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8-K - FORM 8-K - SITE Centers Corp.d869437d8k.htm
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Exhibit 99.1

 

LOGO

For immediate release:

 

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

DDR REPORTS OPERATING FFO PER DILUTED SHARE OF $1.16

FOR THE YEAR ENDED DECEMBER 31, 2014

BEACHWOOD, OHIO, February 11, 2015 – DDR Corp. (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2014.

Significant Fourth Quarter Activity

 

    Generated Operating FFO of $0.31 per diluted share, a 6.9% increase from the fourth quarter of 2013

 

    Executed 327 new leases and renewals for 1.8 million square feet

 

    Increased the U.S. portfolio leased rate by 10 basis points to 95.7% from 95.6% at September 30, 2014

 

    Generated new leasing spreads of 25.0% on a pro rata basis, and renewal leasing spreads of 7.2% on a pro rata basis

 

    Generated same store net operating income growth of 3.0% on a pro rata basis compared to the prior year

 

    Closed on a new unconsolidated joint venture with Blackstone that acquired a portfolio of 70 shopping centers with a total cost of $1.93 billion

 

    Acquired sole ownership of one power center, from an existing joint venture, for $15 million at DDR’s share

 

    Liquidated two joint ventures containing 23 assets

 

    Sold $591 million of assets; DDR’s pro rata gross proceeds were $258 million

 

    Issued $500 million, 3.625% senior unsecured notes due February 2025 in January 2015

2014 Year-end Highlights

 

    Generated Operating FFO of $1.16 per diluted share for the full year 2014, an increase of 4.5% compared to 2013

 

    Executed 1,411 new leases and renewals for 10.6 million square feet in 2014

 

    Increased the U.S. portfolio leased rate by 70 basis points from 95.0% at December 31, 2013

 

    Generated new leasing spreads for the full year 2014 of 22.2% on a pro rata basis, and renewal leasing spreads of 7.7% on a pro rata basis.

“We are pleased to announce another quarter of strong results and we remain confident that we are well-positioned and excited about the opportunity ahead,” commented David J. Oakes, president and chief executive officer of DDR.

Financial Highlights

 

    Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $7.7 million to $112.2 million, or $0.31 per diluted share, compared to $104.5 million, or $0.29 per diluted share, for the prior-year comparable period.

 

    Operating FFO for the year ended December 31, 2014, increased to $420.4 million, or $1.16 per diluted share, compared to $366.7 million or $1.11 per diluted share, for the prior year.

 

    Fourth quarter net loss attributable to common shareholders was $16.3 million, or $0.05 per diluted share, which compares to net income of $0.6 million, or $0.00 per diluted share, for the prior-year comparable period.

 

    Net income attributable to common shareholders for the year ended December 31, 2014, was $91.3 million, or $0.25 per diluted share, which compares to net loss of $43.1 million or $0.14 per diluted share, for the prior year.


Significant Fourth Quarter and Year-End Operating Activity

 

    Executed 576 new leases totaling 2.9 million square feet at positive spreads of 22.2% on a pro rata basis, of which 140 new leases aggregating 0.6 million square feet at positive spreads of 25.0% on a pro rata basis were executed in the fourth quarter

 

    Executed 835 renewal leases totaling 7.7 million square feet at positive spreads of 7.7% on a pro rata basis, of which 187 renewal leases totaling 1.2 million square feet at positive spreads of 7.2% on a pro rata basis were executed in the fourth quarter

 

    The U.S. annualized base rent per occupied square foot was $13.91 at December 31, 2014 as compared to $13.35 at December 31, 2013, and increase of 4.2%.

Significant Fourth Quarter Transactional Activity

 

    In October, acquired a portfolio of 70 shopping centers with joint venture partner, Blackstone, for $1.93 billion or $376 million at the Company’s share. The Company’s investment includes $20 million of common equity, $62 million of newly financed and debt assumed at our share, and $300 million in preferred equity with a fixed dividend rate of 8.5%.

 

    Sold 12 consolidated operating shopping centers totaling 2.0 million square feet and seven land parcels generating gross proceeds of $214.4 million. A net gain of $22.1 million was recorded related to these sales.

 

    Sold 29 unconsolidated joint venture operating shopping centers, totaling 3.8 million square feet, generating gross proceeds of $376.2 million, of which the Company’s pro rata share was $48.6 million. An aggregate net gain of approximately $26.8 million was recorded related to these asset sales, of which the Company’s pro rata share was $4.2 million.

 

    Included in unconsolidated joint venture sale proceeds is the substantial liquidation of the Company’s interests in two joint ventures as all of the underlying assets owned by the joint ventures were sold.

2015 Guidance

 

    There has been no change in Operating FFO per share guidance since the initial release on January 7, 2015. The Company continues to estimate Operating FFO for 2015 between $1.20 and $1.25 per diluted share.

Non-GAAP Disclosures

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

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

Safe Harbor

DDR Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the


area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; the success of our capital recycling strategy; and the finalization of the financial statements for the three-month period ended and year ended December 31, 2014. 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, 2013, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

About DDR Corp.

DDR is an owner and manager of 415 value-oriented shopping centers representing 118 million square feet in 41 states and Puerto Rico. The Company’s assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com, as well as on Twitter, LinkedIn and Facebook.

Conference Call and Supplemental Information

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

The Company will hold its quarterly conference call tomorrow, February 12, 2015, at 10:00 a.m. Eastern Time. To participate, please dial 877.703.6107 (domestic) or 857.244.7306 (international) at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 16795709. The conference call webcast will be recorded and available for replay through the Investors portion of DDR’s website, http://ir.ddr.com/events.cfm.


DDR Corp.

Income Statement: Consolidated Interests

 

$ in thousands, except per share             
     4Q14     4Q13     12M14     12M13  

Revenues:

        

Minimum rents (1)

   $ 181,081     $ 165,996     $ 688,556     $ 563,098  

Percentage rent

     2,459       2,591       5,231       5,650  

Recoveries

     59,040       56,267       230,987       186,672  

Ancillary income

     5,824       7,603       24,288       28,108  

Other revenues (2)

     153       242       4,706       6,246  
  

 

 

   

 

 

   

 

 

   

 

 

 
  248,557     232,699     953,768     789,774  

Expenses (3):

Operating and maintenance

  35,355     35,854     142,336     129,952  

Real estate taxes

  34,729     33,407     138,771     109,227  
  

 

 

   

 

 

   

 

 

   

 

 

 
  70,084     69,261     281,107     239,179  

Net operating income

  178,473     163,438     672,661     550,595  

Other income (expense):

Fee income

  8,211     8,966     31,907     40,161  

Interest income

  6,989     3,173     15,927     23,541  

Interest expense (4)

  (61,014   (59,846   (237,120   (214,370

Depreciation and amortization

  (106,732   (103,656   (402,825   (296,560

General and administrative (5)

  (25,606   (20,432   (84,484   (79,556

Other income (expense), net (6)

  (1,221   (3,121   (12,262   (6,408

Impairment charges (7)

  (11,055   (442   (29,175   (19,044
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before earnings from equity method investments and other items

  (11,955   (11,920   (45,371   (1,641

Equity in net income of joint ventures

  748     1,276     10,989     6,819  

Impairment of joint venture investments

  (21,552   (980   (30,652   (980

Gain on sale and change in control of interests, net

  183     18,840     87,996     19,906  

Income (loss) from discontinued operations (8)

  21,471     334     89,398     (31,267

Tax expense

  (742   (223   (1,855   (2,685

Gain on disposition of real estate, net of tax

  415     120     3,060     467  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

  (11,432   7,447     113,565     (9,381

Non-controlling interests (9)

  732     (237   3,717     (794
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to DDR

  (10,700   7,210     117,282     (10,175

Write-off of preferred share original issuance costs

  0     0     (1,943   (5,246

Preferred dividends

  (5,594   (6,608   (24,054   (27,721
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to Common Shareholders

  (16,294   602     91,285     (43,142

FFO:

Net (loss) income attributable to common shareholders

  (16,294   602     91,285     (43,142

Depreciation and amortization of real estate investments

  105,887     107,158     410,172     314,720  

Equity in net income of joint ventures

  (748   (1,276   (10,989   (6,819

Joint ventures’ FFO

  5,836     12,306     30,344     49,409  

Non-controlling interests (OP units)

  223     54     732     215  

Impairment of depreciable real estate

  7,555     5,361     19,412     69,597  

Gain on disposition of depreciable real estate, net

  (21,565   (4,042   (181,319   (11,459
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO attributable to Common Shareholders

  80,894     120,163     359,637     372,521  

Non-operating items, net (10)

  31,311     (15,667   60,756     (5,854
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating FFO

$ 112,205   $ 104,496   $ 420,393   $ 366,667  

FFO per share – Diluted (11)

$ 0.22   $ 0.33   $ 1.00   $ 1.13  

Operating FFO per share – Diluted (11)

$ 0.31   $ 0.29   $ 1.16   $ 1.11  


DDR Corp.

Balance Sheet: Consolidated Interests

 

$ in thousands    At Year End  
     4Q14     4Q13  

Assets:

    

Land

   $ 2,208,468     $ 2,209,970  

Buildings

     7,087,040       6,949,440  

Fixtures and tenant improvements

     645,035       599,221  
  

 

 

   

 

 

 
  9,940,543     9,758,631  

Less: Accumulated depreciation

  (1,909,585   (1,823,199
  

 

 

   

 

 

 
  8,030,958     7,935,432  

Land held for development and construction in progress

  395,242     452,980  

Real estate held for sale, net

  0     12,670  
  

 

 

   

 

 

 

Real estate, net

  8,426,200     8,401,082  

Investments in and advances to joint ventures

  414,848     448,008  

Cash

  20,937     86,664  

Restricted cash

  11,375     33,476  

Notes receivable, net

  56,245     78,338  

Receivables, including straight-line rent, net

  132,661     129,513  

Other assets, net (12)

  479,629     515,992  
  

 

 

   

 

 

 

Total Assets

  9,541,895     9,693,073  

Liabilities and Equity:

Revolving credit facilities

  29,009     29,133  

Unsecured debt

  2,765,893     2,754,120  

Unsecured term loan

  350,000     350,000  

Mortgage and other secured debt

  2,089,805     2,161,421  
  

 

 

   

 

 

 
  5,234,707     5,294,674  

Dividends payable

  61,468     55,107  

Other liabilities (13)

  448,192     415,413  
  

 

 

   

 

 

 

Total Liabilities

  5,744,367     5,765,194  

Preferred shares

  350,000     405,000  

Common shares

  36,071     35,938  

Paid-in-capital

  5,438,778     5,417,363  

Accumulated distributions in excess of net income

  (2,047,212   (1,915,638

Deferred compensation obligation

  16,609     16,702  

Accumulated other comprehensive income

  (7,352   (36,493

Less: Common shares in treasury at cost

  (16,646   (18,211

Non-controlling interests

  27,280     23,218  
  

 

 

   

 

 

 

Total Equity

  3,797,528     3,927,879  
  

 

 

   

 

 

 

Total Liabilities and Equity

$ 9,541,895   $ 9,693,073  


DDR Corp.

Income Statement: Unconsolidated Interests at 100%

 

$ in thousands             
     4Q14     4Q13     12M14     12M13  

Revenues:

        

Minimum rents

   $ 99,018     $ 102,346     $ 359,140     $ 459,666  

Percentage rent

     858       860       1,909       2,234  

Recoveries

     27,256       20,566       91,917       106,642  

Other revenues

     1,700       18,981       32,798       67,391  
  

 

 

   

 

 

   

 

 

   

 

 

 
  128,832     142,753     485,764     635,933  

Expenses:

Operating and maintenance

  28,810     31,757     112,800     142,910  

Real estate taxes

  17,040     12,275     54,891     67,919  
  

 

 

   

 

 

   

 

 

   

 

 

 
  45,850     44,032     167,691     210,829  

Net operating income

  82,982     98,721     318,073     425,104  

Other income (expense):

Interest expense

  (42,306   (47,053   (171,803   (204,893

Depreciation and amortization

  (44,485   (41,523   (151,651   (201,021

Impairment charges

  (20,983   (643   (21,583   (43,913

Tax expense

  0     (7,254   (6,565   (27,553

Other expense, net

  (15,285   (41   (18,249   (2,298
  

 

 

   

 

 

   

 

 

   

 

 

 
  (123,059   (96,514   (369,851   (479,678

(Loss) income from continuing operations

  (40,077   2,207     (51,778   (54,574

Income (loss) from discontinued operations

  3,151     (28,289   (13,955   (65,951

Gain (loss) on disposition of discontinued operations, net

  26,797     7,944     55,020     (19,190

Gain on disposition of real estate, net

  6,283     0     10,116     794  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

  (3,846   (18,138   (597   (138,921

Non-controlling interests

  0     (6,290   (2,022   (26,005
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to unconsolidated joint ventures

  (3,846   (24,428   (2,619   (164,926

Depreciation and amortization of real estate investments

  46,647     45,726     164,668     226,635  

Impairment of depreciable real estate

  20,983     26,729     32,675     93,166  

(Gain) loss on disposition of depreciable real estate, net

  (33,080   (7,944   (65,045   18,711  
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO

  30,704     40,083     129,679     173,586  

FFO at DDR’s ownership interests

  5,836     12,306     30,344     49,409  

Operating FFO at DDR’s ownership interests

  6,771     12,087     31,414     48,500  

Net (loss) income at DDR’s ownership interests

  (264   (1,014   9,218     3,314  

Basis differences

  1,012     2,290     1,771     3,505  
  

 

 

   

 

 

   

 

 

   

 

 

 

Equity in net income of joint ventures

$ 748   $ 1,276   $ 10,989   $ 6,819  


DDR Corp.

Balance Sheet: Unconsolidated Interests at 100%

 

$ in thousands    At Year End  
     4Q14     4Q13  

Assets:

    

Land

   $ 1,439,849     $ 1,275,232  

Buildings

     3,854,585       3,940,806  

Fixtures and tenant improvements

     200,696       266,851  
  

 

 

   

 

 

 
  5,495,130     5,482,889  

Less: Accumulated depreciation

  (773,256   (839,867
  

 

 

   

 

 

 
  4,721,874     4,643,022  

Land held for development and construction in progress

  55,698     116,088  
  

 

 

   

 

 

 

Real estate, net

  4,777,572     4,759,110  

Cash and restricted cash

  100,812     282,866  

Receivables, including straight-line rent, net

  80,508     101,003  

Other assets, net

  394,751     196,615  
  

 

 

   

 

 

 

Total Assets

  5,353,643     5,339,594  

Liabilities and Equity:

Mortgage debt

  3,552,764     3,282,643  

Notes and accrued interest payable to DDR

  144,831     127,679  

Other liabilities

  276,998     245,368  
  

 

 

   

 

 

 

Total Liabilities

  3,974,593     3,655,690  

Redeemable preferred equity

  305,310     71,771  

Accumulated equity

  1,073,740     1,612,133  
  

 

 

   

 

 

 

Total Liabilities and Equity

$ 5,353,643   $ 5,339,594  


DDR Corp.

Financial Statements: Footnotes

 

$ in millions, except per share                     
Includes discontinued operations    4Q14      4Q13      12M14      12M13  

(1)

  Minimum rents:            
  Straight-line rent, net    $ 1.9      $ 1.4      $ 5.9      $ 5.6  
  Below-market rent, net      0.4        (0.1      1.3        0.1  
  Ground lease revenue      9.2        8.4        33.7        26.5  

(2)

  Other revenues:            
  Lease termination fees      0.0        0.1        4.1        6.3  
  Other miscellaneous      0.1        0.2        0.6        0.6  

(3)

  Operating expenses:            
  Recoverable expenses (excludes discontinued operations)      (64.6      (60.6      (253.9      (205.7
  Non-recoverable expenses (excludes discontinued operations)      (5.5      (8.6      (27.2      (33.5
  Straight-line ground rent expense      (0.3      (0.3      (1.1      (1.2
  Expensed costs of suspended developments      (0.5      (0.3      (1.3      (2.0

(4)

  Non-cash interest expense:            
  Convertible debt accretion      (2.9      (2.8      (11.4      (10.8
  Debt fair value amortization      5.4        4.2        17.9        6.7  
  Loan cost amortization      (2.5      (3.1      (12.0      (12.1
  Interest expense (capitalized)      2.0        2.0        8.7        8.8  

(5)

  General and administrative expenses:            
  Executive separation charges      (5.4      0.0        (5.6      (0.7
  Stock compensation expenses      (1.9      (1.8      (7.7      (7.4
  Internal leasing expenses      (1.6      (1.7      (7.1      (7.5
  Construction administrative costs (capitalized)      2.5        3.1        9.9        10.0  

(6)

  Other income (expense):            
  Transactions and other, net      (0.3      (2.3      (9.2      (4.7
  Litigation expenses      (1.0      (1.0      (3.2      (2.2
  Note receivable reserve      (0.5      (0.0      (0.5      (0.0
  Debt extinguishment gain/(loss), net      0.6        0.0        0.6        0.3  

(7)

  Impairment charges:            
  Land held for development      0.0        0.0        13.2        0.0  
  Undeveloped land      3.5        0.4        5.4        3.0  
  Assets marketed for sale      7.6        0.0        10.6        16.0  


DDR Corp.

Financial Statements: Footnotes

 

$ in millions, except per share              
Includes discontinued operations    4Q14      4Q13      12M14      12M13  

(8)

  Discontinued operations:            
  Revenues    $ 3.2      $ 17.5      $ 39.5      $ 81.3  
  Expenses      (2.0      (9.5      (21.0      (42.7
  Impairments      (0.0      (5.4      (8.9      (53.6
  Depreciation      (1.4      (6.3      (16.2      (27.6
  Gain on disposition of real estate, net      21.7        4.0        96.0        11.3  
    

 

 

    

 

 

    

 

 

    

 

 

 
Net income (loss)   21.5     0.3     89.4     (31.3

(9)

Non-controlling interests:
FFO attributable to non-controlling interests   0.9     (0.3   2.8     (1.0
Operating FFO attributable to non-controlling interests   (0.1   (0.3   (0.8   (1.0

(10)

Non-operating items excluded from Operating FFO:
Non-cash impairment charges – non-depreciable assets   25.0     1.4     49.3     4.0  
Executive separation charges   5.4     0.0     5.6     0.7  
Transaction, litigation, debt extinguishment, other, net   1.8     2.0     13.7     5.4  

Joint ventures – transaction, currency, other

  0.9     (0.2   1.1     (0.9

Non-cash gain on sale of non-depreciable real estate, net of non-controlling interests and foreign currency

  (1.5   (0.1   (6.5   (0.3
Non-cash gain on sale and change in control of interests, net   (0.3   (18.8   (4.3   (19.9
Non-cash write-off of preferred share original issuance costs   0.0     0.0     1.9     5.2  
    

 

 

    

 

 

    

 

 

    

 

 

 
  31.3     (15.7   60.8     (5.8

(11)

Outstanding per share information:
Common shares (at quarter end)   360.7     359.2     360.7     359.2  
OP units (at quarter end)   1.4     0.4     1.4     0.4  
    

 

 

    

 

 

    

 

 

    

 

 

 
Total shares and units (at quarter end)   362.1     359.6     362.1     359.6  
Weighted average shares and units – Basic & Diluted – EPS   359.0     356.9     358.1     326.4  
Weighted average shares and units – Basic – FFO & OFFO   361.9     359.3     360.6     328.9  
Assumed conversion of dilutive securities   0.5     0.4     0.5     0.5  
    

 

 

    

 

 

    

 

 

    

 

 

 
Weighted average shares and units – Diluted – FFO & OFFO   362.4     359.7     361.1     329.4  
Earnings per common share – Basic & Diluted $ (0.05 $ 0.00   $ 0.25   $ (0.14
FFO per share – Basic $ 0.22   $ 0.33   $ 1.00   $ 1.13  
FFO per share – Diluted $ 0.22   $ 0.33   $ 1.00   $ 1.13  
Operating FFO per share – Diluted $ 0.31   $ 0.29   $ 1.16   $ 1.11  
Common stock dividends declared, per share $ 0.155   $ 0.135   $ 0.62   $ 0.54  

(12)

Intangible assets, net (at year end)   389.2     409.6  

(13)

Below-market leases, net (at year end)   139.3     123.9  


DDR Corp.

Financial Statements: Footnotes

 

     4Q14      4Q13      12M14      12M13  

Additional financial information:

           
  Capital expenditures (DDR share):            
  Leasing    $ 8.5      $ 10.5      $ 39.0      $ 40.0  
  Maintenance – total      5.2        3.2        14.4        8.6  
  Maintenance PSF of owned GLA – non reimbursable            0.16        0.11  
  Miscellaneous (DDR share):            
  Est. value of land owned adjacent to existing centers (at 12/31/14)            23.0     
  Cost basis of headquarters (non-income producing at 12/31/14)            40.0