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

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8-K - FORM 8-K - SITE Centers Corp.	d346280d8k.htm

Exhibit 99.1

LOGO

DDR CORP.
QUARTERLY
FINANCIAL
SUPPLEMENT
FOR THE PERIOD ENDED
MARCH 31, 2017

DDR Corp.

Table of Contents


Section		Page



Earnings Release & Financial Statements
Press Release			1–8

Company Summary
Portfolio Summary			9
Capital Structure			10
Same Store Metrics			11
Leasing Summary			12
Top 50 Tenants			13
Lease Expirations			14

Investments
Developments/Redevelopments			15
Transactions			16

Debt Summary
Debt Summary			17
Consolidated Debt Detail			18–19
Unconsolidated Debt Detail			20–21
Debt/Adjusted EBITDA			22

Unconsolidated Joint Ventures
Unconsolidated Joint Ventures			23–24

Reporting Policies
Notable Accounting and Supplemental Policies			25–26
Non-GAAP Measures			27–30

Property List			31–38

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 March 31, 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.

Exhibit 99.1

LOGO

For immediate release:

DDR REPORTS FIRST QUARTER 2017 OPERATING RESULTS

BEACHWOOD, OHIO, April 25, 2017 – DDR Corp. (NYSE: DDR) today announced operating results for the first quarter ended March 31, 2017.

“DDR’s new management team is excited to continue positioning the Company for future success. We are pleased to report ongoing progress lowering leverage, as well as organizational streamlining to fit the Company’s current operating scale and to partially mitigate an expected modest decline in property profitability this year. Our best-in-class leasing team is making progress refilling vacancies from recent larger scale tenant bankruptcies, and I am confident DDR will emerge from a challenging 2017 well positioned to take advantage of an environment rich with opportunities arising from the current dynamic retail real estate markets,” commented David R. Lukes, president and chief executive officer.

Financial Highlights

●

First quarter net loss attributable to common shareholders was $59.8 million, or $0.16 per diluted share as compared to net income of $40.0 million, or $0.11 per diluted share, in the year ago-period. The year-over-year decline in net income attributable to common shareholders is primarily attributable to a $76 million valuation allowance recorded on the Company’s preferred investment in two joint ventures in addition to an aggregate charge of $11.5 million associated primarily with executive management transition and a recent staff restructuring, partially offset by a $38.1 million gain on the sale of real estate assets.

●

First quarter operating funds from operations attributable to common shareholders (“Operating FFO”) was $108.5 million or $0.30 per diluted share, compared to $114.2 million or $0.31 per diluted share in the year ago-period. The year-over-year decrease in OFFO is primarily attributable to the dilutive impact of deleveraging through asset sales.

Significant Quarterly Activity

DDR’s key operating results in the first quarter include:

●

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

●

Executed 285 new leases and renewals for 1.8 million square feet

●

Generated new leasing spreads of 2.8% and renewal leasing spreads of 6.3%, both on a pro rata basis and including Puerto Rico for the quarter and new leasing spreads of 14.0% and renewal leasing spreads of 6.9%, both on a pro rata basis and including Puerto Rico for the trailing twelve-month period

●

Achieved a portfolio leased rate of 94.3% at March 31, 2017, compared to 95.0% at December 31, 2016, on a pro rata basis

●

Increased the annualized base rent per occupied square foot by 5.5% on a pro rata basis to $15.67 at March 31, 2017, from $14.86 at March 31, 2016

●

Sold 10 assets and two land parcels for $123.7 million during the quarter, totaling $118.5 million at DDR’s share

●

Acquired 3030 North Broadway in Chicago, Illinois, a 131,748 square foot Company-owned gross leasable area (“GLA”) grocery-anchored shopping center for $81 million pursuant to a contract executed in 2016

Significant Financial Activity

●

Established $76 million in valuation allowances associated with the Company’s preferred equity investment in its two joint ventures with Blackstone. The investments were impaired to reflect management’s expectation that the securities are likely to be only partially repaid in the event of a full redemption in advance of the Company’s redemption rights in 2020 and 2021. As a result, the Company will no longer recognize the non-cash portion of the interest income going forward. These charges are non-cash in nature and the Company’s cash distributions from the securities remain unchanged.

●

Recorded a separation charge aggregating $11.5 million which is comprised of $9.4 million related to the March 2, 2017, management transition and $2.1 million related to other staffing reductions announced on April 3, 2017. These charges are included in General and Administrative expenses for the quarter ended March 31, 2017. Management expects to record an additional $5 million charge in the second quarter of 2017 reflecting the remaining separation costs associated with the restructuring announced on April 3, 2017.

Guidance

DDR is withdrawing its previous guidance for net income applicable to common shareholders, Funds From Operations (“FFO”) and Operating FFO given the unpredictable timing and magnitude of potential transactional activity in 2017. However, management has updated its 2017 operating assumptions as follows:

●

Expected annual growth in same store net operating income has been reduced from a total portfolio range of 1%-2% previously expected to a range as follows:


	DDR Share
US Portfolio		(1.0%) – 0.5%
Total Portfolio		(1.5%) – 0.0%

The change in guidance reflects the impact of increased vacancies from recent tenant bankruptcies, which had not been anticipated in prior guidance as well as the inclusion of bad debt expense on a comparable basis.

●

Expected leased rate at year end of 93.0% to 93.5%, reduced from a 25 to 50 basis point increase previously expected

●

Expected General and Administrative expenses have been reduced to a range of $72 million to $75 million from $77 million to $80 million previously reported, reflecting staffing reductions announced on April 3, 2017

●

Expected Fee income of $30 million to $33 million

●

Expected Interest income has been reduced to a range of $26 million to $29 million from a range of $33 million to $36 million previously expected, as the Company does not currently expect to record any non-cash interest income for the remainder of 2017 as a result of the valuation allowance as discussed above

●

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 309 value-oriented shopping centers representing 103 million square feet in 35 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 4:45 p.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 dial 877-249-1119 (domestic) 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. 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 three months ended March 31, 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
	1Q17		1Q16
Revenues:
Minimum rents (1)		$167,229		$177,367
Percentage rent		1,699		1,936
Recoveries		57,476		61,599
Other property revenues (2)		4,577		5,343

		230,981		246,245

Expenses (3):
Operating and maintenance		32,991		37,258
Real estate taxes		34,329		35,784

		67,320		73,042

Net operating income		163,661		173,203

Other income (expense):
Fee income		9,440		8,178
Interest income		8,392		9,050
Interest expense		(51,827)		(57,897)
Depreciation and amortization		(90,884)		(96,902)
General and administrative (4)		(31,072)		(17,876)
Other income (expense), net		(4)		1,773
Impairment charges		(21,973)		0

(Loss) income before earnings from JVs and other		(14,267)		19,529

Equity in net (loss) income of JVs		(1,665)		14,421
Reserve of preferred equity interests		(76,000)		0
Tax expense		(223)		(458)
Gain on disposition of real estate, net		38,127		12,381

Net (loss) income		(54,028)		45,873
Non-controlling interests		(213)		(300)

Net (loss) income DDR		(54,241)		45,573
Preferred dividends		(5,594)		(5,594)

Net (loss) income Common Shareholders		($59,835)		$39,979

Weighted average shares – Basic – EPS		366,430		364,691
Assumed conversion of dilutive securities		0		351

Weighted average shares – Diluted – EPS		366,430		365,042

Earnings per common share – Basic & Diluted		($0.16)		$0.11

DDR Corp.

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

and Other Financial Information


$ in thousands, except per share
	1Q17		1Q16
Net (loss) income attributable to Common Shareholders		($59,835)		$39,979
Depreciation and amortization of real estate		88,649		94,854
Equity in net loss (income) of JVs		1,665		(14,421)
JVs’ FFO		6,582		6,150
Non-controlling interests		76		76
Impairment of depreciable real estate		21,973		0
Gain on disposition of depreciable real estate, net		(36,898)		(12,096)

FFO attributable to Common Shareholders		$22,212		$114,542

Reserve of preferred equity interests		76,000		0
Separation charges		11,471		0
Transaction, debt extinguishment, litigation, other, net		(1)		(29)
Joint ventures - transaction, currency, other		80		0
Gain on disposition of non-depreciable real estate, net		(1,229)		(285)

Total non-operating items, net		86,321		(314)

Operating FFO attributable to Common Shareholders		$108,533		$114,228

Weighted average shares and units – Basic – FFO & OFFO		366,976		365,697
Assumed conversion of dilutive securities		89		351

Weighted average shares and units – Diluted – FFO & OFFO		367,065		366,048

FFO per share – Basic & Diluted		$0.06		$0.31
Operating FFO per share – Basic & Diluted		$0.30		$0.31
Common stock dividends declared, per share		$0.19		$0.19

Certain non-cash items (DDR share):
Straight-line rent, net		$433		$1,355
Amortization of (above)/below-market rent, net		3,851		397
Straight-line ground rent income (expense)		230		(94)
Debt fair value and loan cost amortization		(990)		(757)
Capitalized interest expense		398		1,244
Stock compensation expense		(1,908)		(1,608)
Non-real estate depreciation expense		(2,135)		(2,001)
Non-cash interest income		1,283		1,944

Capital expenditures (DDR share):
Development and redevelopment costs		15,924		24,472
Maintenance capital expenditures		824		1,017
Tenant allowances and landlord work		12,076		7,456
Leasing commissions		638		904

DDR Corp.

Balance Sheet: Consolidated Interests


$ in thousands
	At Period End
	1Q17		4Q16
Assets:
Land		$1,987,849		$1,990,406
Buildings		6,338,139		6,412,532
Fixtures and tenant improvements		738,741		735,685

		9,064,729		9,138,623
Depreciation		(2,004,413)		(1,996,176)

		7,060,316		7,142,447
Construction in progress and land		120,808		105,435

Real estate, net		7,181,124		7,247,882

Investments in JVs		76,047		60,793
Receivable – preferred equity interests, net		319,315		393,338
Cash		19,715		30,430
Restricted cash		46,587		8,795
Notes receivable, net		49,895		49,503
Receivables, net (5)		117,559		121,367
Other assets, net (6)		282,724		285,410

Total Assets		8,092,966		8,197,518

Liabilities and Equity:
Revolving credit facilities		90,000		0
Unsecured debt		2,914,186		2,913,217
Unsecured term loan		398,516		398,399
Secured debt		1,118,224		1,182,352

		4,520,926		4,493,968
Dividends payable		75,402		75,245
Other liabilities (7)		369,391		382,293

Total Liabilities		4,965,719		4,951,506

Preferred shares		350,000		350,000
Common shares		36,667		36,630
Paid-in capital		5,497,660		5,487,212
Distributions in excess of net income		(2,761,977)		(2,632,327)
Deferred compensation		10,083		15,149
Other comprehensive income		(3,432)		(4,192)
Common shares in treasury at cost		(10,300)		(14,957)
Non-controlling interests		8,546		8,497

Total Equity		3,127,247		3,246,012


Total Liabilities and Equity		$8,092,966		$8,197,518

DDR Corp.

Financial Statement: Footnotes


$ in thousands
		1Q17			1Q16

	Revenue items:

(1)	Ground lease revenue	$	10,892		$	10,100

(2)	Lease termination fees		178			1,229

(3)	Operating expenses:

	Recoverable expenses		(62,117	)		(66,115	)

	Non-recoverable expenses		(4,280	)		(5,900	)

	Bad debt expense		(923	)		(1,027	)

(4)	General and administrative expenses:

	Separation charges		(11,471	)		(0	)

	Internal leasing expenses		(1,592	)		(2,082	)

	Construction administrative costs (capitalized)		2,388			1,952

(5)	Straight-line rents receivable, net (at quarter and year end)		64,772			65,072

(6)	Intangible assets, net (at quarter and year end)		236,372			241,598

(7)	Below-market leases, net (at quarter and year end)		142,372			147,941

Additional financial information (DDR share):

	Est. value of land owned adjacent to existing centers		27,306

	Cost basis of headquarters (non-income producing)		40,917

DDR Corp.

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


$ in thousands
					At DDR Share (Non-GAAP)
	1Q17		1Q16		1Q17		1Q16
GAAP Reconciliation:
Net (loss) income attributable to DDR		($54,241)		$45,573		($54,241)		$45,573
Fee income		(9,440)		(8,178)		(9,440)		(8,178)
Interest income		(8,392)		(9,050)		(8,392)		(9,050)
Interest expense		51,827		57,897		51,827		57,897
Depreciation and amortization		90,884		96,902		90,884		96,902
General and administrative		31,072		17,876		31,072		17,876
Other expense		4		(1,773)		4		(1,773)
Impairment charges		21,973		0		21,973		0
Equity in net loss (income) of joint ventures		1,665		(14,421)		1,665		(14,421)
Reserve of preferred equity interests		76,000		0		76,000		0
Tax expense		223		458		223		458
Gain on disposition of real estate		(38,127)		(12,381)		(38,127)		(12,381)
Income from non-controlling interests		213		300		213		300

Consolidated NOI		163,661		173,203		163,661		173,203
DDR’s consolidated JV		0		0		(410)		(426)

Consolidated NOI, net of non-controlling interests		163,661		173,203		163,251		172,777

Net (loss) income from unconsolidated joint ventures		(52,377)		47,305		(5,237)		11,192
Interest expense		30,130		33,322		4,883		5,298
Depreciation and amortization		45,096		49,035		5,548		5,549
Impairment charges		52,657		0		6,260		0
Preferred share expense		8,128		8,264		406		413
Other expense, net		6,573		5,811		1,073		983
Loss (gain) on disposition of real estate, net		173		(53,483)		8		(10,695)

Unconsolidated NOI		90,380		90,254		12,941		12,740

Total Consolidated + Unconsolidated NOI		254,041		263,457		176,192		185,517
Less: Non-Same Store NOI adjustments		(16,684)		(27,191)		(15,410)		(24,588)

Total SSNOI (including bad debt expense)		$237,357		$236,266		$160,782		$160,929

Less: Puerto Rico Same Store NOI		(23,077)		(23,853)		(23,077)		(23,853)

Total SSNOI excluding Puerto Rico (including bad debt expense)		$214,280		$212,413		$137,705		$137,076

Add: bad debt expense		1,245		1,515		1,008		1,112

Total SSNOI (excluding bad debt expense)		$238,602		$237,781		$161,790		$162,041

SSNOI % Change (including bad debt expense)		0.5%				(0.1%)
SSNOI % Change excluding Puerto Rico		0.9%				0.5%
SSNOI % Change (excluding bad debt expense)		0.3%				(0.2%)

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

DDR Corp.

Portfolio Summary

$ and GLA in thousands, except PSF


	Total		Total		Wholly Owned				JV
	Portfolio At 100%		Portfolio At DDR Share		Domestic At 100%		Puerto Rico At 100%		Portfolio At DDR Share
Portfolio Metrics
Operating Centers		309		309		144		14		151
Owned GLA		67,953		45,002		37,046		3,961		3,995
Ground Lease GLA		6,447		4,631		3,469		846		316
Additional Unowned		28,586		—		—		—		—
Base Rent PSF		$15.27		$15.67		$15.49		$20.31		$14.63
Leased Rate		94.4%		94.3%		94.7%		90.9%		94.6%
Commenced Rate		92.6%		92.5%		92.6%		91.9%		92.2%
Leased Rate <10,000 SF		88.1%		88.3%		89.5%		82.0%		87.7%
% of Total SF <10,000 SF		23.9%		23.5%		22.1%		32.0%		27.0%
Leased Rate >10,000 SF		96.4%		96.2%		96.2%		95.1%		97.2%
% of Total SF >10,000 SF		76.1%		76.5%		77.9%		68.0%		73.0%
% of NOI (Pro Rata)		100.0%		100.0%		78.8%		13.4%		7.8%
Same Store NOI (including bad debt expense)		0.5%		-0.1%		0.3%		-3.3%		2.2%

DDR Corp.

Capital Structure

$, shares and units in thousands, except per share


				March 31, 2017		March 31, 2016
Capital Structure				Amount	% of Total	Amount	% of Total

Common Shares Equity ($12.53 x 367,006)				$4,598,579	47%	$6,506,902		53%

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

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

Unsecured Credit Facilities				90,000	1%	350,000		3%

Unsecured Term Loan				400,000	4%	400,000		3%

Unsecured Public Debt				2,927,399	30%	2,926,541		24%

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

DDR Share of Unconsolidated Debt				398,078	3%	425,625		3%

Fixed Rate Mortgage Debt (excludes partners’ share)				879,677	9%	1,078,741		9%

Variable Rate Mortgage Debt				25,880	0%	77,640		0%

Total Debt				4,921,034	49%	5,458,547		44%


Total				$9,869,613	100%	$12,315,449		100%

Capital Structure Detail

Common Shares Outstanding				366,607		365,363

Operating Partnership Units				399		399


Total Outstanding Common Shares				367,006		365,762

Market Value per Share				$12.53		$17.79

Partners’ Share of Consolidated Debt (excluded above)				$9,873		$9,900

DDR Share of Unconsolidated Debt (included above)				$398,078		$425,625

Debt/Adjusted EBITDA – Consolidated				6.6x		6.9x

Debt/Adjusted EBITDA – Pro Rata				7.0x		7.3x

Credit Ratings			Public Debt Covenants

	Debt Rating	Outlook				Actual Covenant	Covenant Threshold

Moody’s	Baa2	Stable	Total Debt to Real Estate Assets Ratio			48%		£ 65%

S&P	BBB-	Stable	Secured Debt to Assets Ratio			11%		£ 40%

Fitch	BBB-	Stable	Unencumbered Assets to Unsecured Debt			206%		³ 135%

			Fixed Charge Coverage Ratio			2.7x		³ 1.5x

DDR Corp.

Same Store Metrics (1)

$ in thousands


	Same Store at 100%						Same Store at DDR Share

	1Q17		1Q16		Change		1Q17		1Q16		Change


Leased Rate		94.4%		95.4%		-1.0%		94.2%		95.9%		-1.7%

Revenues:
Base Rents		$245,868		$244,035		0.8%		$165,338		$164,469		0.5%
Recoveries		84,273		84,089		0.2%		58,384		58,259		0.2%
Other		5,111		4,648		10.0%		4,342		3,915		10.9%

		335,252		332,772		0.7%		228,064		226,643		0.6%
Expenses:
Operating		(46,759)		(47,320)		-1.2%		(32,364)		(32,215)		0.5%
Real Estate Taxes		(51,136)		(49,186)		4.0%		(34,918)		(33,499)		4.2%

		(97,895)		(96,506)		1.4%		(67,282)		(65,714)		2.4%

Total SSNOI including impact of bad debt expense		$237,357		$236,266		0.5%		$160,782		$160,929		-0.1%
Total SSNOI excluding impact of bad debt expense		$238,602		$237,781		0.3%		$161,790		$162,041		-0.2%

Less: Puerto Rico Same Store NOI (2)		(23,077)		(23,853)				(23,077)		(23,853)

Total SSNOI excluding Puerto Rico		$214,280		$212,413		0.9%		$137,705		$137,076		0.5%
Non-Same Store NOI (3)		16,684		27,191				15,410		24,588

Total Consolidated + Unconsolidated Same Store NOI		$254,041		$263,457				$176,192		$185,517

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

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

(3) See Investments section for additional detail on major redevelopment activity. Includes results of single-tenant assets. Represents 6.6% of total NOI.

DDR Corp.

Leasing Summary

At DDR share except for count


Leasing Activity
	Comparable Pool															Total Pool
	Count At 100%		GLA		New Rent PSF		Prior Rent PSF		Rent Spread			Wtd Avg Term (Years)				Count At 100%		GLA		New Rent PSF		Wtd Avg Term (Years)
New Leases
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
2Q16		41		120,744		21.35		16.72		27.7%			8.3				103		245,607		20.18		7.9
		159		734,770	$	15.34	$	13.46		14.0%			8.8				337		1,275,689	$	16.07		8.8

Renewals
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
2Q16		235		1,133,852		17.17		16.04		7.0%			5.1				235		1,133,852		17.17		5.1
		868		4,899,021	$	15.41	$	14.42		6.9%			5.2				868		4,899,021	$	15.41		5.2

New + Renewals
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
2Q16		276		1,254,596		17.57		16.11		9.1%			5.5				338		1,379,459		17.70		5.6
		1,027		5,633,791	$	15.40	$	14.29		7.8%			5.6				1,205		6,174,710	$	15.55		6.0

Net Effective Rents
			GLA (2)		Avg Rent PSF		TA Capex PSF		LL Work Capex PSF			Commission Capex PSF		Total Capex PSF		Net Effective Rent PSF		Wtd Avg Term (Years)
New Leases
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
2Q16				237,157		20.91		1.85		2.19			0.41		4.45		16.46		7.8
				1,089,759	$	17.00		$2.22		$1.86			$0.33		$4.41		$12.59		8.5

Renewals
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
2Q16				1,133,852		17.33		0.05		0.00			0.00		0.05		17.28		5.1
				4,899,021	$	15.57		$0.25		$0.01			$0.01		$0.27		$15.30		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 19.4%, respectively. Excluding Puerto Rico, domestic new leasing spreads for 1Q17 and TTM would be 17.7% and 20.0%, respectively.

(2) New Leases exclude development and redevelopment activity.

DDR Corp.

Top 50 Tenants

$ and GLA in thousands


		# of Units (at 100%)						Base Rent						Owned GLA
	Tenant	Owned		Unowned		Total		Pro Rata		% of Total		At 100%		Pro Rata		% of Total		At 100%
1	TJX Companies (1)		106		1		107		$26,656		3.9%		$38,053		2,201		4.4%		3,317
2	Bed Bath & Beyond (2)		87		1		88		22,867		3.3%		31,249		1,801		3.6%		2,497
3	PetSmart		88		1		89		19,240		2.8%		28,872		1,219		2.5%		1,866
4	Walmart (3)		23		39		62		18,191		2.6%		21,531		2,803		5.6%		3,263
5	Dick’s Sporting Goods (4)		40		1		41		16,497		2.4%		25,415		1,164		2.3%		1,891
6	AMC Theatres		12		4		16		16,144		2.3%		22,310		646		1.3%		936
7	Kohl’s		31		13		44		15,685		2.3%		21,456		1,985		4.0%		2,714
8	Best Buy		38		6		44		15,532		2.3%		22,491		1,027		2.1%		1,450
9	Ross Stores (5)		73		0		73		13,512		2.0%		21,392		1,296		2.6%		2,142
10	Michaels		63		2		65		13,016		1.9%		18,973		978		2.0%		1,477
11	Gap (6)		63		0		63		11,495		1.7%		16,611		696		1.4%		1,018
12	Ulta		58		2		60		10,005		1.4%		14,206		433		0.9%		621
13	Ascena (7)		101		0		101		9,294		1.3%		11,872		460		0.9%		598
14	Office Depot (8)		40		2		42		8,736		1.3%		12,721		572		1.2%		838
15	Toys “R” Us (9)		22		3		25		8,240		1.2%		9,220		749		1.5%		919
16	Barnes & Noble		24		2		26		8,122		1.2%		11,312		409		0.8%		597
17	Kroger (10)		19		4		23		6,974		1.0%		11,374		591		1.2%		1,116
18	Mattress Firm		65		3		68		6,696		1.0%		8,671		237		0.5%		311
19	Nordstrom Rack		12		1		13		6,686		1.0%		7,881		367		0.7%		431
20	Jo-Ann		29		0		29		6,644		1.0%		9,176		606		1.2%		885
21	Lowe’s		8		18		26		6,555		0.9%		7,257		935		1.9%		1,047
22	Petco		32		2		34		6,372		0.9%		8,395		324		0.7%		443
23	Cinemark		8		0		8		6,102		0.9%		7,976		403		0.8%		520
24	LA Fitness		12		1		13		6,004		0.9%		8,246		440		0.9%		554
25	Regal Cinemas		8		1		9		5,903		0.9%		8,003		388		0.8%		457
26	DSW		26		1		27		5,871		0.9%		8,717		373		0.8%		564
27	Five Below		57		0		57		5,843		0.8%		7,908		351		0.7%		480
28	Pier 1 Imports		33		4		37		5,396		0.8%		7,413		238		0.5%		340
29	Home Depot		9		24		33		5,293		0.8%		6,768		685		1.4%		1,042
30	Staples		30		1		31		5,276		0.8%		8,952		353		0.7%		609
31	Party City		38		0		38		5,214		0.8%		7,763		300		0.6%		470
32	Dollar Tree Stores		66		3		69		5,148		0.7%		7,869		440		0.9%		667
33	AT&T		69		2		71		4,719		0.7%		6,120		125		0.3%		175
34	Whole Foods		6		0		6		4,702		0.7%		6,363		210		0.4%		311
35	Famous Footwear		39		1		40		4,525		0.7%		5,742		227		0.5%		294
36	Burlington		10		0		10		4,340		0.6%		5,930		466		0.9%		693
37	Hobby Lobby		16		2		18		3,902		0.6%		7,156		499		1.0%		877
38	Publix		35		2		37		3,557		0.5%		15,457		405		0.8%		1,698
39	hhgregg		15		1		16		3,512		0.5%		5,348		313		0.6%		473
40	Carter’s Childrenswear		37		0		37		3,268		0.5%		3,901		126		0.3%		154
41	Panera		35		1		36		3,229		0.5%		4,938		108		0.2%		168
42	Rainbow Apparel		37		0		37		3,208		0.5%		3,930		153		0.3%		202
43	Tailored Brands (11)		29		0		29		3,205		0.5%		4,397		140		0.3%		195
44	Ahold Delhaize (12)		10		0		10		3,109		0.5%		8,591		231		0.5%		539
45	Chili’s Restaurant		25		7		32		2,894		0.4%		3,548		125		0.3%		152
46	Footlocker		19		0		19		2,786		0.4%		2,786		73		0.1%		73
47	L Brands (13)		38		0		38		2,738		0.4%		3,751		101		0.2%		136
48	Stein Mart		15		0		15		2,722		0.4%		4,589		310		0.6%		521
49	Sprint		44		1		45		2,700		0.4%		3,680		69		0.1%		106
50	Sears (14)		8		1		9		2,687		0.4%		2,747		647		1.3%		778
	Top 50 Total		1,808		158		1,966		$391,012		56.7%		$559,027		29,798		60.0%		43,625
	Total Portfolio								$690,066		100.0%		$1,006,402		49,633		100.0%		74,400


⁽¹⁾ T.J. Maxx (42) / Marshalls (43) / HomeGoods (20) / Sierra Trading (1)		⁽⁸⁾ Office Depot (16) / OfficeMax (24)
⁽²⁾ Bed Bath (52) / World Market (23) / buybuy Baby (10) / CTS (2)		⁽⁹⁾ Toys “R” Us (6) / Babies “R” Us (12) / Toys-Babies Combo (4)
⁽³⁾ Walmart (18) / Sam’s Club (2) / Neighborhood Market (3)		⁽¹⁰⁾ Kroger (10) / Harris Teeter (5) / King Soopers (1) / Pick ‘n Save (2) / Mariano’s (1)
⁽⁴⁾ Dick’s Sporting Goods (37) / Golf Galaxy (3)		⁽¹¹⁾ Men’s Wearhouse (19) / Jos. A. Bank (8) / K&G Fashion Superstore (2)
⁽⁵⁾ Ross Dress for Less (70) / dd’s Discounts (3)		⁽¹²⁾ Stop & Shop (5) / Martin’s (2) / Food Lion (2) / Other (1)
⁽⁶⁾ Gap (5) / Old Navy (56) / Banana Republic (2)		⁽¹³⁾ Bath & Body Works (33) / Victoria’s Secret (5)
⁽⁷⁾Ann Taylor (4) / Catherine’s (7) / Dress Barn (29) / Justice (21) / Lane Bryant (27) / Maurice’s (13)		⁽¹⁴⁾ Sears (4) / Kmart (4)

DDR Corp.

Lease Expirations

At DDR share; $, GLA in thousands, except PSF; # of Leases at 100%


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		4		57		708		$12.42		0.2%		160		221		6,202		$28.06		2.6%		164		278		6,910		$24.86		1.1%
2017		52		1,529		15,729		$10.29		3.9%		455		697		17,410		$24.98		7.4%		507		2,226		33,139		$14.89		5.2%
2018		187		3,697		46,671		$12.62		11.5%		871		1,586		41,755		$26.33		17.7%		1,058		5,283		88,426		$16.74		13.8%
2019		196		4,468		53,233		$11.91		13.1%		733		1,196		31,551		$26.38		13.4%		929		5,664		84,784		$14.97		13.2%
2020		175		3,755		47,827		$12.74		11.8%		660		1,094		29,372		$26.85		12.4%		835		4,849		77,199		$15.92		12.0%
2021		237		5,090		62,868		$12.35		15.5%		719		1,214		31,031		$25.56		13.1%		956		6,304		93,899		$14.90		14.6%
2022		224		4,638		57,164		$12.33		14.1%		422		800		21,800		$27.25		9.2%		646		5,438		78,964		$14.52		12.3%
2023		123		2,569		30,251		$11.78		7.4%		195		568		14,261		$25.11		6.0%		318		3,137		44,512		$14.19		6.9%
2024		93		1,859		23,399		$12.59		5.8%		199		588		14,913		$25.36		6.3%		292		2,447		38,312		$15.66		6.0%
2025		67		1,225		18,308		$14.95		4.5%		160		412		10,988		$26.67		4.6%		227		1,637		29,296		$17.90		4.6%
2026		59		958		14,004		$14.62		3.4%		152		425		12,442		$29.28		5.3%		211		1,383		26,446		$19.12		4.1%
Thereafter		82		2,217		36,601		$16.51		9.0%		69		180		4,601		$25.56		1.9%		151		2,397		41,202		$17.19		6.4%

Total		1,499		32,062		$406,763		$12.69		100.0%		4,795		8,981		$236,326		$26.31		100.0%		6,294		41,043		$643,089		$15.67		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		57		708		$12.42		0.2%		139		187		5,353		$28.63		2.3%		143		244		6,061		$24.84		0.9%
2017		8		137		1,566		$11.43		0.4%		284		414		10,804		$26.10		4.6%		292		551		12,370		$22.45		1.9%
2018		31		345		4,227		$12.25		1.0%		476		797		22,546		$28.29		9.5%		507		1,142		26,773		$23.44		4.2%
2019		21		280		4,170		$14.89		1.0%		417		647		18,230		$28.18		7.7%		438		927		22,400		$24.16		3.5%
2020		26		307		5,521		$17.98		1.4%		361		512		15,619		$30.51		6.6%		387		819		21,140		$25.81		3.3%
2021		27		356		5,946		$16.70		1.5%		425		590		16,023		$27.16		6.8%		452		946		21,969		$23.22		3.4%
2022		39		483		7,793		$16.13		1.9%		339		524		15,207		$29.02		6.4%		378		1,007		23,000		$22.84		3.6%
2023		20		290		4,937		$17.02		1.2%		296		531		14,297		$26.92		6.0%		316		821		19,234		$23.43		3.0%
2024		22		361		5,135		$14.22		1.3%		272		440		12,237		$27.81		5.2%		294		801		17,372		$21.69		2.7%
2025		28		472		5,915		$12.53		1.5%		259		456		11,851		$25.99		5.0%		287		928		17,766		$19.14		2.8%
2026		39		520		8,690		$16.71		2.1%		257		446		12,266		$27.50		5.2%		296		966		20,956		$21.69		3.3%
Thereafter		1,234		28,454		352,155		$12.38		86.6%		1,270		3,437		81,893		$23.83		34.7%		2,504		31,891		434,048		$13.61		67.5%

Total		1,499		32,062		$406,763		$12.69		100.0%		4,795		8,981		$236,326		$26.31		100.0%		6,294		41,043		$643,089		$15.67		100.0%

DDR Corp.

Developments/Redevelopments

$ in thousands


	Project Yield		Est. Total Net Cost		Cost Incurred To Date		Est. Remain Costs		Placed In Service		CIP(1)		Est. Anchor Opening		Est. Stabilized Quarter		Key Tenants


Consolidated Summary

Redevelopments – Major (2)		8%		$151,201		$78,890		$72,311		$42,983		$35,907

Redevelopments – Minor (3)		11%		120,084		29,444		90,640		14,149		15,295

Other (4)		N/A		N/A		39,885		0		0		39,885

Undeveloped land (5)		N/A		N/A		29,721		0		0		29,721

				$271,285		$177,940		$162,951		$57,132		$120,808

Redevelopments – Major

Lee Vista Promenade (Orlando, FL)				$39,241		$18,865		$20,376		$0		$18,865		1Q18		1Q19	Academy Sports, Bealls

Kenwood Square (Cincinnati, OH)				30,928		20,166		10,762		19,314		852		N/A		2Q18	Dick’s Sporting Goods, T.J. Maxx, Five Below, Marshalls

West Bay Plaza (Cleveland, OH)				27,792		1,228		26,564		0		1,228		4Q18		3Q19

Belgate Shopping Center (expansion) (Charlotte, NC)				23,778		17,104		6,674		13,154		3,950		N/A		4Q17	Burlington, T.J. Maxx

Bermuda Square (Richmond, VA)				17,644		13,004		4,640		9,091		3,913		N/A		4Q18	Martin’s, Petco

Plaza del Sol (expansion) (San Juan, PR)				11,818		8,523		3,295		1,424		7,099		4Q17		4Q17	Dave & Busters

				$151,201		$78,890		$72,311		$42,983		$35,907

(1) Balance is in addition to DDR’s pro rata share of joint venture CIP of $7 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.

DDR Corp.

Transactions

$ and GLA in thousands


			DDR	Total 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%	132		$81,000		$0		$81,000		$0

02/28/17	Arrowhead Crossing outparcel	Phoenix, AZ	100%	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%	108		$7,000		$0		$7,000		$0

01/25/17	Morris Corners	Springfield, MO	100%	56		1,500		0		1,500		0

02/03/17	Valley Park Centre	Russellville, AR	100%	296		22,390		0		22,390		0

02/16/17	Chesterfield Crossing	Richmond, VA	100%	89		14,350		0		14,350		0

02/17/17	Shops at Turner Hill/Turner Hill Marketplace	Lithonia, GA	100%	157		8,750		0		8,750		0

02/22/17	Indian Springs Market Center	Cincinnati, OH	100%	146		7,300		0		7,300		0

03/24/17	Southland Crossings	Youngstown, OH	100%	537		41,700		23,403		41,700		23,403

03/24/17	Shelby Corners	Utica, MI	5%	76		5,500		4,187		275		209

03/28/17	Barrington Town Center	Cleveland, OH	100%	113		13,100		0		13,100		0

		Non-operating sales				2,105		0		2,105		0

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

04/07/17	Warner Robins Place	Warner Robins, GA	100%	119		$17,910		$0		$17,910		$0

04/14/17	Loan repayment (Northridge Plaza)	Olathe, KS	100%	N/A		30,901		0		30,901		0

		2Q Total		119		$48,811		$0		$48,811		$0


		Total Year to Date		1,697		$172,506		$27,590		$167,281		$23,612

DDR Corp.

Debt Summary

$ in thousands


	Consolidated						Unconsolidated						Total Pro Rata
					GAAP						GAAP
Debt Composition	Total 100%		Total DDR Share		Interest Rate DDR Share		Total 100%		Total DDR Share		Interest Rate DDR Share		Total DDR Share		GAAP Interest Rate
Unsecured Credit Facilities		$90,000		$90,000		1.98%								$90,000		1.98%

Unsecured Term Loan		400,000		400,000		2.08%								400,000		2.08%

Unsecured Public Debt		2,927,399		2,927,399		5.04%								2,927,399		5.04%

Secured Term Loan		200,000		200,000		2.33%								200,000		2.33%

Fixed Rate Mortgage Loans		889,550		879,677		4.52%		$1,665,936		$283,223		5.27%		1,162,900		4.70%

Variable Rate Mortgage Loans		25,880		25,880		1.96%		1,226,312		114,855		2.79%		140,735		2.64%
Subtotal		$4,532,829		$4,522,956		4.48%		$2,892,248		$398,078		4.56%		$4,921,034		4.49%

Fair Market Value Adjustment		5,465		5,465				14,462		723				6,188

Unamortized Loan Costs, Net		(17,368)		(17,260)				(8,095)		(1,560)				(18,820)
Total		$4,520,926		$4,511,161		4.48%		$2,898,615		$397,241		4.56%		$4,908,402		4.49%

Consolidated Maturity Schedule (1)					Principal Payments		Secured Maturities		Unsecured Maturities		Total 100%		Total Pro Rata		Pro Rata GAAP Interest Rate
2017						$18,889		$126,466		$300,000		$445,355		$445,355		6.44%

2018						20,420		302,605		382,196		705,221		705,221		4.42%

2019						16,471		169,348		0		185,819		185,819		5.40%

2020						7,314		280,214		790,000		1,077,528		1,077,528		4.32%

2021						4,366		126,459		300,000		430,825		430,825		3.98%

2022						59		42,819		450,000		492,878		483,005		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		400,000		400,000		400,000		4.43%

Unsecured debt discount										(4,797)		(4,797)		(4,797)
Total						$67,519		$1,047,911		$3,417,399		$4,532,829		$4,522,956		4.48%

Unconsolidated Maturity Schedule (1)					Principal Payments		Secured Maturities		Unsecured Maturities		Total 100%		Total Pro Rata		Pro Rata GAAP Interest Rate
2017						$4,697		$911,849		$0		$916,546		$182,409		5.70%

2018						4,816		121,887		0		126,703		13,250		4.30%

2019						4,824		623,088		0		627,912		31,191		2.69%

2020						5,535		403,673		0		409,208		56,251		2.68%

2021						5,057		255,172		0		260,229		60,709		4.49%

2022						3,468		331,369		0		334,837		16,634		3.60%

2023						2,930		93,177		0		96,107		4,809		4.25%

2024						1,352		83,688		0		85,040		13,075		4.31%

2025						903		0		0		903		0		0.00%

2026 and beyond						2,148		32,615		0		34,763		19,750		3.75%
Total						$35,730		$2,856,518		$0		$2,892,248		$398,078		4.56%

% of Total (2)					Consolidated		Wtd Avg GAAP Rate		Unconsolidated		Wtd Avg GAAP Rate		Total		Wtd Avg GAAP Rate
Fixed						84.7%		4.9%		71.1%		5.3%		83.6%		4.9%

Variable						15.3%		2.1%		28.9%		2.8%		16.4%		2.2%

Recourse to DDR						80.6%		4.5%		0.0%		0.0%		74.0%		4.5%

Non-recourse to DDR						19.4%		4.5%		100.0%		4.6%		26.0%		4.5%

(1) Assumes borrower extension options are exercised.

(2) 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)	$90,000	$90,000	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

	$690,000	$690,000
Public Debt
Unsecured Notes (4)	$300,000	$300,000	04/17	7.67%
Unsecured Notes	299,700	299,700	04/18	5.07%
Unsecured Notes	82,196	82,196	07/18	7.54%
Unsecured Notes	299,121	299,121	09/20	8.07%
Unsecured Notes	298,920	298,920	01/21	3.71%
Unsecured Notes	454,599	454,599	07/22	4.63%
Unsecured Notes	298,884	298,884	05/23	3.52%
Unsecured Notes	497,102	497,102	02/25	3.79%
Unsecured Notes	396,877	396,877	02/26	4.43%

	$2,927,399	$2,927,399
Mortgage Debt
Walmart Supercenter, NC	$668	$668	08/17	8.89%
Connecticut Commons, CT	45,365	45,365	10/17	3.54%
Riverdale Village, MN	24,888	24,888	10/17	3.54%
Riverdale Village Perimeter, MN	31,190	31,190	10/17	3.54%
Lake Brandon Village, FL	8,965	8,965	10/17	3.54%
Shoppers World Brookfield, WI	5,603	5,603	10/17	3.54%
Marketplace of Brown Deer, WI	3,999	3,999	10/17	3.54%
Brown Deer Center, WI	7,567	7,567	10/17	3.54%

Falcon Ridge Town Center, CA	13,983	13,983	01/18	3.67%
Walmart Supercenter, SC	1,097	1,097	01/18	8.01%
Fortuna Center, VA	12,120	12,120	02/18	3.74%
Johns Creek Town Center, GA	23,403	23,403	03/18	5.20%
The Promenade at Brentwood, MO	29,704	29,704	03/18	5.18%
DDR Headquarters, OH	25,880	25,880	03/18	1.96%

Lowe’s, TN	2,200	2,200	01/19	1.34%
Nassau Park Pavilion, NJ	54,639	54,639	02/19	3.56%
Bandera Pointe, TX	23,773	23,773	02/19	3.59%
Presidential Commons, GA	20,322	20,322	02/19	3.57%
Plaza Cayey, PR	20,203	20,203	06/19	7.82%
Plaza Fajardo, PR	24,292	24,292	06/19	7.74%
Plaza Isabela, PR	21,338	21,338	06/19	7.75%
Plaza Walmart, PR	11,356	11,356	06/19	7.81%
Mariner Square, FL	1,503	1,503	09/19	10.08%


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


Northland Square, IA	3,179	3,179	01/20	9.37%
Plaza Rio Hondo, PR	120,748	120,748	01/20	4.03%
Easton Marketplace, OH	48,222	48,222	01/20	4.05%
The Fountains, FL	43,996	43,996	01/20	4.16%
Perimeter Pointe, GA	41,594	41,594	01/20	4.03%
Polaris Towne Center, OH	42,164	42,164	04/20	5.00%

Chapel Hills West, CO	11,407	11,407	06/21	3.70%
West Valley Marketplace, PA	7,088	7,088	07/21	6.17%
Plaza Escorial, PR	69,812	69,812	07/21	3.72%
Wrangleboro Consumer Sq, NJ	57,269	57,269	10/21	5.37%
Chapel Hills East, CO	7,731	7,731	12/21	4.74%

Paradise Village Gateway, AZ	29,919	20,046	01/22	4.89%
Macedonia Commons, OH	18,243	18,243	02/22	5.83%

	$915,430	$905,557

Consolidated Debt Subtotal	$4,532,829	$4,522,956
FMV Adjustment – Assumed Debt	5,465	5,465
Unamortized Loan Costs, Net	(17,368)	(17,260)

Total Consolidated Debt	$4,520,926	$4,511,161


Rate Type
Fixed	$3,840,352	$3,830,479	4.3 years	4.90%
Variable	692,477	692,477	2.4 years	2.14%

	$4,532,829	$4,522,956	4.0 years	4.48%
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%

Interest Rate Swaps	Notional Amount	Rate Hedged	Fixed Rate	Termination Date

Variable Rate Debt	$76,511	1 mo. LIBOR	2.81%	09/17


(1) Assumes borrower extension options are exercised.		(4) Repaid in April 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)	20,178	1,008	05/19	3.28%
November 2019 Loan Pool (28 assets)	603,650	30,183	11/19	2.67%
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)	17,035	852	07/22	3.74%
White Oak Village, VA	34,250	1,713	09/22	1.93%
Midtowne Park, SC	15,736	786	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%

	$1,027,964	$51,398
BRE DDR Retail Holdings IV
Ashbridge Square, PA	$34,381	$1,719	03/18	4.22%
The Hub, NY	28,500	1,425	01/22	3.61%
Fountains of Miramar, FL	24,770	1,239	01/22	3.50%
Southmont Plaza, PA	34,000	1,700	01/22	3.62%
Millenia Crossing, FL	22,440	1,122	01/23	4.20%
Concourse Village, FL	14,007	700	02/24	4.32%

	$158,098	$7,905
DDR Domestic Retail Fund I
July 2017 Loan Pool (52 assets)	$883,479	$176,696	07/17	5.73%
Heather Island, FL	4,285	856	02/18	4.07%
Hilliard Rome, OH	11,353	2,271	02/18	4.05%

	$899,117	$179,823
DDRTC Core Retail Fund
July 2020 Loan Pool (10 assets) (2)	$195,373	$29,306	07/20	2.56%
July 2020 Loan Pool (6 assets) (2)	165,300	24,795	07/20	2.71%
November 2021 Loan Pool (7 assets)	174,719	26,208	11/21	3.14%
Birkdale Village, NC	82,500	12,375	04/24	4.31%

	$617,892	$92,684


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

DDR-SAU Retail Fund
September 2017 Loan Pool (7 assets)	$28,566	$5,713	09/17	4.75%
April 2018 Loan Pool (5 assets)	31,516	6,303	04/18	4.66%

	$60,082	$12,016
Other Joint Ventures
Sun Center Limited, OH	$21,286	$16,912	05/21	6.14%
RVIP IIIB, Deer Park, IL	68,309	17,590	09/21	4.91%
Lennox Town Center Limited, OH	39,500	19,750	04/28	3.75%

	$129,095	$54,252

Unconsolidated Debt Subtotal	$2,892,248	$398,078
FMV Adjustment – Assumed Debt	14,462	723
Unamortized Loan Costs, Net	(8,095)	(1,560)

Total Unconsolidated Debt	$2,898,615	$397,241

Rate Type
Fixed	$1,665,936	$283,223	2.2 years	5.27%
Variable	1,226,312	114,855	3.5 years	2.79%

	$2,892,248	$398,078	2.6 years	4.56%

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) Loans have interest rate floors of 1 month Libor at 0.25%.

DDR Corp.

Debt/Adjusted EBITDA


$ in millions
	1Q17		1Q16

Consolidated
Net (loss) income to DDR		($54.2)		$45.6
Interest expense		51.8		57.9
Income tax expense		0.2		0.5
Depreciation and amortization		90.9		96.9
Adjustments for non-controlling interests		(0.3)		(0.2)

EBITDA – current quarter		88.4		200.7
Separation charges		11.5		0.0
Impairments		22.0		0.0
Equity in net loss (income) of JVs		1.7		(14.4)
Reserve of preferred equity interests		76.0		0.0
Gain on disposition of real estate, net		(38.1)		(12.4)
JV FFO (at DDR share)		6.6		6.1

Adjusted EBITDA – current quarter (1)		168.1		180.0
Adjusted EBITDA – annualized		672.4		720.0

Consolidated debt		4,520.9		5,031.7
Partner share of consolidated debt		(9.9)		(9.9)
Loan costs, net		17.4		22.4
Face value adjustments		(5.5)		(11.3)
Cash and restricted cash		(65.8)		(33.9)

Net effective debt		$4,457.1		$4,999.0

Debt/Adjusted EBITDA – Consolidated		6.6x		6.9x

Pro rata including JVs
Adjusted EBITDA – current quarter		173.2		185.4
Adjusted EBITDA – annualized		692.8		741.6

Consolidated net debt		4,457.1		4,999.0
JV debt (at DDR share)		398.1		425.6
Cash and restricted cash		(12.9)		(10.1)

Net effective debt		$4,842.3		$5,414.5

Debt/Adjusted EBITDA – Pro Rata		7.0x		7.3x

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

DDR Corp.

Unconsolidated Joint Ventures

$, GLA in thousands


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


BRE DDR Retail	Blackstone Real	5%		49			9,666		$31,076			$1,513,253		$1,027,964		$249,596	(3	)
Holdings III	Estate Partners
BRE DDR Retail	Blackstone Real	5%		6			1,259		4,224			220,107		158,098		69,719	(4	)
Holdings IV	Estate Partners
DDRTC Core	TIAA-CREF	15%		25			8,205		24,285			1,502,007		617,892		0
Retail Fund
DDR Domestic	Various	20%		55			7,629		19,288			1,305,429		899,117		0
Retail Fund I
DDR–SAU	State of Utah	20%		12			979		2,467			135,345		60,082		0
Retail Fund
Other	Various	Various		3			1,045		4,353			195,116		129,095		0

Total				150	(5)		28,783		$85,693			$4,871,257		$2,892,248		$319,315
Property management fees									4,535	(1)
Assets sold in 2017									152	(1)

Net operating income									$90,380	(6)

(1) NOI includes property management fees charged by DDR to the joint venture and excludes the impact of assets sold during the period. Property management fees are included in Other Expense on the combined income statement of the joint ventures.

(2) Excludes fair market value of debt adjustment and net unamortized loan costs ($6.4 million or $0.8 million at DDR’s Share).

(3) Face value of $319.6 million including accrued interest of $5.0 million (excludes $70.0 million valuation allowance). The 8.5% dividend rate continues to have two components, a cash dividend rate of 6.5% and an accrued payment in kind of 2.0%. Repayment from net asset sale proceeds is first subject to a remaining minimum sales threshold of $46.3 million payable to common members; subsequent net asset sale proceeds are allocated 51.5% to the preferred member unless certain financial covenants have been triggered, in which event 100% to the preferred member.

(4) Face value of $75.7 million including accrued interest of $1.2 million (excludes $6.0 million valuation allowance). The 8.5% dividend rate continues to have two components, a cash dividend rate of 6.5% and an accrued payment in kind of 2.0%. 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) In addition, the Company has 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 1Q17
Revenues:
Minimum rents			$13,689
Percentage rent			44
Recoveries			4,240
Other property revenue			207

			18,180
Expenses:
Operating and maintenance			2,584
Real estate taxes			2,655

			5,239

Net Operating Income			12,941
Other Income (expense):
Fee Income			(950)
Interest income			(406)
Impairment Charges			(6,260)
Interest expense			(4,883)
Depreciation and amortization			(5,548)
Other income (expense), net			(123)

Loss before earnings from JVs			(5,229)
Equity in net loss of JVs			1,665
Basis differences of JVs			3,572
Loss on disposition of real estate			(8)

Net income			$0

FFO Reconciliation 1Q17
Loss before earnings from JVs			($5,229)
Depreciation and amortization			5,548
Impairment of depreciable real estate			6,260
Basis differences of JVs			3

FFO at DDR’s Ownership Interests			$6,582


Balance Sheet Pro Rata Adjustments 1Q17
Assets:
Land			$169,446
Buildings			454,101
Improvements			32,692

			656,239
Depreciation			(160,640)

			495,599
Construction in progress and land			6,920

Real estate, net			502,519
Investment in JVs			1,398
Cash and restricted cash			12,944
Receivables, net			6,534
Other assets, net			17,836

Total Assets			$541,231
Liabilities and Equity:
Mortgage debt			$397,241
Notes payable to DDR			524
Other liabilities			16,849

Total Liabilities			414,614
JVs share of equity			21,196
Distributions in excess of net income			105,421

Total Equity			126,617

Total Liabilities and Equity			$541,231

(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

	1Q17		1Q16
Revenues:
Minimum rents		$95,443		$96,575
Percentage rent		392		331
Recoveries		29,815		29,969
Other property revenues		1,398		1,035

		127,048		127,910
Expenses:
Operating and maintenance		17,807		18,999
Real estate taxes		18,861		18,657

		36,668		37,656


Net operating income		90,380		90,254

Other income (expense):
Interest expense		(30,130)		(33,322)
Depreciation and amortization		(45,096)		(49,035)
Impairment charges		(52,657)		0
Preferred share expense		(8,128)		(8,264)
Other expense, net		(6,573)		(5,811)

		(52,204)		(6,178)
(Loss) gain on disposition of real estate, net		(173)		53,483

Net (loss) income attributable to unconsolidated JVs		(52,377)		47,305
Depreciation and amortization		45,096		49,035
Impairment of depreciable real estate		52,657		0
Loss (gain) on disposition of real estate, net		173		(53,483)

FFO		$45,549		$42,857
FFO at DDR’s ownership interests		$6,582		$6,150
Operating FFO at DDR’s ownership interests		$6,662		$6,150
Balance Sheet

	At Period End
	1Q17		4Q16
Assets:
Land		$1,268,425		$1,287,675
Buildings		3,338,488		3,376,720
Improvements		205,412		203,824

		4,812,325		4,868,219
Depreciation		(914,860)		(884,356)

		3,897,465		3,983,863
Construction in progress and land		58,932		56,983

Real estate, net		3,956,397		4,040,846
Cash and restricted cash		60,822		50,378
Receivables, net		43,931		50,685
Other assets, net		242,234		248,664

Total Assets		$4,303,384		$4,390,573

Liabilities and Equity:
Mortgage debt		$2,898,615		$3,034,399
Notes and accrued interest payable to DDR		3,028		1,584
Other liabilities		194,458		206,949

Total Liabilities		3,096,101		3,242,932

Redeemable preferred equity		395,945		393,338
Accumulated equity		811,338		754,303

Total Equity		1,207,283		1,147,641

Total Liabilities and Equity		$4,303,384		$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/ Tenant Improvements		Shorter of economic life or lease terms

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.

DDR Corp.

Non-GAAP Measures

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.

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. 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 also presents SSNOI for the wholly-owned assets both with and without the impact of capital expenditures. The Company defines Wholly Owned 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. Wholly Owned SSNOI includes only wholly owned assets as of March 31, 2017, for the comparable periods presented in the calculation. Wholly Owned SSNOI also excludes activity associated with development and major redevelopment for the comparable periods presented in the calculation. The Company defines Wholly Owned SSNOI Post Capital Expenditures (Wholly Owned SSNOI Post Cap Ex) as Wholly Owned SSNOI adjusted to remove annual Capital Expenditures. The Company calculates annual Capital Expenditures for each property as the difference between the gross real estate assets as of the respective year end presented and adjusted to remove non cash activity and land sale parcel sales.

DDR Corp.

Non-GAAP Measures

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

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 Wholly Owned Same Store NOI (1)


$ in thousands	Twelve Months Ended
	Year-over-Year Comp						Year-over-Year Comp						Year-over-Year Comp						Year-over-Year Comp
	2012			2013			2013			2014			2014			2015			2015			2016
GAAP Reconciliation:

Net (loss) income attributable to DDR		($25,822	)		($10,175	)		($10,175	)		$117,282			$117,282			($72,168	)		($72,168	)		$60,012

Fee income		(43,706	)		(40,160	)		(40,160	)		(31,907	)		(31,907	)		(32,971	)		(32,971	)		(36,298	)

Interest income		(15,800	)		(23,541	)		(23,541	)		(15,927	)		(15,927	)		(29,213	)		(29,213	)		(37,054	)

Interest expense		197,641			214,370			214,370			237,120			237,120			241,727			241,727			217,589

Depreciation and amortization		219,902			296,560			296,560			402,825			402,825			402,045			402,045			389,519

General and administrative		76,444			79,556			79,556			84,484			84,484			73,382			73,382			76,101

Loss on debt retirement		13,495			0			0			0			0			0			0			0

Other expense		17,806			6,408			6,408			12,262			12,262			1,739			1,739			(3,322	)

Impairment charges		46,741			19,044			19,044			29,175			29,175			279,021			279,021			110,906

Equity in net (income) loss of joint ventures		(35,250	)		(6,819	)		(6,819	)		(10,989	)		(10,989	)		3,135			3,135			(15,699	)

Impairment of joint venture investments		26,671			980			980			30,652			30,652			1,909			1,909			0

(Gain) loss on sale and change in control of interest, net		(78,127	)		(19,906	)		(19,906	)		(87,996	)		(87,996	)		(7,772	)		(7,772	)		1,087

Tax expense		1,131			2,685			2,685			1,855			1,855			6,286			6,286			1,781

Loss ( income) from discontinued operations		59,364			31,267			31,267			(89,398	)		(89,398	)		0			0			0

Gain on disposition of real estate		(5,863	)		(467	)		(467	)		(3,060	)		(3,060	)		(167,571	)		(167,571	)		(73,386	)

Income (loss) from non-controlling interests		493			794			794			(3,717	)		(3,717	)		1,858			1,858			1,187

Consolidated NOI		455,120			550,596			550,596			672,661			672,661			701,407			701,407			692,423

Less: Non-Same Store NOI Adjustments		(145,030	)		(230,898	)		(173,080	)		(280,111	)		(174,821	)		(195,268	)		(146,894	)		(123,192	)

Wholly owned SSNOI		310,090			319,698			377,516			392,550			497,840			506,139			554,513			569,231

Wholly owned SSNOI % Increase (over prior year)					3.1%						4.0%						1.7%						2.7%

Less: Annual Capital Expenditures		90,367			71,142			117,488			93,803			149,634			132,974			145,133			96,633

Wholly owned SSNOI Post Cap Ex		219,723			248,556			260,028			298,747			348,206			373,165			409,380			472,598

Wholly owned SSNOI Post Cap Ex % Increase					13.1%						14.9%						7.2%						15.4%

(over prior year)

(1) See calculation definition in this Non-GAAP measures section. Note that the same store adjustments will change each year based upon the comparative pool of assets included.

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	$16.05	Best Buy, Nordstrom Rack, Staples, Target (U)
2	Valley Bend	Huntsville	Huntsville	AL	2002	2014	5%	BREDDR III	425	777	$14.80	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	$12.15	Big Lots, hhgregg, 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	$8.94	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	$17.85	Barnes & Noble, Best Buy, Ross Dress for Less, Total Wine & More
9	Ahwatukee Foothills Towne Center	Phoenix	Phoenix	AZ	2013	1998	100%		685	700	$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	$16.14	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	$19.40	AMC Theatres (U), Michaels, PetSmart, Ross Dress for Less, Target (U)
12	Paradise Village Gateway	Phoenix	Phoenix	AZ	2004	2003	67%	Other	295	295	$17.53	Albertsons, Bed Bath & Beyond, PetSmart, Ross Dress for Less, Staples
13	Shops at Prescott Gateway	Prescott	Prescott	AZ	2012	2014	5%	BREDDR III	35	35	$28.92	Trader Joe’s
14	Plaza at Power Marketplace	Phoenix	Queen Creek	AZ	2007	2014	5%	BREDDR III	71	105	$20.74	LA Fitness
15	Silverado Plaza	Tucson	Tucson	AZ	1999	2014	5%	BREDDR III	78	79	$9.31	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	$22.12	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	$21.46	Cinemark, H & M, Nike, Restoration Hardware
22	Eastland Center	Los Angeles	West Covina	CA	1957	2014	5%	BREDDR III	811	911	$14.44	Albertsons, Ashley 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	$8.90	24 Hour Fitness, JCPenney, Kohl’s, PetSmart, Sears, Target, Vons
24	Ridge at Creekside	Sacramento	Roseville	CA	2007	2014	100%		275	289	$21.53	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	$25.08	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%	Manatee	251	251	$17.28	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	$35.82	AMC Theatres, The Studio Mix
29	Cornerstar	Denver	Aurora	CO	2008	2014	5%	BREDDR III	430	585	$18.98	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	$14.80	Bed Bath & Beyond, Home Depot (U), Inspire Fitness, Walmart (U)
31	Centennial Promenade	Denver	Centennial	CO	2002	1997	100%		419	827	$18.40	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	$12.76	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	$14.72	Target (U)
34	University Hills	Denver	Denver	CO	1997	2003	100%		244	261	$18.89	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	$19.06	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	$13.24	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	$12.01	Bob’s Stores, Staples, Stop & Shop, Walmart

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
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	116	119	$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	$15.72	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	$16.82	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%	Manatee	84	84	$11.84	Publix
46	Melbourne Shopping Center	Melbourne	Melbourne	FL	1999	2007	20%	Manatee	229	229	$6.35	Big Lots, Publix
47	Aberdeen Square	Miami	Boynton Beach	FL	1990	2007	20%	Manatee	71	71	$10.55	Publix
48	Village Square at Golf	Miami	Boynton Beach	FL	2002	2007	20%	Manatee	135	135	$14.42	Publix
49	Sheridan Square	Miami	Dania	FL	1991	2007	20%	Manatee	67	67	$11.04	Walmart Neighborhood Market
50	Paraiso Plaza	Miami	Hialeah	FL	1997	2007	20%	Manatee	61	61	$16.77	Publix
51	Homestead Pavilion	Miami	Homestead	FL	2008	2008	100%		306	397	$17.47	Bed Bath & Beyond, hhgregg, Kohl’s (U), Michaels, Ross Dress for Less
52	Concourse Village	Miami	Jupiter	FL	2004	2015	5%	BREDDR IV	134	134	$16.25	Ross Dress for Less, T.J. Maxx
53	Plaza del Paraiso	Miami	Miami	FL	2003	2007	20%	Manatee	85	85	$15.67	Publix
54	The Shops at Midtown Miami	Miami	Miami	FL	2006	DEV	100%		467	467	$19.40	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	$22.75	Home Depot (U), Marshalls, Ross Dress for Less
56	River Run	Miami	Miramar	FL	1989	2007	20%	Manatee	94	107	$13.35	Publix
57	Northlake Commons	Miami	Palm Beach Gardens	FL	2003	2007	20%	Manatee	124	245	$13.83	Home Depot (U), Jo-Ann, Ross Dress for Less
58	Flamingo Falls	Miami	Pembroke Pines	FL	2001	2007	20%	Manatee	109	148	$22.36	LA Fitness (U), The Fresh Market
59	The Fountains	Miami	Plantation	FL	2010	2007	100%		430	489	$16.10	Dick’s Sporting Goods, Jo-Ann, Kohl’s, Marshalls/HomeGoods, Total Wine & More
60	Midway Plaza	Miami	Tamarac	FL	1985	2007	20%	Manatee	228	228	$12.90	Publix, Ross Dress for Less
61	Tequesta Shoppes	Miami	Tequesta	FL	2014	2007	100%		110	110	$11.36	Marshalls
62	Carillon Place	Naples	Naples	FL	1994	1995	100%		268	283	$14.49	Bealls Outlet, hhgregg, OfficeMax, Ross Dress for Less, T.J. Maxx, Walmart Neighborhood Market
63	Countryside Shoppes	Naples	Naples	FL	1997	2007	20%	Manatee	74	74	$9.90	—
64	Crystal Springs	Ocala	Crystal River	FL	2001	2007	20%	Manatee	67	79	$11.43	Publix
65	Shoppes of Citrus Hills	Ocala	Hernando	FL	2003	2007	20%	Manatee	69	69	$11.18	Publix
66	Heather Island	Ocala	Ocala	FL	2005	2007	20%	Manatee	71	71	$11.14	Publix
67	Casselberry Commons	Orlando	Casselberry	FL	2010	2007	20%	Manatee	245	248	$11.92	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	$22.95	Publix (U), Staples, Target (U)
69	West Oaks Town Center	Orlando	Ocoee	FL	2000	2007	20%	Manatee	67	112	$15.97	Best Buy (U), Michaels
70	Chickasaw Trail Shopping Center	Orlando	Orlando	FL	1994	2007	20%	Manatee	75	81	$11.82	Publix
71	Conway Plaza	Orlando	Orlando	FL	1999	2007	20%	Manatee	118	118	$10.01	Publix
72	International Drive Value Center	Orlando	Orlando	FL	1995	2015	100%		186	192	$10.47	Bed Bath & Beyond, dd’s Discounts, Ross Dress for Less, T.J. Maxx
73	Lee Vista Promenade	Orlando	Orlando	FL	2016	DEV	100%		270	270	$17.81	Epic Theatres, HomeGoods, Michaels, Ross Dress for Less
74	Millenia Crossing	Orlando	Orlando	FL	2009	2015	5%	BREDDR IV	100	100	$28.77	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%	Manatee	263	263	$10.80	dd’s Discounts, Goodwill, Publix
77	Oviedo Park Crossing	Orlando	Oviedo	FL	1999	DEV	20%	Manatee	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	$9.58	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	$10.11	Jo-Ann, T.J. Maxx/HomeGoods
82	Cortez Plaza	Sarasota	Bradenton	FL	2015	2007	100%		274	274	$11.92	Burlington, hhgregg, LA Fitness, PetSmart

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
83	Creekwood Crossing	Sarasota	Bradenton	FL	2001	2007	20%	Manatee	235	397	$11.31	Bealls, Bealls Outlet, Highland Park Furniture & Mattress Outlet, Big Lots, LA Fitness, Lowe’s (U)
84	Lakewood Ranch Plaza	Sarasota	Bradenton	FL	2001	2007	20%	Manatee	85	107	$13.39	Publix
85	Capital West	Tallahassee	Tallahassee	FL	2004	2003	100%		88	272	$8.45	Bealls Outlet, Walmart (U)
86	Killearn Shopping Center	Tallahassee	Tallahassee	FL	1980	2007	20%	Manatee	95	95	$13.66	Hobby Lobby
87	Southwood Village	Tallahassee	Tallahassee	FL	2003	2007	20%	Manatee	63	63	$13.34	Publix
88	Kmart Shopping Center	Tampa	Brandon	FL	2003	IPO	100%		232	232	$3.93	Kane Furniture, Kmart
89	Lake Brandon Village	Tampa	Brandon	FL	2014	2009	100%		292	454	$13.75	buybuy BABY, Jo-Ann, Lowe’s (U), Nordstrom Rack, PetSmart, Publix, Total Wine & More
90	Bardmoor Promenade	Tampa	Largo	FL	1991	2007	20%	Manatee	158	171	$13.88	Publix
91	Shoppes at Golden Acres	Tampa	New Port Richey	FL	2002	2007	20%	Manatee	131	131	$10.90	Publix
92	The Shoppes of Boot Ranch	Tampa	Palm Harbor	FL	1990	1995	100%		52	229	$23.89	Publix (U), Target (U)
93	Lake Walden Square	Tampa	Plant City	FL	2013	2007	100%		245	245	$11.67	Marshalls, Premiere Cinemas, Ross Dress for Less, Winn Dixie
94	Mariner Square	Tampa	Spring Hill	FL	1997	IPO	100%		194	519	$9.53	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	$16.63	Best Buy, JCPenney (U), PetSmart, Ross Dress for Less, Walmart (U)
96	New Tampa Commons	Tampa	Tampa	FL	2005	2007	100%		10	10	$32.35	—
97	North Pointe Plaza	Tampa	Tampa	FL	1990	IPO	20%	Manatee	108	226	$13.83	Publix, Walmart (U)
98	The Walk at Highwoods Preserve	Tampa	Tampa	FL	2001	2007	100%		138	232	$16.09	Best Buy, HomeGoods, Michaels, Muvico (U)
99	Tarpon Square	Tampa	Tarpon Springs	FL	1998	IPO	100%		115	199	$12.82	Bealls Outlet, Big Lots, Staples, Walmart (U)
100	Brandon Boulevard Shoppes	Tampa	Valrico	FL	2012	2007	100%		86	89	$15.41	LA Fitness
101	Shoppes at Lithia	Tampa	Valrico	FL	2003	2007	20%	Manatee	71	71	$15.89	Publix
102	The Shoppes at New Tampa	Tampa	Wesley Chapel	FL	2002	2007	20%	Manatee	159	188	$13.69	Bealls, Office Depot (U), Publix
103	Century Town Center	Vero Beach	Vero Beach	FL	2008	2014	5%	BREDDR III	107	117	$14.11	Marshalls/HomeGoods
104	Brookhaven Plaza	Atlanta	Atlanta	GA	1993	2007	20%	SAU	70	70	$19.77	Stein Mart
105	Cascade Corners	Atlanta	Atlanta	GA	1993	2007	20%	SAU	67	67	$6.99	Kroger
106	Cascade Crossing	Atlanta	Atlanta	GA	1994	2007	20%	SAU	63	63	$10.19	Publix
107	Perimeter Pointe	Atlanta	Atlanta	GA	2002	1995	100%		353	353	$17.13	Babies “R” Us, Dick’s Sporting Goods, HomeGoods, LA Fitness, Regal Cinemas, Stein Mart
108	Marketplace at Millcreek	Atlanta	Buford	GA	2003	2007	15%	TIAA	402	533	$12.75	2nd & Charles, Bed Bath & Beyond, Burlington, Costco (U), DSW, Marshalls, Michaels, PetSmart, REI, Ross Dress for Less, Stein Mart
109	Hickory Flat Village	Atlanta	Canton	GA	2000	2007	20%	SAU	74	88	$12.89	Publix
110	Riverstone Plaza	Atlanta	Canton	GA	1998	2007	20%	Manatee	308	335	$11.83	Bealls Outlet, Belk, Michaels, Publix, Ross Dress for Less
111	Cumming Marketplace	Atlanta	Cumming	GA	1999	2003	100%		311	717	$12.42	ApplianceSmart, Home Depot (U), Lowe’s, Michaels, OfficeMax, Walmart (U)
112	Cumming Town Center	Atlanta	Cumming	GA	2007	2013	100%		311	311	$15.32	Ashley Furniture HomeStore, Best Buy, Dick’s Sporting Goods, Staples, T.J. Maxx/HomeGoods
113	Sharon Greens	Atlanta	Cumming	GA	2001	2007	20%	Manatee	98	101	$11.66	Kroger
114	Flat Shoals Crossing	Atlanta	Decatur	GA	1994	2007	20%	SAU	70	70	$10.27	Publix
115	Hairston Crossing	Atlanta	Decatur	GA	2002	2007	20%	Manatee	58	58	$11.76	Publix
116	Douglasville Pavilion	Atlanta	Douglasville	GA	1998	2007	100%		267	370	$11.70	Big Lots, Marshalls, Michaels, OfficeMax, PetSmart, Ross Dress for Less, Target (U)
117	Market Square	Atlanta	Douglasville	GA	1990	2007	20%	Manatee	125	125	$10.25	Bargain Hunt
118	Camp Creek Marketplace	Atlanta	East Point	GA	2003	2014	5%	BREDDR III	424	719	$15.81	Beauty Master, BJ’s Wholesale Club, Lowe’s (U), Marshalls, Ross Dress for Less, Staples, T.J. Maxx, Target (U)
119	Paradise Shoppes of Ellenwood	Atlanta	Ellenwood	GA	2003	2007	20%	Manatee	68	68	$11.07	—
120	Fayette Pavilion	Atlanta	Fayetteville	GA	2002	2007	15%	TIAA	1,242	1,506	$9.31	Bealls Outlet, Bed Bath & Beyond, Belk, Big Lots, Cinemark, Dick’s Sporting Goods, Forever 21, hhgregg, 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
121	Clearwater Crossing	Atlanta	Flowery Branch	GA	2003	2007	20%	Manatee	91	91	$12.16	Kroger
122	Stonebridge Village	Atlanta	Flowery Branch	GA	2008	2014	5%	BREDDR III	157	504	$16.67	Home Depot (U), Kohl’s (U), PetSmart, Ross Dress for Less, T.J. Maxx, Target (U)
123	Barrett Pavilion	Atlanta	Kennesaw	GA	1998	2007	15%	TIAA	459	584	$15.50	AMC Theatres, Bealls Outlet, buybuy BABY, hhgregg, Jo-Ann, Old Navy, Ozone Billiards, REI, Target (U), Total Wine & More

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
124	CVS	Atlanta	Lawrenceville	GA	2008	2014	5%	BREDDR III	13	13	$28.18	—
125	Towne Center Prado	Atlanta	Marietta	GA	2002	1995	100%		287	327	$13.07	Publix, Ross Dress for Less, Stein Mart
126	Shoppes at Lake Dow	Atlanta	McDonough	GA	2002	2007	20%	Manatee	73	97	$12.45	Publix
127	Newnan Crossing	Atlanta	Newnan	GA	1995	2003	100%		223	453	$8.50	Hobby Lobby, Lowe’s, Walmart (U)
128	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
129	Sandy Plains Village	Atlanta	Roswell	GA	2013	2007	100%		174	174	$10.84	Movie Tavern, Walmart Neighborhood Market
130	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
131	Presidential Commons	Atlanta	Snellville	GA	2000	2007	100%		376	376	$11.37	buybuy BABY, Home Depot, Jo-Ann, Kroger, Stein Mart
132	Deshon Plaza	Atlanta	Stone Mountain	GA	1994	2007	20%	SAU	64	64	$11.28	Publix
133	Johns Creek Town Center	Atlanta	Suwanee	GA	2004	2003	100%		293	293	$13.89	Kohl’s, Michaels, PetSmart, Sprouts Farmers Market, Staples, Stein Mart
134	Cofer Crossing	Atlanta	Tucker	GA	2003	2003	20%	Manatee	136	278	$8.58	HomeGoods, Kroger, Walmart (U)
135	Woodstock Square	Atlanta	Woodstock	GA	2001	2007	15%	TIAA	219	400	$14.31	Kohl’s, OfficeMax, Old Navy, Target (U)
136	Glynn Isles	Brunswick	Brunswick	GA	2007	2014	5%	BREDDR III	193	517	$15.74	Ashley Furniture HomeStore (U), Dick’s Sporting Goods, Lowe’s (U), Michaels, Office Depot, PetSmart, Ross Dress for Less, Target (U)
137	Eisenhower Crossing	Macon	Macon	GA	2002	2007	15%	TIAA	420	722	$10.86	Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy (U), Home Depot (U), Kroger, Marshalls, Michaels, Old Navy, Ross Dress for Less, Staples, Target (U)
138	Crossroads Marketplace	Warner Robins	Warner Robins	GA	2008	2014	5%	BREDDR III	79	295	$13.66	Bed Bath & Beyond, Best Buy, Kohl’s (U), Kroger (U), Toys “R” Us (U)
139	Warner Robins Place	Warner Robins	Warner Robins	GA	1997	2003	100%		119	482	$13.49	Lowe’s (U), T.J. Maxx, Walmart (U)
140	Meridian Crossroads	Boise	Meridian	ID	2004	DEV	100%		527	731	$15.06	Ashley Furniture HomeStore, Bed Bath & Beyond, Craft Warehouse, Office Depot, Old Navy, Ross Dress for Less, Sportsman’s Warehouse, Walmart (U)
141	Nampa Gateway Center	Boise	Nampa	ID	2008	DEV	100%		471	496	$5.04	Circustrix, Edwards Theatres, Idaho Athletic Club, JCPenney
142	3030 North Broadway	Chicago	Chicago	IL	2016	2017	100%		132	132	$34.35	Mariano’s, XSport Fitness
143	Kingsbury Center	Chicago	Chicago	IL	2012	2014	5%	BREDDR III	53	53	$30.16	buybuy BABY
144	The Maxwell	Chicago	Chicago	IL	2014	2014	100%		240	240	$26.45	Burlington, Dick’s Sporting Goods, Nordstrom Rack, T.J. Maxx
145	Deer Park Town Center	Chicago	Deer Park	IL	2004	DEV	50%	Other	356	406	$31.44	Barnes & Noble (U), Century Theatre, Crate & Barrel, Gap
146	Hillside Town Center	Chicago	Hillside	IL	2009	2014	5%	BREDDR III	165	365	$16.16	HomeGoods, Michaels, Ross Dress for Less, Target (U)
147	The Shops at Fox River	Chicago	McHenry	IL	2006	DEV	100%		341	444	$13.40	Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, JCPenney (U), PetSmart, Ross Dress for Less, T.J. Maxx
148	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)
149	Woodfield Village Green	Chicago	Schaumburg	IL	2015	1995	100%		526	692	$19.72	At Home, Bloomingdale’s the Outlet Store, Container Store, Costco (U), hhgregg, HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Trader Joe’s
150	Village Crossing	Chicago	Skokie	IL	1989	2007	15%	TIAA	449	449	$21.30	AMC Theatres, Barnes & Noble, Bed Bath & Beyond, Best Buy, Michaels, OfficeMax, PetSmart
151	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)
152	Highland Grove Shopping Center	Chicago	Highland	IN	2001	2007	20%	Manatee	312	541	$14.13	Best Buy (U), Dick’s Sporting Goods (U), hhgregg (U), Kohl’s, Marshalls, Michaels, Target (U)
153	East Lloyd Commons	Evansville	Evansville	IN	2005	2007	100%		160	160	$14.72	Best Buy, Gordmans, Michaels
154	Northland Square	Cedar Rapids	Cedar Rapids	IA	1984	1998	100%		187	207	$12.01	Barnes & Noble, Kohl’s, OfficeMax, T.J. Maxx
155	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
156	Duvall Village	Balt-Wash DC	Bowie	MD	1998	2007	100%		88	88	$22.70	—
157	Harundale Plaza	Balt-Wash DC	Glen Burnie	MD	1999	2007	20%	Manatee	218	218	$9.65	Burlington, HomeGoods, Regency Furniture
158	Largo Town Center	Balt-Wash DC	Upper Marlboro	MD	1991	2007	20%	Manatee	277	281	$17.06	Marshalls, Regency Furniture, Shoppers Food Warehouse
159	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
160	The Commons	Salisbury	Salisbury	MD	1999	DEV	100%		130	350	$14.38	Best Buy, Home Depot (U), Michaels, Target (U)
161	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
162	Shoppers World	Boston	Framingham	MA	1994	1995	100%		783	783	$24.39	A.C. Moore, AMC Theatres, Babies “R” Us, Barnes & Noble, Best Buy, Bob’s Stores, DSW, Kohl’s, Macy’s Furniture Gallery, Marshalls, Nordstrom Rack, PetSmart, T.J. Maxx, TJX/Sierra Trading Post, Toys “R” Us
163	Riverdale Shops	Springfield	West Springfield	MA	2003	2007	20%	Manatee	274	274	$13.97	Kohl’s, Stop & Shop

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
164	Fairlane Green	Detroit	Allen Park	MI	2005	2014	5%	BREDDR III	270	401	$19.31	Barnes & Noble, Bed Bath & Beyond, Home Depot (U), Meijer (U), Michaels, T.J. Maxx, Target (U)
165	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
166	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)
167	Grandville Marketplace	Grand Rapids	Grandville	MI	2003	2003	100%		224	372	$10.91	Gander Mountain, Hobby Lobby, Lowe’s (U), OfficeMax
168	The Marketplace at Delta Township	Lansing	Lansing	MI	2013	2003	100%		174	545	$14.14	Lowe’s (U), Michaels, PetSmart, Staples, Walmart (U)
169	Telegraph Plaza	Monroe	Monroe	MI	2005	2014	5%	BREDDR III	141	141	$9.97	Kohl’s, Lowe’s (U), PetSmart, T.J. Maxx
170	Valley Center	Saginaw	Saginaw	MI	1994	2014	5%	BREDDR III	409	419	$9.75	Babies “R” Us, Barnes & Noble, Burlington, Dick’s Sporting Goods, DSW, Michaels, PetSmart, T.J. Maxx
171	Riverdale Village	Minneapolis	Coon Rapids	MN	2003	DEV	100%		788	969	$13.11	Bed Bath & Beyond, Best Buy, Costco (U), Dick’s Sporting Goods, DSW, JCPenney, Jo-Ann, Kohl’s, Old Navy, T.J. Maxx
172	Maple Grove Crossing	Minneapolis	Maple Grove	MN	2002	1996	100%		262	350	$12.80	Barnes & Noble, Bed Bath & Beyond, Cub Foods (U), Kohl’s, Michaels
173	Midway Marketplace	Minneapolis	St. Paul	MN	1995	1997	100%		324	487	$8.64	Cub Foods, Herberger’s (U), LA Fitness, T.J. Maxx, Walmart
174	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
175	Big Oaks Crossing	Tupelo	Tupelo	MS	1992	1994	100%		348	348	$6.12	Jo-Ann, Sam’s Club, Walmart
176	Independence Commons	Kansas City	Independence	MO	1999	1995	100%		386	403	$14.82	AMC Theatres, Barnes & Noble, Best Buy, Kohl’s, Marshalls, Ross Dress for Less
177	Jefferson County Plaza	St Louis	Arnold	MO	2002	DEV	100%		42	290	$10.49	Home Depot (U), Target (U), Xist Fitness
178	The Promenade at Brentwood	St Louis	Brentwood	MO	1998	1998	100%		338	338	$15.04	Bed Bath & Beyond, Micro Center, PetSmart, Target, Trader Joe’s
179	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
180	Seabrook Commons	Boston	Seabrook	NH	2014	DEV	100%		175	393	$18.55	Dick’s Sporting Goods, Walmart (U)
181	Hamilton Commons	Atlantic City	Mays Landing	NJ	2001	2004	100%		397	397	$17.41	Bed Bath & Beyond, hhgregg, Marshalls, Regal Cinemas, Ross Dress for Less
182	Wrangleboro Consumer Square	Atlantic City	Mays Landing	NJ	1997	2004	100%		842	842	$13.16	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
183	East Hanover Plaza	New York	East Hanover	NJ	1994	2007	100%		98	359	$20.47	Costco (U), HomeGoods, Target (U)
184	Edgewater Towne Center	New York	Edgewater	NJ	2000	2007	100%		78	78	$25.10	Whole Foods
185	Freehold Marketplace	New York	Freehold	NJ	2005	DEV	100%		30	368	$30.56	Sam’s Club (U), Walmart (U)
186	Lewandowski Commons	New York	Lyndhurst	NJ	1998	2007	20%	SAU	78	78	$22.72	Stop & Shop
187	Route 22 Retail Center	New York	Union	NJ	1997	2007	100%		112	237	$18.61	Babies “R” Us, Dick’s Sporting Goods, Target (U)
188	Consumer Centre	New York	West Long Branch	NJ	1993	2004	100%		292	292	$13.15	buybuy BABY, Home Depot, PetSmart
189	West Falls Plaza	New York	Woodland Park	NJ	1995	2007	20%	Manatee	89	89	$20.84	—
190	Crossroads Plaza	Philadelphia	Lumberton	NJ	2003	2007	20%	Manatee	100	215	$18.28	Lowe’s (U), ShopRite
191	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)
192	Nassau Park Pavilion	Trenton	Princeton	NJ	2005	1997	100%		609	1,117	$16.57	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
193	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)
194	The Hub	New York	Hempstead	NY	2001	2015	5%	BREDDR IV	249	249	$14.02	Home Depot, Super Stop & Shop
195	Belgate Shopping Center	Charlotte	Charlotte	NC	2013	DEV	100%		262	883	$13.56	Burlington, Cost Plus World Market, Furniture Row (U), Hobby Lobby, IKEA (U), Marshalls, Old Navy, PetSmart, T.J. Maxx, Walmart (U)
196	Carolina Pavilion	Charlotte	Charlotte	NC	1997	2012	100%		726	871	$13.53	AMC Theatres, Babies “R” Us, Bed Bath & Beyond, Big Lots, buybuy BABY, Conn’s, hhgregg, Jo-Ann, Nordstrom Rack, Old Navy, Ross Dress for Less, Sears Outlet, Target (U), Value City Furniture
197	Cotswold Village	Charlotte	Charlotte	NC	2013	2011	100%		261	261	$22.26	Harris Teeter, Marshalls, PetSmart
198	The Shops at the Fresh Market	Charlotte	Cornelius	NC	2001	2007	100%		130	130	$11.44	Stein Mart, The Fresh Market
199	Birkdale Village	Charlotte	Huntersville	NC	2003	2007	15%	TIAA	299	387	$26.67	Barnes & Noble, Dick’s Sporting Goods, Regal Cinemas (U)
200	Rosedale Shopping Center	Charlotte	Huntersville	NC	2000	2007	20%	Manatee	119	119	$17.15	Harris Teeter
201	Mooresville Consumer Square	Charlotte	Mooresville	NC	2006	2004	100%		472	579	$8.79	Amstar Entertainment 14 (U), Gander Mountain, Ollie’s Bargain Outlet, Planet Fitness, Walmart
202	Winslow Bay Commons	Charlotte	Mooresville	NC	2003	2007	15%	TIAA	268	442	$14.21	Dick’s Sporting Goods, HomeGoods, Michaels, Ross Dress for Less, T.J. Maxx, Target (U)
203	Fayetteville Pavilion	Fayetteville	Fayetteville	NC	2001	2007	20%	Manatee	274	274	$12.36	Christmas Tree Shops, Dick’s Sporting Goods, Food Lion, Marshalls, Michaels, PetSmart

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
204	Wendover Village	Greensboro	Greensboro	NC	2004	2007	100%		36	171	$31.43	Costco (U)
205	Shoppes at Oliver’s Crossing	Greensboro	Winston Salem	NC	2003	2007	20%	Manatee	77	77	$13.35	Lowes Foods
206	Walmart	Greensboro	Winston Salem	NC	1998	2007	100%		205	205	$6.85	Walmart
207	Beaver Creek Crossings	Raleigh	Apex	NC	2006	DEV	100%		321	321	$16.57	Burke’s Outlet, Dick’s Sporting Goods, Regal Beaver Creek 12, T.J. Maxx
208	Meadowmont Village	Raleigh	Chapel Hill	NC	2002	2007	20%	Manatee	132	132	$21.75	Harris Teeter
209	Clayton Corners	Raleigh	Clayton	NC	1999	2007	20%	Manatee	126	126	$12.22	Lowes Foods
210	Sexton Commons	Raleigh	Fuquay Varina	NC	2002	2007	20%	Manatee	49	49	$17.33	Harris Teeter
211	Alexander Place	Raleigh	Raleigh	NC	2004	2007	15%	TIAA	198	408	$16.15	hhgregg, Kohl’s, Walmart (U)
212	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
213	Poyner Place	Raleigh	Raleigh	NC	2012	2012	100%		254	435	$16.49	Cost Plus World Market, Old Navy, Ross Dress for Less, Target (U), Toys “R” Us/Babies “R” Us
214	University Centre	Wilmington	Wilmington	NC	2001	IPO	100%		418	525	$10.84	Bed Bath & Beyond, Lowe’s, Old Navy, Ollie’s Bargain Outlet, Ross Dress for Less, Sam’s Club (U)
215	CVS	Bellevue	Bellevue	OH	1998	2014	5%	BREDDR III	10	10	$14.46	—
216	Walmart	Canton	Alliance	OH	1998	2007	100%		200	200	$5.95	Walmart
217	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
218	Western Hills Square	Cincinnati	Cincinnati	OH	1998	2014	5%	BREDDR III	34	258	$12.67	Kroger (U), PetSmart, Walmart (U)
219	Waterstone Center	Cincinnati	Mason	OH	1998	2014	100%		158	430	$15.39	Barnes & Noble, Bassett Home Furnishings, Best Buy, Costco (U), Michaels, Target (U)
220	Macedonia Commons	Cleveland	Macedonia	OH	1994	1994	100%		312	604	$14.46	Cinemark, Hobby Lobby, Home Depot (U), Kohl’s, Walmart (U)
221	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
222	Great Northern Plazas	Cleveland	North Olmsted	OH	2013	1997	100%		631	669	$13.94	Bed Bath & Beyond, Best Buy, Big Lots, Burlington, DSW, Home Depot, Jo-Ann, K&G Fashion Superstore, Marc’s, PetSmart
223	Uptown Solon	Cleveland	Solon	OH	1998	DEV	100%		182	182	$16.39	Bed Bath & Beyond, Mustard Seed Market & Cafe
224	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)
225	West Bay Plaza	Cleveland	Westlake	OH	2000	IPO	100%		162	162	$14.82	Marc’s
226	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
227	Hilliard Rome Commons	Columbus	Columbus	OH	2001	2007	20%	Manatee	111	111	$14.54	—
228	Lennox Town Center	Columbus	Columbus	OH	1997	1998	50%	Other	374	374	$12.08	AMC Theatres, Barnes & Noble, Staples, Target
229	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)
230	Sun Center	Columbus	Columbus	OH	1995	1998	79%	Other	316	358	$14.15	Ashley Furniture HomeStore, Babies “R” Us, Michaels, Staples, Stein Mart, Whole Foods
231	Perimeter Center	Columbus	Dublin	OH	1996	1998	100%		136	136	$16.40	Giant Eagle
232	Derby Square	Columbus	Grove City	OH	1992	1998	20%	Manatee	125	134	$10.95	Giant Eagle
233	Powell Center	Columbus	Lewis Center	OH	2000	2014	5%	BREDDR III	202	233	$13.36	Giant Eagle, HomeGoods, Marshalls, Michaels
234	North Heights Plaza	Dayton	Huber Heights	OH	1990	1993	100%		182	295	$12.10	Bed Bath & Beyond (U), Big Lots, Dick’s Sporting Goods, hhgregg, Hobby Lobby (U), Sears Outlet (U)
235	Shoppes On South Main	Toledo	Bowling Green	OH	1978	2014	5%	BREDDR III	111	222	$10.93	Home Depot (U), T.J. Maxx
236	North Towne Commons	Toledo	Toledo	OH	1995	2004	100%		80	295	—	Kroger (U), T.J. Maxx (U), Target (U)
237	Springfield Commons	Toledo	Toledo	OH	1999	DEV	20%	Manatee	272	272	$11.34	Babies “R” Us, Bed Bath & Beyond, Gander Mountain, Kohl’s, Old Navy
238	Gresham Station	Portland	Gresham	OR	2000	2016	100%		339	339	$19.62	Bed Bath & Beyond, Best Buy, Craft Warehouse, LA Fitness
239	Tanasbourne Town Center	Portland	Portland	OR	2001	1996	100%		310	571	$20.29	Barnes & Noble, Bed Bath & Beyond, Best Buy (U), Michaels, Nordstrom Rack (U), Office Depot, Ross Dress for Less, Target (U)
240	West Valley Marketplace	Allentown	Allentown	PA	2004	2003	100%		259	268	$10.95	Walmart
241	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
242	Peach Street Marketplace	Erie	Erie	PA	2012	DEV	100%		718	998	$9.98	Babies “R” Us, Bed Bath & Beyond, Best Buy (U), Burlington, Cinemark, Erie Sports, hhgregg, Hobby Lobby, Home Depot (U), Kohl’s, Lowe’s, Marshalls, PetSmart, Target (U)
243	Silver Spring Square	Harrisburg	Mechanicsburg	PA	2001	2013	100%		343	569	$17.66	Bed Bath & Beyond, Best Buy, Kohl’s (U), Ross Dress for Less, Target (U), Wegmans
244	Ashbridge Square	Philadelphia	Downingtown	PA	1999	2015	5%	BREDDR IV	386	386	$10.87	Best Buy, Christmas Tree Shops, Home Depot, Jo-Ann, Staples
245	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

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
246	Overlook at King of Prussia	Philadelphia	King Of Prussia	PA	2002	2007	15%	TIAA	193	193	$30.29	Best Buy, United Artists Theatre
247	Widewater Commons	Uniontown	Uniontown	PA	2008	2014	5%	BREDDR III	47	171	$14.18	PetSmart, Target (U)
248	Plaza Isabela	Aguadilla-Isabela	Isabela	PR	1994	2005	100%		259	259	$15.81	Selectos Supermarket, Walmart
249	Plaza Fajardo	Fajardo	Fajardo	PR	2013	2005	100%		274	274	$17.80	Econo, Walmart
250	Plaza Walmart	Guayama	Guayama	PR	1994	2005	100%		164	164	$9.39	Walmart
251	Plaza del Oeste	San German	San German	PR	1991	2005	100%		234	234	$12.68	Econo, Kmart, Pep Boys
252	Plaza del Atlántico	San Juan	Arecibo	PR	1993	2005	100%		223	223	$12.17	Capri Del Atlantico, Kmart
253	Plaza del Sol	San Juan	Bayamon	PR	2014	2005	100%		612	724	$32.45	Bed Bath & Beyond, Caribbean Cinemas, H & M, Home Depot (U), Old Navy, Walmart
254	Plaza Río Hondo	San Juan	Bayamon	PR	2015	2005	100%		555	555	$26.19	Best Buy, Caribbean Cinemas, Kmart, Marshalls Mega Store, Pueblo, T.J. Maxx
255	Rexville Plaza	San Juan	Bayamon	PR	2012	2005	100%		131	131	$16.66	Marshalls, Tiendas Capri
256	Plaza Escorial	San Juan	Carolina	PR	1997	2005	100%		524	636	$16.28	Caribbean Cinemas, Home Depot (U), OfficeMax, Old Navy, Sam’s Club, Walmart
257	Plaza Cayey	San Juan	Cayey	PR	2004	2005	100%		313	339	$9.61	Caribbean Cinemas (U), Walmart
258	Plaza del Norte	San Juan	Hatillo	PR	2012	2005	100%		682	699	$17.84	Caribbean Cinemas, JCPenney, OfficeMax, Rooms To Go, Sears, T.J. Maxx, Toys “R” Us/Babies “R” Us
259	Plaza Palma Real	San Juan	Humacao	PR	1995	2005	100%		449	449	$16.82	Capri, JCPenney, Marshalls, Pep Boys, Walmart
260	Señorial Plaza	San Juan	Rio Piedras	PR	2010	2005	100%		202	202	$17.79	Pueblo
261	Plaza Vega Baja	San Juan	Vega Baja	PR	1990	2005	100%		185	185	$12.03	Econo
262	Warwick Center	Providence	Warwick	RI	2004	2007	15%	TIAA	153	153	$19.14	Barnes & Noble, Dick’s Sporting Goods, DSW
263	Ashley Crossing	Charleston	Charleston	SC	2011	2003	100%		208	217	$9.78	Food Lion, Jo-Ann, Kohl’s, Marshalls
264	Wando Crossing	Charleston	Mount Pleasant	SC	2000	1995	100%		205	326	$13.55	Marshalls, Michaels, Office Depot, T.J. Maxx, Walmart (U)
265	Columbiana Station	Columbia	Columbia	SC	2003	2007	15%	TIAA	375	436	$15.14	buybuy BABY, Columbia Grand Theatre (U), Dick’s Sporting Goods, hhgregg, Michaels, PetSmart
266	Harbison Court	Columbia	Columbia	SC	2015	2002	100%		242	301	$14.75	Babies “R” Us (U), Marshalls, Nordstrom Rack, Ross Dress for Less
267	Midtowne Park	Greenville	Anderson	SC	2008	2014	5%	BREDDR III	167	174	$11.64	Dick’s Sporting Goods, Kohl’s, Staples
268	Hobby Lobby Center	Greenville	Greenville	SC	2004	2014	5%	BREDDR III	69	268	$8.92	Hobby Lobby, Walmart (U)
269	The Point	Greenville	Greenville	SC	2005	2007	20%	SAU	104	104	$16.92	REI, Whole Foods
270	Walmart	Greenville	Greenville	SC	1998	2007	100%		200	200	$6.36	Walmart
271	Fairview Station	Greenville	Simpsonville	SC	1990	1994	100%		153	153	$6.69	Ingles, Kohl’s
272	The Plaza at Carolina Forest	Myrtle Beach	Myrtle Beach	SC	1999	2007	20%	SAU	140	140	$13.14	Kroger
273	Pavilion of Turkey Creek	Knoxville	Knoxville	TN	2001	2007	15%	TIAA	277	658	$14.69	DSW, Hobby Lobby, OfficeMax, Old Navy, Ross Dress for Less, Target (U), Walmart (U)
274	Town & Country Commons	Knoxville	Knoxville	TN	1997	2007	15%	TIAA	655	655	$10.88	Best Buy, Conn’s, Dick’s Sporting Goods, Jo-Ann, Knoxville 16, Lowe’s, Staples, Tuesday Morning
275	American Way	Memphis	Memphis	TN	1988	2007	20%	SAU	110	110	$7.85	—
276	Crossroads Square	Morristown	Morristown	TN	2004	2007	20%	SAU	70	95	$6.42	Bargain Hunt, OfficeMax (U)
277	Cool Springs Pointe	Nashville	Brentwood	TN	2004	2000	100%		198	198	$15.86	Best Buy, Ross Dress for Less, Royal Furniture
278	Lowe’s Home Improvement	Nashville	Hendersonville	TN	1999	2003	100%		129	141	$8.83	Lowe’s
279	Bellevue Place	Nashville	Nashville	TN	2003	2007	15%	TIAA	77	192	$12.70	Bed Bath & Beyond, Home Depot (U), Michaels
280	Kyle Crossing	Austin	Kyle	TX	2010	DEV	100%		121	375	$19.16	Kohl’s (U), Ross Dress for Less, Target (U)
281	Kyle Marketplace	Austin	Kyle	TX	2007	2014	5%	BREDDR III	226	226	$16.01	H-E-B Plus!
282	McAlister Square	Dallas	Burleson	TX	2007	2014	5%	BREDDR III	169	169	$11.01	Academy Sports, Party City
283	Cedar Hill Village	Dallas	Cedar Hill	TX	2002	2014	5%	BREDDR III	44	150	$18.16	24 Hour Fitness, JCPenney (U)
284	Eastchase Market	Dallas-FTW	Fort Worth	TX	1997	2014	5%	BREDDR III	262	420	$11.21	Aldi (U), AMC Theatres, Burke’s Outlet, Marshalls, Ross Dress for Less, Spec’s Wine, Spirits & Finer Foods, Target (U)
285	The Marketplace at Highland Village	Dallas-FTW	Highland Village	TX	2007	2013	100%		207	439	$16.95	DSW, LA Fitness, Petco, T.J. Maxx/HomeGoods, Walmart (U)
286	MacArthur Marketplace	Dallas-FTW	Irving	TX	2004	2003	100%		252	602	$9.82	Hollywood Theatres, Kohl’s, Sam’s Club (U), Walmart (U)
287	The Marketplace at Towne Centre	Dallas-FTW	Mesquite	TX	2001	2003	100%		174	399	$15.83	Cavender’s (U), Home Depot (U), Kohl’s (U), Michaels, PetSmart, Ross Dress for Less
288	Greenway Commons	Houston	Houston	TX	2008	2014	5%	BREDDR III	253	258	$19.24	Costco, 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
289	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
290	Bandera Pointe	San Antonio	San Antonio	TX	2002	DEV	100%		500	851	$13.30	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)
291	Terrell Plaza	San Antonio	San Antonio	TX	2012	2007	100%		108	243	$19.30	Ross Dress for Less, Target (U)
292	Village at Stone Oak	San Antonio	San Antonio	TX	2007	DEV	100%		448	623	$20.75	Alamo Drafthouse Cinema, Hobby Lobby, HomeGoods, Target (U)
293	Fortuna Center Plaza	Balt-Wash DC	Dumfries	VA	2006	2013	100%		105	232	$15.99	Shoppers Food Warehouse, Target (U)
294	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
295	Springfield Center	Balt-Wash DC	Springfield	VA	1999	2007	100%		177	177	$20.57	Barnes & Noble, Bed Bath & Beyond, DSW, hhgregg, Michaels, The Tile Shop
296	Jefferson Plaza	Norfolk	Newport News	VA	1999	2007	100%		47	182	$17.36	Costco (U), The Fresh Market
297	Bermuda Square	Richmond	Chester	VA	1978	2003	100%		82	82	$18.04	Martin’s
298	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
299	Commonwealth Center	Richmond	Midlothian	VA	2002	2007	100%		166	166	$16.30	Michaels, Stein Mart, The Fresh Market
300	Downtown Short Pump	Richmond	Richmond	VA	2000	2007	100%		126	252	$21.64	American Family Fitness (U), Barnes & Noble, Regal Cinemas, Skate Nation (U)
301	White Oak Village	Richmond	Richmond	VA	2008	2014	5%	BREDDR III	432	956	$15.70	JCPenney, K&G Fashion Superstore, Lowe’s (U), Michaels, PetSmart, Publix, Sam’s Club (U), Target (U)
302	Indian Lakes Crossing	Virginia Beach	Virginia Beach	VA	2008	2014	5%	BREDDR III	71	71	$15.22	Harris Teeter
303	Kroger Plaza	Virginia Beach	Virginia Beach	VA	1997	2007	20%	SAU	68	86	$3.71	Kroger
304	Apple Blossom Corners	Winchester	Winchester	VA	1997	IPO	20%	Manatee	243	243	$11.05	Books-A-Million, HomeGoods, Kohl’s, Martin’s
305	Winchester Station	Winchester	Winchester	VA	2005	2014	5%	BREDDR III	183	417	$14.96	Bed Bath & Beyond, hhgregg, Michaels, Ross Dress for Less, Walmart (U)
306	Orchards Market Center	Portland	Vancouver	WA	2005	2013	100%		178	209	$16.37	Big 5 Sporting Goods (U), Jo-Ann, LA Fitness, Office Depot, Sportsman’s Warehouse
307	Shoppers World of Brookfield	Milwaukee	Brookfield	WI	1967	2003	100%		203	285	$11.44	Burlington, Pick ‘n Save (U), Ross Dress for Less, Xperience Fitness
308	Marketplace of Brown Deer	Milwaukee	Brown Deer	WI	1989	2003	100%		405	405	$9.16	Bob’s Discount Furniture, Burlington, Michaels, OfficeMax, Pick ‘n Save, Ross Dress for Less, T.J. Maxx
309	West Allis Center	Milwaukee	West Allis	WI	1968	2003	100%		264	392	$6.42	Kohl’s, Marshalls/HomeGoods, Menards (U), Pick ‘n Save
			Total						74,400	102,986	$14.81

DEV - Property developed by the Company

IPO - Original IPO Property

BREDDR III - BRE DDR Retail Holdings III

BREDDR IV - BRE DDR Retail Holdings IV

Manatee - DDR Domestic Retail Fund I

SAU - DDR-SAU Retail Fund

TIAA - DDRTC Core Retail Fund

Note: (U) indicates unowned

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P. 216.755.5500
F. 216.755.1500
DDR.COM
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Attached files

SITE Centers Corp. Reports

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