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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2012
Summary of Acquired Shopping Centers | In 2012 and 2011, the Company acquired the following shopping centers:
Location |  |  |  |  | Date Acquired |  | Gross Purchase Price (in millions) |  |  | Face Value of Mortgage Debt Assumed (in millions) |  |  |  |
Raleigh, North Carolina |  |  |  |  |  | December 2012 |  | $ | 44.8 |  |  |  | N/A |  |  |  |  |
Charlotte, North Carolina |  |  |  |  |  | December 2012 |  |  | 106.4 |  |  |  | N/A |  |  |  |  |
Independence, Missouri |  |  | (A | ) |  | September 2012 |  |  | 57.8 |  |  | $ | 33.6 |  |  |  | (B | )
St. Louis, Missouri |  |  | (A | ) |  | September 2012 |  |  | 6.5 |  |  |  | 3.4 |  |  |  | (B | )
Tucson, Arizona |  |  |  |  |  | August 2012 |  |  | 125.4 |  |  |  | 24.4 |  |  |  |  |
Phoenix, Arizona |  |  | (A | ) |  | July 2012 |  |  | 137.3 |  |  |  | 105.4 |  |  |  | (B | )
Phoenix, Arizona |  |  | (A | ) |  | April 2012 |  |  | 59.9 |  |  |  | 47.2 |  |  |  | (B | )
Portland, Oregon |  |  | (A | ) |  | April 2012 |  |  | 77.9 |  |  |  | 56.6 |  |  |  | (B | )
Chicago, Illinois |  |  |  |  |  | March 2012 |  |  | 47.4 |  |  |  | N/A |  |  |  |  |
Columbus, Ohio |  |  |  |  |  | December 2011 |  |  | 79.6 |  |  |  | 45.2 |  |  |  |  |
Charlotte, North Carolina |  |  |  |  |  | September 2011 |  |  | 74.0 |  |  |  | 50.8 |  |  |  |  |
Charlotte, North Carolina |  |  |  |  |  | September 2011 |  |  | 11.0 |  |  |  | 6.6 |  |  |  |  |
Colorado Springs, Colorado |  |  |  |  |  | September 2011 |  |  | 25.0 |  |  |  | 9.6 |  |  |  |  |
Macedonia, Ohio and Maple Grove, Minnesota |  |  | (A | ) |  | January and March 2011 |  |  | 79.7 |  |  |  | 50.2 |  |  |  | (B | )
(A) | Acquired from unconsolidated joint venture. Due to the change in control that occurred, the Company recorded an aggregate gain of $80.0 million and $22.7 million for the years ended December 31, 2012 and 2011, respectively, associated with these acquisitions related to the difference between the Company’s carrying value and fair value of its previously held equity interest on the respective acquisition date.
(B) | Mortgage repaid at closing.
Schedule of Acquisition Costs | The acquisition costs were allocated as follows (in thousands):
|  |  |  |  |  |  |  | Weighted Average Amortization Period (in Years) |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Land |  | $ | 118,360 |  |  | $ | 73,415 |  |  |  | N/A |  |  |  | N/A |
Buildings |  |  | 461,794 |  |  |  | 183,068 |  |  |  | N/A |  |  |  | N/A |
Tenant improvements |  |  | 14,479 |  |  |  | 3,678 |  |  |  | N/A |  |  |  | N/A |
In-place leases (including lease origination costs and fair market value of leases)(A) |  |  | 51,059 |  |  |  | 18,069 |  |  |  | 6.2 |  |  |  | 5.0 |
Tenant relations |  |  | 45,100 |  |  |  | 16,977 |  |  |  | 9.3 |  |  |  | 9.6 |
|  |  | 690,792 |  |  |  | 295,207 |  |  |  |  |  |  |  |  |
Less: Mortgage debt assumed |  |  | (25,414 | ) |  |  | (122,885 | ) |  |  | N/A |  |  |  | N/A |
Less: Below-market leases |  |  | (26,162 | ) |  |  | (14,300 | ) |  |  | 18.4 |  |  |  | 16.5 |
Net assets acquired |  | $ | 639,216 |  |  | $ | 158,022 |  |  |  |  |  |  |  |  |
(A) | Includes above-market value of leases of $11.8 million and $1.4 million for 2012 and 2011, respectively.
Consideration |
|  | 2012 |  |  | 2011 |
Consideration: |  |  |  |  |  |  |  |
Cash (including debt repaid at closing) |  | $ | 596,008 |  |  | $ | 143,063 |
Fair value of previously held equity interests(A) |  |  | 43,208 |  |  |  | 14,959 |
Total consideration |  | $ | 639,216 |  |  | $ | 158,022 |
(A) | Prior to the acquisition, the Company’s investment basis was negative due to deferred gains and distributions in excess of equity in net income. The Company’s intent was to fund any share of future operating deficits if the need arose, even though there was no such legal obligation to fund such amounts.
Unaudited Supplement to Pro Forma Operating Data | The following unaudited supplemental pro forma operating data is presented for the year ended December 31, 2012, as if the acquisition of the interests in the properties acquired in 2012 were completed on January 1, 2011. The following unaudited supplemental pro forma operating data is presented for the years ended December 31, 2011 and 2010, as if the acquisition of the interests in the properties acquired in 2011 were completed on January 1, 2010. The Gain on Change in Control related to the acquisitions from unconsolidated joint ventures were adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods.
|  | For the Years Ended December 31, (in thousands, except per share amounts) (Unaudited) |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Pro forma revenues |  | $ | 835,454 |  |  | $ | 822,719 |  |  | $ | 766,917 |
Pro forma (loss) income from continuing operations |  | $ | (92,582 | ) |  | $ | 48,461 |  |  | $ | (144,755 | )
Pro forma loss from discontinued operations |  | $ | (16,416 | ) |  | $ | (18,590 | ) |  | $ | (86,786 | )
Pro forma net (loss) income attributable to DDR common shareholders |  | $ | (138,077 | ) |  | $ | 2,504 |  |  | $ | (234,129 | )
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share data: |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continuing operations attributable to DDR common shareholders |  | $ | (0.41 | ) |  | $ | 0.07 |  |  | $ | (0.71 | )
Loss from discontinued operations attributable to DDR common shareholders |  |  | (0.05 | ) |  |  | (0.06 | ) |  |  | (0.25 | )
Net (loss) income attributable to DDR common shareholders |  | $ | (0.46 | ) |  | $ | 0.01 |  |  | $ | (0.96 | )
Diluted earnings per share data: |  |  |  |  |  |  |  |  |  |  |  |
Loss from continuing operations attributable to DDR common shareholders |  | $ | (0.41 | ) |  | $ | (0.01 | ) |  | $ | (0.71 | )
Loss from discontinued operations attributable to DDR common shareholders |  |  | (0.05 | ) |  |  | (0.06 | ) |  |  | (0.25 | )
Net loss attributable to DDR common shareholders |  | $ | (0.46 | ) |  | $ | (0.07 | ) |  | $ | (0.96 | )

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