 2000, the Company acquired the minority ownership interest
associated with the 11 Hermes Properties acquired in July, 1998 at an aggregate
cost of approximately $81.9 million. As a result, 3,630,668 OP Units and all
contingently issuable OP Units were purchased and all restrictions and
obligations associated with minority owners' interest were settled.
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In June, 2000, the Company amended its primary unsecured credit facility
with a syndicate of financial institutions for which Bank One, NA serves as
agent. The amended facility increased the availability to $550 million from $375
million and extended the term for an additional two years to May 31, 2003. The
current stated interest rate on the facility is at LIBOR plus 1.10%. The Company
also can competitively bid up to 50% of the facility amount.
In May, 2000, the Company entered into a $100 million bridge loan agreement
with interest at LIBOR plus 1.10% with Bank of America. The proceeds from this
facility were used to repay the $100 million, 7 5/8% unsecured senior notes
which matured on May 15, 2000. The bridge loan matured in November, 2000 and was
repaid with proceeds from the Company's expanded unsecured credit facility and
asset sales.
In May, 2000, the Company issued $105 million, 9.0% perpetual preferred
"down-REIT" operating partnership units to an institutional investor and
received net proceeds of approximately $102.4 million. The units may be
exchanged, under certain circumstances, for Class J, 9.0% cumulative redeemable
perpetual preferred shares.
Property Acquisitions, Developments and Expansions
During 2000, the Company and its joint ventures completed the acquisition
of, or investment in, three shopping centers aggregating 0.7 million square feet
of Company-owned GLA for an aggregate investment of approximately $71.3 million.
In April, 2000, the Company purchased a 199,000 square foot shopping center
in Brentwood, Tennessee for approximately $22.6 million.
In September, 2000, the Company announced its intention to acquire 15 west
coast retail properties for approximately $355 million from Burnham through a
joint venture with Prudential Real Estate Investors ("PREI") and Coventry Real
Estate Partners ("Coventry") in which the Company would own a 20% interest.
Since this original announcement, four of the fifteen properties were eliminated
from the portfolio. Accordingly, the Company, through an equity affiliate and
PREI will acquire 11 properties at an aggregate cost of approximately $266
million. Two of the properties were acquired in December, 2000 in which the
Company's 20% ownership interest aggregated $9.7 million. Five of the properties
were acquired through March 15, 2001 in which the Company's 20% interest
aggregated $11.3 million. The remaining four properties are expected to close in
the first half of 2001. DDR will earn fees for managing, redevelopment and
leasing the properties, all of which are located in western states.
The Company and Coventry were also selected by Burnham to serve as its
liquidation agent pursuant to Burnham's plan of liquidation. The liquidation
portfolio includes 47 properties aggregating 5.8 million square feet. DDR is
providing property management services for this portfolio and is receiving
property management, asset management, leasing and development fees for its
services at market rates. This transaction was completed on December 15, 2000
following approval from Burnham shareholders.
Dispositions
In January, 2001, the Company sold a 190,000 square foot shopping center in
Ahoskie, North Carolina for a purchase price of approximately $8.3 million and
recognized a gain of approximately $1.8 million. Proceeds from this sale were
used to repay amounts outstanding on the Company's Revolving Credit Facility.
During 2000, the Company sold real estate assets or joint venture interests
therein with an aggregate value of approximately $250 million.
In December, 2000, the Company sold to Wal-Mart its occupied space in the
New Bern and Washington, North Carolina shopping centers for an aggregate sales
price of approximately $20.7 million. In addition, the Company sold its 50%
interest in a joint venture property located in Fenton, Missouri for
approximately $14.3 million. An equity affiliate of the Company, DD Development
Company, sold five of the remaining twelve sites formerly occupied by Best
Products for approximately $25.1 million.
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In the third quarter of 2000, the Company sold a 15,000 square foot
shopping center in Florence, Kentucky for a purchase price of approximately $1.7
million and 12,500 square feet of a 62,000 square foot shopping center located
in Las Vegas, Nevada for approximately $2.3 million. In addition, the Company
sold to Wal-Mart its occupied space in the Company's Camden, South Carolina
shopping center for a purchase price of approximately $11.6 million.
In February, 2000, the Company entered into an agreement to sell 60% of its
half interest in the Community Centers Joint Venture to DRA Advisors, Inc. at a
price of approximately $163 million comprised of cash of approximately $66
million and debt assumed of $97 million. In conjunction with this transaction,
the Company recognized a gain of approximately $16.1 million. Subsequent to this
transaction, the Company's ownership in the joint venture is effectively 20%
with funds advised by DRA Advisors, Inc. owning 80%. The Company continues to be
responsible for the day-to-day management of the shopping centers and receive
fees for such services.
In February, 2000, the Company formed a joint venture with DRA Advisors,
Inc. whereby the Company contributed a wholly-owned property in Phoenix, Arizona
valued at approximately $26.7 million and related mortgage debt of $18.0 million
and, in exchange, received a 50% equity ownership interest in the joint venture
and cash proceeds of approximately $4.3 million. In conjunction with this
transaction, the Company recognized a gain of approximately $0.5 million. The
Company continues to manage and operate the center and receives fees for such
services.
In February, 2000, the Company sold a shopping center in Stone Mountain,
Georgia, a suburb of Atlanta, for approximately $1.8 million.
Proceeds from the above sales in 2000 were used to repay amounts
outstanding on the Company's revolving credit facility, repurchase 4.7 million
common shares in open market transactions and to fund the Company's investment
relating to the Burnham acquisition.
Strategic Transactions
In November 2000, the Company and American Industrial Properties REIT
(NYSE: IND) ("AIP") announced that, AIP has entered into: (i) an agreement to
sell 31 properties to client accounts managed by Lend Lease Real Estate
Investments, Inc. for a gross purchase price, including assumed debt, of
approximately $292.2 million; (ii) an agreement to sell an office building to a
third party for a gross purchase price, including assumed debt, of approximately
$55.4 million and (iii) an agreement with a subsidiary of the Company (formed
simultaneously with the sale to Lend Lease) to acquire all of the AIP common
shares not already owned by DDR for $12.47 per share in cash. The Company's
purchase is expected to be funded solely with proceeds from the property sales
described above.
The liquidation payment to common shareholders was originally announced as
$13.74 per share, however, all common shareholders of AIP received a $1.27 per
share dividend in January, 2001, resulting from the sale by AIP of Manhattan
Towers in November, 2000 for $55.4 million. Through its subsidiary, the Company
will survive as AIP's majority shareholder, controlling AIP's 39 remaining
properties. The Company currently holds 46% of AIP's outstanding shares. The
property sales noted in (i) and (ii) above are conditions to the closing of the
transaction with the Company, which is expected to occur in the second quarter
of 2001 following AIP's shareholder approval. The property sale noted in (ii)
occurred in November, 2000. This transaction will provide the Company with
complete control over its investment in AIP for which the Company expects to
realize the full value of its investment through operations and, where
appropriate, an orderly disposition.
In December, 2000, an equity affiliate of the Company terminated its entity
level investment with DDR OliverMcMillan. In settlement of advances to DDR
OliverMcMillan, the Company received two operating properties, one of which is
located in Reno, Nevada and the other located in Oceanside, California; a
development project in Long Beach, California; residual land located in San
Diego, California and notes receivable, secured by real estate transferred to
OliverMcMillan. The aggregate value associated with these assets was
approximately $37 million. The Oceanside, California and Reno, Nevada property
and certain notes
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receivable, aggregating $18 million in total value, were transferred/assigned
from the equity affiliate to the Company in 2000.
Expansions 2000
During 2000, the Company and its joint ventures completed ten expansion
projects at an aggregate cost of $13.6 million. In addition, the Company is
currently expanding/redeveloping one of its shopping centers located in
Fayetteville, Arkansas at an aggregate cost of $1.8 million. The Company also is
planning to commence expansion/redevelopment projects at seven additional
shopping centers located in: Crystal River, Florida; Schaumberg, Illinois;
Highland, Indiana; Wilmington, North Carolina; Lebanon, Ohio; North Charleston,
South Carolina and Taylorsville, Utah.
Development (Wholly Owned) 2000
During 2000, the Company completed Phase II of construction at two shopping
centers located in Ovideo, FL and Toledo, OH. In addition, the Company is
developing projects located in Meridian, ID; Kildeer, IL; Everett, MA;
Princeton, NJ and Riverdale, UT.
Development (Joint Ventures) 2000
The Company has joint venture development agreements for nine additional
shopping center projects with leading regional developers. These nine projects
have an aggregate projected cost of approximately $329 million. All of these
projects have commenced development and are currently scheduled for completion
through 2002. The Company currently holds interests in six of these projects
through the Retail Value Fund. These projects are located in Long Beach, CA;
Plainville, CT; Deer Park, IL; Hagerstown, MD; Round Rock, TX and San Antonio,
TX. The remaining three projects are located in Salisbury, MD (Phase III); Coon
Rapids, MN and St. Louis, MO.
Construction has been substantially completed and the centers are open for
business at the Plainville, CT; Deer Park, IL; Hagerstown, MD; Salisbury, MD and
Round Rock, TX properties.
As of December 31, 2000, $271.2 million of construction costs were funded
relating to the above projects. The remaining net project costs are projected to
be $57.8 million. It is anticipated that the Company's share of these remaining
net costs will result in the Company being reimbursed approximately $20.1
million, net, relating to construction financing proceeds, joint venture partner
contributions and sale of parcels to tenants.
In addition, the Company is in the process of entering into a joint venture
relating to a 280,000 square foot lifestyle center in Littleton, CO. This
project is scheduled for completion in the Spring of 2002. The Company intends
to break ground during 2001 on a shopping center development located in Long
Beach, CA the interest of which is anticipated to be transferred into a new
joint venture with an institutional investor. The Company's additional net
equity funding requirements associated with these two projects are expected to
be nominal as the remaining net costs are expected to be funded through joint
venture equity contributions and construction loans.
RETAIL ENVIRONMENT
During 2000, 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, 2000 through
March 15, 2001 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 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.
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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 believed e-commerce would seriously erode traditional retail
business, particularly "big box" commodity retailers. The Company believes that
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.
EMPLOYEES
As of March 15, 2001, the Company employed 291 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, 2000, the Portfolio Properties included 187 shopping
centers and one business center (49 of which are owned through joint ventures).
The shopping centers consist of 175 community shopping centers and 12 enclosed
mini-malls. The Portfolio Properties also include approximately 107 undeveloped
acres primarily located adjacent to certain of the shopping centers. The
shopping centers aggregate approximately 37.6 million square feet of
Company-owned GLA (approximately 50.3 million square feet of total GLA) and are
located in 41 states, principally in the East and Midwest, with significant
concentrations in Ohio, Florida, Missouri, Michigan, Minnesota, North Carolina
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 retailers as additional anchors. Most of the shopping
centers are anchored by a Wal-Mart, Kmart or Target, and the majority of 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.
Shopping centers make up the largest portion of the Company's portfolio,
comprising 34.6 million (92.3%) square feet of Company-owned GLA and enclosed
mini-malls account for 3.0 million (7.7%) square feet of Company-owned GLA. On
December 31, 2000, the average annualized base rent per square foot of Company-
owned GLA of the shopping centers, including those owned through joint ventures,
was $9.66.
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The following table sets forth, as of December 31, 2000, 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
through joint ventures:
% OF SHOPPING CENTER % OF COMPANY-OWNED
BASE RENTAL REVENUES SHOPPING CENTER GLA
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Wal-Mart...................................... 4.2% 7.4%
Kohl's Dept. Store............................ 2.4% 2.8%
Kmart......................................... 2.3% 5.7%
T. J. Maxx/Marshall's......................... 2.2% 2.3%
OfficeMax..................................... 2.1% 1.9%
Homeplace/Waccama............................. 2.0% 1.6%
Barnes & Noble/B. Dalton...................... 1.9% 1.1%
Bed Bath & Beyond............................. 1.7% 1.3%
Best Buy...................................... 1.6% 1.1%
Home Depot.................................... 1.4% 1.4%
Circuit City.................................. 1.4% 1.2%
Lowes Home Centers............................ 1.4% 2.0%
Gap/Old Navy.................................. 1.4% 0.9%
Petsmart...................................... 1.3% 1.0%
Michaels...................................... 1.2% 1.0%
Toys R Us..................................... 1.2% 1.4%
Cinemark Theatre.............................. 1.1% 0.8%
In addition, as of December 31, 2000 unless otherwise indicated, with
respect to the 187 shopping centers:
- 49 of these properties were developed by DDG, 23 were developed by
the Company and the balance were acquired by the Company;
- 92 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 800,000 square feet of GLA (with 20 properties
exceeding 400,000 square feet of GLA);
- approximately 61.1% of the Company-owned GLA of these properties is
leased to national chains, including subsidiaries, with
approximately 26.0% of the Company-owned GLA leased to regional
chains and approximately 8.6% of the Company-owned GLA leased to
local tenants;
- approximately 95.7% of the aggregate Company-owned GLA of these
properties was occupied as of December 31, 2000 (and, with respect
to the properties owned by the Company at December 31, for each of
the five years beginning with 1996, between 94.8% and 96.5% of
aggregate Company-owned GLA of these properties was occupied) and
- One property is currently being expanded by the Company, and the
Company is pursuing the expansion of additional properties.
10
11
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
- --------------------- -------- ------------- -------------- ----------------- ------------- ---------------
2001................. 589 1,816,024 $ 20,034,068 $11.03 4.7% 5.6%
2002................. 534 2,299,792 20,292,350 8.82 5.9 5.7
2003................. 512 2,229,329 22,171,107 9.95 5.8 6.2
2004................. 381 2,119,669 21,543,355 10.16 5.5 6.1
2005................. 368 2,610,836 23,850,617 9.14 6.8 6.7
2006................. 156 1,335,121 14,265,067 10.68 3.5 4.0
2007................. 112 1,415,403 15,643,840 11.05 3.7 4.4
2008................. 105 1,495,888 14,217,432 9.50 3.9 4.0
2009................. 125 2,492,053 24,305,121 9.75 6.4 6.8
2010................. 154 2,559,633 26,814,610 10.48 6.6 7.5
----- ---------- ------------ ------ ---- ----
TOTAL................ 3,036 20,373,748 $203,137,567 $ 9.97 52.8% 57.0%
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 107 undeveloped acres consist primarily 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.
11
12
DEVELOPERS DIVERSIFIED REALTY CORPORATION
PROPERTY LIST DECEMBER 31, 2000
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
ALABAMA
1 Birmingham, AL Brook Highland Plaza 35242 SC Fee 1994 1994 100.00%
(Brook) 5291 Hwy 280 South
2 Birmingham, AL Eastwood Festival Center 35210 SC Fee 1989 1995 100.00%
(Eastwood) 7001 Crestwood Blvd
3 Huntsville, AL Enterprise Plaza 35806 SC Fee 1995 1995 100.00%
6140-A University Dr.
ARIZONA
4 Ahwatukee, AZ Foothills Towne Ctr (II) 85044 SC Fee(3) 1996 1997 50.00%
4711 East Ray Road
5 Phoenix, AZ Deer Valley Towne Center 85027 SC Fee(3) 1996 1999 50.00%
(Deer Valley) 2805 West Agua Fria Freeway
6 Phoenix, AZ (Peoria) Arrowhead Crossing 85382 SC Fee(3) 1995 1996 50.00%
7553 West Bell Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
1 503,911 $ 3,991,950 $ 7.92 100.0% Winn Dixie Stores (2014),
Rhodes/Marks Fitzgerald (2004),
Goody's (2004), Wal-Mart Stores
(2014), Regal Cinemas, Inc.
(2014), Stein Mart (2011),
Officemax (2011), Michael's
(2009), Books-a-Million (2005),
Emperor's House (not owned)
2 301,067 $ 2,044,676 $ 8.18 83.1% Office Depot (2004), Goody's
(2004), Burlington Coat Factory
(2003), Regal Cinemas, Inc.
(2006), Western Supermarkets
(not owned), Home Depot (not
owned), Barnhills Buffet (not
owned)
3 41,000 $ 483,800 $11.80 100.0% Wal-Mart (not owned)
4 647,916 $ 8,727,022 $13.47 100.0% Bassett Furniture(2010),
Homeplace (2012), Stein Mart
(2011), AMC Theatre (2021),
Barnes & Noble (2012), Babies 'R
Us (2007), Ross Stores, Inc.
(2007), Officemax (2012), Joann,
Etc. (2010), Best Buy (2014), On
the Border (not owned), Exxon
(not owned), Ruby Tuesdays (not
owned), Macaroni Grill (not
owned), Rock Bottom Brewery (not
owned)
5 203,529 $ 2,656,707 $13.59 96.1% Ross Stores (2009), Officemax
(2013), Petsmart (2014),
Michaels (2009), Target (not
owned), AMC Theatres (not
owned), Tony Roma's (not owned),
Claim Jumper (not owned),
7-Eleven (not owned),
Jack-in-a-Box (not owned)
6 346,430 $ 3,911,517 $11.46 98.5% Bassett Furniture(2009), Staples
(2009), Comp USA (2013), Mac
Frugal's (2010), Barnes & Noble
(2011), T.J. Maxx (2005),
Circuit City (2016), Oshman's
Supersports (2017), Linens 'N
Things (2011), Fry's (not
owned), On the Border (not
owned)
12
13
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
ARKANSAS
7 Fayetteville, AR Spring Creek Centre 72703 SC Fee 1997 1997 100.00%
464 E. Joyce Boulevard
8 N. Little Rock, AR McCain Plaza 72117 SC Fee 1991 1994 100.00%
4124 East McCain Boulevard
9 Russellville, AR Valley Park Centre 72801 SC Fee 1992 1994 100.00%
3093 East Main Street
CALIFORNIA
10 City of Industry, CA Plaza At Puente Hills 91748 SC Fee(3) 1987 2001 20.00%
17647-18271 Gale Avenue
11 Fullerton, CA La Mancha 92632 SC Fee(3) 1973 2001 20.00%
North Harbor Blvd.
12 Lancaster, CA Valley Central 93536 SC Fee(3) 1990 2001 20.00%
44400-44650 Valley Central Way
13 Oceanside, CA Ocean Place Cinemas 92054 SC Fee 2000 1* 100.00%
401 Mission Ave
14 San Diego, CA Carmel Mountain Plaza 92128 SC Fee(3) 1993 1995 20.00%
11610 Carmel Mountain Road
15 San Ysidro, CA San Diego Factory Outlet 92173 SC Fee(3) 1988 2000 20.00%
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
7 260,972 $ 1,933,630 $ 9.84 75.3% Old Navy (2005), Bed, Bath &
Beyond (2009), T.J. Maxx (2005),
Goody's (2013), Wal-Mart Super
Center (not owned), Home Depot
(not owned), Ryan's (not owned)
8 294,357 $ 1,853,339 $ 6.62 95.1% K Mart (2016), T.J. Maxx (2001),
Cinemark Theatre-Tandy (2011),
Burlington Coat Factory Whse
(2014)
9 272,245 $ 1,718,373 $ 6.37 99.1% Wal-Mart Stores (2011), Stage
(2005), J.C. Penney (2012)
10 518,938 $ 6,328,977 $13.48 90.5% Wal-Mart/Sam's Club(2036), Toys
'R' Us (2036), Miller's
Outpost/Hub Dist (2008), Office
Depot, Inc.(2012), Home Depot
(2036), Ikea (2007), Circuit
City(2008)
11 103,758 $ 588,384 $ 7.53 75.3% Ralphs Grocery Store(2020)
12 459,529 $ 4,287,959 $ 9.57 97.6% Wal-Mart (2010), Movies 12/
Cinemark(2017), Home Base
(2008), Costco (023)(2050),
Michael's (2004), Marshalls
(2001), Circuit City (2011),
Staples (2003), 99 Cents Only
(not owned), Costco (not owned),
Wal-Mart (not owned), Carl's Jr.
(not owned)
13 67,432 $ 1,089,414 $16.16 100.0% Regal Cinemas(2014)
14 440,140 $ 6,643,042 $15.09 100.0% K Mart (2018), Pacific Theatres
(2013), Sportsmart (2008),
Circuit City (2009), Marshalls
(2009), Michael's (2004), Ross
Dress for Less (2004), Mervyn's
(not owned), Boston Market (not
owned), Texaco (not owned),
Chevy's (not owned)
15 155,468 $ 2,607,661 $17.63 95.2% K-mart (2006), Levi's/Dockers
(2001), Levi's (2001), Calvin
Klein (2008), Guess (2001), Nike
Storage (1997), Mikasa Inc.
(2003), Nike (2004), Mikasa
Storage (2003)
13
14
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
COLORADO
16 Alamosa, CO Alamosa Plaza 81101 SC Fee 1986 2* 100.00%
145 Craft Drive
17 Denver, CO Broadway Market Place 80223 SC Fee(3) 1993 1995 20.00%
(Broadway Market) 505 South Broadway
18 Denver, CO Centennial Promenade 80223 SC Fee 1997 1997 100.00%
(Centennial) 9555 E. County Line Road
19 Trinidad, CO Trinidad Plaza 81082 SC Fee 1986 2* 100.00%
Hwy 239 @ 125 Frontage Road
CONNECTICUT
20 Plainville, CT Connecticut Commons 06062 SC Fee(3) 1999 1* 12.50%
I-84 & Rte 9
21 Waterbury, CT Kmart Plaza 06705 SC GL 1973 2* 100.00%
899 Wolcott Street
FLORIDA
22 Bayonet Point, FL Point Plaza 34667 SC Fee 1985 2* 100.00%
US 19 & Sr 52
23 Brandon, FL Kmart Shopping Center 33511 SC GL 1972 2* 100.00%
1602 Brandon Bl.
24 Cape Coral, FL Del Prado Mall 33904 SC Fee 1985 2* 100.00%
1420 Delprado Blvd.
25 Crystal River, FL Crystal River Plaza 33523 SC Fee 1986 2* 100.00%
420 Sun Coast Hwy
26 Fern Park, FL Fern Park Shopping Center 32720 SC Fee 1970 2* 100.00%
6735 US #17-92 South
27 Jacksonville, FL Jacksonville Regional 32218 SC Fee 1988 1995 100.00%
3000 Dunn Avenue
28 Marianna, FL The Crossroads 32446 SC Fee 1990 2* 100.00%
2814-2822 Highway 71
29 Melbourne, FL Melbourne Shopping Center 32935 SC Fee 1978 2* 100.00%
750-850 Apollo Boulevard
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
16 19,875 $ 172,882 $ 8.70 100.0% Wal-Mart (not owned), City
Market (not owned)
17 387,536 $ 3,853,527 $10.02 99.3% Albertson's (2019), Officemax
(2010), K Mart (2019), Pep Boys
(2014), Wal-Mart/Sam's (2018)
18 418,608 $ 5,883,499 $14.05 100.0% Golfsmith Golf Center (2007),
Soundtrack (2017), Ross Dress
for Less (2008), Officemax
(2013), Michael's (2007),
Homeplace (2017), Toys R Us
(2011), Borders (2017), American
Furniture Superstore (not
owned), R.E.I. (not owned), J.
Alexanders (not owned), Rock
Bottom Brewery (not owned)
19 63,836 $ 107,325 $ 4.71 35.7% Big 'R' (not owned)
20 321,682 $ 3,335,808 $10.37 100.0% Lowe's of Plainville (2019), K
Mart Corporation (2019), A.C.
Moore (2014), Old Navy (2010),
Levitz Furniture (2015), Loew's
Theatre (not owned), Applebee's
(not owned), McDonald's (not
owned), Friendly's (not owned)
21 124,310 $ 417,500 $ 3.36 100.0% K Mart (2003), Jo-ann Stores
(2010)
22 203,760 $ 1,084,280 $ 5.72 93.1% Publix Super Markets (2005),
Beall's (2002), T.J. Maxx
(2010)*
23 161,900 $ 534,865 $ 3.30 100.0% K Mart (2002), Scotty's (not
owned), Checkers (not owned)
24 74,202 $ 561,300 $ 7.56 100.0% Office Max (2012), T.J. Maxx
(2007)
25 147,005 $ 487,743 $ 3.55 93.6% Beall's (2001), Beall's(2006),
Scotty's (2008)
26 16,000 $ 96,712 $ 7.56 80.0%
27 219,073 $ 1,363,855 $ 6.69 93.1% J.C. Penney (2002), Winn Dixie
Stores (2009)
28 63,894 $ 429,173 $ 7.30 92.1% Beall's (2005), Wal-Mart (not
owned)
29 121,913 $ 89,787 $ 4.20 17.6%
14
15
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
30 Naples, FL Carillon Place 33942 SC Fee(3) 1994 1995 20.00%
5010 Airport Road North
31 Ocala, FL Kmart Plaza 32671 SC Fee 1974 2* 100.00%
3711 Silver Springs NE
32 Orlando, FL Westside Crossing 32808 SC Fee 1989 2* 100.00%
(Westside) 5028-5290 West Colonial Drive
33 Ormond Beach, FL Ormond Towne Square 32174 SC Fee 1993 1994 100.00%
1458 West Granada Blvd
34 Oviedo, FL (Dev) Oviedo Park Crossing 32765 SC Fee 1999 1* 100.00%
Rte 417 & Red Bug Lake Road
35 Palm Harbor, FL The Shoppes of Boot Ranch 34685 SC Fee 1990 1995 100.00%
300 East Lakeroad
36 Pensacola, FL Palafox Square 32534 SC Fee 1998 1* 20.00%
8934 Pensacola Blvd
37 Spring Hill, FL Mariner Square 34613 SC Fee 1988 2* 100.00%
13050 Cortez Blvd
38 Tampa, FL (Dale) North Pointe Plaza 33618 SC Fee 1990 2* 100.00%
15001-15233 North Dale Mabry
39 Tampa, FL (Waters) Town N' Country 33634 SC Fee 1990 2* 100.00%
7021-7091 West Waters Avenue
40 Tarpon Springs, FL Tarpon Square 34689 SC Fee 1974 2* 100.00%
41232 U.S. 19, North
41 West Pasco, FL Pasco Square 34653 SC Fee 1986 2* 100.00%
7201 County Road 54
GEORGIA
42 Atlanta, GA (Duluth) Pleasant Hill Plaza 30136 SC Fee 1990 1994 100.00%
1630 Pleasant Hill Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
30 267,838 $ 3,011,098 $11.24 100.0% Winn Dixie (2014), Service
Merchandise (2015), Officemax
(2010), T.J. Maxx (2009), Ross
Dress for Less (2005), Circuit
City (2015), Fifth Third Trust
(not owned), First Union
National (not owned), Applebee's
(not owned), First Regal (not
owned)
31 19,280 $ 53,700 $ 3.93 71.0% Kmart (not owned)
32 177,037 $ 1,310,519 $ 7.47 99.1% Publix Super Markets (2009),
Heilig-Meyers (2007), Wal-Mart
(not owned)
33 234,045 $ 1,883,654 $ 8.12 99.1% K Mart (2018), Beall's (2004),
Publix Super Markets (2013)
34 160,879 $ 1,442,347 $ 8.97 100.0% Officemax (2014), Ross Dress for
Less(2010), Michael's (2009),
T.J. Maxx (2010), Linens 'N
Things (2011)
35 52,395 $ 804,752 $15.36 100.0% Target (not owned), Albertson's
(not owned)
36 17,150 $ 209,880 $12.24 100.0% Wal-Mart Super Center (not
owned)
37 196,073 $ 1,321,589 $ 7.18 93.9% Beall's (2006), Publix Super
Markets (2008), Wal-Mart (not
owned)
38 104,473 $ 1,194,669 $11.44 100.0% Publix Super Markets (2010),
Wal-Mart (not owned)
39 134,366 $ 997,783 $ 8.09 91.8% Beall's (2005), Kash 'N Karry-2
Store (2010), Lin's Ho Ho
(2001), Wal-Mart (not owned)
40 198,797 $ 1,224,920 $ 6.16 100.0% K Mart (2009), Big Lots (2002),
Staples Superstore (2013)
41 135,421 $ 1,008,830 $ 7.66 97.3% Sign World (2005), Beall's
(2001), Publix Super Markets
(2006), Beall's (not owned)
42 99,025 $ 1,175,814 $13.83 85.9% Office Depot (2005), Coast
Dental (2004), Salon Etc.(2002),
Wal-Mart(not owned)
15
16
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
43 Atlanta, GA Perimeter Pointe 30136 SC Fee(3) 1995 1995 20.00%
(Perimeter) 1155 Mt. Vernon Highway
44 Marietta, GA Town Center Prado 30066 SC Fee(3) 1995 1995 20.00%
2609 Bells Ferry Road
IDAHO
45 Idaho Falls, ID Country Club Mall 83401 SC Fee 1976 1998 100.00%
(DDRC) 1515 Northgate Mile
46 Meridian, ID (2,3,4) Family Center at Meridian 83642 SC Fee 1999 1* 100.00%
Eagle and Fairview Road
ILLINOIS
47 Deer Park, IL Deer Park, IL 60074 SC Fee(3) 2000 1* 12.38%
20503 N. Rand Rd.
48 Harrisburg, IL Arrowhead Point 62946 SC Fee 1991 1994 100.00%
701 North Commercial
49 Mount Vernon, IL Times Square Mall 62864 MM Fee 1974 2* 100.00%
42nd and Broadway
50 Schaumburg, IL Woodfield Village Green 60173 SC Fee(3) 1993 1995 20.00%
1430 East Golf Road
INDIANA
51 Bedford, IN Town Fair Center 47421 SC Fee 1993 2* 100.00%
1320 James Avenue
52 Connersville, IN Whitewater Trade Center 47331 SC Fee 1991 2* 100.00%
2100 Park Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
43 343,115 $ 4,098,124 $14.36 83.2% Stein Mart (2010), Babies R Us,
(2007), Homeplace Superstores
(2011), Office Depot (2012)*,
St. Joseph's Hospital/Atlanta
(2006), Royal Oaks/Eng. Pubs
(2002), United Artists Theatre
(2015), Max & Erma's (not
owned), Chick-fil-a (not owned)
44 318,038 $ 3,780,780 $11.89 100.0% Stein Mart (2007), Homeplace
Superstores (2011), Publix
(2015), Crunch Fitness
International (2011)
45 148,593 $ 813,500 $ 5.60 97.7% Office Max (2011), Gottschalks
Dept. Stores(2001), Fred Meyer
(not owned)
46 269,364 $ 2,340,793 $ 8.69 100.0% Bed Bath & Beyond (2011), Old
Navy (2005), Shopko Stores, Inc.
(2020), Office Depot (2010),
Sportsman's Warehouse (2015),
Arby's (not owned), Carl's Jr.
(not owned), IHOP (not owned),
Syringia Bank (not owned),
Applebee's (not owned)
47 210,106 $ 5,462,958 $26.00 100.0% The Gap (2010)
48 168,424 $ 931,373 $ 5.64 98.0% Wal-Mart Stores (2011),
Mad-pricer Store/Roundy's(2011)
49 268,263 $ 936,908 $ 3.77 92.7% Sears (2013), Country Fair
Market Fresh (2004), J.C. Penney
(2002)
50 501,092 $ 7,239,940 $14.59 99.0% Expo Design Center (2019),
Circuit City (2009), Off
5th(2006), Service Merchandise
(2014), Officemax (2010),
Container Store (2011), Sports
Authority Store (2013),
Marshalls (2009), Nordstrom Rack
(2009), Borders Books (2009),
Costco (not owned), Prairie Rock
(not owned), California Pizza
Kitchen (not owned)
51 223,431 $ 1,329,787 $ 5.95 100.0% K Mart (2008), Goody's (2003),
J.C. Penney (2008), Buehler's
Buy Low (2010)
52 141,791 $ 818,455 $ 5.82 99.2% Cox New Market (2011), Wal-Mart
Stores (2011)
16
17
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
53 Highland, IN Highland Grove Shopping Center 46322 SC Fee 1995 1996 100.00%
Highway 41 & Main Street
IOWA
54 Cedar Rapids, IA Northland Square 52404 SC Fee 1984 1998 100.00%
303-367 Collins Road, NE
55 Ottumwa, IA Quincy Place Mall 52501 MM Fee 1990 2* 100.00%
1110 Quincy Avenue
KANSAS
56 Cherokee North RVM Cherokee LLC 66212 SC Fee(3) 1987 1998 23.75%
Shopping Cen. 8800-8934 W 95th Street
57 Devonshire Village RVM Devonshire LLC 66062 SC Fee(3) 1987 1998 23.75%
Shopping 127th Street & Murlen Road
58 Leawood, KS Town Center Plaza 66209 SC Fee(3) 1990 1998 50.00%
5100 W 119th Street
59 Merriam, KS Merriam Town Center 66202 SC Fee(3) 1998 1* 50.00%
5700 Antioch Road
60 Ten Quivira Parcel RVM Tq Pad LLC 66216 SC Fee(3) 1972 1998 23.75%
63rd St. & Quivira Road
61 Ten Quivira Shopping RVM Ten Quivira LLC 66216 SC Fee(3) 1992 1998 23.75%
Center 63rd Street & Quivira Road
KENTUCKY
62 Hazard, KY Grand Vue Plaza 41701 SC Fee 1978 2* 100.00%
Kentucky Highway 80
MAINE
63 Brunswick, ME Cook's Corners 42071 SC GL 1965 1997 100.00%
172 Bath Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
53 295,516 $ 2,769,267 $10.13 92.5% Marshall's (2011), Kohl's
(2016), Circuit City (2016),
Office Max (2012), Target (not
owned), Jewel (not owned),
Borders (not owned)
54 187,068 $ 1,746,537 $ 9.34 100.0% TJ Maxx (2004), Office Max
(2010), Barnes & Noble (2010),
Kohl's (2021), Applebee's (not
owned), Perkins (not owned),
Olive Garden (not owned)
55 194,703 $ 1,443,244 $ 7.63 97.2% Herberger's (2005), J.C. Penney
(2005), Officemax (2015),
Wal-Mart (not owned), Target
(not owned), Aldi Foods (not
owned)
56 52,096 $ 411,071 $ 8.58 92.0% Aldi, Inc(2003)
57 48,900 $ 350,627 $ 7.87 91.1%
58 388,962 $ 7,429,987 $19.94 95.8% Barnes & Noble (2011), Jacobson
(2021), Houlihan's (not owned)
59 344,039 $ 3,803,039 $11.10 99.6% Officemax (2013), Petsmart
(2019), Hen House (2018),
Marshalls (2008), Dick's
Sporting Goods (2016),
Cinemark/Tinseltown (2018), Home
Depot (not owned), Chili's (not
owned), Bob Evans (not owned)
60 12,000 $ 183,790 $15.32 100.0%
61 151,626 $ 843,325 $ 6.20 88.2% Price Chopper Foods(2000)
62 111,492 $ 445,274 $ 4.17 95.9% K Mart (2003)*, Great A & P Tea
(2003)
63 314,620 $ 2,258,836 $ 7.54 95.2% Hoyts Cinemas Brunswik (2010),
Bookland (2004), Dunlap
Co/Porteous Mitchell Br(2001), T
J Maxx (2004), Sears (2002), KFC
(not owned), Friendly's (not
owned)
17
18
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
MARYLAND
64 Hagerstown, MD The Centre At Hagerstown 21740 SC Fee(3) 2000 1* 12.50%
I-81 and Route 40
65 Salisbury, MD The Home Depot Centre 21801 SC Fee 1999 1* 100.00%
E. North Point Drive
MASSACHUSETTS
66 Framingham, MA Shopper's World 01701 SC Fee(3) 1994 1995 20.00%
1 Worcester Road
MICHIGAN
67 Bad Axe, MI Huron Crest Plaza 48413 SC Fee 1991 2* 100.00%
850 North Van Dyke Road
68 Cheboygan, MI Kmart Shopping Plaza 49721 SC Fee 1988 2* 100.00%
1109 East State
69 Detroit, MI Belair Center 48234 SC GL 1989 1998 100.00%
8400 E. Eight Mile Road
70 Gaylord, MI Pine Ridge Square 49735 SC Fee 1991 2* 100.00%
1401 West Main Street
71 Houghton, MI Copper Country Mall 49931 MM Fee 1981 2* 100.00%
Highway M26
72 Howell, MI Grand River Plaza 48843 SC Fee 1991 2* 100.00%
3599 East Grand River
73 Mt. Pleasant, MI Indian Hills Plaza 48858 SC Fee 1990 2* 100.00%
4208 E Blue Grass Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
64 285,655 $ 2,919,887 $10.38 98.5% Borders Books & Music (2020),
Marshalls (2010), A.C.
Moore(2015), Office Max (2015),
Bed Bath and Beyond(2011),
Circuit City (2021), Dicks
Sporting Goods (2015), Wal-Mart
(not owned), Home Depot (not
owned), McDonald's (not owned),
KFC (not owned), Pizzeria Uno
(not owned), Wendy's (not
owned), Arby's (not owned), IHOP
(not owned), TGI Friday's (not
owned)
65 119,215 $ 1,465,202 $12.29 100.0% Officemax (2013), Michael's
(2009), Target (not owned), Home
Depot (not owned), Friendly's
(not owned)
66 768,555 $ 12,692,490 $16.51 100.0% General Cinema (2014), Kids R Us
(2020), Toys R Us (2020), Jordon
Marsh/Federated(2020), TJ Maxx
(2010), Sears Homelife (2004),
A.C. Moore (2007), Marshalls
(2011), Bobs (2011), Linens 'N
Things (2011), Sports Authority
(2015), Officemax (2011), Best
Buy (2014), Barnes & Noble
(2011), Bradlee's (2005), DSW
Shoe Warehouse (2007), Olive
Garden (not owned), Metrowest
Bank-ATM (not owned)
67 63,415 $ 542,418 $ 8.55 100.0% Great A & P Tea (2012), Wal-Mart
(not owned)
68 97,594 $ 407,568 $ 4.29 97.4% Carter's Food Center(2004), K
Mart (2005)
69 343,502 $ 2,045,022 $ 8.51 70.0% Builders Square(2014), Kids 'R'
Us, Inc. (2013), Toys 'R' Us,
Inc.(2021), Target (not owned),
McDonald's (not owned)
70 190,482 $ 1,141,782 $ 5.99 100.0% Wal-Mart Stores (2010), Buy
Low/Roundy's (2011)
71 257,866 $ 1,211,682 $ 4.88 96.2% K Mart (2005), J.C. Penney
(2005), Officemax (2014)
72 215,147 $ 1,175,796 $ 5.47 100.0% Wal-Mart Stores (2011), Kroger
(2012)
73 248,963 $ 1,378,596 $ 5.97 92.8% Wal-Mart Stores (2009), Big Lots
(2003), Kroger (2011)
18
19
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
74 Sault St. Marie, MI Cascade Crossings 49783 SC Fee 1993 1994 100.00%
4516 I-75 Business Spur
75 Walker, MI Green Ridge Square 49504 SC Fee 1989 1995 100.00%
3390-B Alpine Ave NW
MINNESOTA
76 Bemidji, MN Paul Bunyan Mall 56601 MM Fee 1977 2* 100.00%
1201 Paul Bunyan Drive
77 Brainerd, MN Westgate Mall 56401 MM Fee 1985 2* 100.00%
1200 Highway 210 West
78 Coon Rapids, MN Riverdale Village 55433 SC Fee(3) 1999 1* 25.00%
12921 Riverdale Drive
79 Eagan, MN Eagan Promenade 55122 SC Fee(3) 1997 1997 50.00%
1299 Promenade Place
80 Hutchinson, MN Hutchinson Mall 55350 MM Fee 1981 2* 100.00%
1060 SR 15
81 Minneapolis, MN Maple Grove Crossing 55369 SC Fee(3) 1995 1996 50.00%
(Maple Grove) Weaver Lake Road & I-94
82 St. Paul, MN Midway Marketplace 55104 SC Fee 1995 1997 100.00%
1450 University Avenue West
83 Worthington, MN Northland Mall 56187 MM Fee 1977 2* 100.00%
1635 Oxford Street
MISSISSIPPI
84 Starkville, MS Starkville Crossing 39759 SC Fee 1990 1994 100.00%
882 Highway 12 West
85 Tupelo, MS Big Oaks Crossing 38801 SC Fee 1992 1994 100.00%
3850 N Gloster St.
MISSOURI
86 Brywood Centre RVM Brywood LLC 64133 SC Fee(3) 1972 1998 23.75%
8600 E. 63rd Street
87 Fenton, MO Fenton Plaza 63206 SC Fee 1970 2* 100.00%
Gravois & Highway 141
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
74 270,761 $ 1,783,726 $ 6.59 100.0% Wal-Mart Stores (2012), J.C.
Penney (2008), Office Max
(2013), Glen's Market(2013)
75 133,981 $ 1,464,441 $10.93 100.0% T.J. Maxx (2005), Office Depot
(2005), Target (not owned),
Media Play (not owned), Toys R
Us (not owned), Circuit City
(not owned)
76 297,586 $ 1,353,609 $ 4.97 91.5% K Mart (2002), Herberger's
(2005), J.C. Penney (2003)
77 260,199 $ 1,827,645 $ 7.33 95.8% K Mart (2004), Herberger's
(2013), Movies 10/Westgate Mall
(2011)
78 167,096 $ 735,964 $ 4.40 100.0% Linens 'N Things(2016),
Kohl's(2020), Jo-ann Stores
(2010), Costco (not owned),
Sears (not owned)
79 278,510 $ 3,266,005 $11.69 99.0% Byerly's(2016), Homeplace
(2017), Barnes & Noble (2012),
Officemax (2013), T J Maxx
(2007), Blockbuster Video (not
owned), TCF Bank (not owned),
Houlihan's (not owned), American
Restaurant (not owned), Don
Pablo's (not owned), Ethan Allen
(not owned)
80 121,001 $ 776,439 $ 7.02 91.4% J.C. Penney (2006), Kmart (not
owned)
81 250,436 $ 2,481,957 $ 9.91 100.0% Kohl's (2016), Barnes & Noble
(2011), Gander Mountain(2011),
Homeplace (2016), Cub Foods (not
owned)
82 324,354 $ 2,602,560 $ 8.02 100.0% K Mart (2022), Cub Foods(2015),
Petsmart (2011), Mervyn's
(2016), Herberger's (not owned)
83 185,658 $ 956,218 $ 5.54 93.0% J.C. Penney (2007), K Mart
(2001), Hy Vee Food Stores
(2011)
84 234,652 $ 1,254,705 $ 5.47 97.8% Wal-Mart Stores (2015), J.C.
Penney (2010), Kroger (2012)
85 348,236 $ 1,913,041 $ 5.53 99.4% Sam's Wholesale Club (2012),
Goody's (2002), Wal-Mart Stores
(2012)
86 208,234 $ 966,890 $ 5.11 90.9% Big Lots (2004)
87 93,548 $ 766,275 $ 9.57 85.6% Advance Auto Parts (not owned)
19
20
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
88 Independence, MO Independence Commons 64057 SC Fee(3) 1995 1995 20.00%
900 East 39th Street
89 Shops of Willow Creek RVM Willow Creek LLC 64114 SC Fee(3) 1973 1998 23.75%
101st Terrace & Wornall Road
90 Springfield, MO Morris Corners 65804 SC GL 1989 1998 100.00%
Morris Corner 1425 East Battlefield
91 St. Louis Plaza At Sunset Hill 63128 SC Fee 1997 1998 100.00%
(Sunset), MO 10980 Sunset Plaza
92 St. Louis, MO Clocktower Place 63033 SC Fee(3) 1998 1998 50.00%
(Clocktower) 11298 W. Florissant Ave
93 St. Louis, MO Keller Plaza 63129 SC Fee 1987 1998 100.00%
Keller Plaza 4500 Lemay Ferry Road
94 St. Louis,MO American Plaza 63139 SC Fee 1998 1998 100.00%
American Plaza 3144 South Kingshighway
95 St. Louis,MO Promenade At Brentwood 63144 SC Fee 1998 1998 100.00%
Brentwood Promenade 1 Brentwood Promenade Court
96 St. Louis,MO Gravois Village 63049 SC Fee 1983 1998 100.00%
Gravois Village 4523 Gravois Village Plaza
97 St. Louis,MO Home Quarters 63123 SC Fee 1992 1998 100.00%
Home Quarters 6303 S. Linbergh Blvd.
98 St. Louis, MO Olympic Oaks Village 63121 SC Fee 1985 1998 100.00%
Olympic Oaks Vil. 12109 Manchester Road
NEVADA
99 Las Vegas, NV Family Center @ Las Vegas 89102 SC Fee 1973 1998 100.00%
(Decatur) 14833 West Charleston Blvd.
NEW HAMPSHIRE
100 Salem, NH (Dev) Salem, NH Shopping Center 03079 SC Fee(3) 1999 1* 11.88%
14 Kelly Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
88 382,830 $ 4,150,320 $10.88 99.7% Kohl's Department (2016), Bed,
Bath & Beyond (2012), Marshalls
(2012), Rhodes Furniture,
Inc.(2016), Barnes & Noble
(2011), AMC Theatre(2015),
Chili's (not owned), Smokehouse
(not owned), Fazoli's (not
owned)
89 15,205 $ 247,988 $16.31 100.0%
90 56,033 $ 289,062 $ 5.16 100.0% Toys R Us (2013)
91 422,961 $ 4,618,935 $10.97 99.6% Homeplace (2011), Marshalls of
Sunset Hills (2012), Home Depot
(2023), Petsmart (2011), Borders
(2011), Toys R Us (2013), Comp
USA Computer Super (2013), Ruby
Tuesdays (not owned), Lion's
Choice (not owned), Dobb's Tire
(not owned), Union Planter's
Bank (not owned), Burger King
(not owned), Longhorn Steakhouse
(not owned)
92 211,045 $ 2,033,443 $ 9.75 98.9% TJ Maxx (2002), Office Depot
(2008), Dierberg's Marketplace,
Inc.(2007), Jack-in-a-Box (not
owned), Pasta House (not owned),
Commerce Bank ATM (not owned)
93 52,842 $ 160,046 $ 7.01 43.2% Sam's (not owned), Jack-in-a-Box
(not owned), Jiffy Lube (not
owned)
94 0 $ 46,000 $ 0.00 0.0% National Tire (not owned), Sonic
(not owned)
95 299,584 $ 3,914,797 $13.07 100.0% Target (2023), Bed Bath & Beyond
(2004), Petsmart (2014), Sports
Authority (2013)
96 110,992 $ 617,857 $ 5.67 98.1% K Mart (2008)
97 118,611 $ 0 $ 0.00 0.0%
98 92,372 $ 1,194,585 $13.44 96.2% TJ Maxx (2006)
99 49,555 $ 526,432 $10.62 100.0% Albertson's (not owned)
100 170,270 $ 2,741,370 $16.10 100.0% Comp USA (2014), Linens 'N
Things (2015), MVP Sports
(2019), Michael's (2009), Best
Buy (2020)
20
21
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
NEW JERSEY
101 Eatontown, NJ 90 Highway 36 07724 SC Fee(3) 1981 1999 71.25%
102 Lawrenceville, NJ 4152 Quakerbridge Road 08648 SC Fee(3) 1981 1999 71.25%
103 Princeton, NJ Nassau Park Shopping Center 42071 SC Fee 1995 1997 100.00%
Route 1 & Quaker Bridge Road
104 Princeton, NJ Nassau Park Pavilion 42071 SC Fee 1999 1* 56.55%
(Pavilion) Route 1 and Quaker Bridge Road
NEW MEXICO
105 Los Alamos, NM Mari Mac Village 87533 SC Fee 1978 2* 100.00%
800 Trinity Drive
NORTH CAROLINA
106 Ahoskie, NC Ahoskie Commons 27910 SC Fee 1992 1994 100.00%
1400 East Memorial Drive
107 Durham, NC Oxford Commons 27702 SC Fee 1990 2* 100.00%
3500 Oxford Road
108 Durham, NC New Hope Commons 27707 SC Fee(3) 1995 1995 20.00%
(New Hope Commons) 5428-B New Hope Commons
109 Jacksonville, NC Western Plaza 28540 SC Fee 1989 2* 100.00%
US Hwy 17 & Western Avenue
110 New Bern, NC Rivertowne Square 28561 SC Fee 1989 2* 100.00%
3003 Claredon Blvd
111 Washington, NC Pamlico Plaza 27889 SC Fee 1990 2* 100.00%
536 Pamlico Plaza
112 Waynesville, NC Lakeside Plaza 28721 SC Fee 1990 2* 100.00%
201 Paragon Parkway
113 Wilmington, NC University Centre 28403 SC Fee 1989 2* 100.00%
S. College Rd & New Centre Dr.
NORTH DAKOTA
114 Dickinson, ND Prairie Hills Mall 58601 MM Fee 1978 2* 100.00%
1681 Third Avenue
115 Grand Forks, ND 2500 S Columbia Road 58201 SC Fee(3) 1978 1999 71.25%
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
101 68,196 $ 1,332,111 $19.53 100.0% Bed Bath & Beyond (2015),
Circuit City Super (2020)
102 45,000 $ 425,000 $ 9.44 100.0%
103 202,121 $ 3,365,262 $17.79 93.6% Borders (2011), Best Buy (2012),
Linens 'N Things (2011),
Petsmart (2011), Wal-Mart (not
owned), Sam's (not owned), Home
Depot (not owned), Target (not
owned)
104 167,847 $ 2,386,223 $14.22 100.0% Dick's Clothing (2015),
Michael's (2009), Kohl's
Department Store (2009),
Wegman's Market (not owned)
105 97,970 $ 526,327 $ 6.03 89.1% Furr's Supermarkets (2002),
Furr's Pharmacy (2003)
106 193,457 $ 941,262 $ 4.94 98.6%
107 205,827 $ 1,298,282 $ 6.64 95.1% Food Lion (2010), Lowe's Home
Centers, (2011), Wal-Mart (not
owned)
108 408,292 $ 4,598,552 $11.40 98.8% Wal-Mart (2015), Marshalls Store
(2011), Linens 'N Things (2011),
Best Buy (2011), Officemax
(2010), Barnes Noble Store
(2011), Dick's (not owned)
109 62,996 $ 578,524 $ 9.18 100.0% Officemax (2014), Wal-Mart (not
owned)
110 68,130 $ 560,815 $ 8.23 100.0% Goody's (2007), Wal-Mart (not
owned)
111 93,527 $ 469,610 $ 5.18 97.0% Wal-Mart Stores (2009), Wal-Mart
(not owned)
112 181,894 $ 1,125,362 $ 6.19 100.0% Wal-Mart Stores (2011), Food
Lion (2011)
113 442,110 $ 3,054,050 $ 7.14 96.7% Barnes & Noble (2007), Wal-Mart
Stores (2009), Lowe's Home
Center (2014), Goody's (2005),
Hamrick's (2002), Sam's (not
owned)
114 267,506 $ 1,133,774 $ 4.40 96.4% K Mart (2003), Herberger's
(2005), J.C. Penney (2003)
115 31,812 $ 159,060 $ 5.00 100.0% Office Depot (2010)
21
22
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
OHIO
116 Ashland, OH Kmart Plaza 44805 SC Fee 1977 2* 100.00%
US Route 42
117 Aurora, OH Barrington Town Square 44202 SC Fee 1996 1* 100.00%
70-130 Barrington Town Square
118 Bellefontaine, OH South Main Street Plaza 43311 SC Fee 1995 1998 100.00%
2250 South Main Street
119 Boardman, OH Southland Crossing 44514 SC Fee 1997 1* 100.00%
I-680 & Us Route 224
120 Canton, OH Belden Parke Crossings 44193 SC Fee(3) 1995 1* 50.00%
Dressler Rd.
121 Canton, OH (Phase II) Belden Park Crossings (II) 44720 SC Fee 1997 1* 100.00%
Dressler Road
122 Chillicothe, OH Lowe's Shopping Center 45601 SC GL 1974 2* 100.00%
867 N Bridge Street
123 Cincinnati, OH Glenway Crossing 45238 SC Fee 1990 2* 100.00%
5100 Glencrossing Way
124 Cleveland, OH Kmart Plaza - West 65th 44102 SC Fee 1977 2* 100.00%
(West 65th) 3250 West 65th Street
125 Columbus, OH Dublin Village Center 43017 SC Fee(3) 1987 1998 80.01%
(Dublin Village) 6561-6815 Dublin Center Drive
126 Columbus, OH Easton Market 43230 SC Fee 1998 1998 100.00%
(Easton Market) 3740 Easton Market
127 Columbus, OH Lennox Town Center 43212 SC Fee(3) 1997 1998 50.00%
(Lennox Town Ct) 1647 Olentangy River Road
128 Columbus, OH Sun Center 43017 SC Fee(3) 1995 1998 79.45%
(Sun Center) 3622-3860 Dublin Granville Rd
129 Dayton, OH Washington Park 45458 SC Fee(3) 1990 1998 49.29%
615-799 Lyons Road
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
116 110,656 $ 238,773 $ 2.16 100.0% K Mart (2002), Quality Stores
(2005)
117 65,373 $ 713,124 $12.76 85.5% Heinen's (not owned), Smythe
Cramer (not owned)
118 52,399 $ 432,292 $ 8.25 100.0% Goody's Store (2010), Staples
(2010)
119 506,254 $ 4,147,108 $ 8.19 100.0% Lowe's Companies (2016), Babies
'R' Us (2009), Staples Store
(2012), Dicks Clothing &
Sporting (2027), Wal-Mart Stores
(2017), Petsmart (2013), Giant
Eagle, Inc (2018), Applebee's
(not owned)
120 230,065 $ 2,188,451 $11.60 82.0% Dick's Clothing & Sporting
(2010), Kohl's Department Store
(2016), Target (not owned)
121 225,824 $ 1,996,143 $ 9.06 97.6% Value City Furniture (2011),
Homeplace (2009), Jo-ann Stores
(2008), Petsmart (2013)
122 236,009 $ 1,813,190 $ 7.68 100.0% Lowe's Home Centers (2015),
Kroger (2016), Office Max (2012)
123 235,616 $ 2,297,869 $ 9.95 98.0% Winn Dixie Stores (2010),
Service Mdse (2006)
124 49,420 $ 274,896 $ 5.56 100.0% Great A & P Tea (2002), Kmart
(not owned)
125 327,242 $ 2,583,849 $ 9.64 81.9% AMC Theatre (2007), DSW Shoe
Warehouse(2006), Phar-mor
(2018), Michael's (2004), B.J.'s
Wholesale Club (not owned)
126 509,611 $ 5,872,185 $11.52 100.0% CompUSA, Inc (2013), Staples,
Inc. (2013), Petsmart, Inc.
(2015), Golfsmith Golf Center
(2013), Michael's (2013),
Galyan's (2013), DSW Shoe
Warehouse (2012), Kittle's Home
Furnishings (2012), Bed Bath &
Beyond, Inc. (2014), TJ Maxx
(2008)
127 336,273 $ 3,125,031 $ 9.29 100.0% Target (2016), Barnes & Noble
(2007), Staples (2011), AMC
Theatres Lennox (2021)
128 317,581 $ 3,550,115 $11.24 99.5% Babies R Us (2011), Homeplace
(2010), Rhodes Furniture(2012),
Stein Mart (2007), Big
Bear(2016), Staples (2010)
129 213,798 $ 1,273,673 $ 8.56 69.6% Books a Million(2005), Phar-mor
(2008)
22
23
TYPE OF DDR
ZIP PROPERTY OWNERSHIP YEAR YEAR OWNERSHIP
CENTER/PROPERTY LOCATION CODE (1) INTEREST DEVELOPED ACQUIRED INTEREST
--------------------- ------------------------------ -------- -------- --------- --------- -------- ---------
130 Dublin, OH Perimeter Center 43017 SC Fee 1996 1998 100.00%
(Perimeter Center) 6644-6804 Perimeter Loop Road
131 Eastlake, OH Kmart Plaza 44094 SC Fee 1971 2* 100.00%
33752 Vine Street
132 Elyria, OH Hills Shopping Center 44035 SC Fee 1977 2* 100.00%
825 Cleveland
133 Gahanna, OH Rogers Market Retail Center 43230 SC Fee 1995 1998 100.00%
(New Albany-Hoggi) 1370-1399 E. Johnstown Road
134 Grove City, OH Derby Square Shopping Center 43123 SC Fee 1992 1998 100.00%
(Derby Square) 2161-2263 Stringtown Road
135 Hamilton, OH Roundy's 43450 SC Fee 1986 1998 100.00%
(Roundy's) 1371 Main Street
136 Highland Heights, OH Kohls Shopping Center 44143 SC Fee 1995 2* 100.00%
6235 Wilson Mills Road
137 Hillsboro, OH Hillsboro Shopping Center 45133 SC Fee 1979 2* 100.00%
1100 North High Street
138 Huber Hts., OH North Heights Plaza 45424 SC Fee 1990 2* 100.00%
8280 Old Troy Pike
139 Lebanon, OH Countryside Place 45036 SC Fee 1990 2* 100.00%
1879 Deerfield Road
140 Macedonia, OH Macedonia Commons 44193 SC Fee(3) 1994 1994 50.00%
Macedonia Commons Blvd.
141 Macedonia, OH Macedonia Commons (Phase II) 44056 SC Fee 1999 1* 100.00%
(Phase II) 8210 Macedonia Commons
142 N. Olmsted, OH 26520 Lorain Avenue 44070 SC Fee(3) 1978 1999 71.25%
143 Niles, OH 909 Great East Plaza 44446 SC Fee(3) 1980 1999 71.25%
144 North Olmsted, OH Great Northern Plaza North 44070 SC Fee 1958 1997 100.00%
26520 Lorain Avenue
145 Pataskala, OH Village Market/Rite Aid Center 43062 SC Fee 1980 1998 100.00%
78-80 Oak Meadow Drive
146 Pickerington, OH Shoppes At Turnberry 43147 SC Fee 1990 1998 100.00%
1701-1797 Hill Road North
147 S. Dayton, OH 8336 Springboro Pike 45342 SC Fee(3) 1978 1999 71.25%
AVERAGE
COMPANY BASE
GROSS TOTAL RENT
LEASABLE ANNUALIZED (PER SF) PERCENT
AREA (SF) BASE RENT (2) LEASED ANCHOR TENANTS(LEASE EXPIRATION)
---------- ------------ ----------- ------- --------------------------------
130 137,610 $ 1,469,036 $10.91 97.8% Big Bear(2016)
131 4,000 $ 68,400 $17.10 100.0% Kmart (not owned)
132 150,200 $ 761,970 $ 5.07 100.0% Ames Store (2003), First Nat'l
Supermarket (2010)
133 30,110 $ 465,695 $15.47 100.0%
134 128,050 $ 1,284,796 $10.03 100.0% Big Bear(2012)
135 40,000 $ 230,000 $ 5.75 100.0% Roundy's(2006)
136 247,146 $ 2,563,263 $10.37 100.0% Home Depot (2020), Dick's
Clothing/SP Goods (2016), Kohl's
(2017)
137 58,583 $ 181,422 $ 3.85 80.4% K Mart (2004)*, Bob & Carl's
(not owned)
138 163,741 $ 1,625,220 $ 9.93 100.0% Cub Foods(2011), Wal-Mart (not
owned)