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

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8-K - FORM 8-K - SITE Centers Corp.	d575961d8k.htm

Exhibit 99.1

LOGO

DDR Corp.

Table of Contents


Section	Page
Earnings Release & Financial Statements
Press Release		1-7
Company Summary
Portfolio Summary		8
Capital Structure		9
Same Store Metrics		10
DDR and Retail Value Inc. Financial Information		11
Leasing Summary		12-13
Top 50 Tenants		14
Lease Expirations		15
Investments
Developments/Redevelopments		16
Transactions		17
Debt Summary
Debt Summary		18
Consolidated Debt Detail		19
Unconsolidated Debt Detail		20-21
Debt/Adjusted EBITDA		22
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures		23-25
Shopping Center Summary
Top 20 MSA Exposure		26
Property List		27-34
Reporting Policies and Other Notable Accounting and Supplemental Policies		35-36
Non-GAAP Measures and Reconciliations		37-39
Leasing Metrics for Wholly-Owned and Unconsolidated Joint Ventures at 100%		40-44

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, property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions; 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 change in strategy; our ability to complete our previously announced plan to spin-off certain of our assets in a timely manner; the impact of such spin-off on our business and that of the spun-off company; and the ability of the Company and the spin-off company to execute their respective strategies following consummation of the spin-off, including the ability of the spin-off company to sell assets on commercially reasonable terms; entering into management agreements with RVI on commercially reasonable terms; and the finalization of the financial statements for the period ended March 31, 2018. 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, 2017. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

LOGO

For immediate release:

DDR REPORTS FIRST QUARTER 2018 OPERATING RESULTS

BEACHWOOD, OHIO, April 24, 2018 – DDR Corp. (NYSE: DDR) today announced operating results for the quarter ended March 31, 2018.

“I am thrilled with our progress in the first quarter, both operationally and with the execution of our strategic transformation through the planned spin-off of RVI. Our strong same store NOI and operating FFO results were ahead of our budget, and demonstrate the strength of our high-quality portfolio. The completion of the securitization of the $1.35 billion mortgage loan secured by the RVI assets represented the last significant hurdle ahead of the expected July spin-off. Finally, we closed the disposition of our first RVI asset at a compelling price, an auspicious beginning for the execution of RVI’s business plan,” commented David R. Lukes, president and chief executive officer.

Results for the Quarter

•

First quarter net loss attributable to common shareholders was $62.5 million, or $0.17 per diluted share, as compared to net loss of $59.8 million, or $0.16 per diluted share, in the year ago-period. The year-over-year increase in net loss is primarily attributable to debt extinguishment charges and transaction costs of $61.6 million partially offset by lower impairment charges and the reserve on preferred equity interests in 2017.

•

First quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $97.8 million, or $0.26 per diluted share, compared to $108.5 million, or $0.30 per diluted share, in the year ago-period. The year-over-year decrease in OFFO is primarily attributable to the dilutive impact of deleveraging asset sales partially offset by a reduction in general and administrative expenses.

Significant First Quarter Activity

•

Sold 15 shopping centers and land parcels for an aggregate sales price of $365.9 million, totaling $208.7 million at DDR’s share, including $36.1 million from the repayment of the Company’s preferred equity investment in its two joint ventures with Blackstone.

•

In February 2018, in connection with the previously announced planned spin-off of 38 continental U.S. assets and all 12 Puerto Rico assets into RVI, completed $1.35 billion of mortgage financing and repaid $452 million of mortgage debt, $900 million aggregate principal amount of senior unsecured notes and $200 million of unsecured term loan using proceeds from the new financing and asset sales. DDR recorded approximately $5.2 million of costs related to the planned RVI spin-off in the first quarter of 2018.

•

Sold Silver Spring Square in Harrisburg, PA, for $80.8 million on April 17, 2018 marking the completion of the first RVI asset sale.

Key Quarterly Operating Results

•

Reported 2.6% same store net operating income growth on a pro rata basis for New DDR. The results of “New DDR” represent the results of the assets that will remain in DDR after the completion of both the spin-off of RVI and the previously announced $900 million disposition program.

•

Generated new leasing spreads of 21.2% and renewal leasing spreads of 6.4%, both on a pro rata basis for New DDR for the quarter, and new leasing spreads of 21.6% and renewal leasing spreads of 7.2%, both on a pro rata basis for New DDR for the trailing twelve-month period.

•

Reported a leased rate of 93.7% at March 31, 2018 for New DDR on a pro rata basis, compared to 93.6% at December 31, 2017.

•

Annualized base rent per occupied square foot on a pro rata basis was $17.29 at March 31, 2018 for New DDR, compared to $17.00 at March 31, 2017.

Guidance

There has been no change in the Company’s Operating FFO per share guidance since the initial release on February 15, 2018 and the related assumptions. The Company continues to estimate Operating FFO for the third quarter of 2018 to be at least $0.15 per diluted share, after an assumed spin-off date of July 2018.

Reconciliation of Net Income Attributable to DDR to FFO and Operating FFO Estimate


	3Q2018E Per Share - Diluted
Net income attributable to Common Shareholders		$0.02 - $0.03
Depreciation and amortization of real estate		0.11 - 0.13
Equity in net income of JVs		(0.01	)
JVs’ FFO		0.02
FFO (NAREIT) and Operating FFO		$0.15

About DDR Corp.

DDR is an owner and manager of 258 value-oriented shopping centers representing 89 million square feet in 32 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 5:00 p.m. Eastern Time. To participate with access to the slide presentation, please visit the Investors portion of DDR’s website, ir.ddr.com, or for audio only, dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) using pass code 3646421 at least ten minutes prior to the scheduled start of the call. A replay of the conference call will also be available at ir.ddr.com for one year after the call. A copy of the Company’s Supplemental package is available on the Company’s website.

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. SSNOI also excludes activity associated with development and major redevelopment and includes assets owned in comparable periods (15 months for quarter comparisons). In addition, due to the impact of Hurricane Maria on its properties in Puerto Rico in 2017, the Company also excludes its Puerto Rico NOI from SSNOI. 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, property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions; 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 change in strategy; our ability to complete our previously announced plan to spin-off certain of our assets in a timely manner; the impact of such spin-off on our business and that of the spun-off company; and the ability of the Company and the spin-off company to execute their respective strategies following consummation of the spin-off, including the ability of the spin-off company to sell assets on commercially reasonable terms; entering into management agreements with RVI on commercially reasonable terms; and the finalization of the financial statements for the period ended March 31, 2018. 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, 2017. 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
		1Q18			1Q17
	Revenues (1):
	Minimum rents (2)	$	146,887		$	167,229
	Percentage rent		1,808			1,699
	Recoveries		51,354			57,476
	Other property revenues (3)		4,908			4,577
	Business interruption income		2,000			0

			206,957			230,981
	Expenses (4):
	Operating and maintenance		29,757			32,991
	Real estate taxes		32,023			34,329

			61,780			67,320
	Net operating income		145,177			163,661
	Other income (expense):
	Fee income		8,111			9,440
	Interest income		5,341			8,392
	Interest expense		(44,040	)		(51,827	)
	Depreciation and amortization		(74,424	)		(90,884	)
	General and administrative (5)		(16,115	)		(31,072	)
	Other income (expense), net (6)		(61,607	)		(4	)
	Impairment charges		(30,444	)		(21,973	)
	Hurricane casualty loss		(750	)		0

	Loss before earnings from JVs and other		(68,751	)		(14,267	)
	Equity in net income (loss) of JVs		8,786			(1,665	)
	Reserve of preferred equity interests		(3,961	)		(76,000	)
	Tax benefit (expense)		18			(223	)
	Gain on disposition of real estate, net		10,011			38,127

	Net loss		(53,897	)		(54,028	)
	Non-controlling interests		(256	)		(213	)

	Net loss DDR		(54,153	)		(54,241	)
	Preferred dividends		(8,383	)		(5,594	)
	Net loss Common Shareholders	($	62,536	)	($	59,835	)
	Weighted average shares – Basic & Diluted – EPS		369,120			366,430
	Earnings per common share – Basic & Diluted	($	0.17	)	($	0.16	)
	Revenue items:
(1)	Lost revenue related to hurricanes	($	3,784	)	$	0
(2)	Ground lease revenue		9,970			10,892
(3)	Lease termination fees		521			178
(4)	Operating expenses:
	Recoverable expenses		(57,579	)		(62,117	)
	Non-recoverable expenses		(4,104	)		(4,280	)
	Bad debt expense		(97	)		(923	)
(5)	General and administrative expenses:
	Separation charges		0			(11,471	)
	Internal leasing expenses		(1,196	)		(1,592	)
	Construction administrative costs (capitalized)		1,370			2,388
(6)	Other income (expense), net
	Debt extinguishment costs, net		(56,432	)		0
	Transaction and other (income) expense, net		(5,175	)		(4	)

			(61,607	)		(4	)

DDR Corp.

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

and Other Financial Information


	$ in thousands, except per share
		1Q18			1Q17
	Net loss attributable to Common Shareholders	($	62,536	)	($	59,835	)
	Depreciation and amortization of real estate		72,859			88,649
	Equity in net (income) loss of JVs		(8,786	)		1,665
	JVs’ FFO		7,170			6,582
	Non-controlling interests		53			76
	Impairment of depreciable real estate		30,444			21,973
	Gain on disposition of depreciable real estate, net		(9,688	)		(36,898	)

	FFO attributable to Common Shareholders	$	29,516		$	22,212
	Reserve of preferred equity interests		3,961			76,000
	Hurricane casualty loss (1)		2,535			0
	Separation charges		0			11,471
	Debt extinguishment, transaction, other, net		61,607			(1	)
	Joint ventures—debt extinguishment, transaction, other		454			80
	Gain on disposition of non-depreciable real estate, net		(323	)		(1,229	)

	Total non-operating items, net		68,234			86,321

	Operating FFO attributable to Common Shareholders	$	97,750		$	108,533
	Weighted average shares and units – Basic – FFO & OFFO		369,471			366,976
	Assumed conversion of dilutive securities		15			89

	Weighted average shares and units – Diluted – FFO & OFFO		369,486			367,065
	FFO per share – Basic & Diluted	$	0.08		$	0.06
	Operating FFO per share – Basic & Diluted	$	0.26		$	0.30
	Common stock dividends declared, per share	$	0.19		$	0.19
	Certain non-cash items (DDR share):
	Straight-line rent, net	($	380	)	$	433
	Amortization of (above)/below-market rent, net		1,843			3,851
	Straight-line ground rent (expense) income		(50	)		269
	Debt fair value and loan cost amortization		(2,473	)		(990	)
	Capitalized interest expense		323			398
	Stock compensation expense		(1,692	)		(1,908	)
	Non-real estate depreciation expense		(1,523	)		(2,135	)
	Non-cash interest income		0			1,283
	Capital expenditures (DDR share):
	Development and redevelopment costs		20,474			9,655
	Maintenance capital expenditures		521			824
	Tenant allowances and landlord work		9,418			18,124
	Leasing commissions		897			859
(1)	Hurricane casualty loss (DDR Share):
	Lost tenant revenue		(3,784	)		0
	Business interruption income		2,000			0
	Clean up costs and other expenses, net		(751	)		0

			(2,535	)		0

DDR Corp.

Balance Sheet: Consolidated Interests


	$ in thousands
		At Period End
		1Q18			4Q17
	Assets:
	Land	$	1,700,502		$	1,738,792
	Buildings		5,599,708			5,733,451
	Fixtures and tenant improvements		696,787			693,280

			7,996,997			8,165,523
	Depreciation		(1,963,427	)		(1,953,479	)

			6,033,570			6,212,044
	Construction in progress and land		77,033			82,480

	Real estate, net		6,110,603			6,294,524
	Investments in JVs		96,734			106,037
	Receivable – preferred equity interests, net		236,925			277,776
	Cash		16,560			92,611
	Restricted cash		49,257			2,113
	Notes receivable, net		19,675			19,675
	Receivables, net (1)		100,464			108,695
	Casualty insurance receivable		65,547			58,583
	Intangible assets, net		167,834			182,407
	Other assets, net		46,847			27,652

	Total Assets		6,910,446			7,170,073
	Liabilities and Equity:
	Revolving credit facilities		120,000			0
	Unsecured debt		1,917,833			2,810,100
	Unsecured term loan		198,452			398,130
	Secured debt		1,505,235			641,082

			3,741,520			3,849,312
	Dividends payable		78,687			78,549
	Other liabilities (2)		317,916			344,774

	Total Liabilities		4,138,123			4,272,635
	Preferred shares		525,000			525,000
	Common shares		36,934			36,851
	Paid-in capital		5,522,874			5,513,197
	Distributions in excess of net income		(3,315,974	)		(3,183,134	)
	Deferred compensation		7,668			8,777
	Other comprehensive income		(1,311	)		(1,106	)
	Common shares in treasury at cost		(7,774	)		(8,653	)
	Non-controlling interests		4,906			6,506

	Total Equity		2,772,323			2,897,438

	Total Liabilities and Equity	$	6,910,446		$	7,170,073
(1)	Straight-line rents receivable, net	$	57,733		$	59,439
(2)	Below-market leases, net		123,571			127,513

DDR Corp.

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


$ in thousands
							At DDR Share (Non-GAAP)
	1Q18			1Q17			1Q18			1Q17
GAAP Reconciliation:
Net loss attributable to DDR	($	54,153	)	($	54,241	)	($	54,153	)	($	54,241	)
Fee income		(8,111	)		(9,440	)		(8,111	)		(9,440	)
Interest income		(5,341	)		(8,392	)		(5,341	)		(8,392	)
Interest expense		44,040			51,827			44,040			51,827
Depreciation and amortization		74,424			90,884			74,424			90,884
General and administrative		16,115			31,072			16,115			31,072
Other expense, net		61,607			4			61,607			4
Impairment charges		30,444			21,973			30,444			21,973
Hurricane casualty loss		750			0			750			0
Equity in net income (loss) of joint ventures		(8,786	)		1,665			(8,786	)		1,665
Reserve of preferred equity interests		3,961			76,000			3,961			76,000
Tax (benefit) expense		(18	)		223			(18	)		223
Gain on disposition of real estate		(10,011	)		(38,127	)		(10,011	)		(38,127	)
Income from non-controlling interests		256			213			256			213

Consolidated NOI		145,177			163,661			145,177			163,661
DDR’s consolidated JV		0			0			(398	)		(410	)

Consolidated NOI, net of non-controlling interests		145,177			163,661			144,779			163,251
Net income (loss) from unconsolidated joint ventures		23,405			(52,377	)		8,452			(5,237	)
Interest expense		24,243			30,130			3,749			4,883
Depreciation and amortization		39,677			45,096			5,181			5,548
Impairment charges		16,910			52,657			846			6,260
Preferred share expense		6,508			8,128			325			406
Other expense, net		7,421			6,573			1,289			1,073
(Gain) loss on disposition of real estate, net		(38,020	)		173			(7,448	)		8

Unconsolidated NOI		80,144			90,380			12,394			12,941
Total Consolidated + Unconsolidated NOI		225,321			254,041			157,173			176,192
Less: Non-Same Store NOI adjustments including Puerto Rico NOI		(34,068	)		(64,224	)		(30,594	)		(51,511	)

Total SSNOI	$	191,253		$	189,817		$	126,579		$	124,681
Less: RVI – continental U.S. and disposition assets		(37,794	)		(38,158	)		(37,794	)		(38,158	)

Total New DDR SSNOI	$	153,459		$	151,659		$	88,785		$	86,523
SSNOI % Change – DDR at share (excluding Puerto Rico)		0.8	%					1.5	%
SSNOI % Change – New DDR at share		1.2	%					2.6	%

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

DDR Corp.

Portfolio Summary


GLA in thousands
	3/31/2018			12/31/2017			9/30/2017			6/30/2017			3/31/2017
Shopping Center Count
Operating Centers—100%		258			273			286			298			309
Wholly Owned—DDR (ex RVI as of 4Q17)		82			86			131			136			144
JV Portfolio		126			137			143			150			151
Wholly Owned RVI—continental U.S.		38			38			n/a			n/a			n/a
Wholly Owned—Puerto Rico (RVI as of 4Q17)		12			12			12			12			14
Gross Leasable Area (GLA)
Owned and Ground Lease—100%		65,254			67,410			71,118			72,686			74,400
Owned and Ground Lease—DDR Share		43,999			45,118			47,039			48,053			49,633
Wholly Owned—DDR (ex RVI as of 4Q17)		23,535			24,476			38,314			39,307			40,515
JV Portfolio—DDR Share		3,994			4,167			4,284			4,305			4,311
Wholly Owned—RVI—continental U.S.		12,040			12,034			n/a			n/a			n/a
Wholly Owned—Puerto Rico (RVI as of 4Q17)		4,431			4,441			4,441			4,441			4,807
Unowned—100%		23,604			24,758			26,104			27,352			28,586

Quarterly Operational Overview
DDR Share
Base Rent PSF	$	16.49		$	16.46		$	16.16		$	16.09		$	15.83
Base Rent PSF < 10K	$	27.29		$	27.11		$	26.93		$	26.72		$	26.43
Base Rent PSF > 10K	$	13.41		$	13.36		$	13.09		$	13.01		$	12.83
Leased Rate		92.9	%		93.2	%		93.4	%		93.7	%		94.3	%
Commenced Rate		90.8	%		91.3	%		91.4	%		91.5	%		92.5	%
Leased Rate < 10K SF		87.1	%		87.6	%		87.8	%		87.9	%		88.3	%
Leased Rate > 10K SF		94.6	%		94.9	%		95.1	%		95.4	%		96.2	%
Wholly Owned DDR (ex RVI as of 4Q17)
Base Rent PSF	$	17.52		$	17.41		$	15.87		$	15.79		$	15.49
Leased Rate		93.6	%		93.5	%		93.7	%		94.0	%		94.7	%
Leased Rate < 10K SF		90.7	%		90.3	%		89.1	%		89.4	%		89.5	%
Leased Rate > 10K SF		94.5	%		94.4	%		95.0	%		95.3	%		96.2	%
Joint Venture DDR Share
Base Rent PSF	$	15.02		$	14.93		$	14.81		$	14.71		$	14.63
Leased Rate		93.3	%		93.6	%		93.3	%		93.8	%		94.6	%
Leased Rate < 10K SF		85.4	%		86.3	%		86.1	%		86.2	%		87.7	%
Leased Rate > 10K SF		96.2	%		96.4	%		96.0	%		96.6	%		97.2	%
Wholly Owned RVI—continental U.S.
Base Rent PSF	$	13.63		$	13.60			n/a			n/a			n/a
Leased Rate		93.4	%		93.6	%		n/a			n/a			n/a
Leased Rate < 10K SF		85.0	%		86.4	%		n/a			n/a			n/a
Leased Rate > 10K SF		95.8	%		95.6	%		n/a			n/a			n/a
Wholly Owned —Puerto Rico (RVI as of 4Q17)
Base Rent PSF	$	20.89		$	21.12		$	20.60		$	20.82		$	20.31
Leased Rate		87.0	%		89.6	%		90.7	%		90.4	%		90.9	%
Leased Rate < 10K SF		79.3	%		80.6	%		81.3	%		80.5	%		82.0	%
Leased Rate > 10K SF		90.7	%		93.9	%		95.1	%		95.1	%		95.1	%

Operational Statistics
% of Aggregate Property NOI—Wholly Owned – DDR Share		90.6	%		90.5	%		91.6	%		91.7	%		91.9	%
% of Aggregate Property NOI—Joint Venture – DDR Share		9.4	%		9.5	%		8.4	%		8.3	%		8.1	%
Same Store NOI
DDR at share (excluding Puerto Rico)		1.5	%		-0.4	%		0.0	%		0.0	%		0.5	%
New DDR at share		2.6	%		0.8	%		n/a			n/a			n/a
TTM Total Leasing—DDR Share (000s)		5,987			6,663			6,730			6,710			6,175
TTM Blended New and Renewal Rent Spreads—DDR Share		5.9	%		6.0	%		6.1	%		6.9	%		7.8	%

DDR Corp.

Capital Structure


$, shares and units in thousands, except per share
	March 31, 2018			December 31, 2017			December 31, 2016
Capital Structure
Market Value Per Share	$	7.33		$	8.96		$	15.27
Common Shares Outstanding		369,272			368,474			366,264
Operating Partnership Units		281			372			399

Total Outstanding Common Shares		369,553			368,846			366,663
Common Shares Equity	$	2,708,824		$	3,304,857		$	5,598,939
Perpetual Preferred Stock—Class J		200,000			200,000			200,000
Perpetual Preferred Stock—Class K		150,000			150,000			150,000
Perpetual Preferred Stock—Class A		175,000			175,000			0

Total Perpetual Preferred Stock	$	525,000		$	525,000		$	350,000
Unsecured Credit Facilities		120,000			0			0
Unsecured Term Loan		200,000			400,000			400,000
Unsecured Notes Payable		1,929,635			2,827,052			2,927,185
Mortgage Debt (includes JVs at DDR share)		1,861,258			988,740			1,382,483

Total Debt (includes JVs at DDR share)		4,110,893			4,215,792			4,709,668
Less: Cash (including restricted cash)		65,817			94,724			39,225

Net Debt	$	4,045,076		$	4,121,068		$	4,670,443
Total Market Capitalization	$	7,278,900		$	7,950,925		$	10,619,382


Leverage / Public Debt Covenants
Consolidated Net Effective Debt		3,710,468			3,763,739			4,457,227
Consolidated Adjusted EBITDA—annualized		605,996			622,576			683,852

Consolidated Net Debt / Adjusted EBITDA (1)		6.1X			6.0X			6.5X
Pro-Rata Net Effective Debt		4,032,284			4,102,455			4,863,392
Pro-Rata Adjusted EBITDA—annualized		621,152			637,736			705,480

Pro-Rata Net Debt / Adjusted EBITDA (1)		6.5X			6.4X			6.9X
Outstanding Debt & Obligations		3,802,649			3,884,947			4,533,536
Undepreciated Real Estate Assets		8,407,689			8,631,815			9,698,190

Total Debt to Real Estate Assets Ratio		45	%		45	%		47	%
Covenant		65	%		65	%		65	%
Secured Debt & Obligations		1,535,687			640,553			1,183,277
Total Assets		8,866,505			9,115,651			10,188,963

Secured Debt to Assets Ratio		17	%		7	%		12	%
Covenant		40	%		40	%		40	%
Unencumbered Real Estate Assets		4,839,278			6,973,787			7,066,505
Unsecured Debt & Obligations		2,266,961			3,244,394			3,350,259

Unencumbered Assets to Unsecured Debt		213	%		215	%		211	%
Covenant		135	%		135	%		135	%
Net Income Available for Debt Service		497,240			560,295			692,499
Maximum Annual Service Charge		204,754			217,754			257,057

Fixed Charge Coverage Ratio		2.4X			2.6X			2.7X
Covenant		1.5X			1.5X			1.5X
Net Income Available for Debt Service Excluding Debt Extinguishment Costs		609,133			623,575			692,982
Fixed Charge Coverage Ratio Excluding Debt Extinguishment Costs		3.0X			2.9X			2.7X


Credit Ratings (Outlook)
Moody’s		Baa3 (Stable	)		Baa3 (Stable	)		Baa2 (Stable	)
S&P		BBB- (Stable	)		BBB- (Stable	)		BBB- (Stable	)
Fitch		BBB- (Positive	)		BBB- (Positive	)		BBB- (Stable	)

(1)	Excludes Perpetual Preferred Stock. See definition in the Non-GAAP Measures section.

DDR Corp.

Same Store Metrics (1)


$ in thousands
	Same Store at 100%								Same Store at DDR Share
DDR at share (excluding Puerto Rico)		1Q18			1Q17		Change			1Q18			1Q17		Change

Leased Rate		92.9	%		94.1	%	(1.2	%)		92.9	%		94.1	%	(1.2	%)
Commenced Rate		91.0	%		92.4	%	(1.4	%)		91.0	%		92.6	%	(1.6	%)
Revenues:
Base Rents	$	201,382		$	200,486		0.4	%	$	132,612		$	131,543		0.8	%
Recoveries		67,165			67,622		(0.7	%)		45,261			46,061		(1.7	%)
Other		2,308			2,081		10.9	%		1,420			1,345		5.6	%

		270,855			270,189		0.2	%		179,293			178,949		0.2	%
Expenses:
Operating		(34,915	)		(35,817	)	(2.5	%)		(22,649	)		(23,587	)	(4.0	%)
Real Estate Taxes		(43,908	)		(43,810	)	0.2	%		(29,785	)		(30,088	)	(1.0	%)
Bad Debt Expense		(779	)		(745	)	4.6	%		(280	)		(593	)	(52.8	%)

		(79,602	)		(80,372	)	(1.0	%)		(52,714	)		(54,268	)	(2.9	%)

Total SSNOI (2)	$	191,253		$	189,817		0.8	%	$	126,579		$	124,681		1.5	%
Non-Same Store NOI including Puerto Rico NOI (3)		34,068			64,224					30,594			51,511

Total Consolidated + Unconsolidated NOI	$	225,321		$	254,041				$	157,173		$	176,192

	Same Store at 100%								Same Store at DDR Share
New DDR at share		1Q18			1Q17		Change			1Q18			1Q17		Change

Leased Rate		93.3	%		94.1	%	(0.8	%)		93.7	%		94.0	%	(0.3	%)
Commenced Rate		90.7	%		91.6	%	(0.9	%)		90.4	%		91.4	%	(1.0	%)
Revenues:
Base Rents	$	161,924		$	160,602		0.8	%	$	93,154		$	91,659		1.6	%
Recoveries		53,116			53,114		0.0	%		31,212			31,554		(1.1	%)
Other		2,058			1,868		10.2	%		1,170			1,132		3.4	%

		217,098			215,584		0.7	%		125,536			124,345		1.0	%
Expenses:
Operating		(28,146	)		(28,912	)	(2.6	%)		(15,880	)		(16,682	)	(4.8	%)
Real Estate Taxes		(34,677	)		(34,615	)	0.2	%		(20,554	)		(20,894	)	(1.6	%)
Bad Debt Expense		(816	)		(398	)	105.0	%		(317	)		(246	)	28.9	%

		(63,639	)		(63,925	)	(0.4	%)		(36,751	)		(37,822	)	(2.8	%)

Total SSNOI	$	153,459		$	151,659		1.2	%	$	88,785		$	86,523		2.6	%

(1)	See calculation definition in the Non-GAAP Measures section. Excludes impact of all hurricane related lost revenues, costs and bad debt expense.

(2)	Excludes 12 assets in Puerto Rico.

(3)	See Investments section for detail on major redevelopment activity. Includes results of Puerto Rico. Represents 19.5% of 1Q18 total NOI at DDR share.

DDR Corp.

DDR and Retail Value Inc. Financial Information


$ in thousands
	Income Statement — 1Q18
	Consolidated			RVI						DDR
	DDR - Ex RVI (1)			continental U.S.			Puerto Rico			As Reported (2)
Revenues:
Minimum rents	$	95,286		$	36,949		$	14,652		$	146,887
Percentage rent		731			224			853			1,808
Recoveries		32,634			13,163			5,557			51,354
Other property revenues		2,046			630			2,232			4,908
Business interruption income		0			0			2,000			2,000

		130,697			50,966			25,294			206,957
Expenses:
Operating and maintenance		17,749			6,474			5,534			29,757
Real estate taxes		22,129			8,702			1,192			32,023

		39,878			15,176			6,726			61,780
Net operating income (3)	$	90,819		$	35,790		$	18,568		$	145,177
Certain non-cash items:
Straight-line rent, net	($	127	)	$	137		($	384	)	($	374	)
Amortization of (above)/below-market rent, net		1,166			535			79			1,780
Straight-line ground rent income (expense)		(36	)		(2	)		0			(38	)
Capital expenditures:
Development and redevelopment costs		15,287			2,489			2,690			20,466
Maintenance capital expenditures		351			30			53			434
Tenant allowances and landlord work		5,273			3,294			21			8,588
Leasing commissions		660			195			0			855

	Balance Sheet — March 31, 2018
	Consolidated						DDR
	DDR - Ex RVI (1)			RVI			As Reported (2)
Assets:
Land	$	989,191		$	711,311		$	1,700,502
Buildings		3,696,050			1,903,658			5,599,708
Fixtures and tenant improvements		499,943			196,844			696,787

		5,185,184			2,811,813			7,996,997
Depreciation		(1,248,976	)		(714,451	)		(1,963,427	)

		3,936,208			2,097,362			6,033,570
Construction in progress and land		68,501			8,532			77,033

Real estate, net	$	4,004,709		$	2,105,894		$	6,110,603
Number of assets at period end (4)		83			50			133

(1)	Includes NOI from assets sold in the quarter as well as NOI and real estate assets from properties expected to be sold as part of the Company’s $900 million disposition program. Excludes DDR’s share of joint venture NOI of $12.4 million as reported in Unconsolidated Joint Ventures section.

(2)	Represents DDR Corp. as presented elsewhere herein.

(3)	See definition and reconciliation in Non-GAAP Measures section presented elsewhere herein.

(4)	Does not include 125 assets owned through unconsolidated joint ventures. Includes one consolidated joint venture asset in which the Company has an effective 67% interest.

DDR Corp.

Leasing Summary

At DDR share except for count


Leasing Activity
	Comparable Pool													Total Pool
	Count		GLA		New Rent PSF		Prior Rent PSF		Rent Spread			Wtd Avg Term (Years)		Count		GLA		New Rent PSF		Wtd Avg Term (Years)

New Leases
1Q18		34		69,370	$	23.81	$	19.94		19.4	%		7.6		68		266,988	$	17.72		8.8
4Q17		44		178,799	$	22.10	$	17.83		23.9	%		9.3		92		306,057	$	20.85		9.3
3Q17		35		75,716	$	21.18	$	19.83		6.8	%		8.3		76		258,889	$	18.49		8.8
2Q17		28		147,505	$	15.16	$	13.78		10.0	%		9.2		73		410,093	$	16.29		9.7

		141		471,390	$	20.03	$	17.19		16.5	%		8.8		309		1,242,027	$	18.18		9.2
Renewals
1Q18		163		811,411	$	15.04	$	14.51		3.7	%		5.2		163		811,411	$	15.04		5.2
4Q17		186		895,619	$	17.45	$	17.07		2.2	%		4.8		186		895,619	$	17.45		4.8
3Q17		239		1,533,448	$	15.63	$	14.73		6.1	%		5.0		239		1,533,448	$	15.63		5.0
2Q17		185		1,504,824	$	13.77	$	13.03		5.7	%		5.2		185		1,504,824	$	13.77		5.2

		773		4,745,302	$	15.28	$	14.60		4.7	%		5.0		773		4,745,302	$	15.28		5.0
New + Renewals
1Q18		197		880,781	$	15.73	$	14.94		5.3	%		5.5		231		1,078,399	$	15.71		6.2
4Q17		230		1,074,418	$	18.22	$	17.20		5.9	%		5.7		278		1,201,676	$	18.32		6.1
3Q17		274		1,609,164	$	15.90	$	14.97		6.2	%		5.2		315		1,792,337	$	16.05		5.6
2Q17		213		1,652,329	$	13.89	$	13.10		6.0	%		5.6		258		1,914,917	$	14.31		6.3

		914		5,216,692	$	15.71	$	14.83		5.9	%		5.5		1,082		5,987,329	$	15.88		6.0


Net Effective Rents
	GLA		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 (1)
1Q18		259,946	$	18.52	$	2.34	$	3.39	$	0.49	$	6.22	$	12.30		8.7
4Q17		288,692	$	21.71	$	1.89	$	2.09	$	0.43	$	4.41	$	17.30		9.3
3Q17		189,846	$	19.76	$	2.17	$	1.66	$	0.61	$	4.44	$	15.32		8.5
2Q17		261,257	$	17.07	$	3.42	$	3.79	$	0.35	$	7.56	$	9.51		8.8

		999,741	$	19.30	$	2.45	$	2.79	$	0.46	$	5.70	$	13.60		8.9
Renewals
1Q18		811,411	$	15.18	$	0.05	$	0.00	$	0.00	$	0.05	$	15.13		5.2
4Q17		895,619	$	17.57	$	0.03	$	0.01	$	0.00	$	0.04	$	17.53		4.8
3Q17		1,533,448	$	15.76	$	0.01	$	0.00	$	0.00	$	0.01	$	15.75		5.0
2Q17		1,504,824	$	13.93	$	0.07	$	0.00	$	0.00	$	0.07	$	13.86		5.2

		4,745,302	$	15.42	$	0.04	$	0.00	$	0.00	$	0.04	$	15.38		5.0
New + Renewals
1Q18		1,071,357	$	15.99	$	0.84	$	1.16	$	0.17	$	2.17	$	13.82		6.2
4Q17		1,184,311	$	18.58	$	0.73	$	0.79	$	0.16	$	1.68	$	16.90		6.0
3Q17		1,723,294	$	16.20	$	0.38	$	0.29	$	0.11	$	0.78	$	15.42		5.5
2Q17		1,766,081	$	14.39	$	0.82	$	0.85	$	0.08	$	1.75	$	12.64		5.8

		5,745,043	$	16.10	$	0.68	$	0.74	$	0.12	$	1.54	$	14.56		5.8

(1)	New Leases exclude development and redevelopment activity.

DDR Corp.

Leasing Summary – New DDR

At DDR share except for count


Leasing Activity
	Comparable Pool													Total Pool
	Count		GLA		New Rent PSF		Prior Rent PSF		Rent Spread			Wtd Avg Term (Years)		Count		GLA		New Rent PSF		Wtd Avg Term (Years)
New Leases
1Q18		33		57,075	$	24.73	$	20.40		21.2	%		7.7		57		172,133	$	19.32		8.7
4Q17		34		153,972	$	21.79	$	17.59		23.9	%		9.6		77		253,180	$	20.79		9.6
3Q17		27		27,179	$	29.99	$	27.23		10.1	%		7.5		57		141,472	$	21.86		8.8
2Q17		23		68,526	$	17.23	$	13.86		24.3	%		8.6		58		269,396	$	17.87		9.9

		117		306,752	$	22.04	$	18.13		21.6	%		8.8		249		836,181	$	19.73		9.4
Renewals
1Q18		127		458,232	$	15.87	$	14.92		6.4	%		5.2		127		458,232	$	15.87		5.2
4Q17		150		550,204	$	17.98	$	17.07		5.3	%		4.9		150		550,204	$	17.98		4.9
3Q17		180		770,729	$	19.35	$	17.89		8.2	%		5.1		180		770,729	$	19.35		5.1
2Q17		135		674,081	$	17.60	$	16.28		8.1	%		5.1		135		674,081	$	17.60		5.1

		592		2,453,246	$	17.91	$	16.71		7.2	%		5.1		592		2,453,246	$	17.91		5.1
New + Renewals
1Q18		160		515,307	$	16.85	$	15.52		8.6	%		5.6		184		630,365	$	16.81		6.3
4Q17		184		704,176	$	18.81	$	17.18		9.5	%		6.1		227		803,384	$	18.86		6.5
3Q17		207		797,908	$	19.71	$	18.21		8.2	%		5.2		237		912,201	$	19.74		5.7
2Q17		158		742,607	$	17.57	$	16.06		9.4	%		5.4		193		943,477	$	17.68		6.5

		709		2,759,998	$	18.37	$	16.87		8.9	%		5.6		841		3,289,427	$	18.37		6.2


Net Effective Rents
	GLA		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 (1)
1Q18		165,091	$	20.39	$	1.59	$	3.30	$	0.57	$	5.46	$	14.93		8.6
4Q17		235,815	$	21.56	$	1.88	$	1.62	$	0.42	$	3.92	$	17.64		9.6
3Q17		72,429	$	27.41	$	2.88	$	4.18	$	0.75	$	7.81	$	19.60		8.1
2Q17		120,560	$	20.66	$	2.57	$	6.04	$	0.38	$	8.99	$	11.67		8.7

		593,895	$	21.76	$	2.06	$	3.24	$	0.49	$	5.79	$	15.97		8.9
Renewals
1Q18		458,232	$	16.03	$	0.04	$	0.00	$	0.00	$	0.04	$	15.99		5.2
4Q17		550,204	$	18.13	$	0.04	$	0.01	$	0.00	$	0.05	$	18.08		4.9
3Q17		770,729	$	19.54	$	0.02	$	0.00	$	0.00	$	0.02	$	19.52		5.1
2Q17		674,081	$	17.80	$	0.06	$	0.00	$	0.00	$	0.06	$	17.74		5.1

		2,453,246	$	18.09	$	0.04	$	0.00	$	0.00	$	0.04	$	18.05		5.1
New + Renewals
1Q18		623,323	$	17.19	$	0.60	$	1.20	$	0.21	$	2.01	$	15.18		6.3
4Q17		786,019	$	19.16	$	0.86	$	0.73	$	0.19	$	1.78	$	17.38		6.4
3Q17		843,158	$	20.22	$	0.39	$	0.54	$	0.10	$	1.03	$	19.19		5.4
2Q17		794,641	$	18.24	$	0.64	$	1.41	$	0.09	$	2.14	$	16.10		5.7

		3,047,141	$	18.81	$	0.63	$	0.96	$	0.14	$	1.73	$	17.08		5.9

(1)	New Leases exclude development and redevelopment activity.

DDR Corp.

Top 50 Tenants


$ and GLA in thousands
		Number of Units						Base Rent							Owned GLA							Credit Ratings

	Tenant	WO		JV		Total		Pro Rata		% of Total			At 100%		Pro Rata		% of Total			At 100%		(S&P/Moody’s/Fitch)
1	TJX Companies (1)		68		36		104	$	27,813		4.4	%	$	37,784		2,262		5.1	%		3,221	A+/A2/NR
2	Bed Bath & Beyond (2)		51		27		78		20,970		3.3	%		29,086		1,666		3.8	%		2,323	BBB/Baa2/NR
3	PetSmart		46		28		74		17,001		2.7	%		24,731		1,045		2.4	%		1,589	CCC+/B2/NR
4	AMC Theatres		7		5		12		16,144		2.6	%		22,310		646		1.5	%		936	B+/B2/B
5	Dick’s Sporting Goods (3)		21		16		37		15,514		2.5	%		23,930		1,068		2.4	%		1,811	NR
6	Best Buy		24		10		34		15,010		2.4	%		20,696		992		2.3	%		1,339	BBB/Baa1/BBB-
7	Ross Stores (4)		40		32		72		14,057		2.2	%		22,263		1,288		2.9	%		2,093	A-/A3/NR
8	Kohl’s		16		9		25		12,907		2.0	%		18,219		1,548		3.5	%		2,211	BBB-/Baa2/BBB
9	Michaels		36		22		58		12,553		2.0	%		17,535		930		2.1	%		1,368	BB-/NR/NR
10	Gap (5)		37		20		57		11,304		1.8	%		15,354		663		1.5	%		927	BB+/Baa2/BB+
11	Walmart (6)		12		3		15		10,202		1.6	%		12,833		1,597		3.6	%		1,922	AA/Aa2/AA
12	Ulta		37		18		55		9,992		1.6	%		13,822		416		0.9	%		585	NR
13	Ascena (7)		63		20		83		7,908		1.3	%		9,908		397		0.9	%		500	B/Ba3/NR
14	Barnes & Noble		14		8		22		7,836		1.2	%		10,752		381		0.9	%		544	NR
15	Toys “R” Us (8)		14		5		19		7,494		1.2	%		8,324		639		1.5	%		780	NR
16	Kroger (9)		7		11		18		6,987		1.1	%		10,824		590		1.3	%		1,067	BBB/Baa1/BBB
17	Office Depot (10)		20		13		33		6,822		1.1	%		10,284		467		1.1	%		701	B/B1/NR
18	Nordstrom Rack		10		2		12		6,686		1.1	%		7,881		367		0.8	%		431	BBB+/Baa1/BBB+
19	Lowe’s		7		1		8		6,568		1.0	%		7,339		935		2.1	%		1,047	A-/A3/NR
20	Petco		22		9		31		6,468		1.0	%		8,302		323		0.7	%		430	B-/B2/NR
21	LA Fitness		9		2		11		6,045		1.0	%		7,102		438		1.0	%		509	NR
22	Jo-Ann		16		10		26		5,845		0.9	%		8,437		528		1.2	%		807	B/B1/NR
23	Five Below		35		19		54		5,740		0.9	%		7,985		331		0.8	%		467	NR
24	DSW		15		9		24		5,579		0.9	%		8,180		340		0.8	%		514	NR
25	Mattress Firm		38		15		53		5,575		0.9	%		7,293		193		0.4	%		258	NR
26	Pier 1 Imports		21		13		34		5,525		0.9	%		7,736		241		0.5	%		349	B/NR/NR
27	Home Depot		6		3		9		5,343		0.8	%		6,818		685		1.6	%		1,042	A/A2/A
28	Cinemark		4		3		7		5,286		0.8	%		7,161		345		0.8	%		463	BB/NR/NR
29	Regal Cinemas		5		1		6		5,177		0.8	%		7,277		261		0.6	%		330	NR
30	Party City		21		15		36		4,929		0.8	%		7,618		278		0.6	%		455	NR
31	Burlington		8		3		11		4,903		0.8	%		6,546		508		1.2	%		735	BB/NR/NR
32	Whole Foods		3		2		5		4,895		0.8	%		5,636		208		0.5	%		259	A+/Baa1/NR
33	Dollar Tree Stores		36		25		61		4,833		0.8	%		7,367		414		0.9	%		623	BBB-/Baa3/NR
34	AT&T		47		18		65		4,704		0.7	%		5,851		123		0.3	%		164	BBB+/Baa1/A-
35	Staples		12		15		27		4,593		0.7	%		7,999		311		0.7	%		548	B+/B1/NR
36	Hobby Lobby		9		7		16		4,307		0.7	%		7,131		546		1.2	%		873	NR
37	Famous Footwear		22		9		31		3,959		0.6	%		4,949		192		0.4	%		242	BB/Ba2/NR
38	Carter’s Childrenswear		27		9		36		3,139		0.5	%		3,799		122		0.3	%		150	BB+/NR/NR
39	Panera		20		10		30		3,118		0.5	%		4,285		102		0.2	%		143	NR
40	Tailored Brands (11)		18		8		26		2,978		0.5	%		4,090		127		0.3	%		180	B+/NR/NR
41	Total Wine & More		6		4		10		2,889		0.5	%		4,000		159		0.4	%		219	NR
42	Rainbow Apparel		25		6		31		2,832		0.4	%		3,328		129		0.3	%		170	NR
43	Footlocker		20		0		20		2,814		0.4	%		2,814		78		0.2	%		78	BB+/Ba1/NR
44	Sprint		28		14		42		2,804		0.4	%		3,583		69		0.2	%		99	B/B2/B+
45	Chili’s Restaurant		18		4		22		2,796		0.4	%		3,323		114		0.3	%		135	BB+/Ba1/BB+
46	Stein Mart		7		6		13		2,718		0.4	%		4,013		302		0.7	%		446	NR
47	Publix		2		23		25		2,666		0.4	%		10,623		313		0.7	%		1,195	NR
48	T-Mobile		26		21		47		2,629		0.4	%		3,638		57		0.1	%		90	BB+/NR/NR
49	L Brands (12)		22		13		35		2,627		0.4	%		3,583		94		0.2	%		127	BB+/Ba1/BB+
50	Giant Eagle		2		3		5		2,587		0.4	%		5,289		219		0.5	%		449	NR

	Top 50 Total		1,080		585		1,665	$	364,071		57.8	%	$	509,631		26,047		59.2	%		37,944
	Total Portfolio							$	629,970		100.0	%	$	902,586		43,999		100.0	%		65,254


⁽¹⁾ T.J. Maxx (35) / Marshalls (43) / HomeGoods (21) / Sierra Trading (3) / HomeSense (2)		⁽⁷⁾Ann Taylor (4) / Catherine’s (4) / Dress Barn (23) / Justice (18) / Lane Bryant (23) / Maurice’s (10) / Roz & Ali (1)
⁽²⁾ Bed Bath (48) / World Market (19) / buybuy Baby (9) / CTS (2)		⁽⁸⁾ Toys “R” Us (4) / Babies “R” Us (12) / Toys-Babies Combo (3)
⁽³⁾ Dick’s Sporting Goods (34) / Golf Galaxy (3)		⁽⁹⁾ Kroger (10) / Harris Teeter (4) / King Soopers (1) / Pick ‘n Save (2) Mariano’s (1)
⁽⁴⁾ Ross Dress For Less (69) / dd’s Discounts (3)		⁽¹⁰⁾ Office Depot (14) / OfficeMax (19)
⁽⁵⁾ Gap (4) / Old Navy (51) / Banana Republic (2)		⁽¹¹⁾ Men’s Wearhouse (17) / Jos. A. Bank (7) / K&G Fashion Superstore (2)
⁽⁶⁾ Walmart (11) / Sam’s Club (2) / Neighborhood Market (2)		⁽¹²⁾ Bath & Body Works (30) / Victoria’s Secret (5)

DDR Corp.

Lease Expirations

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


Assumes no exercise of lease options

	Greater than 10K SF											Less than 10K SF											Total
Year	# of Leases		Expiring SF		ABR		Rent PSF		% of ABR > 10K			# of Leases		Expiring SF		ABR		Rent PSF		% of ABR < 10K			# of Leases		Expiring SF		ABR		Rent PSF		% of ABR Total
MTM		3		66	$	929	$	14.08		0.3	%		157		310	$	8,480	$	27.35		3.9	%		160		376	$	9,409	$	25.02		1.6	%
2018		34		970		12,302	$	12.68		3.3	%		386		632		17,177	$	27.18		8.0	%		420		1,602		29,479	$	18.40		5.0	%
2019		164		3,550		42,767	$	12.05		11.5	%		693		1,192		31,763	$	26.65		14.8	%		857		4,742		74,530	$	15.72		12.7	%
2020		160		3,267		42,748	$	13.08		11.5	%		657		1,079		29,638	$	27.47		13.8	%		817		4,346		72,386	$	16.66		12.3	%
2021		203		3,945		51,985	$	13.18		14.0	%		622		1,088		28,114	$	25.84		13.1	%		825		5,033		80,099	$	15.91		13.7	%
2022		225		5,009		62,979	$	12.57		17.0	%		594		1,068		30,123	$	28.21		14.0	%		819		6,077		93,102	$	15.32		15.9	%
2023		213		4,201		54,691	$	13.02		14.7	%		386		889		23,347	$	26.26		10.9	%		599		5,090		78,038	$	15.33		13.3	%
2024		104		2,133		25,965	$	12.17		7.0	%		199		532		13,747	$	25.84		6.4	%		303		2,665		39,712	$	14.90		6.8	%
2025		64		1,173		18,133	$	15.46		4.9	%		146		364		9,903	$	27.21		4.6	%		210		1,537		28,036	$	18.24		4.8	%
2026		54		843		12,683	$	15.05		3.4	%		140		401		11,854	$	29.56		5.5	%		194		1,244		24,537	$	19.72		4.2	%
2027		52		926		14,668	$	15.84		3.9	%		113		244		7,350	$	30.12		3.4	%		165		1,170		22,018	$	18.82		3.8	%
Thereafter		65		1,974		31,502	$	15.96		8.5	%		55		144		3,578	$	24.85		1.7	%		120		2,118		35,080	$	16.56		6.0	%

Total		1,341		28,057	$	371,352	$	13.24		100.0	%		4,148		7,943	$	215,074	$	27.08		100.0	%		5,489		36,000	$	586,426	$	16.29		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		2		12	$	177	$	14.75		0.0	%		144		290	$	7,938	$	27.37		3.7	%		146		302	$	8,115	$	26.87		1.4	%
2018		10		124		1,602	$	12.92		0.4	%		267		398		11,598	$	29.14		5.4	%		277		522		13,200	$	25.29		2.3	%
2019		23		332		4,252	$	12.81		1.1	%		429		722		20,194	$	27.97		9.4	%		452		1,054		24,446	$	23.19		4.2	%
2020		26		318		5,237	$	16.47		1.4	%		385		579		17,483	$	30.20		8.1	%		411		897		22,720	$	25.33		3.9	%
2021		27		321		5,611	$	17.48		1.5	%		373		533		14,871	$	27.90		6.9	%		400		854		20,482	$	23.98		3.5	%
2022		36		452		7,427	$	16.43		2.0	%		343		523		15,863	$	30.33		7.4	%		379		975		23,290	$	23.89		4.0	%
2023		20		233		4,561	$	19.58		1.2	%		277		462		12,951	$	28.03		6.0	%		297		695		17,512	$	25.20		3.0	%
2024		24		409		5,776	$	14.12		1.6	%		241		406		11,668	$	28.74		5.4	%		265		815		17,444	$	21.40		3.0	%
2025		28		419		5,456	$	13.02		1.5	%		223		404		10,874	$	26.92		5.1	%		251		823		16,330	$	19.84		2.8	%
2026		34		444		7,242	$	16.31		2.0	%		210		390		11,035	$	28.29		5.1	%		244		834		18,277	$	21.91		3.1	%
2027		34		634		9,469	$	14.94		2.5	%		215		344		10,718	$	31.16		5.0	%		249		978		20,187	$	20.64		3.4	%
Thereafter		1,077		24,359		314,542	$	12.91		84.7	%		1,041		2,892		69,881	$	24.16		32.5	%		2,118		27,251		384,423	$	14.11		65.6	%

Total		1,341		28,057	$	371,352	$	13.24		100.0	%		4,148		7,943	$	215,074	$	27.08		100.0	%		5,489		36,000	$	586,426	$	16.29		100.0	%

DDR Corp.

Developments/Redevelopments


$ in thousands
	DDR Own%			Project Yield			Est. Total Net Cost		Cost Incurred To Date		Est. Remain Costs		Placed In Service		CIP(1)		Initial Occupancy		Est. Stabilized Quarter		Key Tenants
Consolidated Summary
Redevelopments – Major (2)					8	%	$	154,675	$	67,737	$	86,938	$	50,691	$	17,046
Redevelopments – Tactical (3)					9	%		41,550		28,364		13,186		10,029		18,335
Other (4)					N/A			N/A		20,228		0		0		20,228
Undeveloped land (5)					N/A			N/A		21,424		0		0		21,424

							$	196,225	$	137,753	$	100,124	$	60,720	$	77,033
Redevelopments – Major
Kenwood Square (Cincinnati, OH)		100	%				$	30,928	$	25,474	$	5,454	$	23,768	$	1,706		4Q16		2Q18	Dick’s Sporting Goods, T.J. Maxx, Five Below, Marshalls, Michaels
Lee Vista Promenade (Orlando, FL)		100	%					39,241		29,816		9,425		26,923		2,893		1Q18		1Q19	Academy Sports, Bealls
West Bay Plaza (Cleveland, OH)		100	%					27,792		9,208		18,584		0		9,208		4Q18		3Q19	Fresh Thyme, Kirklands, Pet Supplies Plus, Ulta, HomeSense
Kmart Shopping Center (Tampa, FL)		100	%					27,732		1,991		25,741		0		1,991		4Q19		4Q20
Shoppers World (Boston, MA)		100	%					20,426		395		20,031		0		395		TBD		TBD
Sandy Plains Village (Atlanta, GA)		100	%					8,556		853		7,703		0		853		TBD		TBD

							$	154,675	$	67,737	$	86,938	$	50,691	$	17,046

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

(2)	Projects excluded from same store NOI. Includes large-scale shopping center expansion and repurposing projects.

(3)	Projects included in same store NOI. Includes outparcels, first generation space and small-scale shopping center expansions and other capital improvements.

(4)	Includes predevelopment and retenanting expenditures.

(5)	Balance is in addition to owned land adjacent to existing centers with an estimated value of $31 million and cost basis of the headquarters (non-income producing) of $41 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

Dispositions
01/09/18	Indian Lakes Crossing (BRE DDR Retail Holdings III)		Virginia Beach, VA		5.0	%		71	$	14,700	$	7,178	$	735	$	359
01/18/18	Fortuna Center Plaza		Dumfries, VA		100.0	%		105		20,225		0		20,225		0
02/07/18	Meridian Crossroads		Meridian, ID		100.0	%		527		78,700		0		78,700		0
02/28/18	Lakewood Ranch Plaza (DDRM Properties)		Bradenton, FL		20.0	%		85		17,963		10,500		3,593		2,100
02/28/18	Crystal Springs (DDRM Properties)		Crystal River, FL		20.0	%		67		10,567		6,750		2,113		1,350
02/28/18	Paraiso Plaza (DDRM Properties)		Hialeah, FL		20.0	%		61		15,743		10,250		3,149		2,050
02/28/18	Plaza del Paraiso (DDRM Properties)		Miami, FL		20.0	%		85		21,581		13,000		4,316		2,600
02/28/18	Southwood Village (DDRM Properties)		Tallahassee, FL		20.0	%		63		9,693		6,750		1,939		1,350
02/28/18	Shoppes at Lithia (DDRM Properties)		Valrico, FL		20.0	%		71		16,614		9,500		3,323		1,900
02/28/18	Shoppes at Lake Dow (DDRM Properties)		McDonough, GA		20.0	%		73		13,874		7,200		2,775		1,440
03/15/18	Shoppes of Citrus Hills (DDRM Properties)		Hernando, FL		20.0	%		69		12,098		6,470		2,420		1,294
03/15/18	Bardmoor Promenade (DDRM Properties)		Largo, FL		20.0	%		158		31,868		19,000		6,374		3,800
03/22/18	Pioneer Hills		Aurora, CO		100.0	%		138		21,100		0		21,100		0
03/27/18	Naugatuck Valley SC (BRE DDR Retail Holdings III)		Waterbury, CT		5.0	%		383		24,500		31,491		1,225		1,575
03/29/18	Southern Tier Crossing		Horseheads, NY		100.0	%		175		18,500		0		18,500		0
	Non-operating sales									2,100				2,100
	Preferred equity repayment									36,072				36,072

			1Q 2018 Total					2,131	$	365,898	$	128,089	$	208,659	$	19,818
04/05/18	Hobby Lobby Center (BRE DDR Retail Holdings III)		Greenville, SC		5.0	%		69	$	6,000	$	5,191	$	300	$	260
04/17/18	Silver Spring Square (RVI)		Mechanicsburg, PA		100.0	%		343		80,810		65,730		80,810		65,730
04/20/18	Sherwood Retail Center (BRE DDR Retail Holdings III)		Sherwood, AR		5.0	%		123		4,148		5,249		207		262
04/20/18	Valley Bend (BRE DDR Retail Holdings III)		Huntsville, AL		5.0	%		425		66,000		43,500		3,300		2,175
04/23/18	The Shops at Fox River		McHenry, IL		100.0	%		341		32,000		0		32,000		0

			2Q 2018 Quarter to Date					1,301	$	188,958	$	119,670	$	116,617	$	68,427

			Total 2018					3,432	$	554,856	$	247,759	$	325,276	$	88,245

DDR Corp.

Debt Summary


$ in thousands
	Consolidated									Unconsolidated									Total Pro Rata
	Total 100%			Total DDR Share			GAAP Interest Rate DDR Share			Total 100%			Total DDR Share			GAAP Interest Rate DDR Share			Total DDR Share			GAAP Interest Rate DDR Share
Debt Composition
Unsecured Credit Facilities	$	120,000		$	120,000			3.08	%										$	120,000			3.08	%
Unsecured Term Loan		200,000			200,000			3.23	%											200,000			3.23	%
Unsecured Public Debt		1,929,635			1,929,635			4.40	%											1,929,635			4.40	%
Fixed Rate Mortgage Loans		185,688			175,965			4.11	%	$	907,423		$	152,870			4.37	%		328,835			4.23	%
Variable Rate Mortgage Loans		1,350,000			1,350,000			5.36	%		1,458,860			182,423			3.76	%		1,532,423			5.17	%

Subtotal	$	3,785,323		$	3,775,600			4.62	%	$	2,366,283		$	335,293			4.04	%	$	4,110,893			4.58	%
Fair Market Value Adjustment		2,292			2,292						7,630			381						2,673
Unamortized Loan Costs, Net		(46,095	)		(46,009	)					(15,948	)		(2,898	)					(48,907	)

Total	$	3,741,520		$	3,731,883			4.62	%	$	2,357,965		$	332,776			4.04	%	$	4,064,659			4.58	%


	Principal Payments			Secured Maturities			Unsecured Maturities			Total 100%			Total Pro Rata			Pro Rata GAAP Interest Rate

Consolidated Maturity Schedule (1)
2018	$	3,351		$	0		$	22,231		$	25,582		$	25,582			7.54	%
2019		2,521			94,720			0			97,241			97,241			3.57	%
2020		1,750			39,934			0			41,684			41,684			5.00	%
2021		1,214			14,637			0			15,851			15,851			4.12	%
2022		0			27,561			570,000			597,561			587,838			4.33	%
2023		0			1,350,000			287,209			1,637,209			1,637,209			5.00	%
2024		0			0			65,614			65,614			65,614			4.06	%
2025		0			0			457,142			457,142			457,142			3.79	%
2026		0			0			400,000			400,000			400,000			4.43	%
2027 and beyond		0			0			450,000			450,000			450,000			4.81	%
Unsecured debt discount								(2,561	)		(2,561	)		(2,561	)

Total	$	8,836		$	1,526,852		$	2,249,635		$	3,785,323		$	3,775,600			4.62	%

	Principal Payments			Secured Maturities			Unsecured Maturities			Total 100%			Total Pro Rata			Pro Rata GAAP Interest Rate
Unconsolidated Maturity Schedule (1)
2018	$	3,234		$	100,849		$	0		$	104,083		$	14,672			4.54	%
2019		4,426			443,235			0			447,661			23,279			3.77	%
2020		5,092			339,523			0			344,615			52,356			3.43	%
2021		4,596			255,172			0			259,768			58,251			4.83	%
2022		3,390			898,252			0			901,642			136,482			3.98	%
2023		2,930			78,677			0			81,607			4,636			4.24	%
2024		1,352			83,688			0			85,040			11,854			4.31	%
2025		903			0			0			903			452			0.00	%
2026		935			0			0			935			467			0.00	%
2027 and beyond		1,214			138,815			0			140,029			32,844			3.67	%

Total	$	28,072		$	2,338,211		$	0		$	2,366,283		$	335,293			4.04	%

	Consolidated			Wtd Avg GAAP Rate			Unconsolidated			Wtd Avg GAAP Rate			Total			Wtd Avg GAAP Rate

% of Total (2)
Fixed		55.8	%		4.4	%		45.6	%		4.4	%		54.9	%		4.4	%
Variable		44.2	%		4.9	%		54.4	%		3.8	%		45.1	%		4.8	%
Recourse to DDR		59.6	%		4.2	%		0.0	%		0.0	%		54.7	%		4.2	%
Non-recourse to DDR		40.4	%		4.1	%		100.0	%		4.0	%		45.3	%		4.1	%

(1)	Assumes borrower extension options are exercised.

(2)	Calculations based on DDR share.

DDR Corp.

Consolidated Debt Detail


$ in thousands
	Balance 100%			Balance DDR Share			Maturity Date (1)			GAAP Interest Rate (2)
Bank Debt (3)
Unsecured Revolver ($950m)	$	120,000		$	120,000			09/22			L + 120
Unsecured Revolver ($50m)		0			0			09/22			L + 120
Unsecured Term Loan ($200m)		200,000			200,000			01/23			L + 135

	$	320,000		$	320,000
Public Debt
Unsecured Notes	$	22,232		$	22,232			07/18			7.54	%
Unsecured Notes		453,724			453,724			07/22			4.63	%
Unsecured Notes		86,937			86,937			05/23			3.52	%
Unsecured Notes		65,437			65,437			08/24			4.06	%
Unsecured Notes		454,830			454,830			02/25			3.79	%
Unsecured Notes		397,230			397,230			02/26			4.43	%
Unsecured Notes		449,245			449,245			06/27			4.81	%

	$	1,929,635		$	1,929,635
Mortgage Debt
Nassau Park Pavilion, NJ	$	53,445		$	53,445			02/19			3.56	%
Bandera Pointe, TX		23,253			23,253			02/19			3.59	%
Presidential Commons, GA		19,878			19,878			02/19			3.57	%
Polaris Towne Center, OH		41,448			41,448			04/20			5.00	%
Chapel Hills West, CO		10,864			10,864			06/21			3.70	%
Chapel Hills East, CO		7,336			7,336			12/21			4.74	%
Paradise Village Gateway, AZ (DDR 67%)		29,464			19,741			01/22			4.89	%
Retail Value Inc. (38 assets) (4)		1,350,000			1,350,000			02/23			5.36	%

	$	1,535,688		$	1,525,965
Consolidated Debt Subtotal	$	3,785,323		$	3,775,600
FMV Adjustment – Assumed Debt		2,292			2,292
Unamortized Loan Costs, Net		(46,095	)		(46,009	)

Total Consolidated Debt	$	3,741,520		$	3,731,883
Rate Type
Fixed	$	2,115,323		$	2,105,600			6.4 years			4.37	%
Variable		1,670,000			1,670,000			4.8 years			4.94	%

	$	3,785,323		$	3,775,600			5.7 years			4.62	%
Perpetual Preferred Stock
Class J	$	200,000		$	200,000			August 2017	(5)		6.50	%
Class K		150,000			150,000			April 2018	(5)		6.25	%
Class A		175,000			175,000			June 2022	(5)		6.38	%

(1)	Assumes borrower extension options are exercised.

(2)

L = LIBOR

(3)	Excludes loan fees and unamortized loan costs.

(4)	LIBOR subject to a 3.0% cap.

(5)	Earliest redemption date.

DDR Corp.

Unconsolidated Debt Detail


$ in thousands
	Balance 100%			Balance DDR Share			Maturity Date (1)		GAAP Interest Rate
BRE DDR Retail Holdings III (DDR 5%)
Camp Creek, GA	$	42,000		$	2,100			12/18		3.65	%
Powell Center, OH		7,315			366			05/19		3.28	%
November 2019 Loan Pool (23 assets)		436,065			21,803			11/19		3.78	%
January 2022 Loan Pool (2 assets)		18,684			934			01/22		3.76	%
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	%
July 2022 Loan Pool (2 assets)		4,635			232			07/22		3.74	%
White Oak Village, VA		34,250			1,713			09/22		1.93	%
Midtowne Park, SC		15,736			787			01/23		4.34	%
Valley Bend, AL		43,500			2,175			06/23		4.22	%

	$	715,585		$	35,780
BRE DDR Retail Holdings IV (DDR 5%)
Ashbridge Square, PA	$	35,000		$	1,750			01/22		4.39	%
The Hub, NY		29,262			1,463			01/22		4.41	%
Fountains of Miramar, FL		24,093			1,205			01/22		4.32	%
Southmont Plaza, PA		33,163			1,658			01/22		4.44	%
Millenia Crossing, FL		21,969			1,098			01/23		4.20	%
Concourse Village, FL		13,760			688			02/24		4.32	%

	$	157,247		$	7,862
DDRM Properties (DDR 20%)
July 2022 Loan Pool (13 assets)	$	218,730		$	43,746			07/22		4.20	%
July 2022 Loan Pool (21 assets)		274,760			54,952			07/22		3.84	%
July 2022 Loan Pool (9 assets)		112,275			22,455			07/22		3.92	%

	$	605,765		$	121,153
DDRTC Core Retail Fund (DDR 15%)
July 2020 Loan Pool (9 assets) (2)	$	185,587		$	27,838			07/20		3.33	%
July 2020 Loan Pool (5 assets) (2)		153,936			23,090			07/20		3.54	%
November 2021 Loan Pool (7 assets)		174,719			26,208			11/21		3.95	%
Birkdale Village, NC		81,238			12,186			04/24		4.31	%
Overlook at King of Prussia, PA		40,800			6,120			09/27		3.88	%
Marketplace at Millcreek, GA		39,600			5,940			09/27		3.88	%
Winslow Bay Commons, NC		25,800			3,870			09/27		3.89	%

	$	701,680		$	105,252
DDR-SAU Retail Fund (DDR 20%)
September 2017 Loan Pool (7 assets) (3)	$	27,972		$	5,595			04/18		4.75	%
April 2018 Loan Pool (5 assets) (3)		30,877			6,176			04/18		4.66	%

	$	58,849		$	11,771
Other Joint Ventures
Sun Center Limited, OH (DDR 79%)	$	20,770		$	16,502			05/21		6.14	%
RVIP IIIB, Deer Park, IL (DDR 26%)		66,887			17,223			09/21		4.91	%
Lennox Town Center Limited, OH (DDR 50%)		39,500			19,750			04/28		3.49	%

	$	127,157		$	53,475
Unconsolidated Debt Subtotal	$	2,366,283		$	335,293
FMV Adjustment – Assumed Debt		7,630			381
Unamortized Loan Costs, Net		(15,948	)		(2,898	)

Total Unconsolidated Debt	$	2,357,965		$	332,776

DDR Corp.

Unconsolidated Debt Detail


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

Rate Type
Fixed	$	907,423	$	152,870		5.1 years			4.37	%
Variable		1,458,860		182,423		3.3 years			3.76	%

	$	2,366,283	$	335,293		4.1 years			4.04	%

	Notional Amount		Rate Hedged		Fixed Rate			Termination Date

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

(1)	Assumes borrower extension options are exercised.

(2)	LIBOR subject to a 0.25% floor.

(3)	Six properties were refinanced in April 2018 with gross proceeds of $41.6MM and a 04/28 maturity.

DDR Corp.

Debt/Adjusted EBITDA


$ in thousands
	1Q18			1Q17
Consolidated
Net loss to DDR	($	54,153	)	($	54,241	)
Interest expense		44,040			51,827
Income tax expense		(18	)		223
Depreciation and amortization		74,424			90,884
Adjustments for non-controlling interests		(167	)		(224	)

EBITDA – current quarter		64,126			88,469
Separation charges		0			11,471
Impairments		30,444			21,973
Equity in net (income) loss of JVs		(8,786	)		1,665
Reserve of preferred equity interests		3,961			76,000
Gain on disposition of real estate, net		(10,011	)		(38,127	)
Other expense, net		61,607			0
Hurricane casualty loss		4,533			0
Business interruption income		(2,000	)		0
JV OFFO (at DDR Share)		7,625			6,662

Adjusted EBITDA – current quarter (1)		151,499			168,113
Adjusted EBITDA – annualized		605,996			672,452
Consolidated debt		3,741,520			4,520,926
Partner share of consolidated debt		(9,723	)		(9,873	)
Loan costs, net		46,095			17,368
Face value adjustments		(2,292	)		(5,465	)
Cash and restricted cash		(65,132	)		(65,755	)

Net effective debt	$	3,710,468		$	4,457,201
Debt/Adjusted EBITDA – Consolidated (2)		6.1x			6.6x
Pro rata including JVs
Adjusted EBITDA – current quarter		155,288			173,165
Adjusted EBITDA – annualized		621,152			692,660
Consolidated net debt		3,710,468			4,457,201
JV debt (at DDR Share)		335,293			398,078
Cash and restricted cash		(13,477	)		(12,944	)

Net effective debt	$	4,032,284		$	4,842,335
Debt/Adjusted EBITDA – Pro Rata (2)		6.5x			7.0x

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

(2)	Excludes perpetual preferred stock.

DDR Corp.

Unconsolidated Joint Ventures


$ and GLA in thousands
	Partner	DDR Own%			Operating Properties			Owned GLA		1Q18 NOI at 100% (1)			Gross Book Value		Face Value Debt (2)		DDR Preferred Equity (At 100%)

BRE DDR Retail Holdings III	Blackstone Real Estate Partners		5	%		35			6,722	$	21,822		$	1,028,327	$	715,585	$	185,446	(3)
BRE DDR Retail Holdings IV	Blackstone Real Estate Partners		5	%		6			1,259		4,039			206,111		157,247		51,479	(4)
DDRM Properties	Madison International Realty		20	%		43			6,259		15,930			1,073,191		605,765		0
DDRTC Core Retail Fund	TIAA-CREF		15	%		23			8,069		23,691			1,512,610		701,680		0
DDR–SAU Retail Fund	State of Utah		20	%		12			976		2,412			133,555		58,849		0
Other	Various		Various			6			1,666		6,498			299,963		127,157		0

Total						125	(5)		24,951	$	74,392		$	4,253,757	$	2,366,283	$	236,925
Property management fees											3,803	(1)
Assets sold in 1Q2018											1,949	(1)

Net operating income										$	80,144	(6)

(1)	Property management fees charged by DDR to the joint venture are included as an expense in NOI, although presented in the combined income statement on the next page in the line item Other Expense. The NOI for BRE DDR III and DDRM is adjusted to reflect the impact of assets sold in 1Q18.

(2)	Fair market value of debt adjustment and net unamortized loan costs ($0.4 million or $2.9 million at DDR’s Share) are excluded from above.

(3)

Amount is net of $48.7 million valuation allowance and $84.3 million of face value repaid through March 31, 2018. Face value of $234.1 million including accrued interest of $3.9 million. The 8.5% dividend rate has two components, a cash dividend rate of 6.5% and an accrued payment in kind (“PIK”) of 2.0%. The Company no longer recognizes the accrued PIK as income due to the valuation allowance. Repayment from net asset sale proceeds are allocated 52.2% to the preferred member unless certain financial covenants have been triggered, in which event 100% to the preferred member.

(4)

Amount is net of $16.3 million valuation allowance and $17.9 million of face value repaid through March 31, 2018. Face value of $67.8 million including accrued interest of $1.1 million. The 8.5% dividend rate has two components, a cash dividend rate of 6.5% and an accrued PIK of 2.0%. The Company no longer recognizes the accrued PIK as income due to the valuation allowance. Repayment from net asset sale proceeds are first subject to a minimum sales threshold of $4.9 million, of which $1.1 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 three properties in which the Company does not have a material interest, but to which DDR provides property asset management services.

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

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

DDR Corp.

Unconsolidated Joint Ventures


Combined DDR JV Pro Rata Adjustments (1)
Income Statement Pro Rata Adjustments 1Q18				Balance Sheet Pro Rata Adjustments 1Q18
Revenues:				Assets:
Minimum rents	$	13,029		Land	$	154,072
Percentage rent		48		Buildings		420,424
Recoveries		4,043		Improvements		35,120

Other property revenue		477				609,616

		17,597		Depreciation		(165,828	)

Expenses:						443,788
Operating and maintenance		2,545		Construction in progress and land		6,010

Real estate taxes		2,658		Real estate, net		449,798

		5,203		Investment in JVs		1,106

Net Operating Income		12,394		Cash and restricted cash		13,444
Other Income (expense):				Receivables, net		6,539
Fee income		(794	)	Other assets, net		14,985

Interest income		(325	)	Total Assets	$	485,872
Impairment charges		(846	)	Liabilities and Equity:
Interest expense		(3,749	)	Mortgage debt	$	332,776
Depreciation and amortization		(5,181	)	Notes payable to DDR		438
Other income (expense), net		(495	)	Other liabilities		14,578

Income before earnings from JVs		1,004		Total Liabilities		347,792
Equity in net income of JVs		(8,786	)	JVs share of equity		16,593
Basis differences of JVs		334		Distributions in excess of net income		121,487

Gain on disposition of real estate		7,448		Total Equity		138,080

Net income	$	0		Total Liabilities and Equity	$	485,872
FFO Reconciliation 1Q18
Income before earnings from JVs	$	1,004
Depreciation and amortization		5,181
Impairment of depreciable real estate		846
Basis differences of JVs		139

FFO at DDR’s Ownership Interests	$	7,170

(1)	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
	1Q18			1Q17
Revenues:
Minimum rents	$	85,274		$	95,443
Percentage rent		349			392
Recoveries		26,697			29,815
Other property revenues		2,205			1,398

		114,525			127,048
Expenses:
Operating and maintenance		16,521			17,807
Real estate taxes		17,860			18,861

		34,381			36,668

Net operating income		80,144			90,380
Other income (expense):
Interest expense		(24,243	)		(30,130	)
Depreciation and amortization		(39,677	)		(45,096	)
Impairment charges		(16,910	)		(52,657	)
Preferred share expense		(6,508	)		(8,128	)
Other expense, net		(7,421	)		(6,573	)

		(14,615	)		(52,204	)

Gain on disposition of real estate, net		38,020			(173	)
Net income (loss) attributable to unconsolidated JVs		23,405			(52,377	)
Depreciation and amortization		39,677			45,096
Impairment of depreciable real estate		16,910			52,657
(Gain) loss on disposition of real estate, net		(38,020	)		173

FFO	$	41,972		$	45,549
FFO at DDR’s ownership interests	$	7,170		$	6,582
Operating FFO at DDR’s ownership interests	$	7,625		$	6,662

Balance Sheet
	At Period End
	1Q18			4Q17
Assets:
Land	$	1,066,607		$	1,126,703
Buildings		2,923,406			3,057,072
Improvements		211,327			213,989

		4,201,340			4,397,764
Depreciation		(949,879	)		(962,038	)

		3,251,461			3,435,726
Construction in progress and land		52,417			53,928

Real estate, net		3,303,878			3,489,654
Cash and restricted cash		73,828			155,894
Receivables, net		43,289			51,396
Other assets, net		164,029			174,832

Total Assets	$	3,585,024		$	3,871,776
Liabilities and Equity:
Mortgage debt	$	2,357,965		$	2,501,163
Notes and accrued interest payable to DDR		2,526			1,365
Other liabilities		145,259			156,076

Total Liabilities		2,505,750			2,658,604
Redeemable preferred equity		309,744			345,149
Accumulated equity		769,530			868,023

Total Equity		1,079,274			1,213,172

Total Liabilities and Equity	$	3,585,024		$	3,871,776

DDR Corp.

Top 20 MSA Exposure


$ and GLA in thousands, excludes RVI
	MSA	# of Properties		Pro Rata GLA		% of PRS GLA			Leased Rate%			Pro Rata ABR		% of PRS ABR			PRS ABR PSF

1	Atlanta-Sandy Springs-Roswell, GA		28		3,462		9.1	%		93.7	%	$	35,610		8.7	%	$	13.42
2	Chicago-Naperville-Elgin, IL-IN-WI		10		2,581		6.8	%		87.3	%		34,430		8.4	%	$	20.86
3	Phoenix-Mesa-Scottsdale, AZ		6		1,816		4.8	%		96.9	%		23,696		5.8	%	$	17.84
4	Boston-Cambridge-Newton, MA-NH		2		1,423		3.8	%		95.6	%		22,755		5.5	%	$	25.13
5	Columbus, OH		8		1,998		5.3	%		97.9	%		22,694		5.5	%	$	15.87
6	Charlotte-Concord-Gastonia, NC-SC		7		2,295		6.1	%		93.1	%		21,408		5.2	%	$	15.83
7	Denver-Aurora-Lakewood, CO		6		2,301		6.1	%		88.1	%		20,576		5.0	%	$	17.88
8	Orlando-Kissimmee-Sanford, FL		10		1,707		4.5	%		97.5	%		20,502		5.0	%	$	17.80
9	Trenton, NJ		2		2,087		5.5	%		98.2	%		19,499		4.7	%	$	18.07
10	Miami-Fort Lauderdale-West Palm Beach, FL		11		1,177		3.1	%		97.1	%		17,353		4.2	%	$	21.06
11	San Antonio-New Braunfels, TX		3		1,717		4.5	%		87.6	%		15,157		3.7	%	$	19.59
12	Los Angeles-Long Beach-Anaheim, CA		4		1,122		3.0	%		94.4	%		14,857		3.6	%	$	22.11
13	Kansas City, MO-KS		2		1,324		3.5	%		98.8	%		11,191		2.7	%	$	14.07
14	Hartford-West Hartford-East Hartford, CT		3		953		2.5	%		95.8	%		10,236		2.5	%	$	13.96
15	New York-Newark-Jersey City, NY-NJ-PA		8		1,372		3.6	%		89.2	%		9,910		2.4	%	$	18.16
16	Cincinnati, OH-KY-IN		3		907		2.4	%		100.0	%		9,719		2.4	%	$	17.57
17	Washington-Arlington-Alexandria, DC-VA-MD-WV		4		574		1.5	%		88.6	%		9,593		2.3	%	$	19.92
18	Portland-Vancouver-Hillsboro, OR-WA		2		779		2.1	%		95.6	%		8,603		2.1	%	$	18.61
19	Tampa-St. Petersburg-Clearwater, FL		9		1,250		3.3	%		90.2	%		8,016		1.9	%	$	12.11
20	San Francisco-Oakland-Hayward, CA		3		230		0.6	%		94.6	%		7,330		1.8	%	$	36.19
	Other		77		6,784		17.9	%		92.6	%		68,214		16.6	%	$	15.09

	Total		208		37,859		100.0	%		93.6	%	$	411,349		100.0	%	$	17.16

DDR Corp.

Property List (excludes RVI)

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	$	16.50	Best Buy, Nordstrom Rack, Staples, Target (U)
2	Valley Bend	Huntsville	Huntsville	AL		2002		2014		5	%	BREDDR III		425		777	$	15.08	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	$	11.74	Altitude Trampoline Park, Big Lots, Michaels, PetSmart, Ross Dress for Less, Stein Mart, Target (U)
4	Dimond Crossing	Anchorage	Anchorage	AK		1981		2014		5	%	BREDDR III		82		82	$	16.08	Bed Bath & Beyond, PetSmart
5	SanTan Village Marketplace	Phoenix	Gilbert	AZ		2005		2014		5	%	BREDDR III		286		690	$	16.42	Bed Bath & Beyond, Big Lots, DSW, Jo-Ann, Marshalls, Sam’s Club (U), Walmart (U)
6	Ahwatukee Foothills Towne Center	Phoenix	Phoenix	AZ		2013		1998		100	%			688		703	$	17.83	AMC Theatres, Babies “R” Us, Best Buy, Burlington, HomeGoods, Jo-Ann, Marshalls, Michaels, OfficeMax, Ross Dress for Less, Sprouts Farmers Market
7	Arrowhead Crossing	Phoenix	Phoenix	AZ		1995		1996		100	%			345		416	$	16.30	Barnes & Noble, DSW, Golf Galaxy, Hobby Lobby, HomeGoods, Nordstrom Rack, Old Navy, Savers (U), Staples, T.J. Maxx
8	Deer Valley Towne Center	Phoenix	Phoenix	AZ		1996		1999		100	%			197		460	$	19.64	AMC Theatres (U), Michaels, PetSmart, Ross Dress for Less, Target (U)
9	Paradise Village Gateway	Phoenix	Phoenix	AZ		2004		2003		67	%	OTHER		295		295	$	17.62	Bed Bath & Beyond, PetSmart, Ross Dress for Less, Staples
10	Plaza at Power Marketplace	Phoenix	Queen Creek	AZ		2007		2014		5	%	BREDDR III		71		105	$	20.95	LA Fitness
11	Shops at Prescott Gateway	Prescott	Prescott	AZ		2012		2014		5	%	BREDDR III		35		35	$	30.16	Trader Joe’s
12	Silverado Plaza	Tucson	Tucson	AZ		1999		2014		5	%	BREDDR III		78		79	$	9.35	Safeway
13	Walgreens	Fayetteville	Springdale	AR		2009		2014		5	%	BREDDR III		15		15	$	26.80	—
14	Sherwood Retail Center	Little Rock	Sherwood	AR		1986		2014		5	%	BREDDR III		123		194	$	4.22	Mardel, Tractor Supply Company
15	Buena Park Place	Los Angeles	Buena Park	CA		2009		2004		100	%			215		246	$	14.98	Aldi, Kohl’s, Michaels
16	Falcon Ridge Town Center	Los Angeles	Fontana	CA		2005		2013		100	%			291		438	$	22.81	24 Hour Fitness, Aki-Home, Michaels, Ross Dress for Less, Stater Bros Markets, Target (U)
17	The Pike Outlets	Los Angeles	Long Beach	CA		2015		DEV		100	%			392		392	$	22.08	Cinemark, H & M, Nike, Restoration Hardware
18	Eastland Center	Los Angeles	West Covina	CA		1957		2014		5	%	BREDDR III		811		911	$	13.88	Albertsons, Ashley Furniture HomeStore, Burlington, Dick’s Sporting Goods, Hobby Lobby, Marshalls, Pottery Barn Outlet, Ross Dress for Less, Target, Walmart
19	Ridge at Creekside	Sacramento	Roseville	CA		2007		2014		100	%			275		289	$	22.27	Bed Bath & Beyond, buybuy BABY, Cost Plus World Market, Macy’s Furniture Gallery, REI
20	Vista Village	San Diego	Vista	CA		2007		2013		100	%			194		235	$	24.35	Cinepolis, Frazier Farms, Lowe’s (U), Staples (U)
21	Whole Foods at Bay Place	San Francisco	Oakland	CA		2006		2013		100	%			57		57	$	46.39	Whole Foods
22	Hilltop Plaza	San Francisco	Richmond	CA		2000		2002		20	%	DDRM		251		251	$	17.49	99 Cents Only, Century Theatre, dd’s Discounts, Ross Dress for Less
23	1000 Van Ness	San Francisco	San Francisco	CA		1998		2002		100	%			122		122	$	35.87	AMC Theatres, The Studio Mix
24	Cornerstar	Denver	Aurora	CO		2008		2014		5	%	BREDDR III		430		585	$	19.02	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
25	Centennial Promenade	Denver	Centennial	CO		2002		1997		100	%			418		827	$	19.19	Cavender’s, Conn’s, Golf Galaxy, HomeGoods, IKEA (U), Michaels, Ross Dress for Less, Stickley Furniture, Toys “R” Us
26	Chapel Hills	Denver	Colorado Springs	CO		2000		2011		100	%			446		541	$	13.42	24 Hour Fitness, Barnes & Noble, Best Buy, DSW, Michaels (U), Nordstrom Rack, Old Navy, Pep Boys, PetSmart, Ross Dress for Less, Whole Foods
27	University Hills	Denver	Denver	CO		1997		2003		100	%			243		260	$	19.31	24 Hour Fitness, King Soopers, Marshalls, Michaels, Pier 1 Imports
28	Denver West Plaza	Denver	Lakewood	CO		2002		2014		5	%	BREDDR III		71		75	$	17.29	Best Buy
29	Flatacres Marketcenter/Parker Pavilions	Denver	Parker	CO		2003		2003		100	%			232		641	$	19.46	Bed Bath & Beyond, Home Depot (U), Kohl’s (U), Michaels, Office Depot, Walmart (U)
30	Guilford Commons	Hartford	Guilford	CT		2015		DEV		100	%			123		123	$	16.04	Bed Bath & Beyond, The Fresh Market
31	Connecticut Commons	Hartford	Plainville	CT		2013		DEV		100	%			562		562	$	13.18	A.C. Moore, AMC Theatres, Dick’s Sporting Goods, DSW, Kohl’s, Lowe’s, Marshalls, Old Navy, PetSmart
32	Windsor Court	Hartford	Windsor	CT		1993		2007		100	%			79		268	$	18.76	Stop & Shop, Target (U)
33	Northpoint Shopping Center	Fort Myers	Cape Coral	FL		2008		2014		5	%	BREDDR III		112		116	$	13.13	Bed Bath & Beyond, Michaels, PetSmart
34	Cypress Trace	Fort Myers	Fort Myers	FL		2004		2007		15	%	TIAA		276		276	$	10.58	Bealls, Bealls Outlet, Ross Dress for Less, Stein Mart

DDR Corp.

Property List (excludes RVI)

GLA in thousands


#	Center	MSA	Location	ST	Recent Year Dev. / Redev.		Year Acq.		DDR Own %			JV	Owned GLA		Total GLA		ABR PSF		Key Tenants
35	Market Square	Fort Myers	Fort Myers	FL		2004		2007		15	%	TIAA		119		406	$	15.91	American Signature Furniture, Barnes & Noble (U), Cost Plus World Market (U), DSW, Michaels (U), Target (U), Total Wine & More
36	The Forum	Fort Myers	Fort Myers	FL		2008		2014		5	%	BREDDR III		190		458	$	16.43	Bed Bath & Beyond, Home Depot (U), Ross Dress for Less, Staples, Target (U)
37	Shoppes at Paradise Pointe	Fort Walton Beach	Fort Walton Beach	FL		2000		2007		20	%	DDRM		84		84	$	11.97	Publix
38	Melbourne Shopping Center	Melbourne	Melbourne	FL		1999		2007		20	%	DDRM		210		210	$	7.32	Big Lots, Publix
39	Aberdeen Square	Miami	Boynton Beach	FL		1990		2007		20	%	DDRM		71		71	$	10.13	Publix
40	Village Square at Golf	Miami	Boynton Beach	FL		2002		2007		20	%	DDRM		135		135	$	14.79	Publix
41	Sheridan Square	Miami	Dania	FL		1991		2007		20	%	DDRM		67		67	$	10.74	Walmart Neighborhood Market
42	Concourse Village	Miami	Jupiter	FL		2004		2015		5	%	BREDDR IV		134		134	$	16.78	Ross Dress for Less, T.J. Maxx
43	The Shops at Midtown Miami	Miami	Miami	FL		2006		DEV		100	%			467		467	$	19.74	Dick’s Sporting Goods, HomeGoods, Marshalls, Nordstrom Rack, Ross Dress for Less, Target, west elm
44	Fountains of Miramar	Miami	Miramar	FL		2005		2015		5	%	BREDDR IV		139		251	$	19.99	Home Depot (U), HomeGoods, Marshalls, Ross Dress for Less
45	River Run	Miami	Miramar	FL		1989		2007		20	%	DDRM		94		107	$	13.36	Publix
46	Northlake Commons	Miami	Palm Beach Gardens	FL		2003		2007		20	%	DDRM		124		245	$	14.07	Home Depot (U), Jo-Ann, Ross Dress for Less
47	Flamingo Falls	Miami	Pembroke Pines	FL		2001		2007		20	%	DDRM		109		148	$	21.49	LA Fitness (U), The Fresh Market
48	The Fountains	Miami	Plantation	FL		2010		2007		100	%			431		490	$	16.33	Dick’s Sporting Goods, Jo-Ann, Kohl’s, Marshalls/HomeGoods, Total Wine & More
49	Midway Plaza	Miami	Tamarac	FL		1985		2007		20	%	DDRM		228		228	$	13.14	Publix, Ross Dress for Less
50	Carillon Place	Naples	Naples	FL		1994		1995		100	%			268		283	$	15.19	Bealls Outlet, OfficeMax, Ross Dress for Less, T.J. Maxx, Walmart Neighborhood Market
51	Countryside Shoppes	Naples	Naples	FL		1997		2007		20	%	DDRM		74		74	$	16.64	—
52	Heather Island	Ocala	Ocala	FL		2005		2007		20	%	DDRM		71		71	$	11.26	Publix
53	Casselberry Commons	Orlando	Casselberry	FL		2010		2007		20	%	DDRM		245		248	$	14.03	Publix, Ross Dress for Less, Stein Mart, T.J. Maxx
54	Shoppes of Lake Mary	Orlando	Lake Mary	FL		2001		2007		15	%	TIAA		74		246	$	23.56	Publix (U), Staples, Target (U)
55	West Oaks Town Center	Orlando	Ocoee	FL		2000		2007		20	%	DDRM		67		112	$	15.30	Best Buy (U), Michaels
56	Chickasaw Trail Shopping Center	Orlando	Orlando	FL		1994		2007		20	%	DDRM		75		81	$	12.06	Publix
57	Conway Plaza	Orlando	Orlando	FL		1999		2007		20	%	DDRM		118		118	$	10.41	Publix
58	Lee Vista Promenade	Orlando	Orlando	FL		2016		DEV		100	%			309		309	$	16.24	Academy Sports, Beall’s Outlet, Epic Theatres, HomeGoods, Michaels, Ross Dress for Less
59	Millenia Crossing	Orlando	Orlando	FL		2009		2015		5	%	BREDDR IV		100		100	$	28.40	Nordstrom Rack
60	Skyview Plaza	Orlando	Orlando	FL		1998		2007		20	%	DDRM		263		263	$	10.74	dd’s Discounts, Fallas Paredes, Gooodwill, Publix, Ross Dress for Less
61	Oviedo Park Crossing	Orlando	Oviedo	FL		1999		DEV		20	%			186		321	$	11.09	Bed Bath & Beyond, Lowe’s (U), Michaels, OfficeMax, Ross Dress for Less, T.J. Maxx
62	Winter Garden Village	Orlando	Winter Garden	FL		2007		2013		100	%			758		1,127	$	19.60	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)
63	Tradewinds Shopping Center	Pensacola	Pensacola	FL		1985		2014		5	%	BREDDR III		179		195	$	10.34	Jo-Ann, T.J. Maxx/HomeGoods
64	Cortez Plaza	Sarasota	Bradenton	FL		2015		2007		100	%			274		274	$	12.79	Burlington, LA Fitness, PetSmart
65	Creekwood Crossing	Sarasota	Bradenton	FL		2001		2007		20	%	DDRM		235		397	$	11.10	Bealls, Bealls Outlet, Big Lots, LA Fitness, Lowe’s (U)
66	Capital West	Tallahassee	Tallahassee	FL		2004		2003		100	%			88		272	$	9.00	Bealls Outlet, Ross Dress for Less, Walmart (U)
67	Killearn Shopping Center	Tallahassee	Tallahassee	FL		1980		2007		20	%	DDRM		95		95	$	14.13	Hobby Lobby
68	Kmart Shopping Center	Tampa	Brandon	FL		2003		IPO		100	%			232		232	$	3.72	Kane Furniture, Kmart
69	Lake Brandon Plaza	Tampa	Brandon	FL		2014		2009		100	%			178		198	$	13.84	Jo-Ann, Nordstrom Rack, Publix, Total Wine & More
70	Lake Brandon Village	Tampa	Brandon	FL		2004		2003		100	%			114		256	$	14.40	buybuy BABY, Lowe’s (U), PetSmart
71	Shoppes at Golden Acres	Tampa	New Port Richey	FL		2002		2007		20	%	DDRM		131		131	$	11.27	Publix
72	The Shoppes of Boot Ranch	Tampa	Palm Harbor	FL		1990		1995		100	%			52		229	$	24.54	Publix (U), Target (U)
73	Nature Coast Commons	Tampa	Spring Hill	FL		2009		2014		5	%	BREDDR III		226		549	$	16.18	Best Buy, JCPenney (U), PetSmart, Ross Dress for Less, Walmart (U)

DDR Corp.

Property List (excludes RVI)

GLA in thousands


#	Center	MSA	Location	ST	Recent Year Dev. / Redev.		Year Acq.		DDR Own %			JV	Owned GLA		Total GLA		ABR PSF		Key Tenants
74	North Pointe Plaza	Tampa	Tampa	FL		1990		IPO		20	%	DDRM		108		226	$	14.03	Publix, Walmart (U)
75	Tarpon Square	Tampa	Tarpon Springs	FL		1998		IPO		100	%			115		199	$	12.91	Bealls Outlet, Big Lots, Staples, Walmart (U)
76	The Shoppes at New Tampa	Tampa	Wesley Chapel	FL		2002		2007		20	%	DDRM		159		188	$	13.30	Bealls, Office Depot (U), Publix
77	Century Town Center	Vero Beach	Vero Beach	FL		2008		2014		5	%	BREDDR III		107		117	$	14.37	Marshalls/HomeGoods
78	Brookhaven Plaza	Atlanta	Atlanta	GA		1993		2007		20	%	SAU		70		70	$	20.19	Stein Mart
79	Cascade Corners	Atlanta	Atlanta	GA		1993		2007		20	%	SAU		67		67	$	7.04	Kroger
80	Cascade Crossing	Atlanta	Atlanta	GA		1994		2007		20	%	SAU		63		63	$	10.11	Publix
81	Perimeter Pointe	Atlanta	Atlanta	GA		2002		1995		100	%			353		353	$	17.65	Babies “R” Us, Dick’s Sporting Goods, HomeGoods, LA Fitness, Regal Cinemas, Stein Mart
82	Marketplace at Millcreek	Atlanta	Buford	GA		2003		2007		15	%	TIAA		402		533	$	13.06	2nd & Charles, Bed Bath & Beyond, Burlington, Costco (U), DSW, Marshalls, Michaels, PetSmart, REI, Ross Dress for Less, Stein Mart
83	Hickory Flat Village	Atlanta	Canton	GA		2000		2007		20	%	SAU		74		88	$	13.08	Publix
84	Riverstone Plaza	Atlanta	Canton	GA		1998		2007		20	%	DDRM		308		335	$	12.03	Bealls Outlet, Belk, Michaels, Publix, Ross Dress for Less
85	Cumming Marketplace	Atlanta	Cumming	GA		1999		2003		100	%			311		709	$	12.54	ApplianceSmart, Home Depot (U), Lowe’s, Michaels, OfficeMax, Walmart (U)
86	Cumming Town Center	Atlanta	Cumming	GA		2007		2013		100	%			311		311	$	15.21	Ashley Furniture HomeStore, Best Buy, Dick’s Sporting Goods, Staples, T.J. Maxx/HomeGoods
87	Sharon Greens	Atlanta	Cumming	GA		2001		2007		20	%	DDRM		98		101	$	11.83	Kroger
88	Flat Shoals Crossing	Atlanta	Decatur	GA		1994		2007		20	%	SAU		70		70	$	10.35	Publix
89	Hairston Crossing	Atlanta	Decatur	GA		2002		2007		20	%	DDRM		58		58	$	11.52	—
90	Market Square	Atlanta	Douglasville	GA		1990		2007		20	%	OTHER		125		125	$	10.46	Bargain Hunt
91	Camp Creek Marketplace	Atlanta	East Point	GA		2003		2014		5	%	BREDDR III		424		719	$	16.15	Beauty Master, BJ’s Wholesale Club, Lowe’s (U), Marshalls, Ross Dress for Less, Staples, T.J. Maxx, Target (U)
92	Paradise Shoppes of Ellenwood	Atlanta	Ellenwood	GA		2003		2007		20	%	DDRM		68		68	$	11.21	—
93	Fayette Pavilion	Atlanta	Fayetteville	GA		2002		2007		15	%	TIAA		1,242		1,506	$	9.22	Bealls Outlet, Bed Bath & Beyond, Belk, Big Lots, Cinemark, Dick’s Sporting Goods, Forever 21, Hobby Lobby, Home Depot (U), Jo-Ann, Kohl’s, Marshalls, PetSmart, Publix, Ross Dress for Less, Target (U), Toys “R” Us/Babies “R” Us, Walmart
94	Clearwater Crossing	Atlanta	Flowery Branch	GA		2003		2007		20	%	DDRM		91		91	$	12.36	Kroger
95	Stonebridge Village	Atlanta	Flowery Branch	GA		2008		2014		5	%	BREDDR III		157		504	$	16.79	Home Depot (U), Kohl’s (U), PetSmart, Ross Dress for Less, T.J. Maxx, Target (U)
96	Barrett Pavilion	Atlanta	Kennesaw	GA		1998		2007		15	%	TIAA		459		584	$	16.02	AMC Theatres, buybuy BABY, Jo-Ann, Old Navy, Ozone Billiards, REI, Target (U), Total Wine & More
97	Towne Center Prado	Atlanta	Marietta	GA		2002		1995		100	%			287		327	$	13.30	Publix, Ross Dress for Less, Stein Mart
98	Newnan Pavilion	Atlanta	Newnan	GA		2013		2007		15	%	TIAA		468		468	$	8.11	Academy Sports, Aldi, Home Depot, Kohl’s, PetSmart, Ross Dress for Less, Sky Zone Trampoline Park
99	Sandy Plains Village	Atlanta	Roswell	GA		2013		2007		100	%			174		174	$	14.62	Movie Tavern
100	Heritage Pavilion	Atlanta	Smyrna	GA		1995		2007		15	%	TIAA		256		256	$	14.01	American Signature Furniture, Marshalls, PetSmart, Ross Dress for Less, T.J. Maxx
101	Presidential Commons	Atlanta	Snellville	GA		2000		2007		100	%			376		376	$	11.66	buybuy BABY, Home Depot, Jo-Ann, Kroger, Stein Mart
102	Deshon Plaza	Atlanta	Stone Mountain	GA		1994		2007		20	%	SAU		64		64	$	11.34	Publix
103	Johns Creek Town Center	Atlanta	Suwanee	GA		2004		2003		100	%			293		293	$	14.25	Kohl’s, Michaels, PetSmart, Sprouts Farmers Market, Staples, Stein Mart
104	Cofer Crossing	Atlanta	Tucker	GA		2003		2003		20	%	DDRM		136		278	$	8.46	HomeGoods, Kroger, Walmart (U)
105	Woodstock Square	Atlanta	Woodstock	GA		2001		2007		15	%	TIAA		219		400	$	14.35	Kohl’s, OfficeMax, Old Navy, Target (U)
106	Glynn Isles	Brunswick	Brunswick	GA		2007		2014		5	%	BREDDR III		193		517	$	16.18	Ashley Furniture HomeStore (U), Dick’s Sporting Goods, Lowe’s (U), Michaels, Office Depot, PetSmart, Ross Dress for Less, Target (U)
107	Eisenhower Crossing	Macon	Macon	GA		2002		2007		15	%	TIAA		420		722	$	10.30	Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy (U), Home Depot (U), Kroger, Marshalls, Michaels, Old Navy, Ross Dress for Less, Staples, Target (U)
108	3030 North Broadway	Chicago	Chicago	IL		2016		2017		100	%			132		132	$	34.35	Mariano’s, XSport Fitness
109	The Maxwell	Chicago	Chicago	IL		2014		2014		100	%			240		240	$	26.79	Burlington, Dick’s Sporting Goods, Nordstrom Rack, T.J. Maxx

DDR Corp.

Property List (excludes RVI)

GLA in thousands


#	Center	MSA	Location	ST	Recent Year Dev. / Redev.		Year Acq.	DDR Own %			JV	Owned GLA		Total GLA		ABR PSF		Key Tenants
110	Deer Park Town Center	Chicago	Deer Park	IL		2004	DEV		50	%	OTHER		356		406	$	31.41	Barnes & Noble (U), Century Theatre, Crate & Barrel, Gap
111	Hillside Town Center	Chicago	Hillside	IL		2009	2014		5	%	BREDDR III		165		365	$	16.42	HomeGoods, Michaels, Ross Dress for Less, Target (U)
112	The Shops at Fox River	Chicago	McHenry	IL		2006	DEV		100	%			341		444	$	13.14	Bed Bath & Beyond, Dick’s Sporting Goods, JCPenney (U), PetSmart, Ross Dress for Less, T.J. Maxx
113	Prairie Market	Chicago	Oswego	IL		2007	2014		5	%	BREDDR III		113		679	$	22.40	Aldi, Best Buy (U), Dick’s Sporting Goods (U), Hobby Lobby (U), Kohl’s (U), PetSmart, Walmart (U)
114	Woodfield Village Green	Chicago	Schaumburg	IL		2015	1995		100	%			526		692	$	20.10	At Home, Bloomingdale’s the Outlet Store, Container Store, Costco (U), HomeGoods, Marshalls, Michaels, Nordstrom Rack, PetSmart, Trader Joe’s
115	Village Crossing	Chicago	Skokie	IL		1989	2007		15	%			722		722	$	18.38	AMC Theatres, Barnes & Noble, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Jewel-Osco, Michaels, OfficeMax, PetSmart, Tuesday Morning
116	Brookside Marketplace	Chicago	Tinley Park	IL		2013	2012		100	%	TIAA		317		602	$	15.26	Best Buy, Dick’s Sporting Goods, HomeGoods, Kohl’s (U), Michaels, PetSmart, Ross Dress for Less, T.J. Maxx, Target (U)
117	Highland Grove Shopping Center	Chicago	Highland	IN		2001	2007		20	%	DDRM		312		541	$	14.86	Best Buy (U), Dick’s Sporting Goods (U), Kohl’s, Marshalls, Michaels, Target (U)
118	Merriam Village	Kansas City	Merriam	KS		2005	2004		100	%			418		921	$	13.53	Cinemark, Dick’s Sporting Goods, Hen House Market, Hobby Lobby, Home Depot (U), IKEA (U), Marshalls, OfficeMax, PetSmart
119	Duvall Village	Wash DC	Bowie	MD		1998	2007		100	%			88		88	$	20.68	—
120	Harundale Plaza	Baltimore	Glen Burnie	MD		1999	2007		20	%	OTHER		218		218	$	9.77	Burlington, HomeGoods, Regency Furniture
121	Largo Town Center	Wash DC	Upper Marlboro	MD		1991	2007		20	%	OTHER		277		281	$	15.74	Marshalls, Regency Furniture, Shoppers Food Warehouse
122	The Commons	Salisbury	Salisbury	MD		1999	DEV		100	%			130		350	$	14.34	Best Buy, Home Depot (U), Michaels, Target (U)
123	Gateway Center	Boston	Everett	MA		2001	DEV		100	%			354		640	$	16.20	Babies “R” Us, Costco (U), Home Depot, Michaels, Old Navy, Target (U), Total Wine & More
124	Shoppers World	Boston	Framingham	MA		1994	1995		100	%			783		783	$	24.91	A.C. Moore, AMC Theatres, Barnes & Noble, Best Buy, DSW, HomeSense, Kohl’s, Macy’s Furniture Gallery, Marshalls, Nordstrom Rack, PetSmart, Sierra Trading Post, T.J. Maxx, Toys “R” Us
125	Riverdale Shops	Springfield	West Springfield	MA		2003	2007		20	%	DDRM		274		274	$	14.88	Kohl’s, Stop & Shop
126	Waterside Marketplace	Detroit	Chesterfield	MI		2007	2014		5	%	BREDDR III		291		547	$	13.54	Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, JCPenney (U), Jo-Ann, Lowe’s (U), T.J. Maxx
127	Valley Center	Saginaw	Saginaw	MI		1994	2014		5	%	BREDDR III		409		419	$	9.87	Babies “R” Us, Barnes & Noble, Burlington, Dick’s Sporting Goods, DSW, Michaels, PetSmart, T.J. Maxx
128	Independence Commons	Kansas City	Independence	MO		1999	1995		100	%			386		403	$	14.93	AMC Theatres, Barnes & Noble, Best Buy, Kohl’s, Marshalls, Ross Dress for Less
129	The Promenade at Brentwood	St Louis	Brentwood	MO		1998	1998		100	%			338		338	$	15.20	Bed Bath & Beyond, Micro Center, PetSmart, Target, Trader Joe’s
130	East Hanover Plaza	New York	East Hanover	NJ		1994	2007		100	%			98		359	$	19.80	Costco (U), HomeGoods, HomeSense, Target (U)
131	Edgewater Towne Center	New York	Edgewater	NJ		2000	2007		100	%			78		78	$	27.57	Whole Foods
132	Freehold Marketplace	New York	Freehold	NJ		2005	DEV		100	%			21		359	$	33.27	Sam’s Club (U), Walmart (U)
133	Lewandowski Commons	New York	Lyndhurst	NJ		1998	2007		20	%	SAU		78		78	$	22.82	Stop & Shop
134	Route 22 Retail Center	New York	Union	NJ		1997	2007		100	%			112		237	$	18.80	Babies “R” Us, Dick’s Sporting Goods, Target (U)
135	Consumer Centre	New York	West Long Branch	NJ		1993	2004		100	%			292		292	$	13.26	buybuy BABY, Home Depot, PetSmart
136	West Falls Plaza	New York	Woodland Park	NJ		1995	2007		20	%	DDRM		91		91	$	20.41	andThat!, Cost Plus World Market
137	Crossroads Plaza	Philadelphia	Lumberton	NJ		2003	2007		20	%	DDRM		100		215	$	18.28	Lowe’s (U), ShopRite
138	Hamilton Marketplace	Trenton	Hamilton	NJ		2004	2003		100	%			542		970	$	18.22	Barnes & Noble, Bed Bath & Beyond, BJ’s Wholesale Club (U), Kohl’s, Lowe’s (U), Michaels, Ross Dress for Less, ShopRite, Staples, Walmart (U)
139	Nassau Park Pavilion	Trenton	Princeton	NJ		2005	1997		100	%			609		1,117	$	16.67	Babies “R” Us, Best Buy, buybuy BABY, Dick’s Sporting Goods, Home Depot (U), HomeGoods, Michaels, PetSmart, Target (U), Walmart (U), Wegmans
140	The Hub	New York	Hempstead	NY		2001	2015		5	%	BREDDR IV		249		249	$	13.92	Home Depot, Super Stop & Shop
141	Belgate Shopping Center	Charlotte	Charlotte	NC		2017	DEV		100	%			262		883	$	13.93	Burlington, Cost Plus World Market, Furniture Row (U), Hobby Lobby, IKEA (U), Marshalls, Old Navy, PetSmart, T.J. Maxx, Walmart (U)

DDR Corp.

Property List (excludes RVI)

GLA in thousands


#	Center	MSA	Location	ST	Recent Year Dev. / Redev.		Year Acq.		DDR Own %			JV	Owned GLA		Total GLA		ABR PSF		Key Tenants
142	Carolina Pavilion	Charlotte	Charlotte	NC		1997		2012		100	%			726		871	$	13.79	AMC Theatres, Babies “R” Us, Bed Bath & Beyond, Big Lots, buybuy BABY, Conn’s, Frontgate Outlet Store, Jo-Ann, Nordstrom Rack, Old Navy, Ross Dress for Less, Sears Outlet, Target (U), Value City Furniture
143	Cotswold Village	Charlotte	Charlotte	NC		2013		2011		100	%			263		263	$	22.59	Harris Teeter, Marshalls, PetSmart
144	The Shops at the Fresh Market	Charlotte	Cornelius	NC		2001		2007		100	%			130		130	$	12.08	Stein Mart, The Fresh Market
145	Birkdale Village	Charlotte	Huntersville	NC		2003		2007		15	%	TIAA		300		388	$	28.09	Barnes & Noble, Dick’s Sporting Goods, Regal Cinemas (U)
146	Rosedale Shopping Center	Charlotte	Huntersville	NC		2000		2007		20	%	DDRM		119		119	$	17.41	Harris Teeter
147	Winslow Bay Commons	Charlotte	Mooresville	NC		2003		2007		15	%	TIAA		268		442	$	14.53	Dick’s Sporting Goods, HomeGoods, Michaels, Ross Dress for Less, T.J. Maxx, Target (U)
148	Fayetteville Pavilion	Fayetteville	Fayetteville	NC		2001		2007		20	%	DDRM		274		274	$	12.69	Christmas Tree Shops, Food Lion, Marshalls, Michaels, PetSmart
149	Shoppes at Oliver’s Crossing	Greensboro	Winston Salem	NC		2003		2007		20	%	DDRM		77		77	$	13.44	Lowes Foods
150	Meadowmont Village	Raleigh	Chapel Hill	NC		2002		2007		20	%	DDRM		132		132	$	20.53	Harris Teeter
151	Clayton Corners	Raleigh	Clayton	NC		1999		2007		20	%	DDRM		126		126	$	12.39	Lowes Foods
152	Sexton Commons	Raleigh	Fuquay Varina	NC		2002		2007		20	%	DDRM		49		49	$	17.56	Harris Teeter
153	Alexander Place	Raleigh	Raleigh	NC		2004		2007		15	%	TIAA		198		408	$	16.78	Kohl’s, Walmart (U)
154	Poyner Place	Raleigh	Raleigh	NC		2012		2012		100	%			254		434	$	16.20	Cost Plus World Market, Marshalls, Old Navy, Ross Dress for Less, Target (U), Toys “R” Us/Babies “R” Us
155	University Centre	Wilmington	Wilmington	NC		2001		IPO		100	%			418		525	$	10.96	Bed Bath & Beyond, Lowe’s, Old Navy, Ollie’s Bargain Outlet, Ross Dress for Less, Sam’s Club (U)
156	CVS	Bellevue	Bellevue	OH		1998		2014		5	%	BREDDR III		10		10	$	14.46	—
157	Kenwood Square	Cincinnati	Cincinnati	OH		2017		2013		100	%			427		461	$	18.62	Dick’s Sporting Goods, Macy’s Furniture Gallery, Marshalls/HomeGoods, Michaels, T.J. Maxx, The Fresh Market, Toys “R” Us/Babies “R” Us
158	Western Hills Square	Cincinnati	Cincinnati	OH		1998		2014		5	%	BREDDR III		34		258	$	12.67	Kroger (U), PetSmart, Walmart (U)
159	Waterstone Center	Cincinnati	Mason	OH		1998		2014		100	%			162		433	$	16.20	Barnes & Noble, Best Buy, Costco (U), Michaels, Target (U)
160	Stow Community Center	Cleveland	Stow	OH		2008		DEV		100	%			401		503	$	11.17	Bed Bath & Beyond, Giant Eagle, Hobby Lobby, Kohl’s, OfficeMax, Target (U)
161	West Bay Plaza	Cleveland	Westlake	OH		2000		IPO		100	%			158		158	$	14.27	Marc’s
162	Easton Market	Columbus	Columbus	OH		2013		1998		100	%			502		552	$	16.14	Bed Bath & Beyond, buybuy BABY, DSW, Michaels, Nordstrom Rack, PetSmart, Staples, T.J. Maxx, Value City Furniture
163	Hilliard Rome Commons	Columbus	Columbus	OH		2001		2007		20	%	DDRM		111		111	$	14.60	—
164	Lennox Town Center	Columbus	Columbus	OH		1997		1998		50	%	OTHER		374		374	$	12.26	AMC Theatres, Barnes & Noble, Marshalls, Staples, Target
165	Polaris Towne Center	Columbus	Columbus	OH		1999		2011		100	%			458		730	$	16.58	Best Buy, Big Lots, Jo-Ann, Kroger, Lowe’s (U), OfficeMax, T.J. Maxx, Target (U)
166	Sun Center	Columbus	Columbus	OH		1995		1998		79	%	OTHER		316		418	$	14.45	Ashley Furniture HomeStore, Michaels, Staples, Stein Mart, Whole Foods
167	Perimeter Center	Columbus	Dublin	OH		1996		1998		100	%			136		136	$	16.63	Giant Eagle
168	Derby Square	Columbus	Grove City	OH		1992		1998		20	%	DDRM		125		134	$	10.78	Giant Eagle
169	Powell Center	Columbus	Lewis Center	OH		2000		2014		5	%	BREDDR III		202		233	$	13.37	Giant Eagle, HomeGoods, Marshalls, Michaels
170	Shoppes on South Main	Toledo	Bowling Green	OH		1978		2014		5	%	BREDDR III		111		222	$	11.03	Home Depot (U), T.J. Maxx
171	North Towne Commons	Toledo	Toledo	OH		1995		2004		100	%			80		295			Kroger (U), T.J. Maxx (U), Target (U)
172	Springfield Commons	Toledo	Toledo	OH		1999		DEV		20	%	DDRM		272		272	$	11.32	Babies “R” Us, Bed Bath & Beyond, Kohl’s, Old Navy
173	Tanasbourne Town Center	Portland	Portland	OR		2001		1996		100	%			309		570	$	19.90	Barnes & Noble, Bed Bath & Beyond, Best Buy (U), Marshalls, Michaels, Nordstrom Rack (U), Office Depot, Ross Dress for Less, Sierra Trading Post, Target (U)
174	Southmont Plaza	Allentown	Easton	PA		2004		2015		5	%	BREDDR IV		251		386	$	15.59	Barnes & Noble, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Lowe’s (U), Michaels, Staples
175	Ashbridge Square	Philadelphia	Downingtown	PA		1999		2015		5	%	BREDDR IV		386		386	$	11.05	Best Buy, Christmas Tree Shops, Home Depot, Jo-Ann, Staples
176	Overlook at King of Prussia	Philadelphia	King Of Prussia	PA		2002		2007		15	%	TIAA		193		193	$	28.96	Best Buy, Off 5th, United Artists Theatre
177	Widewater Commons	Uniontown	Uniontown	PA		2008		2014		5	%	BREDDR III		47		171	$	14.35	PetSmart, Target (U)

DDR Corp.

Property List (excludes RVI)

GLA in thousands


#	Center	MSA	Location	ST	Recent Year Dev. / Redev.		Year Acq.		DDR Own %			JV	Owned GLA		Total GLA		ABR PSF		Key Tenants
178	Warwick Center	Providence	Warwick	RI		2004		2007		15	%	TIAA		153		153	$	19.14	Barnes & Noble, DSW
179	Ashley Crossing	Charleston	Charleston	SC		2011		2003		100	%			208		217	$	9.86	Food Lion, Jo-Ann, Kohl’s, Marshalls
180	Wando Crossing	Charleston	Mount Pleasant	SC		2000		1995		100	%			205		326	$	13.86	Marshalls, Michaels, Office Depot, T.J. Maxx, Walmart (U)
181	Columbiana Station	Columbia	Columbia	SC		2003		2007		15	%	TIAA		375		436	$	17.02	buybuy BABY, Columbia Grand Theatre (U), Dick’s Sporting Goods, Michaels, PetSmart
182	Midtowne Park	Greenville	Anderson	SC		2008		2014		5	%	BREDDR III		167		174	$	11.64	Dick’s Sporting Goods, Kohl’s, Staples
183	Hobby Lobby Center	Greenville	Greenville	SC		2004		2014		5	%	BREDDR III		69		268	$	9.14	Hobby Lobby, Walmart (U)
184	The Point	Greenville	Greenville	SC		2005		2007		20	%	SAU		104		104	$	17.56	REI, Whole Foods
185	The Plaza at Carolina Forest	Myrtle Beach	Myrtle Beach	SC		1999		2007		20	%	SAU		138		141	$	13.24	Kroger
186	Pavilion of Turkey Creek	Knoxville	Knoxville	TN		2001		2007		15	%	TIAA		277		658	$	14.92	DSW, Hobby Lobby, OfficeMax, Old Navy, Ross Dress for Less, Target (U), Walmart (U)
187	Town & Country Commons	Knoxville	Knoxville	TN		1997		2007		15	%	TIAA		655		655	$	10.82	Bargain Hunt, Best Buy, Conn’s, Dick’s Sporting Goods, Jo-Ann, Knoxville 16, Lowe’s, Staples, Tuesday Morning
188	American Way	Memphis	Memphis	TN		1988		2007		20	%	SAU		110		110	$	7.67	—
189	Crossroads Square	Morristown	Morristown	TN		2004		2007		20	%	SAU		70		95	$	6.60	Bargain Hunt, OfficeMax (U)
190	Cool Springs Pointe	Nashville	Brentwood	TN		2004		2000		100	%			198		198	$	15.68	Best Buy, Ross Dress for Less, Royal Furniture
191	Bellevue Place	Nashville	Nashville	TN		2003		2007		15	%	TIAA		77		192	$	11.65	Bed Bath & Beyond, Home Depot (U)
192	McAlister Square	Dallas	Burleson	TX		2007		2014		5	%	BREDDR III		169		169	$	11.33	Academy Sports, Party City
193	Cedar Hill Village	Dallas	Cedar Hill	TX		2002		2014		5	%	BREDDR III		44		142	$	18.64	24 Hour Fitness, JCPenney (U)
194	Eastchase Market	Dallas-FTW	Fort Worth	TX		1997		2014		5	%	BREDDR III		262		420	$	11.66	Aldi (U), AMC Theatres, Burke’s Outlet, Marshalls, Ross Dress for Less, Spec’s Wine, Spirits, & Finer Foods, Target (U)
195	The Marketplace at Highland Village	Dallas-FTW	Highland Village	TX		2007		2013		100	%			207		451	$	17.48	DSW, LA Fitness, Petco, T.J. Maxx/HomeGoods, Walmart (U)
196	Bandera Pointe	San Antonio	San Antonio	TX		2002		DEV		100	%			500		851	$	13.27	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)
197	Terrell Plaza	San Antonio	San Antonio	TX		2012		2007		100	%			108		243	$	19.85	Ross Dress for Less, Target (U)
198	Village at Stone Oak	San Antonio	San Antonio	TX		2007		DEV		100	%			448		623	$	21.65	Alamo Drafthouse Cinema, Hobby Lobby, HomeGoods, Target (U)
199	Fairfax Towne Center	Wash DC	Fairfax	VA		1994		1995		100	%			253		253	$	20.07	Bed Bath & Beyond, Jo-Ann, Regal Cinemas, Safeway, T.J. Maxx
200	Springfield Center	Wash DC	Springfield	VA		1999		2007		100	%			177		177	$	22.26	Barnes & Noble, Bed Bath & Beyond, DSW, Michaels, The Tile Shop
201	Creeks at Virginia Centre	Richmond	Glen Allen	VA		2002		2007		15	%	TIAA		266		266	$	15.69	Barnes & Noble, Bed Bath & Beyond, Dick’s Sporting Goods, Michaels, Ross Dress for Less
202	Commonwealth Center	Richmond	Midlothian	VA		2002		2007		100	%			166		166	$	16.56	Michaels, Stein Mart, The Fresh Market
203	Downtown Short Pump	Richmond	Richmond	VA		2000		2007		100	%			126		252	$	22.57	American Family Fitness (U), Barnes & Noble, Regal Cinemas & Skate Nation (U)
204	White Oak Village	Richmond	Richmond	VA		2008		2014		5	%	BREDDR III		432		956	$	15.86	JCPenney, K&G Fashion Superstore, Lowe’s (U), Michaels, PetSmart, Publix, Target (U)
205	Kroger Plaza	Virginia Beach	Virginia Beach	VA		1997		2007		20	%	SAU		68		86	$	3.89	Kroger
206	Apple Blossom Corners	Winchester	Winchester	VA		1997		IPO		20	%	DDRM		243		243	$	11.34	Books-A-Million, HomeGoods, Kohl’s, Martin’s
207	Winchester Station	Winchester	Winchester	VA		2005		2014		5	%	BREDDR III		183		417	$	15.57	Bed Bath & Beyond, Michaels, Ross Dress for Less, Walmart (U)
208	Orchards Market Center	Portland	Vancouver	WA		2005		2013		100	%			178		209	$	16.54	Big 5 Sporting Goods (U), Jo-Ann, LA Fitness, Office Depot, Sportsman’s Warehouse
			Total										48,783		68,630
DEV—Property Developed by the Company				BREDDR III—BRE DDR Retail Holdings III
IPO—Original IPO Property				BREDDR IV—BRE DDR Retail Holdings IV
Note: (U) indicates unowned				DDRM—DDRM Properties
				SAU—DDR-SAU Retail Fund
				TIAA—DDRTC Core Retail Fund

DDR Corp.

Retail Value Inc. – Property List

GLA in thousands


#	Center	MSA	Location	ST	Recent Year Dev. / Redev.		Year Acq.	DDR Own %			Owned GLA		Total GLA		ABR PSF		Key Tenants
1	Palm Valley Pavilions West	Phoenix	Goodyear	AZ		2002	2016		100	%		233		277	$	18.16	Barnes & Noble, Best Buy, Ross Dress for Less, Total Wine & More
2	Tucson Spectrum	Tucson	Tucson	AZ		2008	2012		100	%		717		970	$	14.61	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)
3	Homestead Pavilion	Miami	Homestead	FL		2008	2008		100	%		300		391	$	18.49	Bed Bath & Beyond, Kohl’s (U), Michaels, Ross Dress for Less
4	Tequesta Shoppes	Miami	Tequesta	FL		2014	2007		100	%		110		119	$	11.65	Marshalls
5	International Drive Value Center	Orlando	Orlando	FL		1995	2015		100	%		186		192	$	10.42	Bed Bath & Beyond, dd’s Discounts, Ross Dress for Less, T.J. Maxx
6	Millenia Plaza	Orlando	Orlando	FL		2001	2015		100	%		412		412	$	10.82	BJ’s Wholesale Club, Dick’s Sporting Goods, Home Depot, Ross Dress for Less, Total Wine & More, Toys “R” Us/Babies “R” Us
7	Lake Walden Square	Tampa	Plant City	FL		2013	2007		100	%		245		245	$	11.97	Marshalls, Premiere Cinemas, Ross Dress for Less, Winn Dixie
8	Mariner Square	Tampa	Spring Hill	FL		1997	IPO		100	%		194		519	$	9.60	Bealls, Ross Dress for Less, Sam’s Club (U), Walmart (U)
9	The Walk at Highwoods Preserve	Tampa	Tampa	FL		2001	2007		100	%		138		232	$	15.95	Best Buy, HomeGoods, Michaels, Muvico (U)
10	Brandon Boulevard Shoppes	Tampa	Valrico	FL		2012	2007		100	%		86		89	$	15.50	LA Fitness
11	Douglasville Pavilion	Atlanta	Douglasville	GA		1998	2007		100	%		266		369	$	12.19	Big Lots, Marshalls, Michaels, OfficeMax, PetSmart, Ross Dress for Less, Target (U)
12	Newnan Crossing	Atlanta	Newnan	GA		1995	2003		100	%		223		453	$	8.37	Hobby Lobby, Lowe’s, Walmart (U)
13	East Lloyd Commons	Evansville	Evansville	IN		2005	2007		100	%		160		160	$	13.86	Best Buy, Dick’s Sporting Goods, Michaels
14	Green Ridge Square	Grand Rapids	Grand Rapids	MI		1995	1995		100	%		216		407	$	13.50	Bed Bath & Beyond, Best Buy, Michaels, T.J. Maxx, Target (U), Toys “R” Us (U)
15	Grandville Marketplace	Grand Rapids	Grandville	MI		2003	2003		100	%		224		372	$	10.84	Hobby Lobby, Lowe’s (U), OfficeMax
16	Riverdale Village	Minneapolis	Coon Rapids	MN		2003	DEV		100	%		788		968	$	15.52	Bed Bath & Beyond, Best Buy, Costco (U), Dick’s Sporting Goods, DSW, JCPenney, Jo-Ann, Kohl’s, Old Navy, T.J. Maxx
17	Maple Grove Crossing	Minneapolis	Maple Grove	MN		2002	1996		100	%		262		350	$	13.35	Barnes & Noble, Bed Bath & Beyond, Cub Foods (U), Kohl’s, Michaels
18	Midway Marketplace	Minneapolis	St. Paul	MN		1995	1997		100	%		324		487	$	8.65	Cub Foods, Herberger’s (U), LA Fitness, T.J. Maxx, Walmart
19	Crossroads Center	Gulfport	Gulfport	MS		1999	2003		100	%		555		591	$	11.62	Academy Sports, Barnes & Noble, Belk, Burke’s Outlet, Cinemark, Forever 21, Michaels, Ross Dress for Less, T.J. Maxx
20	Big Oaks Crossing	Tupelo	Tupelo	MS		1992	1994		100	%		348		348	$	6.13	Jo-Ann, Sam’s Club, Walmart
21	Seabrook Commons	Boston	Seabrook	NH		2014	DEV		100	%		175		393	$	18.58	Dick’s Sporting Goods, Walmart (U)
22	Hamilton Commons	Atlantic City	Mays Landing	NJ		2001	2004		100	%		397		397	$	16.73	Bed Bath & Beyond, Hobby Lobby, Marshalls, Regal Cinemas, Ross Dress for Less
23	Wrangleboro Consumer Square	Atlantic City	Mays Landing	NJ		1997	2004		100	%		842		842	$	13.41	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
24	Beaver Creek Crossings	Raleigh	Apex	NC		2006	DEV		100	%		321		321	$	16.09	Burke’s Outlet, Dick’s Sporting Goods, Regal Beaver Creek 12, T.J. Maxx
25	Great Northern Plaza	Cleveland	North Olmsted	OH		2013	1997		100	%		631		669	$	13.83	Bed Bath & Beyond, Best Buy, Big Lots, Burlington, DSW, Home Depot, Jo-Ann, K&G Fashion Superstore, Marc’s, PetSmart
26	Uptown Solon	Cleveland	Solon	OH		1998	DEV		100	%		182		182	$	15.16	Bed Bath & Beyond, Mustard Seed Market & Cafe
27	Gresham Station	Portland	Gresham	OR		2000	2016		100	%		342		342	$	19.76	Bed Bath & Beyond, Best Buy, Craft Warehouse, LA Fitness
28	Peach Street Marketplace	Erie	Erie	PA		2012	DEV		100	%		721		1,001	$	10.18	Babies “R” Us, Bed Bath & Beyond, Best Buy (U), Burlington, Cinemark, Erie Sports, Hobby Lobby, Home Depot (U), Kohl’s, Lowe’s, Marshalls, PetSmart, Target (U)
29	Silver Spring Square	Harrisburg	Mechanicsburg	PA		2001	2013		100	%		343		569	$	17.88	Bed Bath & Beyond, Best Buy, Kohl’s (U), Ross Dress for Less, Target (U), Wegmans
30	Noble Town Center	Philadelphia	Jenkintown	PA		1999	2014		100	%		168		168	$	15.97	AFC Fitness, Bed Bath & Beyond, PetSmart, Ross Dress for Less, Stein Mart

DDR Corp.

Retail Value Inc. – Property List

GLA in thousands


#	Center	MSA	Location	ST	Recent Year Dev. / Redev.		Year Acq.		DDR Own %			Owned GLA		Total GLA		ABR PSF		Key Tenants
31	Plaza Isabela	Aguadilla-Isabela	Isabela	PR		1994		2005		100	%		259		259	$	14.91	Selectos Supermarket, Walmart
32	Plaza Fajardo	Fajardo	Fajardo	PR		2013		2005		100	%		274		274	$	16.62	Econo, Walmart
33	Plaza Walmart	Guayama	Guayama	PR		1994		2005		100	%		164		164	$	9.27	Walmart
34	Plaza del Atlántico	San Juan	Arecibo	PR		1993		2005		100	%		223		223	$	12.26	Capri, Kmart
35	Plaza del Sol	San Juan	Bayamon	PR		2014		2005		100	%		601		713	$	30.97	Bed Bath & Beyond, Caribbean Cinemas, Dave & Buster’s, H & M, Home Depot (U), Old Navy, Walmart
36	Plaza Río Hondo	San Juan	Bayamon	PR		2015		2005		100	%		555		555	$	25.57	Best Buy, Caribbean Cinemas, Kmart, Marshalls Mega Store, Pueblo, T.J. Maxx
37	Plaza Escorial	San Juan	Carolina	PR		1997		2005		100	%		524		636	$	16.24	Caribbean Cinemas, Home Depot (U), OfficeMax, Old Navy, Sam’s Club, Walmart
38	Plaza Cayey	San Juan	Cayey	PR		2004		2005		100	%		313		339	$	8.98	Caribbean Cinemas (U), Walmart
39	Plaza del Norte	San Juan	Hatillo	PR		2012		2005		100	%		682		699	$	22.54	Caribbean Cinemas, JCPenney, OfficeMax, Rooms To Go, Sears, T.J. Maxx
40	Plaza Palma Real	San Juan	Humacao	PR		1995		2005		100	%		449		449	$	15.08	Capri, Marshalls, Pep Boys, Walmart
41	Señorial Plaza	San Juan	Rio Piedras	PR		2010		2005		100	%		202		202	$	17.90	Pueblo
42	Plaza Vega Baja	San Juan	Vega Baja	PR		1990		2005		100	%		185		185	$	11.84	Econo
43	Harbison Court	Columbia	Columbia	SC		2015		2002		100	%		242		301	$	14.84	Babies “R” Us (U), Marshalls, Nordstrom Rack, Ross Dress for Less
44	Lowe’s Home Improvement	Nashville	Hendersonville	TN		1999		2003		100	%		129		144	$	8.83	Lowe’s
45	Kyle Crossing	Austin	Kyle	TX		2010		DEV		100	%		121		375	$	19.32	Kohl’s (U), Ross Dress for Less, Target (U)
46	The Marketplace at Towne Centre	Dallas-FTW	Mesquite	TX		2001		2003		100	%		180		404	$	17.05	Cavender’s (U), Home Depot (U), Kohl’s (U), PetSmart, Ross Dress for Less
47	Willowbrook Plaza	Houston	Houston	TX		2014		2015		100	%		385		393	$	15.48	AMC Theatres, Bed Bath & Beyond, Bel Furniture, buybuy BABY, Cost Plus World Market
48	Shoppers World of Brookfield	Milwaukee	Brookfield	WI		1967		2003		100	%		203		278	$	11.64	Burlington, Pick ‘n Save (U), Ross Dress for Less, Xperience Fitness
49	Marketplace of Brown Deer	Milwaukee	Brown Deer	WI		1989		2003		100	%		410		410	$	9.45	Bob’s Discount Furniture, Burlington, Michaels, OfficeMax, Pick ‘n Save, Ross Dress for Less, T.J. Maxx
50	West Allis Center	Milwaukee	West Allis	WI		1968		2003		100	%		264		392	$	6.79	Kohl’s, Marshalls/HomeGoods, Menards (U), Pick ‘n Save
			Total										16,471		20,228
DEV—Property Developed by the Company				IPO—Original IPO Property
Note: (U) indicates unowned

DDR Corp.

Notable Accounting and Supplemental Policies

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

Revenues

•

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

•

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

•

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

General and Administrative Expenses

•

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

•

The Company does not capitalize any executive officer compensation.

•

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

Deferred Financing Costs

•

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

Real Estate

•

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

•

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

•

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

•

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


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

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.

DDR Corp.

Notable Accounting and Supplemental Policies

Gains on Sales of Real Estate

•

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

•

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

Leasing Spreads

•

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

Net Effective Rents

•

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

DDR Corp.

Non-GAAP Measures

Performance Measures

FFO and Operating FFO

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

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

FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with GAAP), adjusted to exclude (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property and related investments, which are presented net of taxes, (iii) impairment charges on depreciable real estate property and related investments and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“NAREIT”).

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

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

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

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

DDR Corp.

Non-GAAP Measures

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. SSNOI also excludes activity associated with development and major redevelopment and includes assets owned in comparable periods (15 months for quarter comparisons). In addition, due to the impact of Hurricane Maria on its properties in Puerto Rico in 2017, the Company also excludes its Puerto Rico NOI from SSNOI. SSNOI excludes all non-property and corporate level revenue and expenses. Other real estate companies may calculate NOI and SSNOI in a different manner. The Company believes SSNOI provides investors with additional information regarding the operating performances of comparable assets because it excludes certain non-cash and non-comparable items as noted above. SSNOI is frequently used by the real estate industry, as well as securities analysts, investors and other interested parties, to evaluate the performance of REITs.

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

DDR Corp.

Non-GAAP Measures

Other Measures

DDR Pro Rata Share Financial Information

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

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

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

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

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

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

DDR Corp.

Portfolio Summary at 100%


GLA in thousands
	3/31/2018			12/31/2017			9/30/2017			6/30/2017			3/31/2017
Shopping Center Summary
Operating Centers – 100%		258			273			286			298			309
Wholly Owned—DDR		132			136			143			148			158
JV Portfolio		126			137			143			150			151
Owned and Ground Lease GLA – 100%		65,253			67,410			71,118			72,686			74,400
Wholly Owned—DDR		40,006			40,951			42,755			43,748			45,322
JV Portfolio – 100%		25,247			26,459			28,363			28,938			29,078
Unowned GLA – 100%		23,605			24,758			26,104			27,352			28,586


Quarterly Operational Overview
DDR (100%)
Base Rent PSF	$	15.81		$	15.77		$	15.53		$	15.46		$	15.27
Base Rent PSF < 10K	$	25.89		$	25.67		$	25.56		$	25.39		$	25.18
Base Rent PSF > 10K	$	12.89		$	12.83		$	12.61		$	12.54		$	12.41
Leased Rate		92.9	%		93.1	%		93.3	%		93.7	%		94.4	%
Commenced Rate		90.9	%		91.4	%		91.6	%		91.7	%		92.6	%
Leased Rate < 10K SF		86.5	%		87.2	%		87.4	%		87.6	%		88.1	%
Leased Rate > 10K SF		94.9	%		95.0	%		95.2	%		95.7	%		96.4	%
Joint Venture (100%)
Base Rent PSF	$	14.54		$	14.50		$	14.42		$	14.34		$	14.26
Leased Rate		92.9	%		93.1	%		93.2	%		93.9	%		94.7	%
Leased Rate < 10K SF		85.4	%		86.4	%		86.6	%		86.9	%		87.8	%
Leased Rate > 10K SF		95.6	%		95.5	%		95.4	%		96.2	%		96.9	%

DDR Corp.

Leasing Summary


Wholly Owned at 100%
Leasing Activity
	Comparable Pool													Total Pool
	Count		GLA		New Rent PSF		Prior Rent PSF		Rent Spread			Wtd Avg Term (Years)		Count		GLA		New Rent PSF		Wtd Avg Term (Years)

New Leases
1Q18		11		53,758	$	23.82	$	19.06		25.0	%		7.9		30		235,393	$	17.51		9.0
4Q17		23		150,569	$	23.80	$	18.80		26.6	%		9.5		43		250,068	$	21.79		9.3
3Q17		20		69,117	$	20.83	$	19.66		6.0	%		8.4		48		246,839	$	18.27		8.9
2Q17		13		140,902	$	14.98	$	13.49		11.0	%		9.4		41		384,089	$	16.29		9.6

		67		414,346	$	20.31	$	17.17		18.3	%		9.0		162		1,116,389	$	18.22		9.3
Renewals
1Q18		78		736,865	$	15.04	$	14.53		3.5	%		5.2		78		736,865	$	15.04		5.2
4Q17		94		794,837	$	17.90	$	17.45		2.6	%		4.8		94		794,837	$	17.90		4.8
3Q17		133		1,443,926	$	15.49	$	14.60		6.1	%		5.0		133		1,443,926	$	15.49		5.0
2Q17		103		1,416,278	$	13.78	$	13.05		5.6	%		5.2		103		1,416,278	$	13.78		5.2

		408		4,391,906	$	15.30	$	14.60		4.8	%		5.0		408		4,391,906	$	15.30		5.0
New + Renewals
1Q18		89		790,623	$	15.63	$	14.84		5.3	%		5.5		108		972,258	$	15.63		6.2
4Q17		117		945,406	$	18.84	$	17.67		6.6	%		5.7		137		1,044,905	$	18.83		6.0
3Q17		153		1,513,043	$	15.74	$	14.83		6.1	%		5.2		181		1,690,765	$	15.90		5.6
2Q17		116		1,557,180	$	13.89	$	13.09		6.1	%		5.6		144		1,800,367	$	14.32		6.3

		475		4,806,252	$	15.73	$	14.83		6.1	%		5.5		570		5,508,295	$	15.89		6.0


Net Effective Rents
	GLA		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
1Q18		228,351	$	18.30	$	2.23	$	3.31	$	0.47	$	6.01	$	12.29		9.0
4Q17		233,103	$	22.77	$	1.84	$	2.27	$	0.48	$	4.59	$	18.18		9.2
3Q17		177,796	$	19.45	$	2.09	$	1.68	$	0.61	$	4.38	$	15.07		8.6
2Q17		235,253	$	17.02	$	3.29	$	4.19	$	0.35	$	7.83	$	9.19		8.6

		874,503	$	19.38	$	2.37	$	2.93	$	0.47	$	5.77	$	13.61		8.9
Renewals
1Q18		736,865	$	15.16	$	0.04	$	0.00	$	0.00	$	0.04	$	15.12		5.2
4Q17		794,837	$	18.01	$	0.02	$	0.00	$	0.00	$	0.02	$	17.99		4.8
3Q17		1,443,926	$	15.60	$	0.01	$	0.00	$	0.00	$	0.01	$	15.59		5.0
2Q17		1,416,278	$	13.94	$	0.07	$	0.00	$	0.00	$	0.07	$	13.87		5.2

		4,391,906	$	15.43	$	0.04	$	0.00	$	0.00	$	0.04	$	15.39		5.0
New + Renewals
1Q18		965,216	$	15.90	$	0.79	$	1.13	$	0.16	$	2.08	$	13.82		6.2
4Q17		1,027,940	$	19.09	$	0.66	$	0.80	$	0.17	$	1.63	$	17.46		5.9
3Q17		1,621,722	$	16.02	$	0.37	$	0.29	$	0.10	$	0.76	$	15.26		5.4
2Q17		1,651,531	$	14.38	$	0.76	$	0.90	$	0.08	$	1.74	$	12.64		5.7

		5,266,409	$	16.08	$	0.63	$	0.75	$	0.12	$	1.50	$	14.58		5.8

DDR Corp.

Leasing Summary


Unconsolidated Joint Ventures at 100%
Leasing Activity
	Comparable Pool													Total Pool
	Count		GLA		New Rent PSF		Prior Rent PSF		Rent Spread			Wtd Avg Term (Years)		Count		GLA		New Rent PSF		Wtd Avg Term (Years)

New Leases
1Q18		23		85,221	$	19.51	$	19.47		0.2	%		6.7		38		171,067	$	17.48		7.5
4Q17		21		180,679	$	13.20	$	13.47		(2.0	%)		8.4		49		314,496	$	15.30		9.4
3Q17		15		34,850	$	24.51	$	21.61		13.4	%		6.5		28		82,040	$	22.22		7.4
2Q17		15		55,828	$	17.93	$	20.06		(10.6	%)		7.6		32		198,554	$	15.70		9.9

		74		356,578	$	16.55	$	16.73		(1.1	%)		7.5		147		766,157	$	16.63		8.8
Renewals
1Q18		85		656,262	$	15.67	$	14.93		5.0	%		5.4		85		656,262	$	15.67		5.4
4Q17		92		720,953	$	13.26	$	13.08		1.4	%		4.6		92		720,953	$	13.26		4.6
3Q17		106		725,176	$	16.85	$	15.85		6.3	%		5.4		106		725,176	$	16.85		5.4
2Q17		82		684,452	$	14.38	$	13.64		5.4	%		4.8		82		684,452	$	14.38		4.8

		365		2,786,843	$	15.04	$	14.37		4.7	%		5.1		365		2,786,843	$	15.04		5.1
New + Renewals
1Q18		108		741,483	$	16.11	$	15.45		4.3	%		5.6		123		827,329	$	16.04		5.9
4Q17		113		901,632	$	13.25	$	13.16		0.7	%		5.3		141		1,035,449	$	13.88		6.2
3Q17		121		760,026	$	17.20	$	16.11		6.8	%		5.5		134		807,216	$	17.40		5.7
2Q17		97		740,280	$	14.65	$	14.12		3.8	%		5.1		114		883,006	$	14.68		6.1

		439		3,143,421	$	15.21	$	14.64		3.9	%		5.4		512		3,553,000	$	15.38		6.0


Net Effective Rents
	GLA		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
1Q18		171,067	$	18.24	$	2.95	$	3.19	$	0.82	$	6.96	$	11.28		7.5
4Q17		312,496	$	15.97	$	1.82	$	1.46	$	0.23	$	3.51	$	12.46		9.4
3Q17		82,040	$	23.81	$	3.49	$	1.03	$	0.57	$	5.09	$	18.72		7.4
2Q17		198,554	$	16.88	$	4.08	$	0.84	$	0.37	$	5.29	$	11.59		9.9

		764,157	$	17.56	$	2.82	$	1.57	$	0.41	$	4.80	$	12.76		8.8
Renewals
1Q18		656,262	$	15.86	$	0.18	$	0.01	$	0.00	$	0.19	$	15.67		5.4
4Q17		720,953	$	13.45	$	0.05	$	0.01	$	0.00	$	0.06	$	13.39		4.6
3Q17		725,176	$	17.11	$	0.16	$	0.01	$	0.07	$	0.24	$	16.87		5.4
2Q17		684,452	$	14.53	$	0.03	$	0.02	$	0.00	$	0.05	$	14.48		4.8

		2,786,843	$	15.24	$	0.11	$	0.01	$	0.02	$	0.14	$	15.10		5.1
New + Renewals
1Q18		827,329	$	16.35	$	0.91	$	0.85	$	0.22	$	1.98	$	14.37		5.9
4Q17		1,033,449	$	14.21	$	0.85	$	0.66	$	0.11	$	1.62	$	12.59		6.1
3Q17		807,216	$	17.80	$	0.60	$	0.14	$	0.14	$	0.88	$	16.92		5.7
2Q17		883,006	$	15.06	$	1.48	$	0.31	$	0.13	$	1.92	$	13.14		6.1

		3,551,000	$	15.74	$	0.97	$	0.51	$	0.15	$	1.63	$	14.11		5.9

DDR Corp.

Lease Expirations


Wholly Owned at 100%; $ and GLA in thousands

Assumes no exercise of lease options

	Greater than 10K SF											Less than 10K SF											Total
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		2		65	$	921	$	14.17		0.3	%		110		286	$	7,818	$	27.34		4.0	%		112		351	$	8,739	$	24.90		1.6	%
2018		22		918		11,798	$	12.85		3.4	%		213		569		15,797	$	27.76		8.1	%		235		1,487		27,595	$	18.56		5.1	%
2019		95		3,234		39,017	$	12.06		11.4	%		380		1,049		28,367	$	27.04		14.6	%		475		4,283		67,384	$	15.73		12.6	%
2020		88		2,902		38,744	$	13.35		11.3	%		366		963		26,966	$	28.00		13.9	%		454		3,865		65,710	$	17.00		12.2	%
2021		113		3,369		45,328	$	13.45		13.3	%		321		952		24,488	$	25.72		12.6	%		434		4,321		69,816	$	16.16		13.0	%
2022		139		4,612		58,532	$	12.69		17.1	%		326		936		26,941	$	28.78		13.8	%		465		5,548		85,473	$	15.41		15.9	%
2023		131		3,902		51,030	$	13.08		14.9	%		227		814		21,511	$	26.43		11.1	%		358		4,716		72,541	$	15.38		13.5	%
2024		65		1,974		24,438	$	12.38		7.1	%		128		489		12,764	$	26.10		6.6	%		193		2,463		37,202	$	15.10		6.9	%
2025		47		1,080		16,862	$	15.61		4.9	%		90		325		8,983	$	27.64		4.6	%		137		1,405		25,845	$	18.40		4.8	%
2026		33		789		12,021	$	15.24		3.5	%		104		379		11,242	$	29.66		5.8	%		137		1,168		23,263	$	19.92		4.3	%
2027		32		848		13,404	$	15.81		3.9	%		62		212		6,394	$	30.16		3.3	%		94		1,060		19,798	$	18.68		3.7	%
Thereafter		38		1,858		29,958	$	16.12		8.8	%		32		133		3,289	$	24.73		1.7	%		70		1,991		33,247	$	16.70		6.2	%

Total		805		25,551	$	342,053	$	13.39		100.0	%		2,359		7,107	$	194,560	$	27.38		100.0	%		3,164		32,658	$	536,613	$	16.43		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		1		11	$	169	$	15.36		0.0	%		102		268	$	7,308	$	27.27		3.8	%		103		279	$	7,477	$	26.80		1.4	%
2018		6		116		1,489	$	12.84		0.4	%		151		358		10,734	$	29.98		5.5	%		157		474		12,223	$	25.79		2.3	%
2019		13		276		3,736	$	13.54		1.1	%		249		637		18,158	$	28.51		9.3	%		262		913		21,894	$	23.98		4.1	%
2020		16		291		4,901	$	16.84		1.4	%		218		519		16,016	$	30.86		8.2	%		234		810		20,917	$	25.82		3.9	%
2021		14		288		5,218	$	18.12		1.5	%		180		455		12,654	$	27.81		6.5	%		194		743		17,872	$	24.05		3.3	%
2022		22		388		6,449	$	16.62		1.9	%		191		456		14,239	$	31.23		7.3	%		213		844		20,688	$	24.51		3.9	%
2023		11		201		4,038	$	20.09		1.2	%		145		413		11,758	$	28.47		6.0	%		156		614		15,796	$	25.73		2.9	%
2024		16		376		5,490	$	14.60		1.6	%		132		358		10,494	$	29.31		5.4	%		148		734		15,984	$	21.78		3.0	%
2025		12		346		4,412	$	12.75		1.3	%		133		362		9,947	$	27.48		5.1	%		145		708		14,359	$	20.28		2.7	%
2026		18		346		5,897	$	17.04		1.7	%		125		352		10,149	$	28.83		5.2	%		143		698		16,046	$	22.99		3.0	%
2027		24		585		8,998	$	15.38		2.6	%		102		280		8,928	$	31.89		4.6	%		126		865		17,926	$	20.72		3.3	%
Thereafter		652		22,327		291,256	$	13.05		85.1	%		631		2,649		64,175	$	24.23		33.0	%		1,283		24,976		355,431	$	14.23		66.2	%

Total		805		25,551	$	342,053	$	13.39		100.0	%		2,359		7,107	$	194,560	$	27.38		100.0	%		3,164		32,658	$	536,613	$	16.43		100.0	%

DDR Corp.

Lease Expirations


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

Assumes no exercise of lease options

	Greater than 10K SF											Less than 10K SF											Total
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		1		19	$	150	$	7.89		0.1	%		47		101	$	2,324	$	23.01		2.0	%		48		120	$	2,474	$	20.62		0.8	%
2018		12		364		3,950	$	10.85		2.1	%		173		438		10,229	$	23.35		8.8	%		185		802		14,179	$	17.68		4.6	%
2019		69		2,146		26,871	$	12.52		14.1	%		313		838		18,930	$	22.59		16.4	%		382		2,984		45,801	$	15.35		14.9	%
2020		72		2,223		23,973	$	10.78		12.6	%		291		729		16,193	$	22.21		14.0	%		363		2,952		40,166	$	13.61		13.1	%
2021		90		3,030		35,067	$	11.57		18.4	%		301		746		18,704	$	25.07		16.2	%		391		3,776		53,771	$	14.24		17.5	%
2022		86		2,666		29,548	$	11.08		15.5	%		268		777		17,811	$	22.92		15.4	%		354		3,443		47,359	$	13.76		15.4	%
2023		82		2,363		28,196	$	11.93		14.8	%		159		501		11,632	$	23.22		10.1	%		241		2,864		39,828	$	13.91		13.0	%
2024		39		1,147		12,022	$	10.48		6.3	%		71		246		5,638	$	22.92		4.9	%		110		1,393		17,660	$	12.68		5.8	%
2025		17		514		6,735	$	13.10		3.5	%		56		211		4,727	$	22.40		4.1	%		73		725		11,462	$	15.81		3.7	%
2026		21		441		5,355	$	12.14		2.8	%		36		118		3,055	$	25.89		2.6	%		57		559		8,410	$	15.04		2.7	%
2027		20		535		7,461	$	13.95		3.9	%		51		165		4,152	$	25.16		3.6	%		71		700		11,613	$	16.59		3.8	%
Thereafter		27		856		11,689	$	13.66		6.1	%		23		84		2,216	$	26.38		1.9	%		50		940		13,905	$	14.79		4.5	%

Total		536		16,304	$	191,017	$	11.72		100.0	%		1,789		4,954	$	115,611	$	23.34		100.0	%		2,325		21,258	$	306,628	$	14.42		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		1		19	$	150	$	7.89		0.1	%		42		89	$	2,131	$	23.94		1.8	%		43		108	$	2,281	$	21.12		0.7	%
2018		4		85		1,125	$	13.24		0.6	%		116		249		5,577	$	22.40		4.8	%		120		334		6,702	$	20.07		2.2	%
2019		10		273		2,154	$	7.89		1.1	%		180		424		9,317	$	21.97		8.1	%		190		697		11,471	$	16.46		3.7	%
2020		10		173		2,179	$	12.60		1.1	%		167		353		8,170	$	23.14		7.1	%		177		526		10,349	$	19.67		3.4	%
2021		13		258		3,072	$	11.91		1.6	%		193		415		10,860	$	26.17		9.4	%		206		673		13,932	$	20.70		4.5	%
2022		14		342		4,631	$	13.54		2.4	%		152		391		9,087	$	23.24		7.9	%		166		733		13,718	$	18.71		4.5	%
2023		9		205		2,837	$	13.84		1.5	%		132		346		8,335	$	24.09		7.2	%		141		551		11,172	$	20.28		3.6	%
2024		8		172		1,866	$	10.85		1.0	%		109		308		7,248	$	23.53		6.3	%		117		480		9,114	$	18.99		3.0	%
2025		16		272		3,834	$	14.10		2.0	%		90		252		5,368	$	21.30		4.6	%		106		524		9,202	$	17.56		3.0	%
2026		16		350		4,656	$	13.30		2.4	%		85		204		4,632	$	22.71		4.0	%		101		554		9,288	$	16.77		3.0	%
2027		10		211		2,436	$	11.55		1.3	%		113		307		7,464	$	24.31		6.5	%		123		518		9,900	$	19.11		3.2	%
Thereafter		425		13,944		162,077	$	11.62		84.8	%		410		1,616		37,422	$	23.16		32.4	%		835		15,560		199,499	$	12.82		65.1	%

Total		536		16,304	$	191,017	$	11.72		100.0	%		1,789		4,954	$	115,611	$	23.34		100.0	%		2,325		21,258	$	306,628	$	14.42		100.0	%

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SITE Centers Corp. Reports

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