Exhibit 99.2

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DDR Corp.

Table of Contents

 

Section		Page
Earnings Release & Financial Statements
Press Release			1 - 9
Asset Summary
Portfolio Summary			10
Portfolio Detail			11
Leasing Summary			12
Top 50 Tenants			13
Top 50 Assets by ABR at DDR Share			14
Investments
Transactions			15
Developments/Redevelopments			16
Joint Ventures
Summary			17
Income Statement			18
Balance Sheet			19
Balance Sheet Summary
Capital Structure			20
Debt/EBITDA			21
Debt Summary			22
Consolidated Debt Detail			23 - 24
Unconsolidated Debt Detail			25 - 26
Analyst Information and Reporting Policies
Analyst Coverage			27
Notable Policies			28 - 29

Property list available online at http://www.ddr.com

DDR considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectations for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as supply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; ability to sell assets on commercially reasonable terms; ability to secure equity or debt financing on commercially acceptable terms or at all; or ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the finalization of the financial statements for the three months ended December 31, 2015. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K for the year ended December 31, 2014, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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For immediate release:

 

Media Contact:		Investor Contact:
Matt Schuler		Matt Lougee
mschuler@ddr.com		mlougee@ddr.com
216.755.5500		216.755.5500

DDR REPORTS A 6.0% INCREASE IN OPERATING FFO PER DILUTED SHARE TO $1.23

FOR THE YEAR ENDED DECEMBER 31, 2015

BEACHWOOD, OHIO, February 11, 2016 – DDR Corp. (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2015.

Financial Highlights

 

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Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $1.9 million to $114.1 million, or $0.31 per diluted share, compared to $112.2 million, or $0.31 per diluted share, for the prior-year comparable period.

 

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Fourth quarter net income attributable to common shareholders was $87.9 million, or $0.24 per diluted share, compared to net loss of $16.3 million, or $0.05 per diluted share, for the prior-year comparable period.

Significant Quarterly Activity

 

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Generated same-store net operating income growth of 3.4% on a pro rata basis

 

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Executed 290 new leases and renewals for 2.5 million square feet

 

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Generated new leasing spreads of 24.5% and renewal leasing spreads of 7.0%, both on a pro rata basis

 

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Increased the portfolio leased rate by 20 basis points to 96.0% at December 31, 2015, from 95.8% at September 30, 2015, on a pro rata basis

 

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Closed on a new joint venture with Blackstone that acquired six shopping centers with a total investment of $96 million at DDR’s share

 

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Acquired one prime power center in Orlando for $67 million

 

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Sold nine operating assets and three non-operating assets totaling $211 million at DDR’s share

 

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Issued $400 million aggregate principal amount of 4.25% senior unsecured notes due 2026 and redeemed $350 million of senior convertible notes

2015 Year-End Highlights

 

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Generated Operating FFO of $1.23 per diluted share for the full year 2015, an increase of 6.0% compared to 2014

 

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Acquired 10 shopping centers and three outparcels for $326 million at DDR’s share

 

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Sold 66 operating assets and eight non-operating assets for $569 million at DDR’s share

 

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Executed 1,330 new leases and renewals for 10.9 million square feet in 2015

 

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The portfolio leased rate was 96.0% at December 31, 2015 and 2014, on a pro rata basis

 

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Increased the annualized base rent per occupied square foot by 4.1% on a pro rata basis to $14.76 at December 31, 2015, from $14.15 at December 31, 2014

 

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Generated new leasing spreads for the full year 2015 of 22.0% and renewal leasing spreads of 7.0%, both on a pro rata basis

“I am pleased to report another year of positive results and portfolio improvement. I am extremely proud of the efforts of our team in 2015. Our portfolio evolution is evident in our operating statistics, as same-store net operating income grew 3.1% in 2015, above the high end of our original guidance range. The operating figures translated into strong earnings and dividend growth in excess of 6%, and 10%, respectively, which highlights our team’s focus on best positioning DDR for long-term growth,” commented David J. Oakes, president and chief executive officer of DDR.

2016 Guidance

There has been no change in guidance since the initial release on January 4, 2016. The Company continues to estimate Operating and NAREIT defined FFO for 2016 between $1.19 and $1.25 per diluted share.

 

1

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Non-GAAP Disclosures

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity.

FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property, which are presented net of taxes, (iii) impairment charges on depreciable real estate property and related investments and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company calculates Operating FFO by excluding the non-operating charges and gains described below. The Company computes FFO in accordance with the NAREIT definition. Other real estate companies may calculate FFO and Operating FFO in a different manner. Operating FFO is useful to investors as the Company removes these charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. A reconciliation of net income (loss) to FFO and Operating FFO is presented herein.

Safe Harbor

DDR Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as supply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; the success of our capital recycling strategy; and the finalization of the financial statements for the three months and year ended December 31, 2015. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s Form 10-K for the year ended December 31, 2014, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

About DDR Corp.

DDR is an owner and manager of 367 value-oriented shopping centers representing 115 million square feet in 38 states and Puerto Rico. The Company’s portfolio is comprised primarily of large-format power centers located in top markets across the United States, and is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com.

Conference Call and Supplemental Information

A copy of the Company’s Supplemental package is available upon request to Brooke Vanek at the Company’s corporate office, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or at www.ddr.com.

The Company will hold its quarterly conference call tomorrow, February 12, 2016, at 10:00 a.m. Eastern Time. To participate, please dial 877-249-1119 (domestic) or 412-542-4143 (international) at least ten minutes prior to the scheduled start of the call. The conference call webcast will be recorded and available for replay through the Investors portion of DDR’s website, http://ir.ddr.com/events.cfm.

 

2

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DDR Corp.

Income Statement: Consolidated Interests

 

$ in thousands, except per share
		4Q15				4Q14				12M15				12M14
Revenues:
Minimum rents (1)		$	179,154			$	181,081			$	719,737			$	688,556
Percentage rent			2,675				2,459				6,267				5,231
Recoveries			58,703				59,040				246,719				230,987
Ancillary income			5,525				5,824				19,038				24,288
Other revenues (2)			473				153				3,339				4,706
			246,530				248,557				995,100				953,768
Expenses (3):
Operating and maintenance			33,893				35,355				144,611				142,336
Real estate taxes			36,271				34,729				149,082				138,771
			70,164				70,084				293,693				281,107
Net operating income			176,366				178,473				701,407				672,661
Other income (expense):
Fee income			8,258				8,211				32,971				31,907
Interest income			7,510				6,989				29,213				15,927
Interest expense (4)			(59,203	)			(61,014	)			(241,727	)			(237,120	)
Depreciation and amortization			(102,575	)			(106,732	)			(402,045	)			(402,825	)
General and administrative (5)			(17,920	)			(25,606	)			(73,382	)			(84,484	)
Other income (expense), net (6)			(439	)			(1,221	)			(1,739	)			(12,262	)
Impairment charges (7)			0				(11,055	)			(279,021	)			(29,175	)
Income (loss) before earnings from equity method investments and other items			11,997				(11,955	)			(234,323	)			(45,371	)
Equity in net (loss) income of joint ventures			(5,486	)			748				(3,135	)			10,989
Impairment of joint venture investments			(1,909	)			(21,552	)			(1,909	)			(30,652	)
Gain on sale and change in control of interests, net			0				183				7,772				87,996
Income from discontinued operations (8)			0				21,471				0				89,398
Tax expense			(285	)			(742	)			(6,286	)			(1,855	)
Gain on disposition of real estate, net of tax			89,417				415				167,571				3,060
Net income (loss)			93,734				(11,432	)			(70,310	)			113,565
Non-controlling interests (9)			(268	)			732				(1,858	)			3,717
Net income (loss) attributable to DDR			93,466				(10,700	)			(72,168	)			117,282
Write-off of preferred share original issuance costs			0				0				0				(1,943	)
Preferred dividends			(5,594	)			(5,594	)			(22,375	)			(24,054	)
Net income (loss) attributable to Common Shareholders			87,872				(16,294	)			(94,543	)			91,285
FFO:
Net income (loss) attributable to common shareholders			87,872				(16,294	)			(94,543	)			91,285
Depreciation and amortization of real estate investments			100,582				105,887				393,847				410,172
Equity in net loss (income) of joint ventures			5,486				(748	)			3,135				(10,989	)
Impairment of depreciable joint venture investments			1,909				0				1,909				0
Joint ventures’ FFO			6,465				5,836				27,579				30,344
Non-controlling interests (OP units)			69				223				635				732
Impairment of depreciable real estate			0				7,555				179,748				19,412
Gain on disposition of depreciable real estate, net			(85,728	)			(21,565	)			(164,010	)			(181,319	)
FFO attributable to Common Shareholders			116,655				80,894				348,300				359,637
Non-operating items, net (10)			(2,533)				31,311				97,890				60,756
Operating FFO		$	114,122			$	112,205			$	446,190			$	420,393
FFO per share – Diluted (11)		$	0.32			$	0.22			$	0.96			$	1.00
Operating FFO per share – Diluted (11)		$	0.31			$	0.31			$	1.23			$	1.16

 

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DDR Corp.

Balance Sheet: Consolidated Interests

 

$ in thousands		At Year End
		4Q15				4Q14
Assets:
Land		$	2,184,145			$	2,208,468
Buildings			6,965,632				7,087,040
Fixtures and tenant improvements			743,037				645,035
			9,892,814				9,940,543
Less: Accumulated depreciation			(2,062,899	)			(1,909,585	)
			7,829,915				8,030,958
Construction in progress and land			235,385				395,242
Real estate, net			8,065,300				8,426,200
Investments in and advances to joint ventures			72,576				109,538
Preferred equity interest			395,156				305,310
Cash			22,416				20,937
Restricted cash			10,104				11,375
Notes receivable, net			42,534				56,245
Receivables, including straight-line rent, net			129,089				132,661
Other assets, net (12), (13)			359,913				457,146
Total Assets			9,097,088				9,519,412
Liabilities and Equity:
Revolving credit facilities			210,000				29,009
Unsecured debt (13)			3,149,188				2,752,394
Unsecured term loan (13)			397,934				347,883
Mortgage and other secured debt (13)			1,382,415				2,082,938
			5,139,537				5,212,224
Dividends payable			68,604				61,468
Other liabilities (14)			425,478				448,192
Total Liabilities			5,633,619				5,721,884
Preferred shares			350,000				350,000
Common shares			36,529				36,071
Paid-in capital			5,466,511				5,438,778
Accumulated distributions in excess of net income			(2,391,793	)			(2,047,212	)
Deferred compensation obligation			15,537				16,609
Accumulated other comprehensive income			(6,283	)			(7,352	)
Less: Common shares in treasury at cost			(15,316	)			(16,646	)
Non-controlling interests			8,284				27,280
Total Equity			3,463,469				3,797,528
Total Liabilities and Equity		$	9,097,088			$	9,519,412

 

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DDR Corp.

Income Statement: Unconsolidated Interests at 100%

 

$ in thousands
		4Q15				4Q14				12M15				12M14
Revenues:
Minimum rents		$	95,265			$	99,018			$	392,657			$	359,140
Percentage rent			1,106				858				2,431				1,909
Recoveries			29,087				27,256				119,321				91,917
Other revenues			1,875				1,700				10,288				32,798
			127,333				128,832				524,697				485,764
Expenses:
Operating and maintenance			31,376				28,810				125,589				112,800
Real estate taxes			17,509				17,040				70,368				54,891
			48,885				45,850				195,957				167,691
Net operating income			78,448				82,982				328,740				318,073
Other income (expense):
Interest expense			(33,003	)			(42,306	)			(140,701	)			(171,803	)
Depreciation and amortization			(49,648	)			(44,485	)			(207,816	)			(151,651	)
Impairment charges			(52,252	)			(20,983	)			(52,700	)			(21,583	)
Tax expense			0				0				0				(6,565	)
Other income (expense), net			(6,020	)			(15,285	)			(7,193	)			(18,249	)
			(140,923	)			(123,059	)			(408,410	)			(369,851	)
Loss from continuing operations			(62,475	)			(40,077	)			(79,670	)			(51,778	)
Gain (loss) from discontinued operations			0				3,151				0				(13,955	)
Gain on disposition of discontinued operations, net			0				26,797				0				55,020
Gain on disposition of real estate, net			21,385				6,283				17,188				10,116
Non-controlling interests			0				0				0				(2,022	)
Net loss attributable to unconsolidated joint ventures			(41,090	)			(3,846	)			(62,482	)			(2,619	)
Depreciation and amortization of real estate investments			49,648				46,647				207,816				164,668
Impairment of depreciable real estate			52,252				20,983				52,700				32,675
Gain on disposition of depreciable real estate, net			(21,385	)			(33,080	)			(17,188	)			(65,045	)
FFO			39,425				30,704				180,846				129,679
FFO at DDR’s ownership interests			6,465				5,836				27,579				30,344
Operating FFO at DDR’s ownership interests			6,667				6,771				27,829				31,414
Net (loss) income at DDR’s ownership interests			(6,694	)			(264	)			(5,289	)			9,218
Basis differences			1,208				1,012				2,154				1,771
Equity in net (loss) income of joint ventures		($	5,486	)		$	748			($	3,135	)		$	10,989

 

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DDR Corp.

Balance Sheet: Unconsolidated Interests at 100%

 

$ in thousands		At Year End
		4Q15				4Q14
Assets:
Land		$	1,343,889			$	1,439,849
Buildings			3,551,227				3,854,585
Fixtures and tenant improvements			191,581				200,696
			5,086,697				5,495,130
Less: Accumulated depreciation			(817,235	)			(773,256	)
			4,269,462				4,721,874
Land held for development and construction in progress			52,390				55,698
Real estate, net			4,321,852				4,777,572
Cash and restricted cash			58,916				100,812
Receivables, including straight-line rent, net			52,768				80,508
Other assets, net			318,546				376,540
Total Assets			4,752,082				5,335,432
Liabilities and Equity:
Mortgage debt			3,177,603				3,534,553
Notes and accrued interest payable to DDR			1,556				144,831
Other liabilities			219,799				276,998
Total Liabilities			3,398,958				3,956,382
Redeemable preferred equity			395,156				305,310
Accumulated equity			957,968				1,073,740
Total Liabilities and Equity		$	4,752,082			$	5,335,432

 

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DDR Corp.

Financial Statements: Footnotes

 

$ in millions, except per share
Includes discontinued operations				4Q15				4Q14				12M15				12M14
(1)		Minimum rents:
		Straight-line rent, net		$	1.5			$	1.9			$	5.3			$	5.9
		Below-market rent, net			0.7				0.4				2.9				1.3
		Ground lease revenue			9.5				9.2				37.4				33.7
(2)		Other revenues:
		Lease termination fees			0.5				0.0				2.8				4.1
		Other miscellaneous			0.0				0.1				0.5				0.6
(3)		Operating expenses:
		Recoverable expenses (2014 excludes sold assets)			(64.2	)			(64.1	)			(268.3	)			(251.7	)
		Non-recoverable expenses (2014 excludes sold assets)			(6.0	)			(6.0	)			(25.4	)			(29.4	)
		Straight-line ground rent expense			(0.1	)			(0.3	)			(0.5	)			(1.1	)
		Expensed costs of suspended developments			(0.1	)			(0.5	)			(0.5	)			(1.3	)
(4)		Non-cash interest expense:
		Convertible debt accretion			(1.0	)			(2.9	)			(9.9	)			(11.4	)
		Debt fair value amortization			1.6				5.4				14.4				17.9
		Loan cost amortization			(2.3	)			(2.5	)			(9.6	)			(12.0	)
		Interest expense (capitalized)			1.5				2.0				6.7				8.7
(5)		General and administrative expenses:
		Executive separation charges			(0.3	)			(5.4	)			(2.6	)			(5.6	)
		Stock compensation expenses			(1.4	)			(1.9	)			(6.6	)			(7.7	)
		Internal leasing expenses			(2.0	)			(1.6	)			(7.5	)			(7.1	)
		Construction administrative costs (capitalized)			2.1				2.5				9.1				9.9
(6)		Other income (expense):
		Transactions and other, net			(0.3	)			(0.8	)			(0.7	)			(9.7	)
		Litigation expenses			(0.0	)			(1.0	)			(0.0	)			(3.2	)
		Debt extinguishment, net			(0.1	)			0.6				(1.0	)			0.6
(7)		Impairment charges:
		Assets marketed for sale			(0.0	)			(7.6	)			(179.7	)			(19.5	)
		Land previously held for development			(0.0	)			(3.5	)			(99.3	)			(18.6	)

 

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DDR Corp.

Financial Statements: Footnotes

 

$ in millions, except per share
Includes discontinued operations				4Q15				4Q14				12M15				12M14
(8)		Discontinued operations:
		Revenues			n/a			$	3.2				n/a			$	39.5
		Expenses			n/a				(2.0	)			n/a				(21.0	)
		Impairments			n/a				(0.0	)			n/a				(8.9	)
		Depreciation			n/a				(1.4	)			n/a				(16.2	)
		Gain on disposition of real estate, net			n/a				21.7				n/a				96.0
		Net income			n/a				21.5				n/a				89.4
		Note: Presented only for 2014 as DDR adopted new accounting guidance on January 1, 2015, which changed the definition for reporting.
(9)		Non-controlling interests:
		FFO attributable to non-controlling interests			(0.2	)			0.9				(1.4	)			2.8
		Operating FFO attributable to non-controlling interests			(0.2	)			(0.1	)			(1.0	)			(0.8	)
(10)		Non-operating items excluded from Operating FFO:
		Non-cash impairment charges – non-depreciable assets			0.0				25.0				99.3				49.3
		Executive separation charges			0.3				5.4				2.6				5.6
		Transaction, debt extinguishment, litigation, other, net			0.7				1.8				2.3				13.7
		Joint ventures – transaction, currency, other			0.2				0.9				0.2				1.1
		Non-cash gain on sale and change in control of interests, net			0.0				(0.3	)			(7.8	)			(4.3	)
		Tax expense (primarily Puerto Rico restructuring)			0.0				0.0				4.4				0.0
		Gain on sale of non-depreciable real estate, net			(3.7	)			(1.5	)			(3.1	)			(6.5	)
		Non-cash write-off of preferred share original issuance costs			0.0				0.0				0.0				1.9
					(2.5	)			31.3				97.9				60.8
(11)		Outstanding per share information:
		Common shares (at quarter end)			365.3				360.7				365.3				360.7
		OP units (at quarter end)			0.4				1.4				0.4				1.4
		Total shares and units (at quarter end)			365.7				362.1				365.7				362.1
		Weighted average shares and units – Basic – EPS			362.7				359.0				360.9				358.1
		Assumed conversion of dilutive securities			2.5				0.0				0.0				0.0
		Weighted average shares and units – Diluted – EPS			365.2				359.0				360.9				358.1
		Weighted average shares and units – Basic – FFO & OFFO			364.0				361.9				362.9				360.6
		Assumed conversion of dilutive securities			0.4				0.5				0.4				0.5
		Weighted average shares and units – Diluted – FFO & OFFO			364.4				362.4				363.3				361.1
		Earnings per common share – Basic & Diluted		$	0.24			$	(0.05	)		$	(0.27	)		$	0.25
		FFO per share – Basic & Diluted		$	0.32			$	0.22			$	0.96			$	1.00
		Operating FFO per share – Diluted		$	0.31			$	0.31			$	1.23			$	1.16
		Common stock dividends declared, per share		$	0.1725			$	0.155			$	0.69			$	0.62

 

8

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DDR Corp.

Financial Statements: Footnotes

 

$ in millions, except per share
Includes discontinued operations				4Q15				4Q14				12M15				12M14
(12)		Intangible assets, net (at year end)										$	311.0			$	389.2
(13)		Loan costs, net (at year end)											23.8				22.5
		Note: DDR adopted new accounting guidance, which changed the presentation requirements retroactively. Loan costs for term debt are now required to be presented as a direct deduction from the related debt liability rather than as an asset.
(14)		Below-market leases, net (at year end)											155.3				139.3
Additional financial information:
		Capital expenditures (DDR share):
		Retenanting		$	12.9			$	8.5			$	49.0			$	39.0
		Maintenance – total			2.9				5.2				16.2				14.4
		Maintenance PSF of owned GLA – non reimbursable											0.13				0.14
		Miscellaneous (DDR share):
		Est. value of land owned adjacent to existing centers (at 12/31/15)											26.0
		Cost basis of headquarters (non-income producing at 12/31/15)											40.0

 

9

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DDR Corp.

Portfolio Summary

$, GLA in millions, except PSF

 

						At																At
						100%																DDR Share
Portfolio Metrics
Operating Centers							367																367
Owned GLA							76.6																52.6
Ground Lease GLA							7.0																5.0
Additional Unowned							31.9																31.9
Base Rent PSF						$	14.48															$	14.76
Leased Rate							95.6	%															96.0	%
Commenced Rate							94.3	%															94.6	%
		Same Store NOI at 100%																Same Store NOI at DDR Share
		4Q15				4Q14				Change								4Q15				4Q14				Change
Same Store Leased Rate			95.6	%			95.5	%			0.1	%							96.0	%			95.9	%			0.1	%
Revenues:
Base Rents		$	214.0			$	209.2				2.3	%						$	167.7			$	163.8				2.4	%
Recoveries			69.6				67.5				3.1	%							56.2				54.6				3.0	%
Other			7.3				6.9				6.6	%							6.0				5.6				7.5	%
			290.9				283.5				2.6	%							229.9				224.0				2.7	%
Expenses:
Operating			(38.2	)			(39.2	)			-2.6	%							(29.5	)			(30.8	)			-4.2	%
Real Estate Taxes			(40.8	)			(38.7	)			5.5	%							(32.8	)			(31.0	)			5.5	%
			(79.0	)			(77.9	)			1.4	%							(62.2	)			(61.8	)			0.7	%
Same Store NOI		$	211.9			$	205.6				3.1	%						$	167.7			$	162.1				3.4	%
Non-Same Store NOI			42.9				55.9												20.5				28.9
		$	254.8			$	261.5											$	188.2			$	191.1
Same Store NOI Reconciliation to Income Statement
Consolidated at 100%:															Consolidated at DDR Share:
Revenues		$	246.5			$	248.6								DDR Share			$	176.4			$	178.5
Expenses			(70.2	)			(70.1	)							JV Share				(0.4	)			(0.4	)
		$	176.4			$	178.5											$	176.0			$	178.1
Unconsolidated at 100%:															Unconsolidated at DDR Share:
Revenues		$	127.3			$	128.8								Revenues			$	19.1			$	20.0
Expenses			(48.9	)			(45.9	)							Expenses				(6.9	)			(7.0	)
		$	78.4			$	83.0											$	12.2			$	13.0
Total		$	254.8			$	261.5								Total			$	188.2			$	191.1

 

10

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DDR Corp.

Portfolio Detail (at 100% unless otherwise noted)

Lease Expiration Schedule

 

 

		Greater than 10,000 SF																		Less than 10,000 SF
						ABR				Rent				% of										ABR				Rent				% of
Year		Leases				(mil)				PSF				ABR						Leases				(mil)				PSF				ABR
2016			105			$	32.9			$	10.89				3.2	%					736			$	42.6			$	23.57				4.2	%
2017			208				76.6				10.88				7.6	%					893				54.5				23.77				5.4	%
2018			229				81.3				11.64				8.0	%					915				64.1				24.28				6.3	%
2019			226				89.3				11.85				8.8	%					677				45.4				23.97				4.5	%
2020			200				75.8				12.11				7.5	%					684				44.3				23.65				4.4	%
2021			206				82.0				10.79				8.1	%					329				26.4				23.97				2.6	%
2022			124				47.3				11.08				4.7	%					217				19.0				24.74				1.9	%
2023			111				40.7				10.61				4.0	%					175				16.3				24.38				1.6	%
2024			100				35.3				12.15				3.5	%					211				20.2				21.18				2.0	%
2025			76				26.6				13.85				2.6	%					173				15.7				24.66				1.5	%
2016-2025			1,585			$	587.8			$	11.44				58.0	%					5,010			$	348.5			$	24.01				34.4	%
Total Rent Roll			1,684			$	645.4			$	11.69				63.6	%					5,326			$	368.8			$	23.95				36.4	%
		Annual Metrics																		Leased Rate Breakdown at 100%
		Period Ending				Centers				Leased Rate				ABR PSF						SF				Leased Rate				% of GLA				% of Vacancy
			YE 2015				367				95.6	%		$	14.48						< 5,000				87.1	%			14.8	%			43.2	%
			YE 2014				415				95.7	%			13.91						5,000-9,999				91.2	%			8.7	%			17.2	%
			YE 2013				406				95.0	%			13.35						> 10,000				97.7	%			76.5	%			39.6	%
			YE 2012				444				94.1	%			12.77						Total				95.6	%			100.0	%			100.0	%
			YE 2011				422				93.3	%			12.54
			YE 2010				476				92.3	%			12.46						Leased Rate Breakdown at DDR Share
			YE 2009				534				91.2	%			12.27
			YE 2008				611				92.6	%			12.34										Leased				% of				% of
			YE 2007				619				95.8	%			12.22						SF				Rate				GLA				Vacancy
			YE 2006				370				96.2	%			11.57						< 5,000				87.4	%			14.1	%			44.7	%
			YE 2005				379				96.3	%			11.30						5,000-9,999				91.8	%			8.7	%			18.0	%
			YE 2004				373				95.4	%			11.13						> 10,000				98.1	%			77.2	%			37.3	%
			YE 2003				274				95.1	%			10.82						Total				96.0	%			100.0	%			100.0	%
			YE 2002				189				95.9	%			10.58
			YE 2001				192				95.4	%			10.03						Portfolio Concentration at 100%
			YE 2000				190				96.9	%			9.66
			YE 1999				186				95.7	%			9.20										% of								% of
			YE 1998				159				96.5	%			8.99										ABR				MSF				GLA
			YE 1997				123				96.1	%			8.49						Florida				11.6	%			10.2				12.2	%
			YE 1996				112				94.8	%			7.85						Georgia				9.3	%			8.7				10.5	%
			YE 1995				106				96.3	%			7.60						Puerto Rico				7.6	%			4.8				5.7	%
			YE 1994				84				97.1	%			5.89						Ohio				7.4	%			6.7				8.0	%
			YE 1993				69				96.2	%			5.60						N. Carolina				6.7	%			5.3				6.3	%
			YE 1992				53				95.4	%			5.37						California				5.3	%			4.0				4.8	%
																					Illinois				4.5	%			2.6				3.1	%
																					New Jersey				4.5	%			3.2				3.9	%
																					New York				4.1	%			4.5				5.4	%
																					Texas				4.1	%			3.2				3.9	%

 

11

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DDR Corp.

Leasing Summary

Leases, GLA, and net effective rents at 100%

All other figures at DDR share

Leasing Activity

 

										New																Vacant < 12 months
		# of				GLA				Rent				Rent				Wtd Avg								# of				GLA
		Leases				(000)				PSF				Spread				Term (Years)								Leases				(000)
New Leases
1Q15			124				680			$	16.88				26.9	%			9.3								58				325
2Q15			146				835				20.35				25.4	%			9.4								72				372
3Q15			139				693				19.70				12.3	%			10.1								65				261
4Q15			106				566				17.53				24.5	%			8.7								54				231
			515				2,774			$	18.73				22.0	%			9.4								249				1,189
Renewals
1Q15			165				1,931			$	13.77				6.7	%			5.6								165				1,931
2Q15			223				2,030				15.04				7.2	%			5.6								223				2,030
3Q15			243				2,184				15.75				7.1	%			5.2								243				2,184
4Q15			184				1,955				14.13				7.0	%			5.0								184				1,955
			815				8,100			$	14.70				7.0	%			5.4								815				8,100
New + Renewals
1Q15			289				2,611			$	14.61				9.7	%			6.6								223				2,256
2Q15			369				2,865				16.63				10.2	%			6.7								295				2,402
3Q15			382				2,877				16.87				7.9	%			6.5								308				2,445
4Q15			290				2,521				15.15				9.8	%			6.1								238				2,186
			1,330				10,874			$	15.86				9.4	%			6.5								1,064				9,289
Net Effective Rents
						GLA (1) (000)				Base Rent PSF				Capex PSF				Net Effective Rent PSF				Wtd Avg Term (Years)
New Leases
1Q15							578			$	18.40			($	6.14	)		$	12.26				8.6
2Q15							624				19.51				(5.28	)			14.23				8.3
3Q15							547				19.73				(3.95	)			15.78				8.0
4Q15							460				18.03				(3.83	)			14.20				8.1
							2,209			$	18.97			($	4.89	)		$	14.08				8.2
Renewals
1Q15							1,931			$	13.78			($	0.03	)		$	13.75				5.5
2Q15							2,030				15.57				(0.01	)			15.56				5.4
3Q15							2,184				14.86				(0.05	)			14.81				5.2
4Q15							1,955				13.16				(0.34	)			12.82				5.1
							8,100			$	14.37			($	0.10	)		$	14.27				5.3

 

(1)	New Leases GLA excludes development and redevelopment activity.

 

12

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DDR Corp.

Top 50 Tenants

$, GLA in millions

 

				# of Units								Base Rent												Owned GLA												Credit Ratings
		Tenant		Owned				Total				at 100%				% of Total				Pro Rata				at 100%				% of Total				Pro Rata				(S&P/Moody’s/Fitch)
1		TJX Companies (1)			112				113			$	37.9				3.5	%		$	26.5				3.5				4.2	%			2.3			A+ /A2 / NR
2		Bed Bath & Beyond (2)			96				97				34.2				3.2	%			24.3				2.8				3.3	%			1.9			BBB+ /Baa1 / NR
3		PetSmart			100				101				31.6				2.9	%			21.2				2.1				2.5	%			1.4			B+ / NR / NR
4		Walmart (3)			27				73				25.7				2.4	%			22.6				4.0				4.8	%			3.6			AA / Aa2 / AA
5		Dick’s Sporting Goods (4)			41				42				24.7				2.3	%			14.9				2.0				2.4	%			1.2			NR
6		Ross Stores (5)			76				76				23.5				2.2	%			14.8				2.2				2.6	%			1.3			A- / A3 / NR
7		Best Buy			39				45				22.8				2.1	%			15.6				1.5				1.8	%			1.1			BB+ / Baa1 / BBB-
8		Kohl’s			33				49				22.3				2.1	%			16.6				2.9				3.5	%			2.2			BBB / Baa1 / BBB+
9		AMC Theatres			11				12				19.7				1.8	%			14.5				0.9				1.1	%			0.6			B+ / NR / NR
10		Michaels			67				69				19.3				1.8	%			13.4				1.6				1.9	%			1.1			B+ / Ba3 / NR
11		Gap (6)			67				67				16.6				1.5	%			12.1				1.1				1.3	%			0.7			BBB- / Baa2 / BBB-
12		Office Depot (7)			50				54				15.2				1.4	%			10.8				1.1				1.3	%			0.8			B- / B2 / NR
13		Publix			34				37				14.4				1.3	%			3.5				1.6				1.9	%			0.4			NR
14		Ulta			59				61				14.1				1.3	%			9.8				0.6				0.7	%			0.4			NR
15		Ascena (8)			109				109				12.3				1.1	%			9.5				0.6				0.7	%			0.5			BB / Ba2 / NR
16		Kroger (9)			27				32				11.9				1.1	%			5.5				1.5				1.8	%			0.7			BBB / Baa2 / BBB
17		Barnes & Noble			25				27				10.7				1.0	%			7.7				0.6				0.7	%			0.4			NR
18		Jo-Ann			34				34				10.6				1.0	%			8.1				1.0				1.2	%			0.7			B / B3 / NR
19		Staples			35				36				10.2				0.9	%			6.2				0.7				0.8	%			0.4			BBB- / Baa2 / BBB-
20		Toys “R” Us (10)			26				29				10.0				0.9	%			9.1				1.1				1.3	%			0.9			B- / B3 / CCC
21		DSW			28				29				9.5				0.9	%			6.6				0.6				0.7	%			0.4			NR
22		Lowe’s			11				30				9.4				0.9	%			8.7				1.4				1.7	%			1.3			A- / A3 / NR
23		Dollar Tree Stores			81				84				9.3				0.9	%			6.3				0.8				1.0	%			0.6			BB / Ba2 / NR
24		Regal Cinemas			10				11				9.1				0.8	%			7.1				0.6				0.7	%			0.5			B+ / B1 / B+
25		Royal Ahold (11)			10				10				9.1				0.8	%			3.0				0.6				0.7	%			0.2			BBB / Baa2 / BBB
26		Cinemark			10				10				8.9				0.8	%			7.1				0.6				0.7	%			0.5			BB / NR / NR
27		Petco			34				36				8.8				0.8	%			6.3				0.5				0.6	%			0.3			B / B3 / NR
28		Home Depot			11				41				8.8				0.8	%			7.3				1.3				1.6	%			0.9			A / A2 / A
29		Nordstrom Rack			12				13				8.1				0.7	%			6.2				0.4				0.5	%			0.3			A- / Baa1 / BBB+
30		Sports Authority			15				16				8.1				0.7	%			8.1				0.6				0.7	%			0.6			NR / Caa3 / NR
31		Party City			41				41				8.0				0.7	%			5.8				0.5				0.6	%			0.4			NR
32		Hobby Lobby			19				21				8.0				0.7	%			4.5				1.0				1.2	%			0.6			NR
33		LA Fitness			12				13				7.9				0.7	%			5.7				0.5				0.6	%			0.4			NR
34		Pier 1 Imports			34				38				7.6				0.7	%			5.6				0.4				0.5	%			0.2			B+ / NR / NR
35		Five Below			54				54				7.5				0.7	%			5.5				0.5				0.6	%			0.3			NR
36		Burlington			12				12				6.5				0.6	%			5.0				0.9				1.1	%			0.7			BB- / NR / NR
37		Whole Foods			6				6				6.3				0.6	%			4.7				0.3				0.4	%			0.2			BBB- / Baa3 / NR
38		hhgregg			18				19				6.3				0.6	%			4.4				0.6				0.7	%			0.4			NR
39		AT&T			68				69				6.1				0.6	%			4.7				0.2				0.2	%			0.1			BBB+ / Baa1 / A-
40		Giant Eagle			6				7				6.0				0.6	%			3.3				0.5				0.6	%			0.3			NR
41		Panera			41				42				5.5				0.5	%			3.7				0.2				0.2	%			0.1			NR
42		Famous Footwear			38				38				5.4				0.5	%			4.3				0.3				0.4	%			0.2			BB / Ba3 / NR
43		BJ’s Wholesale Club			5				6				5.4				0.5	%			4.1				0.5				0.6	%			0.4			B- / B3 / NR
44		Mattress Firm			44				45				5.3				0.5	%			3.8				0.2				0.2	%			0.1			B+ / NR / NR
45		Stein Mart			17				17				5.1				0.5	%			3.0				0.6				0.7	%			0.3			NR
46		Gamestop			101				101				4.9				0.5	%			3.7				0.2				0.2	%			0.1			BB+ / Ba1 / NR
47		Shoe Carnival			31				31				4.9				0.5	%			3.1				0.3				0.4	%			0.2			NR
48		Beall’s			18				18				4.7				0.4	%			1.9				0.7				0.8	%			0.3			NR
49		24 Hour Fitness			6				6				4.6				0.4	%			2.1				0.2				0.2	%			0.1			B / NR / NR
50		Men’s Wearhouse			32				32				4.5				0.4	%			3.3				0.2				0.2	%			0.1			B / Ba3 / NR
		Top 50 Total			1,893				2,059			$	597.3				55.1	%		$	415.6				49.6				59.3	%			33.7
		Total Portfolio										$	1,083.4				100.0	%		$	757.7				83.6				100.0	%			57.6

 

 

 

13

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DDR Corp.

Top 50 Assets by ABR at DDR Share

$, GLA in thousands

 

								DDR		Base Rent								Total GLA
		Asset		Location		MSA		Own %		Pro Rata				% of Pro Rata				Pro Rata				% of Pro Rata
1		Shoppers World		Framingham, MA		Boston		100%		$	17,483				2.3	%			783				0.9	%
2		Plaza del Sol		Bayamon, PR		San Juan		100%			16,771				2.2	%			724				0.8	%
3		Winter Garden Village		Winter Garden, FL		Orlando		100%			13,929				1.8	%			1,127				1.3	%
4		Plaza Rio Hondo		Bayamon, PR		San Juan		100%			13,531				1.8	%			555				0.6	%
5		Plaza del Norte		Hatillo, PR		San Juan		100%			12,360				1.6	%			699				0.8	%
6		Wrangleboro Consumer Square		Mays Landing, NJ		Atlantic City		100%			10,425				1.4	%			842				0.9	%
7		Riverdale Village		Coon Rapids, MN		Minneapolis		100%			10,376				1.4	%			969				1.1	%
8		Ahwatukee Foothills		Phoenix, AZ		Phoenix		100%			10,068				1.3	%			694				0.8	%
9		Nassau Park Pavilion		Princeton, NJ		Trenton		100%			9,608				1.3	%			1,106				1.2	%
10		Tucson Spectrum		Tucson, AZ		Tucson		100%			9,553				1.3	%			969				1.1	%
11		Hamilton Marketplace		Hamilton, NJ		Trenton		100%			9,427				1.2	%			960				1.1	%
12		Woodfield Village Green		Schaumburg, IL		Chicago		100%			9,164				1.2	%			692				0.8	%
13		Carolina Pavilion		Charlotte, NC		Charlotte		100%			8,603				1.1	%			867				1.0	%
14		Plaza Escorial		Carolina, PR		San Juan		100%			8,517				1.1	%			636				0.7	%
15		The Shops at Midtown Miami		Miami, FL		Miami		100%			8,419				1.1	%			467				0.5	%
16		Great Northern Plaza		North Olmsted, OH		Cleveland		100%			8,260				1.1	%			669				0.7	%
17		Plaza Palma Real		Humacao, PR		San Juan		100%			7,961				1.1	%			449				0.5	%
18		Polaris Towne Center		Columbus, OH		Columbus		100%			7,447				1.0	%			725				0.8	%
19		Centennial Promenade		Centennial, CO		Denver		100%			7,091				0.9	%			827				0.9	%
20		Connecticut Commons		Plainville, CT		Hartford		100%			6,997				0.9	%			562				0.6	%
21		Peach Street Marketplace		Erie, PA		Erie		100%			6,976				0.9	%			995				1.1	%
22		Paseo Colorado (1)		Pasadena, CA		Los Angeles		100%			6,560				0.9	%			540				0.6	%
23		Easton Market		Columbus, OH		Columbus		100%			6,517				0.9	%			552				0.6	%
24		Crossroads Center		Gulfport, MS		Gulfport		100%			6,273				0.8	%			555				0.6	%
25		Hamilton Commons		Mays Landing, NJ		Atlantic City		100%			6,234				0.8	%			397				0.4	%
26		Belden Park Crossings		North Canton, OH		Cleveland		100%			6,065				0.8	%			596				0.7	%
27		Falcon Ridge Town Center		Fontana, CA		Los Angeles		100%			6,011				0.8	%			447				0.5	%
28		Silver Springs Square		Mechanicsburg, PA		Harrisburg		100%			5,921				0.8	%			569				0.6	%
29		Aspen Grove		Littleton, CO		Denver		100%			5,863				0.8	%			272				0.3	%
30		Ridge at Creekside		Roseville, CA		Sacramento		100%			5,741				0.8	%			289				0.3	%
31		The Maxwell		Chicago, IL		Chicago		100%			5,683				0.8	%			240				0.3	%
32		Cotswold Village		Charlotte, NC		Charlotte		100%			5,615				0.7	%			261				0.3	%
33		Sycamore Crossing & Sycamore Plaza		Cincinnati, OH		Cincinnati		100%			5,581				0.7	%			458				0.5	%
34		The Fountains		Plantation, FL		Miami		100%			5,560				0.7	%			489				0.5	%
35		Big Flats Consumer Square		Big Flats, NY		Elmira		100%			5,521				0.7	%			577				0.6	%
36		Perimeter Pointe		Atlanta, GA		Atlanta		100%			5,501				0.7	%			352				0.4	%
37		Merriam Village		Merriam, KS		Kansas City		100%			5,484				0.7	%			921				1.0	%
38		Bandera Pointe		San Antonio, TX		San Antonio		100%			5,421				0.7	%			838				0.9	%
39		Meridian Crossroads		Meridian, ID		Boise		100%			5,357				0.7	%			732				0.8	%
40		Independence Commons		Independence, MO		Kansas City		100%			5,332				0.7	%			403				0.5	%
41		Mohawk Commons		Niskayuna, NY		Albany		100%			5,207				0.7	%			530				0.6	%
42		Homestead Pavilion		Homestead, FL		Miami		100%			5,135				0.7	%			397				0.4	%
43		Beaver Creek Crossings		Apex, NC		Raleigh		100%			5,120				0.7	%			321				0.4	%
44		Deer Park Town Center		Deer Park, IL		Chicago		50%			4,989				0.7	%			202				0.2	%
45		The Promenade at Brentwood		Brentwood, MO		St. Louis		100%			4,987				0.7	%			338				0.4	%
46		Arrowhead Crossing		Phoenix, AZ		Phoenix		100%			4,973				0.7	%			407				0.5	%
47		Willowbrook Plaza		Houston, TX		Houston		100%			4,952				0.7	%			393				0.4	%
48		Fairfax Towne Center		Fairfax, VA		Balt-Wash DC		100%			4,937				0.7	%			253				0.3	%
49		Gateway Center		Everett, MA		Boston		100%			4,916				0.6	%			640				0.7	%
50		Chapel Hills		Colorado Springs, CO		Colorado Springs		100%			4,803				0.6	%			526				0.6	%
		Top 50 Total								$	373,225				49.3	%			29,812				33.3	%
		Total Portfolio								$	757,658				100.0	%			89,487				100.0	%

 

(1)	Asset sold 1/22/16.

 

14

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DDR Corp.

Transactions

$ in millions, GLA in thousands

 

								Total
				DDR				Owned				At 100%								At DDR Share
				Own %				GLA				Price				Debt				Price				Debt				Anchors
Acquisitions
03/15		Los Angeles, CA			100	%			208			$	49.2			$	0.0			$	49.2			$	0.0			Kohl’s, Michaels, PetSmart
04/15		Wilmington, NC (outparcel)			100	%			6				3.3				0.0				3.3				0.0			-
04/15		Orlando, FL			100	%			186				33.3				0.0				33.3				0.0			Bed Bath & Beyond, T.J. Maxx, Ross
06/15		Houston, TX			100	%			385				74.3				0.0				74.3				0.0			AMC Theatres, Bed Bath & Beyond
11/15		Columbus, OH (outparcel)			100	%			6				3.1				0.0				3.1				0.0			-
11/15		Hamilton, NJ (outparcel)			100	%			0				0.9				0.0				0.9				0.0			-
12/15		Orlando, FL			100	%			411				67.1				0.0				67.1				0.0			Dick’s Sporting Goods, Total Wine & More
12/15		Portfolio of 6 assets with Blackstone			5	%			1,262				332.7				0.0				95.1				0.0
		Total Year to Date							2,464			$	563.9			$	0.0			$	326.3			$	0.0
Dispositions
01/15		Morgantown, WV			100	%			122				13.9				0.0				13.9				0.0			Michaels, Shop ‘N Save
02/15		Camden, SC			100	%			179				11.4				0.0				11.4				0.0			Belk
03/15		Charlotte, NC			100	%			70				11.8				0.0				11.8				0.0			Bi-Lo
03/15		Bedford, IN			100	%			223				6.8				0.0				6.8				0.0			Goody’s, JCPenney
03/15		Ashtabula, OH			100	%			58				0.6				0.0				0.6				0.0			-
03/15		Fayetteville, NC			100	%			226				26.2				0.0				26.2				0.0			Bed Bath & Beyond, T.J. Maxx
03/15		Northville, MI			5	%			16				4.3				0.0				0.2				0.0			-
03/15		Apex, NC			100	%			36				5.5				0.0				5.5				0.0			hhgregg
03/15		San Diego, CA			100	%			80				18.2				0.0				18.2				0.0			Regal
03/15		Frisco, TX			100	%			108				9.0				0.0				9.0				0.0			Kohl’s
03/15		Phoenix, AZ			20	%			851				106.0				64.6				21.2				12.9			Target, Walmart, Costco, JCPenney
03/15		Kirkland, WA			20	%			291				36.0				27.5				7.2				5.5			24 Hour Fitness, My Home Furniture
03/15		SM Portfolio (16 assets)			20	%			835				33.0				28.0				6.6				5.6			Various
03/15		Benton Harbor, MI			20	%			280				21.0				18.1				4.2				3.6			Dunham’s, T.J. Maxx, PetSmart, Michaels
03/15		Orange County, CA			20	%			741				99.0				73.0				19.8				14.6			Krikorian Premiere Theatres, T.J. Maxx
03/15		Bloomfield Hills, MI			20	%			0				0.0				0.0				0.0				0.0			-
		1Q Total							4,116			$	402.7			$	211.2			$	162.6			$	42.2
04/15		Middletown, RI			100	%			99				16.8				0.0				16.8				0.0			Barnes & Noble, Michaels, Sports Authority
04/15		Columbus, GA			100	%			117				20.2				0.0				20.2				0.0			Michaels, PetSmart, The Fresh Market
05/15		Napa, CA			5	%			76				26.9				20.0				1.4				1.0			Kohl’s
05/15		Clarence, NY			100	%			93				9.3				0.0				9.3				0.0			Big Lots, Jo-Ann, OfficeMax
05/15		Homosassa, FL			5	%			53				13.2				0.0				0.7				0.0			Publix
06/15		Macon, GA			100	%			82				7.9				0.0				7.9				0.0			hhgregg, PetSmart
06/15		Cleveland, OH			5	%			48				3.8				3.2				0.2				0.2			Toys “R” Us/Babies “R” Us
2Q		Non-operating asset sales							0				3.7				0.0				3.7				0.0			-
		2Q Total							568			$	101.8			$	23.2			$	60.2			$	1.2
07/15		Birmingham, AL			100	%			120				20.5				0.0				20.5				0.0			Jo-Ann
07/15		New Hartford, NY			100	%			111				9.4				0.0				9.4				0.0			Hannaford Brothers
07/15		McKinney, TX			100	%			119				17.2				0.0				17.2				0.0			Kohl’s
07/15		Chillicothe, OH			100	%			130				11.0				0.0				11.0				0.0			Lowe’s
07/15		BRE Portfolio (10 Assets)			5	%			1,084				164.8				121.7				8.2				6.1			Various
08/15		Clearwater, FL			100	%			134				17.8				0.0				17.8				0.0			Floor & Decor, LA Fitness
08/15		Apopka, FL			100	%			146				8.6				0.0				8.6				0.0			Bealls
09/15		Sterling, VA			100	%			102				17.6				0.0				17.6				0.0			Sports Authority, Staples
09/15		N. Charleston, SC			100	%			350				32.0				0.0				32.0				0.0			A.C. Moore, Walmart
09/15		Greenville, SC			100	%			11				1.0				0.0				1.0				0.0			-
3Q		Non-operating asset sales							0				1.8				0.0				1.8				0.0			-
		3Q Total							2,307			$	301.7			$	121.7			$	145.1			$	6.1
10/15		Des Peres, MO			100	%			91				22.0				0.0				22.0				0.0			Aldi, T.J. Maxx
10/15		Racine, WI			20	%			248				31.8				0.0				6.3				0.0			Festival Foods, Kohl’s
11/15		Johnson City, TN			100	%			112				5.1				0.0				5.1				0.0			Kohl’s
11/15		Sunset Hills, MO			100	%			454				90.4				0.0				90.4				0.0			Bed Bath & Beyond, Home Depot, Marshalls
12/15		Deerfield Beach, FL			15	%			145				45.0				0.0				6.8				0.0			Office Depot, Publix
12/15		Overland Park, KS			100	%			80				8.5				0.0				8.5				0.0			Babies “R” Us
12/15		Louisville, KY			100	%			121				5.7				0.0				5.7				0.0			ValuMarket
12/15		Chattanooga, TN			100	%			213				33.6				0.0				33.6				0.0			Best Buy, Hobby Lobby, The Fresh Market
12/15		Orland Park, IL			100	%			150				20.0				0.0				20.0				0.0			Home Depot
4Q		Non-operating asset sales							0				12.9				0.0				12.9				0.0			-
		4Q Total							1,614			$	275.0			$	0.0			$	211.3			$	0.0
		Total Year to Date							8,605			$	1,081.2			$	356.1			$	579.2			$	49.5

 

15

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DDR Corp.

Developments/Redevelopments

$ in millions, GLA in thousands

 

		Owned SF				Est. Total Net Cost				Cost Incurred To Date				Est. Remain Costs				Placed In Service				CIP (a)				Est. Anchor Opening				Est. Stabilized Quarter				Key Tenants
Consolidated Summary
Developments in Progress (b)						$	202			$	185			$	17			$	87			$	98
Redevelopments - Major							124				65				59				54				11
Redevelopment Project Sold (c)							97				20				77				6				14
Redevelopments - Minor							172				82				90				57				25
Retenanting							33				17				16				14				3
CIP and Land (d)							N/A				84				0				0				84
						$	628			$	453			$	259			$	218			$	235
Developments in Progress
Guilford Commons (New Haven, CT)			132			$	67			$	64			$	3			$	46			$	18				4Q15				4Q16			Fresh Market, Michaels, Ulta, Bed Bath & Beyond, DSW
Lee Vista Promenade (Orlando, FL)			208				63				57				6				0				57				2Q16				2Q16			Epic Theater, Five Below, Petco, HomeGoods, Michaels, Ulta, Ross
Other Developments (b) (Primarily placed in service)							72				64				8				41				23				N/A				N/A			-
			340			$	202			$	185			$	17			$	87			$	98
Redevelopments - Major
The Pike Outlets (Long Beach, CA)						$	66			$	47			$	19			$	43			$	4				N/A				3Q16			Restoration Hardware, H&M, Forever 21, Nike, Gap Factory
Sycamore Crossing (Cincinnati, OH)							30				5				25				2				3				N/A				2Q17			Dick’s Sporting Goods, T.J. Maxx
Bermuda Square (Richmond, VA)							17				12				5				9				3				N/A				3Q17			Martin’s, Petco
Plaza del Sol (San Juan, PR)							11				1				10				0				1				N/A				2Q17			Dave & Busters
						$	124			$	65			$	59			$	54			$	11

 

(a)	This balance is in addition to DDR’s pro rata share of joint venture CIP of $6 million.

(b)	Removed a completed project with a total net cost of $91 million; as a result, $19 million was placed in service during the fourth quarter.

(c)	The major redevelopment property in Pasadena, CA, was sold on 1/22/16.

(d)	This balance is in addition to owned land adjacent to existing centers that has an estimated value of $26 million.

 

16

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DDR Corp.

Unconsolidated Joint Ventures

$, GLA in millions

 

		Partner		DDR Own %				Operating Properties				Owned GLA				ABR				Gross Book Value				Debt (1)
BRE DDR Retail Holdings		Blackstone Real Estate Partners			5%(2)				62				11.3			$	148.7			$	1,784.8			$	1,200.3
DDRTC Core Retail Fund		TIAA-CREF			15%				25				8.2				103.1				1,527.4				791.0
DDR Domestic Retail Fund I		Various			20%				55				7.6				85.7				1,302.1				897.8
DDR-SAU Retail Fund		State of Utah			20%				23				2.1				23.2				286.6				151.4
Other		Various			Various				3				1.0				18.5				191.2				118.4
Total									168				30.2			$	379.2			$	5,092.1			$	3,158.9

 

(1)	Includes $11 million of unamortized debt issuance costs.

(2)	In addition to DDR’s 5% common equity, DDR has $388.4 million of Preferred Equity plus $6.8 million of accrued interest with an interest rate of 8.5%.

 

17

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DDR Corp.

Joint Venture Income Statement

$ in millions

 

		At 100%								At DDR Share
		12M15				4Q15				4Q15
Revenues:
Minimum rents (1)		$	392.7			$	95.2			$	14.2
Percentage rent			2.4				1.1				0.1
Recoveries			119.3				29.1				4.5
Other revenues			10.3				1.9				0.3
			524.7				127.3				19.1
Expenses:
Operating and maintenance			125.6				31.4				4.2
Real estate taxes			70.4				17.5				2.7
			196.0				48.9				6.9
Net operating income			328.7				78.4				12.2
Other income (expense):
Interest expense (2)			(140.7	)			(33.0	)			(5.5	)
Depreciation and amortization			(207.8	)			(49.6	)			(6.1	)
Impairment charges			(52.7	)			(52.2	)			(10.5	)
Other expense, net			(7.2	)			(6.0	)			(0.3	)
			(408.4	)			(140.8	)			(22.4	)
Loss from continuing operations			(79.7	)			(62.4	)			(10.2	)
Gain on disposition of real estate, net			17.2				21.4				3.4
Disproportionate share of income			0.0				0.0				0.1
Net loss attributable to unconsolidated joint ventures			(62.5	)			(41.0	)			(6.7	)
Depreciation and amortization of real estate investments			207.8				49.6				6.1
Impairment of depreciable real estate			52.7				52.2				10.5
Gain on disposition of depreciable real estate, net			(17.2	)			(21.4	)			(3.4	)
Funds From Operations:		$	180.8			$	39.4			$	6.5
Net loss at DDR ownership interests		($	5.3	)		($	6.7	)		($	6.7	)
Basis differences			2.2				1.2				1.2
Equity in net loss of joint ventures			(3.1	)			(5.5	)			(5.5	)
FFO at DDR’s ownership interests		$	27.6			$	6.5
Operating FFO at DDR’s ownership interests		$	27.8			$	6.7
(1)    Straight-line rent, net			3.2				0.9				0.1
(2)    Non-cash interest expense			(3.2	)			(0.8	)			0.0

 

18

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DDR Corp.

Joint Venture Balance Sheet

$ in millions

 

		At 100%
		4Q15				4Q14
Land		$	1,343.9			$	1,439.8
Buildings			3,551.2				3,854.6
Fixtures and tenant improvements			191.6				200.7
			5,086.7				5,495.1
Less: Accumulated depreciation			(817.2	)			(773.2	)
			4,269.5				4,721.9
Land held for development and construction in progress			52.4				55.7
Real estate, net			4,321.9				4,777.6
Cash and restricted cash			58.9				100.8
Receivables, including straight-line rent, net			52.8				80.5
Other assets, net			318.5				376.5
			4,752.1				5,335.4
Mortgage debt			3,177.6				3,534.6
Notes and accrued interest payable to DDR			1.5				144.8
Other liabilities			219.8				277.0
			3,398.9				3,956.4
Redeemable preferred equity			395.2				305.3
Accumulated equity			958.0				1,073.7
		$	4,752.1			$	5,335.4
		At DDR Share
		4Q15				4Q14
Land		$	181.8			$	202.5
Buildings			491.7				555.5
Fixtures and tenant improvements			31.1				33.3
			704.6				791.3
Less: Accumulated depreciation			(152.0	)			(150.2	)
			552.6				641.1
Land held for development and construction in progress			5.6				5.8
Real estate, net			558.2				646.9
Cash and restricted cash			8.6				16.8
Receivables, including straight-line rent, net			8.2				15.4
Other assets, net (1)			21.6				25.4
Disproportionate share of equity (2)			0.6				(2.2	)
			597.2				702.3
Mortgage debt (3) (4)			441.9				501.2
Notes and accrued interest payable to DDR			0.3				14.7
Other liabilities			19.4				29.2
			461.6				545.1
Accumulated equity			115.2				144.1
Disproportionate share of equity (2)			20.4				13.1
		$	597.2			$	702.3
(1)    Intangible assets at DDR share			17.1				20.4
(2)    Adjustments represent promoted equity and minority interests
(3)    Fair market value of debt adjustment and unamortized loan costs, net at DDR share (ASC 820)			0.3				1.3
(4)    Non-recourse mortgage debt with a zero basis at DDR share			0.0				17.4

 

19

---

DDR Corp.

Capital Structure

$, shares and units in millions, except per share

 

		December 31, 2015								December 31, 2014
Capital Structure		Amount				% of Total				Amount				% of Total
Common Shares Equity		$	6,157.8				53	%		$	6,648.1				54	%
Perpetual Preferred Stock			350.0				3	%			350.0				3	%
Unsecured Credit Facilities			210.0				2	%			29.0				0	%
Unsecured Term Loan			400.0				3	%			350.0				3	%
Unsecured Public Debt			3,166.3				27	%			2,775.9				23	%
Secured Term Loan			200.0				2	%			400.0				3	%
Fixed Rate Mortgage Debt			1,096.2				9	%			1,560.9				13	%
Variable Rate Mortgage Debt			78.0				1	%			99.2				1	%
			5,150.5				44	%			5,215.0				43	%
Total		$	11,658.3				100	%		$	12,213.1				100	%
Capital Structure Detail
Debt to Market Capitalization			44.2	%							42.7	%
Common Shares Outstanding			365.3								360.7
Operating Partnership Units			0.4								1.4
Market Value per Share		$	16.84							$	18.36
Accretion on Convertible Notes (excluded above)		$	0.0							$	10.0
Partners’ Share of Consolidated Debt (included above)		$	9.9							$	9.9
DDR Share of Unconsolidated Debt (excluded above)		$	441.9							$	501.2

 

Credit Ratings

Covenants

Debt Rating

Outlook

Covenant Threshold

Actual Covenant

Moody’s

Baa2

Stable

Total Debt to Real Estate Assets Ratio

£

65

%

49

%

S&P

BBB-

Stable

Secured Debt to Assets Ratio

£

40

%

12

%

Fitch

BBB-

Stable

Unencumbered Assets to Unsecured Debt

³

135

%

199

%

Fixed Charge Coverage Ratio

³

1.5x

2.3x

 

20

---

DDR Corp.

Debt/EBITDA

$ in millions

 

		4Q15				4Q14
Consolidated
Net income (loss) to DDR		$	93.5			($	10.7	)
Impairments			0.0				11.1
Executive separation charges			0.3				5.4
Depreciation and amortization			102.6				106.7
Interest expense			59.2				61.0
Gain on sale and change in control of interests, net			0.0				(0.2	)
Other (income) expense, net			0.6				1.8
Equity in net income of JVs			5.5				(0.7	)
JV Impairments (at DDR share)			1.9				21.6
Income tax expense			0.3				0.7
EBITDA adjustments from discontinued operations			0.0				(19.6	)
Gain on disposition of real estate, net			(89.4	)			(0.4	)
Adjustments for non-controlling interests			(0.3	)			(1.3	)
JV FFO (at DDR share)			6.5				5.8
Other JV adjustments (at DDR share)			0.2				0.9
EBITDA - current quarter			180.9				182.1
EBITDA - annualized			723.6				728.4
Consolidated debt			5,139.5				5,212.2
Partner share of consolidated debt			(9.9	)			(9.9	)
Loan costs, net			23.8				22.5
Face value adjustments			(12.8	)			(19.7	)
Cash and restricted cash			(32.2	)			(31.5	)
Net adjusted debt		$	5,108.4			$	5,173.6
Debt/EBITDA - Consolidated			7.06x				7.10x
Pro rata including JVs
EBITDA - current quarter			186.6				188.7
EBITDA - annualized			746.4				754.8
Consolidated net debt			5,108.4				5,173.6
JV debt (at DDR share)			442.2				502.5
Cash and restricted cash			(8.6	)			(16.8	)
Net adjusted debt		$	5,542.0			$	5,659.3
Debt/EBITDA - Pro rata			7.42x				7.50x

 

21

---

DDR Corp.

Debt Summary

$ in millions

 

						Consolidated																Unconsolidated
						Total 100%				Total DDR Share				Interest Rate DDR Share				Total 100%				Total DDR Share				Interest Rate DDR Share
Debt Composition
Unsecured Credit Facilities						$	210.0			$	210.0				1.43	%
Unsecured Term Loan							400.0				400.0				1.53	%
Unsecured Public Debt							3,166.3				3,166.3				5.24	%
Secured Term Loan							200.0				200.0				1.78	%
Fixed Rate Mortgage Loans							1,096.2				1,086.3				5.00	%		$	2,170.7			$	356.2				5.35	%
Variable Rate Mortgage Loans							78.0				78.0				1.84	%			997.2				86.0				2.02	%
Subtotal							5,150.5				5,140.6				4.56	%			3,167.9				442.2				4.70	%
Fair Market Value Adjustment							12.8				12.8								20.7				1.0
Unamortized Loan Costs, Net							(23.8	)			(23.7	)							(11.0	)			(1.3	)
Total						$	5,139.5			$	5,129.7				4.56	%		$	3,177.5			$	441.9				4.70	%
		Scheduled Principal Payments				Secured Debt Maturities				Unsecured Debt Maturities				Total 100%				Total Pro Rata				Cash Interest Rate Pro Rata				GAAP Interest Rate Pro Rata
Consolidated Maturity Schedule (1)
2016		$	30.9			$	112.2			$	240.0			$	383.1			$	383.1				7.86	%			7.62	%
2017			29.8				203.2				300.0				533.0				533.0				6.58	%			5.85	%
2018			22.7				328.4				382.2				733.3				733.3				4.23	%			4.14	%
2019			16.5				169.3				0.0				185.8				185.8				5.33	%			5.24	%
2020			7.3				280.2				910.0				1,197.5				1,197.5				3.80	%			3.73	%
2021			4.3				126.5				300.0				430.8				430.8				3.91	%			3.82	%
2022			0.1				42.8				450.0				492.9				483.0				4.67	%			4.67	%
2023			0.0				0.0				300.0				300.0				300.0				3.38	%			3.38	%
2024			0.0				0.0				0.0				0.0				0.0				0.00	%			0.00	%
2025 and beyond			0.0				0.0				900.0				900.0				900.0				3.90	%			3.90	%
Unsecured debt discount											(5.9	)			(5.9	)			(5.9	)
		$	111.6			$	1,262.6			$	3,776.3			$	5,150.5			$	5,140.6				4.56	%			4.43	%
Unconsolidated Maturity Schedule (1)
2016		$	10.1			$	28.6			$	0.0			$	38.7			$	1.4				5.84	%			275.63	%
2017			8.9				1,352.9				0.0				1,361.8				259.9				5.52	%			5.51	%
2018			4.9				157.6				0.0				162.5				21.0				4.60	%			4.29	%
2019			4.8				655.9				0.0				660.7				32.9				2.36	%			2.31	%
2020			5.0				421.2				0.0				426.3				61.0				2.25	%			2.20	%
2021			4.3				80.5				0.0				84.7				35.4				5.40	%			5.40	%
2022			2.7				244.1				0.0				246.8				12.3				4.39	%			3.39	%
2023			2.1				100.1				0.0				102.2				5.2				4.00	%			4.21	%
2024			0.5				83.7				0.0				84.2				13.1				4.33	%			4.28	%
2025 and beyond			0.0				0.0				0.0				0.0				0.0				0.00	%			0.00	%
Total		$	43.3			$	3,124.6			$	0.0			$	3,167.9			$	442.2				4.70	%			4.63	%
% of Total		Consolidated																Unconsolidated
Fixed			82.8	%															68.5	%
Variable			17.2	%															31.5	%
Recourse to DDR			78.0	%															0.0	%
Non-recourse to DDR			22.0	%															100.0	%

 

(1)	Assumes borrower extension options are exercised.

 

22

---

DDR Corp.

Consolidated Debt Detail

$ in millions

 

		Balance 100%				Balance DDR Share				Maturity Date (1)				Cash Interest Rate (2) (3)
Senior Debt
Unsecured Revolver ($750m)		$	210.0			$	210.0				06/20				L + 100
Unsecured Revolver ($50m)			0.0				0.0				06/20				L + 100
Secured Term Loan ($200m)			200.0				200.0				04/18				L + 135
Unsecured Term Loan ($400m)			400.0				400.0				04/20				L + 110
			$810.0				$810.0
Public Debt
Unsecured Notes		$	240.0			$	240.0				03/16				9.63	%
Unsecured Notes			300.0				300.0				04/17				7.50	%
Unsecured Notes			299.3				299.3				04/18				4.75	%
Unsecured Notes			82.2				82.2				07/18				7.50	%
Unsecured Notes			298.8				298.8				09/20				7.88	%
Unsecured Notes			298.6				298.6				01/21				3.50	%
Unsecured Notes			455.7				455.7				07/22				4.63	%
Unsecured Notes			298.7				298.7				05/23				3.38	%
Unsecured Notes			496.6				496.6				02/25				3.63	%
Unsecured Notes			396.4				396.4				02/26				4.25	%
		$	3,166.3			$	3,166.3
Mortgage Debt
Freedom Plaza, NY		$	0.2			$	0.2				09/16				7.85	%
Sycamore Crossing, OH			62.6				62.6				12/16				5.81	%
The Maxwell, IL			50.5				50.5				12/16				L + 160
Falcon Ridge Town Center, CA			43.5				43.5				01/17				5.68	%
Vista Village, CA			33.2				33.2				04/17				5.71	%
Walmart Supercenter, NC			2.2				2.2				08/17				6.00	%
Connecticut Commons, CT			46.5				46.5				10/17				5.01	%
Riverdale Village, MN			25.5				25.5				10/17				5.01	%
Riverdale Village Perimeter, MN			32.0				32.0				10/17				5.01	%
Lake Brandon Village, FL			9.2				9.2				10/17				5.01	%
Shoppers World Brookfield, WI			5.7				5.7				10/17				5.01	%
Marketplace of Brown Deer, WI			4.1				4.1				10/17				5.01	%
Brown Deer Center, WI			7.8				7.8				10/17				5.01	%
Thruway Plaza (Walmart), NY			1.1				1.1				10/17				6.78	%
Tops Plaza, NY			4.6				4.6				01/18				7.05	%
Falcon Ridge Town Center, CA			14.4				14.4				01/18				5.91	%
Walmart Supercenter, SC			2.5				2.5				01/18				6.00	%
Fortuna Center, VA			12.1				12.1				02/18				6.18	%
Johns Creek Town Center, GA			24.0				24.0				03/18				5.06	%
Southland Crossings, OH			24.0				24.0				03/18				5.06	%
The Promenade at Brentwood, MO			30.5				30.5				03/18				5.06	%
DDR Headquarters, OH			27.5				27.5				03/18				L + 105
Mohawk Commons, NY			7.5				7.5				12/18				5.75	%

 

23

---

DDR Corp.

Consolidated Debt Detail

$ in millions

 

		Balance 100%				Balance DDR Share				Maturity Date (1)				Cash Interest Rate (2) (3)
Lowe’s, TN			3.3				3.3				01/19				7.66	%
Nassau Park Pavilion, NJ			56.1				56.1				02/19				3.40	%
Bandera Pointe, TX			24.4				24.4				02/19				3.40	%
Presidential Commons, GA			20.9				20.9				02/19				3.40	%
Plaza Cayey, PR			20.6				20.6				06/19				7.59	%
Plaza Fajardo, PR			24.8				24.8				06/19				7.59	%
Plaza Isabela, PR			21.8				21.8				06/19				7.59	%
Plaza Walmart, PR			11.6				11.6				06/19				7.59	%
Mariner Square, FL			2.1				2.1				09/19				9.75	%
Northland Square, IA			4.3				4.3				01/20				9.38	%
Plaza Rio Hondo, PR			123.6				123.6				01/20				3.95	%
Easton Marketplace, OH			49.4				49.4				01/20				3.95	%
The Fountains, FL			45.0				45.0				01/20				3.95	%
Perimeter Pointe, GA			42.6				42.6				01/20				3.95	%
Polaris Towne Center, OH			43.0				43.0				04/20				6.76	%
Chapel Hills West, CO			12.0				12.0				06/21				5.49	%
West Valley Marketplace, PA			8.8				8.8				07/21				6.95	%
Plaza Escorial, PR			72.3				72.3				07/21				3.59	%
Wrangleboro Consumer Sq, NJ			59.3				59.3				10/21				5.41	%
Chapel Hills East, CO			8.2				8.2				12/21				5.24	%
Paradise Village Gateway, AZ			30.0				20.1				01/22				4.65	%
Macedonia Commons, OH			18.9				18.9				02/22				5.71	%
		$	1,174.2			$	1,164.3
FMV adjustment - assumed debt			12.8				12.8
Unamortized Loan Costs, Net			(23.8	)			(23.7	)
Total		$	1,163.2			$	1,153.4
Rate Type
Fixed		$	4,262.5			$	4,252.6				5.1 years				5.18	%
Variable			888.0				888.0				3.6 years				1.59	%
		$	5,150.5			$	5,140.6				4.8 years				4.56	%
Perpetual Preferred Stock
Class J		$	200.0			$	200.0				Perpetual				6.500	%
Class K			150.0				150.0				Perpetual				6.250	%
		Notional Amount				Rate Hedged				Fixed Rate				Termination Date
Interest Rate Swaps
Underlying Debt Hedged:
Mortgage Portfolio		$	78.5				1 mo. LIBOR				2.81	%			9/1/17

 

(1)	Assumes borrower extension options are exercised.

 

(2)

L = LIBOR

 

(3)	Does not include discounts or premiums.

 

24

---

DDR Corp.

Unconsolidated Debt Detail

$ in millions

 

		Balance 100%				Balance DDR Share				Maturity Date (1)				Cash Interest Rate (2) (3)
BRE DDR Retail Holdings III
Telegraph Plaza, MI		$	4.8			$	0.2				12/16				5.99	%
Camp Creek, GA			42.0				2.1				12/18				4.62	%
May 2019 Loan Pool (2 assets)			20.6				1.0				05/19				4.85	%
November 2019 Loan Pool (32 assets)			636.5				31.8				11/19				L + 185
Whittwood Town Center, CA			43.0				2.2				12/20				5.20	%
January 2022 Loan Pool (3 assets)			23.0				1.1				01/22				4.75	%
Kyle Marketplace, TX			24.8				1.2				03/22				4.09	%
March 2022 Loan Pool (3 assets)			23.4				1.2				03/22				5.49	%
Eastland Center, CA			90.0				4.5				07/22				4.50	%
Greenway Commons, TX			33.0				1.7				07/22				4.10	%
July 2022 Loan Pool (4 assets)			17.0				0.9				07/22				4.40	%
White Oak Village, VA			34.3				1.7				09/22				3.60	%
January 2023 Loan Pool (4 assets)			22.7				1.1				01/23				4.27	%
Kingsbury Center, IL			14.5				0.7				06/23				3.97	%
Valley Bend, AL			43.5				2.2				06/23				3.75	%
		$	1,072.9			$	53.6
BRE DDR Retail Holdings IV
Fountains of Miramar, FL		$	24.0			$	1.2				06/16				5.81	%
The Hub, NY			16.1				0.8				01/17				7.53	%
Ashbridge Square, PA			35.4				1.8				03/18				6.08	%
Millenia Crossing, FL			23.0				1.1				01/23				4.25	%
Concourse Village, FL			14.3				0.7				02/24				4.86	%
		$	112.7			$	5.6
DDR Domestic Retail Fund I
52 Additional Assets		$	883.5			$	176.7				07/17				5.60	%
Heather Island, FL			4.4				0.9				02/18				3.56	%
Hilliard Rome, OH			11.7				2.3				02/18				3.56	%
		$	899.6			$	179.9
DDRTC Core Retail Fund
Pool 1 (9 assets)		$	350.2			$	52.5				03/17				5.45	%
Pool 5 (10 assets) (3)			195.4				29.3				07/20				L + 150
Pool 3 (6 assets) (3)			165.3				24.8				07/20				L + 175
Birkdale Village, NC			82.5				12.4				04/24				4.30	%
		$	793.4			$	119.0
DDR-SAU Retail Fund
DDR-SAU Retail Fund (14 assets)		$	81.9			$	16.4				09/17				4.74	%
DDR-SAU Retail Fund (9 assets)			69.5				13.9				04/18				4.65	%
		$	151.4			$	30.3

 

25

---

DDR Corp.

Unconsolidated Debt Detail

$ in millions

 

		Balance 100%				Balance DDR Share				Maturity Date (1)				Cash Interest Rate (2) (3)
Other Joint Ventures
Lennox Town Center Limited, OH		$	1.0			$	0.5				07/17				6.44	%
Lennox Town Center Limited, OH			26.0				13.0				07/17				5.64	%
RO & SW Realty (9 assets)			19.0				4.8				10/20				5.25	%
Sun Center Limited, OH			21.9				17.4				05/21				5.99	%
RVIP IIIB, Deer Park, IL			70.0				18.0				09/21				4.84	%
		$	137.9			$	53.7
Subtotal		$	3,167.9			$	442.2
FMV Adjustment - Assumed Debt			20.7				1.0
Unamortized Loan Costs, Net			(11.0)				(1.3)
Total		$	3,177.6			$	441.9
Rate Type
Fixed		$	2,170.7			$	356.2				2.5 years				5.35	%
Variable			997.2				86.0				4.3 years				2.02	%
		$	3,167.9			$	442.2				2.8 years				4.70	%
		Notional Amount				Rate Hedged				Fixed Rate				Termination Date
Interest Rate Swaps
Underlying Debt Hedged:
Mortgage Loan Camp Creek		$	42.0				1 mo. LIBOR				1.87	%			12/1/18

 

(1)	Assumes borrower extension options are exercised.

 

(2)

L = LIBOR

 

(3)    Loans with floor interest rates:		Floor:
DDRTC Holdings Pool 5 (10 assets)		1 mo. LIBOR of 0.25%
DDRTC Holdings Pool 3 (6 assets)		1 mo. LIBOR of 0.25%

 

26

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DDR Corp.

Analyst Coverage

 

Corporate Headquarters				Investor Relations
DDR Corp.				Matt Lougee
3300 Enterprise Parkway				Toll Free: (877) 225-5337
Beachwood, Ohio 44122				Main: (216) 755-5500
Website: www.ddr.com				Email: mlougee@ddr.com
Equity Research
Bank of America Merrill Lynch		Craig Schmidt		craig.schmidt@baml.com			(646) 855-3640
Boenning & Scattergood		Floris van Dijkum		fvandijkum@boenninginc.com			(212) 209-3916
Canaccord Genuity		Paul Morgan		pmorgan@canaccordgenuity.com			(415) 229-7181
Capital One		Chris Lucas		christopher.lucas@capitalone.com			(571) 633-8151
Citigroup		Michael Bilerman		michael.bilerman@citi.com			(212) 816-1383
		Christy McElroy		christy.mcelroy@citi.com			(212) 816-6981
Cowen & Company		Jim Sullivan		james.sullivan@cowen.com			(646) 562-1380
Credit Suisse		Ian Weissman		ian.weissman@credit-suisse.com			(212) 538-6889
		George Auerbach		george.auerbach@credit-suisse.com			(212) 538-8082
Deutsche Bank		Vincent Chao		vincent.chao@db.com			(212) 250-6799
Evercore ISI		Steve Sakwa		steve.sakwa@evercoreisi.com			(212) 446-9462
		Samir Khanal		samir.khanal@evercoreisi.com			(212) 888-3796
Goldman Sachs		Andrew Rosivach		andrew.rosivach@gs.com			(212) 902-2796
		Caitlin Burrows		caitlin.burrows@gs.com			(212) 902-4736
Green Street Advisors		Jason White		jwhite@greenstreetadvisors.com			(949) 640-8780
Hilliard Lyons		Carol Kemple		ckemple@hilliard.com			(502) 588-1839
Jefferies and Company		Tayo Okusanya		tokusanya@jefferies.com			(212) 336-7076
J.P. Morgan		Michael Mueller		michael.w.mueller@jpmorgan.com			(212) 622-6689
KeyBanc Capital Markets		Jordan Sadler		jsadler@keybanccm.com			(917) 368-2280
		Todd Thomas		tthomas@keybanccm.com			(917) 368-2286
RBC Capital Markets		Rich Moore		rich.moore@rbccm.com			(440) 715-2646
Sandler O’Neill		Alex Goldfarb		agoldfarb@sandleroneill.com			(212) 466-7937
SunTrust Robinson Humphrey		Ki Bin Kim		kibin.kim@suntrust.com			(212) 303-4124
UBS		Ross Nussbaum		ross.nussbaum@ubs.com			(212) 713-2484
		Jeremy Metz		jeremy.metz@ubs.com			(212) 713-2429
Wells Fargo		Jeff Donnelly		jeff.donnelly@wellsfargo.com			(617) 603-4262
		Tamara Fique		tamara.fique@wellsfargo.com			(443) 263-6568
Fixed Income Research
Barclays		Peter Troisi		peter.troisi@barclays.com			(212) 412-3695
Citigroup		Tom Cook		thomas.n.cook@citigroup.com			(212) 723-1112
J.P. Morgan		Mark Streeter		mark.streeter@jpmorgan.com			(212) 834-5086
Wells Fargo		Thierry Perrein		thierry.perrein@wellsfargo.com			(704) 715-8455

 

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DDR Corp.

Notable Accounting and Supplemental Policies

Revenues

 

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Percentage and overage rents are recognized after the tenants’ reported sales have exceeded the applicable sales breakpoint.

 

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Tenant reimbursements are recognized in the period in which the expenses are incurred.

 

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Lease termination fees are recognized upon termination of a tenant’s lease when the Company has no further obligations under the lease.

General and Administrative Expenses

 

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General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred.

 

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All internal and external acquisition costs are expensed as incurred.

 

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The Company does not capitalize any executive officer compensation.

 

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General and administrative expenses include executive property management compensation and related expenses. Property management services’ direct compensation is reflected in operating and maintenance expenses.

Deferred Financing Costs

 

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Costs incurred in obtaining term financing are included as a reduction of the related debt liability and costs incurred related to the revolving credit facilities are included in other assets on the consolidated balance sheet. All costs are amortized on a straight-line basis over the term of the related debt agreement; such amortization is reflected as interest expense in the consolidated statements of operations.

Real Estate

 

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Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.

 

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Construction in progress includes shopping center developments and significant expansions and redevelopments.

 

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Acquisitions of a partner’s interest in an unconsolidated joint venture in which a change of control has occurred are recorded at fair value.

 

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Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:

 

Buildings		20 to 40 years
Building Improvements		5 to 20 years
Furniture/Fixtures/		Shorter of economic life or lease terms
Tenant Improvements

 

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DDR Corp.

Notable Accounting and Supplemental Policies

Capitalization

 

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Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and expenditures that improve or extend the life of the asset are capitalized.

 

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The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when construction activities are completed and the property is available for occupancy by tenants or when activities are suspended.

 

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Interest expense and real estate taxes incurred during construction are capitalized and depreciated over the building life. The Company does not capitalize interest on land held for development which is on hold and is not undergoing any development activities.

Gains on Sales of Real Estate

 

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Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete.

 

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Effective in 2015, the operating activity and the gains or losses on the sales of operating shopping centers are generally no longer reflected as discontinued operations.

Leasing Spreads

 

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Leasing spreads are calculated by comparing the prior tenant’s annual base rent in the final year of the old lease to the new tenant’s annual base rent in the first year of the new lease. The reported calculation, “Comparable”, only includes deals executed within one year of the date that the prior tenant vacated. “Non-comp” deals consist of deals not executed within one year of the date the prior tenant vacated, deals which resulted in a significant difference in size, or deals for space which was vacant at acquisition.

Same Store NOI (“SSNOI”)

 

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Excludes development, major redevelopment, straight-line rental income and expenses, lease termination income, FMV of leases and provisions for uncollectible amounts and/or recoveries thereof; includes assets owned in comparable periods (15 months for quarter comparisons).

Net Effective Rents

 

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Net effective rents are calculated as a weighted average per rentable square foot over the lease term with full consideration for all costs associated with leasing the space rather than pro rata costs. Landlord work represents property level improvements associated with the lease transactions; however, those improvements are attributed to the landlord’s property value and typically extend the life of the asset in excess of the lease term.

 

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