XML 136 R34.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Business Acquisition [Line Items] |
Schedule of Business Acquisitions | In 2014 and 2013, the Company acquired the following shopping centers (in millions):
Location or Transaction |  | Date Acquired |  | Gross Purchase Price |  |  | Face Value of Mortgage Debt Assumed |
Colorado Springs, CO |  | April 2014 |  | $ | 29.4 |  |  | $ | 12.9 |
Roseville, CA |  | May 2014 |  |  | 89.5 |  |  |  | — |
Cincinnati, OH |  | May 2014 |  |  | 29.5 |  |  |  | — |
Chicago, IL |  | June 2014 |  |  | 98.0 |  |  |  | 35.5 |
Philadelphia, PA |  | August 2014 |  |  | 31.5 |  |  |  | — |
Blackstone II Acquisition (seven assets)(A) |  | September 2014 |  |  | 395.3 |  |  |  | 233.3 |
Erie, PA(A) |  | December 2014 |  |  | 15.6 |  |  |  | — |
Oakland, CA |  | February 2013 |  |  | 41.1 |  |  |  | — |
Dallas, TX |  | March 2013 |  |  | 40.3 |  |  |  | — |
Tampa, FL; Atlanta, GA; Newport News, VA and Richmond, VA (two assets)(A) |  | April 2013 |  |  | 110.5 |  |  |  | — |
Parcels adjacent to existing shopping centers |  | June 2013 |  |  | 11.7 |  |  |  | — |
Orlando, FL and Atlanta, GA |  | July 2013 |  |  | 258.5 |  |  |  | 139.4 |
Blackstone I Acquisition (30 assets)(A) |  | October 2013 |  |  | 1,548.4 |  |  |  | 792.9 |
(A) | Acquired from various unconsolidated joint ventures in separate transactions. See description of Blackstone Acquisitions below. Due to the change in control that occurred, the Company recorded an aggregate Gain on Change in Control of $4.3 million and $19.9 million for the years ended December 31, 2014 and 2013, 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.
Schedule of Acquisition Cost of Shopping Centers | The fair value of acquisitions was allocated as follows (in thousands):
|  |  |  |  |  |  |  |  | Weighted-Average Amortization Period (in Years)
| 2014 |  |  | 2013 |  |  | 2014 |  | 2013
Land | $ | 147,559 |  |  | $ | 402,289 |  |  | N/A |  | N/A
Buildings |  | 399,274 |  |  |  | 1,338,851 |  |  | (B) |  | (B)
Tenant improvements |  | 9,625 |  |  |  | 35,334 |  |  | (B) |  | (B)
Construction in progress |  | 76,214 |  |  |  | — |  |  | N/A |  | N/A
In-place leases (including lease origination costs and fair market value of leases)(A) |  | 59,684 |  |  |  | 186,370 |  |  | 7.1 |  | 5.2
Tenant relations |  | 35,828 |  |  |  | 156,990 |  |  | 7.7 |  | 5.6
Other assets |  | 4,402 |  |  |  | 19,536 |  |  | N/A |  | N/A
|  | 732,586 |  |  |  | 2,139,370 |  |  |  |  |
Less: Mortgage debt assumed at fair value |  | (293,288 | ) |  |  | (969,734 | ) |  | N/A |  | N/A
Less: Below-market leases |  | (28,115 | ) |  |  | (79,499 | ) |  | 19.1 |  | 15.9
Less: Other liabilities assumed |  | (3,478 | ) |  |  | (26,456 | ) |  | N/A |  | N/A
Net assets acquired | $ | 407,705 |  |  | $ | 1,063,681 |  |  |  |  |
(A) | Includes above-market value leases of $8.8 million and $29.2 million at December 31, 2014 and 2013, respectively.
(B) | Depreciated in accordance with the Company’s policy (Note 1).
Consideration |
| 2014 |  |  | 2013 |
Consideration: |  |  |  |  |  |  |
Cash (including debt repaid at closing) | $ | 330,929 |  |  | $ | 857,219 |
Repayment of preferred equity interest and mezzanine loan |  | 51,775 |  |  |  | 160,123 |
Issuance of OP Units |  | 18,256 |  |  |  | — |
Gain on Sale and Change in Control of Interests |  | 4,296 |  |  |  | 19,906 |
Fair value of previously held equity interest(A) |  | 2,449 |  |  |  | 26,433 |
Total consideration(B) | $ | 407,705 |  |  | $ | 1,063,681 |
(A) | The significant inputs used to value the previously held equity interests were determined to be Level 3 for all of the applicable acquisitions. In 2014 and 2013, the weighted-average discount rates applied to cash flows were approximately 7.6% and 7.8%, respectively; the weighted-average residual capitalization rates applied were approximately 7.0% for both periods.
(B) | Total consideration excludes $2.5 million and $3.3 million, in 2014 and 2013, respectively, of costs related to the acquisition of these assets. These transaction costs were expensed as incurred and included in Other Income (Expense) in the consolidated statements of operations.
Unaudited Supplemental to Pro Forma Operating Data | The following unaudited supplemental pro forma operating data is presented for the year ended December 31, 2014, as if the acquisition of the interests in the properties acquired in 2014 were completed on January 1, 2013. The following unaudited supplemental pro forma operating data is presented for the years ended December 31, 2013 and 2012, as if the acquisition of the interests in the properties acquired in 2013 were completed on January 1, 2012, and as if the acquisition of the interests in the properties acquired in 2012 were completed on January 1, 2011. The Gain on Change in Control of Interests related to the acquisitions from unconsolidated joint ventures was 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 (in thousands, except per share amounts).
| For the Year Ended December 31, (Unaudited) |
| 2014 |  |  | 2013 |  |  | 2012 |
Pro forma revenues | $ | 1,019,646 |  |  | $ | 997,369 |  |  | $ | 906,028 |
Pro forma income (loss) from continuing operations | $ | 8,651 |  |  | $ | (66,946 | ) |  | $ | (126,346 | )
Pro forma net income (loss) attributable to common shareholders | $ | 78,829 |  |  | $ | (131,507 | ) |  | $ | (214,789 | )
Basic earnings per share data: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common shareholders | $ | 0.22 |  |  | $ | (0.37 | ) |  | $ | (0.62 | )
Diluted earnings per share data: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common shareholders | $ | 0.22 |  |  | $ | (0.37 | ) |  | $ | (0.62 | )
Blackstone Acquisition [Member] |
Business Acquisition [Line Items] |
Schedule of Business Acquisitions | The acquisitions were completed on similar terms as follows
Terms |  | Blackstone I Acquisition |  |  | Blackstone II Acquisition |
Date acquired |  | October 2013 |  |  | September 2014 |
Number of centers |  |  | 30 |  |  |  | 7 |
Transaction value at 100% |  | $1.55 billion |  |  | $395.3 million |
Mortgage debt assumed at 95% (face value) |  | $792.9 million |  |  | $233.3 million |
Mortgage debt repaid at closing |  | $139.0 million |  |  | $28.0 million |
Mortgage debt repaid subsequent to closing |  | $256.0 million |  |  | N/A |
DDR preferred equity interest repaid to DDR |  | $128.4 million |  |  | $31.2 million |
DDR mezzanine loan repaid to DDR |  | $31.7 million |  |  | N/A |
Gain on Sale and Change in Control of Interests |  | $18.8 million |  |  | $4.0 million |

X
- Definition Business acquisition cost of acquired entity. + References No definition available. + Details
Name: | ddr_BusinessAcquisitionCostOfAcquiredEntityTableTextBlock
Namespace Prefix: | ddr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=ddr_BlackstoneAcquisitionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |