<SEC-DOCUMENT>0001193125-17-156201.txt : 20170620
<SEC-HEADER>0001193125-17-156201.hdr.sgml : 20170620
<ACCEPTANCE-DATETIME>20170503160903
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-156201
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DDR CORP
		CENTRAL INDEX KEY:			0000894315
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				341723097
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122
		BUSINESS PHONE:		2167555500

	MAIL ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVELOPERS DIVERSIFIED REALTY CORP
		DATE OF NAME CHANGE:	19940218
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<TYPE>CORRESP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;3, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>CORRESPONDENCE FILING VIA EDGAR </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Wilson K. Lee, Senior Staff Accountant </TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Babette Cooper, Staff Accountant </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DDR Corp.</B> </TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2016</B> </TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed February&nbsp;21, 2017</B> </TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 8-K</B> </TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed February&nbsp;14, 2017</B> </TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;001-11690</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DDR Corp., an Ohio corporation (the &#147;Company&#148; or &#147;we,&#148; &#147;us&#148; or &#147;our&#148;), is submitting this letter in
response to the comment letter from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;), dated April&nbsp;21, 2017 (the&nbsp;&#147;Comment Letter&#148;), with respect to the Company&#146;s Annual
Report on Form 10-K for the fiscal year ended December&nbsp;31, 2016, filed February&nbsp;21, 2017 and the Form 8-K filed February&nbsp;14, 2017 (the &#147;Form 8-K&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Below are the Company&#146;s responses. For the convenience of the Staff, the Company has repeated each of the Staff&#146;s comments before
the corresponding response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 8-K filed February&nbsp;14, 2017 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">For any operating metrics provided only on a pro-rata basis, please revise your disclosures in future earnings supplements to also include the consolidated and unconsolidated equivalent on a stand-alone basis.
</TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As disclosed in the Company&#146;s Form 8-K, at December&nbsp;31, 2016, the Company owned 319 shopping centers including 151 shopping centers owned through
unconsolidated joint ventures and one shopping center owned in a consolidated joint venture. As noted above by the Staff, the Company presents certain operational metrics only on a pro-rata basis in its quarterly earnings supplement. Such prorata
operational metrics are not financial performance or liquidity measures and are included in our quarterly earnings supplement at the request of investors along with other information to assist investors with evaluating certain trends in our business
and portfolio. The Company&#146;s investors generally do not request any joint venture shopping center portfolio operational metrics to be presented on a 100% stand-alone basis. We note that, of the Company&#146;s 151 shopping centers owned through
unconsolidated joint ventures, there are only two shopping centers in which the Company has a 50% or greater equity interest. Rather, for the remaining shopping centers owned through unconsolidated joint ventures, the Company has a 20% or less
equity interest. Based upon the inquiries the Company regularly receives from its investors, we believe investors are focused on those property metrics that directly reflect the economic impact to the Company. The operational trending information
related to properties for which the Company owns less than a 20% equity interest does not have a material impact on our portfolio. We do not believe operational metrics for the unconsolidated joint venture portfolio reflected on a 100% stand-alone
basis are material or meaningful to our investors, particularly given the varying equity interest levels and thus we have historically not provided such information in our quarterly earnings supplements. Because we do not believe this disclosure is
meaningful or required, we respectfully request the Staff to reconsider its request for such additional disclosure. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">We note your reconciliations of NOI for the quarterly periods ended December&nbsp;31, 2016 and 2015, on page 9. Please revise your disclosure in future earnings supplements to include similar reconciliations for your
year to date NOI measures. Your reconciliations should begin with the most closely related GAAP measure. Alternatively, tell us where the year to date reconciliations have been included. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will revise our disclosure in the quarterly
earnings supplement starting in the second quarter of 2017 to include a reconciliation of the year-to-date consolidated NOI measure. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">We note that your calculation of EBITDA contains adjustments for items other than interest, taxes, depreciation and amortization, on page 19. Please revise future filings to ensure that measures calculated differently
from EBITDA are not characterized as EBITDA. See Question 103.01 of the updated Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We revised our presentation in Exhibit 99.1
included in the Company&#146;s Form 8-K dated April&nbsp;25, 2017 that included the results for the three-month period ended March&nbsp;31, 2017. Specifically, we revised our disclosure on pages 22 and 29 of Exhibit 99.1 to note the calculation of
EBITDA as Adjusted EBITDA. All references to this calculation in Exhibit 99.1 were revised to reflect this change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">********** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding these matters, please do not hesitate to contact the undersigned at 216-755-6400. </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">/s/ Matthew Ostrower</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">Matthew Ostrower</TD></TR>
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<TD VALIGN="top">Executive Vice President,</TD></TR>
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<TD VALIGN="top">Chief Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Christa A. Vesy, Executive Vice President </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">and Chief Accounting Officer </TD></TR></TABLE>
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