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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Combined Activity TRS

The following represents the combined activity of the Company’s TRS and its taxable activity in Puerto Rico (in thousands):

		For the Year Ended December 31,
		2013				2012				2011
Book income (loss) before income taxes — TRS		$	6,705			$	(16,934	)		$	4,738

Summary of Components of Income Tax Expense

Components of income tax expense is as follows:
Current:
Federal		$	—			$	—			$	351
State and local			—				—				—
			—				—				351
Deferred:
Federal			—				—				—
State and local			—				—				—
			—				—				—
Total expense — TRS		$	—			$	—			$	351
Book loss before income taxes — Puerto Rico		$	(9,919	)		$	(19,738	)		$	(20,835	)
Current		$	673			$	—			$	—
Deferred			—				—				—
Total expense — Puerto Rico		$	673			$	—			$	—

Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate

The differences between total income tax expense or benefit and the amount computed by applying the statutory federal income tax rate to income before taxes with respect to its TRS activity were as follows (in thousands):

		For the Year Ended December 31,
		2013				2012				2011
Statutory rate of 34% applied to pre-tax income (loss)		$	2,280			$	(5,757	)		$	1,611
Effect of state and local income taxes, net of federal tax benefit			335				(847	)			237
Valuation allowance (decrease) increase			(1,725	)			16,808				(715	)
Other			(890	)			(10,204	)			(782	)
Total expense — TRS		$	—			$	—			$	351
Effective tax rate			0.00	%			0.00	%			7.40	%

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities of the Company’s TRS and Puerto Rico were as follows (in thousands):

		For the Year Ended December 31,
		2013				2012				2011
Deferred tax assets — TRS		$	73,182			$	75,450			$	58,297
Deferred tax assets — Puerto Rico			50,061				34,041				—
Deferred tax liabilities — TRS			(492	)			(1,035	)			(690	)
Deferred tax liabilities — Puerto Rico			(36,298	)			(26,992	)			—
Valuation allowance — TRS			(72,690	)			(74,415	)			(57,607	)
Valuation allowance — Puerto Rico			(13,763	)			(7,049	)			—
Net deferred tax asset(A)		$	—			$	—			$	—

(A) The components of the net deferred tax assets are primarily attributable to net operating losses, Puerto Rico special partnership losses and interest expense, subject to limitations and basis differentials in assets due to purchase price accounting.

Reconciliation of GAAP Net Loss Attributable to Taxable Income

Reconciliation of GAAP net loss attributable to DDR to taxable income is as follows (in thousands):

		For the Year Ended December 31,
		2013				2012				2011
GAAP net loss attributable to DDR		$	(10,175	)		$	(25,822	)		$	(15,854	)
Plus: Book depreciation and amortization(A)			296,008				247,084				222,751
Less: Tax depreciation and amortization(A)			(194,889	)			(185,230	)			(181,935	)
Book/tax differences on gains/losses from capital transactions			(148,066	)			(122,101	)			(116,395	)
Joint venture equity in earnings (loss), net(A)			15,156				(23,885	)			19,190
Dividends from subsidiary REIT investments			503				480				954
Deferred income			4,910				8,471				(4,327	)
Compensation expense			(5,626	)			(11,325	)			(17,614	)
Impairment charges			73,577				153,142				128,765
Equity derivative instrument valuation			—				—				(21,926	)
Senior Convertible Notes interest expense			10,789				10,884				14,914
Miscellaneous book/tax differences, net			(9,268	)			(2,755	)			(12,131	)
Taxable income before adjustments			32,919				48,943				16,392
Less: Capital gains			—				(48,943	)			—
Taxable income subject to the 90% dividend requirement		$	32,919			$	—			$	16,392

(A) Depreciation expense from majority-owned subsidiaries and affiliates, which is consolidated for financial reporting purposes but not for tax reporting purposes, is included in the reconciliation item “Joint venture equity in (loss) earnings, net.”

Reconciliation Between Cash Dividends Paid and Dividends Paid Deduction

Reconciliation between cash dividends paid and the dividends paid deduction is as follows (in thousands):

		For the Year Ended December 31,
		2013				2012				2011
Dividends paid		$	193,101			$	153,617			$	75,253
Plus: Deemed dividends on convertible debt			9,987				7,875				—
Less: Dividends designated to prior year			(7,030	)			(6,967	)			(6,967	)
Plus: Dividends designated from the following year			6,608				7,030				6,967
Less: Return of capital			(169,747	)			(112,612	)			(58,861	)
Dividends paid deduction		$	32,919			$	48,943			$	16,392

Summary of Tax Characterization of Common Share Dividends Per Share as Reported to Shareholders

The dividends declared in the fourth quarter with respect to the Company’s common shares for the years ended December 31, 2013, 2012 and 2011, have been allocated and reported to shareholders in the subsequent year. The tax characterization of common share dividends per share as reported to shareholders for the years ended December 31, 2013, 2012, and 2011, are summarized as follows:

2013 Dividends		Date Paid				Gross Ordinary Income				Capital Gain Distributions				Return of Capital				Total Dividends
4th quarter 2012			01/04/13			$	0.003589			$	—			$	0.116411			$	0.120000
1st quarter			04/02/13				0.004038				—				0.130962				0.135000
2nd quarter			07/02/13				0.004038				—				0.130962				0.135000
3rd quarter			10/08/13				0.004038				—				0.130962				0.135000
4th quarter			01/07/14				—				—				—				—
						$	0.015703			$	—			$	0.509297			$	0.525000
2012 Dividends		Date Paid				Gross Ordinary Income				Capital Gain Distributions				Return of Capital				Total Dividends
4th quarter 2011			01/06/12			$	—			$	0.012200			$	0.067800			$	0.080000
1st quarter			04/03/12				—				0.018300				0.101700				0.120000
2nd quarter			07/06/12				—				0.018300				0.101700				0.120000
3rd quarter			10/02/12				—				0.018300				0.101700				0.120000
4th quarter			01/04/13				—				—				—				—
						$	—			$	0.067100			$	0.372900			$	0.440000
2011 Dividends		Date Paid				Gross Ordinary Income				Capital Gain Distributions				Return of Capital				Total Dividends
4th quarter 2010			01/05/11			$	—			$	—			$	0.020000			$	0.020000
1st quarter			04/05/11				—				—				0.040000				0.040000
2nd quarter			07/06/11				—				—				0.040000				0.040000
3rd quarter			10/11/11				—				—				0.060000				0.060000
4th quarter			01/06/12				—				—				—				—
						$	—			$	—			$	0.160000			$	0.160000

Puerto Rico [Member]

Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate

The differences between total income tax expense or benefit and the amount computed by applying the statutory income tax rate to income before taxes with respect to its Puerto Rican activity were as follows (in thousands):

		For the Year Ended December  31,
		2013				2012
Statutory rate of 39%(A) applied to pre-tax loss		$	(3,869	)		$	(5,921	)
Valuation allowance increase			6,714				7,049
Statutory rate increase			(2,189	)			—
Other			17				(1,128	)
Total expense — Puerto Rico		$	673			$	—
Effective tax rate			(6.79	)%			0.00	%

(A) Act No. 40-2013 “Tax Burden Redistribution and Adjustment Act” was passed on June 30, 2013, which increased the corporate statutory rate in Puerto Rico from 30% to 39% retroactive to January 1, 2013.

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