EX-99.2

EX-99.2 3 d182031dex992.htm EX-99.2 EX-99.2

LOGO

DDR Corp.

Table of Contents


Section	Page

Earnings Release & Financial Statements
Press Release		1 - 8

Asset Summary
Portfolio Summary		9
Portfolio Detail		10
Leasing Summary		11
Top 50 Tenants		12
Top 50 Assets by ABR at DDR Share		13
Unconsolidated Joint Ventures		14

Investments
Transactions		15
Developments/Redevelopments		16

Balance Sheet Summary
Capital Structure		17
Debt/EBITDA		18
Debt Summary		19
Consolidated Debt Detail		20 - 21
Unconsolidated Debt Detail		22 - 23

Analyst Information and Reporting Policies
Analyst Coverage		24
Notable Policies		25 - 26

Property list available online at http://www.ddr.com

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 the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, 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; ability to sell assets on commercially reasonable terms; ability to secure equity or debt financing on commercially acceptable terms or at all; or 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; and the finalization of the financial statements for the three months ended March 31, 2016. 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, 2015. 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:


Media Contact:		Investor Contact:
Matt Schuler		Matt Lougee
mschuler@ddr.com		mlougee@ddr.com
216.755.5500		216.755.5500

DDR REPORTS FIRST QUARTER 2016 OPERATING RESULTS

BEACHWOOD, OHIO, April 28, 2016 – DDR Corp. (NYSE: DDR) today announced operating results for the first quarter ended March 31, 2016.

Financial Highlights

•

First quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $7.1 million to $114.2 million, or $0.31 per diluted share, compared to $107.1 million, or $0.30 per diluted share, for the prior-year comparable period.

•

First quarter net income attributable to common shareholders was $40.0 million, or $0.11 per diluted share, compared to net loss of $249.4 million, or $0.69 per diluted share, for the prior-year comparable period.

Significant Quarterly Activity

•

Generated same store net operating income growth of 3.4% on a pro rata basis

•

Executed 301 new leases and renewals for 1.9 million square feet

•

Generated new leasing spreads of 19.5% and renewal leasing spreads of 8.7%, both on a pro rata basis

•

Increased the portfolio leased rate by 10 basis points to 96.1% at March 31, 2016, from 96.0% at December 31, 2015 and 95.8% at March 31, 2015, on a pro rata basis

•

Increased the annualized base rent per occupied square foot by 4.0% on a pro rata basis to $14.86 at March 31, 2016, from $14.29 at March 31, 2015

•

Acquired one prime power center in Phoenix, Arizona, for $61 million

•

Sold 16 operating assets and three land parcels totaling $224 million at DDR’s share

•

Repaid $240 million, 9.625% unsecured notes at maturity in March 2016

“I am extremely pleased with our operational and transactional execution in the first quarter. The portfolio evolution is nearly completed as we remain on track for our disposition guidance, and the results of these transactional efforts were on display as same-store NOI was strong at 3.4%,” commented David J. Oakes, president and chief executive officer of DDR.

2016 Guidance

The Company is raising the lower end of the range of its 2016 Operating FFO and NAREIT defined FFO to a revised estimated range of $1.20 to $1.25 per diluted share from a range of $1.19 to $1.25 per diluted share.

Non-GAAP Disclosures

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that 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. Neither FFO nor Operating FFO represents

cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity.

FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property, 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 from joint ventures and equity income 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 calculates Operating FFO by excluding the non-operating charges and gains described below. The Company computes FFO in accordance with the NAREIT definition. Other real estate companies may calculate FFO

and Operating FFO in a different manner. Operating FFO is useful to investors as the Company removes these charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. A reconciliation of net income (loss) to FFO and Operating FFO is presented herein.

About DDR Corp.

DDR is an owner and manager of 352 value-oriented shopping centers representing 113 million square feet in 37 states and Puerto Rico. The Company’s assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create 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

A copy of the Company’s Supplemental package is available upon request to Brooke Vanek at the Company’s corporate office, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or at www.ddr.com.

The Company will hold its quarterly conference call tomorrow, April 29, 2016, at 10:00 a.m. Eastern Time. To participate, please dial 877-249-1119 (domestic) or 412-542-4143 (international) at least ten minutes prior to the scheduled start of the call. The conference call webcast will be recorded and available for replay through the Investors portion of DDR’s website, http://ir.ddr.com/events.cfm.

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, 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 capital recycling strategy; and the finalization of the financial statements for the three months ended March 31, 2016. 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, 2015. 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	1Q16									1Q15
	Consolidated			Share of JVs			Prorata			Consolidated			Share of JVs			Prorata
Revenues:
Minimum rents (1)	$	177,367		$	13,645		$	191,012		$	180,697		$	15,078		$	195,775
Percentage rent		1,936			27			1,963			1,385			100			1,485
Recoveries		61,599			4,228			65,827			64,080			4,671			68,751
Other property revenues (2)		5,343			155			5,498			4,589			371			4,960

		246,245			18,055			264,300			250,751			20,220			270,971

Expenses (3):
Operating and maintenance		36,508			2,717			39,225			38,726			3,146			41,872
Real estate taxes		36,534			2,598			39,132			37,629			2,756			40,385

		73,042			5,315			78,357			76,355			5,902			82,257

Net operating income		173,203			12,740			185,943			174,396			14,318			188,714

Other income (expense):
Fee income		8,178			(935	)		7,243			8,074			(982	)		7,092
Interest income		9,050			(413	)		8,637			7,161			(316	)		6,845
Interest expense (4)		(57,897	)		(5,298	)		(63,195	)		(63,020	)		(5,926	)		(68,946	)
Depreciation and amortization		(96,902	)		(5,549	)		(102,451	)		(103,015	)		(7,098	)		(110,113	)
General and administrative (5)		(17,876	)		0			(17,876	)		(18,595	)		0			(18,595	)
Other income (expense), net (6)		1,773			(48	)		1,725			(3,428	)		(49	)		(3,477	)
Impairment charges (7)		0			0			0			(279,021	)		(90	)		(279,111	)

Income before earnings from JVs and other		19,529			497			20,026			(277,448	)		(143	)		(277,591	)

Equity in net income of JVs		14,421			(14,421	)		0			61			(61	)		0
Basis differences of JVs		0			3,229			3,229			0			177			177
Gain on change in control		0			0			0			14,279			0			14,279
Tax expense		(458	)		0			(458	)		(4,900	)		0			(4,900	)
Gain on disposition of real estate, net		12,381			10,695			23,076			25,094			27			25,121

Net income (loss)		45,873			0			45,873			(242,914	)		0			(242,914	)
Non-controlling interests		(300	)		0			(300	)		(873	)		0			(873	)

Net income (loss) DDR		45,573			0			45,573			(243,787	)		0			(243,787	)
Preferred dividends		(5,594	)								(5,594	)

Net income (loss) Common Shareholders		39,979									(249,381	)
Depreciation and amortization of real estate		94,854									100,867
Equity in net income of JVs		(14,421	)								(61	)
JVs’ FFO		6,150									7,017
Non-controlling interests		76									249
Impairment of depreciable real estate		0									179,748
Gain on disposition of depreciable real estate, net		(12,096	)								(25,236	)

FFO Common Shareholders		114,542									13,203
Non-operating items, net (8)		(314	)								93,930

Operating FFO	$	114,228								$	107,133
FFO per share – Diluted (9)	$	0.31								$	0.04
Operating FFO per share – Diluted (9)	$	0.31								$	0.30

DDR Corp.

Balance Sheet: Consolidated Interests


$ in thousands	At Period End
	1Q16									4Q15
	Consolidated			Share of JVs			Prorata			Consolidated			Share of JVs			Prorata
Assets:
Land	$	2,145,471		$	174,406		$	2,319,877		$	2,184,145		$	181,843		$	2,365,988
Buildings		6,908,815			470,734			7,379,549			6,965,632			491,662			7,457,294
Fixtures and tenant improvements		744,059			29,574			773,633			743,037			31,105			774,142

		9,798,345			674,714			10,473,059			9,892,814			704,610			10,597,424
Depreciation		(2,060,005	)		(147,979	)		(2,207,984	)		(2,062,899	)		(152,035	)		(2,214,934	)

		7,738,340			526,735			8,265,075			7,829,915			552,575			8,382,490
Construction in progress and land		174,736			5,916			180,652			235,385			5,654			241,039

Real estate, net		7,913,076			532,651			8,445,727			8,065,300			558,229			8,623,529

Investments in JVs		68,422			2,335			70,757			72,576			636			73,212
Preferred equity interest		398,410			0			398,410			395,156			0			395,156
Cash		23,720			9,146			32,866			22,416			7,815			30,231
Restricted cash		10,515			949			11,464			10,104			803			10,907
Notes receivable, net		42,592			0			42,592			42,534			0			42,534
Receivables, net		125,473			6,595			132,068			129,089			8,151			137,240
Other assets, net (10)		353,419			21,028			374,447			359,913			21,598			381,511

Total Assets		8,935,627			572,704			9,508,331			9,097,088			597,232			9,694,320

Liabilities and Equity:
Revolving credit facilities		350,000			0			350,000			210,000			0			210,000
Unsecured debt		2,910,307			0			2,910,307			3,149,188			0			3,149,188
Unsecured term loan		398,050			0			398,050			397,934			0			397,934
Secured debt		1,373,316			425,419			1,798,735			1,382,415			441,918			1,824,333

		5,031,673			425,419			5,457,092			5,139,537			441,918			5,581,455
Dividends payable		75,042			0			75,042			68,604			0			68,604
Other liabilities (11)		389,991			18,833			408,824			425,478			19,686			445,164

Total Liabilities		5,496,706			444,252			5,940,958			5,633,619			461,604			6,095,223

JVs share of equity		0			22,255			22,255			0			20,393			20,393
Preferred shares		350,000			0			350,000			350,000			0			350,000
Common shares		36,537			0			36,537			36,529			0			36,529
Paid-in capital		5,470,030			0			5,470,030			5,466,511			0			5,466,511
Distributions in excess of net income		(2,421,296	)		106,197			(2,315,099	)		(2,391,793	)		115,235			(2,276,558	)
Deferred compensation		15,471			0			15,471			15,537			0			15,537
Other comprehensive income		(5,485	)		0			(5,485	)		(6,283	)		0			(6,283	)
Common shares in treasury at cost		(14,854	)		0			(14,854	)		(15,316	)		0			(15,316	)
Non-controlling interests		8,518			0			8,518			8,284			0			8,284

Total Equity		3,438,921			128,452			3,567,373			3,463,469			135,628			3,599,097

Total Liabilities and Equity	$	8,935,627		$	572,704		$	9,508,331		$	9,097,088		$	597,232		$	9,694,320

DDR Corp.

Income Statement: Unconsolidated Interests at 100%


$ in thousands
	1Q16			1Q15
Revenues:
Minimum rents	$	96,575		$	103,737
Percentage rent		331			589
Recoveries		29,969			30,859
Other property revenues		1,035			2,415

		127,910			137,600
Expenses:
Operating and maintenance		18,999			20,695
Real estate taxes		18,657			18,271

		37,656			38,966

Net operating income		90,254			98,634

Other income (expense):
Interest expense		(33,322	)		(40,903	)
Depreciation and amortization		(49,035	)		(56,737	)
Impairment charges		0			(448	)
Preferred share expense		(8,264	)		(6,314	)
Other (expense) income, net		(5,811	)		(6,069	)

		(6,178	)		(11,837	)
Gain (loss) on disposition of real estate, net		53,483			(213	)

Net income (loss) attributable to unconsolidated JVs		47,305			(12,050	)
Depreciation and amortization		49,035			56,737
Impairment of depreciable real estate		0			448
(Gain) loss on disposition of depreciable real estate, net		(53,483	)		213

FFO		42,857			45,348
FFO at DDR’s ownership interests		6,150			7,017
Operating FFO at DDR’s ownership interests		6,150			7,022

DDR Corp.

Balance Sheet: Unconsolidated Interests at 100%


$ in thousands
	At Period End
	1Q16			4Q15
Assets:
Land	$	1,306,704		$	1,343,889
Buildings		3,446,655			3,551,227
Improvements		184,497			191,581

		4,937,856			5,086,697
Depreciation		(807,415	)		(817,235	)

		4,130,441			4,269,462
Land held for development and construction in progress		54,846			52,390

Real estate, net		4,185,287			4,321,852
Cash and restricted cash		69,576			58,916
Receivables, net		45,077			52,768
Other assets, net		304,255			318,546

Total Assets		4,604,195			4,752,082

Liabilities and Equity:
Mortgage debt		3,119,992			3,177,603
Notes and accrued interest payable to DDR		2,577			1,556
Other liabilities		212,237			219,799

Total Liabilities		3,334,806			3,398,958

Redeemable preferred equity		398,410			395,156
Accumulated equity		870,979			957,968

Total Liabilities and Equity	$	4,604,195		$	4,752,082

DDR Corp.

Financial Statements: Footnotes


$ in millions, except per share
		1Q16			1Q15

(1)	Minimum rents:
	Straight-line rent, net	$	1.3		$	1.4
	Below-market rent, net		0.3			0.3
	Ground lease revenue		10.1			9.1

(2)	Other property revenues:
	Lease termination fees		1.2			0.2

(3)	Operating expenses:
	Recoverable expenses		(66.1	)		(70.2	)
	Non-recoverable expenses		(6.9	)		(6.2	)
	Straight-line ground rent expense		(0.1	)		(0.3	)
	Expensed costs of suspended developments		(0.1	)		(0.1	)

(4)	Non-cash interest expense:
	Debt fair value amortization		1.6			5.3
	Loan cost amortization		(2.2	)		(2.5	)
	Interest expense (capitalized)		1.2			1.6

(5)	General and administrative expenses:
	Stock compensation expenses		(1.6	)		(2.2	)
	Internal leasing expenses		(2.1	)		(2.0	)
	Construction administrative costs (capitalized)		2.0			2.4

(6)	Other income (expense):
	Transactions and other, net		(1.8	)		(0.1	)
	Debt extinguishment, net		(0.0	)		(3.3	)

(7)	Impairment charges:
	Assets marketed for sale		(0.0	)		(179.7	)
	Land previously held for development		(0.0	)		(99.3	)

(8)	Non-operating items excluded from Operating FFO:
	Non-cash impairment charges – non-depreciable assets		0.0			99.3
	Transaction, debt extinguishment, litigation, other, net		0.0			3.9
	Non-cash gain on sale and change in control of interests, net		0.0			(14.3	)
	Tax expense (primarily Puerto Rico restructuring)		0.0			4.4
	(Gain) loss on sale of non-depreciable real estate, net		(0.3	)		0.6

			(0.3	)		93.9

DDR Corp.

Financial Statements: Footnotes


$ in millions, except per share
		1Q16		1Q15

(9)	Outstanding per share information:
	Common shares (at quarter end)		365.4		361.0
	OP units (at quarter end)		0.4		1.4

	Total shares and units (at quarter end)		365.8		362.4
	Weighted average shares and units – Basic – EPS		364.7		359.8
	Assumed conversion of dilutive securities		0.3		0.0

	Weighted average shares and units – Diluted – EPS		365.0		359.8
	Weighted average shares and units – Basic – FFO & OFFO		365.7		362.4
	Assumed conversion of dilutive securities		0.3		0.6

	Weighted average shares and units – Diluted – FFO & OFFO		366.0		363.0
	Earnings per common share – Basic & Diluted	$	0.11	$	(0.69	)
	FFO per share – Basic & Diluted	$	0.31	$	0.04
	Operating FFO per share – Diluted	$	0.31	$	0.30
	Common stock dividends declared, per share	$	0.19	$	0.1725

(10)	Intangible assets, net (at quarter and year end)		295.8		311.0

(11)	Below-market leases, net (at quarter and year end)		155.2		155.3

Additional financial information:

	Capital expenditures (DDR share):
	Retenanting	$	8.4	$	12.0
	Maintenance – total		1.0		1.5
	Maintenance PSF of owned GLA – non reimbursable		0.01		0.02

	Miscellaneous (DDR share):
	Est. value of land owned adjacent to existing centers	$	26
	Cost basis of headquarters (non-income producing)		40

DDR Corp.

Portfolio Summary


$, GLA in millions, except PSF
	Wholly Owned Portfolio At 100%						JV Portfolio DDR Share				Total Portfolio DDR Share						Total Portfolio At 100%
Portfolio Metrics
Operating Centers		194						158				352						352
Owned GLA		47.4						4.0				51.4						74.6
Ground Lease GLA		4.7						0.3				5.0						6.9
Additional Unowned		—						—				—						31.5
Base Rent PSF	$	14.89					$	14.52			$	14.86					$	14.58
Leased Rate		96.2	%					94.7	%			96.1	%					95.6	%
Commenced Rate		94.2	%					93.6	%			94.1	%					93.9	%
Same Store NOI		3.4	%					3.3	%			3.4	%					3.0	%
% of NOI (Pro Rata)		92.9	%					7.1	%			100.0	%					100.0	%

	Same Store NOI at 100% (1)										Same Store NOI at DDR Share (1)
	1Q16			1Q15			Change				1Q16			1Q15			Change

Same Store Leased Rate		95.7	%		95.4	%		0.3	%			96.2	%		95.9	%		0.3	%

Revenues:
Base Rents	$	250.2		$	244.4			2.4	%		$	174.4		$	170.1			2.5	%
Recoveries		84.9			83.0			2.3	%			61.2			60.4			1.3	%
Other		3.9			3.6			8.3	%			3.2			2.9			10.3	%

		339.0			331.0			2.4	%			238.8			233.4			2.3	%
Expenses:
Operating		(45.7	)		(47.0	)		-2.8	%			(31.8	)		(33.2	)		-4.2	%
Real Estate Taxes		(49.8	)		(47.7	)		4.4	%			(35.6	)		(34.4	)		3.5	%

		(95.5	)		(94.7	)		0.8	%			(67.4	)		(67.6	)		-0.3	%

Same Store NOI	$	243.5		$	236.3			3.0	%		$	171.4		$	165.8			3.4	%
Non-Same Store NOI		20.0			36.7							14.2			22.5

	$	263.5		$	273.0						$	185.6		$	188.3

Same Store NOI Reconciliation to Income Statement

Consolidated at 100%:										Consolidated at DDR Share:
Revenues	$	246.2		$	250.8					DDR Share	$	173.2		$	174.4
Expenses		(73.0	)		(76.4	)				JV Share		(0.4	)		(0.4	)

	$	173.2		$	174.4						$	172.8		$	174.0
Unconsolidated at 100%:										Unconsolidated at DDR Share:
Revenues	$	127.9		$	137.6					Revenues	$	18.1		$	20.2
Expenses		(37.6	)		(39.0	)				Expenses		(5.3	)		(5.9	)

	$	90.3		$	98.6						$	12.8		$	14.3

Total	$	263.5		$	273.0					Total	$	185.6		$	188.3

(1)	Excludes major redevelopment activity; see investments section for additional detail.

DDR Corp.

Portfolio Detail (at 100% unless otherwise noted)


Lease Expiration Schedule
	Greater than 10,000 SF									Less than 10,000 SF
Year	Leases		ABR (mil)		Rent PSF		% of ABR			Leases		ABR (mil)		Rent PSF		% of ABR
2016		56	$	16.4	$	9.77		1.6	%		509	$	30.0	$	24.56		3.0	%
2017		197		71.2		10.80		7.1	%		879		54.6		23.74		5.5	%
2018		226		79.7		11.68		8.0	%		910		64.7		24.42		6.5	%
2019		221		88.0		11.88		8.8	%		673		45.5		24.21		4.6	%
2020		189		73.5		12.29		7.4	%		690		44.8		23.85		4.5	%
2021		234		92.1		11.10		9.2	%		429		32.5		24.08		3.3	%
2022		130		50.7		11.35		5.1	%		217		18.8		24.69		1.9	%
2023		110		40.7		11.20		4.1	%		175		16.7		24.59		1.7	%
2024		101		36.1		11.73		3.6	%		206		20.1		24.46		2.0	%
2025		74		26.1		13.92		2.6	%		174		16.0		24.84		1.6	%

2016-2025		1,538	$	574.5	$	11.53		57.5	%		4,862	$	343.7	$	24.23		34.4	%
Total Rent Roll		1,651	$	636.8	$	11.78		63.7	%		5,161	$	362.8	$	24.21		36.3	%



Annual Metrics									Leased Rate Breakdown at DDR Share
Period Ending		Centers		Leased Rate			ABR PSF		SF	Leased Rate			% of GLA			% of Vacancy
	1Q 2016		352		95.6	%	$	14.58	< 5,000		87.7	%		14.0	%		43.9	%
	YE 2015		367		95.6	%		14.48	5,000-9,999		92.0	%		8.8	%		18.1	%
	YE 2014		415		95.7	%		13.91	³ 10,000		98.1	%		77.2	%		38.0	%
	YE 2013		406		95.0	%		13.35
	YE 2012		444		94.1	%		12.77	Total		96.1	%		100.0	%		100.0	%
	YE 2011		422		93.3	%		12.54
	YE 2010		476		92.3	%		12.46	Portfolio Concentration
	YE 2009		534		91.2	%		12.27
	YE 2008		611		92.6	%		12.34			% of						% of
	YE 2007		619		95.8	%		12.22			ABR			MSF			GLA

	YE 2006		370		96.2	%		11.57	Florida		12.1	%		10.4			12.7	%
	YE 2005		379		96.3	%		11.30	Georgia		9.5	%		8.7			10.7	%
	YE 2004		373		95.4	%		11.13	Puerto Rico		7.6	%		4.8			5.9	%
	YE 2003		274		95.1	%		10.82	Ohio		7.5	%		6.7			8.2	%
	YE 2002		189		95.9	%		10.58	N. Carolina		6.1	%		4.7			5.8	%
	YE 2001		192		95.4	%		10.03	California		4.7	%		3.5			4.3	%
	YE 2000		190		96.9	%		9.66	Illinois		4.6	%		2.6			3.1	%
	YE 1999		186		95.7	%		9.20	New Jersey		4.6	%		3.2			4.0	%
	YE 1998		159		96.5	%		8.99	Arizona		4.2	%		2.9			3.6	%
	YE 1997		123		96.1	%		8.49	Texas		4.2	%		3.2			3.9	%
	YE 1996		112		94.8	%		7.85
	YE 1995		106		96.3	%		7.60
	YE 1994		84		97.1	%		5.89
	YE 1993		69		96.2	%		5.60
	YE 1992		53		95.4	%		5.37

DDR Corp.

Leasing Summary

Leases and GLA at 100%

All other figures at DDR share

Leasing Activity


					New					Wtd Avg			Comparable Pool
	# of Leases		GLA (000)		Rent PSF		Rent Spread			Term (Years)			# of Leases		GLA (000)
New Leases
1Q16		115		541	$	19.53		19.5	%		8.3			59		272

Renewals
1Q16		186		1,375	$	16.01		8.7	%		4.9			186		1,375

New + Renewals
1Q16		301		1,916	$	16.99		10.7	%		5.9			245		1,647

Net Effective Rents

					GLA ⁽¹⁾ (000)		Avg Rent PSF			Capex PSF			Net Effective Rent PSF		Wtd Avg Term (Years)
New Leases
1Q16						509	$	20.06		($	4.44	)	$	15.62		8.3

Renewals
1Q16						1,375	$	16.26		($	0.38	)	$	15.88		4.9

(1)	New Leases GLA excludes development and redevelopment activity.

DDR Corp.

Top 50 Tenants


	$, GLA in millions
		# of Units				Base Rent							Owned GLA							Credit Ratings
	Tenant	Owned		Total		at 100%		% of Total			Pro Rata		at 100%		% of Total			Pro Rata		(S&P/Moody’s/Fitch)
1	TJX Companies (1)		111		112	$	37.9		3.5	%	$	26.4		3.4		4.2	%		2.3	A+ / A2 / NR
2	Bed Bath & Beyond (2)		92		93		32.8		3.1	%		23.9		2.6		3.2	%		1.9	BBB+ / Baa1 / NR
3	PetSmart		98		99		31.2		2.9	%		21.2		2.1		2.6	%		1.4	B+ / B1 / NR
4	Walmart (3)		27		72		25.7		2.4	%		22.6		4.0		4.9	%		3.6	AA / Aa2 / AA
5	Dick’s Sporting Goods (4)		41		42		24.8		2.3	%		14.9		2.0		2.5	%		1.2	NR
6	Best Buy		40		47		23.4		2.2	%		16.1		1.5		1.8	%		1.1	BB+ / Baa1 / BBB-
7	Ross Stores (5)		75		75		23.4		2.2	%		15.1		2.2		2.7	%		1.3	A- / A3 / NR
8	Kohl’s		34		48		22.6		2.1	%		16.8		3.0		3.7	%		2.2	BBB / Baa1 / BBB+
9	AMC Theatres		11		12		20.5		1.9	%		15.3		0.9		1.1	%		0.6	B+ / NR / NR
10	Michaels		69		71		20.2		1.9	%		14.2		1.6		2.0	%		1.1	B+ / Ba3 / NR
11	Gap (6)		67		67		16.7		1.6	%		12.1		1.1		1.3	%		0.7	BBB- / Baa2 / BBB-
12	Office Depot (7)		48		51		14.7		1.4	%		10.5		1.0		1.2	%		0.7	B- / B2 / NR
13	Ulta		61		63		14.6		1.4	%		10.2		0.7		0.9	%		0.5	NR
14	Publix		34		36		14.4		1.3	%		3.5		1.6		2.0	%		0.4	NR
15	Ascena (8)		107		107		12.1		1.1	%		9.4		0.6		0.7	%		0.5	BB / Ba2 / NR
16	Barnes & Noble		26		28		11.8		1.1	%		8.7		0.6		0.7	%		0.5	NR
17	Jo-Ann		32		32		10.3		1.0	%		7.9		1.0		1.2	%		0.7	B / B3 / NR
18	Toys “R” Us (9)		26		29		10.1		0.9	%		9.1		1.1		1.3	%		0.9	B- / B3 / CCC
19	Staples		33		34		9.9		0.9	%		6.0		0.7		0.9	%		0.4	BBB- / Baa2 / BB+
20	Lowe’s		11		30		9.4		0.9	%		8.7		1.4		1.7	%		1.3	A- / A3 / NR
21	Kroger (10)		19		23		9.2		0.9	%		4.8		1.1		1.3	%		0.6	BBB / Baa2 / BBB
22	Royal Ahold (11)		10		10		9.1		0.9	%		3.0		0.6		0.7	%		0.2	BBB / Baa2 / BBB
23	Regal Cinemas		9		10		9.0		0.8	%		6.9		0.5		0.6	%		0.5	B+ / B1 / B+
24	Dollar Tree Stores		77		80		9.0		0.8	%		6.3		0.8		1.0	%		0.5	BB+ / Ba2 / NR
25	Cinemark		10		10		8.9		0.8	%		7.1		0.6		0.7	%		0.5	BB / NR / NR
26	DSW		27		28		8.7		0.8	%		5.8		0.6		0.7	%		0.4	NR
27	Petco		33		35		8.6		0.8	%		6.5		0.5		0.6	%		0.3	B / B2 / NR
28	Party City		42		42		8.4		0.8	%		5.8		0.5		0.6	%		0.4	NR
29	Mattress Firm		65		66		8.1		0.8	%		6.2		0.3		0.4	%		0.2	B+ / NR / NR
30	Nordstrom Rack		12		13		8.1		0.8	%		6.2		0.4		0.5	%		0.3	BBB+ / Baa1 / BBB+
31	Sports Authority		13		15		8.0		0.7	%		7.4		0.6		0.7	%		0.5	NR
32	LA Fitness		12		13		7.9		0.7	%		5.7		0.5		0.6	%		0.4	NR
33	Pier 1 Imports		35		39		7.8		0.7	%		5.8		0.4		0.5	%		0.3	B+ / NR / NR
34	Home Depot		10		39		7.8		0.7	%		6.3		1.1		1.3	%		0.8	A / A2 / A
35	Hobby Lobby		18		20		7.6		0.7	%		4.4		1.0		1.2	%		0.6	NR
36	Five Below		54		54		7.4		0.7	%		5.6		0.5		0.6	%		0.3	NR
37	Whole Foods		6		6		6.3		0.6	%		4.7		0.3		0.4	%		0.2	BBB- / Baa3 / NR
38	hhgregg		18		19		6.3		0.6	%		4.4		0.6		0.7	%		0.4	NR
39	Burlington		11		11		6.1		0.6	%		4.5		0.8		1.0	%		0.6	BB- / NR / NR
40	AT&T		68		69		6.1		0.6	%		4.7		0.2		0.2	%		0.1	BBB+ / Baa1 / A-
41	Giant Eagle		6		7		6.0		0.6	%		3.3		0.5		0.6	%		0.3	NR
42	Famous Footwear		39		39		5.5		0.5	%		4.4		0.3		0.4	%		0.2	BB / Ba3 / NR
43	BJ’s Wholesale Club		5		6		5.4		0.5	%		4.1		0.5		0.6	%		0.4	B- / B3 / NR
44	Panera		39		40		5.3		0.5	%		3.7		0.2		0.2	%		0.1	NR
45	Stein Mart		17		17		5.1		0.5	%		3.0		0.6		0.7	%		0.3	NR
46	Shoe Carnival		31		31		4.9		0.5	%		3.1		0.3		0.4	%		0.2	NR
47	Gamestop		98		98		4.7		0.4	%		3.5		0.2		0.2	%		0.1	BB+ / Ba1 / NR
48	Beall’s		18		18		4.7		0.4	%		1.9		0.7		0.9	%		0.3	NR
49	24 Hour Fitness		6		6		4.6		0.4	%		2.1		0.2		0.2	%		0.1	B / NR / NR
50	Men’s Wearhouse		32		32		4.6		0.4	%		3.3		0.2		0.2	%		0.1	B / Ba3 / NR

	Top 50 Total		1,883		2,044	$	595.7		55.7	%	$	417.1		48.7		59.8	%		33.5
	Total Portfolio					$	1,069.3		100.0	%	$	750.9		81.5		100.0	%		56.4

⁽¹⁾	T.J. Maxx (46) / Marshalls (44) / HomeGoods (20) / Sierra Trading (1)

⁽²⁾	Bed Bath (56) / World Market (21) / buybuy Baby (12) / CTS (3)

⁽³⁾	Walmart (22) / Sam’s Club (3) / Neighborhood Market (2)

⁽⁴⁾	Dick’s Sporting Goods (39) / Golf Galaxy (1) / Field & Stream (1)

⁽⁵⁾	Ross Dress for Less (72) / dd’s Discounts (3)

⁽⁶⁾	Gap (7) / Old Navy (57) / Banana Republic (3)

⁽⁷⁾	Office Depot (18) / OfficeMax (30)

⁽⁸⁾	Ann Taylor (3) / Catherine’s (8) / Dress Barn (30) / Justice (22) / Lane Bryant (27) / Maurice’s (17)

⁽⁹⁾	Toys “R” Us (7) / Babies “R” Us (14) / Toys-Babies Combo (5)

⁽¹⁰⁾	Kroger (11) / Harris Teeter (5) / King Soopers (1) / Pick ’n Save (2)

⁽¹¹⁾	Stop & Shop (5) / Martin’s (3) / Others (2)

DDR Corp.

Top 50 Assets


	$, GLA in thousands
				DDR			Base Rent					Total GLA
	Asset	Location	MSA	Own %			Pro Rata		% of Pro Rata			Pro Rata		% of Pro Rata
1	Shoppers World	Framingham, MA	Boston		100	%	$	17,184		2.3	%		783		0.9	%
2	Plaza del Sol	Bayamon, PR	San Juan		100	%		16,662		2.2	%		724		0.8	%
3	Winter Garden Village	Winter Garden, FL	Orlando		100	%		13,625		1.8	%		1,127		1.3	%
4	Plaza Rio Hondo	Bayamon, PR	San Juan		100	%		13,430		1.8	%		555		0.6	%
5	Plaza del Norte	Hatillo, PR	San Juan		100	%		12,228		1.6	%		699		0.8	%
6	Wrangleboro Consumer Square	Mays Landing, NJ	Atlantic City		100	%		10,375		1.4	%		842		1.0	%
7	Riverdale Village	Coon Rapids, MN	Minneapolis		100	%		10,274		1.4	%		969		1.1	%
8	Ahwatukee Foothills	Phoenix, AZ	Phoenix		100	%		10,163		1.3	%		693		0.8	%
9	Tucson Spectrum	Tucson, AZ	Tucson		100	%		9,615		1.3	%		969		1.1	%
10	Nassau Park Pavilion	Princeton, NJ	Trenton		100	%		9,586		1.3	%		1,106		1.3	%
11	Hamilton Marketplace	Hamilton, NJ	Trenton		100	%		9,411		1.2	%		960		1.1	%
12	Woodfield Village Green	Schaumburg, IL	Chicago		100	%		8,954		1.2	%		692		0.8	%
13	Carolina Pavilion	Charlotte, NC	Charlotte		100	%		8,704		1.1	%		867		1.0	%
14	Plaza Escorial	Carolina, PR	San Juan		100	%		8,460		1.1	%		636		0.7	%
15	The Shops at Midtown Miami	Miami, FL	Miami		100	%		8,415		1.1	%		467		0.5	%
16	Great Northern Plaza	North Olmsted, OH	Cleveland		100	%		8,300		1.1	%		669		0.8	%
17	Village at Stone Oak	San Antonio, TX	San Antonio		100	%		8,200		1.1	%		622		0.7	%
18	Plaza Palma Real	Humacao, PR	San Juan		100	%		7,834		1.0	%		449		0.5	%
19	Polaris Towne Center	Columbus, OH	Columbus		100	%		7,458		1.0	%		725		0.8	%
20	Connecticut Commons	Plainville, CT	Hartford		100	%		7,072		0.9	%		562		0.6	%
21	Centennial Promenade	Centennial, CO	Denver		100	%		7,013		0.9	%		827		0.9	%
22	Peach Street Marketplace	Erie, PA	Erie		100	%		6,534		0.9	%		995		1.1	%
23	Easton Market	Columbus, OH	Columbus		100	%		6,403		0.8	%		552		0.6	%
24	Hamilton Commons	Mays Landing, NJ	Atlantic City		100	%		6,202		0.8	%		397		0.5	%
25	Crossroads Center	Gulfport, MS	Gulfport		100	%		6,197		0.8	%		555		0.6	%
26	Belden Park Crossings	North Canton, OH	Cleveland		100	%		5,978		0.8	%		596		0.7	%
27	Silver Springs Square	Mechanicsburg, PA	Harrisburg		100	%		5,916		0.8	%		569		0.6	%
28	Falcon Ridge Town Center	Fontana, CA	Los Angeles		100	%		5,915		0.8	%		447		0.5	%
29	Aspen Grove	Littleton, CO	Denver		100	%		5,797		0.8	%		272		0.3	%
30	Ridge at Creekside	Roseville, CA	Sacramento		100	%		5,681		0.7	%		289		0.3	%
31	The Fountains	Plantation, FL	Miami		100	%		5,672		0.7	%		489		0.6	%
32	The Maxwell	Chicago, IL	Chicago		100	%		5,633		0.7	%		240		0.3	%
33	Cotswold Village	Charlotte, NC	Charlotte		100	%		5,617		0.7	%		261		0.3	%
34	Sycamore Crossing & Sycamore Plaza	Cincinnati, OH	Cincinnati		100	%		5,553		0.7	%		466		0.5	%
35	Perimeter Pointe	Atlanta, GA	Atlanta		100	%		5,529		0.7	%		353		0.4	%
36	Bandera Pointe	San Antonio, TX	San Antonio		100	%		5,484		0.7	%		838		1.0	%
37	Big Flats Consumer Square	Big Flats, NY	Elmira		100	%		5,441		0.7	%		577		0.7	%
38	Merriam Village	Merriam, KS	Kansas City		100	%		5,435		0.7	%		921		1.0	%
39	Independence Commons	Independence, MO	Kansas City		100	%		5,294		0.7	%		403		0.5	%
40	Meridian Crossroads	Meridian, ID	Boise		100	%		5,207		0.7	%		732		0.8	%
41	Mohawk Commons	Niskayuna, NY	Albany		100	%		5,144		0.7	%		530		0.6	%
42	Homestead Pavilion	Homestead, FL	Miami		100	%		5,105		0.7	%		397		0.5	%
43	Beaver Creek Crossings	Apex, NC	Raleigh		100	%		5,104		0.7	%		321		0.4	%
44	Arrowhead Crossing	Phoenix, AZ	Phoenix		100	%		4,981		0.7	%		407		0.5	%
45	Deer Park Town Center	Deer Park, IL	Chicago		50	%		4,954		0.7	%		202		0.2	%
46	Willowbrook Plaza	Houston, TX	Houston		100	%		4,937		0.7	%		393		0.4	%
47	Fairfax Towne Center	Fairfax, VA	Balt-Wash DC		100	%		4,932		0.7	%		253		0.3	%
48	The Promenade at Brentwood	Brentwood, MO	St. Louis		100	%		4,883		0.6	%		338		0.4	%
49	Chapel Hills	Colorado Springs, CO	Colorado Springs		100	%		4,864		0.6	%		526		0.6	%
50	Cumming Town Center	Cumming, GA	Atlanta		100	%		4,787		0.6	%		311		0.4	%

	Top 50 Total						$	372,142		49.1	%		29,573		33.7	%
	Total Portfolio						$	758,090		100.0	%		87,852		100.0	%

DDR Corp.

Unconsolidated Joint Ventures


$, GLA in millions
	Partner	DDR Own %			Operating Properties		Owned GLA		ABR		Gross Book Value		Debt (1)

BRE DDR Retail Holdings	Blackstone Real Estate Partners		5	% (2)		62		11.3	$	149.3	$	1,785.7	$	1,232.8

DDRTC Core Retail Fund	TIAA-CREF		15	%		25		8.2		104.8		1,527.8		791.2

DDR Domestic Retail Fund I	Various		20	%		55		7.6		86.4		1,303.3		898.0

DDR-SAU Retail Fund	State of Utah		20	%		12		1.0		10.9		134.1		61.5

Other	Various		Various			3		1.0		18.6		194.8		118.0


Total						157		29.1	$	370.0	$	4,945.7	$	3,101.5

(1)	Includes fair market value of debt adjustment and unamortized loan costs, net of $10 million, $0.2 million at DDR’s share.

(2)	In addition to DDR’s 5% common equity, DDR has $390.0 million of Preferred Equity plus $8.4 million of accrued interest with an interest rate of 8.5%.

DDR Corp.

Transactions


$ in millions, GLA in thousands
		DDR			Total Owned		At 100%				At DDR Share
		Own %			GLA		Price		Debt		Price		Debt		Anchors
Acquisitions
01/16	Phoenix, AZ		100	%		233	$	60.5	$	0.0	$	60.5	$	0.0	Ross, Ulta, Total Wine & More

Dispositions
01/16	SAU Portfolio (11 assets)		20	%		1,083		170.5		77.3		34.1		15.5	Various
01/16	Buffalo, NY		100	%		139		13.8		0.0		13.8		0.0	Home Depot
01/16	Lexington, SC		100	%		83		12.2		0.0		12.2		0.0	Ross, T.J. Maxx
01/16	Pasadena, CA		100	%		540		131.9		0.0		131.9		0.0	Arclight Cinemas, Hyatt, west elm, DSW
02/16	Brunswick, ME		100	%		305		13.2		0.0		13.2		0.0	Big Lots, Regal, Sears
02/16	Newport News, VA		100	%		341		10.7		0.0		10.7		0.0	Burlington
1Q	Non-operating sales							7.6		0.0		7.6		0.0

	1Q Total					2,491	$	359.9	$	77.3	$	223.5	$	15.5

DDR Corp.

Developments/Redevelopments


$ in millions, GLA in thousands
	Owned SF		Est. Total Net Cost		Cost Incurred To Date		Est. Remain Costs		Placed In Service		CIP (a)		Est. Anchor Opening	Est. Stabilized Quarter	Key Tenants

Consolidated Summary

Developments in Progress			$	132	$	128	$	4	$	105	$	23
Redevelopments - Major				240		120		120		57		63
Redevelopments - Minor				147		61		86		34		27
Retenanting				33		8		25		4		4
Undeveloped Land (b)				N/A		58		0		0		58

			$	552	$	375	$	235	$	200	$	175

Developments in Progress

Guilford Commons (New Haven, CT)		130	$	69	$	66	$	3	$	48	$	18	4Q15	4Q16	Fresh Market, Michaels, Ulta, Bed Bath & Beyond, DSW

Lee Vista Promenade (Orlando, FL)		208		63		62		1		57		5	2Q16	2Q16	HomeGoods, Ross, Michaels, Petco, Ulta, Five Below, Epic Theater

		338	$	132	$	128	$	4	$	105	$	23

Redevelopments - Major

The Pike Outlets (Long Beach, CA)			$	66	$	51	$	15	$	45	$	6	N/A	3Q16	Restoration Hardware, H&M, Forever 21, Nike, Gap Factory

Sycamore Crossing (Cincinnati, OH)				30		9		21		3		6	N/A	2Q17	Dick’s Sporting Goods, T.J. Maxx

Belgate (expansion) (Charlotte, NC)				23		12		11		0		12	N/A	4Q17	Burlington, T.J. Maxx

Bermuda Square (Richmond, VA)				18		13		5		9		4	N/A	4Q17	Martin’s, Petco

Plaza del Sol (expansion) (San Juan, PR)				12		1		11		0		1	N/A	4Q17	Dave & Busters

Other Redevelopments - Major				91		34		57		0		34

			$	240	$	120	$	120	$	57	$	63

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

(b)	This balance is in addition to owned land adjacent to existing centers that has an estimated value of $26 million.

DDR Corp.

Capital Structure


$, shares and units in millions, except per share
	March 31, 2016						March 31, 2015
	Amount			% of Total			Amount			% of Total
Capital Structure
Common Shares Equity	$	6,506.9			55	%	$	6,748.4			55	%

Perpetual Preferred Stock		350.0			3	%		350.0			3	%

Unsecured Credit Facilities		350.0			3	%		6.3			0	%
Unsecured Term Loan		400.0			3	%		0.0			0	%
Unsecured Public Debt		2,926.5			24	%		3,272.3			26	%
Secured Term Loan		200.0			2	%		300.0			2	%
Fixed Rate Mortgage Debt		1,088.7			9	%		1,552.2			13	%
Variable Rate Mortgage Debt		77.6			1	%		98.9			1	%

		5,042.8			42	%		5,229.7			42	%

Total	$	11,899.7			100	%	$	12,328.1			100	%

Capital Structure Detail
Debt to Market Capitalization		42.4	%					42.4	%
Common Shares Outstanding		365.4						361.0
Operating Partnership Units		0.4						1.4
Market Value per Share	$	17.79					$	18.62
Accretion on Convertible Notes (excluded above)	$	0.0					$	7.0
Partners’ Share of Consolidated Debt (included above)	$	9.9					$	9.9
DDR Share of Unconsolidated Debt (excluded above)	$	425.6					$	453.3

Credit Ratings

Covenants

Debt Rating

Outlook

Covenant
Threshold

Actual
Covenant

Moody’s

Baa2

Stable

Total Debt to Real Estate Assets Ratio

£ 65

S&P

BBB-

Stable

Secured Debt to Assets Ratio

£ 40

Fitch

BBB-

Stable

Unencumbered Assets to Unsecured Debt

³ 135

200

Fixed Charge Coverage Ratio

³ 1.5x

2.4x

DDR Corp.

Debt/EBITDA


$ in millions
	1Q16			1Q15
Consolidated
Net income (loss) to DDR	$	45.6		($	243.8	)
Impairments		0.0			279.0
Depreciation and amortization		96.9			103.0
Interest expense		57.9			63.0
Gain on sale and change in control of interests, net		0.0			(14.3	)
Other expense, net		0.0			4.0
Equity in net income of JVs		(14.4	)		(0.1	)
Income tax expense		0.5			4.9
Gain on disposition of real estate, net		(12.4	)		(25.1	)
Adjustments for non-controlling interests		(0.2	)		0.4
JV FFO (at DDR share)		6.1			7.0

EBITDA - current quarter		180.0			178.0
EBITDA - annualized		720.0			712.0

Consolidated debt		5,031.7			5,224.3
Partner share of consolidated debt		(9.9	)		(9.9	)
Loan costs, net		22.4			22.8
Face value adjustments		(11.3	)		(17.4	)
Cash and restricted cash		(33.9	)		(63.6	)

Net adjusted debt	$	4,999.0		$	5,156.2

Debt/EBITDA - Consolidated		6.94x			7.24x

Pro rata including JVs
EBITDA - current quarter		185.4			184.1
EBITDA - annualized		741.6			736.4

Consolidated net debt		4,999.0			5,156.2
JV debt (at DDR share)		425.6			453.3
Cash and restricted cash		(10.1	)		(11.2	)

Net adjusted debt	$	5,414.5		$	5,598.3

Debt/EBITDA - Pro rata		7.30x			7.60x

DDR Corp.

Debt Summary


$ in millions
	Consolidated									Unconsolidated
	Total 100%			Total DDR Share			Interest Rate DDR Share			Total 100%			Total DDR Share			Interest Rate DDR Share
Debt Composition
Unsecured Credit Facilities	$	350.0		$	350.0			1.44	%
Unsecured Term Loan		400.0			400.0			1.54	%
Unsecured Public Debt		2,926.5			2,926.5			4.88	%
Secured Term Loan		200.0			200.0			1.79	%
Fixed Rate Mortgage Loans		1,088.7			1,078.8			4.99	%	$	2,079.4		$	338.0			5.38	%
Variable Rate Mortgage Loans		77.6			77.6			1.84	%		1,031.2			87.6			2.04	%

Subtotal		5,042.8			5,032.9			4.23	%		3,110.6			425.6			4.69	%
Fair Market Value Adjustment		11.3			11.3						19.2			1.0
Unamortized Loan Costs, Net		(22.4	)		(22.3	)					(9.8	)		(1.2	)

Total	$	5,031.7		$	5,021.9			4.23	%	$	3,120.0		$	425.4			4.69	%


	Scheduled Principal Payments			Secured Debt Maturities		Unsecured Debt Maturities			Total 100%			Total Pro Rata			Cash Interest Rate Pro Rata			GAAP Interest Rate Pro Rata
Consolidated Maturity Schedule (1)
2016	$	23.8		$	112.2	$	0.0		$	136.0		$	136.0			4.12	%		3.38	%
2017		30.0			203.2		300.0			533.2			533.2			6.59	%		5.86	%
2018		22.7			327.3		382.2			732.2			732.2			4.23	%		4.14	%
2019		16.5			169.3		0.0			185.8			185.8			5.32	%		5.24	%
2020		7.3			280.2		1,050.0			1,337.5			1,337.5			3.56	%		3.50	%
2021		4.4			126.5		300.0			430.9			430.9			3.91	%		3.82	%
2022		0.1			42.8		450.0			492.9			483.0			4.67	%		4.67	%
2023		0.0			0.0		300.0			300.0			300.0			3.38	%		3.38	%
2024		0.0			0.0		0.0			0.0			0.0			0.00	%		0.00	%
2025 and beyond		0.0			0.0		900.0			900.0			900.0			3.90	%		3.90	%
Unsecured debt discount							(5.7	)		(5.7	)		(5.7	)

	$	104.8		$	1,261.5	$	3,676.5		$	5,042.8		$	5,032.9			4.23	%		4.10	%
Unconsolidated Maturity Schedule (1)
2016	$	5.3		$	28.6	$	0.0		$	33.9		$	1.4			5.84	%		2.99	%
2017		6.7			1,304.4		0.0			1,311.1			249.4			5.56	%		5.54	%
2018		4.8			155.9		0.0			160.7			15.2			4.39	%		3.98	%
2019		4.8			655.9		0.0			660.7			32.8			2.37	%		2.31	%
2020		5.0			421.2		0.0			426.2			61.0			2.25	%		2.20	%
2021		4.3			80.5		0.0			84.8			35.2			5.40	%		5.40	%
2022		2.7			244.1		0.0			246.8			12.3			4.39	%		3.40	%
2023		2.1			100.1		0.0			102.2			5.2			4.00	%		4.21	%
2024		0.5			83.7		0.0			84.2			13.1			4.33	%		4.28	%
2025 and beyond		0.0			0.0		0.0			0.0			0.0			0.00	%		0.00	%

Total	$	36.2		$	3,074.4	$	0.0		$	3,110.6		$	425.6			4.69	%		4.62	%

% of Total	Consolidated											Unconsolidated
Fixed		79.6	%										66.9	%
Variable		20.4	%										33.1	%

Recourse to DDR		77.7	%										0.0	%
Non-recourse to DDR		22.3	%										100.0	%

(1)	Assumes borrower extension options are exercised.

DDR Corp.

Consolidated Debt Detail


$ in millions
	Balance 100%		Balance DDR Share		Maturity Date (1)		Cash Interest Rate (2) (3)
Senior Debt
Unsecured Revolver ($750m)	$	350.0	$	350.0		06/20		L + 100
Unsecured Revolver ($50m)		0.0		0.0		06/20		L + 100
Secured Term Loan ($200m)		200.0		200.0		04/18		L + 135
Unsecured Term Loan ($400m)		400.0		400.0		04/20		L + 110

	$	950.0	$	950.0
Public Debt
Unsecured Notes	$	300.0	$	300.0		04/17		7.50	%
Unsecured Notes		299.4		299.4		04/18		4.75	%
Unsecured Notes		82.2		82.2		07/18		7.50	%
Unsecured Notes		298.9		298.9		09/20		7.88	%
Unsecured Notes		298.6		298.6		01/21		3.50	%
Unsecured Notes		455.5		455.5		07/22		4.63	%
Unsecured Notes		298.7		298.7		05/23		3.38	%
Unsecured Notes		496.7		496.7		02/25		3.63	%
Unsecured Notes		396.5		396.5		02/26		4.25	%

	$	2,926.5	$	2,926.5
Mortgage Debt
Sycamore Crossing, OH	$	62.3	$	62.3		12/16		5.81	%
The Maxwell, IL		50.5		50.5		12/16		L + 160

Falcon Ridge Town Center, CA		43.5		43.5		01/17		5.68	%
Vista Village, CA		33.2		33.2		04/17		5.71	%
Walmart Supercenter, NC		2.0		2.0		08/17		6.00	%
Connecticut Commons, CT		46.3		46.3		10/17		5.01	%
Riverdale Village, MN		25.4		25.4		10/17		5.01	%
Riverdale Village Perimeter, MN		31.8		31.8		10/17		5.01	%
Lake Brandon Village, FL		9.1		9.1		10/17		5.01	%
Shoppers World Brookfield, WI		5.7		5.7		10/17		5.01	%
Marketplace of Brown Deer, WI		4.1		4.1		10/17		5.01	%
Brown Deer Center, WI		7.7		7.7		10/17		5.01	%
Thruway Plaza (Walmart), NY		0.9		0.9		10/17		6.78	%

Tops Plaza, NY		4.1		4.1		01/18		7.05	%
Falcon Ridge Town Center, CA		14.3		14.3		01/18		5.91	%
Walmart Supercenter, SC		2.2		2.2		01/18		6.00	%
Fortuna Center, VA		12.1		12.1		02/18		6.18	%
Johns Creek Town Center, GA		23.9		23.9		03/18		5.06	%
Southland Crossings, OH		23.9		23.9		03/18		5.06	%
The Promenade at Brentwood, MO		30.3		30.3		03/18		5.06	%
DDR Headquarters, OH		27.1		27.1		03/18		L + 105
Mohawk Commons, NY		7.0		7.0		12/18		5.75	%

DDR Corp.

Consolidated Debt Detail


$ in millions
	Balance 100%			Balance DDR Share			Maturity Date (1)			Cash Interest Rate (2) (3)
Lowe’s, TN		3.1			3.1			01/19			7.66	%
Nassau Park Pavilion, NJ		55.8			55.8			02/19			3.40	%
Bandera Pointe, TX		24.3			24.3			02/19			3.40	%
Presidential Commons, GA		20.8			20.8			02/19			3.40	%
Plaza Cayey, PR		20.5			20.5			06/19			7.59	%
Plaza Fajardo, PR		24.7			24.7			06/19			7.59	%
Plaza Isabela, PR		21.7			21.7			06/19			7.59	%
Plaza Walmart, PR		11.5			11.5			06/19			7.59	%
Mariner Square, FL		2.0			2.0			09/19			9.75	%

Northland Square, IA		4.1			4.1			01/20			9.38	%
Plaza Rio Hondo, PR		123.1			123.1			01/20			3.95	%
Easton Marketplace, OH		49.2			49.2			01/20			3.95	%
The Fountains, FL		44.8			44.8			01/20			3.95	%
Perimeter Pointe, GA		42.4			42.4			01/20			3.95	%
Polaris Towne Center, OH		42.9			42.9			04/20			6.76	%

Chapel Hills West, CO		11.9			11.9			06/21			5.49	%
West Valley Marketplace, PA		8.4			8.4			07/21			6.95	%
Plaza Escorial, PR		71.8			71.8			07/21			3.59	%
Wrangleboro Consumer Sq, NJ		58.9			58.9			10/21			5.41	%
Chapel Hills East, CO		8.1			8.1			12/21			5.24	%

Paradise Village Gateway, AZ		30.0			20.1			01/22			4.65	%
Macedonia Commons, OH		18.8			18.8			02/22			5.71	%

	$	1,166.3		$	1,156.4
FMV adjustment – assumed debt		11.3			11.3
Unamortized Loan Costs, Net		(22.4	)		(22.3	)

Grand Total	$	5,031.7		$	5,021.9

Rate Type
Fixed	$	4,015.2		$	4,005.3			5.1 years			4.91	%
Variable		1,027.6			1,027.6			3.5 years			1.58	%

	$	5,042.8		$	5,032.9			4.8 years			4.23	%
Perpetual Preferred Stock
Class J	$	200.0		$	200.0			Perpetual			6.500	%
Class K		150.0			150.0			Perpetual			6.250	%

	Notional Amount			Rate Hedged			Fixed Rate			Termination Date
Interest Rate Swap
Underlying Debt Hedged:
Mortgage Portfolio	$	78.1			1 mo. LIBOR			2.81	%		9/1/17

(1)	Assumes borrower extension options are exercised.

(2)

L = LIBOR

(3)	Does not include discounts or premiums.

DDR Corp.

Unconsolidated Debt Detail


$ in millions
	Balance 100%		Balance DDR Share		Maturity Date (1)		Cash Interest Rate (2) (3)
BRE DDR Retail Holdings III
Telegraph Plaza, MI	$	4.7	$	0.2		12/16		5.99	%
Camp Creek, GA		42.0		2.1		12/18		4.62	%
May 2019 Loan Pool (2 assets)		20.4		1.0		05/19		4.85	%
November 2019 Loan Pool (32 assets)		636.5		31.8		11/19		L + 185
Whittwood Town Center, CA		43.0		2.2		12/20		5.20	%
January 2022 Loan Pool (3 assets)		23.0		1.1		01/22		4.75	%
Kyle Marketplace, TX		24.8		1.2		03/22		4.09	%
March 2022 Loan Pool (3 assets)		23.4		1.2		03/22		5.49	%
Eastland Center, CA		90.0		4.5		07/22		4.50	%
Greenway Commons, TX		33.0		1.7		07/22		4.10	%
July 2022 Loan Pool (4 assets)		17.0		0.9		07/22		4.40	%
White Oak Village, VA		34.3		1.7		09/22		3.60	%
January 2023 Loan Pool (4 assets)		22.7		1.1		01/23		4.27	%
Kingsbury Center, IL		14.5		0.7		06/23		3.97	%
Valley Bend, AL		43.5		2.2		06/23		3.75	%

	$	1,072.8	$	53.6
BRE DDR Retail Holdings IV
Fountains of Miramar, FL	$	24.0	$	1.2		06/16		5.81	%
The Hub, NY		16.0		0.8		01/17		7.53	%
Southmont Plaza, PA		34.0		1.7		02/18		L + 250
Ashbridge Square, PA		35.2		1.8		03/18		6.08	%
Millenia Crossing, FL		22.9		1.1		01/23		4.25	%
Concourse Village, FL		14.2		0.7		02/24		4.86	%

	$	146.3	$	7.3
DDR Domestic Retail Fund I
July 2017 Loan Pool (52 assets)	$	883.5	$	176.7		07/17		5.60	%
Heather Island, FL		4.4		0.9		02/18		3.56	%
Hilliard Rome, OH		11.6		2.3		02/18		3.56	%

	$	899.5	$	179.9
DDRTC Core Retail Fund
March 2017 Loan Pool (9 assets)	$	350.2	$	52.5		03/17		5.45	%
July 2020 Loan Pool (10 assets) (3)		195.4		29.3		07/20		L + 150
July 2020 Loan Pool (6 assets) (3)		165.3		24.8		07/20		L + 175
Birkdale Village, NC		82.5		12.4		04/24		4.30	%

	$	793.4	$	119.0

DDR Corp.

Unconsolidated Debt Detail


$ in millions
	Balance 100%			Balance DDR Share			Maturity Date (1)			Cash Interest Rate (2) (3)
DDR-SAU Retail Fund
September 2017 Loan Pool (7 assets)	$	29.3		$	5.9			09/17			4.74	%
April 2018 Loan Pool (5 assets)		32.2			6.4			04/18			4.65	%

	$	61.5		$	12.3
Other Joint Ventures
Lennox Town Center Limited, OH	$	1.0		$	0.5			07/17			6.44	%
Lennox Town Center Limited, OH		26.0			13.0			07/17			5.64	%
RO & SW Realty (9 assets)		18.8			4.7			10/20			5.25	%
Sun Center Limited, OH		21.7			17.4			05/21			5.99	%
RVIP IIIB, Deer Park, IL		69.6			17.9			09/21			4.84	%

	$	137.1		$	53.5

Subtotal	$	3,110.6		$	425.6
FMV Adjustment – Assumed Debt		19.2			1.0
Unamortized Loan Costs, Net		(9.8	)		(1.2	)

Total	$	3,120.0		$	425.4

Rate Type
Fixed	$	2,079.4		$	338.0			2.2 years			5.38	%
Variable		1,031.2			87.6			4.0 years			2.04	%

	$	3,110.6		$	425.6			2.6 years			4.69	%

	Notional Amount			Rate Hedged			Fixed Rate			Termination Date
Interest Rate Swap
Underlying Debt Hedged:
Mortgage Loan Camp Creek	$	42.0			1 mo. LIBOR			1.87	%		12/1/18

(1)	Assumes borrower extension options are exercised.

(2)

L = LIBOR

(3)	Loans have interest rate floors of 1 mo. Libor at 0.25%

DDR Corp.

Analyst Coverage


Corporate Headquarters		Investor Relations
DDR Corp.		Matt Lougee
3300 Enterprise Parkway		Toll Free: (877) 225-5337
Beachwood, Ohio 44122		Main: (216) 755-5500
Website: www.ddr.com		Email: mlougee@ddr.com

Equity Research
Bank of America Merrill Lynch	Craig Schmidt	craig.schmidt@baml.com	(646) 855-3640
Boenning & Scattergood	Floris van Dijkum	fvandijkum@boenninginc.com	(212) 209-3916
Canaccord Genuity	Paul Morgan	pmorgan@canaccordgenuity.com	(415) 229-7181
Capital One	Chris Lucas	christopher.lucas@capitalone.com	(571) 633-8151
Citigroup	Michael Bilerman	michael.bilerman@citi.com	(212) 816-1383
	Christy McElroy	christy.mcelroy@citi.com	(212) 816-6981
Credit Suisse	Ian Weissman	ian.weissman@credit-suisse.com	(212) 538-6889
	George Auerbach	george.auerbach@credit-suisse.com	(212) 538-8082
Deutsche Bank	Vincent Chao	vincent.chao@db.com	(212) 250-6799
Evercore ISI	Steve Sakwa	steve.sakwa@evercoreisi.com	(212) 446-9462
	Samir Khanal	samir.khanal@evercoreisi.com	(212) 888-3796
Goldman Sachs	Andrew Rosivach	andrew.rosivach@gs.com	(212) 902-2796
	Caitlin Burrows	caitlin.burrows@gs.com	(212) 902-4736
Green Street Advisors	Jason White	jwhite@greenstreetadvisors.com	(949) 640-8780
Hilliard Lyons	Carol Kemple	ckemple@hilliard.com	(502) 588-1839
Jefferies and Company	Tayo Okusanya	tokusanya@jefferies.com	(212) 336-7076
J.P. Morgan	Michael Mueller	michael.w.mueller@jpmorgan.com	(212) 622-6689
KeyBanc Capital Markets	Jordan Sadler	jsadler@keybanccm.com	(917) 368-2280
	Todd Thomas	tthomas@keybanccm.com	(917) 368-2286
Mizuho Securities	Haendel St. Juste	haendel.stjuste@us.mizuho-sc.com	(212) 205-7860
RBC Capital Markets	Rich Moore	rich.moore@rbccm.com	(440) 715-2646
Sandler O’Neill	Alex Goldfarb	agoldfarb@sandleroneill.com	(212) 466-7937
SunTrust Robinson Humphrey	Ki Bin Kim	kibin.kim@suntrust.com	(212) 303-4124
UBS	Ross Nussbaum	ross.nussbaum@ubs.com	(212) 713-2484
	Jeremy Metz	jeremy.metz@ubs.com	(212) 713-2429
Wells Fargo	Jeff Donnelly	jeff.donnelly@wellsfargo.com	(617) 603-4262
	Tamara Fique	tamara.fique@wellsfargo.com	(443) 263-6568

Fixed Income Research
Barclays	Peter Troisi	peter.troisi@barclays.com	(212) 412-3695
Citigroup	Tom Cook	thomas.n.cook@citigroup.com	(212) 723-1112
J.P. Morgan	Mark Streeter	mark.streeter@jpmorgan.com	(212) 834-5086
Wells Fargo	Thierry Perrein	thierry.perrein@wellsfargo.com	(704) 715-8455

DDR Corp.

Notable Accounting and Supplemental Policies

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.

•

All internal and external acquisition costs are expensed 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 sheet. 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 statements of operations.

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/Tenant Improvements		Shorter of economic life or lease terms

DDR Corp.

Notable Accounting and Supplemental Policies

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.

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.

Same Store NOI (“SSNOI”)

•

Excludes development, major redevelopment, straight-line rental income and expenses, lease termination income, management fees, FMV of leases and provisions for uncollectible amounts and/or recoveries thereof; includes assets owned in comparable periods (15 months for quarter comparisons).

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.

LOGO