XML 138 R34.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Investments in and Advances to Joint Ventures (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Equity Method Investments And Joint Ventures [Abstract] |
Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances | The Company’s equity method joint ventures at December 31, 2013, which are included in Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheets, are as follows:
Unconsolidated Real Estate Ventures |  | Effective Ownership Percentage |  | Assets Owned
Sonae Sierra Brasil S.A. |  | 33.3% |  | 10 shopping centers and a management company in Brazil
DDR Domestic Retail Fund I |  | 20.0 |  | 59 grocery-anchored retail centers in several states
DDR Markaz II LLC |  | 20.0 |  | 13 neighborhood grocery-anchored retail centers in several states
DDR — SAU Retail Fund, LLC |  | 20.0 |  | 27 grocery-anchored retail centers in several states
DDRTC Core Retail Fund, LLC |  | 15.0 |  | 27 shopping centers in several states
Coventry II Joint Ventures |  | 20.0 |  | Four shopping centers in several states
BRE DDR Retail Holdings I |  | 5.0 |  | 14 shopping centers in several states
BRE DDR Retail Holdings II |  | 5.0 |  | Seven shopping centers in several states
Other Joint Venture Interests |  | 25.25 – 79.45 |  | 13 shopping centers in several states and a management company
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | Condensed combined financial information of the Company’s unconsolidated joint venture investments is summarized as follows (in thousands):
|  | December 31, |
|  | 2013(A) |  |  | 2012 |
Condensed combined balance sheets |  |  |  |  |  |  |  |
Land |  | $ | 1,275,232 |  |  | $ | 1,569,548 |
Buildings |  |  | 3,940,806 |  |  |  | 4,681,462 |
Fixtures and tenant improvements |  |  | 266,851 |  |  |  | 244,293 |
|  |  | 5,482,889 |  |  |  | 6,495,303 |
Less: Accumulated depreciation |  |  | (839,867 | ) |  |  | (833,816 | )
|  |  | 4,643,022 |  |  |  | 5,661,487 |
Land held for development and construction in progress |  |  | 116,088 |  |  |  | 348,822 |
Real estate, net |  |  | 4,759,110 |  |  |  | 6,010,309 |
Cash and restricted cash(B) |  |  | 282,866 |  |  |  | 467,200 |
Receivables, net |  |  | 101,003 |  |  |  | 99,098 |
Other assets |  |  | 196,615 |  |  |  | 427,014 |
|  | $ | 5,339,594 |  |  | $ | 7,003,621 |
Mortgage debt |  | $ | 3,282,643 |  |  | $ | 4,246,407 |
Notes and accrued interest payable to DDR(C) |  |  | 127,679 |  |  |  | 143,338 |
Other liabilities |  |  | 245,368 |  |  |  | 342,614 |
|  |  | 3,655,690 |  |  |  | 4,732,359 |
Redeemable preferred equity |  |  | 71,771 |  |  |  | 154,556 |
Accumulated equity |  |  | 1,612,133 |  |  |  | 2,116,706 |
|  | $ | 5,339,594 |  |  | $ | 7,003,621 |
Company’s share of accumulated equity |  | $ | 365,297 |  |  | $ | 432,500 |
(A) | The net decrease in the balance sheet at December 31, 2013, is primarily attributable to the Company’s acquisition of 30 assets from BRE DDR Retail Holdings I, described later in this footnote, as well as other joint venture asset sales partially offset by a new joint venture entered into in 2013.
(B) | Includes $191.9 million and $347.9 million at December 31, 2013 and 2012, respectively, held by Sonae Sierra Brazil BV SARL.
(C) | The Company has amounts receivable from several joint ventures aggregating $2.7 million and $34.3 million at December 31, 2013 and 2012, respectively, which are included in Investments in and Advances to Joint Ventures on the consolidated balance sheets. The remaining amounts were fully reserved by the Company in prior years.
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments |
|  | For the Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Condensed combined statements of operations |  |  |  |  |  |  |  |  |  |  |  |
Revenues from operations |  | $ | 692,368 |  |  | $ | 666,951 |  |  | $ | 620,354 |
Operating expenses |  |  | 237,538 |  |  |  | 230,499 |  |  |  | 198,988 |
Impairment charges(A) |  |  | 86,346 |  |  |  | 840 |  |  |  | 145,507 |
Depreciation and amortization |  |  | 222,756 |  |  |  | 190,514 |  |  |  | 157,993 |
Interest expense |  |  | 224,133 |  |  |  | 220,612 |  |  |  | 201,086 |
|  |  | 770,773 |  |  |  | 642,465 |  |  |  | 703,574 |
(Loss) income before tax expense and discontinued operations |  |  | (78,405 | ) |  |  | 24,486 |  |  |  | (83,220 | )
Income tax expense (primarily Sonae Sierra Brasil), net |  |  | (27,553 | ) |  |  | (25,444 | ) |  |  | (38,598 | )
Loss from continuing operations |  |  | (105,958 | ) |  |  | (958 | ) |  |  | (121,818 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations(B) |  |  | (14,567 | ) |  |  | (71,787 | ) |  |  | (136,684 | )
Gain on debt forgiveness |  |  | — |  |  |  | — |  |  |  | 2,976 |
(Loss) gain on disposition of real estate, net of tax(C) |  |  | (19,190 | ) |  |  | 11,739 |  |  |  | 18,705 |
Loss before gain on disposition of real estate, net |  |  | (139,715 | ) |  |  | (61,006 | ) |  |  | (236,821 | )
Gain on disposition of real estate, net |  |  | 794 |  |  |  | 54,582 |  |  |  | 1,733 |
Net loss |  | $ | (138,921 | ) |  | $ | (6,424 | ) |  | $ | (235,088 | )
Non-controlling interests |  |  | (26,005 | ) |  |  | (42,995 | ) |  |  | (16,132 | )
Net loss attributable to unconsolidated joint ventures |  | $ | (164,926 | ) |  | $ | (49,419 | ) |  | $ | (251,220 | )
Company’s share of equity in net income (loss) of joint ventures |  | $ | 3,314 |  |  | $ | 33,512 |  |  | $ | (12,979 | )
Amortization/adjustments of basis differentials(D) |  |  | 3,505 |  |  |  | 1,738 |  |  |  | 26,713 |
Equity in net income of joint ventures(E) |  | $ | 6,819 |  |  | $ | 35,250 |  |  | $ | 13,734 |
(A) | For the years ended December 31, 2013, 2012 and 2011, the Company’s proportionate share was $10.6 million, $0.4 million and $5.7 million, respectively.
(B) | For the years ended December 31, 2013, 2012 and 2011, impairment charges included in discontinued operations related to asset sales were $6.8 million, $56.3 million and $127.0 million, respectively, of which the Company’s proportionate share was $0.7 million and $7.2 million for the years ended December 31, 2012 and 2011, respectively. For the year ended December 31, 2013, the Company’s proportionate share was not material. The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges recorded on these investments, as appropriate, and as discussed below.
(C) | For the year ended December 31, 2013, the loss primarily was attributable to an investment in the Coventry II Fund in which the Company had a 20% interest. The joint venture recorded a loss of $32.6 million on the transfer of its ownership of one of its properties to the lender. The Company’s share of the loss is zero as the Company had previously written off its investment in this operating property.
(D) | The difference between the Company’s share of net income (loss), as reported above, and the amounts included in the consolidated statements of operations is attributable to the amortization of basis differentials, deferred gains and differences in gain (loss) on sale of certain assets due to the basis differentials and other than temporary impairment charges.
(E) | The Company is not recording income or loss from those investments in which its investment basis is zero as the Company does not have the intent or obligation to fund any additional capital in the joint ventures.
Investments in and Advances to Joint Ventures | Investments in and Advances to Joint Ventures include the following items, which represent the difference between the Company’s investment and its share of all of the unconsolidated joint ventures’ underlying net assets (in millions):
|  | For the Year Ended December 31, |
|  | 2013 |  |  | 2012 |
Company’s share of accumulated equity |  | $ | 365.3 |  |  | $ | 432.5 |
Redeemable preferred equity and other(A) |  |  | 72.2 |  |  |  | 155.0 |
Basis differentials |  |  | 10.6 |  |  |  | (5.9 | )
Deferred development fees, net of portion related to the Company’s interest |  |  | (2.8 | ) |  |  | (2.9 | )
Notes and accrued interest payable to DDR |  |  | 2.7 |  |  |  | 34.3 |
Investments in and Advances to Joint Ventures |  | $ | 448.0 |  |  | $ | 613.0 |
(A) | Primarily relates to $71.8 million and $154.6 million in preferred equity investments in joint ventures with affiliates of The Blackstone Group L.P. (collectively “Blackstone”), as of December 31, 2013 and 2012, respectively. Approximately $110.0 million of the preferred investment issued in 2012 was applied to fund the Company’s acquisition of its partner’s interest in 30 assets in 2013 (Note 3).
Service Fees and Income Earned by Company's Unconsolidated Joint Ventures | Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):
|  | For the Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Management and other fees |  | $ | 29.3 |  |  | $ | 28.6 |  |  | $ | 29.9 |
Development fees and leasing commissions |  |  | 10.0 |  |  |  | 8.7 |  |  |  | 7.0 |
Interest income |  |  | 16.1 |  |  |  | 9.7 |  |  |  | 0.1 |

X
- Definition Company's unconsolidated joint venture investments condensed combined balance sheets. + References No definition available. + Details
Name: | ddr_CompanysUnconsolidatedJointVentureInvestmentsCondensedCombinedBalanceSheetsTableTextBlock
Namespace Prefix: | ddr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Company's unconsolidated joint venture investments condensed combined statements of operations. + References No definition available. + Details
Name: | ddr_CompanysUnconsolidatedJointVentureInvestmentsCondensedCombinedStatementsOfOperationsTableTextBlock
Namespace Prefix: | ddr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Investments in and advances to joint ventures. + References No definition available. + Details
Name: | ddr_InvestmentsInAndAdvancesToJointVenturesTableTextBlock
Namespace Prefix: | ddr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Service fees and income earned by company's unconsolidated joint ventures. + References No definition available. + Details
Name: | ddr_ServiceFeesAndIncomeEarnedByCompanysUnconsolidatedJointVenturesTableTextBlock
Namespace Prefix: | ddr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of Company's significant equity method joint ventures included in Investments in and Advances. + References No definition available. + Details
Name: | ddr_SummaryOfCompanysSignificantEquityMethodJointVenturesIncludedInInvestmentsInAndAdvancesTableTextBlock
Namespace Prefix: | ddr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration