SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2017

(In thousands)

															Total Cost,
	Initial Cost						Total Cost⁽¹⁾								Net of				Date of
			Buildings &						Buildings &				Accumulated		Accumulated				Construction (C)
	Land		Improvements		Improvements		Land		Improvements		Total		Depreciation⁽²⁾		Depreciation		Encumbrances		Acquisition (A)
Goodyear, AZ	$	11,859	$	42,882	$	—	$	11,399	$	41,632	$	53,031	$	3,008	$	50,023	$	—	2016 (A)
Phoenix, AZ		18,701		18,811		118		18,701		22,424		41,125		8,124		33,001		—	1999 (A)
Phoenix, AZ		15,352		22,813		1,601		15,352		27,450		42,802		15,848		26,954		29,584	2003 (A)
Phoenix, AZ		15,090		36,880		—		18,399		41,566		59,965		8,960		51,005		—	2012 (A)
Phoenix, AZ		34,201		88,475		—		34,201		108,485		142,686		20,093		122,593		—	2012 (A)
Tucson, AZ		19,298		94,117		—		18,341		93,955		112,296		18,328		93,968		—	2012 (A)
Buena Park, CA		27,269		21,427		—		27,269		21,976		49,245		2,134		47,111		—	2015 (A)
Fontana, CA		23,861		57,931		—		23,861		61,780		85,641		6,799		78,842		—	2014 (A)
Long Beach, CA		—		147,918		—		—		194,873		194,873		69,731		125,142		—	2005 (C)
Oakland, CA		4,361		33,538		—		4,361		33,538		37,899		5,262		32,637		—	2013 (A)
Roseville, CA		23,574		67,031		—		23,574		67,704		91,278		8,243		83,035		—	2014 (A)
San Francisco, CA		10,464		25,730		—		10,464		26,054		36,518		11,184		25,334		—	2002 (A)
Vista, CA		12,677		47,145		—		11,576		45,462		57,038		5,394		51,644		—	2014 (A)
Aurora, CO		4,816		20,798		—		4,259		20,029		24,288		3,286		21,002		—	2013 (A)
Centennial, CO		7,833		35,550		—		8,082		65,098		73,180		37,817		35,363		—	1997 (C)
Colorado Springs, CO		9,001		47,671		—		9,001		55,405		64,406		9,506		54,900		18,443	2011 (A)
Denver, CO		20,733		22,818		—		20,804		29,280		50,084		13,415		36,669		—	2003 (A)
Parker, CO		4,632		38,256		—		4,632		39,415		44,047		5,482		38,565		—	2013 (A)
Guilford, CT		4,588		41,892		—		6,209		60,274		66,483		3,826		62,657		—	2015 (C)
Plainville, CT		17,528		59,777		—		17,528		67,287		84,815		10,612		74,203		—	2013 (A)
Windsor Court, CT		6,090		11,745		—		6,090		12,424		18,514		4,300		14,214		—	2007 (A)
Bradenton, FL		10,766		31,203		—		8,880		33,692		42,572		10,477		32,095		—	2007 (A)
Brandon, FL		—		4,111		—		—		7,419		7,419		5,444		1,975		—	1972 (C)
Brandon, FL		4,775		13,117		—		4,775		18,868		23,643		4,894		18,749		—	2009 (A)
Brandon, FL		2,938		13,685		—		2,938		13,891		16,829		2,181		14,648		—	2013 (A)
Homestead, FL		23,390		59,639		—		21,667		53,550		75,217		15,911		59,306		—	2008 (C)
Miami, FL		11,626		30,457		—		34,943		121,280		156,223		38,110		118,113		—	2006 (C)
Naples, FL		10,172		39,342		—		10,172		39,226		49,398		5,556		43,842		—	2013 (A)
Orlando, FL		9,169		23,473		—		9,169		23,606		32,775		2,356		30,419		—	2015 (A)
Orlando, FL		23,082		44,360		—		23,082		44,399		67,481		3,242		64,239		—	2015 (A)
Orlando, FL		8,528		56,684		—		12,035		74,881		86,916		3,395		83,521		—	2016 (C)
Palm Harbor, FL		1,137		4,089		—		1,137		5,122		6,259		3,535		2,724		—	1995 (A)
Plant City, FL		4,304		24,875		—		4,304		32,333		36,637		5,283		31,354		—	2013 (A)
Plantation, FL		21,729		37,331		—		22,112		96,616		118,728		36,849		81,879		43,334	2007 (A)
Spring Hill, FL		1,084		4,816		266		2,096		12,511		14,607		9,096		5,511		1,089	1988 (C)
Tallahassee, FL		1,881		2,956		—		1,311		8,500		9,811		3,017		6,794		—	2003 (A)
Tampa, FL		4,124		20,082		—		4,124		21,839		25,963		3,917		22,046		—	2013 (A)

SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2017

(In thousands)

															Total Cost,
	Initial Cost						Total Cost⁽¹⁾								Net of				Date of
			Buildings &						Buildings &				Accumulated		Accumulated				Construction (C)
	Land		Improvements		Improvements		Land		Improvements		Total		Depreciation⁽²⁾		Depreciation		Encumbrances		Acquisition (A)
Tarpon Springs, FL		146		7,382		81		146		10,090		10,236		7,926		2,310		—	1974 (C)
Tequesta, FL		2,108		7,400		—		1,690		12,531		14,221		4,444		9,777		—	2007 (A)
Valrico, FL		3,282		12,190		—		2,466		16,451		18,917		6,245		12,672		—	2007 (A)
Winter Garden, FL		38,945		130,382		—		38,945		133,626		172,571		21,479		151,092		—	2013 (A)
Atlanta, GA		14,078		41,050		—		14,078		47,205		61,283		11,590		49,693		40,969	2009 (A)
Cumming, GA		14,249		23,653		—		14,249		25,886		40,135		12,842		27,293		—	2003 (A)
Cumming, GA		6,851		49,659		—		6,851		50,062		56,913		8,533		48,380		—	2013 (A)
Douglasville, GA		6,812		24,645		—		6,812		26,064		32,876		4,207		28,669		—	2013 (A)
Marietta, GA		8,425		27,737		—		8,380		29,449		37,829		8,145		29,684		—	2009 (A)
Newnan, GA		2,858		15,248		—		2,651		15,940		18,591		6,291		12,300		—	2003 (A)
Roswell, GA		6,566		15,005		—		7,894		25,304		33,198		10,208		22,990		—	2007 (A)
Snellville, GA		10,185		51,815		—		10,342		57,598		67,940		20,600		47,340		19,990	2007 (A)
Suwanee, GA		13,479		23,923		—		13,335		33,307		46,642		15,703		30,939		—	2003 (A)
Meridian, ID		24,591		31,779		—		24,841		67,594		92,435		30,942		61,493		—	2001 (C)
Chicago, IL		22,642		82,754		—		22,642		83,057		105,699		9,825		95,874		—	2014 (A)
Chicago, IL		23,588		45,632		—		23,588		45,632		69,220		1,683		67,537		—	2017 (A)
McHenry, IL		1,294		5,251		—		7,704		43,676		51,380		19,879		31,501		—	2006 (C)
Schaumburg, IL		27,466		84,679		—		27,466		94,451		121,917		13,591		108,326		—	2013 (A)
Tinley Park, IL		9,120		37,496		—		9,120		50,925		60,045		11,436		48,609		—	2012 (A)
Evansville, IN		8,964		18,764		—		5,394		13,928		19,322		6,482		12,840		—	2007 (A)
Merriam, KS		15,043		55,028		—		15,043		55,996		71,039		7,829		63,210		—	2013 (A)
Bowie, MD		5,739		14,301		—		738		6,092		6,830		4,811		2,019		—	2007 (A)
Salisbury, MD		2,070		12,495		277		2,071		15,300		17,371		8,105		9,266		—	1999 (C)
Everett, MA		9,311		44,647		—		9,462		56,628		66,090		27,677		38,413		—	2001 (C)
Framingham, MA		75,675		191,594		—		75,675		205,194		280,869		29,915		250,954		—	2013 (A)
Grand Rapids, MI		3,380		17,323		—		3,380		26,979		30,359		15,982		14,377		—	1995 (A)
Grandville, MI		6,483		18,933		—		5,069		16,556		21,625		3,300		18,325		—	2013 (A)
Coon Rapids, MN		25,692		106,300		—		25,314		116,187		141,501		16,561		124,940		—	2013 (A)
Maple Grove, MN		8,917		23,954		—		8,917		27,319		36,236		5,998		30,238		—	2011 (A)
St. Paul, MN		7,150		21,558		—		7,150		23,120		30,270		5,425		24,845		—	2013 (A)
Gulfport, MS		—		36,370		—		—		57,829		57,829		26,436		31,393		—	2003 (A)
Tupelo, MS		2,213		14,979		—		2,213		19,555		21,768		13,375		8,393		—	1994 (A)
Brentwood, MO		10,018		32,053		—		10,018		36,862		46,880		20,149		26,731		—	1998 (A)
Independence, MO		5,011		45,752		—		5,011		48,382		53,393		8,963		44,430		—	2012 (A)
Seabrook, NH		18,032		68,663		—		8,526		36,678		45,204		6,876		38,328		—	2014 (C)
East Hanover, NJ		3,847		23,798		—		3,847		25,561		29,408		8,724		20,684		—	2007 (A)
Edgewater, NJ		7,714		30,473		—		7,714		31,288		39,002		10,819		28,183		—	2007 (A)

SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2017

(In thousands)

															Total Cost,
	Initial Cost						Total Cost⁽¹⁾								Net of				Date of
			Buildings &						Buildings &				Accumulated		Accumulated				Construction (C)
	Land		Improvements		Improvements		Land		Improvements		Total		Depreciation⁽²⁾		Depreciation		Encumbrances		Acquisition (A)
Freehold, NJ		2,460		2,475		—		3,166		3,675		6,841		1,008		5,833		—	2005 (C)
Hamilton, NJ		8,039		49,896		—		11,774		86,615		98,389		37,712		60,677		—	2003 (A)
Mays Landing, NJ		49,033		107,230		—		45,353		113,920		159,273		52,022		107,251		56,009	2004 (A)
Mays Landing, NJ		36,224		56,949		—		34,535		61,069		95,604		27,571		68,033		—	2004 (A)
Princeton, NJ		13,448		74,249		—		14,455		99,199		113,654		55,380		58,274		53,747	1997 (A)
Union, NJ		7,650		15,689		—		7,650		25,015		32,665		8,753		23,912		—	2007 (A)
West Long Branch, NJ		14,131		51,982		—		14,131		71,858		85,989		26,166		59,823		—	2004 (A)
Horseheads, NY		829		3,630		—		4,008		24,829		28,837		9,063		19,774		—	2008 (C)
Apex, NC		9,576		43,619		—		10,521		56,320		66,841		20,183		46,658		—	2006 (C)
Charlotte, NC		27,707		45,021		—		27,707		50,682		78,389		11,751		66,638		—	2011 (A)
Charlotte, NC		11,224		82,124		—		11,224		92,061		103,285		17,761		85,524		—	2012 (A)
Charlotte, NC		3,600		30,392		—		6,274		46,680		52,954		5,724		47,230		—	2013 (C)
Cornelius, NC		4,382		15,184		—		4,382		21,000		25,382		8,477		16,905		—	2007 (A)
Raleigh, NC		3,317		35,411		—		3,317		38,472		41,789		7,108		34,681		—	2012 (A)
Wilmington, NC		5,529		18,551		1,183		5,529		37,834		43,363		26,948		16,415		—	1989 (C)
Cincinnati, OH		19,572		54,495		—		19,572		71,393		90,965		6,567		84,398		—	2014 (A)
Columbus, OH		12,922		46,006		—		14,078		62,256		76,334		36,231		40,103		47,498	1998 (A)
Columbus, OH		18,716		64,617		—		20,666		70,978		91,644		14,494		77,150		41,641	2011 (A)
Dublin, OH		3,609		11,546		—		3,609		15,105		18,714		8,987		9,727		—	1998 (A)
Mason, OH		2,032		23,788		—		2,032		24,801		26,833		3,108		23,725		—	2014 (A)
North Olmsted, OH		24,352		61,449		—		24,352		64,246		88,598		14,541		74,057		—	2013 (A)
Solon, OH		6,220		7,454		—		6,220		27,300		33,520		15,127		18,393		—	1998 (C)
Stow, OH		993		9,028		—		993		38,070		39,063		20,770		18,293		—	1969 (C)
Stow, OH		1,316		3,961		—		534		2,366		2,900		1,469		1,431		—	2004 (A)
Westlake, OH		424		3,803		201		424		5,516		5,940		3,232		2,708		—	1974 (C)
Gresham, OR		15,234		60,802		—		11,770		48,771		60,541		2,793		57,748		—	2016 (A)
Portland, OR		20,208		50,738		—		20,208		58,601		78,809		10,346		68,463		—	2012 (A)
Erie, PA		9,345		32,006		—		9,345		73,700		83,045		36,070		46,975		—	1995 (C)
Jenkintown, PA		4,705		21,918		—		4,705		25,045		29,750		3,324		26,426		—	2014 (A)
Mechanicsburg, PA		12,574		57,283		—		12,574		57,791		70,365		6,698		63,667		—	2014 (A)
Arecibo, PR		7,965		29,898		—		2,772		13,526		16,298		9,719		6,579		—	2005 (A)
Bayamon, PR		132,074		152,441		—		110,904		175,842		286,746		71,728		215,018		—	2005 (A)
Bayamon, PR		91,645		98,007		—		68,418		99,716		168,134		44,749		123,385		118,933	2005 (A)
Carolina, PR		28,522		76,947		—		28,601		72,362		100,963		30,463		70,500		68,262	2005 (A)
Cayey, PR		18,226		25,101		—		18,538		26,021		44,559		10,485		34,074		19,933	2005 (A)
Fajardo, PR		4,376		41,199		—		4,376		43,700		48,076		15,910		32,166		23,969	2005 (A)
Guayama, PR		1,960		18,721		—		1,298		13,618		14,916		7,024		7,892		11,205	2005 (A)

SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2017

(In thousands)

																	Total Cost,
	Initial Cost						Total Cost⁽¹⁾										Net of					Date of
			Buildings &							Buildings &					Accumulated		Accumulated					Construction (C)
	Land		Improvements		Improvements		Land			Improvements			Total		Depreciation⁽²⁾		Depreciation		Encumbrances			Acquisition (A)
Hatillo, PR		101,219		105,465		—		60,804			95,911			156,715		52,102		104,613		—		2005 (A)
Humacao, PR		16,386		74,059		—		16,386			37,139			53,525		17,437		36,088		—		2005 (A)
Isabela, PR		8,175		41,094		—		8,236			40,576			48,812		16,944		31,868		21,054		2005 (A)
Rio Piedras, PR		10,338		23,285		—		7,549			20,445			27,994		10,346		17,648		—		2005 (A)
Vega Baja, PR		7,076		18,684		—		3,851			9,278			13,129		5,711		7,418		—		2005 (A)
Charleston, SC		3,479		9,850		—		3,479			20,302			23,781		11,537		12,244		—		2003 (A)
Columbia, SC		2,950		29,065		—		2,950			39,934			42,884		6,408		36,476		—		2013 (A)
Mount Pleasant, SC		2,430		10,470		—		2,341			23,011			25,352		13,976		11,376		—		1995 (A)
Brentwood, TN		6,101		25,956		—		6,101			27,636			33,737		4,090		29,647		—		2013 (A)
Hendersonville, TN		3,249		9,068		—		3,249			9,123			12,372		4,433		7,939		1,508		2003 (A)
Highland Village, TX		5,545		28,365		—		5,545			30,382			35,927		5,493		30,434		—		2013 (A)
Houston, TX		15,179		60,407		—		12,281			50,923			63,204		5,880		57,324		—		2015 (A)
Kyle, TX		2,548		7,349		—		10,426			22,654			33,080		5,151		27,929		—		2009 (C)
Mesquite, TX		7,051		25,531		—		6,612			24,197			30,809		3,990		26,819		—		2013 (A)
San Antonio, TX		3,475		37,327		—		4,873			51,295			56,168		22,598		33,570		23,385		2002 (C)
San Antonio, TX		5,602		39,196		—		10,158			114,233			124,391		34,403		89,988		—		2007 (C)
San Antonio, TX		2,381		6,487		—		2,381			23,172			25,553		8,773		16,780		—		2007 (A)
Dumfries, VA		12,911		10,092		—		11,566			9,236			20,802		1,066		19,736		—		2014 (A)
Fairfax, VA		15,681		68,536		—		15,681			69,525			85,206		9,802		75,404		—		2013 (A)
Midlothian, VA		4,754		20,273		—		4,754			25,777			30,531		4,723		25,808		—		2013 (A)
Richmond, VA		11,879		34,736		—		11,879			36,174			48,053		12,844		35,209		—		2007 (A)
Springfield, VA		17,016		40,038		—		17,016			41,183			58,199		14,561		43,638		—		2007 (A)
Vancouver, WA		4,169		25,769		—		3,239			20,903			24,142		3,025		21,117		—		2014 (A)
Brookfield, WI		4,791		16,023		—		4,791			22,109			26,900		5,322		21,578		—		2013 (A)
Brown Deer, WI		8,465		32,652		—		8,465			38,266			46,731		8,906		37,825		—		2013 (A)
West Allis, WI		2,371		10,982		—		1,703			12,696			14,399		5,789		8,610		—		2003 (A)
Portfolio Balance (DDR) - unencumbered		47,559		196,500		—		47,559			196,500			244,059		91,096		152,963		—
Portfolio Balance (DDR) - encumbered		—		3,844		—		—			3,844			3,844		—		3,844		—
	$	1,849,496	$	5,482,803	$	3,727	$	1,779,480	(3)	$	6,468,523	(4)	$	8,248,003	$	1,953,479	$	6,294,524	$	640,553	(5)

(1)	The aggregate cost for federal income tax purposes was approximately $9.1 billion at December 31, 2017.

(2)	Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows:

	Buildings		Useful lives, 20 to 31.5 years
	Building improvements and fixtures		Useful lives, ranging from 5 to 20 years
	Tenant improvements		Shorter of economic life or lease terms

(3)	Includes $40.7 million of land under development at December 31, 2017.

(4)	Includes $41.8 million of construction in progress at December 31, 2017.

(5)	Excludes fair market value of debt adjustments and net loan costs aggregating $0.5 million.

SCHEDULE III

The changes in Total Real Estate Assets are as follows:

	For the Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	9,244,058		$	10,128,199		$	10,335,785
Acquisitions		82,137			130,512			226,885
Developments, improvements and expansions		119,651			148,521			305,772
Adjustments of property carrying values		(345,282	)		(109,912	)		(279,021	)
Disposals		(852,561	)		(1,053,262	)		(461,222	)
Balance at end of year	$	8,248,003		$	9,244,058		$	10,128,199

The changes in Accumulated Depreciation and Amortization are as follows:

	For the Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	1,996,176		$	2,062,899		$	1,909,585
Depreciation for year		285,484			317,402			309,462
Disposals		(328,181	)		(384,125	)		(156,148	)
Balance at end of year	$	1,953,479		$	1,996,176		$	2,062,899