SITE Centers Corp. - FORM 8-K - EX-99.1

SITE Centers Corp. - FORM 8-K - EX-99.1 - July 26, 2017

Attached files

Attached files

SITE Centers Corp. Reports

file	filename
EX-99.2 - EX-99.2 - SITE Centers Corp.	d430910dex992.htm
8-K - FORM 8-K - SITE Centers Corp.	d430910d8k.htm

Exhibit 99.1

LOGO

DDR Corp.

Table of Contents


Section		Page

Earnings Release & Financial Statements
Press Release		1–7

Company Summary
Portfolio Summary		8
Capital Structure		9
Same Store Metrics		10
Leasing Summary		11
Top 50 Tenants		12
Lease Expirations		13

Investments
Developments/Redevelopments		14
Transactions		15

Debt Summary
Debt Summary		16
Consolidated Debt Detail		17–18
Unconsolidated Debt Detail		19–20
Debt/Adjusted EBITDA		21

Unconsolidated Joint Ventures
Unconsolidated Joint Ventures		22–23

Reporting Policies and Other
Notable Accounting and Supplemental Policies		24–25
Non-GAAP Measures and Reconciliations		26–29
Leasing Metrics for Wholly-Owned and Joint Ventures at 100%		30–33

Property List		34–40

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 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; redevelopment and construction activities may not achieve a desired return 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 deleveraging strategy; any impact or results from the Company’s portfolio transition or any change in strategy; and the finalization of the financial statements for the period ended June 30, 2017. 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, 2016. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

LOGO

For immediate release:

DDR REPORTS SECOND QUARTER 2017 OPERATING RESULTS

BEACHWOOD, OHIO, July 26, 2017 – DDR Corp. (NYSE: DDR) today announced operating results for the quarter ended June 30, 2017.

“Our second quarter results were characterized by strong financial and operational execution. We made progress reducing leverage and lengthening our average debt maturity by selling assets and accessing the capital markets. Our operations were ahead of plan and we completed our portfolio review and strategic planning process over a compressed time-period. I am excited about continuing to execute on these plans, which should position the company for strong future growth,” commented David R. Lukes, president and chief executive officer.

Financial Highlights

●

Second quarter net income attributable to common shareholders was $23.2 million, or $0.06 per diluted share, as compared to net income of $35.5 million, or $0.10 per diluted share, in the year ago-period. The year-over-year decline in net income attributable to common shareholders is primarily attributable to impairment charges aggregating $28.1 million recorded on one shopping center and two parcels of undeveloped land.

●

Second quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $108.8 million, or $0.30 per diluted share, compared to $122.4 million, or $0.33 per diluted share in the year ago-period. The year-over-year decrease in OFFO is primarily attributable to the dilutive impact of deleveraging asset sales.

Significant Second Quarter Activity

Asset Sales

●

Generated total asset sales and loan repayment proceeds of $237.5 million, totaling $225.7 million at DDR’s share

●

Sold two shopping centers in Puerto Rico for an aggregate sales price of $57.3 million

●

Sold nine shopping centers in the U.S. for an aggregate sales price of $149.2 million, totaling $137.5 million at DDR’s share

Capital Markets and Investments

●

Issued $450 million aggregate principal amount of 4.700% senior unsecured notes due 2027

●

Issued $175 million aggregate principal amount of 6.375% Class A Cumulative Redeemable Preferred Shares

●

Repaid in July 2017, $300 million 4.75% senior unsecured notes due April 2018

●

Recapitalized the DDR Domestic Retail Fund I joint venture which included a new $707 million mortgage loan on 52 assets to repay all of the joint venture’s outstanding mortgage debt

Key Operating Results

●

Reported a decrease in same store net operating income, including Puerto Rico, of -0.1% on a pro rata basis; and excluding Puerto Rico, same store net operating income was flat on a pro rata basis; presentation has been adjusted to include bad debt expense on a comparable basis

●

Executed 258 new leases and renewals for 1.9 million square feet

●

Generated new leasing spreads of 10.0% and renewal leasing spreads of 5.7%, both on a pro rata basis and including Puerto Rico for the quarter, and new leasing spreads of 10.4% and renewal leasing spreads of 6.5%, both on a pro rata basis and including Puerto Rico for the trailing twelve-month period

●

Reported a portfolio leased rate of 93.7% at June 30, 2017, compared to 96.1% at June 30, 2016, on a pro rata basis

●

Annualized base rent per occupied square foot on a pro rata basis was $16.09 at June 30, 2017, compared to $14.92 at June 30, 2016

Other Significant Activity

●

Completed the previously announced portfolio review and strategic planning process.

●

As a result of a full portfolio review and subsequent decision on asset sales, the Company recorded impairment charges on one shopping center and two parcels of undeveloped land aggregating $28.1 million in the second quarter.

Guidance

The Company’s 2017 operating assumptions remain as follows:

●

Expected annual growth in same store net operating income range as follows:

●

Expected leased rate at year end of 93.0% to 93.5%

●

Expected General and Administrative expenses of $72 million to $75 million

●

Expected Fee income of $30 million to $33 million

●

Expected Interest income of $26 million to $29 million

●

Expected redevelopment activity placed in service of $80 million (approximately $40 million of incremental same store NOI) weighted towards the second half of the year at high single-digit yields

About DDR Corp.

DDR is an owner and manager of 298 value-oriented shopping centers representing 100 million square feet in 34 states and Puerto Rico. The Company owns a high-quality portfolio of open-air shopping centers in major metropolitan areas that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company actively manages its assets with a focus on creating 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

The Company will hold its quarterly conference call today at 8:30 a.m. Eastern Time. To participate with access to the slide presentation, please visit the Investors portion of DDR’s website, www.ddr.com/events, or for audio only, dial 877-249-1119 (U.S.), 855-669-9657 (Canada) or 412-542-4143 (international) at least ten minutes prior to the scheduled start of the call. A replay of the conference call will also be available at www.ddr.com/events for one year after the call. A copy of the Company’s Supplemental package is available on the Company’s website at www.ddr.com.

Non-GAAP Measures

FFO is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both 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.

FFO is generally defined and calculated by the Company as net income (loss), adjusted to exclude: (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property and related investments, 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 (loss) from joint ventures and equity income (loss) 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’s calculation of FFO is consistent with the NAREIT definition. The Company calculates Operating FFO by excluding certain non-operating charges and gains. Operating FFO is useful to investors as the Company removes non-comparable charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.

The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company presents NOI information herein on a same store basis or “SSNOI.” The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. The Company presents SSNOI both with and without provisions for uncollectible amounts and/or recoveries thereof. In addition, the Company presents SSNOI both with and without the results of its Puerto Rico portfolio. SSNOI also excludes activity associated with development and major redevelopment and single tenant assets and includes assets owned in comparable periods (15 months for quarter comparisons). SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above.

FFO, Operating FFO, NOI and SSNOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in this release and the accompanying financial supplement.

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; redevelopment and construction activities may not achieve a desired return 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 deleveraging strategy; any impact or results from the Company’s portfolio transition or any change in strategy; and the finalization of the financial statements for the period ended June 30, 2017. 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, 2016. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

DDR Corp.

Income Statement: Consolidated Interests


	$ in thousands, except per share
		2Q17		2Q16		6M17		6M16
	Revenues:
	Minimum rents (1)		$164,623		$178,064		$331,852		$355,431
	Percentage rent		1,823		1,654		3,522		3,590
	Recoveries		55,633		61,376		113,109		122,975
	Other property revenues (2)		5,321		4,762		9,899		10,105

			227,400		245,856		458,382		492,101

	Expenses (3):
	Operating and maintenance		32,150		35,330		65,141		72,588
	Real estate taxes		33,744		36,534		68,073		72,318

			65,894		71,864		133,214		144,906

	Net operating income		161,506		173,992		325,168		347,195

	Other income (expense):
	Fee income		8,787		11,465		18,226		19,643
	Interest income		7,166		9,446		15,558		18,496
	Interest expense		(48,908)		(54,012)		(100,735)		(111,909)
	Depreciation and amortization		(90,276)		(97,698)		(181,160)		(194,600)
	General and administrative (4)		(22,756)		(18,499)		(53,828)		(36,375)
	Other income (expense), net		(954)		2,081		(958)		3,854
	Impairment charges		(28,096)		0		(50,069)		0

	(Loss) income before earnings from JVs and other		(13,531)		26,775		(27,798)		46,304

	Equity in net (loss) income of JVs		(717)		1,117		(2,382)		15,538
	Reserve of preferred equity interests		0		0		(76,000)		0
	Tax expense		(473)		(245)		(696)		(703)
	Gain on disposition of real estate, net		44,599		13,721		82,726		26,102

	Net income (loss)		29,878		41,368		(24,150)		87,241
	Non-controlling interests		(267)		(310)		(480)		(610)

	Net income (loss) DDR		29,611		41,058		(24,630)		86,631
	Preferred dividends		(6,399)		(5,594)		(11,993)		(11,188)

	Net income (loss) Common Shareholders		$23,212		$35,464		($36,623)		$75,443

	Weighted average shares – Basic – EPS		366,987		364,976		366,710		364,834
	Assumed conversion of dilutive securities		43		342		0		346

	Weighted average shares – Diluted – EPS		367,030		365,318		366,710		365,180

	Earnings per common share – Basic & Diluted		$0.06		$0.10		($0.10)		$0.21

	Revenue items:
(1)	Ground lease revenue		$10,796		$10,240		$21,688		$20,340
(2)	Lease termination fees		630		216		808		1,445

(3)	Operating expenses:
	Recoverable expenses		(60,237)		(65,031)		(122,354)		(131,147)
	Non-recoverable expenses		(5,325)		(5,633)		(9,604)		(11,532)
	Bad debt expense		(332)		(1,200)		(1,256)		(2,227)

(4)	General and administrative expenses:
	Separation charges		(5,081)		0		(16,552)		0
	Internal leasing expenses		(1,258)		(1,979)		(2,850)		(4,061)
	Construction administrative costs (capitalized)		1,830		1,948		4,218		3,900

DDR Corp.

Reconciliation: Net Income (Loss) to FFO and Operating FFO

and Other Financial Information


$ in thousands, except per share
	2Q17		2Q16		6M17		6M16
Net income (loss) attributable to Common Shareholders		$23,212		$35,464		($36,623)		$75,443
Depreciation and amortization of real estate		88,423		95,626		177,073		190,480
Equity in net loss (income) of JVs		717		(1,117)		2,382		(15,538)
JVs’ FFO		6,212		6,426		12,794		12,576
Non-controlling interests		76		76		152		152
Impairment of depreciable real estate		19,010		0		40,982		0
Gain on disposition of depreciable real estate, net		(44,525)		(16,154)		(81,423)		(28,250)

FFO attributable to Common Shareholders		$93,125		$120,321		$115,337		$234,863

Reserve of preferred equity interests		0		0		76,000		0
Impairment charges		9,086		0		9,086		0
Separation charges		5,081		0		16,552		0
Transaction, debt extinguishment, other, net		948		(333)		947		(361)
Joint ventures - debt extinguishment, transaction, other		604		20		684		20
(Gain) loss on disposition of non-depreciable real estate, net		(74)		2,433		(1,303)		2,148

Total non-operating items, net		15,645		2,120		101,966		1,807

Operating FFO attributable to Common Shareholders		$108,770		$122,441		$217,303		$236,670

Weighted average shares and units – Basic – FFO & OFFO		367,482		365,851		367,231		365,774
Assumed conversion of dilutive securities		43		341		66		346

Weighted average shares and units – Diluted – FFO & OFFO		367,525		366,192		367,297		366,120

FFO per share – Basic & Diluted		$0.25		$0.33		$0.31		$0.64
Operating FFO per share – Basic & Diluted		$0.30		$0.33		$0.59		$0.65
Common stock dividends declared, per share		$0.19		$0.19		$0.38		$0.38

Certain non-cash items (DDR share):
Straight-line rent, net		$223		$1,298		$657		$2,653
Amortization of (above)/below-market rent, net		4,383		1,159		8,233		1,556
Straight-line ground rent income (expense)		(53)		(182)		216		(276)
Debt fair value and loan cost amortization		(1,131)		(561)		(2,118)		(1,288)
Capitalized interest expense		478		703		876		1,947
Stock compensation expense		(1,584)		(1,690)		(3,492)		(3,298)
Non-real estate depreciation expense		(1,807)		(2,024)		(3,942)		(4,025)
Non-cash interest income		0		1,954		1,283		3,899

Capital expenditures (DDR share):
Development and redevelopment costs		14,041		26,415		29,965		50,887
Maintenance capital expenditures		3,200		6,031		4,024		7,048
Tenant allowances and landlord work		7,007		6,635		19,083		14,091
Leasing commissions		739		1,251		1,377		2,155

DDR Corp.

Balance Sheet: Consolidated Interests


	$ in thousands
		At Period End
		2Q17		4Q16
	Assets:
	Land		$1,938,589		$1,990,406
	Buildings		6,193,366		6,412,532
	Fixtures and tenant improvements		726,721		735,685

			8,858,676		9,138,623
	Depreciation		(2,001,376)		(1,996,176)

			6,857,300		7,142,447
	Construction in progress and land		113,543		105,435

	Real estate, net		6,970,843		7,247,882

	Investments in JVs		117,304		60,793
	Receivable – preferred equity interests, net		318,181		393,338
	Cash		414,074		30,430
	Restricted cash		61,462		8,795
	Notes receivable, net		19,590		49,503
	Receivables, net (1)		114,449		121,367
	Intangible assets, net		216,602		241,598
	Other assets, net		37,533		43,812

	Total Assets		8,270,038		8,197,518

	Liabilities and Equity:
	Unsecured debt		3,060,345		2,913,217
	Unsecured term loan		398,316		398,399
	Secured debt		1,108,005		1,182,352

			4,566,666		4,493,968

	Dividends payable		76,744		75,245
	Other liabilities (2)		368,412		382,293

	Total Liabilities		5,011,822		4,951,506

	Preferred shares		525,000		350,000
	Common shares		36,715		36,630
	Paid-in capital		5,499,103		5,487,212
	Distributions in excess of net income		(2,809,110)		(2,632,327)
	Deferred compensation		10,254		15,149
	Other comprehensive income		(2,632)		(4,192)
	Common shares in treasury at cost		(9,816)		(14,957)
	Non-controlling interests		8,702		8,497

	Total Equity		3,258,216		3,246,012

	Total Liabilities and Equity		$8,270,038		$8,197,518

(1)	Straight-line rents receivable, net		$63,209		$65,072

(2)	Below-market leases, net		136,638		147,941

DDR Corp.

Reconciliation of Net Income Attributable to DDR to Same Store NOI (1)


$ in thousands
					At DDR Share (Non-GAAP)
	2Q17		2Q16		2Q17		2Q16
GAAP Reconciliation:
Net income attributable to DDR		$29,611		$41,058		$29,611		$41,058
Fee income		(8,787)		(11,465)		(8,787)		(11,465)
Interest income		(7,166)		(9,446)		(7,166)		(9,446)
Interest expense		48,908		54,012		48,908		54,012
Depreciation and amortization		90,276		97,698		90,276		97,698
General and administrative		22,756		18,499		22,756		18,499
Other expense		954		(2,081)		954		(2,081)
Impairment charges		28,096		0		28,096		0
Equity in net loss (income) of joint ventures		717		(1,117)		717		(1,117)
Reserve of preferred equity interests		0		0		0		0
Tax expense		473		245		473		245
Gain on disposition of real estate		(44,599)		(13,721)		(44,599)		(13,721)
Income from non-controlling interests		267		310		267		310

Consolidated NOI		161,506		173,992		161,506		173,992
DDR’s consolidated JV		0		0		(396)		(454)

Consolidated NOI, net of non-controlling interests		161,506		173,992		161,110		173,538

Net (loss) income from unconsolidated joint ventures		(33,702)		(4,933)		(1,163)		714
Interest expense		29,004		33,319		4,606		5,278
Depreciation and amortization		47,589		49,021		5,747		5,635
Impairment charges		27,850		0		1,392		0
Preferred share expense		8,239		8,305		412		415
Other expense, net		9,054		6,319		1,611		1,011
Loss (gain) on disposition of real estate, net		803		(114)		40		(22)

Unconsolidated NOI		88,837		91,917		12,645		13,031

Total Consolidated + Unconsolidated NOI		250,343		265,909		173,755		186,569
Less: Non-Same Store NOI adjustments		(16,787)		(32,167)		(16,533)		(29,157)

Total SSNOI (including Puerto Rico and bad debt expense)		$233,556		$233,742		$157,222		$157,412

Less: Puerto Rico Same Store NOI		(20,562)		(20,776)		(20,562)		(20,776)

Total SSNOI excluding Puerto Rico (including bad debt expense)		$212,994		$212,966		$136,660		$136,636

Add: bad debt expense		1,262		1,729		856		1,250

Total SSNOI (excluding bad debt expense)		$234,818		$235,471		$158,078		$158,662

SSNOI % Change (including Puerto Rico and bad debt expense)		(0.1%)				(0.1%)
SSNOI % Change excluding Puerto Rico		0.0%				0.0%
SSNOI % Change (excluding bad debt expense)		(0.3%)				(0.4%)

(1) Excludes major redevelopment activity; see Investments section for additional detail. See calculation definition in the Non-GAAP Measures section.

DDR Corp.

Portfolio Summary


GLA in thousands
	06/30/17		03/31/17		12/31/16		09/30/16		06/30/16

Shopping Center Summary
Operating Centers - 100%		298		309		319		327		349
Wholly Owned - Domestic		136		144		153		157		177
Wholly Owned - Puerto Rico		12		14		14		14		14
JV Portfolio		150		151		152		156		158

Owned and Ground Lease GLA - 100%		72,686		74,400		75,815		76,631		81,147
Owned and Ground Lease GLA - DDR Share		48,053		49,633		50,983		51,508		55,988
Wholly Owned - Domestic		39,307		40,515		41,871		42,380		46,857
Wholly Owned - Puerto Rico		4,441		4,807		4,807		4,807		4,807
JV Portfolio - 100%		28,938		29,078		29,137		29,444		29,483
JV Portfolio - DDR Share		4,305		4,311		4,305		4,321		4,324
Unowned GLA - 100%		27,352		28,586		29,933		30,622		31,390



Quarterly Operational Overview

DDR Share
Base Rent PSF		$16.09		$15.83		$15.46		$15.36		$14.92
Base Rent PSF < 10K		$26.72		$26.43		$26.16		$26.05		$25.53
Base Rent PSF > 10K		$13.01		$12.83		$12.49		$12.39		$12.08
Leased Rate		93.7%		94.3%		95.0%		95.4%		96.1%
Commenced Rate		91.5%		92.5%		93.8%		93.9%		94.4%
Leased Rate < 10K SF		87.9%		88.3%		89.4%		89.9%		89.6%
Leased Rate > 10K SF		95.4%		96.2%		96.6%		97.0%		98.1%

Wholly Owned Domestic (100%)
Base Rent PSF		$15.79		$15.49		$15.04		$15.01		$14.50
Leased Rate		94.0%		94.7%		95.2%		95.7%		96.6%
Leased Rate < 10K SF		89.4%		89.5%		90.5%		91.2%		90.4%
Leased Rate > 10K SF		95.3%		96.2%		96.5%		97.0%		98.3%

Wholly Owned Puerto Rico (100%)
Base Rent PSF		$20.82		$20.31		$20.59		$19.69		$19.93
Leased Rate		90.4%		90.9%		92.6%		92.6%		92.8%
Leased Rate < 10K SF		80.5%		82.0%		83.6%		83.3%		84.2%
Leased Rate > 10K SF		95.1%		95.1%		96.8%		96.8%		96.8%

Joint Venture DDR Share
Base Rent PSF		$14.71		$14.63		$14.62		$14.56		$14.55
Leased Rate		93.8%		94.6%		95.4%		94.9%		94.9%
Leased Rate < 10K SF		86.2%		87.7%		88.3%		88.0%		89.1%
Leased Rate > 10K SF		96.6%		97.2%		98.1%		97.5%		97.0%

DDR (100%)
Base Rent PSF		$15.46		$15.27		$15.00		$14.92		$14.63
Base Rent PSF < 10K		$25.39		$25.18		$24.95		$24.84		$24.43
Base Rent PSF > 10K		$12.54		$12.41		$12.17		$12.09		$11.90
Leased Rate		93.7%		94.4%		95.0%		95.1%		95.7%
Commenced Rate		91.7%		92.6%		93.6%		93.8%		94.1%
Leased Rate < 10K SF		87.6%		88.1%		88.9%		89.1%		89.1%
Leased Rate > 10K SF		95.7%		96.4%		96.9%		97.0%		97.7%

Joint Venture (100%)
Base Rent PSF		$14.34		$14.26		$14.17		$14.10		$14.09
Leased Rate		93.9%		94.7%		95.2%		94.7%		94.6%
Leased Rate < 10K SF		86.9%		87.8%		87.9%		87.6%		88.4%
Leased Rate > 10K SF		96.2%		96.9%		97.6%		97.1%		96.7%



Operational Statistics
% of Aggregate Property NOI - Wholly Owned - Domestic - DDR Share		79.3%		78.3%		79.5%		80.0%		80.9%
% of Aggregate Property NOI - Wholly Owned - Puerto Rico - DDR Share		12.4%		13.6%		12.7%		12.3%		11.8%
% of Aggregate Property NOI - Joint Venture - DDR Share		8.3%		8.1%		7.8%		7.7%		7.3%

Same Store NOI
DDR Share		-0.1%		-0.1%		2.0%		3.4%		3.1%
Wholly Owned - Domestic		0.1%		0.3%		1.7%		3.3%		3.1%
Wholly Owned - Puerto Rico		-1.0%		-3.3%		-1.1%		2.1%		-0.5%
JV Portfolio at DDR Share		-1.1%		2.2%		5.2%		4.2%		3.9%
DDR - 100%		-0.1%		0.5%		2.8%		3.3%		2.7%

TTM Total Leasing - DDR Share (000s)		6,710		6,175		5,848		6,057		6,160
TTM Blended New and Renewal Rent Spreads - DDR Share		6.9%		7.8%		9.1%		9.7%		9.3%

DDR Corp.

Capital Structure


$, shares and units in thousands, except per share
	June 30, 2017				June 30, 2016

Capital Structure	Amount		% of Total		Amount		% of Total

Common Shares Equity		$3,333,613		38%		$6,637,440		54%

Perpetual Preferred Stock – Class J		200,000		2%		200,000		2%

Perpetual Preferred Stock – Class K		150,000		2%		150,000		1%

Perpetual Preferred Stock - Class A		175,000		2%		0		0%

Unsecured Credit Facilities		0		0%		265,000		2%

Unsecured Term Loan		400,000		5%		400,000		3%

Unsecured Public Debt		3,076,797		35%		2,926,756		24%

Secured Term Loan		200,000		2%		200,000		2%

DDR Share of Unconsolidated Debt		359,281		4%		425,284		3%

Fixed Rate Mortgage Debt (excludes partners’ share)		870,451		10%		1,071,252		9%

Variable Rate Mortgage Debt		25,565		0%		77,325		0%


Total Debt		4,932,094		56%		5,365,617		43%



Total		$8,790,707		100%		$12,353,057		100%

Capital Structure Detail

Common Shares Outstanding		367,144				365,502

Operating Partnership Units		399				399

Total Outstanding Common Shares		367,543				365,901

Market Value per Share		$9.07				$18.14

Common Shares Equity		$3,333,613				$6,637,440

Partners’ Share of Consolidated Debt (excluded above)		$9,837				$9,900

DDR Share of Unconsolidated Debt (included above)		$359,281				$425,284

Debt/Adjusted EBITDA – Consolidated (1)		6.2x				6.7x

Debt/Adjusted EBITDA – Pro Rata (1)		6.5x				7.0x

Credit Ratings

Public Debt Covenants

Debt Rating

Outlook

Actual

Covenant

Threshold

Moody’s

Baa2

Negative

Total Debt to Real Estate Assets Ratio

49%

£ 65%

S&P

BBB-

Stable

Secured Debt to Assets Ratio

11%

£ 40%

Fitch

BBB-

Stable

Unencumbered Assets to Unsecured Debt

197%

³ 135%

Fixed Charge Coverage Ratio

2.7x

³ 1.5x

(1) Excludes Perpetual Preferred Stock.

DDR Corp.

Same Store Metrics (1)

$ in thousands


	Same Store at 100%								Same Store at DDR Share

	2Q17			2Q16			Change		2Q17			2Q16			Change

Leased Rate		93.7%			95.5%			-1.8%		93.6%			96.0%			-2.4%
Commenced Rate		91.9%			94.0%			-2.1%		91.9%			94.4%			-2.5%

Revenues:
Base Rents		$242,337			$241,281			0.4%		$161,969			$161,284			0.4%
Recoveries		82,717			83,227			-0.6%		56,724			57,283			-1.0%
Other		5,725			5,163			10.9%		4,673			4,341			7.6%

		330,779			329,671			0.3%		223,366			222,908			0.2%

Expenses:
Operating		(45,434	)		(45,313	)		0.3%		(30,992	)		(30,781	)		0.7%
Real Estate Taxes		(50,527	)		(48,887	)		3.4%		(34,296	)		(33,465	)		2.5%
Bad Debt Expense		(1,262	)		(1,729	)		-27.0%		(856	)		(1,250	)		-31.5%

		(97,223	)		(95,929	)		1.3%		(66,144	)		(65,496	)		1.0%

Total SSNOI including impact of bad debt expense		$233,556			$233,742			-0.1%		$157,222			$157,412			-0.1%
Total SSNOI excluding impact of bad debt expense		$234,818			$235,471			-0.3%		$158,078			$158,662			-0.4%

Less: Puerto Rico Same Store NOI (2)		(20,562	)		(20,776	)		-1.0%		(20,562	)		(20,776	)		-1.0%

Total SSNOI excluding Puerto Rico		$212,994			$212,966			0.0%		$136,660			$136,636			0.0%

Non-Same Store NOI (3)		16,787			32,167					16,533			29,157

Total Consolidated + Unconsolidated NOI		$250,343			$265,909					$173,755			$186,569

(1) See calculation definition in the Non-GAAP Measures section.

(2) Excludes management fees that are eliminated in consolidation.

(3) See Investments section for detail on major redevelopment activity. Includes results of single-tenant assets. Represents 9.5% of total NOI at DDR share.

DDR Corp.

Leasing Summary

At DDR share except for count; $ and GLA in thousands

Leasing Activity


	Comparable Pool															Total Pool

					New		Prior					Wtd Avg								New		Wtd Avg
	Count				Rent		Rent		Rent			Term				Count				Rent		Term
	At 100%		GLA		PSF		PSF		Spread			(Years)				At 100%		GLA		PSF		(Years)

New Leases

2Q17		28		147,505		$15.16		$13.78		10.0%			9.2				73		410,093		$16.29		9.7

1Q17		39		369,603		10.90		10.60		2.8%	(1)		10.4				78		566,261		12.57		10.2

4Q16		37		117,938		18.12		15.86		14.2%			7.8				73		198,564		18.03		8.1

3Q16		42		126,485		19.95		16.47		21.1%			7.9				83		265,257		18.29		8.3

		146		761,531		$14.35		$13.00		10.4%			9.0				307		1,440,175		$15.44		9.3

Renewals

2Q17		185		1,504,824		$13.77		$13.03		5.7%			5.2				185		1,504,824		$13.77		5.2

1Q17		207		1,188,089		16.07		15.12		6.3%			4.8				207		1,188,089		16.07		4.8

4Q16		199		1,069,818		14.07		13.29		5.9%			5.2				199		1,069,818		14.07		5.2

3Q16		227		1,507,262		14.52		13.44		8.0%			5.6				227		1,507,262		14.52		5.6

		818		5,269,993		$14.56		$13.67		6.5%			5.2				818		5,269,993		$14.56		5.2

New + Renewals

2Q17		213		1,652,329		$13.89		$13.10		6.0%			5.6				258		1,914,917		$14.31		6.3

1Q17		246		1,557,692		14.84		14.05		5.6%			5.7				285		1,754,350		14.94		6.2

4Q16		236		1,187,756		14.48		13.55		6.9%			5.5				272		1,268,382		14.69		5.6

3Q16		269		1,633,747		14.94		13.67		9.3%			5.8				310		1,772,519		15.08		6.0

		964		6,031,524		$14.53		$13.59		6.9%			5.7				1,125		6,710,168		$14.75		6.1

Net Effective Rents
					Avg		TA		LL Work			Commission		Total		Net		Wtd Avg
					Rent		Capex		Capex			Capex		Capex		Effective		Term
			GLA (2)		PSF		PSF		PSF			PSF		PSF		Rent PSF		(Years)

New Leases (2)

2Q17				261,257		$17.07		$3.42		$3.79			$0.35		$7.56		$9.51		8.8

1Q17				411,594		12.67		1.91		1.38			0.22		3.51		9.16		9.8

4Q16				187,064		18.98		2.81		1.71			0.42		4.94		14.04		7.9

3Q16				253,944		18.91		2.58		2.43			0.39		5.40		13.51		8.2

				1,113,859		$16.18		$2.56		$2.21			$0.32		$5.09		$11.09		8.8

Renewals

2Q17				1,504,824		$13.93		$0.07		$0.00			$0.00		$0.07		$13.86		5.2

1Q17				1,188,089		16.19		0.01		0.00			0.00		0.01		16.18		4.8

4Q16				1,069,818		14.28		0.02		0.02			0.00		0.04		14.24		5.2

3Q16				1,507,262		14.67		0.71		0.00			0.03		0.74		13.93		5.6

				5,269,993		$14.72		$0.24		$0.01			$0.01		$0.26		$14.46		5.2

(1) Excluding the retenanting of a dark but rent-paying anchor box at Plaza del Norte, new leasing spreads for 1Q17 and TTM would be 15.8% and 15.4%, respectively. Excluding Puerto Rico, domestic new leasing spreads for 1Q17 and TTM would be 17.7% and 19.0%, respectively.

(2) New Leases exclude development and redevelopment activity.

DDR Corp.

Top 50 Tenants

$ and GLA in thousands


		Number of Units						Base Rent						Owned GLA						Credit Ratings
	Tenant	Wholly Owned		JV		Total		Pro Rata		% of Total		At 100%		Pro Rata		% of Total		At 100%		(S&P/Moody’s/Fitch)
1	TJX Companies (1)		62		40		102	$	25,711		3.8%	$	36,883		2,112		4.4%		3,204	A+/A2/NR

2	Bed Bath & Beyond (2)		56		30		86		22,600		3.4%		30,982		1,783		3.7%		2,479	BBB+/Baa1/NR

3	PetSmart		53		32		85		18,739		2.8%		28,161		1,178		2.5%		1,807	B+/B1/NR

4	Dick’s Sporting Goods (3)		23		17		40		16,766		2.5%		25,684		1,164		2.4%		1,891	NR

5	AMC Theatres		7		5		12		16,144		2.4%		22,310		646		1.3%		936	B+/B1/B

6	Walmart (4)		17		4		21		15,762		2.4%		19,102		2,397		5.0%		2,857	AA/Aa2/AA

7	Best Buy		25		13		38		15,532		2.3%		22,491		1,027		2.1%		1,450	BBB-/Baa1/BBB-

8	Kohl’s		20		9		29		15,024		2.2%		20,318		1,901		4.0%		2,565	BBB-/Baa2/BBB

9	Ross Stores (5)		40		34		74		13,172		2.0%		21,265		1,302		2.7%		2,170	A-/A3/NR

10	Michaels		37		25		62		12,749		1.9%		18,706		954		2.0%		1,453	BB-/Ba2/NR

11	Gap (6)		38		24		62		11,342		1.7%		16,492		682		1.4%		1,004	BB+/Baa2/BB+

12	Ulta		38		19		57		9,749		1.5%		13,950		422		0.9%		611	NR

13	Ascena (7)		70		26		96		8,941		1.3%		11,462		439		0.9%		572	BB-/Ba3/NR

14	Office Depot (8)		24		15		39		8,420		1.3%		12,405		548		1.1%		815	NR/B1/NR

15	Toys “R” Us (9)		16		6		22		8,240		1.2%		9,220		749		1.6%		919	B-/B3/CCC

16	Barnes & Noble		14		9		23		7,624		1.1%		10,814		382		0.8%		570	NR

17	Kroger (10)		7		12		19		6,974		1.0%		11,374		591		1.2%		1,116	BBB/Baa1/BBB

18	Nordstrom Rack		10		2		12		6,686		1.0%		7,881		367		0.8%		431	BBB+/Baa1/BBB+

19	Lowe’s		7		1		8		6,555		1.0%		7,257		935		1.9%		1,047	A-/A3/NR

20	Jo-Ann		18		10		28		6,524		1.0%		9,056		594		1.2%		873	B/Caa1/NR

21	Petco		22		10		32		6,373		1.0%		8,402		324		0.7%		443	B/B2/NR

22	Mattress Firm		44		17		61		6,340		0.9%		8,315		222		0.5%		297	NR

23	Five Below		39		18		57		6,137		0.9%		8,219		360		0.7%		488	NR

24	Cinemark		5		3		8		6,102		0.9%		7,976		403		0.8%		520	BB/NR/NR

25	LA Fitness		9		3		12		6,004		0.9%		8,246		440		0.9%		554	NR

26	DSW		16		10		26		5,934		0.9%		8,780		373		0.8%		564	NR

27	Regal Cinemas		7		1		8		5,903		0.9%		8,003		388		0.8%		457	B+/B1/B+

28	Pier 1 Imports		21		13		34		5,410		0.8%		7,620		240		0.5%		349	B/NR/NR

29	Home Depot		6		3		9		5,293		0.8%		6,768		685		1.4%		1,042	A/A2/A

30	Party City		23		15		38		5,214		0.8%		7,763		300		0.6%		470	NR

31	Dollar Tree Stores		37		28		65		5,035		0.8%		7,760		428		0.9%		654	BB+/Ba1/NR

32	Staples		13		16		29		5,031		0.8%		8,707		332		0.7%		588	BBB-/Baa2/BB+

33	AT&T		48		21		69		4,745		0.7%		6,078		126		0.3%		174	BBB+/Baa1/A-

34	Whole Foods		3		3		6		4,702		0.7%		6,363		210		0.4%		311	BBB-/Baa3/NR

35	Famous Footwear		27		11		38		4,439		0.7%		5,613		225		0.5%		287	BB/Ba3/NR

36	Burlington		7		3		10		4,340		0.6%		5,930		466		1.0%		693	BB/NR/NR

37	Hobby Lobby		8		8		16		3,902		0.6%		7,156		499		1.0%		877	NR

38	Publix		2		33		35		3,557		0.5%		15,457		405		0.8%		1,698	NR

39	Carter’s Childrenswear		28		10		38		3,316		0.5%		4,041		126		0.3%		158	BB+/Ba1/NR

40	Panera		21		14		35		3,247		0.5%		4,966		108		0.2%		168	NR

41	Tailored Brands (11)		20		8		28		3,082		0.5%		4,168		137		0.3%		190	B/NR/NR

42	Rainbow Apparel		26		8		34		2,915		0.4%		3,638		140		0.3%		188	NR

43	Ahold Delhaize (12)		4		6		10		2,911		0.4%		8,393		231		0.5%		539	BBB/Baa2/BBB

44	Chili’s Restaurant		20		5		25		2,910		0.4%		3,572		125		0.3%		152	BB+/Ba1/BB+

45	Footlocker		20		0		20		2,829		0.4%		2,829		78		0.2%		78	BB+/Ba1/NR

46	Stein Mart		7		8		15		2,759		0.4%		4,630		310		0.6%		521	NR

47	L Brands (13)		24		14		38		2,738		0.4%		3,751		101		0.2%		136	BB+/Ba1/BB+

48	Sprint		27		16		43		2,645		0.4%		3,616		66		0.1%		102	B/B2/B+

49	Giant Eagle		2		3		5		2,587		0.4%		5,289		219		0.5%		449	NR

50	BJ’s Wholesale Club		2		1		3		2,521		0.4%		3,780		229		0.5%		339	B-/B3/NR
	Top 50 Total		1,120		642		1,762	$	382,175		57.0%	$	551,642		28,469		59.2%		42,256

	Total Portfolio							$	670,635		100.0%	$	985,592		48,053		100.0%		72,686



⁽¹⁾ T.J. Maxx (38) / Marshalls (42) / HomeGoods (21) / Sierra Trading (1)		⁽⁸⁾ Office Depot (16) / OfficeMax (23)

⁽²⁾ Bed Bath (52) / World Market (22) / buybuy Baby (10) / CTS (2)		⁽⁹⁾ Toys “R” Us (6) / Babies “R” Us (12) / Toys-Babies Combo (4)

⁽³⁾ Dick’s Sporting Goods (37) / Golf Galaxy (3)		⁽¹⁰⁾ Kroger (10) / Harris Teeter (5) / King Soopers (1) / Pick ‘n Save (2) / Mariano’s (1)

⁽⁴⁾ Walmart (16) / Sam’s Club (2) / Neighborhood Market (3)		⁽¹¹⁾ Men’s Wearhouse (19) / Jos. A. Bank (7) / K&G Fashion Superstore (2)

⁽⁵⁾ Ross Dress for Less (71) / dd’s Discounts (3)		⁽¹²⁾ Stop & Shop (5) / Martin’s (2) / Food Lion (2) / Other (1)

⁽⁶⁾ Gap (5) / Old Navy (55) / Banana Republic (2)		⁽¹³⁾ Bath & Body Works (33) / Victoria’s Secret (5)

⁽⁷⁾Ann Taylor (4) / Catherine’s (6) / Dress Barn (28) / Justice (21) / Lane Bryant (26) / Maurice’s (11)

DDR Corp.

Lease Expirations

At DDR share except for count; $ and GLA in thousands


Assumes no exercise of lease options

	Greater than 10K SF					Less than 10K SF					Total
Year	# of Leases	Expiring SF	ABR	Rent PSF	% of ABR > 10K	# of Leases	Expiring SF	ABR	Rent PSF	% of ABR < 10K	# of Leases	Expiring SF	ABR	Rent PSF	% of ABR Total

MTM	6	142	$1,901	$13.39	0.5%	138	156	$4,755	$30.48	2.0%	144	298	$6,656	$22.34	1.1%
2017	27	678	6,570	$9.69	1.7%	296	456	10,867	$23.83	4.7%	323	1,134	17,437	$15.38	2.8%
2018	160	3,208	40,283	$12.56	10.3%	834	1,512	39,943	$26.42	17.2%	994	4,720	80,226	$17.00	12.9%
2019	189	4,162	50,639	$12.17	13.0%	731	1,177	31,321	$26.61	13.5%	920	5,339	81,960	$15.35	13.1%
2020	166	3,477	44,496	$12.80	11.4%	677	1,095	29,834	$27.25	12.8%	843	4,572	74,330	$16.26	11.9%
2021	227	4,645	57,952	$12.48	14.8%	706	1,160	29,662	$25.57	12.8%	933	5,805	87,614	$15.09	14.1%
2022	233	4,970	61,096	$12.29	15.6%	503	920	25,273	$27.47	10.9%	736	5,890	86,369	$14.66	13.9%
2023	140	2,845	34,058	$11.97	8.7%	212	601	15,231	$25.34	6.6%	352	3,446	49,289	$14.30	7.9%
2024	93	1,868	23,483	$12.57	6.0%	199	570	15,306	$26.85	6.6%	292	2,438	38,789	$15.91	6.2%
2025	65	1,188	17,736	$14.93	4.5%	160	418	11,137	$26.64	4.8%	225	1,606	28,873	$17.98	4.6%
2026	56	909	13,599	$14.96	3.5%	150	420	12,252	$29.17	5.3%	206	1,329	25,851	$19.45	4.1%
Thereafter	89	2,376	39,027	$16.43	10.0%	108	262	6,949	$26.52	3.0%	197	2,638	45,976	$17.43	7.4%

Total	1,451	30,468	$390,840	$12.83	100.0%	4,714	8,747	$232,530	$26.58	100.0%	6,165	39,215	$623,370	$15.90	100.0%


Assumes all lease options are exercised

	Greater than 10K SF					Less than 10K SF					Total
Year	# of Leases	Expiring SF	ABR	Rent PSF	% of ABR > 10K	# of Leases	Expiring SF	ABR	Rent PSF	% of ABR < 10K	# of Leases	Expiring SF	ABR	Rent PSF	% of ABR Total

MTM	4	61	$904	$14.82	0.2%	121	141	$4,487	$31.82	1.9%	125	202	$5,391	$26.69	0.9%
2017	7	115	1,059	$9.21	0.3%	187	285	6,895	$24.19	3.0%	194	400	7,954	$19.89	1.3%
2018	30	363	4,025	$11.09	1.0%	469	789	22,338	$28.31	9.6%	499	1,152	26,363	$22.88	4.2%
2019	19	244	3,649	$14.95	0.9%	422	650	18,331	$28.20	7.9%	441	894	21,980	$24.59	3.5%
2020	25	272	4,831	$17.76	1.2%	376	522	16,145	$30.93	6.9%	401	794	20,976	$26.42	3.4%
2021	26	322	5,566	$17.29	1.4%	415	550	15,117	$27.49	6.5%	441	872	20,683	$23.72	3.3%
2022	37	447	7,341	$16.42	1.9%	350	517	15,329	$29.65	6.6%	387	964	22,670	$23.52	3.6%
2023	20	290	4,937	$17.02	1.3%	289	511	13,886	$27.17	6.0%	309	801	18,823	$23.50	3.0%
2024	23	385	5,496	$14.28	1.4%	267	428	12,763	$29.82	5.5%	290	813	18,259	$22.46	2.9%
2025	27	467	5,862	$12.55	1.5%	252	444	11,710	$26.37	5.0%	279	911	17,572	$19.29	2.8%
2026	38	470	7,621	$16.21	1.9%	253	431	12,028	$27.91	5.2%	291	901	19,649	$21.81	3.2%
Thereafter	1,195	27,032	339,549	$12.56	86.9%	1,313	3,479	83,501	$24.00	35.9%	2,508	30,511	423,050	$13.87	67.9%

Total	1,451	30,468	$390,840	$12.83	100.0%	4,714	8,747	$232,530	$26.58	100.0%	6,165	39,215	$623,370	$15.90	100.0%

DDR Corp.

Developments/Redevelopments

$ in thousands


	DDR Own %			Project Yield			Est. Total Net Cost		Cost Incurred To Date		Est. Remain Costs		Placed In Service		CIP (1)		Initial Occupancy		Est. Stabilized Quarter	Key Tenants

Consolidated Summary

Redevelopments - Major (2)					8	%		$133,557		$73,435		$60,122		$33,989		$39,446

Redevelopments -Minor (3)					11	%		108,076		36,138		71,938		18,412		17,726

Other (4)					N/A			N/A		27,301		0		0		27,301

Undeveloped land (5)					N/A			N/A		29,070		0		0		29,070

								$241,633		$165,944		$132,060		$52,401		$113,543
Redevelopments - Major

Lee Vista Promenade (Orlando, FL)		100	%					$39,241		$22,937		$16,304		$0		$22,937		1Q18	1Q19	Academy Sports, Bealls

Kenwood Square (Cincinnati, OH)		100	%					30,928		20,936		9,992		19,384		1,552		4Q16	2Q18	Dick’s Sporting Goods, T.J. Maxx, Five Below, Marshalls

West Bay Plaza (Cleveland, OH)		100	%					27,792		1,474		26,318		0		1,474		4Q18	3Q19	Fresh Thyme

Belgate Shopping Center (expansion) (Charlotte, NC)		100	%					23,778		19,117		4,661		13,181		5,936		3Q16	4Q17	Burlington, T.J. Maxx

Plaza del Sol (expansion) (San Juan, PR)		100	%					11,818		8,971		2,847		1,424		7,547		4Q17	4Q17	Dave & Busters

								$133,557		$73,435		$60,122		$33,989		$39,446

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

(2)	Projects excluded from same store NOI.

(3)	Projects included in same store NOI.

(4)	Includes predevelopment and retenanting expenditures.

(5)	Balance is in addition to owned land adjacent to existing centers with an estimated value of $27 million and cost basis of the headquarters (non-income producing) of $41 million.

DDR Corp.

Transactions

$ and GLA in thousands


							Total
				DDR			Owned		At 100%				At DDR Share
	Property Name	City, State		Own %			GLA		Price		Debt		Price		Debt

Acquisitions

01/10/17	3030 North Broadway		Chicago, IL		100.0	%		132		$81,000		$0		$81,000		$0
02/28/17	Arrowhead Crossing outparcel		Phoenix, AZ		100.0	%		9		6,250		0		6,250		0

			Total Year to Date					141		$87,250		$0		$87,250		$0


Dispositions

01/24/17	The Junction		Jackson, MS		100.0	%		108		$7,000		$0		$7,000		$0
01/25/17	Morris Corners		Springfield, MO		100.0	%		56		1,500		0		1,500		0
02/03/17	Valley Park Centre		Russellville, AR		100.0	%		296		22,390		0		22,390		0
02/16/17	Chesterfield Crossing		Richmond, VA		100.0	%		89		14,350		0		14,350		0
02/17/17	Shops at Turner Hill/Turner Hill Marketplace		Lithonia, GA		100.0	%		157		8,750		0		8,750		0
02/22/17	Indian Springs Market Center		Cincinnati, OH		100.0	%		146		7,300		0		7,300		0
03/24/17	Southland Crossings		Youngstown, OH		100.0	%		537		41,700		23,403		41,700		23,403
03/24/17	Shelby Corners (BRE DDR Retail Holdings III)		Utica, MI		5.0	%		76		5,500		4,187		275		209
03/28/17	Barrington Town Center		Cleveland, OH		100.0	%		113		13,100		0		13,100		0
			Non-operating sales							2,105				2,105

			1Q Total					1,578		$123,695		$27,590		$118,470		$23,612

04/07/17	Warner Robins Place		Warner Robins, GA		100.0	%		119		$17,910		$0		$17,910		$0
04/14/17	Loan repayment (Northridge Plaza)		Olathe, KS		100.0	%				30,901				30,901
05/08/17	Telegraph Plaza (BRE DDR Retail Holdings III)		Monroe, MI		5.0	%		141		12,350		0		618		0
05/26/17	The Marketplace at Delta Township		Lansing, MI		100.0	%		174		19,000		0		19,000		0
05/31/17	Jefferson Plaza		Newport News, VA		100.0	%		47		7,887		0		7,887		0
06/12/17	New Tampa Commons		Tampa, FL		100.0	%		10		4,100		0		4,100		0
06/13/17	Northland Square		Cedar Rapids, IA		100.0	%		187		22,025		0		22,025		0
06/27/17	Mooresville Consumer Square		Mooresville, NC		100.0	%		472		48,230		0		48,230		0
06/29/17	Jefferson County Plaza		Arnold, MO		100.0	%		42		1,000		0		1,000		0
06/29/17	Walmart		Alliance, OH		100.0	%		200		16,710		0		16,710		0
06/30/17	Plaza del Oeste & Rexville Plaza		San German & Bayamon, PR		100.0	%		365		57,250		0		57,250		0
			Non-operating sales							100				100

			2Q Total					1,757		$237,463		$0		$225,731		$0

07/13/17	Cordova Commons (BRE DDR Retail Holdings III)		Pensacola, FL		5.0	%		164		$35,200		$26,096		$1,760		$1,305
07/13/17	Bellview Plaza (BRE DDR Retail Holdings III)		Pensacola, FL		5.0	%		83		11,555		4,145		578		207
07/13/17	Shops at Cedar Point (1)		Allentown, PA		0.3	%		131		19,150		12,000		57		36
07/13/17	Wedgewood Commons (1)		Stuart, FL		0.3	%		165		23,200		13,011		70		39
07/14/17	Del Monte Plaza (BRE DDR Retail Holdings III)		Reno, NV		5.0	%		83		24,100		9,616		1,205		481
	Preferred equity repayment		Various		100.0	%				2,600				2,600

			3Q Total					626		$115,805		$64,868		$6,270		$2,068

			Total Year to Date					3,961		$476,963		$92,458		$350,471		$25,680

(1)	Asset included in the collateral for BRE DDR Retail Holdings IV preferred interest. The Company does not have a material interest, but provides property asset management services.

DDR Corp.

Debt Summary

$ in thousands


	Consolidated							Unconsolidated					Total Pro Rata
Debt Composition	Total 100%			Total DDR Share			GAAP Interest Rate DDR Share	Total 100%	Total DDR Share			GAAP Interest Rate DDR Share	Total DDR Share			GAAP Interest Rate

Unsecured Credit Facilities		$0			$0		2.22%							$0		2.22%
Unsecured Term Loan		400,000			400,000		2.32%							400,000		2.32%
Unsecured Public Debt		3,076,797			3,076,797		4.75%							3,076,797		4.75%
Secured Term Loan		200,000			200,000		2.57%							200,000		2.57%
Fixed Rate Mortgage Loans		880,288			870,451		4.50%	$984,089		$146,840		4.27%		1,017,291		4.47%
Variable Rate Mortgage Loans		25,565			25,565		2.18%	1,714,243		212,441		3.12%		238,006		3.02%

Subtotal		$4,582,650			$4,572,813		4.38%	$2,698,332		$359,281		3.59%		$4,932,094		4.32%
Fair Market Value Adjustment		4,521			4,521			13,442		672				5,193
Unamortized Loan Costs, Net		(20,505	)		(20,402	)		(21,107)		(3,857	)			(24,259	)

Total		$4,566,666			$4,556,932		4.38%	$2,690,667		$356,096		3.59%		$4,913,028		4.32%

Consolidated Maturity Schedule (1)							Principal Payments	Secured Maturities	Unsecured Maturities			Total 100%	Total Pro Rata			Pro Rata GAAP Interest Rate

2017							$11,758	$126,465		$0		$138,223		$138,223		3.55%
2018 (2)							19,359	302,605		382,196		704,160		704,160		4.49%
2019							15,407	169,348		0		184,755		184,755		5.41%
2020							7,314	279,894		700,000		987,208		987,208		4.61%
2021							4,366	126,459		300,000		430,825		430,825		3.97%
2022							59	42,819		450,000		492,878		483,041		4.68%
2023							0	0		300,000		300,000		300,000		3.52%
2024							0	0		0		0		0		0.00%
2025							0	0		500,000		500,000		500,000		3.79%
2026 and beyond							0	0		850,000		850,000		850,000		4.43%
Unsecured debt discount										(5,399	)	(5,399)		(5,399	)

Total							$58,263	$1,047,590		$3,476,797		$4,582,650		$4,572,813		4.38%

Unconsolidated Maturity Schedule (1)							Principal Payments	Secured Maturities	Unsecured Maturities			Total 100%	Total Pro Rata			Pro Rata GAAP Interest Rate

2017							$2,968	$28,371		$0		$31,339		$5,684		4.75%
2018							4,787	106,548		0		111,335		10,081		4.38%
2019							4,824	623,088		0		627,912		31,187		2.91%
2020							5,535	403,673		0		409,208		56,251		2.89%
2021							5,057	255,172		0		260,229		60,521		4.58%
2022							3,468	1,038,028		0		1,041,496		157,966		3.43%
2023							2,930	93,177		0		96,107		4,803		4.25%
2024							1,352	83,688		0		85,040		13,038		4.31%
2025							903	0		0		903		0		0.00%
2026 and beyond							2,148	32,615		0		34,763		19,750		0.00%

Total							$33,972	$2,664,360		$0		$2,698,332		$359,281		3.59%


% of Total (3)							Consolidated	Wtd Avg GAAP Rate	Unconsolidated			Wtd Avg GAAP Rate	Total			Wtd Avg GAAP Rate

Fixed							86.8%	4.7%		40.9%		4.3%		83.5%		4.7%
Variable							13.2%	2.4%		59.1%		3.1%		16.5%		2.6%

Recourse to DDR							81.0%	4.4%		0.0%		0.0%		75.1%		4.4%
Non-recourse to DDR							19.0%	4.5%		100.0%		3.6%		24.9%		4.2%

(1)	Assumes borrower extension options are exercised.

(2)	Includes $300 million unsecured notes that were repaid in July 2017.

(3)	Calculations based on Pro Rata.

DDR Corp.

Consolidated Debt Detail


$ in thousands	Balance 100%		Balance DDR Share		Maturity Date (1)		GAAP Interest Rate (2)

Bank Debt (3)

Unsecured Revolver ($750m)		$0		$0		06/20		L+100

Unsecured Revolver ($50m)		0		0		06/20		L+100

Secured Term Loan ($200m)		200,000		200,000		04/18		L+135

Unsecured Term Loan ($400m)		400,000		400,000		04/20		L+110

		$600,000		$600,000

Public Debt

Unsecured Notes (4)		$299,773		$299,773		04/18		5.07%

Unsecured Notes		82,196		82,196		07/18		7.54%

Unsecured Notes		299,186		299,186		09/20		8.07%

Unsecured Notes		298,990		298,990		01/21		3.71%

Unsecured Notes		454,380		454,380		07/22		4.63%

Unsecured Notes		298,930		298,930		05/23		3.52%

Unsecured Notes		497,194		497,194		02/25		3.79%

Unsecured Notes		396,965		396,965		02/26		4.43%

Unsecured Notes		449,183		449,183		06/27		4.81%

		$3,076,797		$3,076,797

Mortgage Debt

Walmart Supercenter, NC		$336		$336		08/17		8.89%

Connecticut Commons, CT		45,129		45,129		10/17		3.54%

Riverdale Village, MN		24,758		24,758		10/17		3.54%

Riverdale Village Perimeter, MN		31,028		31,028		10/17		3.54%

Lake Brandon Village, FL		8,919		8,919		10/17		3.54%

Shoppers World Brookfield, WI		5,574		5,574		10/17		3.54%

Marketplace of Brown Deer, WI		3,978		3,978		10/17		3.54%

Brown Deer Center, WI		7,527		7,527		10/17		3.54%

Falcon Ridge Town Center, CA		13,897		13,897		01/18		3.67%

Walmart Supercenter, SC		804		804		01/18		8.01%

Fortuna Center, VA		12,120		12,120		02/18		3.74%

Johns Creek Town Center, GA		23,277		23,277		03/18		5.20%

The Promenade at Brentwood, MO		29,544		29,544		03/18		5.18%

DDR Headquarters, OH		25,565		25,565		03/18		2.18%

Lowe’s, TN		1,974		1,974		01/19		1.34%

Nassau Park Pavilion, NJ		54,344		54,344		02/19		3.56%

Bandera Pointe, TX		23,644		23,644		02/19		3.59%

Presidential Commons, GA		20,212		20,212		02/19		3.57%

Plaza Cayey, PR		20,115		20,115		06/19		7.82%

Plaza Fajardo, PR		24,186		24,186		06/19		7.74%

Plaza Isabela, PR		21,245		21,245		06/19		7.75%

Plaza Walmart, PR		11,306		11,306		06/19		7.81%

Mariner Square, FL		1,368		1,368		09/19		10.08%

DDR Corp.

Consolidated Debt Detail


$ in thousands	Balance 100%		Balance DDR Share		Maturity Date (1)		GAAP Interest Rate (2)

Plaza Rio Hondo, PR		120,149		120,149		01/20		4.03%

Easton Marketplace, OH		47,983		47,983		01/20		4.05%

The Fountains, FL		43,778		43,778		01/20		4.16%

Perimeter Pointe, GA		41,388		41,388		01/20		4.03%

Polaris Towne Center, OH		41,988		41,988		04/20		5.00%

Chapel Hills West, CO		11,275		11,275		06/21		3.70%

West Valley Marketplace, PA		6,734		6,734		07/21		6.17%

Plaza Escorial, PR		69,300		69,300		07/21		3.72%

Wrangleboro Consumer Sq, NJ		56,855		56,855		10/21		5.37%

Chapel Hills East, CO		7,635		7,635		12/21		4.74%

Paradise Village Gateway, AZ		29,810		19,973		01/22		4.89%

Macedonia Commons, OH		18,108		18,108		02/22		5.83%

		$905,853		$896,016

Consolidated Debt Subtotal		$4,582,650		$4,572,813

FMV Adjustment – Assumed Debt		4,521		4,521

Unamortized Loan Costs, Net		(20,505)		(20,402)

Total Consolidated Debt		$4,566,666		$4,556,932

Rate Type

Fixed		$3,980,362		$3,970,525		5.0 years		4.68%

Variable		602,288		602,288		2.0 years		2.40%

		$4,582,650		$4,572,813		4.7 years		4.38%
Perpetual Preferred Stock

Class J		$200,000		$200,000		August 2017 (5)		6.50%

Class K		150,000		150,000		April 2018 (5)		6.25%

Class A		175,000		175,000		June 2022 (5)		6.38%

Interest Rate Swaps	Notional Amount		Rate Hedged		Fixed Rate		Termination Date

Variable Rate Debt		$76,098		1 mo. LIBOR		2.81%		09/17


(1) Assumes borrower extension options are exercised.		(4) Repaid in July 2017.

(2) L = LIBOR		(5) Earliest redemption date.

(3) Excludes loan fees and unamortized loan costs.

DDR Corp.

Unconsolidated Debt Detail


$ in thousands	Balance 100%		Balance DDR Share		Maturity Date (1)		GAAP Interest Rate

BRE DDR Retail Holdings III
Camp Creek, GA		$42,000		$2,100		12/18		3.65	%

May 2019 Loan Pool (2 assets) (2)		20,093		1,005		05/19		3.28	%

November 2019 Loan Pool (28 assets) (3)		603,650		30,183		11/19		2.90	%

Whittwood Town Center, CA		43,000		2,150		12/20		4.05	%

January 2022 Loan Pool (3 assets)		22,965		1,148		01/22		3.76	%

Kyle Marketplace, TX		24,750		1,238		03/22		3.70	%

March 2022 Loan Pool (3 assets)		23,400		1,170		03/22		4.14	%

Eastland Center, CA		90,000		4,500		07/22		3.97	%

Greenway Commons, TX		33,000		1,650		07/22		3.73	%

July 2022 Loan Pool (4 assets) (4)		17,035		852		07/22		3.74	%

White Oak Village, VA		34,250		1,713		09/22		1.93	%

Midtowne Park, SC		15,736		787		01/23		4.34	%

Kingsbury Center, IL		14,500		725		06/23		4.35	%

Valley Bend, AL		43,500		2,175		06/23		4.22	%

		$1,027,879		$51,396

BRE DDR Retail Holdings IV

Ashbridge Square, PA		$34,177		$1,709		03/18		4.22	%

The Hub, NY		28,500		1,425		01/22		3.84	%

Fountains of Miramar, FL		24,770		1,239		01/22		3.73	%

Southmont Plaza, PA		34,000		1,700		01/22		3.84	%

Millenia Crossing, FL		22,326		1,116		01/23		4.20	%

Concourse Village, FL		13,948		697		02/24		4.32	%

		$157,721		$7,886

DDRM Properties

July 2022 Loan Pool (13 Assets)		$218,730		$43,746		07/22		3.77	%

July 2022 Loan Pool (21 Assets)		274,760		54,952		07/22		3.13	%

July 2022 Loan Pool (18 Assets)		213,170		42,634		07/22		3.39	%

		$706,660		$141,332

DDRTC Core Retail Fund

July 2020 Loan Pool (10 assets) (5)		$195,373		$29,306		07/20		2.77	%

July 2020 Loan Pool (6 assets) (5)		165,300		24,795		07/20		2.94	%

November 2021 Loan Pool (7 assets)		174,719		26,208		11/21		3.37	%

Birkdale Village, NC		82,275		12,341		04/24		4.31	%

		$617,667		$92,650

DDR Corp.

Unconsolidated Debt Detail


$ in thousands	Balance 100%			Balance DDR Share		Maturity Date (1)			GAAP Interest Rate


DDR-SAU Retail Fund

September 2017 Loan Pool (7 assets)		$28,420			$5,683		09/17			4.75%

April 2018 Loan Pool (5 assets)		31,359			6,271		04/18			4.66%

		$59,779			$11,954

Other Joint Ventures

Sun Center Limited, OH		$21,160			$16,812		05/21			6.14%

RVIP IIIB, Deer Park, IL		67,966			17,501		09/21			4.91%

Lennox Town Center Limited, OH		39,500			19,750		04/28			3.49%

		$128,626			$54,063

Unconsolidated Debt Subtotal		$2,698,332			$359,281

FMV Adjustment – Assumed Debt		13,442			672

Unamortized Loan Costs, Net		(21,107	)		(3,857)

Total Unconsolidated Debt		$2,690,667			$356,096

Rate Type

Fixed		$984,089			$146,840		5.2 years			4.27%

Variable		1,714,243			212,441		4.0 years			3.12%

		$2,698,332			$359,281		4.5 years			3.59%

Interest Rate Swaps	Notional Amount			Rate Hedged		Fixed Rate			Termination Date

Mortgage Loan Camp Creek		$42,000			1 mo. LIBOR		1.87	%		12/18

(1) Assumes borrower extension options are exercised.

(2) Repaid $12.6 million (at 100%) in July 2017.

(3) Repaid $28.9 million (at 100%) in July 2017.

(4) Repaid $4.1 million (at 100%) in July 2017.

(5) Loans have interest rate floors of 1 month LIBOR at 0.25%.

DDR Corp.

Debt/Adjusted EBITDA


$ in thousands
	2Q17		2Q16

Consolidated
Net income to DDR		$29,611		$41,058
Interest expense		48,908		54,012
Income tax expense		473		245
Depreciation and amortization		90,276		97,698
Adjustments for non-controlling interests		(174)		(174)

EBITDA – current quarter		169,094		192,839
Separation charges		5,081		0
Impairments		28,096		0
Equity in net loss (income) of JVs		717		(1,117)
Gain on disposition of real estate, net		(44,599)		(13,721)
Other expense (income), net		948		(7)
Adjustments for non-controlling interests		0		(6)
JV FFO (at DDR Share)		6,816		6,446

Adjusted EBITDA – current quarter (1)		166,153		184,434
Adjusted EBITDA – annualized		664,612		737,736

Consolidated debt		4,566,666		4,938,807
Partner share of consolidated debt		(9,837)		(9,900)
Loan costs, net		20,505		21,148
Face value adjustments		(4,521)		(9,722)
Cash and restricted cash		(474,986)		(26,785)

Net effective debt		$4,097,827		$4,913,548

Debt/Adjusted EBITDA – Consolidated (2)		6.2x		6.7x

Pro rata including JVs
Adjusted EBITDA – current quarter		170,843		189,874
Adjusted EBITDA – annualized		683,372		759,496

Consolidated net debt		4,097,827		4,913,548
JV debt (at DDR Share)		359,281		425,284
Cash and restricted cash		(17,991)		(9,683)

Net effective debt		$4,439,117		$5,329,149

Debt/Adjusted EBITDA – Pro Rata (2)		6.5x		7.0x

(1) See definition in the Non-GAAP Measures section.

(2) Excludes Perpetual Preferred Stock.

DDR Corp.

Unconsolidated Joint Ventures

$ and GLA in thousands


	Partner	DDR Own %		Operating Properties		Owned GLA		2Q17 NOI at 100% (1)			Gross Book Value		Face Value Debt (2)		DDR Preferred Equity (At 100%)

BRE DDR Retail Holdings III	Blackstone Real Estate Partners		5%		48		9,521		$30,922			$1,473,403		$1,027,879		$249,649	(3)

BRE DDR Retail Holdings IV	Blackstone Real Estate Partners		5%		6		1,259		4,164			220,199		157,721		68,532	(4)

DDRM Properties	Madison International Realty		20%		52		7,012		17,337			1,208,481		706,660		0
DDRTC Core Retail Fund	TIAA-CREF		15%		25		8,206		23,828			1,502,930		617,667		0

DDR–SAU	State of Utah		20%		12		979		2,373			135,365		59,779		0
Retail Fund

DDR Domestic	Various		20%		3		620		1,250			98,799		0		0
Retail Fund I

Other	Various		Various		3		1,046		4,270			195,488		128,626		0

Total					149 (5)		28,643		$84,144			$4,834,665		$2,698,332		$318,181
Property management fees									4,598	(1)
Assets sold in 2017									95	(1)

Net operating income									$88,837	(6)

(1) Property management fees charged by DDR to the joint venture are included as an expense in NOI, although presented in the combined income statement on the next page in the line item Other Expense. The NOI for BRE DDR III is adjusted to reflect the impact of assets sold.

(2) Fair market value of debt adjustment and net unamortized loan costs ($7.7 million or $3.2 million at DDR’s Share) are excluded from above.

(3) Amount is net of $70.0 million valuation allowance. Face value of $319.6 million including accrued interest of $5.1 million. The 8.5% dividend rate has two components, a cash dividend rate of 6.5% and an accrued payment in kind (“PIK”) of 2.0%. The Company no longer recognizes the accrued PIK as income due to the valuation allowance. Repayment from net asset sale proceeds is first subject to a remaining minimum sales threshold of $34.3 million payable to common members; subsequent net asset sale proceeds are allocated 49.0% to the preferred member unless certain financial covenants have been triggered, in which event 100% to the preferred member.

(4) Amount is net of $6.0 million valuation allowance. Face value of $74.5 million including accrued interest of $1.2 million. The 8.5% dividend rate has two components, a cash dividend rate of 6.5% and an accrued PIK of 2.0%. The Company no longer recognizes the accrued PIK as income due to the valuation allowance. Repayment from net asset sale proceeds is first subject to a minimum sales threshold of $26.0 million of which $6.0 million is allocated to the preferred member; subsequent net asset sale proceeds are expected to be available to repay the preferred member. Included in the collateral for the preferred equity interest is 95% of the value of the six joint venture properties and 100% of the value of six properties in which the Company does not have a material interest, but to which DDR provides property asset management services.

(5) Excludes one consolidated joint venture asset in which the Company has an effective 67% interest.

(6) Amount agrees to the combined income statement of the joint ventures which includes a reconciliation of the Non-GAAP measure to the applicable GAAP measure. See calculation definition in the Non-GAAP Measures section.

Combined DDR JV Pro Rata Adjustments (7)



Income Statement Pro Rata Adjustments 2Q17		Balance Sheet Pro Rata Adjustments 2Q17
Revenues:		Assets:
Minimum rents	$13,565	Land	$169,030
Percentage rent	52	Buildings	453,042
Recoveries	4,328	Improvements	33,831
Other property revenue	207		655,903
	18,152	Depreciation	(164,569)
Expenses:			491,334
Operating and maintenance	2,837	Construction in progress and land	6,076
Real estate taxes	2,670	Real estate, net	497,410
	5,507	Investment in JVs	1,239
Net Operating Income	12,645	Cash and restricted cash	17,953
Other Income (expense):		Receivables, net	7,167
Fee Income	(951)	Other assets, net	17,687
Interest income	(412)	Total Assets	$541,456
Impairment Charges	(1,392)	Liabilities and Equity:
Interest expense	(4,606)	Mortgage debt	$356,096
Depreciation and amortization	(5,747)	Notes payable to DDR	501
Other income (expense), net	(660)	Other liabilities	17,546
Loss before earnings from JVs	(1,123)	Total Liabilities	374,143
Equity in net loss of JVs	717	JVs share of equity	21,078
Basis differences of JVs	446	Distributions in excess of net income	146,235
Loss on disposition of real estate	(40)	Total Equity	167,313
Net income	$0	Total Liabilities and Equity	$541,456



FFO Reconciliation 2Q17
Loss before earnings from JVs			($1,123)
Depreciation and amortization			5,747
Impairment of depreciable real estate			1,392
Basis differences of JVs			196
FFO at DDR’s Ownership Interests			$6,212

(7) Information provided for DDR’s share of JV investments and can be combined with DDR’s consolidated financial statements for the same period.

DDR Corp.

Unconsolidated Joint Ventures at 100%


$ in thousands	Income Statement

	2Q17		2Q16		6M17		6M16
Revenues:
Minimum rents		$94,609		$96,960		$190,052		$193,535
Percentage rent		567		573		959		904
Recoveries		29,930		30,312		59,745		60,281
Other property revenues		1,422		1,045		2,820		2,080

		126,528		128,890		253,576		256,800
Expenses:
Operating and maintenance		18,805		18,644		36,612		37,643
Real estate taxes		18,886		18,329		37,747		36,986

		37,691		36,973		74,359		74,629

Net operating income		88,837		91,917		179,217		182,171

Other income (expense):
Interest expense		(29,004)		(33,319)		(59,134)		(66,641)
Depreciation and amortization		(47,589)		(49,021)		(92,685)		(98,056)
Impairment charges		(27,850)		0		(80,507)		0
Preferred share expense		(8,239)		(8,305)		(16,367)		(16,569)
Other expense, net		(9,054)		(6,319)		(15,627)		(12,130)

		(32,899)		(5,047)		(85,103)		(11,225)
(Loss) gain on disposition of real estate, net		(803)		114		(976)		53,597

Net (loss) income attributable to unconsolidated JVs		(33,702)		(4,933)		(86,079)		42,372
Depreciation and amortization		47,589		49,021		92,685		98,056
Impairment of depreciable real estate		27,850		0		80,507		0
Loss (gain) on disposition of real estate, net		803		(114)		976		(53,597)

FFO		$42,540		$43,974		$88,089		$86,831
FFO at DDR’s ownership interests		$6,212		$6,426		$12,794		$12,576
Operating FFO at DDR’s ownership interests		$6,816		$6,446		$13,478		$12,596

Balance Sheet

					At Period End
					2Q17		4Q16
Assets:
Land						$1,260,115		$1,287,675
Buildings						3,309,410		3,376,720
Improvements						211,308		203,824

						4,780,833		4,868,219
Depreciation						(943,437)		(884,356)

						3,837,396		3,983,863
Construction in progress and land						53,832		56,983

Real estate, net						3,891,228		4,040,846
Cash and restricted cash						83,764		50,378
Receivables, net						47,449		50,685
Other assets, net						231,461		248,664

Total Assets						$4,253,902		$4,390,573

Liabilities and Equity:
Mortgage debt						$2,690,667		$3,034,399
Notes and accrued interest payable to DDR						2,938		1,584
Other liabilities						199,596		206,949

Total Liabilities						2,893,201		3,242,932
Redeemable preferred equity						394,181		393,338
Accumulated equity						966,520		754,303

Total Equity						1,360,701		1,147,641

Total Liabilities and Equity						$4,253,902		$4,390,573

DDR Corp.

Notable Accounting and Supplemental Policies

The information contained in the Quarterly Financial Supplement does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. The Company’s Quarterly Financial Supplement should be read in conjunction with the Company’s Form 10-K and Form 10-Q.

Revenues

●

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

●

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

●

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

General and Administrative Expenses

●

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

●

The Company does not capitalize any executive officer compensation.

●

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

Deferred Financing Costs

●

Costs incurred in obtaining 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 sheets. 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 income statements.

Real Estate

●

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

●

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

●

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

●

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


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

DDR Corp.

Notable Accounting and Supplemental Policies

Capitalization

●

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

●

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

●

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

Gains on Sales of Real Estate

●

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

●

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

Leasing Spreads

●

Leasing spreads are calculated by comparing the prior 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.

Net Effective Rents

●

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

DDR Corp.

Non-GAAP Measures

Performance Measures

FFO and Operating FFO

The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs. FFO and Operating FFO are frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs.

FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from depreciable property dispositions, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, interest costs and acquisition, disposition and development activities. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property and related investments, 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 (loss) from joint ventures and equity income (loss) 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’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“NAREIT”).

The Company believes that certain gains and charges recorded in its operating results are not comparable or reflective of its core operating performance. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include gains on the sale of and/or change in control of interests, gains/losses on the sale of non-depreciable real estate, impairments of non-depreciable real estate, gains/losses on the early extinguishment of debt, transaction costs and other restructuring type costs. The disclosure of these charges and gains is regularly requested by users of the Company’s financial statements.

The adjustment for these charges and gains may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges and gains are non-recurring. These charges and gains could be reasonably expected to recur in future results of operations.

These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part (i) as a disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) to compare the Company’s performance to that of other publicly traded shopping center REITs. For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.

DDR Corp.

Non-GAAP Measures

Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s net income. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows determined in accordance with GAAP, as presented in its condensed consolidated financial statements. Reconciliations of these measures to their most directly comparable GAAP measure of net income (loss) have been provided herein.

Net Operating Income (“NOI”) and Same Store Net Operating Income (“SSNOI”)

The Company uses NOI, which is a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.

The Company also presents NOI information on a same store basis, or SSNOI. The Company defines SSNOI as property revenues less property-related expenses, which exclude straight-line rental income and expenses, lease termination income, management fee expense, fair market value of leases and expense recovery adjustments. The Company presents SSNOI both with and without provisions for uncollectible amounts and/or recoveries thereof. In addition, the Company presents SSNOI both with and without the results of its Puerto Rico portfolio. SSNOI also excludes activity associated with development and major redevelopment and single tenant assets and includes assets owned in comparable periods (15 months for quarter comparisons). SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above. SSNOI is frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs.

The Company believes that SSNOI is not, and is not intended to be, a presentation in accordance with GAAP. SSNOI information has its limitations as it excludes any capital expenditures associated with the re-leasing of tenant space or as needed to operate the assets. SSNOI does not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use SSNOI as an indicator of the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. SSNOI does not represent cash generated from operating activities in accordance with GAAP, and is not necessarily indicative of cash available to fund cash needs. SSNOI should not be considered as an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. A reconciliation of SSNOI to its most directly comparable GAAP measure of net income (loss) has been provided in the Press Release and this section.

DDR Corp.

Non-GAAP Measures

Other Measures

DDR Pro Rata Share Financial Information

The Company believes that the DDR pro rata share of its joint ventures presented in the quarterly supplement is not, and is not intended to be, a presentation in accordance with GAAP. DDR share financial information is frequently used by the real estate industry including securities analysts, investors and other interested parties to evaluate the performance of DDR compared to other REITs. Other real estate companies may calculate such information in a different manner.

DDR does not control the unconsolidated joint ventures and the presentations of DDR JV Pro Rata Adjustments of the unconsolidated joint ventures presented in the quarterly supplement do not represent the Company’s legal claim to such items. The Company provides this information because the Company believes it assists investors and analysts in estimating the effective interest in DDR’s unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of this information has limitations as an analytical tool. Because of the limitations, this information should not be considered in isolation or as a substitute for the Company’s financial statements as reported under GAAP.

Debt/Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)

The Company uses the ratio Debt to Adjusted EBITDA (“Debt/Adjusted EBITDA”) as it believes it provides a meaningful metric as it relates to the Company’s ability to meet various leverage tests for the corresponding periods.

The Components of Debt/Adjusted EBITDA include net effective debt divided by adjusted EBITDA (annualized), as opposed to net income determined in accordance with GAAP. Adjusted EBITDA is calculated as net income attributable to DDR before interest, income taxes, depreciation and amortization and further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing performance. Net effective debt is calculated as the Company’s consolidated debt outstanding excluding unamortized loan costs and fair market value adjustments, less cash and restricted cash as of the balance sheet date presented. Such amounts are calculated at the Company’s proportionate share of ownership.

Adjusted EBITDA should not be considered as an alternative to earnings as an indicator of the Company’s financial performance, or an alternative to cash flow from operating activities as a measure of liquidity. The Company’s calculation of Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company’s financial condition. A reconciliation of Adjusted EBITDA and net effective debt used in the Debt/Adjusted EBITDA ratio to their most directly comparable GAAP measures of net income (loss) and debt has been provided in the Debt Summary section.

DDR Corp.

Reconciliation of Net Income Attributable to DDR to NOI


$ in thousands
	2Q17		2Q16		6M17		6M16
GAAP Reconciliation:
Net income (loss) attributable to DDR		$29,611		$41,058		($24,630)		$86,631

Fee income		(8,787)		(11,465)		(18,226)		(19,643)

Interest income		(7,166)		(9,446)		(15,558)		(18,496)

Interest expense		48,908		54,012		100,735		111,909

Depreciation and amortization		90,276		97,698		181,160		194,600

General and administrative		22,756		18,499		53,828		36,375

Other expense		954		(2,081)		958		(3,854)

Impairment charges		28,096		0		50,069		0

Equity in net loss (income) of joint ventures		717		(1,117)		2,382		(15,538)

Reserve of preferred equity interests		0		0		76,000		0

Tax expense		473		245		696		703

Gain on disposition of real estate		(44,599)		(13,721)		(82,726)		(26,102)

Income from non-controlling interests		267		310		480		610


Consolidated NOI		161,506		173,992		325,168		347,195

Net (loss) income from unconsolidated joint ventures		(33,702)		(4,933)		(86,079)		42,372

Interest expense		29,004		33,319		59,134		66,641

Depreciation and amortization		47,589		49,021		92,685		98,056

Impairment charges		27,850		0		80,507		0

Preferred share expense		8,239		8,305		16,367		16,569

Other expense, net		9,054		6,319		15,627		12,130

Loss (gain) on disposition of real estate, net		803		(114)		976		(53,597)


Unconsolidated NOI		88,837		91,917		179,217		182,171

Total Consolidated + Unconsolidated NOI		$250,343		$265,909		$504,385		$529,366

DDR Corp.

Leasing Summary

Wholly Owned at 100%

Leasing Activity


	Comparable Pool															Total Pool

					New		Prior					Wtd Avg								New		Wtd Avg
					Rent		Rent		Rent			Term								Rent		Term
	Count		GLA		PSF		PSF		Spread			(Years)				Count		GLA		PSF		(Years)

New Leases

2Q17		13		140,902		$14.98		$13.49		11.0%			9.4				41		384,089		$16.29		9.6

1Q17		22		345,571		10.74		10.58		1.5%	(1)		10.5				43		521,154		12.36		10.3

4Q16		18		106,254		17.52		15.36		14.1%			7.7				34		157,284		17.49		7.7

3Q16		22		115,299		19.96		16.17		23.4%			7.9				44		233,986		18.68		8.4

		75		708,026		$14.10		$12.79		10.2%			9.1				162		1,296,513		$15.29		9.3

Renewals

2Q17		103		1,416,278		$13.78		$13.05		5.6%			5.2				103		1,416,278		$13.78		5.2

1Q17		115		1,075,518		15.74		14.83		6.1%			4.7				115		1,075,518		15.74		4.7

4Q16		98		982,247		13.64		12.94		5.4%			5.2				98		982,247		13.64		5.2

3Q16		114		1,341,534		14.56		13.48		8.0%			5.6				114		1,341,534		14.56		5.6

		430		4,815,577		$14.41		$13.54		6.4%			5.2				430		4,815,577		$14.41		5.2

New + Renewals

2Q17		116		1,557,180		$13.89		$13.09		6.1%			5.6				144		1,800,367		$14.32		6.3

1Q17		137		1,421,089		14.53		13.79		5.4%			5.8				158		1,596,672		14.64		6.3

4Q16		116		1,088,501		14.02		13.18		6.4%			5.5				132		1,139,531		14.18		5.6

3Q16		136		1,456,833		14.99		13.69		9.5%			5.8				158		1,575,520		15.17		6.1

		505		5,523,603		$14.37		$13.45		6.8%			5.7				592		6,112,090		$14.60		6.1

Net Effective Rents
					Avg		TA		LL Work			Commission		Total		Net		Wtd Avg
					Rent		Capex		Capex			Capex		Capex		Effective		Term
			GLA		PSF		PSF		PSF			PSF		PSF		Rent PSF		(Years)

New Leases

2Q17				235,253		$17.02		$3.29		$4.19			$0.35		$7.83		$9.19		8.6

1Q17				376,987		12.47		1.93		1.32			0.21		3.46		9.01		9.9

4Q16				145,784		18.40		2.15		1.59			0.47		4.21		14.19		7.5

3Q16				223,113		19.37		2.58		2.64			0.41		5.63		13.74		8.3

				981,137		$16.01		$2.43		$2.30			$0.32		$5.05		$10.96		8.8

Renewals

2Q17				1,416,278		$13.94		$0.07		$0.00			$0.00		$0.07		$13.87		5.2

1Q17				1,075,518		15.87		0.01		0.00			0.00		0.01		15.86		4.7

4Q16				982,247		13.83		0.01		0.02			0.00		0.03		13.80		5.2

3Q16				1,341,534		14.71		0.77		0.00			0.04		0.81		13.90		5.6

				4,815,577		$14.56		$0.26		$0.01			$0.01		$0.28		$14.28		5.2

(1) Excluding the retenanting of a dark but rent-paying anchor box at Plaza del Norte, new leasing spreads for 1Q17 and TTM would be 15.1% and 15.9%, respectively. Excluding Puerto Rico, domestic new leasing spreads for 1Q17 and TTM would be 17.3% and 16.6%, respectively.

DDR Corp.

Leasing Summary

Unconsolidated Joint Ventures at 100%

Leasing Activity


	Comparable Pool														Total Pool

					New		Prior				Wtd Avg								New		Wtd Avg
					Rent		Rent		Rent		Term								Rent		Term
	Count		GLA		PSF		PSF		Spread		(Years)				Count		GLA		PSF		(Years)

New Leases

2Q17		15		55,828		$17.93		$20.06		-10.6%		7.6				32		198,554		$15.70		9.9

1Q17		17		127,830		11.73		9.31		26.0%		8.6				35		250,171		12.74		8.9

4Q16		19		75,985		23.54		20.80		13.2%		8.3				39		251,250		18.93		9.0

3Q16		20		66,878		19.98		19.89		0.5%		7.9				39		193,393		16.06		8.4

		71		326,521		$17.23		$15.99		7.8%		8.2				145		893,368		$15.86		9.0
Renewals

2Q17		82		684,452		$14.38		$13.64		5.4%		4.8				82		684,452		$14.38		4.8

1Q17		92		582,645		18.07		17.21		5.0%		4.7				92		582,645		18.07		4.7
4Q16		101		503,077		17.80		16.26		9.5%		5.1				101		503,077		17.80		5.1

3Q16		113		1,116,635		13.68		12.97		5.5%		5.2				113		1,116,635		13.68		5.2

		388		2,886,809		$15.45		$14.56		6.1%		5.0				388		2,886,809		$15.45		5.0
New + Renewals

2Q17		97		740,280		$14.65		$14.12		3.8%		5.1				114		883,006		$14.68		6.1

1Q17		109		710,475		16.93		15.79		7.2%		5.2				127		832,816		16.47		5.7

4Q16		120		579,062		18.55		16.85		10.1%		5.6				140		754,327		18.18		6.4

3Q16		133		1,183,513		14.04		13.37		5.0%		5.5				152		1,310,028		14.03		5.8

		459		3,213,330		$15.63		$14.71		6.3%		5.4				533		3,780,177		$15.55		6.0

Net Effective Rents
					Avg		TA		LL Work		Commission		Total		Net		Wtd Avg
					Rent		Capex		Capex		Capex		Capex		Effective		Term
			GLA		PSF		PSF		PSF		PSF		PSF		Rent PSF		(Years)

New Leases

2Q17				198,554		$16.88		$4.08		$0.84		$0.37		$5.29		$11.59		9.9

1Q17				229,171		13.04		1.31		1.96		0.30		3.57		9.47		8.7

4Q16				251,250		19.96		4.54		1.62		0.28		6.44		13.52		9.0

3Q16				191,193		16.44		3.10		0.90		0.41		4.41		12.03		8.3

				870,168		$16.66		$3.27		$1.40		$0.33		$5.00		$11.66		9.0

Renewals

2Q17				684,452		$14.53		$0.03		$0.02		$0.00		$0.05		$14.48		4.8

1Q17				582,645		18.29		0.03		0.00		0.00		0.03		18.26		4.7

4Q16				503,077		18.10		0.04		0.00		0.00		0.04		18.06		5.1

3Q16				1,116,635		13.83		0.07		0.00		0.00		0.07		13.76		5.2

				2,886,809		$15.64		$0.05		$0.00		$0.00		$0.05		$15.59		5.0

DDR Corp.

Lease Expirations

Wholly Owned at 100%; $ and GLA in thousands


Assumes no exercise of lease options

	Greater than 10K SF										Less than 10K SF										Total
	# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR
Year	Leases		SF		ABR		PSF		> 10K		Leases		SF		ABR		PSF		< 10K		Leases		SF		ABR		PSF		Total
MTM		6		142		$1,900		$13.38		0.5%		75		132		$4,308		$32.64		2.0%		81		274		$6,208		$22.66		1.1%
2017		16		632		6,057		$9.58		1.7%		149		396		9,573		$24.17		4.6%		165		1,028		15,630		$15.20		2.7%
2018		97		3,012		38,206		$12.68		10.6%		448		1,350		36,037		$26.69		17.1%		545		4,362		74,243		$17.02		13.0%
2019		110		3,828		46,777		$12.22		13.0%		380		1,039		28,095		$27.04		13.4%		490		4,867		74,872		$15.38		13.1%
2020		93		3,116		40,380		$12.96		11.2%		372		978		27,187		$27.80		12.9%		465		4,094		67,567		$16.50		11.8%
2021		122		3,997		50,797		$12.71		14.1%		340		1,005		25,650		$25.52		12.2%		462		5,002		76,447		$15.28		13.4%
2022		139		4,580		56,718		$12.38		15.7%		269		807		22,472		$27.85		10.7%		408		5,387		79,190		$14.70		13.9%
2023		80		2,580		31,024		$12.02		8.6%		144		568		14,408		$25.37		6.9%		224		3,148		45,432		$14.43		8.0%
2024		58		1,728		22,001		$12.73		6.1%		137		531		14,397		$27.11		6.9%		195		2,259		36,398		$16.11		6.4%
2025		47		1,089		16,423		$15.08		4.6%		102		379		10,221		$26.97		4.9%		149		1,468		26,644		$18.15		4.7%
2026		34		850		12,938		$15.22		3.6%		110		398		11,635		$29.23		5.5%		144		1,248		24,573		$19.69		4.3%
Thereafter		53		2,228		37,086		$16.65		10.3%		61		234		6,165		$26.35		2.9%		114		2,462		43,251		$17.57		7.6%

Total		855		27,782		$360,307		$12.97		100.0%		2,587		7,817		$210,148		$26.88		100.0%		3,442		35,599		$570,455		$16.02		100.0%

Assumes all lease options are exercised

	Greater than 10K SF										Less than 10K SF										Total
	# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR
Year	Leases		SF		ABR		PSF		> 10K		Leases		SF		ABR		PSF		< 10K		Leases		SF		ABR		PSF		Total
MTM		4		61		$904		$14.82		0.3%		71		122		$4,114		$33.72		2.0%		75		183		$5,018		$27.42		0.9%
2017		4		109		988		$9.06		0.3%		100		249		6,089		$24.45		2.9%		104		358		7,077		$19.77		1.2%
2018		19		329		3,701		$11.25		1.0%		262		697		20,082		$28.81		9.6%		281		1,026		23,783		$23.18		4.2%
2019		11		202		3,251		$16.09		0.9%		231		578		16,604		$28.73		7.9%		242		780		19,855		$25.46		3.5%
2020		14		243		4,486		$18.46		1.2%		205		463		14,746		$31.85		7.0%		219		706		19,232		$27.24		3.4%
2021		14		287		5,186		$18.07		1.4%		186		461		12,700		$27.55		6.0%		200		748		17,886		$23.91		3.1%
2022		21		376		6,232		$16.57		1.7%		182		447		13,637		$30.51		6.5%		203		823		19,869		$24.14		3.5%
2023		12		260		4,545		$17.48		1.3%		151		457		12,528		$27.41		6.0%		163		717		17,073		$23.81		3.0%
2024		15		353		5,217		$14.78		1.4%		142		376		11,534		$30.68		5.5%		157		729		16,751		$22.98		2.9%
2025		12		399		4,857		$12.17		1.3%		149		398		10,723		$26.94		5.1%		161		797		15,580		$19.55		2.7%
2026		19		365		6,221		$17.04		1.7%		138		386		11,002		$28.50		5.2%		157		751		17,223		$22.93		3.0%
Thereafter		710		24,798		314,719		$12.69		87.3%		770		3,183		76,389		$24.00		36.4%		1,480		27,981		391,108		$13.98		68.6%

Total		855		27,782		$360,307		$12.97		100.0%		2,587		7,817		$210,148		$26.88		100.0%		3,442		35,599		$570,455		$16.02		100.0%

DDR Corp.

Lease Expirations

Unconsolidated Joint Ventures at 100%; $ and GLA in thousands


Assumes no exercise of lease options

	Greater than 10K SF										Less than 10K SF										Total
	# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR
Year	Leases		SF		ABR		PSF		> 10K		Leases		SF		ABR		PSF		< 10K		Leases		SF		ABR		PSF		Total
MTM		0		0		$0		$0.00		0.0%		63		136		$2,477		$18.21		1.9%		63		136		$2,477		$18.21		0.7%
2017		11		326		3,673		$11.27		1.7%		147		356		7,562		$21.24		5.7%		158		682		11,235		$16.47		3.2%
2018		63		1,612		19,072		$11.83		8.9%		386		1,037		23,958		$23.10		18.0%		449		2,649		43,030		$16.24		12.4%
2019		79		2,414		29,770		$12.33		13.9%		351		884		20,293		$22.96		15.3%		430		3,298		50,063		$15.18		14.4%
2020		73		2,212		24,660		$11.15		11.5%		305		746		16,563		$22.20		12.5%		378		2,958		41,223		$13.94		11.9%
2021		105		3,777		41,106		$10.88		19.1%		366		958		23,712		$24.75		17.8%		471		4,735		64,818		$13.69		18.6%
2022		94		2,783		30,787		$11.06		14.3%		234		677		15,913		$23.51		12.0%		328		3,460		46,700		$13.50		13.4%
2023		60		2,041		21,139		$10.36		9.8%		68		227		5,185		$22.84		3.9%		128		2,268		26,324		$11.61		7.6%
2024		35		1,037		12,453		$12.01		5.8%		62		231		5,387		$23.32		4.1%		97		1,268		17,840		$14.07		5.1%
2025		18		552		7,009		$12.70		3.3%		58		208		4,656		$22.38		3.5%		76		760		11,665		$15.35		3.4%
2026		22		471		5,407		$11.48		2.5%		40		129		3,261		$25.28		2.5%		62		600		8,668		$14.45		2.5%
Thereafter		36		1,486		19,758		$13.30		9.2%		47		168		4,014		$23.89		3.0%		83		1,654		23,772		$14.37		6.8%

Total		596		18,711		$214,834		$11.48		100.0%		2,127		5,757		$132,981		$23.10		100.0%		2,723		24,468		$347,815		$14.22		100.0%

Assumes all lease options are exercised

	Greater than 10K SF										Less than 10K SF										Total
	# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR		# of		Expiring				Rent		% of ABR
Year	Leases		SF		ABR		PSF		> 10K		Leases		SF		ABR		PSF		< 10K		Leases		SF		ABR		PSF		Total
MTM		0		0		$0		$0.00		0.0%		50		107		$1,916		$17.91		1.4%		50		107		$1,916		$17.91		0.6%
2017		3		51		688		$13.49		0.3%		87		196		4,073		$20.78		3.1%		90		247		4,761		$19.28		1.4%
2018		11		214		2,133		$9.97		1.0%		207		475		10,891		$22.93		8.2%		218		689		13,024		$18.90		3.7%
2019		8		195		1,537		$7.88		0.7%		191		398		9,084		$22.82		6.8%		199		593		10,621		$17.91		3.1%
2020		11		183		2,261		$12.36		1.1%		171		351		7,955		$22.66		6.0%		182		534		10,216		$19.13		2.9%
2021		12		247		2,783		$11.27		1.3%		229		509		12,982		$25.50		9.8%		241		756		15,765		$20.85		4.5%
2022		16		367		5,030		$13.71		2.3%		168		416		9,872		$23.73		7.4%		184		783		14,902		$19.03		4.3%
2023		8		256		1,969		$7.69		0.9%		138		368		8,774		$23.84		6.6%		146		624		10,743		$17.22		3.1%
2024		8		172		1,812		$10.53		0.8%		125		344		7,897		$22.96		5.9%		133		516		9,709		$18.82		2.8%
2025		15		242		3,576		$14.78		1.7%		103		273		5,787		$21.20		4.4%		118		515		9,363		$18.18		2.7%
2026		19		426		5,390		$12.65		2.5%		115		285		6,499		$22.80		4.9%		134		711		11,889		$16.72		3.4%
Thereafter		485		16,358		187,655		$11.47		87.3%		543		2,035		47,251		$23.22		35.5%		1,028		18,393		234,906		$12.77		67.5%

Total		596		18,711		$214,834		$11.48		100.0%		2,127		5,757		$132,981		$23.10		100.0%		2,723		24,468		$347,815		$14.22		100.0%

DDR Corp.

Property List

GLA in thousands


#	Center	MSA	Location	ST		Recent Year Dev. / Redev.	Year Acq.	DDR Own %	JV	Owned GLA	Total GLA	ABR PSF	Key Tenants
1	River Ridge	Birmingham	Birmingham		AL	2001	2007	15%	TIAA	172	350	$16.38	Best Buy, Nordstrom Rack, Staples, Target (U)
2	Valley Bend	Huntsville	Huntsville		AL	2002	2014	5%	BREDDR III	425	777	$14.88	Barnes & Noble, Bed Bath & Beyond, Carmike Cinemas (U), Dick’s Sporting Goods, Hobby Lobby, Kohl’s (U), Marshalls, Target (U)
3	Westside Centre	Huntsville	Huntsville		AL	2002	2007	15%	TIAA	477	667	$12.34	Big Lots, Michaels, Petsmart, Ross Dress for Less, Stein Mart, Target (U)
4	Oxford Exchange	Oxford	Oxford		AL	2006	2014	5%	BREDDR III	334	803	$12.80	Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Hobby Lobby, Home Depot (U), Kohl’s (U), PetSmart, Ross Dress for Less, Sam’s Club (U), T.J. Maxx, Target (U)
5	McFarland Plaza	Tuscaloosa	Tuscaloosa		AL	1999	2007	15%	TIAA	199	199	$8.95	Michaels, Ross Dress for Less, Stein Mart, T.J. Maxx, Toys “R” Us
6	Dimond Crossing	Anchorage	Anchorage		AK	1981	2014	5%	BREDDR III	85	85	$16.01	Bed Bath & Beyond, PetSmart
7	SanTan Village Marketplace	Phoenix	Gilbert		AZ	2005	2014	5%	BREDDR III	286	690	$16.17	Bed Bath & Beyond, Big Lots, DSW, Jo-Ann, Marshalls, Sam’s Club (U), Walmart (U)
8	Palm Valley Pavilions West	Phoenix	Goodyear		AZ	2002	2016	100%		233	277	$17.75	Barnes & Noble, Best Buy, Ross Dress for Less, Total Wine & More
9	Ahwatukee Foothills Towne Center	Phoenix	Phoenix		AZ	2013	1998	100%		687	702	$17.72	AMC Theatres, Ashley Furniture HomeStore, Babies “R” Us, Best Buy, HomeGoods, Jo-Ann, Marshalls, Michaels, OfficeMax, Ross Dress for Less, Sprouts Farmers Market
10	Arrowhead Crossing	Phoenix	Phoenix		AZ	1995	1996	100%		345	416	$16.26	Barnes & Noble, DSW, Golf Galaxy, Hobby Lobby, HomeGoods, Nordstrom Rack, Old Navy, Savers (U), Staples, T.J. Maxx
11	Deer Valley Towne Center	Phoenix	Phoenix		AZ	1996	1999	100%		197	460	$19.42	AMC Theatres (U), Michaels, PetSmart, Ross Dress for Less, Target (U)
12	Paradise Village Gateway	Phoenix	Phoenix		AZ	2004	2003	67%	Other	295	295	$17.19	Albertsons, Bed Bath & Beyond, PetSmart, Ross Dress for Less, Staples
13	Plaza at Power Marketplace	Phoenix	Queen Creek		AZ	2007	2014	5%	BREDDR III	71	105	$20.74	LA Fitness
14	Shops at Prescott Gateway	Prescott	Prescott		AZ	2012	2014	5%	BREDDR III	35	35	$29.31	Trader Joe’s
15	Silverado Plaza	Tucson	Tucson		AZ	1999	2014	5%	BREDDR III	78	79	$9.33	Safeway
16	Tucson Spectrum	Tucson	Tucson		AZ	2008	2012	100%		715	969	$14.70	Bed Bath & Beyond, Best Buy, Food City, Harkins Theatres, Home Depot (U), JCPenney, LA Fitness, Marshalls, Michaels, OfficeMax, Old Navy, Party City, PetSmart, Ross Dress for Less, Target (U)
17	Walgreens	Fayetteville	Springdale		AR	2009	2014	5%	BREDDR III	15	15	$26.80	—
18	Sherwood Retail Center	Little Rock	Sherwood		AR	1986	2014	5%	BREDDR III	123	194	$4.96	Gander Mountain, Mardel, Tractor Supply Company
19	Buena Park Place	Los Angeles	Buena Park		CA	2009	2004	100%		215	246	$15.13	Aldi, Kohl’s, Michaels
20	Falcon Ridge Town Center	Los Angeles	Fontana		CA	2005	2013	100%		291	438	$22.21	24 Hour Fitness, Aki-Home, Michaels, Ross Dress for Less, Stater Bros Markets, Target (U)
21	The Pike Outlets	Los Angeles	Long Beach		CA	2015	DEV	100%		392	392	$21.44	Cinemark, H & M, Nike, Restoration Hardware
22	Eastland Center	Los Angeles	West Covina		CA	1957	2014	5%	BREDDR III	811	911	$14.45	Albertsons, Ashley Furniture HomeStore, Burlington, Dick’s Sporting Goods, Hobby Lobby, Marshalls, Pottery Barn Outlet, Ross Dress for Less, Target, Walmart
23	Whittwood Town Center	Los Angeles	Whittier		CA	1960	2014	5%	BREDDR III	783	842	$9.54	24 Hour Fitness, JCPenney, Kohl’s, PetSmart, Sears, Target, Vons
24	Ridge at Creekside	Sacramento	Roseville		CA	2007	2014	100%		275	289	$21.79	Bed Bath & Beyond, buybuy BABY, Cost Plus World Market, Macy’s Furniture Gallery, REI

25	Vista Village	San Diego	Vista		CA	2007	2013	100%		194	235	$25.09	Cinepolis, Frazier Farms, Lowe’s (U), Staples (U)
26	Whole Foods at Bay Place	San Francisco	Oakland		CA	2006	2013	100%		57	57	$42.17	Whole Foods
27	Hilltop Plaza	San Francisco	Richmond		CA	2000	2002	20%	DDRM	251	251	$17.35	99 Cents Only, Century Theatre, dd’s Discounts, Ross Dress for Less
28	1000 Van Ness	San Francisco	San Francisco		CA	1998	2002	100%		122	122	$35.87	AMC Theatres, The Studio Mix
29	Cornerstar	Denver	Aurora		CO	2008	2014	5%	BREDDR III	430	585	$19.05	24 Hour Fitness, Cornerstar Wine & Liquor, Dick’s Sporting Goods, HomeGoods, Marshalls, Office Depot, Ross Dress for Less, Sprouts Farmers Market, Target (U), Ulta Beauty
30	Pioneer Hills	Denver	Aurora		CO	2003	2003	100%		138	494	$15.91	Bed Bath & Beyond, Home Depot (U), Inspire Fitness, Walmart (U)
31	Centennial Promenade	Denver	Centennial		CO	2002	1997	100%		418	827	$18.54	Cavender’s, Conn’s, Golf Galaxy, HomeGoods, IKEA (U), Michaels, REI (U), Ross Dress for Less, Stickley Furniture, Toys “R” Us
32	Chapel Hills	Denver	Colorado Springs		CO	2000	2011	100%		446	541	$12.67	24 Hour Fitness, Barnes & Noble, Best Buy, DSW, Michaels (U), Nordstrom Rack, Old Navy, Pep Boys, PetSmart, Ross Dress for Less, Whole Foods
33	Tamarac Shopping Center	Denver	Denver		CO	2013	2001	100%		69	204	$14.77	Target (U)
34	University Hills	Denver	Denver		CO	1997	2003	100%		244	261	$18.72	24 Hour Fitness, King Soopers, Marshalls, Michaels, Pier 1 Imports
35	Denver West Plaza	Denver	Lakewood		CO	2002	2014	5%	BREDDR III	71	75	$18.76	Best Buy
36	FlatAcres Marketcenter/Parker Pavilions	Denver	Parker		CO	2003	2003	100%		232	641	$19.11	Bed Bath & Beyond, Home Depot (U), Kohl’s (U), Michaels, Office Depot, Walmart (U)
37	Guilford Commons	Hartford	Guilford		CT	2015	DEV	100%		123	123	$16.51	Bed Bath & Beyond, The Fresh Market
38	Connecticut Commons	Hartford	Plainville		CT	2013	DEV	100%		562	562	$13.28	A.C. Moore, AMC Theatres, Dick’s Sporting Goods, DSW, Kohl’s, Lowe’s, Marshalls, Old Navy, PetSmart
39	Naugatuck Valley Shopping Center	Hartford	Waterbury		CT	2003	2014	5%	BREDDR III	383	383	$12.03	Bob’s Stores, Staples, Stop & Shop, Walmart
40	Windsor Court	Hartford	Windsor		CT	1993	2007	100%		79	268	$18.76	Stop & Shop, Target (U)
41	Northpoint Shopping Center	Fort Myers	Cape Coral		FL	2008	2014	5%	BREDDR III	112	116	$13.06	Bed Bath & Beyond, Michaels, PetSmart
42	Cypress Trace	Fort Myers	Fort Myers		FL	2004	2007	15%	TIAA	276	276	$10.33	Bealls, Bealls Outlet, Ross Dress for Less, Stein Mart
43	Market Square	Fort Myers	Fort Myers		FL	2004	2007	15%	TIAA	119	406	$15.87	American Signature Furniture, Barnes & Noble (U), Cost Plus World Market (U), DSW, Michaels (U), Target (U), Total Wine & More
44	The Forum	Fort Myers	Fort Myers		FL	2008	2014	5%	BREDDR III	190	458	$16.83	Bed Bath & Beyond, Home Depot (U), Ross Dress for Less, Staples, Target (U)
45	Shoppes at Paradise Pointe	Fort Walton Beach	Fort Walton Beach		FL	2000	2007	20%	DDRM	84	84	$11.84	Publix
46	Melbourne Shopping Center	Melbourne	Melbourne		FL	1999	2007	20%	DDRM	229	229	$6.41	Big Lots, Publix
47	Aberdeen Square	Miami	Boynton Beach		FL	1990	2007	20%	DDRM	71	71	$10.61	Publix

DDR Corp.

Property List

GLA in thousands


#	Center	MSA	Location	ST		Recent Year Dev. / Redev.	Year Acq.	DDR Own %	JV	Owned GLA	Total GLA	ABR PSF	Key Tenants
48	Village Square at Golf	Miami	Boynton Beach		FL	2002	2007	20%	DDRM	135	135	$14.45	Publix
49	Sheridan Square	Miami	Dania		FL	1991	2007	20%	DDRM	67	67	$11.04	Walmart Neighborhood Market
50	Paraiso Plaza	Miami	Hialeah		FL	1997	2007	20%	DDRM	61	61	$16.77	Publix
51	Homestead Pavilion	Miami	Homestead		FL	2008	2008	100%		306	397	$18.04	Bed Bath & Beyond, Kohl’s (U), Michaels, Ross Dress for Less
52	Concourse Village	Miami	Jupiter		FL	2004	2015	5%	BREDDR IV	134	134	$16.26	Ross Dress for Less, T.J. Maxx
53	Plaza del Paraiso	Miami	Miami		FL	2003	2007	20%	DDRM	85	85	$15.70	Publix
54	The Shops at Midtown Miami	Miami	Miami		FL	2006	DEV	100%		467	467	$21.45	Dick’s Sporting Goods, HomeGoods, Marshalls, Nordstrom Rack, Ross Dress for Less, Target, west elm
55	Fountains of Miramar	Miami	Miramar		FL	2005	2015	5%	BREDDR IV	139	251	$23.01	Home Depot (U), Marshalls, Ross Dress for Less
56	River Run	Miami	Miramar		FL	1989	2007	20%	DDRM	94	107	$13.38	Publix
57	Northlake Commons	Miami	Palm Beach Gardens		FL	2003	2007	20%	DDRM	124	245	$13.85	Home Depot (U), Jo-Ann, Ross Dress for Less
58	Flamingo Falls	Miami	Pembroke Pines		FL	2001	2007	20%	DDRM	109	148	$22.24	LA Fitness (U), The Fresh Market
59	The Fountains	Miami	Plantation		FL	2010	2007	100%		430	489	$16.14	Dick’s Sporting Goods, Jo-Ann, Kohl’s, Marshalls/HomeGoods, Total Wine & More
60	Midway Plaza	Miami	Tamarac		FL	1985	2007	20%	DDRM	228	228	$13.05	Publix, Ross Dress for Less
61	Tequesta Shoppes	Miami	Tequesta		FL	2014	2007	100%		110	110	$11.60	Marshalls
62	Carillon Place	Naples	Naples		FL	1994	1995	100%		268	283	$14.92	Bealls Outlet, OfficeMax, Ross Dress for Less, T.J. Maxx, Walmart Neighborhood Market
63	Countryside Shoppes	Naples	Naples		FL	1997	2007	20%	DDRM	74	74	$18.52	—
64	Crystal Springs	Ocala	Crystal River		FL	2001	2007	20%	DDRM	67	79	$11.68	Publix
65	Shoppes of Citrus Hills	Ocala	Hernando		FL	2003	2007	20%	DDRM	69	69	$11.19	Publix
66	Heather Island	Ocala	Ocala		FL	2005	2007	20%	DDRM	71	71	$11.14	Publix
67	Casselberry Commons	Orlando	Casselberry		FL	2010	2007	20%	DDRM	245	248	$12.09	Publix, Ross Dress for Less, Stein Mart, T.J. Maxx
68	Shoppes of Lake Mary	Orlando	Lake Mary		FL	2001	2007	15%	TIAA	74	279	$23.16	Publix (U), Staples, Target (U)
69	West Oaks Town Center	Orlando	Ocoee		FL	2000	2007	20%	DDRM	67	112	$15.73	Best Buy (U), Michaels

70	Chickasaw Trail Shopping Center	Orlando	Orlando		FL	1994	2007	20%	DDRM	75	81	$11.93	Publix
71	Conway Plaza	Orlando	Orlando		FL	1999	2007	20%	DDRM	118	118	$10.05	Publix
72	International Drive Value Center	Orlando	Orlando		FL	1995	2015	100%		186	192	$10.38	Bed Bath & Beyond, dd’s Discounts, Ross Dress for Less, T.J. Maxx
73	Lee Vista Promenade	Orlando	Orlando		FL	2016	DEV	100%		290	290	$17.81	Epic Theatres, HomeGoods, Michaels, Ross Dress for Less
74	Millenia Crossing	Orlando	Orlando		FL	2009	2015	5%	BREDDR IV	100	100	$28.13	Nordstrom Rack
75	Millenia Plaza	Orlando	Orlando		FL	2001	2015	100%		412	412	$11.00	BJ’s Wholesale Club, Dick’s Sporting Goods, Home Depot, Ross Dress for Less, Total Wine & More, Toys “R” Us/Babies “R” Us
76	Skyview Plaza	Orlando	Orlando		FL	1998	2007	20%	DDRM	263	263	$10.73	dd’s Discounts, Goodwill, Publix, Ross Dress for Less
77	Oviedo Park Crossing	Orlando	Oviedo		FL	1999	DEV	20%	DDRM	186	321	$11.09	Bed Bath & Beyond, Lowe’s (U), Michaels, OfficeMax, Ross Dress for Less, T.J. Maxx
78	Winter Garden Village	Orlando	Winter Garden		FL	2007	2013	100%		758	1,127	$18.41	Bealls, Bed Bath & Beyond, Best Buy, Forever 21, Havertys, Jo-Ann, LA Fitness, Lowe’s (U), Marshalls, PetSmart, Ross Dress for Less, Staples, Target (U)
79	Bellview Plaza	Pensacola	Pensacola		FL	1984	2014	5%	BREDDR III	83	87	$9.62	Publix
80	Cordova Commons	Pensacola	Pensacola		FL	1972	2014	5%	BREDDR III	164	169	$15.82	Marshalls, Stein Mart, The Fresh Market
81	Tradewinds Shopping Center	Pensacola	Pensacola		FL	1985	2014	5%	BREDDR III	179	195	$10.04	Jo-Ann, T.J. Maxx/HomeGoods
82	Cortez Plaza	Sarasota	Bradenton		FL	2015	2007	100%		274	274	$12.38	Burlington, LA Fitness, PetSmart
83	Creekwood Crossing	Sarasota	Bradenton		FL	2001	2007	20%	DDRM	235	397	$11.46	Bealls, Bealls Outlet, Big Lots, LA Fitness, Lowe’s (U)
84	Lakewood Ranch Plaza	Sarasota	Bradenton		FL	2001	2007	20%	DDRM	85	107	$13.46	Publix
85	Capital West	Tallahassee	Tallahassee		FL	2004	2003	100%		88	272	$8.48	Bealls Outlet, Walmart (U)
86	Killearn Shopping Center	Tallahassee	Tallahassee		FL	1980	2007	20%	DDRM	95	95	$13.68	Hobby Lobby
87	Southwood Village	Tallahassee	Tallahassee		FL	2003	2007	20%	DDRM	66	66	$13.13	Publix
88	Kmart Shopping Center	Tampa	Brandon		FL	2003	IPO	100%		232	232	$3.69	Kane Furniture, Kmart
89	Lake Brandon Village	Tampa	Brandon		FL	2014	2009	100%		292	454	$13.95	buybuy BABY, Jo-Ann, Lowe’s (U), Nordstrom Rack, PetSmart, Publix, Total Wine & More
90	Bardmoor Promenade	Tampa	Largo		FL	1991	2007	20%	DDRM	158	171	$13.94	Publix
91	Shoppes at Golden Acres	Tampa	New Port Richey		FL	2002	2007	20%	DDRM	131	131	$10.88	Publix
92	The Shoppes of Boot Ranch	Tampa	Palm Harbor		FL	1990	1995	100%		52	229	$24.01	Publix (U), Target (U)

93	Lake Walden Square	Tampa	Plant City		FL	2013	2007	100%		245	245	$11.70	Marshalls, Premiere Cinemas, Ross Dress for Less, Winn Dixie
94	Mariner Square	Tampa	Spring Hill		FL	1997	IPO	100%		194	519	$9.56	Bealls, Ross Dress for Less, Sam’s Club (U), Walmart (U)
95	Nature Coast Commons	Tampa	Spring Hill		FL	2009	2014	5%	BREDDR III	226	549	$16.17	Best Buy, JCPenney (U), PetSmart, Ross Dress for Less, Walmart (U)
96	North Pointe Plaza	Tampa	Tampa		FL	1990	IPO	20%	DDRM	108	226	$13.97	Publix, Walmart (U)
97	The Walk at Highwoods Preserve	Tampa	Tampa		FL	2001	2007	100%		138	232	$16.10	Best Buy, HomeGoods, Michaels, Muvico (U)
98	Tarpon Square	Tampa	Tarpon Springs		FL	1998	IPO	100%		115	199	$12.82	Bealls Outlet, Big Lots, Staples, Walmart (U)
99	Brandon Boulevard Shoppes	Tampa	Valrico		FL	2012	2007	100%		86	89	$15.48	LA Fitness

DDR Corp.

Property List

GLA in thousands


#	Center	MSA	Location	ST		Recent Year Dev. / Redev.	Year Acq.	DDR Own %	JV	Owned GLA	Total GLA	ABR PSF	Key Tenants
100	Shoppes at Lithia	Tampa	Valrico		FL	2003	2007	20%	DDRM	71	71	$15.95	Publix
101	The Shoppes at New Tampa	Tampa	Wesley Chapel		FL	2002	2007	20%	DDRM	159	188	$13.72	Bealls, Office Depot (U), Publix
102	Century Town Center	Vero Beach	Vero Beach		FL	2008	2014	5%	BREDDR III	107	117	$14.11	Marshalls/HomeGoods
103	Brookhaven Plaza	Atlanta	Atlanta		GA	1993	2007	20%	SAU	70	70	$19.79	Stein Mart
104	Cascade Corners	Atlanta	Atlanta		GA	1993	2007	20%	SAU	67	67	$6.99	Kroger
105	Cascade Crossing	Atlanta	Atlanta		GA	1994	2007	20%	SAU	63	63	$10.19	Publix
106	Perimeter Pointe	Atlanta	Atlanta		GA	2002	1995	100%		353	353	$17.56	Babies “R” Us, Dick’s Sporting Goods, HomeGoods, LA Fitness, Regal Cinemas, Stein Mart
107	Marketplace at Millcreek	Atlanta	Buford		GA	2003	2007	15%	TIAA	402	533	$12.83	2nd & Charles, Bed Bath & Beyond, Burlington, Costco (U), DSW, Marshalls, Michaels, PetSmart, REI, Ross Dress for Less, Stein Mart
108	Hickory Flat Village	Atlanta	Canton		GA	2000	2007	20%	SAU	74	88	$12.83	Publix
109	Riverstone Plaza	Atlanta	Canton		GA	1998	2007	20%	DDRM	308	335	$11.89	Bealls Outlet, Belk, Michaels, Publix, Ross Dress for Less
110	Cumming Marketplace	Atlanta	Cumming		GA	1999	2003	100%		311	717	$12.48	ApplianceSmart, Home Depot (U), Lowe’s, Michaels, OfficeMax, Walmart (U)
111	Cumming Town Center	Atlanta	Cumming		GA	2007	2013	100%		311	311	$15.35	Ashley Furniture HomeStore, Best Buy, Dick’s Sporting Goods, Staples, T.J. Maxx/HomeGoods
112	Sharon Greens	Atlanta	Cumming		GA	2001	2007	20%	DDRM	98	101	$11.76	Kroger
113	Flat Shoals Crossing	Atlanta	Decatur		GA	1994	2007	20%	SAU	70	70	$10.29	Publix
114	Hairston Crossing	Atlanta	Decatur		GA	2002	2007	20%	DDRM	58	58	$11.75	Publix
115	Douglasville Pavilion	Atlanta	Douglasville		GA	1998	2007	100%		267	370	$11.77	Big Lots, Marshalls, Michaels, OfficeMax, PetSmart, Ross Dress for Less, Target (U)
116	Market Square	Atlanta	Douglasville		GA	1990	2007	20%	Other	125	125	$10.34	Bargain Hunt
117	Camp Creek Marketplace	Atlanta	East Point		GA	2003	2014	5%	BREDDR III	424	719	$15.79	Beauty Master, BJ’s Wholesale Club, Lowe’s (U), Marshalls, Ross Dress for Less, Staples, T.J. Maxx, Target (U)
118	Paradise Shoppes of Ellenwood	Atlanta	Ellenwood		GA	2003	2007	20%	DDRM	68	68	$11.09	—
119	Fayette Pavilion	Atlanta	Fayetteville		GA	2002	2007	15%	TIAA	1,242	1,506	$9.26	Bealls Outlet, Bed Bath & Beyond, Belk, Big Lots, Cinemark, Dick’s Sporting Goods, Forever 21, Hobby Lobby, Home Depot (U), Jo-Ann, Kohl’s, Marshalls, PetSmart, Publix, Ross Dress for Less, Target (U), Toys “R” Us/Babies “R” Us, Walmart

120	Clearwater Crossing	Atlanta	Flowery Branch		GA	2003	2007	20%	DDRM	91	91	$12.16	Kroger
121	Stonebridge Village	Atlanta	Flowery Branch		GA	2008	2014	5%	BREDDR III	157	504	$16.74	Home Depot (U), Kohl’s (U), PetSmart, Ross Dress for Less, T.J. Maxx, Target (U)
122	Barrett Pavilion	Atlanta	Kennesaw		GA	1998	2007	15%	TIAA	459	584	$15.83	AMC Theatres, Bealls Outlet, buybuy BABY, Jo-Ann, Old Navy, Ozone Billiards, REI, Target (U), Total Wine & More
123	CVS	Atlanta	Lawrenceville		GA	2008	2014	5%	BREDDR III	13	13	$28.18	—
124	Towne Center Prado	Atlanta	Marietta		GA	2002	1995	100%		287	327	$13.02	Publix, Ross Dress for Less, Stein Mart
125	Shoppes at Lake Dow	Atlanta	McDonough		GA	2002	2007	20%	DDRM	73	97	$12.53	Publix
126	Newnan Crossing	Atlanta	Newnan		GA	1995	2003	100%		223	453	$8.51	Hobby Lobby, Lowe’s, Walmart (U)
127	Newnan Pavilion	Atlanta	Newnan		GA	2013	2007	15%	TIAA	468	468	$8.08	Academy Sports, Aldi, Home Depot, Kohl’s, PetSmart, Ross Dress for Less, Sky Zone Trampoline Park
128	Sandy Plains Village	Atlanta	Roswell		GA	2013	2007	100%		174	174	$10.85	Movie Tavern
129	Heritage Pavilion	Atlanta	Smyrna		GA	1995	2007	15%	TIAA	256	256	$13.84	American Signature Furniture, Marshalls, PetSmart, Ross Dress for Less, T.J. Maxx
130	Presidential Commons	Atlanta	Snellville		GA	2000	2007	100%		376	376	$11.55	buybuy BABY, Home Depot, Jo-Ann, Kroger, Stein Mart
131	Deshon Plaza	Atlanta	Stone Mountain		GA	1994	2007	20%	SAU	64	64	$11.28	Publix
132	Johns Creek Town Center	Atlanta	Suwanee		GA	2004	2003	100%		293	293	$13.99	Kohl’s, Michaels, PetSmart, Sprouts Farmers Market, Staples, Stein Mart
133	Cofer Crossing	Atlanta	Tucker		GA	2003	2003	20%	DDRM	136	278	$8.63	HomeGoods, Kroger, Walmart (U)
134	Woodstock Square	Atlanta	Woodstock		GA	2001	2007	15%	TIAA	219	400	$14.56	Kohl’s, OfficeMax, Old Navy, Target (U)
135	Glynn Isles	Brunswick	Brunswick		GA	2007	2014	5%	BREDDR III	193	517	$15.77	Ashley Furniture HomeStore (U), Dick’s Sporting Goods, Lowe’s (U), Michaels, Office Depot, PetSmart, Ross Dress for Less, Target (U)
136	Eisenhower Crossing	Macon	Macon		GA	2002	2007	15%	TIAA	420	722	$10.91	Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy (U), Home Depot (U), Kroger, Marshalls, Michaels, Old Navy, Ross Dress for Less, Staples, Target (U)
137	Crossroads Marketplace	Warner Robins	Warner Robins		GA	2008	2014	5%	BREDDR III	79	295	$13.57	Bed Bath & Beyond, Best Buy, Kohl’s (U), Kroger (U), Toys “R” Us (U)
138	Meridian Crossroads	Boise	Meridian		ID	2004	DEV	100%		527	731	$15.34	Ashley Furniture HomeStore, Bed Bath & Beyond, Craft Warehouse, Office Depot, Old Navy, Ross Dress for Less, Sportsman’s Warehouse, Walmart (U)
139	Nampa Gateway Center	Boise	Nampa		ID	2008	DEV	100%		471	496	$5.04	Circustrix, Edwards Theatres, Idaho Athletic Club, JCPenney
140	3030 North Broadway	Chicago	Chicago		IL	2016	2017	100%		132	132	$34.35	Mariano’s, XSport Fitness
141	Kingsbury Center	Chicago	Chicago		IL	2012	2014	5%	BREDDR III	53	53	$30.16	buybuy BABY
142	The Maxwell	Chicago	Chicago		IL	2014	2014	100%		240	240	$26.45	Burlington, Dick’s Sporting Goods, Nordstrom Rack, T.J. Maxx
143	Deer Park Town Center	Chicago	Deer Park		IL	2004	DEV	50%	Other	356	406	$30.94	Barnes & Noble (U), Century Theatre, Crate & Barrel, Gap
144	Hillside Town Center	Chicago	Hillside		IL	2009	2014	5%	BREDDR III	165	365	$16.44	HomeGoods, Michaels, Ross Dress for Less, Target (U)
145	The Shops at Fox River	Chicago	McHenry		IL	2006	DEV	100%		341	444	$13.55	Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, JCPenney (U), PetSmart, Ross Dress for Less, T.J. Maxx
146	Prairie Market	Chicago	Oswego		IL	2007	2014	5%	BREDDR III	113	679	$22.08	Aldi, Best Buy (U), Dick’s Sporting Goods (U), Hobby Lobby (U), Kohl’s (U), PetSmart, Walmart (U)
147	Woodfield Village Green	Chicago	Schaumburg		IL	2015	1995	100%		526	692	$20.11	At Home, Bloomingdale’s the Outlet Store, Container Store, Costco (U), HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Trader Joe’s

DDR Corp.

Property List

GLA in thousands


#	Center	MSA	Location	ST		Recent Year Dev. / Redev.	Year Acq.	DDR Own %	JV	Owned GLA	Total GLA	ABR PSF	Key Tenants
148	Village Crossing	Chicago	Skokie		IL	1989	2007	15%	TIAA	449	449	$21.41	AMC Theatres, Barnes & Noble, Bed Bath & Beyond, Best Buy, Michaels, OfficeMax, PetSmart
149	Brookside Marketplace	Chicago	Tinley Park		IL	2013	2012	100%		317	602	$15.24	Best Buy, Dick’s Sporting Goods, HomeGoods, Kohl’s (U), Michaels, PetSmart, Ross Dress for Less, T.J. Maxx, Target (U)
150	Highland Grove Shopping Center	Chicago	Highland		IN	2001	2007	20%	DDRM	312	541	$14.39	Best Buy (U), Dick’s Sporting Goods (U), Kohl’s, Marshalls, Michaels, Target (U)
151	East Lloyd Commons	Evansville	Evansville		IN	2005	2007	100%		160	160	$16.03	Best Buy, Michaels
152	Merriam Village	Kansas City	Merriam		KS	2005	2004	100%		418	921	$13.39	Cinemark, Dick’s Sporting Goods, Hen House Market, Hobby Lobby, Home Depot (U), IKEA (U), Marshalls, OfficeMax, PetSmart
153	Duvall Village	Balt-Wash DC	Bowie		MD	1998	2007	100%		88	88	$22.70	—
154	Harundale Plaza	Balt-Wash DC	Glen Burnie		MD	1999	2007	20%	Other	218	218	$9.68	Burlington, HomeGoods, Regency Furniture
155	Largo Town Center	Balt-Wash DC	Upper Marlboro		MD	1991	2007	20%	Other	277	281	$15.34	Marshalls, Regency Furniture, Shoppers Food Warehouse
156	Costco Plaza	Balt-Wash DC	White Marsh		MD	1992	2007	15%	TIAA	210	335	$7.53	Big Lots, Costco, Home Depot (U), Pep Boys, PetSmart
157	The Commons	Salisbury	Salisbury		MD	1999	DEV	100%		130	350	$14.39	Best Buy, Home Depot (U), Michaels, Target (U)
158	Gateway Center	Boston	Everett		MA	2001	DEV	100%		354	640	$16.18	Babies “R” Us, Costco (U), Home Depot, Michaels, Old Navy, Target (U), Total Wine & More
159	Shoppers World	Boston	Framingham		MA	1994	1995	100%		783	783	$24.65	A.C. Moore, AMC Theatres, Babies “R” Us, Barnes & Noble, Best Buy, DSW, Kohl’s, Macy’s Furniture Gallery, Marshalls, Nordstrom Rack, PetSmart, Sierra Trading Post, T.J. Maxx, Toys “R” Us
160	Riverdale Shops	Springfield	West Springfield		MA	2003	2007	20%	DDRM	274	274	$14.13	Kohl’s, Stop & Shop
161	Fairlane Green	Detroit	Allen Park		MI	2005	2014	5%	BREDDR III	270	401	$19.32	Barnes & Noble, Bed Bath & Beyond, Home Depot (U), Meijer (U), Michaels, T.J. Maxx, Target (U)
162	Waterside Marketplace	Detroit	Chesterfield		MI	2007	2014	5%	BREDDR III	291	547	$13.25	Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, JCPenney (U), Jo-Ann, Lowe’s (U), T.J. Maxx
163	Green Ridge Square	Grand Rapids	Grand Rapids		MI	1995	1995	100%		216	407	$13.53	Bed Bath & Beyond, Best Buy, Michaels, T.J. Maxx, Target (U), Toys “R” Us (U)
164	Grandville Marketplace	Grand Rapids	Grandville		MI	2003	2003	100%		224	372	$10.94	Gander Mountain, Hobby Lobby, Lowe’s (U), OfficeMax
165	Valley Center	Saginaw	Saginaw		MI	1994	2014	5%	BREDDR III	409	419	$9.77	Babies “R” Us, Barnes & Noble, Burlington, Dick’s Sporting Goods, DSW, Michaels, PetSmart, T.J. Maxx
166	Riverdale Village	Minneapolis	Coon Rapids		MN	2003	DEV	100%		797	977	$13.01	Bed Bath & Beyond, Best Buy, Costco (U), Dick’s Sporting Goods, DSW, JCPenney, Jo-Ann, Kohl’s, Old Navy, T.J. Maxx
167	Maple Grove Crossing	Minneapolis	Maple Grove		MN	2002	1996	100%		262	350	$12.64	Barnes & Noble, Bed Bath & Beyond, Cub Foods (U), Kohl’s, Michaels
168	Midway Marketplace	Minneapolis	St. Paul		MN	1995	1997	100%		324	487	$8.64	Cub Foods, Herberger’s (U), LA Fitness, T.J. Maxx, Walmart

169	Crossroads Center	Gulfport	Gulfport		MS	1999	2003	100%		555	591	$11.65	Academy Sports, Barnes & Noble, Belk, Burke’s Outlet, Cinemark, Forever 21, Michaels, Ross Dress for Less, T.J. Maxx
170	Big Oaks Crossing	Tupelo	Tupelo		MS	1992	1994	100%		348	348	$6.16	Jo-Ann, Sam’s Club, Walmart
171	Independence Commons	Kansas City	Independence		MO	1999	1995	100%		386	403	$14.86	AMC Theatres, Barnes & Noble, Best Buy, Kohl’s, Marshalls, Ross Dress for Less
172	The Promenade at Brentwood	St Louis	Brentwood		MO	1998	1998	100%		338	338	$15.11	Bed Bath & Beyond, Micro Center, PetSmart, Target, Trader Joe’s
173	Del Monte Plaza	Reno	Reno		NV	1988	2014	5%	BREDDR III	83	177	$17.48	Macy’s Furniture Gallery (U), Sierra Trading Post, Whole Foods
174	Seabrook Commons	Boston	Seabrook		NH	2014	DEV	100%		175	393	$18.55	Dick’s Sporting Goods, Walmart (U)
175	Hamilton Commons	Atlantic City	Mays Landing		NJ	2001	2004	100%		397	397	$18.11	Bed Bath & Beyond, Marshalls, Regal Cinemas, Ross Dress for Less
176	Wrangleboro Consumer Square	Atlantic City	Mays Landing		NJ	1997	2004	100%		842	842	$13.35	Babies “R” Us, Best Buy, BJ’s Wholesale Club, Books-A-Million, Christmas Tree Shops, Dick’s Sporting Goods, Just Cabinets, Kohl’s, Michaels, PetSmart, Staples, Target
177	East Hanover Plaza	New York	East Hanover		NJ	1994	2007	100%		98	359	$20.47	Costco (U), HomeGoods, Target (U)
178	Edgewater Towne Center	New York	Edgewater		NJ	2000	2007	100%		78	78	$25.10	Whole Foods
179	Freehold Marketplace	New York	Freehold		NJ	2005	DEV	100%		30	368	$32.47	Sam’s Club (U), Walmart (U)
180	Lewandowski Commons	New York	Lyndhurst		NJ	1998	2007	20%	SAU	78	78	$22.72	Stop & Shop
181	Route 22 Retail Center	New York	Union		NJ	1997	2007	100%		112	237	$18.61	Babies “R” Us, Dick’s Sporting Goods, Target (U)
182	Consumer Centre	New York	West Long Branch		NJ	1993	2004	100%		292	292	$13.39	buybuy BABY, Home Depot, PetSmart
183	West Falls Plaza	New York	Woodland Park		NJ	1995	2007	20%	DDRM	89	89	$20.84	—
184	Crossroads Plaza	Philadelphia	Lumberton		NJ	2003	2007	20%	DDRM	100	215	$18.28	Lowe’s (U), ShopRite
185	Hamilton Marketplace	Trenton	Hamilton		NJ	2004	2003	100%		532	960	$17.92	Barnes & Noble, Bed Bath & Beyond, BJ’s Wholesale Club (U), Kohl’s, Lowe’s (U), Michaels, Ross Dress for Less, ShopRite, Staples, Walmart (U)
186	Nassau Park Pavilion	Trenton	Princeton		NJ	2005	1997	100%		609	1,117	$16.71	Babies “R” Us, Best Buy, buybuy BABY, Dick’s Sporting Goods, Home Depot (U), HomeGoods, Michaels, PetSmart, Sam’s Club (U), Target (U), Walmart (U), Wegmans
187	Southern Tier Crossing	Elmira	Horseheads		NY	2008	DEV	100%		175	523	$15.92	Aldi (U), Dick’s Sporting Goods, Jo-Ann, Kohl’s (U), Walmart (U)
188	The Hub	New York	Hempstead		NY	2001	2015	5%	BREDDR IV	249	249	$14.02	Home Depot, Super Stop & Shop
189	Belgate Shopping Center	Charlotte	Charlotte		NC	2013	DEV	100%		262	883	$13.57	Burlington, Cost Plus World Market, Furniture Row (U), Hobby Lobby, IKEA (U), Marshalls, Old Navy, PetSmart, T.J. Maxx, Walmart (U)
190	Carolina Pavilion	Charlotte	Charlotte		NC	1997	2012	100%		726	871	$13.69	AMC Theatres, Babies “R” Us, Bed Bath & Beyond, Big Lots, buybuy BABY, Conn’s, Jo-Ann, Nordstrom Rack, Old Navy, Ross Dress for Less, Sears Outlet, Target (U), Value City Furniture
191	Cotswold Village	Charlotte	Charlotte		NC	2013	2011	100%		261	261	$22.30	Harris Teeter, Marshalls, PetSmart
192	The Shops at the Fresh Market	Charlotte	Cornelius		NC	2001	2007	100%		130	130	$11.87	Stein Mart, The Fresh Market
193	Birkdale Village	Charlotte	Huntersville		NC	2003	2007	15%	TIAA	299	387	$27.44	Barnes & Noble, Dick’s Sporting Goods, Regal Cinemas (U)

DDR Corp.

Property List

GLA in thousands


#	Center	MSA	Location	ST		Recent Year Dev. / Redev.	Year Acq.	DDR Own %	JV	Owned GLA	Total GLA	ABR PSF	Key Tenants
194	Rosedale Shopping Center	Charlotte	Huntersville		NC	2000	2007	20%	DDRM	119	119	$17.32	Harris Teeter
195	Winslow Bay Commons	Charlotte	Mooresville		NC	2003	2007	15%	TIAA	268	442	$14.52	Dick’s Sporting Goods, HomeGoods, Michaels, Ross Dress for Less, T.J. Maxx, Target (U)
196	Fayetteville Pavilion	Fayetteville	Fayetteville		NC	2001	2007	20%	DDRM	274	274	$12.21	Christmas Tree Shops, Dick’s Sporting Goods, Food Lion, Marshalls, Michaels, PetSmart
197	Wendover Village	Greensboro	Greensboro		NC	2004	2007	100%		36	171	$31.46	Costco (U)
198	Shoppes at Oliver’s Crossing	Greensboro	Winston Salem		NC	2003	2007	20%	DDRM	77	77	$13.38	Lowes Foods
199	Walmart	Greensboro	Winston Salem		NC	1998	2007	100%		205	205	$6.85	Walmart
200	Beaver Creek Crossings	Raleigh	Apex		NC	2006	DEV	100%		321	321	$16.42	Burke’s Outlet, Dick’s Sporting Goods, Regal Beaver Creek 12, T.J. Maxx
201	Meadowmont Village	Raleigh	Chapel Hill		NC	2002	2007	20%	DDRM	132	132	$21.76	Harris Teeter
202	Clayton Corners	Raleigh	Clayton		NC	1999	2007	20%	DDRM	126	126	$12.24	Lowes Foods
203	Sexton Commons	Raleigh	Fuquay Varina		NC	2002	2007	20%	DDRM	49	49	$17.41	Harris Teeter
204	Alexander Place	Raleigh	Raleigh		NC	2004	2007	15%	TIAA	198	408	$17.02	Kohl’s, Walmart (U)
205	Capital Crossing	Raleigh	Raleigh		NC	1995	2007	100%		83	463	$9.89	At Home (U), Conn’s, Lowe’s (U), PetSmart (U), Sam’s Club (U), Staples
206	Poyner Place	Raleigh	Raleigh		NC	2012	2012	100%		254	435	$16.55	Cost Plus World Market, Old Navy, Ross Dress for Less, Target (U), Toys “R” Us/Babies “R” Us
207	University Centre	Wilmington	Wilmington		NC	2001	IPO	100%		418	525	$10.86	Bed Bath & Beyond, Lowe’s, Old Navy, Ollie’s Bargain Outlet, Ross Dress for Less, Sam’s Club (U)
208	CVS	Bellevue	Bellevue		OH	1998	2014	5%	BREDDR III	10	10	$14.46	—
209	Kenwood Square	Cincinnati	Cincinnati		OH	2008	2013	100%		432	466	$19.00	Dick’s Sporting Goods, Macy’s Furniture Gallery, T.J. Maxx, The Fresh Market, Toys “R” Us/Babies “R” Us
210	Western Hills Square	Cincinnati	Cincinnati		OH	1998	2014	5%	BREDDR III	34	258	$12.67	Kroger (U), PetSmart, Walmart (U)
211	Waterstone Center	Cincinnati	Mason		OH	1998	2014	100%		158	430	$15.58	Barnes & Noble, Bassett Home Furnishings, Best Buy, Costco (U), Michaels, Target (U)
212	Macedonia Commons	Cleveland	Macedonia		OH	1994	1994	100%		312	604	$14.46	Cinemark, Hobby Lobby, Home Depot (U), Kohl’s, Walmart (U)
213	Belden Park Crossings	Cleveland	North Canton		OH	2003	DEV	100%		481	596	$12.84	Dick’s Sporting Goods, DSW, Jo-Ann, Kohl’s, PetSmart, Target (U), Value City Furniture
214	Great Northern Plaza	Cleveland	North Olmsted		OH	2013	1997	100%		631	669	$13.91	Bed Bath & Beyond, Best Buy, Big Lots, Burlington, DSW, Home Depot, Jo-Ann, K&G Fashion Superstore, Marc’s, PetSmart
215	Uptown Solon	Cleveland	Solon		OH	1998	DEV	100%		182	182	$16.49	Bed Bath & Beyond, Mustard Seed Market & Cafe

216	Stow Community Center	Cleveland	Stow		OH	2008	DEV	100%		401	503	$11.15	Bed Bath & Beyond, Giant Eagle, Hobby Lobby, Kohl’s, OfficeMax, Target (U)
217	West Bay Plaza	Cleveland	Westlake		OH	2000	IPO	100%		162	162	$14.75	Marc’s
218	Easton Market	Columbus	Columbus		OH	2013	1998	100%		508	559	$15.98	Bed Bath & Beyond, buybuy BABY, DSW, Michaels, Nordstrom Rack, PetSmart, Staples, T.J. Maxx, Value City Furniture
219	Hilliard Rome Commons	Columbus	Columbus		OH	2001	2007	20%	DDRM	111	111	$14.61	—
220	Lennox Town Center	Columbus	Columbus		OH	1997	1998	50%	Other	374	374	$12.00	AMC Theatres, Barnes & Noble, Staples, Target
221	Polaris Towne Center	Columbus	Columbus		OH	1999	2011	100%		458	730	$16.61	Best Buy, Big Lots, Jo-Ann, Kroger, Lowe’s (U), OfficeMax, T.J. Maxx, Target (U)
222	Sun Center	Columbus	Columbus		OH	1995	1998	79%	Other	316	358	$14.21	Ashley Furniture HomeStore, Babies “R” Us, Michaels, Staples, Stein Mart, Whole Foods
223	Perimeter Center	Columbus	Dublin		OH	1996	1998	100%		136	136	$16.57	Giant Eagle
224	Derby Square	Columbus	Grove City		OH	1992	1998	20%	DDRM	125	134	$11.00	Giant Eagle
225	Powell Center	Columbus	Lewis Center		OH	2000	2014	5%	BREDDR III	202	233	$13.36	Giant Eagle, HomeGoods, Marshalls, Michaels
226	North Heights Plaza	Dayton	Huber Heights		OH	1990	1993	100%		182	295	$12.43	Bed Bath & Beyond (U), Big Lots, Dick’s Sporting Goods, Hobby Lobby (U), Sears Outlet (U)
227	Shoppes on South Main	Toledo	Bowling Green		OH	1978	2014	5%	BREDDR III	111	222	$10.93	Home Depot (U), T.J. Maxx
228	North Towne Commons	Toledo	Toledo		OH	1995	2004	100%		80	295		Kroger (U), T.J. Maxx (U), Target (U)
229	Springfield Commons	Toledo	Toledo		OH	1999	DEV	20%	DDRM	272	272	$11.24	Babies “R” Us, Bed Bath & Beyond, Gander Mountain, Kohl’s, Old Navy
230	Gresham Station	Portland	Gresham		OR	2000	2016	100%		342	342	$19.63	Bed Bath & Beyond, Best Buy, Craft Warehouse, LA Fitness
231	Tanasbourne Town Center	Portland	Portland		OR	2001	1996	100%		310	571	$20.27	Barnes & Noble, Bed Bath & Beyond, Best Buy (U), Michaels, Nordstrom Rack (U), Office Depot, Ross Dress for Less, Target (U)

DDR Corp.

Property List

GLA in thousands


#	Center	MSA	Location	ST		Recent Year Dev. / Redev.	Year Acq.	DDR Own %	JV	Owned GLA	Total GLA	ABR PSF	Key Tenants
232	West Valley Marketplace	Allentown	Allentown		PA	2004	2003	100%		259	268	$10.94	Walmart
233	Southmont Plaza	Allentown	Easton		PA	2004	2015	5%	BREDDR IV	251	386	$15.58	Barnes & Noble, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Lowe’s (U), Michaels, Staples
234	Peach Street Marketplace	Erie	Erie		PA	2012	DEV	100%		721	1,001	$10.14	Babies “R” Us, Bed Bath & Beyond, Best Buy (U), Burlington, Cinemark, Erie Sports, Hobby Lobby, Home Depot (U), Kohl’s, Lowe’s, Marshalls, PetSmart, Target (U)
235	Silver Spring Square	Harrisburg	Mechanicsburg		PA	2001	2013	100%		343	569	$17.74	Bed Bath & Beyond, Best Buy, Kohl’s (U), Ross Dress for Less, Target (U), Wegmans
236	Ashbridge Square	Philadelphia	Downingtown		PA	1999	2015	5%	BREDDR IV	386	386	$10.99	Best Buy, Christmas Tree Shops, Home Depot, Jo-Ann, Staples
237	Noble Town Center	Philadelphia	Jenkintown		PA	1999	2014	100%		168	168	$15.89	AFC Fitness, Bed Bath & Beyond, PetSmart, Ross Dress for Less, Stein Mart
238	Overlook at King of Prussia	Philadelphia	King Of Prussia		PA	2002	2007	15%	TIAA	195	195	$28.57	Best Buy, Off 5th, United Artists Theatre
239	Widewater Commons	Uniontown	Uniontown		PA	2008	2014	5%	BREDDR III	47	171	$14.18	PetSmart, Target (U)
240	Plaza Isabela	Aguadilla-Isabella	Isabela		PR	1994	2005	100%		259	259	$15.59	Selectos Supermarket, Walmart
241	Plaza Fajardo	Fajardo	Fajardo		PR	2013	2005	100%		274	274	$17.40	Econo, Walmart
242	Plaza Walmart	Guayama	Guayama		PR	1994	2005	100%		164	164	$9.39	Walmart
243	Plaza del Atlántico	San Juan	Arecibo		PR	1993	2005	100%		223	223	$12.17	Capri Del Atlantico, Kmart
244	Plaza del Sol	San Juan	Bayamon		PR	2014	2005	100%		612	724	$32.17	Bed Bath & Beyond, Caribbean Cinemas, H & M, Home Depot (U), Old Navy, Walmart
245	Plaza Río Hondo	San Juan	Bayamon		PR	2015	2005	100%		555	555	$26.37	Best Buy, Caribbean Cinemas, Kmart, Marshalls Mega Store, Pueblo, T.J. Maxx
246	Plaza Escorial	San Juan	Carolina		PR	1997	2005	100%		524	636	$16.29	Caribbean Cinemas, Home Depot (U), OfficeMax, Old Navy, Sam’s Club, Walmart
247	Plaza Cayey	San Juan	Cayey		PR	2004	2005	100%		313	339	$9.32	Caribbean Cinemas (U), Walmart
248	Plaza del Norte	San Juan	Hatillo		PR	2012	2005	100%		682	699	$17.92	Caribbean Cinemas, JCPenney, OfficeMax, Rooms To Go, Sears, T.J. Maxx, Toys “R” Us/Babies “R” Us
249	Plaza Palma Real	San Juan	Humacao		PR	1995	2005	100%		449	449	$16.78	Capri, JCPenney, Marshalls, Pep Boys, Walmart
250	Señorial Plaza	San Juan	Rio Piedras		PR	2010	2005	100%		202	202	$17.64	Pueblo
251	Plaza Vega Baja	San Juan	Vega Baja		PR	1990	2005	100%		185	185	$11.81	Econo
252	Warwick Center	Providence	Warwick		RI	2004	2007	15%	TIAA	153	153	$19.14	Barnes & Noble, Dick’s Sporting Goods, DSW
253	Ashley Crossing	Charleston	Charleston		SC	2011	2003	100%		208	217	$9.49	Food Lion, Jo-Ann, Kohl’s, Marshalls

254	Wando Crossing	Charleston	Mount Pleasant		SC	2000	1995	100%		205	326	$13.56	Marshalls, Michaels, Office Depot, T.J. Maxx, Walmart (U)
255	Columbiana Station	Columbia	Columbia		SC	2003	2007	15%	TIAA	375	436	$15.54	buybuy BABY, Columbia Grand Theatre (U), Dick’s Sporting Goods, Michaels, PetSmart
256	Harbison Court	Columbia	Columbia		SC	2015	2002	100%		242	301	$14.51	Babies “R” Us (U), Marshalls, Nordstrom Rack, Ross Dress for Less
257	Midtowne Park	Greenville	Anderson		SC	2008	2014	5%	BREDDR III	167	174	$11.64	Dick’s Sporting Goods, Kohl’s, Staples
258	Hobby Lobby Center	Greenville	Greenville		SC	2004	2014	5%	BREDDR III	69	268	$8.92	Hobby Lobby, Walmart (U)
259	The Point	Greenville	Greenville		SC	2005	2007	20%	SAU	104	104	$17.01	REI, Whole Foods
260	Walmart	Greenville	Greenville		SC	1998	2007	100%		200	200	$6.36	Walmart
261	Fairview Station	Greenville	Simpsonville		SC	1990	1994	100%		153	153	$6.86	Ingles, Kohl’s
262	The Plaza at Carolina Forest	Myrtle Beach	Myrtle Beach		SC	1999	2007	20%	SAU	140	140	$13.14	Kroger
263	Pavilion of Turkey Creek	Knoxville	Knoxville		TN	2001	2007	15%	TIAA	277	658	$14.76	DSW, Hobby Lobby, OfficeMax, Old Navy, Ross Dress for Less, Target (U), Walmart (U)
264	Town & Country Commons	Knoxville	Knoxville		TN	1997	2007	15%	TIAA	655	655	$10.95	Best Buy, Conn’s, Dick’s Sporting Goods, Jo-Ann, Knoxville 16, Lowe’s, Staples, Tuesday Morning
265	American Way	Memphis	Memphis		TN	1988	2007	20%	SAU	110	110	$7.85	—
266	Crossroads Square	Morristown	Morristown		TN	2004	2007	20%	SAU	70	95	$6.42	Bargain Hunt, OfficeMax (U)
267	Cool Springs Pointe	Nashville	Brentwood		TN	2004	2000	100%		198	198	$15.90	Best Buy, Ross Dress for Less, Royal Furniture
268	Lowe’s Home Improvement	Nashville	Hendersonville		TN	1999	2003	100%		129	141	$8.83	Lowe’s
269	Bellevue Place	Nashville	Nashville		TN	2003	2007	15%	TIAA	77	192	$12.70	Bed Bath & Beyond, Home Depot (U), Michaels
270	Kyle Crossing	Austin	Kyle		TX	2010	DEV	100%		121	375	$19.18	Kohl’s (U), Ross Dress for Less, Target (U)
271	Kyle Marketplace	Austin	Kyle		TX	2007	2014	5%	BREDDR III	226	226	$16.01	H-E-B Plus!
272	McAlister Square	Dallas	Burleson		TX	2007	2014	5%	BREDDR III	169	169	$11.01	Academy Sports, Party City
273	Cedar Hill Village	Dallas	Cedar Hill		TX	2002	2014	5%	BREDDR III	44	150	$18.19	24 Hour Fitness, JCPenney (U)
274	Eastchase Market	Dallas-FTW	Fort Worth		TX	1997	2014	5%	BREDDR III	262	420	$11.32	Aldi (U), AMC Theatres, Burke’s Outlet, Marshalls, Ross Dress for Less, Spec’s Wine, Spirits, & Finer Foods, Target (U)
275	The Marketplace at Highland Village	Dallas-FTW	Highland Village		TX	2007	2013	100%		207	451	$16.85	DSW, LA Fitness, Petco, T.J. Maxx/HomeGoods, Walmart (U)

DDR Corp.

Property List

GLA in thousands


#	Center	MSA	Location	ST		Recent Year Dev. / Redev.	Year Acq.	DDR Own %	JV	Owned GLA	Total GLA	ABR PSF	Key Tenants
276	MacArthur Marketplace	Dallas-FTW	Irving		TX	2004	2003	100%		252	602	$9.82	Hollywood Theatres, Kohl’s, Sam’s Club (U), Walmart (U)
277	The Marketplace at Towne Centre	Dallas-FTW	Mesquite		TX	2001	2003	100%		174	399	$15.91	Cavender’s (U), Home Depot (U), Kohl’s (U), Michaels, PetSmart, Ross Dress for Less
278	Greenway Commons	Houston	Houston		TX	2008	2014	5%	BREDDR III	253	258	$19.05	Costco, LA Fitness
279	Willowbrook Plaza	Houston	Houston		TX	2014	2015	100%		385	393	$15.43	AMC Theatres, Bed Bath & Beyond, Bel Furniture, buybuy BABY, Cost Plus World Market
280	Bandera Pointe	San Antonio	San Antonio		TX	2002	DEV	100%		500	851	$13.12	Barnes & Noble, Gold’s Gym, Jo-Ann, Kohl’s (U), Lowe’s, Old Navy, PetSmart, Ross Dress for Less, Spec’s Wine, Spirits & Finer Foods (U), T.J. Maxx, Target (U)
281	Terrell Plaza	San Antonio	San Antonio		TX	2012	2007	100%		108	243	$19.30	Ross Dress for Less, Target (U)
282	Village at Stone Oak	San Antonio	San Antonio		TX	2007	DEV	100%		448	623	$20.98	Alamo Drafthouse Cinema, Hobby Lobby, HomeGoods, Target (U)
283	Fortuna Center Plaza	Balt-Wash DC	Dumfries		VA	2006	2013	100%		105	232	$16.36	Shoppers Food Warehouse, Target (U)
284	Fairfax Towne Center	Balt-Wash DC	Fairfax		VA	1994	1995	100%		253	253	$19.77	Bed Bath & Beyond, Jo-Ann, Regal Cinemas, Safeway, T.J. Maxx
285	Springfield Center	Balt-Wash DC	Springfield		VA	1999	2007	100%		177	177	$22.26	Barnes & Noble, Bed Bath & Beyond, DSW, Michaels, The Tile Shop
286	Bermuda Square	Richmond	Chester		VA	1978	2003	100%		82	82	$25.51	Martin’s
287	Creeks at Virginia Centre	Richmond	Glen Allen		VA	2002	2007	15%	TIAA	266	266	$15.57	Barnes & Noble, Bed Bath & Beyond, Dick’s Sporting Goods, Michaels, Ross Dress for Less
288	Commonwealth Center	Richmond	Midlothian		VA	2002	2007	100%		166	166	$16.27	Michaels, Stein Mart, The Fresh Market
289	Downtown Short Pump	Richmond	Richmond		VA	2000	2007	100%		126	252	$22.46	American Family Fitness (U), Barnes & Noble, Regal Cinemas, Skate Nation (U)
290	White Oak Village	Richmond	Richmond		VA	2008	2014	5%	BREDDR III	432	956	$15.75	JCPenney, K&G Fashion Superstore, Lowe’s (U), Michaels, PetSmart, Publix, Sam’s Club (U), Target (U)
291	Indian Lakes Crossing	Virginia Beach	Virginia Beach		VA	2008	2014	5%	BREDDR III	71	71	$15.23	Harris Teeter
292	Kroger Plaza	Virginia Beach	Virginia Beach		VA	1997	2007	20%	SAU	68	86	$3.71	Kroger
293	Apple Blossom Corners	Winchester	Winchester		VA	1997	IPO	20%	DDRM	243	243	$11.10	Books-A-Million, HomeGoods, Kohl’s, Martin’s
294	Winchester Station	Winchester	Winchester		VA	2005	2014	5%	BREDDR III	183	417	$15.49	Bed Bath & Beyond, Michaels, Ross Dress for Less, Walmart (U)
295	Orchards Market Center	Portland	Vancouver		WA	2005	2013	100%		178	209	$16.38	Big 5 Sporting Goods (U), Jo-Ann, LA Fitness, Office Depot, Sportsman’s Warehouse
296	Shoppers World of Brookfield	Milwaukee	Brookfield		WI	1967	2003	100%		203	285	$11.50	Burlington, Pick’n Save (U), Ross Dress for Less, Xperience Fitness
297	Marketplace of Brown Deer	Milwaukee	Brown Deer		WI	1989	2003	100%		410	410	$9.16	Bob’s Discount Furniture, Burlington, Michaels, OfficeMax, Pick’n Save, Ross Dress for Less, T.J. Maxx

298	West Allis Center	Milwaukee	West Allis		WI	1968	2003	100%		264	392	$6.42	Kohl’s, Marshalls/HomeGoods, Menards (U), Pick’n Save
			Total							72,686	100,038

DEV - Property developed by the Company

IPO - Original IPO Property

BREDDR III - BRE DDR Retail Holdings III

BREDDR IV - BRE DDR Retail Holdings IV

DDRM - DDRM Properties

SAU - DDR-SAU Retail Fund

TIAA - DDRTC Core Retail Fund

Note: (U) indicates unowned

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