DDR
Corp.
|
Income
Statement: Consolidated Interests
|
|
|
|
|
|
|
|
$ in thousands,
except per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q16
|
|
4Q15
|
|
12M16
|
|
12M15
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents
(1)
|
|
|
|
|
$167,933
|
|
$179,154
|
|
$701,208
|
|
$719,737
|
|
Percentage
rent
|
|
|
|
|
2,827
|
|
2,675
|
|
7,610
|
|
6,267
|
|
Recoveries
|
|
|
|
|
55,701
|
|
58,703
|
|
238,419
|
|
246,719
|
|
Other property
revenues (2)
|
|
|
|
|
5,707
|
|
5,998
|
|
22,270
|
|
22,377
|
|
|
|
|
|
|
232,168
|
|
246,530
|
|
969,507
|
|
995,100
|
|
Expenses
(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and
maintenance
|
|
|
|
|
28,812
|
|
33,893
|
|
131,177
|
|
144,611
|
|
Real estate
taxes
|
|
|
|
|
35,197
|
|
36,271
|
|
145,907
|
|
149,082
|
|
|
|
|
|
|
64,009
|
|
70,164
|
|
277,084
|
|
293,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
|
|
|
168,159
|
|
176,366
|
|
692,423
|
|
701,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee income
|
|
|
|
|
8,093
|
|
8,258
|
|
36,298
|
|
32,971
|
|
Interest
income
|
|
|
|
|
9,254
|
|
7,510
|
|
37,054
|
|
29,213
|
|
Interest expense
(4)
|
|
|
|
|
(51,740)
|
|
(59,203)
|
|
(217,589)
|
|
(241,727)
|
|
Depreciation and
amortization
|
|
|
|
|
(99,468)
|
|
(102,575)
|
|
(389,519)
|
|
(402,045)
|
|
General and
administrative (5)
|
|
|
|
|
(20,941)
|
|
(17,920)
|
|
(76,101)
|
|
(73,382)
|
|
Other income
(expense), net (6)
|
|
|
|
|
(148)
|
|
(439)
|
|
3,322
|
|
(1,739)
|
|
Impairment charges
(7)
|
|
|
|
|
(6,029)
|
|
0
|
|
(110,906)
|
|
(279,021)
|
|
Income (loss) before
earnings from JVs and other
|
|
|
|
|
7,180
|
|
11,997
|
|
(25,018)
|
|
(234,323)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income
(loss) of JVs
|
|
|
|
|
1,618
|
|
(5,486)
|
|
15,699
|
|
(3,135)
|
|
Impairment of joint
venture investments
|
|
|
|
|
0
|
|
(1,909)
|
|
0
|
|
(1,909)
|
|
(Loss) gain on sale
and change in control
|
|
|
|
|
0
|
|
0
|
|
(1,087)
|
|
7,772
|
|
Tax
expense
|
|
|
|
|
(680)
|
|
(285)
|
|
(1,781)
|
|
(6,286)
|
|
Gain on disposition
of real estate, net
|
|
|
|
|
25,916
|
|
89,417
|
|
73,386
|
|
167,571
|
|
Net income
(loss)
|
|
|
|
|
34,034
|
|
93,734
|
|
61,199
|
|
(70,310)
|
|
Non-controlling
interests
|
|
|
|
|
(293)
|
|
(268)
|
|
(1,187)
|
|
(1,858)
|
|
Net income (loss)
DDR
|
|
|
|
|
33,741
|
|
93,466
|
|
60,012
|
|
(72,168)
|
|
Preferred
dividends
|
|
|
|
|
(5,594)
|
|
(5,594)
|
|
(22,375)
|
|
(22,375)
|
|
Net income (loss)
Common Shareholders
|
|
|
|
|
28,147
|
|
87,872
|
|
37,637
|
|
(94,543)
|
|
Depreciation and
amortization of real estate
|
|
|
|
|
97,356
|
|
100,582
|
|
381,170
|
|
393,847
|
|
Equity in net
(income) loss of JVs
|
|
|
|
|
(1,618)
|
|
5,486
|
|
(15,699)
|
|
3,135
|
|
Impairment of
depreciable joint venture investments
|
|
|
|
|
0
|
|
1,909
|
|
0
|
|
1,909
|
|
JVs' FFO
|
|
|
|
|
6,868
|
|
6,465
|
|
26,025
|
|
27,579
|
|
Non-controlling
interests
|
|
|
|
|
76
|
|
69
|
|
303
|
|
635
|
|
Impairment of
depreciable real estate
|
|
|
|
|
6,029
|
|
0
|
|
110,906
|
|
179,748
|
|
Gain on disposition
of depreciable real estate, net
|
|
|
|
|
(25,698)
|
|
(85,728)
|
|
(74,182)
|
|
(164,010)
|
|
FFO Common
Shareholders
|
|
|
|
|
111,160
|
|
116,655
|
|
466,160
|
|
348,300
|
|
Non-operating items,
net (8)
|
|
|
|
|
(74)
|
|
(2,533)
|
|
2,232
|
|
97,890
|
|
Operating
FFO
|
|
|
|
|
$111,086
|
|
$114,122
|
|
$468,392
|
|
$446,190
|
|
FFO per share
– Diluted (9)
|
|
|
|
|
$0.30
|
|
$0.32
|
|
$1.27
|
|
$0.96
|
|
Operating FFO per
share – Diluted (9)
|
|
|
|
|
$0.30
|
|
$0.31
|
|
$1.28
|
|
$1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR
Corp.
|
Balance
Sheet: Consolidated Interests
|
|
|
|
|
|
|
|
|
|
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Year
End
|
|
|
|
|
|
|
|
|
|
|
4Q16
|
|
4Q15
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
|
|
|
|
|
|
$1,990,406
|
|
$2,184,145
|
|
Buildings
|
|
|
|
|
|
|
|
|
6,412,532
|
|
6,965,632
|
|
Fixtures and tenant
improvements
|
|
|
|
|
|
|
|
|
735,685
|
|
743,037
|
|
|
|
|
|
|
|
|
|
|
9,138,623
|
|
9,892,814
|
|
Depreciation
|
|
|
|
|
|
|
|
|
(1,996,176)
|
|
(2,062,899)
|
|
|
|
|
|
|
|
|
|
|
7,142,447
|
|
7,829,915
|
|
Construction in
progress and land
|
|
|
|
|
|
|
|
|
105,435
|
|
235,385
|
|
Real estate,
net
|
|
|
|
|
|
|
|
|
7,247,882
|
|
8,065,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in
JVs
|
|
|
|
|
|
|
|
|
60,793
|
|
72,576
|
|
Receivable –
preferred equity interest
|
|
|
|
|
|
|
|
|
393,338
|
|
395,156
|
|
Cash
|
|
|
|
|
|
|
|
|
30,430
|
|
22,416
|
|
Restricted
cash
|
|
|
|
|
|
|
|
|
8,795
|
|
10,104
|
|
Notes receivable,
net
|
|
|
|
|
|
|
|
|
49,503
|
|
42,534
|
|
Receivables,
net
|
|
|
|
|
|
|
|
|
121,367
|
|
129,089
|
|
Other assets, net
(10)
|
|
|
|
|
|
|
|
|
285,410
|
|
359,913
|
|
Total
Assets
|
|
|
|
|
|
|
|
|
8,197,518
|
|
9,097,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit
facilities
|
|
|
|
|
|
|
|
|
0
|
|
210,000
|
|
Unsecured
debt
|
|
|
|
|
|
|
|
|
2,913,217
|
|
3,149,188
|
|
Unsecured term
loan
|
|
|
|
|
|
|
|
|
398,399
|
|
397,934
|
|
Secured
debt
|
|
|
|
|
|
|
|
|
1,182,352
|
|
1,382,415
|
|
|
|
|
|
|
|
|
|
|
4,493,968
|
|
5,139,537
|
|
Dividends
payable
|
|
|
|
|
|
|
|
|
75,245
|
|
68,604
|
|
Other liabilities
(11)
|
|
|
|
|
|
|
|
|
382,293
|
|
425,478
|
|
Total
Liabilities
|
|
|
|
|
|
|
|
|
4,951,506
|
|
5,633,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
shares
|
|
|
|
|
|
|
|
|
350,000
|
|
350,000
|
|
Common
shares
|
|
|
|
|
|
|
|
|
36,630
|
|
36,529
|
|
Paid-in
capital
|
|
|
|
|
|
|
|
|
5,487,212
|
|
5,466,511
|
|
Distributions in
excess of net income
|
|
|
|
|
|
|
|
|
(2,632,327)
|
|
(2,391,793)
|
|
Deferred
compensation
|
|
|
|
|
|
|
|
|
15,149
|
|
15,537
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
(4,192)
|
|
(6,283)
|
|
Common shares in
treasury at cost
|
|
|
|
|
|
|
|
|
(14,957)
|
|
(15,316)
|
|
Non-controlling
interests
|
|
|
|
|
|
|
|
|
8,497
|
|
8,284
|
|
Total
Equity
|
|
|
|
|
|
|
|
|
3,246,012
|
|
3,463,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
|
|
|
|
|
|
|
$8,197,518
|
|
$9,097,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR
Corp.
|
Income
Statement: Unconsolidated Interests at 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q16
|
|
4Q15
|
|
12M16
|
|
12M15
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum
rents
|
|
|
|
|
$96,587
|
|
$95,265
|
|
$386,978
|
|
$392,657
|
|
Percentage
rent
|
|
|
|
|
1,435
|
|
1,106
|
|
2,842
|
|
2,431
|
|
Recoveries
|
|
|
|
|
29,323
|
|
29,087
|
|
118,479
|
|
119,321
|
|
Other property
revenues
|
|
|
|
|
1,544
|
|
1,875
|
|
5,066
|
|
10,288
|
|
|
|
|
|
|
128,889
|
|
127,333
|
|
513,365
|
|
524,697
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and
maintenance
|
|
|
|
|
16,819
|
|
18,921
|
|
71,799
|
|
76,556
|
|
Real estate
taxes
|
|
|
|
|
17,989
|
|
17,509
|
|
73,185
|
|
70,368
|
|
|
|
|
|
|
34,808
|
|
36,430
|
|
144,984
|
|
146,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
|
|
|
94,081
|
|
90,903
|
|
368,381
|
|
377,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
(32,735)
|
|
(33,003)
|
|
(132,943)
|
|
(140,701)
|
|
Depreciation and
amortization
|
|
|
|
|
(49,187)
|
|
(49,648)
|
|
(195,198)
|
|
(207,816)
|
|
Impairment
charges
|
|
|
|
|
0
|
|
(52,252)
|
|
(13,598)
|
|
(52,700)
|
|
Preferred share
expense
|
|
|
|
|
(8,411)
|
|
(6,743)
|
|
(33,418)
|
|
(25,991)
|
|
Other (expense)
income, net
|
|
|
|
|
(5,554)
|
|
(11,732)
|
|
(23,513)
|
|
(30,235)
|
|
|
|
|
|
|
(1,806)
|
|
(62,475)
|
|
(30,289)
|
|
(79,670)
|
|
Gain on disposition
of real estate, net
|
|
|
|
|
3,006
|
|
21,385
|
|
57,261
|
|
17,188
|
|
Net income (loss)
attributable to unconsolidated JVs
|
|
|
|
|
1,200
|
|
(41,090)
|
|
26,972
|
|
(62,482)
|
|
Depreciation and
amortization
|
|
|
|
|
49,187
|
|
49,648
|
|
195,198
|
|
207,816
|
|
Impairment of
depreciable real estate
|
|
|
|
|
0
|
|
52,252
|
|
13,598
|
|
52,700
|
|
Gain on disposition
of depreciable real estate, net
|
|
|
|
|
(2,688)
|
|
(21,385)
|
|
(56,943)
|
|
(17,188)
|
|
FFO
|
|
|
|
|
47,699
|
|
39,425
|
|
178,825
|
|
180,846
|
|
FFO at DDR's
ownership interests
|
|
|
|
|
6,868
|
|
6,465
|
|
26,025
|
|
27,579
|
|
Operating FFO at
DDR's ownership interests (8)
|
|
|
|
|
$6,866
|
|
$6,667
|
|
$26,049
|
|
$27,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR
Corp.
|
Balance
Sheet: Unconsolidated Interests at 100%
|
|
|
|
|
|
|
|
|
|
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Year
End
|
|
|
|
|
|
|
|
|
|
|
4Q16
|
|
4Q15
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
|
|
|
|
|
|
$1,287,675
|
|
$1,343,889
|
|
Buildings
|
|
|
|
|
|
|
|
|
3,376,720
|
|
3,551,227
|
|
Improvements
|
|
|
|
|
|
|
|
|
203,824
|
|
191,581
|
|
|
|
|
|
|
|
|
|
|
4,868,219
|
|
5,086,697
|
|
Depreciation
|
|
|
|
|
|
|
|
|
(884,356)
|
|
(817,235)
|
|
|
|
|
|
|
|
|
|
|
3,983,863
|
|
4,269,462
|
|
Construction in
progress and land
|
|
|
|
|
|
|
|
|
56,983
|
|
52,390
|
|
Real estate,
net
|
|
|
|
|
|
|
|
|
4,040,846
|
|
4,321,852
|
|
Cash and restricted
cash
|
|
|
|
|
|
|
|
|
50,378
|
|
58,916
|
|
Receivables,
net
|
|
|
|
|
|
|
|
|
50,685
|
|
52,768
|
|
Other assets,
net
|
|
|
|
|
|
|
|
|
248,664
|
|
318,546
|
|
Total
Assets
|
|
|
|
|
|
|
|
|
4,390,573
|
|
4,752,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
debt
|
|
|
|
|
|
|
|
|
3,034,399
|
|
3,177,603
|
|
Notes and accrued
interest payable to DDR
|
|
|
|
|
|
|
|
|
1,584
|
|
1,556
|
|
Other
liabilities
|
|
|
|
|
|
|
|
|
206,949
|
|
219,799
|
|
Total
Liabilities
|
|
|
|
|
|
|
|
|
3,242,932
|
|
3,398,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable preferred
equity
|
|
|
|
|
|
|
|
|
393,338
|
|
395,156
|
|
Accumulated
equity
|
|
|
|
|
|
|
|
|
754,303
|
|
957,968
|
|
Total Liabilities
and Equity
|
|
|
|
|
|
|
|
|
$4,390,573
|
|
$4,752,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR
Corp.
|
Financial
Statements: Footnotes
|
|
|
|
|
|
$ in millions, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q16
|
|
4Q15
|
|
12M16
|
|
12M15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Minimum
rents:
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line rent,
net
|
|
|
|
|
$0.9
|
|
$1.5
|
|
$4.6
|
|
$5.3
|
|
Below-market rent,
net
|
|
|
|
|
2.0
|
|
0.7
|
|
5.7
|
|
2.9
|
|
Ground lease
revenue
|
|
|
|
|
10.3
|
|
9.5
|
|
40.9
|
|
37.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Other property
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease termination
fees
|
|
|
|
|
0.4
|
|
0.5
|
|
3.5
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoverable
expenses
|
|
|
|
|
(59.2)
|
|
(64.2)
|
|
(253.2)
|
|
(268.3)
|
|
Non-recoverable
expenses
|
|
|
|
|
(4.8)
|
|
(6.0)
|
|
(23.9)
|
|
(25.4)
|
|
Straight-line ground
rent income (expense)
|
|
|
|
|
0.6
|
|
(0.1)
|
|
0.3
|
|
(0.5)
|
|
Expensed costs of
suspended developments
|
|
|
|
|
(0.1)
|
|
(0.1)
|
|
(0.4)
|
|
(0.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Non-cash interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt fair value
amortization
|
|
|
|
|
1.5
|
|
1.6
|
|
6.3
|
|
14.4
|
|
Loan cost
amortization
|
|
|
|
|
(2.0)
|
|
(2.3)
|
|
(8.4)
|
|
(9.6)
|
|
Interest expense
(capitalized)
|
|
|
|
|
0.4
|
|
1.5
|
|
3.1
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
General and
administrative expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Executive separation
charges
|
|
|
|
|
(0.0)
|
|
(0.3)
|
|
(0.0)
|
|
(2.6)
|
|
Stock compensation
expenses
|
|
|
|
|
(2.3)
|
|
(1.4)
|
|
(7.0)
|
|
(6.6)
|
|
Internal leasing
expenses
|
|
|
|
|
(1.6)
|
|
(2.0)
|
|
(7.7)
|
|
(7.5)
|
|
Construction
administrative costs (capitalized)
|
|
|
|
|
2.4
|
|
2.1
|
|
8.1
|
|
9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(primarily insurance recovery in 2016), net
|
|
|
|
|
(0.1)
|
|
(0.3)
|
|
3.8
|
|
(0.7)
|
|
Debt extinguishment,
net
|
|
|
|
|
(0.0)
|
|
(0.1)
|
|
(0.5)
|
|
(1.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Impairment
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets marketed for
sale
|
|
|
|
|
(6.0)
|
|
(0.0)
|
|
(110.9)
|
|
(179.7)
|
|
Land previously held
for development
|
|
|
|
|
(0.0)
|
|
(0.0)
|
|
(0.0)
|
|
(99.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
Non-operating
items excluded from Operating FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges –
non-depreciable assets
|
|
|
|
|
0.0
|
|
0.0
|
|
0.0
|
|
99.3
|
|
Executive separation
charges
|
|
|
|
|
0.0
|
|
0.3
|
|
0.0
|
|
2.6
|
|
Transaction, debt
extinguishment, litigation, other, net
|
|
|
|
|
0.1
|
|
0.7
|
|
0.6
|
|
2.3
|
|
Joint ventures –
transaction, currency, other
|
|
|
|
|
0.0
|
|
0.2
|
|
0.0
|
|
0.2
|
|
Gain on sale and
change in control of interests, net
|
|
|
|
|
0.0
|
|
0.0
|
|
0.0
|
|
(7.8)
|
|
Tax expense
(primarily Puerto Rico restructuring), net
|
|
|
|
|
0.0
|
|
0.0
|
|
(0.3)
|
|
4.4
|
|
(Gain) loss on
disposition of non-depreciable real estate, net
|
|
|
|
|
(0.2)
|
|
(3.7)
|
|
1.9
|
|
(3.1)
|
|
|
|
|
|
|
(0.1)
|
|
(2.5)
|
|
2.2
|
|
97.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR
Corp.
|
Financial
Statements: Footnotes
|
|
|
$ in millions, except
per share
|
|
|
|
|
|
|
|
4Q16
|
|
4Q15
|
|
12M16
|
|
12M15
|
|
|
|
|
|
|
|
|
|
|
(9)
|
Outstanding per
share information:
|
|
|
|
|
|
|
|
|
|
Common shares (at
quarter end)
|
|
366.3
|
|
365.3
|
|
366.3
|
|
365.3
|
|
OP units (at quarter
end)
|
|
0.4
|
|
0.4
|
|
0.4
|
|
0.4
|
|
Total shares and
units (at quarter end)
|
|
366.7
|
|
365.7
|
|
366.7
|
|
365.7
|
|
Weighted average
shares and units – Basic – EPS
|
|
366.0
|
|
362.7
|
|
365.3
|
|
360.9
|
|
Assumed conversion of
dilutive securities
|
|
0.1
|
|
2.5
|
|
0.3
|
|
0.0
|
|
Weighted average
shares and units – Diluted – EPS
|
|
366.1
|
|
365.2
|
|
365.6
|
|
360.9
|
|
Weighted average
shares and units – Basic – FFO & OFFO
|
|
366.6
|
|
364.0
|
|
366.1
|
|
362.9
|
|
Assumed conversion of
dilutive securities
|
|
0.1
|
|
0.4
|
|
0.3
|
|
0.4
|
|
Weighted average
shares and units – Diluted – FFO & OFFO
|
|
366.7
|
|
364.4
|
|
366.4
|
|
363.3
|
|
Earnings per common
share – Basic & Diluted
|
|
$0.08
|
|
$0.24
|
|
$0.10
|
|
$(0.27)
|
|
FFO per share – Basic
& Diluted
|
|
$0.30
|
|
$0.32
|
|
$1.27
|
|
$0.96
|
|
Operating FFO per
share – Diluted
|
|
$0.30
|
|
$0.31
|
|
$1.28
|
|
$1.23
|
|
Common stock
dividends declared, per share
|
|
$0.19
|
|
$0.1725
|
|
$0.76
|
|
$0.69
|
|
|
|
|
|
|
|
|
|
|
(10)
|
Intangible assets,
net (at year end)
|
|
|
|
|
|
241.6
|
|
311.0
|
|
|
|
|
|
|
|
|
|
|
(11)
|
Below-market
leases, net (at year end)
|
|
|
|
|
|
147.9
|
|
155.3
|
|
|
|
|
|
|
|
|
|
|
Additional
financial information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures (DDR share):
|
|
|
|
|
|
|
|
|
|
Retenanting
|
|
$7.3
|
|
$12.9
|
|
$32.3
|
|
$49.0
|
|
Maintenance –
reimbursable and non reimbursable
|
|
2.4
|
|
2.9
|
|
17.4
|
|
16.2
|
|
Maintenance PSF of
owned GLA – non reimbursable
|
|
|
|
|
|
0.14
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous
(DDR share):
|
|
|
|
|
|
|
|
|
|
Est. value of land
owned adjacent to existing centers
|
|
|
|
|
|
$28
|
|
|
|
Cost basis of
headquarters (non-income producing)
|
|
|
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDR
Corp.
|
Reconciliation of Net
Income Attributable to DDR to Same Store NOI (1)
|
|
|
|
|
|
|
$ in
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At DDR
Share
(Non-GAAP)
|
|
|
|
|
|
|
4Q16
|
|
4Q15
|
|
4Q16
|
|
4Q15
|
|
GAAP
Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to DDR
|
|
|
|
|
$33.7
|
|
$93.5
|
|
$33.7
|
|
$93.5
|
|
Fee income
|
|
|
|
|
(8.1)
|
|
(8.3)
|
|
(8.1)
|
|
(8.3)
|
|
Interest
income
|
|
|
|
|
(9.2)
|
|
(7.5)
|
|
(9.2)
|
|
(7.5)
|
|
Interest
expense
|
|
|
|
|
51.7
|
|
59.2
|
|
51.7
|
|
59.2
|
|
Depreciation and
amortization
|
|
|
|
|
99.5
|
|
102.6
|
|
99.5
|
|
102.6
|
|
General and
administrative
|
|
|
|
|
20.9
|
|
17.9
|
|
20.9
|
|
17.9
|
|
Other
expense
|
|
|
|
|
0.1
|
|
0.4
|
|
0.1
|
|
0.4
|
|
Impairment
charges
|
|
|
|
|
6.0
|
|
0.0
|
|
6.0
|
|
0.0
|
|
Equity in net
(income) loss of joint ventures
|
|
|
|
|
(1.6)
|
|
5.5
|
|
(1.6)
|
|
5.5
|
|
Impairment of joint
venture investments
|
|
|
|
|
0.0
|
|
1.9
|
|
0.0
|
|
1.9
|
|
Tax
expense
|
|
|
|
|
0.7
|
|
0.3
|
|
0.7
|
|
0.3
|
|
Gain on disposition
of real estate
|
|
|
|
|
(25.9)
|
|
(89.4)
|
|
(25.9)
|
|
(89.4)
|
|
Income from
non-controlling interests
|
|
|
|
|
0.3
|
|
0.3
|
|
0.3
|
|
0.3
|
|
Consolidated
NOI
|
|
|
|
|
168.1
|
|
176.4
|
|
168.1
|
|
176.4
|
|
DDR's consolidated
JV
|
|
|
|
|
0.0
|
|
0.0
|
|
(0.4)
|
|
(0.4)
|
|
Consolidated NOI,
net of non-controlling interests
|
|
|
|
|
168.1
|
|
176.4
|
|
167.7
|
|
176.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from unconsolidated joint ventures
|
|
|
|
|
1.2
|
|
(41.1)
|
|
1.2
|
|
(6.7)
|
|
Interest
expense
|
|
|
|
|
32.7
|
|
33.0
|
|
5.2
|
|
5.5
|
|
Depreciation and
amortization
|
|
|
|
|
49.2
|
|
49.7
|
|
5.7
|
|
6.1
|
|
Impairment
charges
|
|
|
|
|
0.0
|
|
52.3
|
|
0.0
|
|
10.5
|
|
Preferred share
expense
|
|
|
|
|
8.4
|
|
6.7
|
|
0.4
|
|
0.3
|
|
Other expense,
net
|
|
|
|
|
5.6
|
|
11.7
|
|
1.0
|
|
1.2
|
|
Gain on disposition
of real estate, net
|
|
|
|
|
(3.0)
|
|
(21.4)
|
|
(0.1)
|
|
(3.4)
|
|
Unconsolidated
NOI
|
|
|
|
|
94.1
|
|
90.9
|
|
13.4
|
|
13.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated
+ Unconsolidated NOI
|
|
|
|
|
262.2
|
|
267.3
|
|
181.1
|
|
189.5
|
|
Less: Non-Same
Store NOI adjustments
|
|
|
|
|
(21.6)
|
|
(33.3)
|
|
(15.6)
|
|
(27.2)
|
|
Total
SSNOI
|
|
|
|
|
240.6
|
|
234.0
|
|
165.5
|
|
162.3
|
|
Less: Puerto
Rico Same Store NOI
|
|
|
|
|
(22.9)
|
|
(23.2)
|
|
(22.9)
|
|
(23.2)
|
|
Total SSNOI
excluding Puerto Rico
|
|
|
|
|
$217.7
|
|
$210.8
|
|
$142.6
|
|
$139.1
|
|
SSNOI %
Increase
|
|
|
|
|
2.8%
|
|
|
|
2.0%
|
|
|
|
SSNOI % Increase
excluding Puerto Rico
|
|
|
|
|
3.3%
|
|
|
|
2.5%
|
|
|